N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08495

NATIONWIDE MUTUAL FUNDS

(Exact name of registrant as specified in charter)

One Nationwide Plaza: Mail Code: 05-02-210R Columbus, OH 43215

(Address of principal executive offices) (Zip code)

Eric E. Miller, Esq.

One Nationwide Plaza

Mail Code: 05-02-210R

Columbus, OH 43215

(Name and address of agent for service)

Registrant’s telephone number, including area code: (614) 435-1795

Date of fiscal year end: October 31, 2019

Date of reporting period: November 1, 2018 through April 30, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than ten (10) days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR § 270.30e-1). The Commission may use the information provided on Form N-CSR in the Commission’s regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D. C. 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR § 270.30e-1).

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Target Destination Funds

Nationwide Destination 2010 Fund

Nationwide Destination 2015 Fund

Nationwide Destination 2020 Fund

Nationwide Destination 2025 Fund

Nationwide Destination 2030 Fund

Nationwide Destination 2035 Fund

Nationwide Destination 2040 Fund

Nationwide Destination 2045 Fund

Nationwide Destination 2050 Fund

Nationwide Destination 2055 Fund

Nationwide Destination 2060 Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Target Destination Funds
Nationwide Destination 2010 Fund	3
Nationwide Destination 2015 Fund	13
Nationwide Destination 2020 Fund	23
Nationwide Destination 2025 Fund	33
Nationwide Destination 2030 Fund	42
Nationwide Destination 2035 Fund	51
Nationwide Destination 2040 Fund	60
Nationwide Destination 2045 Fund	69
Nationwide Destination 2050 Fund	78
Nationwide Destination 2055 Fund	87
Nationwide Destination 2060 Fund	96
Notes to Financial Statements	105
Supplemental Information	135
Management Information	138
Market Index Definitions	143
Glossary	147

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Destination 2010 Fund

Asset Allocation¹

Equity Funds	40.1%
Fixed Income Funds	32.8%
Investment Contract	18.6%
Alternative Assets	5.5%
Other assets in excess of liabilities	3.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	27.9%
Nationwide Contract	19.2%
Nationwide Bond Index Fund, Class R6	18.2%
Nationwide International Index Fund, Class R6	9.4%
Nationwide Core Plus Bond Fund, Class R6	9.1%
Nationwide Inflation-Protected Securities Fund, Class R6	6.6%
Nationwide Amundi Strategic Income Fund, Class R6	5.6%
Nationwide Mid Cap Market Index Fund, Class R6	2.4%
iShares Core MSCI Emerging Markets ETF	1.6%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Destination 2010 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2010 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,056.70		3.26		0.64
	Hypothetical	(b)(c)		1,000.00		1,021.62		3.21		0.64
Class C Shares	Actual	(b)		1,000.00		1,053.10		6.47		1.27
	Hypothetical	(b)(c)		1,000.00		1,018.50		6.36		1.27
Class R Shares	Actual	(b)		1,000.00		1,054.30		4.48		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,058.10		0.71		0.14
	Hypothetical	(b)(c)		1,000.00		1,024.10		0.70		0.14
Institutional Service Class Shares	Actual	(b)		1,000.00		1,059.40		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2010 Fund

Investment Companies 76.8%
	Shares		Value
Alternative Assets 5.5%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		93,299	$	960,045
Total Alternative Assets (cost $969,273)				960,045
Equity Funds 38.5%
Nationwide International Index Fund, Class R6 (a)		205,101		1,605,941
Nationwide Mid Cap Market Index Fund, Class R6 (a)		26,325		411,462
Nationwide Multi-Cap Portfolio, Class R6 (a)		424,258		4,768,664
Total Equity Funds (cost $6,442,182)				6,786,067
Fixed Income Funds 32.8%
Nationwide Bond Index Fund, Class R6 (a)		284,801		3,101,478
Nationwide Core Plus Bond Fund, Class R6 (a)		154,776		1,560,137
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		114,140		1,119,714
Total Fixed Income Funds (cost $5,782,967)				5,781,329
Total Investment Companies (cost $13,194,422)				13,527,441
Exchange Traded Fund 1.6%
Equity Fund 1.6%
iShares Core MSCI Emerging Markets ETF		5,109		269,960
Total Exchange Traded Fund (cost $283,492)				269,960
Investment Contract 18.6%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(b)	$	3,272,753		3,272,753
Total Investment Contract (cost $3,272,753)				3,272,753
Total Investments (cost $16,750,667) — 97.0%				17,070,154
Other assets in excess of liabilities — 3.0%				536,957
NET ASSETS — 100.0%			$	17,607,111

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

5

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2010 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $16,467,175)	$	16,800,194
Investment security of unaffiliated issuer, at value (cost $283,492)		269,960
Cash		545,387
Interest receivable		1,015
Receivable for capital shares issued		6,603
Total Assets		17,623,159
Liabilities:
Payable for investments purchased		6,679
Payable for capital shares redeemed		6
Accrued expenses and other payables:
Investment advisory fees		1,928
Distribution fees		4,799
Administrative servicing fees		2,437
Trustee fees		61
Professional fees		138
Total Liabilities		16,048
Net Assets	$	17,607,111
Represented by:
Capital	$	17,391,699
Total distributable earnings (loss)		215,412
Net Assets	$	17,607,111
Net Assets:
Class A Shares	$	5,148,372
Class C Shares		719,930
Class R Shares		7,537,255
Class R6 Shares		4,176,791
Institutional Service Class Shares		24,763
Total	$	17,607,111
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		635,558
Class C Shares		89,630
Class R Shares		933,903
Class R6 Shares		514,762
Institutional Service Class Shares		3,054
Total		2,176,907

6

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2010 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.10
Class C Shares (b)	$	8.03
Class R Shares	$	8.07
Class R6 Shares	$	8.11
Institutional Service Class Shares	$	8.11
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.59
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

7

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2010 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	184,022
Interest income from affiliated issuers		43,768
Dividend income from unaffiliated issuers		6,596
Interest income (unaffiliated)		3,366
Total Income		237,752
EXPENSES:
Investment advisory fees		11,516
Distribution fees Class A		6,873
Distribution fees Class C		3,802
Distribution fees Class R		18,320
Administrative servicing fees Class A		6,873
Administrative servicing fees Class C		517
Administrative servicing fees Class R		9,160
Professional fees		156
Trustee fees		280
Total Expenses		57,497
NET INVESTMENT INCOME		180,255
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		398,953
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		(109,104	)
Transactions in investment securities of unaffiliated issuers		(78,630	)
Expiration or closing of futures contracts (Note 2)		(14,915	)
Net realized gains		196,304
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		546,601
Investment securities of unaffiliated issuers		59,928
Net change in unrealized appreciation/depreciation		606,529
Net realized/unrealized gains		802,833
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	983,088

The accompanying notes are an integral part of these financial statements.

8

Statements of Changes in Net Assets

	Nationwide Destination 2010 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	180,255		$	361,571
Net realized gains		196,304			916,433
Net change in unrealized appreciation/depreciation		606,529			(1,333,280	)
Change in net assets resulting from operations		983,088			(55,276	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(308,554	)		(243,531	)
Class C		(36,493	)		(53,731	)
Class R		(390,988	)		(355,720	)
Class R6		(231,833	)		(211,444	)
Institutional Service Class		(1,299	)		(1,245	)
Change in net assets from shareholder distributions		(969,167	)		(865,671	)
Change in net assets from capital transactions		(704,620	)		(3,398,830	)
Change in net assets		(690,699	)		(4,319,777	)
Net Assets:
Beginning of period		18,297,810			22,617,587
End of period	$	17,607,111		$	18,297,810
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	576,397		$	1,918,625
Dividends reinvested		308,071			243,389
Cost of shares redeemed		(1,368,125	)		(2,739,993	)
Total Class A Shares		(483,657	)		(577,979	)
Class C Shares
Proceeds from shares issued		27,263			143,500
Dividends reinvested		36,493			53,731
Cost of shares redeemed		(302,227	)		(734,314	)
Total Class C Shares		(238,471	)		(537,083	)
Class R Shares
Proceeds from shares issued		622,641			886,489
Dividends reinvested		390,988			355,720
Cost of shares redeemed		(997,994	)		(3,329,999	)
Total Class R Shares		15,635			(2,087,790	)
Class R6 Shares
Proceeds from shares issued		1,052,400			1,931,128
Dividends reinvested		231,833			211,444
Cost of shares redeemed		(1,284,097	)		(2,335,624	)
Total Class R6 Shares		136			(193,052	)

9

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2010 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	947		$	1,480
Dividends reinvested		1,299			1,245
Cost of shares redeemed		(509	)		(5,651	)
Total Institutional Service Class Shares		1,737			(2,926	)
Change in net assets from capital transactions	$	(704,620	)	$	(3,398,830	)
SHARE TRANSACTIONS:
Class A Shares
Issued		72,818			229,479
Reinvested		41,212			29,111
Redeemed		(172,721	)		(326,478	)
Total Class A Shares		(58,691	)		(67,888	)
Class C Shares
Issued		3,510			17,121
Reinvested		4,928			6,485
Redeemed		(37,541	)		(88,897	)
Total Class C Shares		(29,103	)		(65,291	)
Class R Shares
Issued		78,406			106,309
Reinvested		52,535			42,708
Redeemed		(124,688	)		(395,176	)
Total Class R Shares		6,253			(246,159	)
Class R6 Shares
Issued		132,674			228,801
Reinvested		30,972			25,266
Redeemed		(160,861	)		(277,314	)
Total Class R6 Shares		2,785			(23,247	)
Institutional Service Class Shares
Issued		118			177
Reinvested		174			149
Redeemed		(63	)		(680	)
Total Institutional Service Class Shares		229			(354	)
Total change in shares		(78,527	)		(402,939	)

The accompanying notes are an integral part of these financial statements.

10

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2010 Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	983,088
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(7,309,396	)
Proceeds from disposition of investment securities of affiliated issuers		4,946,330
Purchase of investment securities of unaffiliated issuers		(87,829	)
Proceeds from disposition of investment securities of unaffiliated issuers		4,733,656
Reinvestment of dividend income from affiliated issuers		(184,022	)
Reinvestment of interest income from affiliated issuers		(43,768	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(546,601	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(59,928	)
Reinvestment of net realized gain distributions from affiliated issuers		(398,953	)
Net realized loss from investment transactions with affiliated issuers		109,104
Net realized loss from transactions in investment securities of unaffiliated issuers		78,630
Increase in interest and dividends receivable		(1,015	)
Decrease in payable for investments purchased		(21,261	)
Decrease in investment advisory fees payable		(114	)
Decrease in distribution fees payable		(488	)
Increase in administrative servicing fees payable		252
Increase in trustee fees payable		8
Increase in professional fees payable		11
Net cash provided by operating activities		2,197,704
Cash flows used in financing activities:
Proceeds from shares issued		2,300,990
Cost of shares redeemed		(3,952,951	)
Cash distributions paid to shareholders		(483	)
Net cash used in financing activities		(1,652,444	)
Net increase in cash		545,260
Cash:
Beginning of period		127
End of period	$	545,387
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $968,684.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated issuers of $626,743.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $4,218,572.

The accompanying notes are an integral part of these financial statements.

11

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2010 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets(d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.12		0.08		0.34			0.42			(0.08	)		(0.36	)		(0.44	)	$	8.10		5.67%		$	5,148,372		0.64%		2.07%		0.64%		46.60%	(g)
Year Ended October 31, 2018	$	8.52		0.15		(0.20	)		(0.05	)		(0.16	)		(0.19	)		(0.35	)	$	8.12		(0.59%	)	$	5,640,637		0.63%		1.83%		0.63%		38.46%
Year Ended October 31, 2017	$	8.18		0.15		0.57			0.72			(0.16	)		(0.22	)		(0.38	)	$	8.52		9.11%		$	6,495,817		0.62%		1.83%		0.62%		57.25%
Year Ended October 31, 2016	$	8.52		0.12		0.10			0.22			(0.14	)		(0.42	)		(0.56	)	$	8.18		2.81%		$	5,002,312		0.62%		1.52%		0.62%		41.58%
Year Ended October 31, 2015	$	9.11		0.14		(0.07	)		0.07			(0.17	)		(0.49	)		(0.66	)	$	8.52		0.74%		$	4,107,109		0.56%		1.61%		0.56%		38.40%
Year Ended October 31, 2014	$	9.07		0.14		0.30			0.44			(0.14	)		(0.26	)		(0.40	)	$	9.11		5.02%		$	2,784,131		0.62%		1.55%		0.62%		29.54%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.05		0.05		0.34			0.39			(0.05	)		(0.36	)		(0.41	)	$	8.03		5.31%		$	719,930		1.27%		1.33%		1.27%		46.60%	(g)
Year Ended October 31, 2018	$	8.45		0.10		(0.21	)		(0.11	)		(0.10	)		(0.19	)		(0.29	)	$	8.05		(1.30%	)	$	956,250		1.28%		1.25%		1.28%		38.46%
Year Ended October 31, 2017	$	8.11		0.10		0.57			0.67			(0.11	)		(0.22	)		(0.33	)	$	8.45		8.51%		$	1,554,626		1.26%		1.26%		1.26%		57.25%
Year Ended October 31, 2016	$	8.46		0.07		0.08			0.15			(0.08	)		(0.42	)		(0.50	)	$	8.11		2.03%		$	1,445,899		1.27%		0.88%		1.27%		41.58%
Year Ended October 31, 2015	$	9.04		0.08		(0.07	)		0.01			(0.10	)		(0.49	)		(0.59	)	$	8.46		0.13%		$	1,444,567		1.27%		0.93%		1.27%		38.40%
Year Ended October 31, 2014	$	9.02		0.07		0.31			0.38			(0.10	)		(0.26	)		(0.36	)	$	9.04		4.37%		$	1,566,876		1.20%		0.83%		1.20%		29.54%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	8.10		0.07		0.33			0.40			(0.07	)		(0.36	)		(0.43	)	$	8.07		5.43%		$	7,537,255		0.88%		1.80%		0.88%		46.60%	(g)
Year Ended October 31, 2018	$	8.49		0.13		(0.19	)		(0.06	)		(0.14	)		(0.19	)		(0.33	)	$	8.10		(0.73%	)	$	7,511,136		0.89%		1.61%		0.89%		38.46%
Year Ended October 31, 2017	$	8.16		0.14		0.55			0.69			(0.14	)		(0.22	)		(0.36	)	$	8.49		8.72%		$	9,970,294		0.88%		1.66%		0.88%		57.25%
Year Ended October 31, 2016	$	8.50		0.10		0.09			0.19			(0.11	)		(0.42	)		(0.53	)	$	8.16		2.53%		$	11,363,437		0.89%		1.29%		0.89%		41.58%
Year Ended October 31, 2015	$	9.08		0.12		(0.08	)		0.04			(0.13	)		(0.49	)		(0.62	)	$	8.50		0.47%		$	12,866,836		0.88%		1.34%		0.88%		38.40%
Year Ended October 31, 2014	$	9.05		0.10		0.31			0.41			(0.12	)		(0.26	)		(0.38	)	$	9.08		4.71%		$	16,866,896		0.88%		1.14%		0.88%		29.54%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	8.14		0.10		0.33			0.43			(0.10	)		(0.36	)		(0.46	)	$	8.11		5.81%		$	4,176,791		0.14%		2.54%		0.14%		46.60%	(g)
Year Ended October 31, 2018	$	8.54		0.20		(0.20	)		–			(0.21	)		(0.19	)		(0.40	)	$	8.14		(0.08%	)	$	4,166,817		0.14%		2.37%		0.14%		38.46%
Year Ended October 31, 2017	$	8.20		0.21		0.55			0.76			(0.20	)		(0.22	)		(0.42	)	$	8.54		9.63%		$	4,569,736		0.13%		2.49%		0.13%		57.25%
Year Ended October 31, 2016	$	8.54		0.17		0.09			0.26			(0.18	)		(0.42	)		(0.60	)	$	8.20		3.31%		$	6,513,396		0.13%		2.04%		0.13%		41.58%
Year Ended October 31, 2015	$	9.12		0.18		(0.07	)		0.11			(0.20	)		(0.49	)		(0.69	)	$	8.54		1.25%		$	7,517,394		0.13%		2.06%		0.13%		38.40%
Year Ended October 31, 2014	$	9.08		0.16		0.33			0.49			(0.19	)		(0.26	)		(0.45	)	$	9.12		5.60%		$	7,386,185		0.13%		1.81%		0.13%		29.54%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.13		0.10		0.34			0.44			(0.10	)		(0.36	)		(0.46	)	$	8.11		5.94%		$	24,763		0.13%		2.53%		0.13%		46.60%	(g)
Year Ended October 31, 2018	$	8.53		0.20		(0.20	)		–			(0.21	)		(0.19	)		(0.40	)	$	8.13		(0.08%	)	$	22,970		0.13%		2.37%		0.13%		38.46%
Year Ended October 31, 2017	$	8.19		0.19		0.57			0.76			(0.20	)		(0.22	)		(0.42	)	$	8.53		9.57%		$	27,114		0.19%		2.33%		0.19%		57.25%
Year Ended October 31, 2016	$	8.52		0.19		0.05			0.24			(0.15	)		(0.42	)		(0.57	)	$	8.19		3.12%		$	24,311		0.29%		2.29%		0.29%		41.58%
Year Ended October 31, 2015	$	9.11		0.17		(0.07	)		0.10			(0.20	)		(0.49	)		(0.69	)	$	8.52		1.14%		$	72,638		0.13%		1.98%		0.13%		38.40%
Year Ended October 31, 2014	$	9.08		0.17		0.31			0.48			(0.19	)		(0.26	)		(0.45	)	$	9.11		5.49%		$	22,863		0.13%		1.90%		0.13%		29.54%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

12

Fund Overview Nationwide Destination 2015 Fund

Asset Allocation¹

Equity Funds	45.1%
Fixed Income Funds	30.9%
Investment Contract	15.6%
Alternative Assets	5.4%
Other assets in excess of liabilities	3.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	28.1%
Nationwide Bond Index Fund, Class R6	16.6%
Nationwide Contract	16.1%
Nationwide International Index Fund, Class R6	12.5%
Nationwide Core Plus Bond Fund, Class R6	9.1%
Nationwide Inflation-Protected Securities Fund, Class R6	6.1%
Nationwide Amundi Strategic Income Fund, Class R6	5.6%
Nationwide Mid Cap Market Index Fund, Class R6	2.9%
iShares Core MSCI Emerging Markets ETF	2.7%
Nationwide Small Cap Index Fund, Class R6	0.3%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

13

Shareholder Expense Example Nationwide Destination 2015 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2015 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,058.90		3.11		0.61
	Hypothetical	(b)(c)		1,000.00		1,021.77		3.06		0.61
Class C Shares	Actual	(b)		1,000.00		1,056.00		5.96		1.17
	Hypothetical	(b)(c)		1,000.00		1,018.99		5.86		1.17
Class R Shares	Actual	(b)		1,000.00		1,057.60		4.54		0.89
	Hypothetical	(b)(c)		1,000.00		1,020.38		4.46		0.89
Class R6 Shares	Actual	(b)		1,000.00		1,061.30		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,060.10		1.99		0.39
	Hypothetical	(b)(c)		1,000.00		1,022.86		1.96		0.39

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

14

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2015 Fund

Investment Companies 78.8%
	Shares		Value
Alternative Assets 5.4%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		360,797	$	3,712,605
Total Alternative Assets (cost $3,753,833)				3,712,605
Equity Funds 42.5%
Nationwide International Index Fund, Class R6 (a)		1,056,648		8,273,551
Nationwide Mid Cap Market Index Fund, Class R6 (a)		124,468		1,945,428
Nationwide Multi-Cap Portfolio, Class R6 (a)		1,654,599		18,597,693
Nationwide Small Cap Index Fund, Class R6 (a)		17,279		176,587
Total Equity Funds (cost $27,198,807)				28,993,259
Fixed Income Funds 30.9%
Nationwide Bond Index Fund, Class R6 (a)		1,009,882		10,997,619
Nationwide Core Plus Bond Fund, Class R6 (a)		598,744		6,035,342
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		407,988		4,002,358
Total Fixed Income Funds (cost $21,029,240)				21,035,319
Total Investment Companies (cost $51,981,880)				53,741,183
Exchange Traded Fund 2.6%
Equity Fund 2.6%
iShares Core MSCI Emerging Markets ETF		33,095		1,748,740
Total Exchange Traded Fund (cost $1,737,238)				1,748,740
Investment Contract 15.6%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(b)	$	10,657,312		10,657,312
Total Investment Contract (cost $10,657,312)				10,657,312
Total Investments (cost $64,376,430) — 97.0%				66,147,235
Other assets in excess of liabilities — 3.0%				2,041,844
NET ASSETS — 100.0%			$	68,189,079

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

15

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2015 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $62,639,192)	$	64,398,495
Investment security of unaffiliated issuer, at value (cost $1,737,238)		1,748,740
Cash		2,063,472
Interest receivable		3,851
Receivable for capital shares issued		90,754
Total Assets		68,305,312
Liabilities:
Payable for investments purchased		80,958
Payable for capital shares redeemed		7,251
Accrued expenses and other payables:
Investment advisory fees		7,286
Distribution fees		9,732
Administrative servicing fees		10,202
Trustee fees		254
Professional fees		550
Total Liabilities		116,233
Net Assets	$	68,189,079
Represented by:
Capital	$	65,387,618
Total distributable earnings (loss)		2,801,461
Net Assets	$	68,189,079
Net Assets:
Class A Shares	$	5,341,831
Class C Shares		704,679
Class R Shares		19,543,889
Class R6 Shares		16,407,771
Institutional Service Class Shares		26,190,909
Total	$	68,189,079
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		645,848
Class C Shares		85,814
Class R Shares		2,374,548
Class R6 Shares		1,976,860
Institutional Service Class Shares		3,163,704
Total		8,246,774

16

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2015 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.27
Class C Shares (b)	$	8.21
Class R Shares	$	8.23
Class R6 Shares	$	8.30
Institutional Service Class Shares	$	8.28
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.77
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

17

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2015 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	749,259
Interest income from affiliated issuers		141,655
Dividend income from unaffiliated issuers		38,142
Interest income (unaffiliated)		13,072
Total Income		942,128
EXPENSES:
Investment advisory fees		44,238
Distribution fees Class A		6,729
Distribution fees Class C		4,262
Distribution fees Class R		50,688
Administrative servicing fees Class A		5,964
Administrative servicing fees Class C		136
Administrative servicing fees Class R		25,344
Administrative servicing fees Institutional Service Class		31,871
Professional fees		604
Trustee fees		1,081
Total Expenses		170,917
NET INVESTMENT INCOME		771,211
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		1,713,591
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		187,243
Transactions in investment securities of unaffiliated issuers		(314,950	)
Expiration or closing of futures contracts (Note 2)		(65,452	)
Net realized gains		1,520,432
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		1,332,949
Investment securities of unaffiliated issuers		299,964
Net change in unrealized appreciation/depreciation		1,632,913
Net realized/unrealized gains		3,153,345
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,924,556

The accompanying notes are an integral part of these financial statements.

18

Statements of Changes in Net Assets

	Nationwide Destination 2015 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	771,211		$	1,609,772
Net realized gains		1,520,432			3,369,262
Net change in unrealized appreciation/depreciation		1,632,913			(5,038,380	)
Change in net assets resulting from operations		3,924,556			(59,346	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(318,895	)		(345,773	)
Class C		(57,763	)		(50,237	)
Class R		(1,185,104	)		(1,330,647	)
Class R6		(980,377	)		(1,531,449	)
Institutional Service Class		(1,475,097	)		(1,665,396	)
Change in net assets from shareholder distributions		(4,017,236	)		(4,923,502	)
Change in net assets from capital transactions		(2,030,487	)		(18,817,275	)
Change in net assets		(2,123,167	)		(23,800,123	)
Net Assets:
Beginning of period		70,312,246			94,112,369
End of period	$	68,189,079		$	70,312,246
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	640,677		$	1,270,438
Dividends reinvested		318,895			345,773
Cost of shares redeemed		(1,149,686	)		(5,369,313	)
Total Class A Shares		(190,114	)		(3,753,102	)
Class C Shares
Proceeds from shares issued		7,400			218,004
Dividends reinvested		57,719			50,190
Cost of shares redeemed		(398,264	)		(153,130	)
Total Class C Shares		(333,145	)		115,064
Class R Shares
Proceeds from shares issued		630,526			1,761,706
Dividends reinvested		1,185,104			1,330,647
Cost of shares redeemed		(3,713,437	)		(7,486,321	)
Total Class R Shares		(1,897,807	)		(4,393,968	)
Class R6 Shares
Proceeds from shares issued		2,342,576			4,803,169
Dividends reinvested		980,377			1,531,449
Cost of shares redeemed		(3,390,130	)		(14,846,316	)
Total Class R6 Shares		(67,177	)		(8,511,698	)

19

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2015 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	3,026,352		$	5,167,772
Dividends reinvested		1,475,097			1,665,396
Cost of shares redeemed		(4,043,693	)		(9,106,739	)
Total Institutional Service Class Shares		457,756			(2,273,571	)
Change in net assets from capital transactions	$	(2,030,487	)	$	(18,817,275	)
SHARE TRANSACTIONS:
Class A Shares
Issued		79,729			147,775
Reinvested		42,095			40,350
Redeemed		(143,671	)		(614,051	)
Total Class A Shares		(21,847	)		(425,926	)
Class C Shares
Issued		921			26,081
Reinvested		7,684			5,899
Redeemed		(51,395	)		(17,986	)
Total Class C Shares		(42,790	)		13,994
Class R Shares
Issued		80,276			205,590
Reinvested		157,190			156,018
Redeemed		(467,620	)		(868,236	)
Total Class R Shares		(230,154	)		(506,628	)
Class R6 Shares
Issued		288,549			549,601
Reinvested		128,938			178,278
Redeemed		(424,368	)		(1,721,283	)
Total Class R6 Shares		(6,881	)		(993,404	)
Institutional Service Class Shares
Issued		382,926			596,422
Reinvested		194,337			194,291
Redeemed		(504,263	)		(1,051,564	)
Total Institutional Service Class Shares		73,000			(260,851	)
Total change in shares		(228,672	)		(2,172,815	)

The accompanying notes are an integral part of these financial statements.

20

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2015 Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	3,924,556
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(27,301,708	)
Proceeds from disposition of investment securities of affiliated issuers		16,964,752
Purchase of investment securities of unaffiliated issuers		(290,922	)
Proceeds from disposition of investment securities of unaffiliated issuers		18,933,515
Reinvestment of dividend income from affiliated issuers		(749,259	)
Reinvestment of interest income from affiliated issuers		(141,655	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(1,332,949	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(299,964	)
Reinvestment of net realized gain distributions from affiliated issuers		(1,713,591	)
Net realized gain from investment transactions with affiliated issuers		(187,243	)
Net realized loss from transactions in investment securities of unaffiliated issuers		314,950
Decrease in receivable for investments sold		54,921
Increase in payable for investments purchased		80,958
Decrease in investment advisory fees payable		(664	)
Decrease in fund administration fees payable		(325	)
Decrease in distribution fees payable		(1,619	)
Decrease in administrative servicing fees payable		(956	)
Increase in accounting and transfer agent fees payable		254
Decrease in trustee fees payable		(208	)
Increase in professional fees payable		358
Net cash provided by operating activities		8,253,201
Cash flows used in financing activities:
Proceeds from shares issued		6,562,289
Cost of shares redeemed		(12,752,243	)
Cash distributions paid to shareholders		(44	)
Net cash used in financing activities		(6,189,998	)
Net increase in cash		2,063,203
Cash:
Beginning of period		269
End of period	$	2,063,472
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $4,017,192.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated issuers of $2,604,505.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $16,922,364.

The accompanying notes are an integral part of these financial statements.

21

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2015 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.30		0.09		0.35			0.44			(0.09	)		(0.38	)		(0.47	)	$	8.27		5.89%		$	5,341,831		0.61%		2.17%		0.61%		45.74%	(g)
Year Ended October 31, 2018	$	8.84		0.16		(0.21	)		(0.05	)		(0.17	)		(0.32	)		(0.49	)	$	8.30		(0.66%	)	$	5,541,596		0.62%		1.85%		0.62%		28.01%
Year Ended October 31, 2017	$	8.52		0.16		0.74			0.90			(0.17	)		(0.41	)		(0.58	)	$	8.84		11.10%		$	9,665,357		0.61%		1.93%		0.61%		34.93%
Year Ended October 31, 2016	$	9.04		0.12		0.09			0.21			(0.14	)		(0.59	)		(0.73	)	$	8.52		2.70%		$	9,859,906		0.61%		1.45%		0.61%		25.79%
Year Ended October 31, 2015	$	9.79		0.15		(0.09	)		0.06			(0.18	)		(0.63	)		(0.81	)	$	9.04		0.64%		$	10,533,102		0.54%		1.63%		0.54%		20.91%
Year Ended October 31, 2014	$	9.62		0.15		0.37			0.52			(0.14	)		(0.21	)		(0.35	)	$	9.79		5.60%		$	11,150,884		0.62%		1.52%		0.62%		27.46%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.24		0.07		0.35			0.42			(0.07	)		(0.38	)		(0.45	)	$	8.21		5.60%		$	704,679		1.17%		1.83%		1.17%		45.74%	(g)
Year Ended October 31, 2018	$	8.78		0.11		(0.21	)		(0.10	)		(0.12	)		(0.32	)		(0.44	)	$	8.24		(1.21%	)	$	1,059,882		1.18%		1.29%		1.18%		28.01%
Year Ended October 31, 2017	$	8.47		0.11		0.73			0.84			(0.12	)		(0.41	)		(0.53	)	$	8.78		10.43%		$	1,006,455		1.18%		1.32%		1.18%		34.93%
Year Ended October 31, 2016	$	9.00		0.07		0.08			0.15			(0.09	)		(0.59	)		(0.68	)	$	8.47		2.03%		$	896,029		1.18%		0.87%		1.18%		25.79%
Year Ended October 31, 2015	$	9.74		0.10		(0.09	)		0.01			(0.12	)		(0.63	)		(0.75	)	$	9.00		0.08%		$	812,211		1.19%		1.05%		1.19%		20.91%
Year Ended October 31, 2014	$	9.60		0.08		0.38			0.46			(0.11	)		(0.21	)		(0.32	)	$	9.74		4.95%		$	1,031,938		1.15%		0.88%		1.15%		27.46%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	8.26		0.08		0.35			0.43			(0.08	)		(0.38	)		(0.46	)	$	8.23		5.76%		$	19,543,889		0.89%		1.90%		0.89%		45.74%	(g)
Year Ended October 31, 2018	$	8.80		0.14		(0.21	)		(0.07	)		(0.15	)		(0.32	)		(0.47	)	$	8.26		(0.92%	)	$	21,515,708		0.89%		1.60%		0.89%		28.01%
Year Ended October 31, 2017	$	8.48		0.14		0.73			0.87			(0.14	)		(0.41	)		(0.55	)	$	8.80		10.84%		$	27,379,736		0.88%		1.66%		0.88%		34.93%
Year Ended October 31, 2016	$	9.01		0.10		0.07			0.17			(0.11	)		(0.59	)		(0.70	)	$	8.48		2.29%		$	31,374,559		0.89%		1.20%		0.89%		25.79%
Year Ended October 31, 2015	$	9.75		0.12		(0.09	)		0.03			(0.14	)		(0.63	)		(0.77	)	$	9.01		0.36%		$	41,345,461		0.88%		1.35%		0.88%		20.91%
Year Ended October 31, 2014	$	9.60		0.11		0.38			0.49			(0.13	)		(0.21	)		(0.34	)	$	9.75		5.28%		$	56,452,141		0.88%		1.18%		0.88%		27.46%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	8.33		0.11		0.35			0.46			(0.11	)		(0.38	)		(0.49	)	$	8.30		6.13%		$	16,407,771		0.13%		2.65%		0.13%		45.74%	(g)
Year Ended October 31, 2018	$	8.87		0.21		(0.22	)		(0.01	)		(0.21	)		(0.32	)		(0.53	)	$	8.33		(0.15%	)	$	16,519,758		0.14%		2.41%		0.14%		28.01%
Year Ended October 31, 2017	$	8.55		0.21		0.73			0.94			(0.21	)		(0.41	)		(0.62	)	$	8.87		11.61%		$	26,404,668		0.13%		2.46%		0.13%		34.93%
Year Ended October 31, 2016	$	9.07		0.16		0.09			0.25			(0.18	)		(0.59	)		(0.77	)	$	8.55		3.20%		$	33,754,228		0.13%		1.92%		0.13%		25.79%
Year Ended October 31, 2015	$	9.82		0.19		(0.09	)		0.10			(0.22	)		(0.63	)		(0.85	)	$	9.07		1.04%		$	29,077,229		0.13%		2.05%		0.13%		20.91%
Year Ended October 31, 2014	$	9.67		0.18		0.38			0.56			(0.20	)		(0.21	)		(0.41	)	$	9.82		6.03%		$	27,775,167		0.13%		1.86%		0.13%		27.46%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.31		0.09		0.36			0.45			(0.10	)		(0.38	)		(0.48	)	$	8.28		6.01%		$	26,190,909		0.39%		2.35%		0.39%		45.74%	(g)
Year Ended October 31, 2018	$	8.85		0.18		(0.21	)		(0.03	)		(0.19	)		(0.32	)		(0.51	)	$	8.31		(0.40%	)	$	25,675,302		0.39%		2.10%		0.39%		28.01%
Year Ended October 31, 2017	$	8.53		0.18		0.74			0.92			(0.19	)		(0.41	)		(0.60	)	$	8.85		11.35%		$	29,656,153		0.38%		2.16%		0.38%		34.93%
Year Ended October 31, 2016	$	9.05		0.14		0.09			0.23			(0.16	)		(0.59	)		(0.75	)	$	8.53		2.93%		$	34,586,322		0.38%		1.68%		0.38%		25.79%
Year Ended October 31, 2015	$	9.80		0.17		(0.10	)		0.07			(0.19	)		(0.63	)		(0.82	)	$	9.05		0.79%		$	43,835,091		0.38%		1.83%		0.38%		20.91%
Year Ended October 31, 2014	$	9.65		0.16		0.38			0.54			(0.18	)		(0.21	)		(0.39	)	$	9.80		5.77%		$	49,742,140		0.38%		1.70%		0.38%		27.46%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

22

Fund Overview Nationwide Destination 2020 Fund

Asset Allocation¹

Equity Funds	51.6%
Fixed Income Funds	31.8%
Investment Contract	10.7%
Alternative Assets	4.0%
Other assets in excess of liabilities	1.9%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	31.7%
Nationwide Bond Index Fund, Class R6	19.9%
Nationwide International Index Fund, Class R6	13.7%
Nationwide Contract	10.9%
Nationwide Core Plus Bond Fund, Class R6	8.0%
Nationwide Inflation-Protected Securities Fund, Class R6	4.5%
Nationwide Amundi Strategic Income Fund, Class R6	4.1%
Nationwide Mid Cap Market Index Fund, Class R6	3.4%
iShares Core MSCI Emerging Markets ETF	3.3%
Nationwide Small Cap Index Fund, Class R6	0.5%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

23

Shareholder Expense Example Nationwide Destination 2020 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2020 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,064.40		3.22		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,061.20		6.23		1.22
	Hypothetical	(b)(c)		1,000.00		1,018.74		6.11		1.22
Class R Shares	Actual	(b)		1,000.00		1,063.10		4.55		0.89
	Hypothetical	(b)(c)		1,000.00		1,020.38		4.46		0.89
Class R6 Shares	Actual	(b)		1,000.00		1,066.70		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,065.60		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

24

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2020 Fund

Investment Companies 84.1%
	Shares		Value
Alternative Assets 4.0%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		803,732	$	8,270,401
Total Alternative Assets (cost $8,368,107)				8,270,401
Equity Funds 48.3%
Nationwide International Index Fund, Class R6 (a)		3,574,627		27,989,331
Nationwide Mid Cap Market Index Fund, Class R6 (a)		450,301		7,038,201
Nationwide Multi-Cap Portfolio, Class R6 (a)		5,788,997		65,068,330
Nationwide Small Cap Index Fund, Class R6 (a)		104,855		1,071,615
Total Equity Funds (cost $95,140,961)				101,167,477
Fixed Income Funds 31.8%
Nationwide Bond Index Fund, Class R6 (a)		3,751,312		40,851,792
Nationwide Core Plus Bond Fund, Class R6 (a)		1,629,832		16,428,709
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		936,655		9,188,587
Total Fixed Income Funds (cost $66,550,052)				66,469,088
Total Investment Companies (cost $170,059,120)				175,906,966
Exchange Traded Fund 3.3%
Equity Fund 3.3%
iShares Core MSCI Emerging Markets ETF		129,249		6,829,517
Total Exchange Traded Fund (cost $6,865,231)				6,829,517
Investment Contract 10.7%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(b)	$	22,449,528		22,449,528
Total Investment Contract (cost $22,449,528)				22,449,528
Total Investments (cost $199,373,879) — 98.1%				205,186,011
Other assets in excess of liabilities — 1.9%				4,071,123
NET ASSETS — 100.0%			$	209,257,134

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

25

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2020 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $192,508,648)	$	198,356,494
Investment security of unaffiliated issuer, at value (cost $6,865,231)		6,829,517
Cash		4,152,746
Interest receivable		7,748
Receivable for investments sold		275,215
Receivable for capital shares issued		26,661
Total Assets		209,648,381
Liabilities:
Payable for capital shares redeemed		307,505
Accrued expenses and other payables:
Investment advisory fees		22,323
Distribution fees		25,287
Administrative servicing fees		33,817
Trustee fees		707
Professional fees		1,608
Total Liabilities		391,247
Net Assets	$	209,257,134
Represented by:
Capital	$	199,541,428
Total distributable earnings (loss)		9,715,706
Net Assets	$	209,257,134
Net Assets:
Class A Shares	$	21,130,937
Class C Shares		1,866,608
Class R Shares		46,928,418
Class R6 Shares		50,431,171
Institutional Service Class Shares		88,900,000
Total	$	209,257,134
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,348,258
Class C Shares		210,439
Class R Shares		5,231,945
Class R6 Shares		5,563,883
Institutional Service Class Shares		9,856,958
Total		23,211,483

26

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2020 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.00
Class C Shares (b)	$	8.87
Class R Shares	$	8.97
Class R6 Shares	$	9.06
Institutional Service Class Shares	$	9.02
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.55
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

27

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2020 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	2,336,534
Interest income from affiliated issuers		293,112
Dividend income from unaffiliated issuers		124,392
Interest income (unaffiliated)		27,111
Income from securities lending (Note 2)		4
Total Income		2,781,153
EXPENSES:
Investment advisory fees		132,903
Distribution fees Class A		26,074
Distribution fees Class C		9,619
Distribution fees Class R		117,517
Administrative servicing fees Class A		26,074
Administrative servicing fees Class C		805
Administrative servicing fees Class R		58,758
Administrative servicing fees Institutional Service Class		106,656
Professional fees		1,811
Trustee fees		3,227
Total Expenses		483,444
NET INVESTMENT INCOME		2,297,709
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		5,874,213
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		404,329
Transactions in investment securities of unaffiliated issuers		(939,992	)
Expiration or closing of futures contracts (Note 2)		(224,450	)
Net realized gains		5,114,100
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		4,689,068
Investment securities of unaffiliated issuers		906,688
Net change in unrealized appreciation/depreciation		5,595,756
Net realized/unrealized gains		10,709,856
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,007,565

The accompanying notes are an integral part of these financial statements.

28

Statements of Changes in Net Assets

	Nationwide Destination 2020 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,297,709		$	4,522,556
Net realized gains		5,114,100			13,154,074
Net change in unrealized appreciation/depreciation		5,595,756			(17,496,182	)
Change in net assets resulting from operations		13,007,565			180,448
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,474,748	)		(1,656,666	)
Class C		(122,122	)		(267,233	)
Class R		(3,361,886	)		(4,488,825	)
Class R6		(3,662,377	)		(5,513,749	)
Institutional Service Class		(6,166,154	)		(7,675,989	)
Change in net assets from shareholder distributions		(14,787,287	)		(19,602,462	)
Change in net assets from capital transactions		(364,807	)		(26,156,686	)
Change in net assets		(2,144,529	)		(45,578,700	)
Net Assets:
Beginning of period		211,401,663			256,980,363
End of period	$	209,257,134		$	211,401,663
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,694,681		$	4,495,037
Dividends reinvested		1,474,700			1,656,649
Cost of shares redeemed		(2,737,588	)		(5,910,168	)
Total Class A Shares		431,793			241,518
Class C Shares
Proceeds from shares issued		80,984			11,500
Dividends reinvested		122,122			267,233
Cost of shares redeemed		(740,043	)		(1,325,096	)
Total Class C Shares		(536,937	)		(1,046,363	)
Class R Shares
Proceeds from shares issued		1,928,618			4,321,979
Dividends reinvested		3,361,886			4,488,825
Cost of shares redeemed		(7,399,471	)		(17,030,530	)
Total Class R Shares		(2,108,967	)		(8,219,726	)
Class R6 Shares
Proceeds from shares issued		6,041,146			12,614,068
Dividends reinvested		3,662,377			5,513,749
Cost of shares redeemed		(7,406,785	)		(34,640,366	)
Total Class R6 Shares		2,296,738			(16,512,549	)

29

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2020 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	7,878,942		$	16,606,384
Dividends reinvested		6,166,154			7,675,989
Cost of shares redeemed		(14,492,530	)		(24,901,939	)
Total Institutional Service Class Shares		(447,434	)		(619,566	)
Change in net assets from capital transactions	$	(364,807	)	$	(26,156,686	)
SHARE TRANSACTIONS:
Class A Shares
Issued		197,310			471,540
Reinvested		180,869			175,621
Redeemed		(312,223	)		(612,058	)
Total Class A Shares		65,956			35,103
Class C Shares
Issued		10,214			1,234
Reinvested		15,204			28,717
Redeemed		(83,349	)		(141,100	)
Total Class C Shares		(57,931	)		(111,149	)
Class R Shares
Issued		223,462			454,611
Reinvested		414,149			477,064
Redeemed		(847,783	)		(1,777,097	)
Total Class R Shares		(210,172	)		(845,422	)
Class R6 Shares
Issued		668,959			1,289,502
Reinvested		445,976			580,839
Redeemed		(839,085	)		(3,599,541	)
Total Class R6 Shares		275,850			(1,729,200	)
Institutional Service Class Shares
Issued		896,450			1,731,302
Reinvested		754,942			811,904
Redeemed		(1,630,140	)		(2,581,039	)
Total Institutional Service Class Shares		21,252			(37,833	)
Total change in shares		94,955			(2,688,501	)

The accompanying notes are an integral part of these financial statements.

30

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2020 Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	13,007,565
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(85,730,297	)
Proceeds from disposition of investment securities of affiliated issuers		44,351,456
Purchase of investment securities of unaffiliated issuers		(1,444,062	)
Proceeds from disposition of investment securities of unaffiliated issuers		62,689,042
Reinvestment of dividend income from affiliated issuers		(2,336,534	)
Reinvestment of interest income from affiliated issuers		(293,112	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(4,689,068	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(906,688	)
Reinvestment of net realized gain distributions from affiliated issuers		(5,874,213	)
Net realized gain from investment transactions with affiliated issuers		(404,329	)
Net realized loss from transactions in investment securities of unaffiliated issuers		939,992
Decrease in receivable for investments sold		55,890
Increase in interest and dividends receivable		(7,748	)
Decrease in investment advisory fees payable		(1,524	)
Decrease in distribution fees payable		(2,781	)
Increase in administrative servicing fees payable		739
Increase in trustee fees payable		94
Increase in professional fees payable		122
Net cash provided by operating activities		19,354,544
Cash flows used in financing activities:
Proceeds from shares issued		17,628,044
Cost of shares redeemed		(32,830,351	)
Cash distributions paid to shareholders		(48	)
Net cash used in financing activities		(15,202,355	)
Net increase in cash		4,152,189
Cash:
Beginning of period		557
End of period	$	4,152,746
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $14,787,239.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated issuers of $8,503,859.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $58,759,200

The accompanying notes are an integral part of these financial statements.

31

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2020 Fund

			Operations								Distributions														Ratios/Supplemental data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.13		0.09		0.43			0.52			(0.10	)		(0.55	)		(0.65	)	$	9.00		6.44%		$	21,130,937		0.63%		2.07%		0.63%		47.83%	(g)
Year Ended October 31, 2018	$	9.94		0.17		(0.20	)		(0.03	)		(0.18	)		(0.60	)		(0.78	)	$	9.13		(0.49%	)	$	20,838,164		0.63%		1.77%		0.63%		22.56%
Year Ended October 31, 2017	$	9.41		0.18		0.99			1.17			(0.19	)		(0.45	)		(0.64	)	$	9.94		13.00%		$	22,344,051		0.60%		1.93%		0.60%		34.17%
Year Ended October 31, 2016	$	9.74		0.12		0.09			0.21			(0.14	)		(0.40	)		(0.54	)	$	9.41		2.38%		$	19,592,496		0.60%		1.31%		0.60%		23.70%
Year Ended October 31, 2015	$	10.29		0.15		(0.11	)		0.04			(0.19	)		(0.40	)		(0.59	)	$	9.74		0.37%		$	16,112,317		0.55%		1.56%		0.55%		15.99%
Year Ended October 31, 2014	$	10.09		0.16		0.43			0.59			(0.16	)		(0.23	)		(0.39	)	$	10.29		5.98%		$	12,042,352		0.62%		1.61%		0.62%		20.25%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.00		0.06		0.42			0.48			(0.06	)		(0.55	)		(0.61	)	$	8.87		6.12%		$	1,866,608		1.22%		1.39%		1.22%		47.83%	(g)
Year Ended October 31, 2018	$	9.81		0.12		(0.21	)		(0.09	)		(0.12	)		(0.60	)		(0.72	)	$	9.00		(1.15%	)	$	2,415,995		1.24%		1.23%		1.24%		22.56%
Year Ended October 31, 2017	$	9.30		0.12		0.97			1.09			(0.13	)		(0.45	)		(0.58	)	$	9.81		12.24%		$	3,723,244		1.23%		1.31%		1.23%		34.17%
Year Ended October 31, 2016	$	9.63		0.06		0.09			0.15			(0.08	)		(0.40	)		(0.48	)	$	9.30		1.76%		$	3,535,573		1.24%		0.68%		1.24%		23.70%
Year Ended October 31, 2015	$	10.17		0.09		(0.11	)		(0.02	)		(0.12	)		(0.40	)		(0.52	)	$	9.63		(0.21%	)	$	3,348,791		1.22%		0.91%		1.22%		15.99%
Year Ended October 31, 2014	$	10.00		0.09		0.42			0.51			(0.11	)		(0.23	)		(0.34	)	$	10.17		5.30%		$	2,953,175		1.17%		0.88%		1.17%		20.25%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.10		0.08		0.43			0.51			(0.09	)		(0.55	)		(0.64	)	$	8.97		6.31%		$	46,928,418		0.89%		1.85%		0.89%		47.83%	(g)
Year Ended October 31, 2018	$	9.91		0.15		(0.20	)		(0.05	)		(0.16	)		(0.60	)		(0.76	)	$	9.10		(0.77%	)	$	49,535,267		0.89%		1.53%		0.89%		22.56%
Year Ended October 31, 2017	$	9.39		0.16		0.97			1.13			(0.16	)		(0.45	)		(0.61	)	$	9.91		12.58%		$	62,331,210		0.88%		1.68%		0.88%		34.17%
Year Ended October 31, 2016	$	9.71		0.10		0.09			0.19			(0.11	)		(0.40	)		(0.51	)	$	9.39		2.18%		$	65,655,004		0.89%		1.08%		0.89%		23.70%
Year Ended October 31, 2015	$	10.25		0.13		(0.12	)		0.01			(0.15	)		(0.40	)		(0.55	)	$	9.71		0.08%		$	81,852,928		0.88%		1.33%		0.88%		15.99%
Year Ended October 31, 2014	$	10.07		0.11		0.44			0.55			(0.14	)		(0.23	)		(0.37	)	$	10.25		5.59%		$	94,769,629		0.88%		1.11%		0.88%		20.25%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.19		0.11		0.43			0.54			(0.12	)		(0.55	)		(0.67	)	$	9.06		6.67%		$	50,431,171		0.13%		2.60%		0.13%		47.83%	(g)
Year Ended October 31, 2018	$	10.01		0.23		(0.22	)		0.01			(0.23	)		(0.60	)		(0.83	)	$	9.19		(0.10%	)	$	48,611,693		0.14%		2.35%		0.14%		22.56%
Year Ended October 31, 2017	$	9.47		0.24		0.98			1.22			(0.23	)		(0.45	)		(0.68	)	$	10.01		13.55%		$	70,211,410		0.13%		2.49%		0.13%		34.17%
Year Ended October 31, 2016	$	9.79		0.17		0.09			0.26			(0.18	)		(0.40	)		(0.58	)	$	9.47		2.94%		$	74,470,003		0.13%		1.79%		0.13%		23.70%
Year Ended October 31, 2015	$	10.34		0.20		(0.12	)		0.08			(0.23	)		(0.40	)		(0.63	)	$	9.79		0.75%		$	62,653,169		0.13%		2.01%		0.13%		15.99%
Year Ended October 31, 2014	$	10.14		0.18		0.46			0.64			(0.21	)		(0.23	)		(0.44	)	$	10.34		6.50%		$	53,889,940		0.13%		1.78%		0.13%		20.25%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.15		0.10		0.43			0.53			(0.11	)		(0.55	)		(0.66	)	$	9.02		6.56%		$	88,900,000		0.38%		2.33%		0.38%		47.83%	(g)
Year Ended October 31, 2018	$	9.96		0.19		(0.19	)		–			(0.21	)		(0.60	)		(0.81	)	$	9.15		(0.25%	)	$	90,000,544		0.39%		2.03%		0.39%		22.56%
Year Ended October 31, 2017	$	9.43		0.21		0.98			1.19			(0.21	)		(0.45	)		(0.66	)	$	9.96		13.21%		$	98,370,448		0.38%		2.15%		0.38%		34.17%
Year Ended October 31, 2016	$	9.75		0.14		0.10			0.24			(0.16	)		(0.40	)		(0.56	)	$	9.43		2.69%		$	99,888,936		0.38%		1.55%		0.38%		23.70%
Year Ended October 31, 2015	$	10.30		0.18		(0.13	)		0.05			(0.20	)		(0.40	)		(0.60	)	$	9.75		0.50%		$	102,156,974		0.38%		1.80%		0.38%		15.99%
Year Ended October 31, 2014	$	10.11		0.17		0.43			0.60			(0.18	)		(0.23	)		(0.41	)	$	10.30		6.15%		$	98,149,868		0.38%		1.63%		0.38%		20.25%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

32

Fund Overview Nationwide Destination 2025 Fund

Asset Allocation¹

Equity Funds	59.5%
Fixed Income Funds	26.3%
Investment Contract	8.3%
Alternative Assets	3.5%
Other assets in excess of liabilities	2.4%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	34.6%
Nationwide Bond Index Fund, Class R6	18.0%
Nationwide International Index Fund, Class R6	16.0%
Nationwide Contract	8.5%
Nationwide Core Plus Bond Fund, Class R6	7.0%
iShares Core MSCI Emerging Markets ETF	4.6%
Nationwide Mid Cap Market Index Fund, Class R6	3.7%
Nationwide Amundi Strategic Income Fund, Class R6	3.5%
Nationwide Small Cap Index Fund, Class R6	2.1%
Nationwide Inflation-Protected Securities Fund, Class R6	2.0%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

33

Shareholder Expense Example Nationwide Destination 2025 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2025 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,068.40		3.23		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,064.80		6.19		1.21
	Hypothetical	(b)(c)		1,000.00		1,018.79		6.06		1.21
Class R Shares	Actual	(b)		1,000.00		1,067.20		4.51		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,070.60		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,070.80		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

34

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2025 Fund

Investment Companies 84.8%
	Shares		Value
Alternative Assets 3.5%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		997,092	$	10,260,079
Total Alternative Assets (cost $10,369,791)				10,260,079
Equity Funds 55.0%
Nationwide International Index Fund, Class R6 (a)		5,927,326		46,410,966
Nationwide Mid Cap Market Index Fund, Class R6 (a)		686,560		10,730,926
Nationwide Multi-Cap Portfolio, Class R6 (a)		8,947,747		100,572,671
Nationwide Small Cap Index Fund, Class R6 (a)		594,269		6,073,430
Total Equity Funds (cost $155,801,646)				163,787,993
Fixed Income Funds 26.3%
Nationwide Bond Index Fund, Class R6 (a)		4,783,464		52,091,927
Nationwide Core Plus Bond Fund, Class R6 (a)		2,021,859		20,380,337
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		589,794		5,785,876
Total Fixed Income Funds (cost $78,413,305)				78,258,140
Total Investment Companies (cost $244,584,742)				252,306,212
Exchange Traded Fund 4.5%
Equity Fund 4.5%
iShares Core MSCI Emerging Markets ETF		254,194		13,431,611
Total Exchange Traded Fund (cost $13,687,545)				13,431,611
Investment Contract 8.3%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(b)	$	24,598,923		24,598,923
Total Investment Contract (cost $24,598,923)				24,598,923
Total Investments (cost $282,871,210) — 97.6%				290,336,746
Other assets in excess of liabilities — 2.4%				7,285,480
NET ASSETS — 100.0%			$	297,622,226

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

35

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2025 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $269,183,665)	$	276,905,135
Investment security of unaffiliated issuer, at value (cost $13,687,545)		13,431,611
Cash		7,382,547
Interest receivable		13,754
Receivable for capital shares issued		212,092
Total Assets		297,945,139
Liabilities:
Payable for investments purchased		143,335
Payable for capital shares redeemed		64,812
Accrued expenses and other payables:
Investment advisory fees		31,748
Distribution fees		35,398
Administrative servicing fees		44,509
Trustee fees		951
Professional fees		2,160
Total Liabilities		322,913
Net Assets	$	297,622,226
Represented by:
Capital	$	280,583,731
Total distributable earnings (loss)		17,038,495
Net Assets	$	297,622,226
Net Assets:
Class A Shares	$	34,879,844
Class C Shares		2,252,469
Class R Shares		64,197,850
Class R6 Shares		70,971,910
Institutional Service Class Shares		125,320,153
Total	$	297,622,226
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,745,558
Class C Shares		244,701
Class R Shares		6,917,343
Class R6 Shares		7,562,359
Institutional Service Class Shares		13,435,384
Total		31,905,345

36

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2025 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.31
Class C Shares (b)	$	9.20
Class R Shares	$	9.28
Class R6 Shares	$	9.38
Institutional Service Class Shares	$	9.33
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.88
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

37

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2025 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	3,233,796
Interest income from affiliated issuers		316,819
Dividend income from unaffiliated issuers		264,327
Interest income (unaffiliated)		44,478
Income from securities lending (Note 2)		5
Total Income		3,859,425
EXPENSES:
Investment advisory fees		184,933
Distribution fees Class A		42,560
Distribution fees Class C		10,894
Distribution fees Class R		155,462
Administrative servicing fees Class A		42,560
Administrative servicing fees Class C		814
Administrative servicing fees Class R		77,731
Administrative servicing fees Institutional Service Class		145,173
Professional fees		2,493
Trustee fees		4,430
Total Expenses		667,050
NET INVESTMENT INCOME		3,192,375
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		9,341,210
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		3,038,037
Transactions in investment securities of unaffiliated issuers		(547,855	)
Expiration or closing of futures contracts (Note 2)		(1,268,700	)
Net realized gains		10,562,692
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		4,108,277
Investment securities of unaffiliated issuers		1,746,951
Net change in unrealized appreciation/depreciation		5,855,228
Net realized/unrealized gains		16,417,920
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,610,295

The accompanying notes are an integral part of these financial statements.

38

Statements of Changes in Net Assets

	Nationwide Destination 2025 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,192,375		$	5,806,851
Net realized gains		10,562,692			19,251,762
Net change in unrealized appreciation/depreciation		5,855,228			(25,681,222	)
Change in net assets resulting from operations		19,610,295			(622,609	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,528,363	)		(3,021,675	)
Class C		(158,034	)		(232,188	)
Class R		(4,633,327	)		(5,810,240	)
Class R6		(5,460,050	)		(7,439,868	)
Institutional Service Class		(8,837,994	)		(9,313,676	)
Change in net assets from shareholder distributions		(21,617,768	)		(25,817,647	)
Change in net assets from capital transactions		13,238,421			(6,439,433	)
Change in net assets		11,230,948			(32,879,689	)
Net Assets:
Beginning of period		286,391,278			319,270,967
End of period	$	297,622,226		$	286,391,278
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,064,001		$	7,940,752
Dividends reinvested		2,518,386			3,013,316
Cost of shares redeemed		(4,571,039	)		(12,809,570	)
Total Class A Shares		1,011,348			(1,855,502	)
Class C Shares
Proceeds from shares issued		141,262			225,951
Dividends reinvested		158,034			232,188
Cost of shares redeemed		(167,692	)		(1,194,361	)
Total Class C Shares		131,604			(736,222	)
Class R Shares
Proceeds from shares issued		3,009,751			4,595,601
Dividends reinvested		4,633,327			5,810,240
Cost of shares redeemed		(6,535,584	)		(19,191,065	)
Total Class R Shares		1,107,494			(8,785,224	)
Class R6 Shares
Proceeds from shares issued		4,921,738			19,900,132
Dividends reinvested		5,460,050			7,439,868
Cost of shares redeemed		(10,307,962	)		(34,668,712	)
Total Class R6 Shares		73,826			(7,328,712	)

39

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2025 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	11,781,614		$	23,417,752
Dividends reinvested		8,837,994			9,313,676
Cost of shares redeemed		(9,705,459	)		(20,465,201	)
Total Institutional Service Class Shares		10,914,149			12,266,227
Change in net assets from capital transactions	$	13,238,421		$	(6,439,433	)
SHARE TRANSACTIONS:
Class A Shares
Issued		344,911			797,662
Reinvested		301,860			307,026
Redeemed		(500,595	)		(1,280,358	)
Total Class A Shares		146,176			(175,670	)
Class C Shares
Issued		16,581			23,317
Reinvested		19,178			23,921
Redeemed		(19,042	)		(123,806	)
Total Class C Shares		16,717			(76,568	)
Class R Shares
Issued		336,716			464,119
Reinvested		557,095			593,999
Redeemed		(718,206	)		(1,921,008	)
Total Class R Shares		175,605			(862,890	)
Class R6 Shares
Issued		538,228			1,976,480
Reinvested		649,116			753,241
Redeemed		(1,128,352	)		(3,475,701	)
Total Class R6 Shares		58,992			(745,980	)
Institutional Service Class Shares
Issued		1,294,458			2,356,102
Reinvested		1,057,500			947,670
Redeemed		(1,068,723	)		(2,036,384	)
Total Institutional Service Class Shares		1,283,235			1,267,388
Total change in shares		1,680,725			(593,720	)

The accompanying notes are an integral part of these financial statements.

40

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2025 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets(d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.46		0.09		0.47			0.56			(0.10	)		(0.61	)		(0.71	)	$	9.31		6.84%		$	34,879,844		0.63%		2.06%		0.63%		51.40%	(g)
Year Ended October 31, 2018	$	10.34		0.17		(0.21	)		(0.04	)		(0.19	)		(0.65	)		(0.84	)	$	9.46		(0.68%	)	$	34,050,098		0.63%		1.71%		0.63%		25.06%
Year Ended October 31, 2017	$	9.67		0.19		1.19			1.38			(0.19	)		(0.52	)		(0.71	)	$	10.34		15.12%		$	39,049,858		0.61%		1.89%		0.61%		41.00%
Year Ended October 31, 2016	$	9.94		0.11		0.10			0.21			(0.12	)		(0.36	)		(0.48	)	$	9.67		2.44%		$	31,546,828		0.61%		1.11%		0.61%		19.19%
Year Ended October 31, 2015	$	10.54		0.15		(0.14	)		0.01			(0.19	)		(0.42	)		(0.61	)	$	9.94		0.16%		$	23,187,219		0.54%		1.50%		0.54%		11.50%
Year Ended October 31, 2014	$	10.34		0.15		0.51			0.66			(0.15	)		(0.31	)		(0.46	)	$	10.54		6.56%		$	17,687,789		0.62%		1.47%		0.62%		14.81%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.36		0.07		0.46			0.53			(0.08	)		(0.61	)		(0.69	)	$	9.20		6.48%	(h)	$	2,252,469		1.21%		1.50%		1.21%		51.40%	(g)
Year Ended October 31, 2018	$	10.24		0.12		(0.22	)		(0.10	)		(0.13	)		(0.65	)		(0.78	)	$	9.36		(1.28%	)	$	2,133,482		1.22%		1.18%		1.22%		25.06%
Year Ended October 31, 2017	$	9.58		0.13		1.19			1.32			(0.14	)		(0.52	)		(0.66	)	$	10.24		14.55%		$	3,118,589		1.21%		1.31%		1.21%		41.00%
Year Ended October 31, 2016	$	9.86		0.05		0.10			0.15			(0.07	)		(0.36	)		(0.43	)	$	9.58		1.77%		$	2,661,689		1.20%		0.52%		1.20%		19.19%
Year Ended October 31, 2015	$	10.46		0.09		(0.14	)		(0.05	)		(0.13	)		(0.42	)		(0.55	)	$	9.86		(0.47%	)	$	2,034,952		1.20%		0.91%		1.20%		11.50%
Year Ended October 31, 2014	$	10.29		0.08		0.51			0.59			(0.11	)		(0.31	)		(0.42	)	$	10.46		5.88%		$	1,839,120		1.17%		0.82%		1.17%		14.81%
Class R Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.43		0.08		0.47			0.55			(0.09	)		(0.61	)		(0.70	)	$	9.28		6.72%		$	64,197,850		0.88%		1.83%		0.88%		51.40%	(g)
Year Ended October 31, 2018	$	10.31		0.15		(0.22	)		(0.07	)		(0.16	)		(0.65	)		(0.81	)	$	9.43		(0.93%	)	$	63,568,491		0.89%		1.49%		0.89%		25.06%
Year Ended October 31, 2017	$	9.64		0.16		1.20			1.36			(0.17	)		(0.52	)		(0.69	)	$	10.31		14.84%		$	78,423,274		0.88%		1.66%		0.88%		41.00%
Year Ended October 31, 2016	$	9.91		0.08		0.10			0.18			(0.09	)		(0.36	)		(0.45	)	$	9.64		2.13%		$	81,876,794		0.88%		0.89%		0.88%		19.19%
Year Ended October 31, 2015	$	10.50		0.13		(0.15	)		(0.02	)		(0.15	)		(0.42	)		(0.57	)	$	9.91		(0.14%	)	$	94,100,551		0.88%		1.27%		0.88%		11.50%
Year Ended October 31, 2014	$	10.32		0.11		0.51			0.62			(0.13	)		(0.31	)		(0.44	)	$	10.50		6.20%		$	107,412,528		0.88%		1.05%		0.88%		14.81%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	9.53		0.12		0.46			0.58			(0.12	)		(0.61	)		(0.73	)	$	9.38		7.06%		$	70,971,910		0.13%		2.59%		0.13%		51.40%	(g)
Year Ended October 31, 2018	$	10.41		0.23		(0.22	)		0.01			(0.24	)		(0.65	)		(0.89	)	$	9.53		(0.17%	)	$	71,500,254		0.14%		2.28%		0.14%		25.06%
Year Ended October 31, 2017	$	9.73		0.25		1.19			1.44			(0.24	)		(0.52	)		(0.76	)	$	10.41		15.67%		$	85,913,862		0.13%		2.48%		0.13%		41.00%
Year Ended October 31, 2016	$	10.00		0.15		0.11			0.26			(0.17	)		(0.36	)		(0.53	)	$	9.73		2.89%		$	83,247,797		0.13%		1.61%		0.13%		19.19%
Year Ended October 31, 2015	$	10.59		0.20		(0.14	)		0.06			(0.23	)		(0.42	)		(0.65	)	$	10.00		0.63%		$	67,863,127		0.13%		1.94%		0.13%		11.50%
Year Ended October 31, 2014	$	10.40		0.18		0.53			0.71			(0.21	)		(0.31	)		(0.52	)	$	10.59		7.03%		$	57,449,074		0.13%		1.70%		0.13%		14.81%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.47		0.10		0.48			0.58			(0.11	)		(0.61	)		(0.72	)	$	9.33		7.08%		$	125,320,153		0.38%		2.32%		0.38%		51.40%	(g)
Year Ended October 31, 2018	$	10.36		0.20		(0.23	)		(0.03	)		(0.21	)		(0.65	)		(0.86	)	$	9.47		(0.52%	)	$	115,138,953		0.39%		1.97%		0.39%		25.06%
Year Ended October 31, 2017	$	9.68		0.21		1.21			1.42			(0.22	)		(0.52	)		(0.74	)	$	10.36		15.46%		$	112,765,384		0.38%		2.13%		0.38%		41.00%
Year Ended October 31, 2016	$	9.95		0.13		0.10			0.23			(0.14	)		(0.36	)		(0.50	)	$	9.68		2.64%		$	101,891,319		0.38%		1.37%		0.38%		19.19%
Year Ended October 31, 2015	$	10.55		0.17		(0.14	)		0.03			(0.21	)		(0.42	)		(0.63	)	$	9.95		0.28%		$	101,137,631		0.38%		1.72%		0.38%		11.50%
Year Ended October 31, 2014	$	10.36		0.16		0.52			0.68			(0.18	)		(0.31	)		(0.49	)	$	10.55		6.80%		$	94,761,257		0.38%		1.56%		0.38%		14.81%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

41

Fund Overview Nationwide Destination 2030 Fund

Asset Allocation¹

Equity Funds	69.9%
Fixed Income Funds	23.7%
Investment Contract	3.9%
Alternative Assets	2.5%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	39.0%
Nationwide International Index Fund, Class R6	18.3%
Nationwide Bond Index Fund, Class R6	16.5%
Nationwide Core Plus Bond Fund, Class R6	5.8%
iShares Core MSCI Emerging Markets ETF	5.7%
Nationwide Mid Cap Market Index Fund, Class R6	4.6%
Nationwide Contract	3.9%
Nationwide Amundi Strategic Income Fund, Class R6	2.4%
Nationwide Small Cap Index Fund, Class R6	2.3%
Nationwide Inflation-Protected Securities Fund, Class R6	1.0%
iShares iBoxx $ High Yield Corporate Bond ETF	0.5%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

42

Shareholder Expense Example Nationwide Destination 2030 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2030 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,076.10		3.19		0.62
	Hypothetical	(b)(c)		1,000.00		1,021.72		3.11		0.62
Class C Shares	Actual	(b)		1,000.00		1,074.00		5.91		1.15
	Hypothetical	(b)(c)		1,000.00		1,019.09		5.76		1.15
Class R Shares	Actual	(b)		1,000.00		1,075.00		4.53		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,079.30		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,077.30		1.96		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

43

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2030 Fund

Investment Companies 90.0%
	Shares		Value
Alternative Assets 2.5%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		735,924	$	7,572,660
Total Alternative Assets (cost $7,647,920)				7,572,660
Equity Funds 64.2%
Nationwide International Index Fund, Class R6 (a)		7,209,433		56,449,859
Nationwide Mid Cap Market Index Fund, Class R6 (a)		911,808		14,251,554
Nationwide Multi-Cap Portfolio, Class R6 (a)		10,716,008		120,447,933
Nationwide Small Cap Index Fund, Class R6 (a)		691,114		7,063,181
Total Equity Funds (cost $190,122,713)				198,212,527
Fixed Income Funds 23.3%
Nationwide Bond Index Fund, Class R6 (a)		4,669,052		50,845,977
Nationwide Core Plus Bond Fund, Class R6 (a)		1,790,747		18,050,728
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		304,963		2,991,688
Total Fixed Income Funds (cost $72,037,256)				71,888,393
Total Investment Companies (cost $269,807,889)				277,673,580
Exchange Traded Funds 6.1%
Equity Fund 5.7%
iShares Core MSCI Emerging Markets ETF		332,425		17,565,337
Fixed Income Fund 0.4%
iShares iBoxx $ High Yield Corporate Bond ETF		17,154		1,491,369
Total Exchange Traded Funds (cost $19,806,550)				19,056,706

Investment Contract 3.9%
	Principal Amount		Value
Nationwide Contract, 2.60%^ ¥(a)(b)	$	11,960,094	$	11,960,094
Total Investment Contract (cost $11,960,094)				11,960,094
Total Investments (cost $301,574,533) — 100.0%				308,690,380
Liabilities in excess of other assets — 0.0%†				(123,295	)
NET ASSETS — 100.0%			$	308,567,085

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

44

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2030 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $281,767,983)	$	289,633,674
Investment securities of unaffiliated issuers, at value (cost $19,806,550)		19,056,706
Cash		1,503
Interest receivable		7
Security lending income receivable		146
Receivable for investments sold		86,984
Receivable for capital shares issued		119,185
Total Assets		308,898,205
Liabilities:
Payable for capital shares redeemed		209,721
Accrued expenses and other payables:
Investment advisory fees		32,793
Distribution fees		37,807
Administrative servicing fees		47,632
Trustee fees		965
Professional fees		2,202
Total Liabilities		331,120
Net Assets	$	308,567,085
Represented by:
Capital	$	289,453,088
Total distributable earnings (loss)		19,113,997
Net Assets	$	308,567,085
Net Assets:
Class A Shares	$	45,654,805
Class C Shares		1,721,744
Class R Shares		66,527,993
Class R6 Shares		68,753,565
Institutional Service Class Shares		125,908,978
Total	$	308,567,085
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,113,405
Class C Shares		195,289
Class R Shares		7,500,314
Class R6 Shares		7,639,266
Institutional Service Class Shares		14,079,890
Total		34,528,164

45

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2030 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.93
Class C Shares (b)	$	8.82
Class R Shares	$	8.87
Class R6 Shares	$	9.00
Institutional Service Class Shares	$	8.94
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.47
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

46

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2030 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	3,352,514
Dividend income from unaffiliated issuers		357,624
Interest income from affiliated issuers		150,879
Interest income (unaffiliated)		3,771
Income from securities lending (Note 2)		3,407
Total Income		3,868,195
EXPENSES:
Investment advisory fees		187,845
Distribution fees Class A		52,010
Distribution fees Class C		8,837
Distribution fees Class R		161,832
Administrative servicing fees Class A		48,206
Administrative servicing fees Class C		132
Administrative servicing fees Class R		80,916
Administrative servicing fees Institutional Service Class		144,018
Professional fees		2,545
Trustee fees		4,489
Total Expenses		690,830
NET INVESTMENT INCOME		3,177,365
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		10,737,728
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		4,640,976
Transactions in investment securities of unaffiliated issuers		(384,294	)
Expiration or closing of futures contracts (Note 2)		(1,408,849	)
Net realized gains		13,585,561
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		3,323,152
Investment securities of unaffiliated issuers		1,956,256
Net change in unrealized appreciation/depreciation		5,279,408
Net realized/unrealized gains		18,864,969
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,042,334

The accompanying notes are an integral part of these financial statements.

47

Statements of Changes in Net Assets

	Nationwide Destination 2030 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,177,365		$	5,714,909
Net realized gains		13,585,561			23,016,713
Net change in unrealized appreciation/depreciation		5,279,408			(29,982,321	)
Change in net assets resulting from operations		22,042,334			(1,250,699	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,610,724	)		(3,116,398	)
Class C		(154,670	)		(157,842	)
Class R		(5,849,761	)		(6,459,213	)
Class R6		(6,076,897	)		(7,422,518	)
Institutional Service Class		(10,333,932	)		(9,620,610	)
Change in net assets from shareholder distributions		(26,025,984	)		(26,776,581	)
Change in net assets from capital transactions		20,851,337			(4,356,882	)
Change in net assets		16,867,687			(32,384,162	)
Net Assets:
Beginning of period		291,699,398			324,083,560
End of period	$	308,567,085		$	291,699,398
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,705,293		$	9,256,086
Dividends reinvested		3,610,724			3,116,398
Cost of shares redeemed		(3,272,985	)		(10,421,125	)
Total Class A Shares		6,043,032			1,951,359
Class C Shares
Proceeds from shares issued		239,742			21,921
Dividends reinvested		154,670			155,850
Cost of shares redeemed		(451,740	)		(193,680	)
Total Class C Shares		(57,328	)		(15,909	)
Class R Shares
Proceeds from shares issued		2,640,407			5,966,952
Dividends reinvested		5,849,761			6,459,213
Cost of shares redeemed		(9,130,632	)		(20,365,179	)
Total Class R Shares		(640,464	)		(7,939,014	)
Class R6 Shares
Proceeds from shares issued		4,800,664			13,928,541
Dividends reinvested		6,076,897			7,422,518
Cost of shares redeemed		(7,112,071	)		(33,654,180	)
Total Class R6 Shares		3,765,490			(12,303,121	)

48

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2030 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	11,534,112		$	24,208,059
Dividends reinvested		10,333,932			9,620,610
Cost of shares redeemed		(10,127,437	)		(19,878,866	)
Total Institutional Service Class Shares		11,740,607			13,949,803
Change in net assets from capital transactions	$	20,851,337		$	(4,356,882	)
SHARE TRANSACTIONS:
Class A Shares
Issued		674,148			958,857
Reinvested		458,203			326,945
Redeemed		(375,473	)		(1,057,743	)
Total Class A Shares		756,878			228,059
Class C Shares
Issued		31,063			2,274
Reinvested		19,880			16,528
Redeemed		(54,688	)		(20,495	)
Total Class C Shares		(3,745	)		(1,693	)
Class R Shares
Issued		305,382			621,991
Reinvested		747,681			681,174
Redeemed		(1,049,134	)		(2,106,159	)
Total Class R Shares		3,929			(802,994	)
Class R6 Shares
Issued		549,438			1,405,707
Reinvested		764,610			772,552
Redeemed		(824,373	)		(3,454,336	)
Total Class R6 Shares		489,675			(1,276,077	)
Institutional Service Class Shares
Issued		1,330,903			2,495,978
Reinvested		1,309,109			1,007,271
Redeemed		(1,155,216	)		(2,034,390	)
Total Institutional Service Class Shares		1,484,796			1,468,859
Total change in shares		2,731,533			(383,846	)

The accompanying notes are an integral part of these financial statements.

49

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2030 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.17		0.09		0.50			0.59			(0.10	)		(0.73	)		(0.83	)	$	8.93		7.61%		$	45,654,805		0.62%		2.01%		0.62%		52.00%	(g)
Year Ended October 31, 2018	$	10.06		0.16		(0.21	)		(0.05	)		(0.18	)		(0.66	)		(0.84	)	$	9.17		(0.74%	)	$	39,937,863		0.63%		1.65%		0.63%		22.92%
Year Ended October 31, 2017	$	9.31		0.18		1.32			1.50			(0.18	)		(0.57	)		(0.75	)	$	10.06		17.02%		$	41,549,136		0.62%		1.84%		0.62%		42.26%
Year Ended October 31, 2016	$	9.61		0.10		0.09			0.19			(0.11	)		(0.38	)		(0.49	)	$	9.31		2.33%		$	30,305,410		0.62%		1.04%		0.62%		17.46%
Year Ended October 31, 2015	$	10.49		0.14		(0.12	)		0.02			(0.18	)		(0.72	)		(0.90	)	$	9.61		0.14%		$	23,920,959		0.60%		1.46%		0.60%		10.87%
Year Ended October 31, 2014	$	10.49		0.14		0.55			0.69			(0.14	)		(0.55	)		(0.69	)	$	10.49		6.98%		$	19,436,264		0.64%		1.37%		0.64%		21.24%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.06		0.06		0.51			0.57			(0.08	)		(0.73	)		(0.81	)	$	8.82		7.40%		$	1,721,744		1.15%		1.53%		1.15%		52.00%	(g)
Year Ended October 31, 2018	$	9.96		0.11		(0.22	)		(0.11	)		(0.13	)		(0.66	)		(0.79	)	$	9.06		(1.40%	)	$	1,803,364		1.18%		1.14%		1.18%		22.92%
Year Ended October 31, 2017	$	9.23		0.12		1.32			1.44			(0.14	)		(0.57	)		(0.71	)	$	9.96		16.39%		$	1,998,934		1.17%		1.31%		1.17%		42.26%
Year Ended October 31, 2016	$	9.53		0.05		0.10			0.15			(0.07	)		(0.38	)		(0.45	)	$	9.23		1.83%		$	1,742,857		1.17%		0.53%		1.17%		17.46%
Year Ended October 31, 2015	$	10.42		0.09		(0.13	)		(0.04	)		(0.13	)		(0.72	)		(0.85	)	$	9.53		(0.43%	)	$	1,663,876		1.16%		0.97%		1.16%		10.87%
Year Ended October 31, 2014	$	10.45		0.08		0.55			0.63			(0.11	)		(0.55	)		(0.66	)	$	10.42		6.39%		$	1,672,313		1.15%		0.77%		1.15%		21.24%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.11		0.08		0.50			0.58			(0.09	)		(0.73	)		(0.82	)	$	8.87		7.50%		$	66,527,993		0.88%		1.82%		0.88%		52.00%	(g)
Year Ended October 31, 2018	$	10.01		0.14		(0.22	)		(0.08	)		(0.16	)		(0.66	)		(0.82	)	$	9.11		(1.12%	)	$	68,302,895		0.89%		1.45%		0.89%		22.92%
Year Ended October 31, 2017	$	9.26		0.16		1.32			1.48			(0.16	)		(0.57	)		(0.73	)	$	10.01		16.81%		$	83,044,007		0.88%		1.63%		0.88%		42.26%
Year Ended October 31, 2016	$	9.56		0.08		0.09			0.17			(0.09	)		(0.38	)		(0.47	)	$	9.26		2.05%		$	83,871,705		0.89%		0.85%		0.89%		17.46%
Year Ended October 31, 2015	$	10.44		0.12		(0.12	)		–			(0.16	)		(0.72	)		(0.88	)	$	9.56		(0.11%	)	$	101,958,591		0.88%		1.25%		0.88%		10.87%
Year Ended October 31, 2014	$	10.46		0.10		0.56			0.66			(0.13	)		(0.55	)		(0.68	)	$	10.44		6.69%		$	113,908,367		0.88%		0.99%		0.88%		21.24%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.23		0.11		0.51			0.62			(0.12	)		(0.73	)		(0.85	)	$	9.00		7.93%		$	68,753,565		0.13%		2.56%		0.13%		52.00%	(g)
Year Ended October 31, 2018	$	10.13		0.22		(0.23	)		(0.01	)		(0.23	)		(0.66	)		(0.89	)	$	9.23		(0.36%	)	$	66,023,037		0.14%		2.25%		0.14%		22.92%
Year Ended October 31, 2017	$	9.37		0.23		1.33			1.56			(0.23	)		(0.57	)		(0.80	)	$	10.13		17.58%		$	85,367,548		0.13%		2.42%		0.13%		42.26%
Year Ended October 31, 2016	$	9.67		0.14		0.10			0.24			(0.16	)		(0.38	)		(0.54	)	$	9.37		2.81%		$	78,906,228		0.13%		1.56%		0.13%		17.46%
Year Ended October 31, 2015	$	10.54		0.19		(0.11	)		0.08			(0.23	)		(0.72	)		(0.95	)	$	9.67		0.71%		$	63,680,263		0.13%		1.90%		0.13%		10.87%
Year Ended October 31, 2014	$	10.55		0.18		0.57			0.75			(0.21	)		(0.55	)		(0.76	)	$	10.54		7.51%		$	47,412,593		0.13%		1.69%		0.13%		21.24%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.18		0.10		0.50			0.60			(0.11	)		(0.73	)		(0.84	)	$	8.94		7.73%		$	125,908,978		0.38%		2.28%		0.38%		52.00%	(g)
Year Ended October 31, 2018	$	10.08		0.19		(0.22	)		(0.03	)		(0.21	)		(0.66	)		(0.87	)	$	9.18		(0.61%	)	$	115,632,239		0.39%		1.92%		0.39%		22.92%
Year Ended October 31, 2017	$	9.32		0.20		1.34			1.54			(0.21	)		(0.57	)		(0.78	)	$	10.08		17.39%		$	112,123,935		0.38%		2.08%		0.38%		42.26%
Year Ended October 31, 2016	$	9.62		0.12		0.09			0.21			(0.13	)		(0.38	)		(0.51	)	$	9.32		2.56%		$	94,312,317		0.38%		1.31%		0.38%		17.46%
Year Ended October 31, 2015	$	10.50		0.17		(0.13	)		0.04			(0.20	)		(0.72	)		(0.92	)	$	9.62		0.36%		$	90,523,983		0.38%		1.70%		0.38%		10.87%
Year Ended October 31, 2014	$	10.51		0.16		0.56			0.72			(0.18	)		(0.55	)		(0.73	)	$	10.50		7.27%		$	81,083,707		0.38%		1.50%		0.38%		21.24%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

50

Fund Overview Nationwide Destination 2035 Fund

Asset Allocation¹

Equity Funds	80.7%
Fixed Income Funds	14.0%
Investment Contract	2.9%
Alternative Assets	2.4%
Repurchase Agreements	0.9%
Money Market Fund	0.1%
Liabilities in excess of other assets	(1.0)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	44.0%
Nationwide International Index Fund, Class R6	20.5%
Nationwide Bond Index Fund, Class R6	10.0%
iShares Core MSCI Emerging Markets ETF	7.1%
Nationwide Mid Cap Market Index Fund, Class R6	5.6%
Nationwide Core Plus Bond Fund, Class R6	2.9%
Nationwide Contract	2.9%
Nationwide Small Cap Index Fund, Class R6	2.7%
Nationwide Amundi Strategic Income Fund, Class R6	2.4%
iShares iBoxx $ High Yield Corporate Bond ETF	0.9%
Other Holdings#	1.0%
	100.0%

^#   For purposes of listing top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

51

Shareholder Expense Example Nationwide Destination 2035 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2035 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,081.20		3.25		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,078.00		6.03		1.17
	Hypothetical	(b)(c)		1,000.00		1,018.99		5.86		1.17
Class R Shares	Actual	(b)		1,000.00		1,080.20		4.54		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,084.50		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,083.60		1.96		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

52

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2035 Fund

Investment Companies 89.0%
	Shares		Value
Alternative Assets 2.4%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		628,968	$	6,472,079
Total Alternative Assets (cost $6,533,226)				6,472,079
Equity Funds 73.6%
Nationwide International Index Fund, Class R6 (a)		7,005,740		54,854,942
Nationwide Mid Cap Market Index Fund, Class R6 (a)		952,493		14,887,470
Nationwide Multi-Cap Portfolio, Class R6 (a)		10,475,411		117,743,615
Nationwide Small Cap Index Fund, Class R6 (a)		721,942		7,378,242
Total Equity Funds (cost $187,396,185)				194,864,269
Fixed Income Funds 13.0%
Nationwide Bond Index Fund, Class R6 (a)		2,464,783		26,841,488
Nationwide Core Plus Bond Fund, Class R6 (a)		765,271		7,713,936
Total Fixed Income Funds (cost $34,729,715)				34,555,424
Total Investment Companies (cost $228,659,126)				235,891,772
Exchange Traded Funds 8.1%
Equity Fund 7.1%
iShares Core MSCI Emerging Markets ETF		357,658		18,898,649
Fixed Income Fund 1.0%
iShares iBoxx $ High Yield Corporate Bond ETF (b)		29,511		2,565,686
Total Exchange Traded Funds (cost $22,209,884)				21,464,335
Investment Contract 2.9%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(c)	$	7,666,445		7,666,445
Total Investment Contract (cost $7,666,445)				7,666,445
Short-Term Investment 0.1%
	Shares
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (d)(e)		146,014		146,014
Total Short-Term Investment (cost $146,014)				146,014

Repurchase Agreements 0.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $2,133,870, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $2,177,928. (e)(f)	$	2,133,710	$	2,133,710
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $313,130, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $319,369. (e)(f)		313,107		313,107
Total Repurchase Agreements (cost $2,446,817)				2,446,817
Total Investments (cost $261,128,286) — 101.0%				267,615,383
Liabilities in excess of other assets — (1.0)%				(2,681,652	)
NET ASSETS — 100.0%			$	264,933,731

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $2,539,952, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $146,014 and $2,446,817, respectively, a total value of $2,592,831.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

(d) Represents 7-day effective yield as of April 30, 2019.

(e) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $2,592,831.

(f) Please refer to Note 2(d) for additional information on the joint repurchase agreement.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

53

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2035 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $236,325,571)	$	243,558,217
Investment securities of unaffiliated issuers, at value* (cost $22,355,898)		21,610,349
Repurchase agreements, at value (cost $2,446,817)		2,446,817
Cash		7,367
Interest receivable		11
Security lending income receivable		266
Receivable for capital shares issued		174,203
Total Assets		267,797,230
Liabilities:
Payable for investments purchased		161,990
Payable for capital shares redeemed		1,006
Payable upon return of securities loaned (Note 2)		2,592,831
Accrued expenses and other payables:
Investment advisory fees		28,178
Distribution fees		34,866
Administrative servicing fees		41,968
Trustee fees		794
Professional fees		1,866
Total Liabilities		2,863,499
Net Assets	$	264,933,731
Represented by:
Capital	$	247,048,403
Total distributable earnings (loss)		17,885,328
Net Assets	$	264,933,731
Net Assets:
Class A Shares	$	41,473,392
Class C Shares		1,815,124
Class R Shares		61,034,860
Class R6 Shares		55,443,915
Institutional Service Class Shares		105,166,440
Total	$	264,933,731
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,296,634
Class C Shares		192,197
Class R Shares		6,366,766
Class R6 Shares		5,699,051
Institutional Service Class Shares		10,880,372
Total		27,435,020

54

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2035 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.65
Class C Shares (b)	$	9.44
Class R Shares	$	9.59
Class R6 Shares	$	9.73
Institutional Service Class Shares	$	9.67
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.24
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $2,539,952 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

55

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2035 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	2,735,692
Dividend income from unaffiliated issuers		383,898
Interest income from affiliated issuers		97,143
Income from securities lending (Note 2)		5,757
Interest income (unaffiliated)		4,321
Total Income		3,226,811
EXPENSES:
Investment advisory fees		160,915
Distribution fees Class A		49,392
Distribution fees Class C		8,796
Distribution fees Class R		147,079
Administrative servicing fees Class A		49,392
Administrative servicing fees Class C		333
Administrative servicing fees Class R		73,540
Administrative servicing fees Institutional Service Class		119,593
Professional fees		2,171
Trustee fees		3,845
Total Expenses		615,056
NET INVESTMENT INCOME		2,611,755
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		10,262,512
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		4,057,412
Transactions in investment securities of unaffiliated issuers		(365,023	)
Expiration or closing of futures contracts (Note 2)		(1,288,481	)
Net realized gains		12,666,420
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		2,898,223
Investment securities of unaffiliated issuers		2,060,346
Net change in unrealized appreciation/depreciation		4,958,569
Net realized/unrealized gains		17,624,989
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,236,744

The accompanying notes are an integral part of these financial statements.

56

Statements of Changes in Net Assets

	Nationwide Destination 2035 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,611,755		$	4,602,092
Net realized gains		12,666,420			18,864,675
Net change in unrealized appreciation/depreciation		4,958,569			(24,760,944	)
Change in net assets resulting from operations		20,236,744			(1,294,177	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,413,369	)		(3,240,507	)
Class C		(153,526	)		(192,487	)
Class R		(5,135,928	)		(5,617,949	)
Class R6		(4,533,541	)		(5,172,480	)
Institutional Service Class		(8,201,967	)		(7,779,302	)
Change in net assets from shareholder distributions		(21,438,331	)		(22,002,725	)
Change in net assets from capital transactions		17,751,184			5,945,033
Change in net assets		16,549,597			(17,351,869	)
Net Assets:
Beginning of period		248,384,134			265,736,003
End of period	$	264,933,731		$	248,384,134
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,419,859		$	9,428,176
Dividends reinvested		3,413,235			3,240,367
Cost of shares redeemed		(4,625,218	)		(8,883,811	)
Total Class A Shares		2,207,876			3,784,732
Class C Shares
Proceeds from shares issued		86,540			84,699
Dividends reinvested		153,526			192,487
Cost of shares redeemed		(140,821	)		(817,866	)
Total Class C Shares		99,245			(540,680	)
Class R Shares
Proceeds from shares issued		2,793,574			6,559,424
Dividends reinvested		5,135,928			5,617,949
Cost of shares redeemed		(8,463,310	)		(16,497,012	)
Total Class R Shares		(533,808	)		(4,319,639	)
Class R6 Shares
Proceeds from shares issued		8,216,225			15,865,334
Dividends reinvested		4,533,541			5,172,480
Cost of shares redeemed		(6,649,581	)		(25,900,756	)
Total Class R6 Shares		6,100,185			(4,862,942	)

57

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2035 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	9,812,437		$	18,053,359
Dividends reinvested		8,201,967			7,779,302
Cost of shares redeemed		(8,136,718	)		(13,949,099	)
Total Institutional Service Class Shares		9,877,686			11,883,562
Change in net assets from capital transactions	$	17,751,184		$	5,945,033
SHARE TRANSACTIONS:
Class A Shares
Issued		370,519			906,261
Reinvested		405,435			316,392
Redeemed		(496,356	)		(849,055	)
Total Class A Shares		279,598			373,598
Class C Shares
Issued		9,166			8,421
Reinvested		18,632			19,157
Redeemed		(15,288	)		(81,442	)
Total Class C Shares		12,510			(53,864	)
Class R Shares
Issued		304,378			635,877
Reinvested		614,154			552,101
Redeemed		(912,469	)		(1,584,680	)
Total Class R Shares		6,063			(396,702	)
Class R6 Shares
Issued		867,874			1,496,972
Reinvested		533,976			501,520
Redeemed		(702,638	)		(2,469,420	)
Total Class R6 Shares		699,212			(470,928	)
Institutional Service Class Shares
Issued		1,056,116			1,736,914
Reinvested		972,426			758,591
Redeemed		(851,404	)		(1,326,383	)
Total Institutional Service Class Shares		1,177,138			1,169,122
Total change in shares		2,174,521			621,226

The accompanying notes are an integral part of these financial statements.

58

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2035 Fund

			Operations								Distributions														Ratios/Supplemental data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.83		0.09		0.59			0.68			(0.11	)		(0.75	)		(0.86	)	$	9.65		8.12%		$	41,473,392		0.63%		1.98%		0.63%		54.07%	(g)
Year Ended October 31, 2018	$	10.78		0.17		(0.23	)		(0.06	)		(0.19	)		(0.70	)		(0.89	)	$	9.83		(0.83%	)	$	39,491,844		0.63%		1.60%		0.63%		25.24%
Year Ended October 31, 2017	$	9.84		0.18		1.52			1.70			(0.19	)		(0.57	)		(0.76	)	$	10.78		18.26%		$	39,291,194		0.61%		1.76%		0.61%		42.82%
Year Ended October 31, 2016	$	10.19		0.09		0.12			0.21			(0.12	)		(0.44	)		(0.56	)	$	9.84		2.29%		$	26,536,014		0.61%		0.96%		0.61%		11.83%
Year Ended October 31, 2015	$	10.81		0.15		(0.13	)		0.02			(0.19	)		(0.45	)		(0.64	)	$	10.19		0.19%		$	19,294,536		0.60%		1.45%		0.60%		9.35%
Year Ended October 31, 2014	$	10.67		0.15		0.60			0.75			(0.16	)		(0.45	)		(0.61	)	$	10.81		7.27%		$	14,166,361		0.62%		1.38%		0.62%		8.21%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.64		0.07		0.56			0.63			(0.08	)		(0.75	)		(0.83	)	$	9.44		7.80%		$	1,815,124		1.17%		1.47%		1.17%		54.07%	(g)
Year Ended October 31, 2018	$	10.59		0.12		(0.24	)		(0.12	)		(0.13	)		(0.70	)		(0.83	)	$	9.64		(1.40%	)	$	1,732,203		1.22%		1.14%		1.22%		25.24%
Year Ended October 31, 2017	$	9.69		0.12		1.49			1.61			(0.14	)		(0.57	)		(0.71	)	$	10.59		17.56%		$	2,474,172		1.22%		1.22%		1.22%		42.82%
Year Ended October 31, 2016	$	10.06		0.04		0.10			0.14			(0.07	)		(0.44	)		(0.51	)	$	9.69		1.62%		$	2,122,005		1.22%		0.39%		1.22%		11.83%
Year Ended October 31, 2015	$	10.69		0.09		(0.13	)		(0.04	)		(0.14	)		(0.45	)		(0.59	)	$	10.06		(0.42%	)	$	1,798,184		1.22%		0.88%		1.22%		9.35%
Year Ended October 31, 2014	$	10.57		0.07		0.61			0.68			(0.11	)		(0.45	)		(0.56	)	$	10.69		6.69%		$	1,743,485		1.18%		0.70%		1.18%		8.21%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.77		0.08		0.58			0.66			(0.09	)		(0.75	)		(0.84	)	$	9.59		8.02%		$	61,034,860		0.88%		1.76%		0.88%		54.07%	(g)
Year Ended October 31, 2018	$	10.72		0.14		(0.23	)		(0.09	)		(0.16	)		(0.70	)		(0.86	)	$	9.77		(1.10%	)	$	62,131,585		0.89%		1.38%		0.89%		25.24%
Year Ended October 31, 2017	$	9.79		0.16		1.51			1.67			(0.17	)		(0.57	)		(0.74	)	$	10.72		17.98%		$	72,435,575		0.88%		1.59%		0.88%		42.82%
Year Ended October 31, 2016	$	10.14		0.07		0.11			0.18			(0.09	)		(0.44	)		(0.53	)	$	9.79		2.02%		$	68,573,083		0.88%		0.76%		0.88%		11.83%
Year Ended October 31, 2015	$	10.76		0.13		(0.14	)		(0.01	)		(0.16	)		(0.45	)		(0.61	)	$	10.14		(0.11%	)	$	77,992,434		0.88%		1.23%		0.88%		9.35%
Year Ended October 31, 2014	$	10.63		0.11		0.61			0.72			(0.14	)		(0.45	)		(0.59	)	$	10.76		6.99%		$	86,976,458		0.88%		1.01%		0.88%		8.21%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.90		0.11		0.60			0.71			(0.13	)		(0.75	)		(0.88	)	$	9.73		8.45%		$	55,443,915		0.13%		2.46%		0.13%		54.07%	(g)
Year Ended October 31, 2018	$	10.86		0.23		(0.25	)		(0.02	)		(0.24	)		(0.70	)		(0.94	)	$	9.90		(0.43%	)	$	49,512,009		0.14%		2.18%		0.14%		25.24%
Year Ended October 31, 2017	$	9.90		0.25		1.52			1.77			(0.24	)		(0.57	)		(0.81	)	$	10.86		18.90%		$	59,393,228		0.13%		2.40%		0.13%		42.82%
Year Ended October 31, 2016	$	10.25		0.14		0.11			0.25			(0.16	)		(0.44	)		(0.60	)	$	9.90		2.76%		$	55,139,685		0.13%		1.49%		0.13%		11.83%
Year Ended October 31, 2015	$	10.86		0.20		(0.12	)		0.08			(0.24	)		(0.45	)		(0.69	)	$	10.25		0.73%		$	47,002,891		0.13%		1.88%		0.13%		9.35%
Year Ended October 31, 2014	$	10.72		0.18		0.63			0.81			(0.22	)		(0.45	)		(0.67	)	$	10.86		7.80%		$	38,111,236		0.13%		1.66%		0.13%		8.21%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.84		0.10		0.60			0.70			(0.12	)		(0.75	)		(0.87	)	$	9.67		8.36%		$	105,166,440		0.38%		2.20%		0.38%		54.07%	(g)
Year Ended October 31, 2018	$	10.80		0.19		(0.23	)		(0.04	)		(0.22	)		(0.70	)		(0.92	)	$	9.84		(0.68%	)	$	95,516,493		0.39%		1.86%		0.39%		25.24%
Year Ended October 31, 2017	$	9.85		0.21		1.52			1.73			(0.21	)		(0.57	)		(0.78	)	$	10.80		18.60%		$	92,141,834		0.38%		2.02%		0.38%		42.82%
Year Ended October 31, 2016	$	10.20		0.12		0.11			0.23			(0.14	)		(0.44	)		(0.58	)	$	9.85		2.52%		$	78,210,242		0.38%		1.22%		0.38%		11.83%
Year Ended October 31, 2015	$	10.82		0.17		(0.13	)		0.04			(0.21	)		(0.45	)		(0.66	)	$	10.20		0.39%		$	68,794,947		0.38%		1.67%		0.38%		9.35%
Year Ended October 31, 2014	$	10.68		0.16		0.62			0.78			(0.19	)		(0.45	)		(0.64	)	$	10.82		7.58%		$	59,581,592		0.38%		1.49%		0.38%		8.21%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

59

Fund Overview Nationwide Destination 2040 Fund

Asset Allocation¹

Equity Funds	86.6%
Fixed Income Funds	11.6%
Investment Contract	1.9%
Repurchase Agreements	1.8%
Money Market Fund	0.1%
Liabilities in excess of other assets	(2.0)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	47.9%
Nationwide International Index Fund, Class R6	20.0%
iShares Core MSCI Emerging Markets ETF	7.2%
Nationwide Mid Cap Market Index Fund, Class R6	7.0%
Nationwide Bond Index Fund, Class R6	6.6%
Nationwide Core Plus Bond Fund, Class R6	2.9%
Nationwide Small Cap Index Fund, Class R6	2.7%
iShares iBoxx $ High Yield Corporate Bond ETF	1.9%
Nationwide Contract	1.9%
Fidelity Investments Money Market Government Portfolio — Institutional Class	0.1%
Other Holdings#	1.8%
	100.0%

^#   For purposes of listing top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

60

Shareholder Expense Example Nationwide Destination 2040 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2040 Fund April 30, 2019			Beginning Account Value ($) 11/1/18	Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)	1,000.00		1,085.30		3.26		0.63
	Hypothetical	(b)(c)	1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)	1,000.00		1,082.30		5.89		1.14
	Hypothetical	(b)(c)	1,000.00		1,019.14		5.71		1.14
Class R Shares	Actual	(b)	1,000.00		1,083.10		4.55		0.88
	Hypothetical	(b)(c)	1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)	1,000.00		1,087.30		0.67		0.13
	Hypothetical	(b)(c)	1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)	1,000.00		1,086.30		1.97		0.38
	Hypothetical	(b)(c)	1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

61

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2040 Fund

Investment Companies 88.8%
	Shares		Value
Equity Funds 79.2%
Nationwide International Index Fund, Class R6 (a)		5,742,614	$	44,964,669
Nationwide Mid Cap Market Index Fund, Class R6 (a)		1,005,850		15,721,428
Nationwide Multi-Cap Portfolio, Class R6 (a)		9,585,476		107,740,746
Nationwide Small Cap Index Fund, Class R6 (a)		599,026		6,122,051
Total Equity Funds (cost $167,549,320)				174,548,894
Fixed Income Funds 9.6%
Nationwide Bond Index Fund, Class R6 (a)		1,363,273		14,846,043
Nationwide Core Plus Bond Fund, Class R6 (a)		634,904		6,399,833
Total Fixed Income Funds (cost $21,318,326)				21,245,876
Total Investment Companies (cost $188,867,646)				195,794,770
Exchange Traded Funds 9.4%
Equity Fund 7.4%
iShares Core MSCI Emerging Markets ETF		307,911		16,270,017
Fixed Income Fund 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF (b)		48,977		4,258,061
Total Exchange Traded Funds (cost $21,098,209)				20,528,078
Investment Contract 1.9%
	Principal Amount
Nationwide Contract, 2.60%^ ¥(a)(c)	$	4,240,331		4,240,331
Total Investment Contract (cost $4,240,331)				4,240,331
Short-Term Investment 0.1%
	Shares
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (d)(e)		242,334		242,334
Total Short-Term Investment (cost $242,334)				242,334

Repurchase Agreements 1.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $3,541,501, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $3,614,623. (e)(f)	$	3,541,235	$	3,541,235
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $519,690, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $530,045. (e)(f)		519,652		519,652
Total Repurchase Agreements (cost $4,060,887)				4,060,887
Total Investments (cost $218,509,407) — 102.0%				224,866,400
Liabilities in excess of other assets — (2.0)%				(4,388,519	)
NET ASSETS — 100.0%			$	220,477,881

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $4,215,460, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $242,334 and $4,060,887, respectively, a total value of $4,303,221.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

(d) Represents 7-day effective yield as of April 30, 2019.

(e) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $4,303,221.

(f) Please refer to Note 2(d) for additional information on the joint repurchase agreement.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

62

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2040 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $193,107,977)	$	200,035,101
Investment securities of unaffiliated issuers, at value* (cost $21,340,543)		20,770,412
Repurchase agreements, at value (cost $4,060,887)		4,060,887
Cash		4,082
Interest receivable		18
Security lending income receivable		472
Receivable for investments sold		7,099
Receivable for capital shares issued		86,425
Total Assets		224,964,496
Liabilities:
Payable for capital shares redeemed		94,221
Payable upon return of securities loaned (Note 2)		4,303,221
Accrued expenses and other payables:
Investment advisory fees		23,415
Distribution fees		28,273
Administrative servicing fees		35,302
Trustee fees		659
Professional fees		1,524
Total Liabilities		4,486,615
Net Assets	$	220,477,881
Represented by:
Capital	$	203,994,469
Total distributable earnings (loss)		16,483,412
Net Assets	$	220,477,881
Net Assets:
Class A Shares	$	38,169,940
Class C Shares		843,033
Class R Shares		48,569,961
Class R6 Shares		50,621,940
Institutional Service Class Shares		82,273,007
Total	$	220,477,881
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,045,367
Class C Shares		90,004
Class R Shares		5,179,857
Class R6 Shares		5,315,252
Institutional Service Class Shares		8,670,830
Total		23,301,310

63

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2040 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.44
Class C Shares (b)	$	9.37
Class R Shares	$	9.38
Class R6 Shares	$	9.52
Institutional Service Class Shares	$	9.49
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.02
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $4,215,460 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

64

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2040 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	2,098,225
Dividend income from unaffiliated issuers		376,173
Interest income from affiliated issuers		53,277
Income from securities lending (Note 2)		9,825
Interest income (unaffiliated)		4,207
Total Income		2,541,707
EXPENSES:
Investment advisory fees		132,961
Distribution fees Class A		43,153
Distribution fees Class C		3,559
Distribution fees Class R		118,313
Administrative servicing fees Class A		43,153
Administrative servicing fees Class C		36
Administrative servicing fees Class R		59,157
Administrative servicing fees Institutional Service Class		93,115
Professional fees		1,796
Trustee fees		3,169
Total Expenses		498,412
NET INVESTMENT INCOME		2,043,295
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		9,215,284
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		3,170,729
Transactions in investment securities of unaffiliated issuers		(338,725	)
Expiration or closing of futures contracts (Note 2)		(1,152,898	)
Net realized gains		10,894,390
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		2,743,166
Investment securities of unaffiliated issuers		1,796,549
Net change in unrealized appreciation/depreciation		4,539,715
Net realized/unrealized gains		15,434,105
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,477,400

The accompanying notes are an integral part of these financial statements.

65

Statements of Changes in Net Assets

	Nationwide Destination 2040 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,043,295		$	3,706,732
Net realized gains		10,894,390			16,632,195
Net change in unrealized appreciation/depreciation		4,539,715			(20,712,271	)
Change in net assets resulting from operations		17,477,400			(373,344	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,070,323	)		(2,349,113	)
Class C		(51,838	)		(41,141	)
Class R		(4,306,729	)		(4,138,981	)
Class R6		(4,362,085	)		(4,808,540	)
Institutional Service Class		(6,708,969	)		(5,450,030	)
Change in net assets from shareholder distributions		(18,499,944	)		(16,787,805	)
Change in net assets from capital transactions		17,127,365			3,985,593
Change in net assets		16,104,821			(13,175,556	)
Net Assets:
Beginning of period		204,373,060			217,548,616
End of period	$	220,477,881		$	204,373,060
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,194,460		$	8,379,788
Dividends reinvested		3,070,323			2,348,133
Cost of shares redeemed		(2,175,406	)		(4,250,708	)
Total Class A Shares		5,089,377			6,477,213
Class C Shares
Proceeds from shares issued		196,154			40,059
Dividends reinvested		51,838			41,141
Cost of shares redeemed		(6,081	)		(18,939	)
Total Class C Shares		241,911			62,261
Class R Shares
Proceeds from shares issued		2,542,351			5,783,592
Dividends reinvested		4,306,729			4,138,981
Cost of shares redeemed		(8,038,396	)		(13,296,570	)
Total Class R Shares		(1,189,316	)		(3,373,997	)
Class R6 Shares
Proceeds from shares issued		4,493,465			11,981,389
Dividends reinvested		4,362,085			4,808,540
Cost of shares redeemed		(5,703,675	)		(24,564,309	)
Total Class R6 Shares		3,151,875			(7,774,380	)

66

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2040 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	7,923,916		$	13,991,589
Dividends reinvested		6,708,969			5,450,030
Cost of shares redeemed		(4,799,367	)		(10,847,123	)
Total Institutional Service Class Shares		9,833,518			8,594,496
Change in net assets from capital transactions	$	17,127,365		$	3,985,593
SHARE TRANSACTIONS:
Class A Shares
Issued		468,515			821,183
Reinvested		376,857			233,926
Redeemed		(236,650	)		(416,263	)
Total Class A Shares		608,722			638,846
Class C Shares
Issued		24,225			4,007
Reinvested		6,408			4,124
Redeemed		(728	)		(1,888	)
Total Class C Shares		29,905			6,243
Class R Shares
Issued		279,771			570,014
Reinvested		532,313			414,802
Redeemed		(876,439	)		(1,303,099	)
Total Class R Shares		(64,355	)		(318,283	)
Class R6 Shares
Issued		489,538			1,150,694
Reinvested		530,167			475,155
Redeemed		(612,119	)		(2,387,419	)
Total Class R6 Shares		407,586			(761,570	)
Institutional Service Class Shares
Issued		869,058			1,366,141
Reinvested		818,901			540,045
Redeemed		(516,693	)		(1,044,227	)
Total Institutional Service Class Shares		1,171,266			861,959
Total change in shares		2,153,124			427,195

The accompanying notes are an integral part of these financial statements.

67

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2040 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.64		0.08		0.60			0.68			(0.10	)		(0.78	)		(0.88	)	$	9.44		8.53%		$	38,169,940		0.63%		1.82%		0.63%		58.69%	(g)
Year Ended October 31, 2018	$	10.48		0.16		(0.20	)		(0.04	)		(0.18	)		(0.62	)		(0.80	)	$	9.64		(0.58%	)	$	33,133,554		0.63%		1.54%		0.63%		21.19%
Year Ended October 31, 2017	$	9.58		0.16		1.60			1.76			(0.18	)		(0.68	)		(0.86	)	$	10.48		19.45%		$	29,312,155		0.61%		1.63%		0.61%		36.23%
Year Ended October 31, 2016	$	9.93		0.10		0.08			0.18			(0.12	)		(0.41	)		(0.53	)	$	9.58		2.16%		$	20,767,703		0.61%		1.04%		0.61%		14.85%
Year Ended October 31, 2015	$	10.58		0.14		(0.09	)		0.05			(0.19	)		(0.51	)		(0.70	)	$	9.93		0.51%		$	16,051,732		0.58%		1.41%		0.58%		8.96%
Year Ended October 31, 2014	$	10.50		0.15		0.60			0.75			(0.16	)		(0.51	)		(0.67	)	$	10.58		7.49%		$	10,977,672		0.61%		1.44%		0.61%		10.00%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.58		0.05		0.60			0.65			(0.08	)		(0.78	)		(0.86	)	$	9.37		8.23%		$	843,033		1.14%		1.05%		1.14%		58.69%	(g)
Year Ended October 31, 2018	$	10.42		0.10		(0.18	)		(0.08	)		(0.14	)		(0.62	)		(0.76	)	$	9.58		(1.06%	)	$	575,794		1.16%		1.03%		1.16%		21.19%
Year Ended October 31, 2017	$	9.55		0.11		1.58			1.69			(0.14	)		(0.68	)		(0.82	)	$	10.42		18.75%		$	561,197		1.17%		1.12%		1.17%		36.23%
Year Ended October 31, 2016	$	9.90		0.06		0.07			0.13			(0.07	)		(0.41	)		(0.48	)	$	9.55		1.61%		$	296,849		1.17%		0.59%		1.17%		14.85%
Year Ended October 31, 2015	$	10.55		0.09		(0.10	)		(0.01	)		(0.13	)		(0.51	)		(0.64	)	$	9.90		(0.14%	)	$	499,411		1.17%		0.85%		1.17%		8.96%
Year Ended October 31, 2014	$	10.48		0.08		0.62			0.70			(0.12	)		(0.51	)		(0.63	)	$	10.55		6.96%		$	636,972		1.15%		0.76%		1.15%		10.00%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.59		0.07		0.59			0.66			(0.09	)		(0.78	)		(0.87	)	$	9.38		8.31%		$	48,569,961		0.88%		1.65%		0.88%		58.69%	(g)
Year Ended October 31, 2018	$	10.42		0.14		(0.19	)		(0.05	)		(0.16	)		(0.62	)		(0.78	)	$	9.59		(0.75%	)	$	50,265,990		0.89%		1.33%		0.89%		21.19%
Year Ended October 31, 2017	$	9.54		0.14		1.57			1.71			(0.15	)		(0.68	)		(0.83	)	$	10.42		19.06%		$	57,952,183		0.88%		1.45%		0.88%		36.23%
Year Ended October 31, 2016	$	9.88		0.08		0.08			0.16			(0.09	)		(0.41	)		(0.50	)	$	9.54		1.97%		$	57,839,326		0.89%		0.85%		0.89%		14.85%
Year Ended October 31, 2015	$	10.53		0.12		(0.10	)		0.02			(0.16	)		(0.51	)		(0.67	)	$	9.88		0.16%		$	71,662,026		0.88%		1.23%		0.88%		8.96%
Year Ended October 31, 2014	$	10.46		0.10		0.62			0.72			(0.14	)		(0.51	)		(0.65	)	$	10.53		7.20%		$	77,985,896		0.88%		0.98%		0.88%		10.00%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.72		0.11		0.59			0.70			(0.12	)		(0.78	)		(0.90	)	$	9.52		8.73%		$	50,621,940		0.13%		2.35%		0.13%		58.69%	(g)
Year Ended October 31, 2018	$	10.56		0.22		(0.20	)		0.02			(0.24	)		(0.62	)		(0.86	)	$	9.72		(0.10%	)	$	47,721,031		0.14%		2.14%		0.14%		21.19%
Year Ended October 31, 2017	$	9.65		0.22		1.59			1.81			(0.22	)		(0.68	)		(0.90	)	$	10.56		19.96%		$	59,859,718		0.13%		2.19%		0.13%		36.23%
Year Ended October 31, 2016	$	9.99		0.15		0.08			0.23			(0.16	)		(0.41	)		(0.57	)	$	9.65		2.72%		$	50,508,918		0.13%		1.55%		0.13%		14.85%
Year Ended October 31, 2015	$	10.64		0.19		(0.10	)		0.09			(0.23	)		(0.51	)		(0.74	)	$	9.99		0.91%		$	42,369,054		0.13%		1.89%		0.13%		8.96%
Year Ended October 31, 2014	$	10.56		0.18		0.62			0.80			(0.21	)		(0.51	)		(0.72	)	$	10.64		8.00%		$	31,801,614		0.13%		1.67%		0.13%		10.00%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.69		0.09		0.60			0.69			(0.11	)		(0.78	)		(0.89	)	$	9.49		8.63%		$	82,273,007		0.38%		2.09%		0.38%		58.69%	(g)
Year Ended October 31, 2018	$	10.53		0.19		(0.20	)		(0.01	)		(0.21	)		(0.62	)		(0.83	)	$	9.69		(0.34%	)	$	72,676,691		0.39%		1.82%		0.39%		21.19%
Year Ended October 31, 2017	$	9.62		0.19		1.60			1.79			(0.20	)		(0.68	)		(0.88	)	$	10.53		19.73%		$	69,863,363		0.38%		1.88%		0.38%		36.23%
Year Ended October 31, 2016	$	9.97		0.12		0.08			0.20			(0.14	)		(0.41	)		(0.55	)	$	9.62		2.37%		$	55,064,076		0.38%		1.28%		0.38%		14.85%
Year Ended October 31, 2015	$	10.61		0.17		(0.09	)		0.08			(0.21	)		(0.51	)		(0.72	)	$	9.97		0.76%		$	47,136,189		0.38%		1.67%		0.38%		8.96%
Year Ended October 31, 2014	$	10.54		0.16		0.61			0.77			(0.19	)		(0.51	)		(0.70	)	$	10.61		7.66%		$	39,093,799		0.38%		1.52%		0.38%		10.00%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

68

Fund Overview Nationwide Destination 2045 Fund

Asset Allocation¹

Equity Funds	89.4%
Fixed Income Funds	10.7%
Repurchase Agreements	1.8%
Money Market Fund	0.1%
Liabilities in excess of other assets	(2.0)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	49.9%
Nationwide International Index Fund, Class R6	20.9%
iShares Core MSCI Emerging Markets ETF	7.2%
Nationwide Mid Cap Market Index Fund, Class R6	6.7%
Nationwide Bond Index Fund, Class R6	6.6%
Nationwide Small Cap Index Fund, Class R6	3.0%
Nationwide Core Plus Bond Fund, Class R6	1.9%
iShares iBoxx $ High Yield Corporate Bond ETF	1.9%
BNP Paribas Securities Corp.	1.6%
Royal Bank of Canada	0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class	0.1%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

69

Shareholder Expense Example Nationwide Destination 2045 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2045 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,087.40		3.26		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,084.10		6.05		1.17
	Hypothetical	(b)(c)		1,000.00		1,018.99		5.86		1.17
Class R Shares	Actual	(b)		1,000.00		1,085.70		4.55		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,089.60		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,087.90		1.97		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

70

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2045 Fund

Investment Companies 90.8%
	Shares		Value
Equity Funds 82.1%
Nationwide International Index Fund, Class R6 (a)		4,718,237	$	36,943,794
Nationwide Mid Cap Market Index Fund, Class R6 (a)		759,819		11,875,966
Nationwide Multi-Cap Portfolio, Class R6 (a)		7,820,706		87,904,740
Nationwide Small Cap Index Fund, Class R6 (a)		511,920		5,231,822
Total Equity Funds (cost $135,973,081)				141,956,322
Fixed Income Funds 8.7%
Nationwide Bond Index Fund, Class R6 (a)		1,068,095		11,631,554
Nationwide Core Plus Bond Fund, Class R6 (a)		331,622		3,342,748
Total Fixed Income Funds (cost $15,043,590)				14,974,302
Total Investment Companies (cost $151,016,671)				156,930,624
Exchange Traded Funds 9.3%
Equity Fund 7.3%
iShares Core MSCI Emerging Markets ETF		239,238		12,641,336
Fixed Income Fund 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF (b)		38,327		3,332,149
Total Exchange Traded Funds (cost $16,470,219)				15,973,485
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		189,636		189,636
Total Short-Term Investment (cost $189,636)				189,636

Repurchase Agreements 1.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $2,771,365, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $2,828,586. (d)(e)	$	2,771,157	$	2,771,157
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $406,678, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $414,781. (d)(e)		406,648		406,648
Total Repurchase Agreements (cost $3,177,805)				3,177,805
Total Investments (cost $170,854,331) — 102.0%				176,271,550
Liabilities in excess of other assets — (2.0)%				(3,420,487	)
NET ASSETS — 100.0%			$	172,851,063

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $3,298,764, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $189,636 and $3,177,805, respectively, a total value of $3,367,441.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $3,367,441.

(e) Please refer to Note 2(d) for additional information on the joint repurchase agreement.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

71

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2045 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $151,016,671)	$	156,930,624
Investment securities of unaffiliated issuers, at value* (cost $16,659,855)		16,163,121
Repurchase agreements, at value (cost $3,177,805)		3,177,805
Cash		28,460
Interest receivable		15
Security lending income receivable		358
Receivable for capital shares issued		116,885
Total Assets		176,417,268
Liabilities:
Payable for investments purchased		125,997
Payable for capital shares redeemed		2,852
Payable upon return of securities loaned (Note 2)		3,367,441
Accrued expenses and other payables:
Investment advisory fees		18,353
Distribution fees		23,401
Administrative servicing fees		26,445
Trustee fees		516
Professional fees		1,200
Total Liabilities		3,566,205
Net Assets	$	172,851,063
Represented by:
Capital	$	159,775,381
Total distributable earnings (loss)		13,075,682
Net Assets	$	172,851,063
Net Assets:
Class A Shares	$	33,267,452
Class C Shares		1,444,274
Class R Shares		38,107,961
Class R6 Shares		43,227,496
Institutional Service Class Shares		56,803,880
Total	$	172,851,063
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,371,282
Class C Shares		148,585
Class R Shares		3,898,220
Class R6 Shares		4,350,344
Institutional Service Class Shares		5,766,436
Total		17,534,867

72

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2045 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.87
Class C Shares (b)	$	9.72
Class R Shares	$	9.78
Class R6 Shares	$	9.94
Institutional Service Class Shares	$	9.85
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.47
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $3,298,764 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

73

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2045 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	1,662,995
Dividend income from unaffiliated issuers		302,431
Income from securities lending (Note 2)		7,492
Interest income (unaffiliated)		3,138
Total Income		1,976,056
EXPENSES:
Investment advisory fees		104,187
Distribution fees Class A		38,890
Distribution fees Class C		7,297
Distribution fees Class R		92,950
Administrative servicing fees Class A		38,890
Administrative servicing fees Class C		283
Administrative servicing fees Class R		46,475
Administrative servicing fees Institutional Service Class		62,932
Professional fees		1,405
Trustee fees		2,476
Total Expenses		395,785
NET INVESTMENT INCOME		1,580,271
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		7,577,891
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		2,026,098
Transactions in investment securities of unaffiliated issuers		(957,434	)
Expiration or closing of futures contracts (Note 2)		(256,445	)
Net realized gains		8,390,110
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		2,602,698
Investment securities of unaffiliated issuers		1,470,810
Net change in unrealized appreciation/depreciation		4,073,508
Net realized/unrealized gains		12,463,618
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,043,889

The accompanying notes are an integral part of these financial statements.

74

Statements of Changes in Net Assets

	Nationwide Destination 2045 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	1,580,271		$	2,825,553
Net realized gains		8,390,110			13,131,403
Net change in unrealized appreciation/depreciation		4,073,508			(16,218,418	)
Change in net assets resulting from operations		14,043,889			(261,462	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,838,158	)		(2,164,446	)
Class C		(146,403	)		(140,154	)
Class R		(3,499,458	)		(3,227,288	)
Class R6		(3,690,825	)		(3,617,921	)
Institutional Service Class		(4,562,206	)		(3,250,602	)
Change in net assets from shareholder distributions		(14,737,050	)		(12,400,411	)
Change in net assets from capital transactions		14,354,910			1,913,809
Change in net assets		13,661,749			(10,748,064	)
Net Assets:
Beginning of period		159,189,314			169,937,378
End of period	$	172,851,063		$	159,189,314
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,468,091		$	7,775,931
Dividends reinvested		2,838,158			2,164,446
Cost of shares redeemed		(3,975,656	)		(5,796,587	)
Total Class A Shares		2,330,593			4,143,790
Class C Shares
Proceeds from shares issued		46,566			56,882
Dividends reinvested		146,403			140,154
Cost of shares redeemed		(323,218	)		(526,409	)
Total Class C Shares		(130,249	)		(329,373	)
Class R Shares
Proceeds from shares issued		2,021,369			3,806,433
Dividends reinvested		3,499,458			3,227,288
Cost of shares redeemed		(6,149,877	)		(12,088,573	)
Total Class R Shares		(629,050	)		(5,054,852	)
Class R6 Shares
Proceeds from shares issued		5,007,668			9,202,642
Dividends reinvested		3,690,825			3,617,921
Cost of shares redeemed		(4,697,220	)		(18,570,452	)
Total Class R6 Shares		4,001,273			(5,749,889	)

75

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2045 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	6,846,231		$	12,127,569
Dividends reinvested		4,562,206			3,250,602
Cost of shares redeemed		(2,626,094	)		(6,474,038	)
Total Institutional Service Class Shares		8,782,343			8,904,133
Change in net assets from capital transactions	$	14,354,910		$	1,913,809
SHARE TRANSACTIONS:
Class A Shares
Issued		374,453			731,181
Reinvested		334,864			206,132
Redeemed		(419,839	)		(538,700	)
Total Class A Shares		289,478			398,613
Class C Shares
Issued		5,059			5,434
Reinvested		17,512			13,524
Redeemed		(36,395	)		(49,590	)
Total Class C Shares		(13,824	)		(30,632	)
Class R Shares
Issued		213,763			359,524
Reinvested		416,602			310,015
Redeemed		(655,200	)		(1,138,547	)
Total Class R Shares		(24,835	)		(469,008	)
Class R6 Shares
Issued		524,449			852,693
Reinvested		431,796			342,463
Redeemed		(483,028	)		(1,723,178	)
Total Class R6 Shares		473,217			(528,022	)
Institutional Service Class Shares
Issued		723,457			1,139,358
Reinvested		538,506			309,964
Redeemed		(271,535	)		(602,697	)
Total Institutional Service Class Shares		990,428			846,625
Total change in shares		1,714,464			217,576

The accompanying notes are an integral part of these financial statements.

76

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2045 Fund

			Operations								Distributions														Ratios/Supplemental data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.07		0.09		0.63			0.72			(0.10	)		(0.82	)		(0.92	)	$	9.87		8.74%		$	33,267,452		0.63%		1.82%		0.63%		60.77%	(g)
Year Ended October 31, 2018	$	10.90		0.16		(0.20	)		(0.04	)		(0.19	)		(0.60	)		(0.79	)	$	10.07		(0.57%	)	$	31,046,163		0.63%		1.51%		0.63%		21.94%
Year Ended October 31, 2017	$	9.80		0.15		1.76			1.91			(0.17	)		(0.64	)		(0.81	)	$	10.90		20.54%		$	29,257,058		0.61%		1.49%		0.61%		34.41%
Year Ended October 31, 2016	$	10.09		0.10		0.09			0.19			(0.13	)		(0.35	)		(0.48	)	$	9.80		2.11%		$	18,902,112		0.61%		1.09%		0.61%		11.61%
Year Ended October 31, 2015	$	10.71		0.15		(0.08	)		0.07			(0.19	)		(0.50	)		(0.69	)	$	10.09		0.65%		$	12,590,850		0.59%		1.43%		0.59%		5.66%
Year Ended October 31, 2014	$	10.41		0.15		0.64			0.79			(0.16	)		(0.33	)		(0.49	)	$	10.71		7.84%		$	8,630,457		0.61%		1.45%		0.61%		9.77%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.94		0.07		0.61			0.68			(0.08	)		(0.82	)		(0.90	)	$	9.72		8.41%		$	1,444,274		1.17%		1.46%		1.17%		60.77%	(g)
Year Ended October 31, 2018	$	10.78		0.11		(0.21	)		(0.10	)		(0.14	)		(0.60	)		(0.74	)	$	9.94		(1.19%	)	$	1,614,688		1.22%		1.05%		1.22%		21.94%
Year Ended October 31, 2017	$	9.71		0.10		1.73			1.83			(0.12	)		(0.64	)		(0.76	)	$	10.78		19.86%		$	2,080,961		1.23%		0.96%		1.23%		34.41%
Year Ended October 31, 2016	$	10.01		0.05		0.08			0.13			(0.08	)		(0.35	)		(0.43	)	$	9.71		1.44%		$	1,865,950		1.24%		0.55%		1.24%		11.61%
Year Ended October 31, 2015	$	10.63		0.09		(0.08	)		0.01			(0.13	)		(0.50	)		(0.63	)	$	10.01		0.04%		$	1,985,303		1.25%		0.91%		1.25%		5.66%
Year Ended October 31, 2014	$	10.35		0.08		0.65			0.73			(0.12	)		(0.33	)		(0.45	)	$	10.63		7.22%		$	2,124,737		1.20%		0.73%		1.20%		9.77%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.99		0.08		0.62			0.70			(0.09	)		(0.82	)		(0.91	)	$	9.78		8.57%		$	38,107,961		0.88%		1.64%		0.88%		60.77%	(g)
Year Ended October 31, 2018	$	10.82		0.14		(0.21	)		(0.07	)		(0.16	)		(0.60	)		(0.76	)	$	9.99		(0.83%	)	$	39,183,778		0.89%		1.32%		0.89%		21.94%
Year Ended October 31, 2017	$	9.73		0.13		1.75			1.88			(0.15	)		(0.64	)		(0.79	)	$	10.82		20.33%		$	47,506,612		0.88%		1.31%		0.88%		34.41%
Year Ended October 31, 2016	$	10.02		0.08		0.08			0.16			(0.10	)		(0.35	)		(0.45	)	$	9.73		1.82%		$	42,999,999		0.88%		0.89%		0.88%		11.61%
Year Ended October 31, 2015	$	10.64		0.13		(0.09	)		0.04			(0.16	)		(0.50	)		(0.66	)	$	10.02		0.32%		$	47,439,190		0.88%		1.23%		0.88%		5.66%
Year Ended October 31, 2014	$	10.35		0.11		0.65			0.76			(0.14	)		(0.33	)		(0.47	)	$	10.64		7.58%		$	49,027,374		0.88%		1.03%		0.88%		9.77%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	10.14		0.11		0.64			0.75			(0.13	)		(0.82	)		(0.95	)	$	9.94		8.96%		$	43,227,496		0.13%		2.31%		0.13%		60.77%	(g)
Year Ended October 31, 2018	$	10.97		0.23		(0.22	)		0.01			(0.24	)		(0.60	)		(0.84	)	$	10.14		(0.07%	)	$	39,305,513		0.14%		2.12%		0.14%		21.94%
Year Ended October 31, 2017	$	9.84		0.21		1.77			1.98			(0.21	)		(0.64	)		(0.85	)	$	10.97		21.29%		$	48,309,859		0.13%		2.09%		0.13%		34.41%
Year Ended October 31, 2016	$	10.13		0.16		0.07			0.23			(0.17	)		(0.35	)		(0.52	)	$	9.84		2.56%		$	39,218,168		0.13%		1.62%		0.13%		11.61%
Year Ended October 31, 2015	$	10.75		0.19		(0.07	)		0.12			(0.24	)		(0.50	)		(0.74	)	$	10.13		1.07%		$	31,439,594		0.13%		1.87%		0.13%		5.66%
Year Ended October 31, 2014	$	10.45		0.18		0.67			0.85			(0.22	)		(0.33	)		(0.55	)	$	10.75		8.38%		$	22,421,415		0.13%		1.66%		0.13%		9.77%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.06		0.10		0.63			0.73			(0.12	)		(0.82	)		(0.94	)	$	9.85		8.79%		$	56,803,880		0.38%		2.05%		0.38%		60.77%	(g)
Year Ended October 31, 2018	$	10.89		0.19		(0.20	)		(0.01	)		(0.22	)		(0.60	)		(0.82	)	$	10.06		(0.32%	)	$	48,039,172		0.39%		1.76%		0.39%		21.94%
Year Ended October 31, 2017	$	9.78		0.18		1.76			1.94			(0.19	)		(0.64	)		(0.83	)	$	10.89		20.91%		$	42,782,888		0.38%		1.73%		0.38%		34.41%
Year Ended October 31, 2016	$	10.07		0.13		0.08			0.21			(0.15	)		(0.35	)		(0.50	)	$	9.78		2.33%		$	31,450,692		0.38%		1.34%		0.38%		11.61%
Year Ended October 31, 2015	$	10.69		0.17		(0.08	)		0.09			(0.21	)		(0.50	)		(0.71	)	$	10.07		0.84%		$	25,991,661		0.38%		1.62%		0.38%		5.66%
Year Ended October 31, 2014	$	10.40		0.16		0.65			0.81			(0.19	)		(0.33	)		(0.52	)	$	10.69		8.07%		$	17,428,130		0.38%		1.52%		0.38%		9.77%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

77

Fund Overview Nationwide Destination 2050 Fund

Asset Allocation¹

Equity Funds	91.5%
Fixed Income Funds	8.6%
Repurchase Agreements	0.5%
Money Market Fund†	0.0%
Liabilities in excess of other assets	(0.6)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	51.0%
Nationwide International Index Fund, Class R6	21.2%
Nationwide Mid Cap Market Index Fund, Class R6	7.8%
iShares Core MSCI Emerging Markets ETF	7.8%
Nationwide Bond Index Fund, Class R6	5.7%
Nationwide Small Cap Index Fund, Class R6	3.0%
iShares iBoxx $ High Yield Corporate Bond ETF	1.9%
Nationwide Core Plus Bond Fund, Class R6	1.0%
BNP Paribas Securities Corp.	0.5%
Royal Bank of Canada	0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class†	0.0%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

78

Shareholder Expense Example Nationwide Destination 2050 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2050 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,087.90		3.26		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,083.90		5.94		1.15
	Hypothetical	(b)(c)		1,000.00		1,019.09		5.76		1.15
Class R Shares	Actual	(b)		1,000.00		1,086.50		4.55		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,089.20		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,089.30		1.97		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

79

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2050 Fund

Investment Companies 90.3%
	Shares		Value
Equity Funds 83.6%
Nationwide International Index Fund, Class R6 (a)		3,888,007	$	30,443,099
Nationwide Mid Cap Market Index Fund, Class R6 (a)		719,091		11,239,398
Nationwide Multi-Cap Portfolio, Class R6 (a)		6,509,921		73,171,516
Nationwide Small Cap Index Fund, Class R6 (a)		421,914		4,311,963
Total Equity Funds (cost $114,502,861)				119,165,976
Fixed Income Funds 6.7%
Nationwide Bond Index Fund, Class R6 (a)		754,162		8,212,820
Nationwide Core Plus Bond Fund, Class R6 (a)		136,595		1,376,873
Total Fixed Income Funds (cost $9,638,183)				9,589,693
Total Investment Companies (cost $124,141,044)			128,755,669
Exchange Traded Funds 9.8%
Equity Fund 7.9%
iShares Core MSCI Emerging Markets ETF		211,382		11,169,425
Fixed Income Fund 1.9%
iShares iBoxx $ High Yield Corporate Bond ETF (b)		31,471		2,736,089
Total Exchange Traded Funds (cost $14,269,369)				13,905,514
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		46,756		46,756
Total Short-Term Investment (cost $46,756)				46,756

Repurchase Agreements 0.5%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $683,291, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $697,399. (d)(e)	$	683,240	$	683,240
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $100,268, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $102,266. (d)(e)		100,261		100,261
Total Repurchase Agreements (cost $783,501)				783,501
Total Investments (cost $139,240,670) — 100.6%				143,491,440
Liabilities in excess of other assets — (0.6)%				(876,344	)
NET ASSETS — 100.0%			$	142,615,096

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $813,324, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $46,756 and $783,501, respectively, a total value of $830,257.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $830,257.

(e) Please refer to Note 2(d) for additional information on the joint repurchase agreement.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

80

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2050 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $124,141,044)	$	128,755,669
Investment securities of unaffiliated issuers, at value* (cost $14,316,125)		13,952,270
Repurchase agreements, at value (cost $783,501)		783,501
Cash		8,163
Interest receivable		8
Security lending income receivable		71
Receivable for capital shares issued		112,264
Total Assets		143,611,946
Liabilities:
Payable for investments purchased		89,300
Payable for capital shares redeemed		18,491
Payable upon return of securities loaned (Note 2)		830,257
Accrued expenses and other payables:
Investment advisory fees		15,279
Distribution fees		20,688
Administrative servicing fees		21,455
Trustee fees		419
Professional fees		961
Total Liabilities		996,850
Net Assets	$	142,615,096
Represented by:
Capital	$	131,876,299
Total distributable earnings (loss)		10,738,797
Net Assets	$	142,615,096
Net Assets:
Class A Shares	$	28,413,112
Class C Shares		129,078
Class R Shares		36,053,666
Class R6 Shares		36,252,022
Institutional Service Class Shares		41,767,218
Total	$	142,615,096
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,282,413
Class C Shares		15,252
Class R Shares		4,227,361
Class R6 Shares		4,175,811
Institutional Service Class Shares		4,828,682
Total		16,529,519

81

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2050 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.66
Class C Shares (b)	$	8.46
Class R Shares	$	8.53
Class R6 Shares	$	8.68
Institutional Service Class Shares	$	8.65
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.19
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $813,324 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

82

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2050 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	1,355,479
Dividend income from unaffiliated issuers		248,651
Income from securities lending (Note 2)		5,998
Interest income (unaffiliated)		2,868
Total Income		1,612,996
EXPENSES:
Investment advisory fees		85,849
Distribution fees Class A		32,634
Distribution fees Class C		543
Distribution fees Class R		87,291
Administrative servicing fees Class A		32,634
Administrative servicing fees Class C		12
Administrative servicing fees Class R		43,646
Administrative servicing fees Institutional Service Class		45,775
Professional fees		1,155
Trustee fees		2,029
Total Expenses		331,568
NET INVESTMENT INCOME		1,281,428
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		6,387,478
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		1,893,601
Transactions in investment securities of unaffiliated issuers		(800,693	)
Expiration or closing of futures contracts (Note 2)		(214,228	)
Net realized gains		7,266,158
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		1,824,490
Investment securities of unaffiliated issuers		1,238,731
Net change in unrealized appreciation/depreciation		3,063,221
Net realized/unrealized gains		10,329,379
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,610,807

The accompanying notes are an integral part of these financial statements.

83

Statements of Changes in Net Assets

	Nationwide Destination 2050 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	1,281,428		$	2,190,167
Net realized gains		7,266,158			9,557,861
Net change in unrealized appreciation/depreciation		3,063,221			(12,271,765	)
Change in net assets resulting from operations		11,610,807			(523,737	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,140,495	)		(1,313,583	)
Class C		(8,425	)		(6,422	)
Class R		(2,918,306	)		(2,167,824	)
Class R6		(2,835,472	)		(2,258,583	)
Institutional Service Class		(2,941,635	)		(1,942,111	)
Change in net assets from shareholder distributions		(10,844,333	)		(7,688,523	)
Change in net assets from capital transactions		11,056,229			5,690,585
Change in net assets		11,822,703			(2,521,675	)
Net Assets:
Beginning of period		130,792,393			133,314,068
End of period	$	142,615,096		$	130,792,393
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,243,507		$	7,916,874
Dividends reinvested		2,140,495			1,313,583
Cost of shares redeemed		(3,157,577	)		(5,049,223	)
Total Class A Shares		2,226,425			4,181,234
Class C Shares
Proceeds from shares issued		19,160			54,581
Dividends reinvested		8,425			6,422
Cost of shares redeemed		(135	)		(69,427	)
Total Class C Shares		27,450			(8,424	)
Class R Shares
Proceeds from shares issued		1,887,092			4,475,334
Dividends reinvested		2,918,306			2,167,824
Cost of shares redeemed		(5,343,072	)		(8,015,717	)
Total Class R Shares		(537,674	)		(1,372,559	)
Class R6 Shares
Proceeds from shares issued		5,302,180			9,280,571
Dividends reinvested		2,835,472			2,258,583
Cost of shares redeemed		(4,589,271	)		(14,285,406	)
Total Class R6 Shares		3,548,381			(2,746,252	)

84

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2050 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	5,801,969		$	9,086,031
Dividends reinvested		2,941,635			1,942,111
Cost of shares redeemed		(2,951,957	)		(5,391,556	)
Total Institutional Service Class Shares		5,791,647			5,636,586
Change in net assets from capital transactions	$	11,056,229		$	5,690,585
SHARE TRANSACTIONS:
Class A Shares
Issued		390,948			858,506
Reinvested		288,684			144,120
Redeemed		(383,385	)		(543,733	)
Total Class A Shares		296,247			458,893
Class C Shares
Issued		2,355			5,921
Reinvested		1,161			719
Redeemed		(16	)		(7,727	)
Total Class C Shares		3,500			(1,087	)
Class R Shares
Issued		231,943			491,494
Reinvested		399,221			241,315
Redeemed		(653,517	)		(877,593	)
Total Class R Shares		(22,353	)		(144,784	)
Class R6 Shares
Issued		631,139			997,018
Reinvested		380,782			247,376
Redeemed		(541,184	)		(1,536,842	)
Total Class R6 Shares		470,737			(292,448	)
Institutional Service Class Shares
Issued		698,609			984,620
Reinvested		396,401			213,196
Redeemed		(343,889	)		(579,401	)
Total Institutional Service Class Shares		751,121			618,415
Total change in shares		1,499,252			638,989

The accompanying notes are an integral part of these financial statements.

85

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2050 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.73		0.07		0.58			0.65			(0.09	)		(0.63	)		(0.72	)	$	8.66		8.79%		$	28,413,112		0.63%		1.82%		0.63%		62.09%	(g)
Year Ended October 31, 2018	$	9.29		0.13		(0.16	)		(0.03	)		(0.16	)		(0.37	)		(0.53	)	$	8.73		(0.46%	)	$	26,072,573		0.63%		1.46%		0.63%		19.14%
Year Ended October 31, 2017	$	8.33		0.13		1.51			1.64			(0.14	)		(0.54	)		(0.68	)	$	9.29		20.84%		$	23,490,599		0.61%		1.44%		0.61%		32.50%
Year Ended October 31, 2016	$	8.62		0.09		0.07			0.16			(0.11	)		(0.34	)		(0.45	)	$	8.33		2.17%		$	14,663,954		0.61%		1.10%		0.61%		15.31%
Year Ended October 31, 2015	$	9.65		0.13		(0.06	)		0.07			(0.17	)		(0.93	)		(1.10	)	$	8.62		0.72%		$	11,581,468		0.61%		1.42%		0.61%		6.73%
Year Ended October 31, 2014	$	9.88		0.13		0.59			0.72			(0.14	)		(0.81	)		(0.95	)	$	9.65		7.78%		$	8,218,137		0.64%		1.38%		0.64%		27.49%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.56		0.05		0.55			0.60			(0.07	)		(0.63	)		(0.70	)	$	8.46		8.39%		$	129,078		1.15%		1.21%		1.15%		62.09%	(g)
Year Ended October 31, 2018	$	9.13		0.09		(0.17	)		(0.08	)		(0.12	)		(0.37	)		(0.49	)	$	8.56		(1.02%	)	$	100,578		1.18%		1.02%		1.18%		19.14%
Year Ended October 31, 2017	$	8.20		0.08		1.50			1.58			(0.11	)		(0.54	)		(0.65	)	$	9.13		20.29%		$	117,231		1.18%		0.92%		1.18%		32.50%
Year Ended October 31, 2016	$	8.50		0.05		0.06			0.11			(0.07	)		(0.34	)		(0.41	)	$	8.20		1.52%		$	87,393		1.18%		0.58%		1.18%		15.31%
Year Ended October 31, 2015	$	9.54		0.08		(0.06	)		0.02			(0.13	)		(0.93	)		(1.06	)	$	8.50		0.15%		$	106,174		1.18%		0.90%		1.18%		6.73%
Year Ended October 31, 2014	$	9.80		0.08		0.58			0.66			(0.11	)		(0.81	)		(0.92	)	$	9.54		7.18%		$	110,002		1.16%		0.82%		1.16%		27.49%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	8.61		0.06		0.57			0.63			(0.08	)		(0.63	)		(0.71	)	$	8.53		8.65%		$	36,053,666		0.88%		1.60%		0.88%		62.09%	(g)
Year Ended October 31, 2018	$	9.18		0.12		(0.18	)		(0.06	)		(0.14	)		(0.37	)		(0.51	)	$	8.61		(0.82%	)	$	36,604,249		0.89%		1.27%		0.89%		19.14%
Year Ended October 31, 2017	$	8.23		0.11		1.50			1.61			(0.12	)		(0.54	)		(0.66	)	$	9.18		20.71%		$	40,326,541		0.88%		1.29%		0.88%		32.50%
Year Ended October 31, 2016	$	8.52		0.07		0.07			0.14			(0.09	)		(0.34	)		(0.43	)	$	8.23		1.89%		$	36,901,555		0.88%		0.88%		0.88%		15.31%
Year Ended October 31, 2015	$	9.56		0.11		(0.08	)		0.03			(0.14	)		(0.93	)		(1.07	)	$	8.52		0.32%		$	39,972,106		0.88%		1.21%		0.88%		6.73%
Year Ended October 31, 2014	$	9.81		0.10		0.59			0.69			(0.13	)		(0.81	)		(0.94	)	$	9.56		7.53%		$	39,009,104		0.88%		1.01%		0.88%		27.49%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	8.76		0.09		0.57			0.66			(0.11	)		(0.63	)		(0.74	)	$	8.68		8.92%		$	36,252,022		0.13%		2.29%		0.13%		62.09%	(g)
Year Ended October 31, 2018	$	9.32		0.19		(0.17	)		0.02			(0.21	)		(0.37	)		(0.58	)	$	8.76		0.04%		$	32,438,748		0.14%		2.07%		0.14%		19.14%
Year Ended October 31, 2017	$	8.34		0.17		1.53			1.70			(0.18	)		(0.54	)		(0.72	)	$	9.32		21.57%		$	37,250,979		0.13%		1.99%		0.13%		32.50%
Year Ended October 31, 2016	$	8.63		0.13		0.07			0.20			(0.15	)		(0.34	)		(0.49	)	$	8.34		2.64%		$	26,084,928		0.13%		1.59%		0.13%		15.31%
Year Ended October 31, 2015	$	9.66		0.16		(0.05	)		0.11			(0.21	)		(0.93	)		(1.14	)	$	8.63		1.19%		$	19,624,686		0.13%		1.86%		0.13%		6.73%
Year Ended October 31, 2014	$	9.91		0.17		0.59			0.76			(0.20	)		(0.81	)		(1.01	)	$	9.66		8.23%		$	13,474,072		0.13%		1.75%		0.13%		27.49%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.72		0.08		0.58			0.66			(0.10	)		(0.63	)		(0.73	)	$	8.65		8.93%		$	41,767,218		0.38%		2.02%		0.38%		62.09%	(g)
Year Ended October 31, 2018	$	9.29		0.16		(0.18	)		(0.02	)		(0.18	)		(0.37	)		(0.55	)	$	8.72		(0.33%	)	$	35,576,245		0.39%		1.74%		0.39%		19.14%
Year Ended October 31, 2017	$	8.31		0.15		1.53			1.68			(0.16	)		(0.54	)		(0.70	)	$	9.29		21.35%		$	32,128,718		0.38%		1.69%		0.38%		32.50%
Year Ended October 31, 2016	$	8.61		0.11		0.06			0.17			(0.13	)		(0.34	)		(0.47	)	$	8.31		2.28%		$	23,815,853		0.38%		1.33%		0.38%		15.31%
Year Ended October 31, 2015	$	9.64		0.15		(0.06	)		0.09			(0.19	)		(0.93	)		(1.12	)	$	8.61		0.96%		$	19,537,648		0.38%		1.68%		0.38%		6.73%
Year Ended October 31, 2014	$	9.88		0.14		0.61			0.75			(0.18	)		(0.81	)		(0.99	)	$	9.64		8.10%		$	15,739,026		0.38%		1.52%		0.38%		27.49%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

86

Fund Overview Nationwide Destination 2055 Fund

Asset Allocation¹

Equity Funds	92.4%
Fixed Income Funds	7.6%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	51.8%
Nationwide International Index Fund, Class R6	21.4%
Nationwide Mid Cap Market Index Fund, Class R6	8.1%
iShares Core MSCI Emerging Markets ETF	7.7%
Nationwide Bond Index Fund, Class R6	5.8%
Nationwide Small Cap Index Fund, Class R6	3.3%
Nationwide Core Plus Bond Fund, Class R6	1.0%
iShares iBoxx $ High Yield Corporate Bond ETF	0.9%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

87

Shareholder Expense Example Nationwide Destination 2055 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2055 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,086.50		3.26		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,083.90		5.94		1.15
	Hypothetical	(b)(c)		1,000.00		1,019.09		5.76		1.15
Class R Shares	Actual	(b)		1,000.00		1,086.30		4.55		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,089.60		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,088.30		1.97		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

88

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2055 Fund

Investment Companies 91.4%
	Shares		Value
Equity Funds 84.7%
Nationwide International Index Fund, Class R6 (a)		2,218,331	$	17,369,533
Nationwide Mid Cap Market Index Fund, Class R6 (a)		423,375		6,617,345
Nationwide Multi-Cap Portfolio, Class R6 (a)		3,750,346		42,153,886
Nationwide Small Cap Index Fund, Class R6 (a)		260,738		2,664,744
Total Equity Funds (cost $66,060,833)				68,805,508
Fixed Income Funds 6.7%
Nationwide Bond Index Fund, Class R6 (a)		430,483		4,687,959
Nationwide Core Plus Bond Fund, Class R6 (a)		77,966		785,902
Total Fixed Income Funds (cost $5,470,157)				5,473,861
Total Investment Companies (cost $71,530,990)				74,279,369
Exchange Traded Funds 8.6%
Equity Fund 7.7%
iShares Core MSCI Emerging Markets ETF		118,376		6,254,988
Fixed Income Fund 0.9%
iShares iBoxx $ High Yield Corporate Bond ETF		8,844		768,897
Total Exchange Traded Funds (cost $7,220,026)				7,023,885
Total Investments (cost $78,751,016) — 100.0%				81,303,254
Liabilities in excess of other assets — 0.0%†				(29,617	)
NET ASSETS — 100.0%			$	81,273,637

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

89

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2055 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $71,530,990)	$	74,279,369
Investment securities of unaffiliated issuers, at value (cost $7,220,026)		7,023,885
Cash		7,074
Interest receivable		10
Security lending income receivable		73
Receivable for capital shares issued		36,823
Total Assets		81,347,234
Liabilities:
Payable for investments purchased		25,732
Payable for capital shares redeemed		13,947
Accrued expenses and other payables:
Investment advisory fees		8,644
Distribution fees		11,500
Administrative servicing fees		13,034
Trustee fees		222
Professional fees		518
Total Liabilities		73,597
Net Assets	$	81,273,637
Represented by:
Capital	$	75,782,167
Total distributable earnings (loss)		5,491,470
Net Assets	$	81,273,637
Net Assets:
Class A Shares	$	19,347,912
Class C Shares		48,978
Class R Shares		18,665,586
Class R6 Shares		21,288,619
Institutional Service Class Shares		21,922,542
Total	$	81,273,637
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,456,446
Class C Shares		3,699
Class R Shares		1,409,030
Class R6 Shares		1,592,899
Institutional Service Class Shares		1,641,901
Total		6,103,975

90

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2055 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	13.28
Class C Shares (b)	$	13.24
Class R Shares	$	13.25
Class R6 Shares	$	13.36
Institutional Service Class Shares	$	13.35
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	14.09
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

91

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2055 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	757,375
Dividend income from unaffiliated issuers		115,904
Interest income (unaffiliated)		2,219
Income from securities lending (Note 2)		1,684
Total Income		877,182
EXPENSES:
Investment advisory fees		47,851
Distribution fees Class A		22,411
Distribution fees Class C		207
Distribution fees Class R		43,546
Administrative servicing fees Class A		22,411
Administrative servicing fees Class C		2
Administrative servicing fees Class R		21,773
Administrative servicing fees Institutional Service Class		23,288
Professional fees		632
Trustee fees		1,124
Total Expenses		183,245
NET INVESTMENT INCOME		693,937
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		3,629,847
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		552,069
Transactions in investment securities of unaffiliated issuers		(438,612	)
Expiration or closing of futures contracts (Note 2)		(124,149	)
Net realized gains		3,619,155
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		1,636,356
Investment securities of unaffiliated issuers		657,970
Net change in unrealized appreciation/depreciation		2,294,326
Net realized/unrealized gains		5,913,481
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,607,418

The accompanying notes are an integral part of these financial statements.

92

Statements of Changes in Net Assets

	Nationwide Destination 2055 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	693,937		$	1,148,614
Net realized gains		3,619,155			4,875,001
Net change in unrealized appreciation/depreciation		2,294,326			(6,400,156	)
Change in net assets resulting from operations		6,607,418			(376,541	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,351,373	)		(690,440	)
Class C		(3,004	)		(1,708	)
Class R		(1,323,259	)		(758,649	)
Class R6		(1,463,202	)		(937,468	)
Institutional Service Class		(1,380,832	)		(753,198	)
Change in net assets from shareholder distributions		(5,521,670	)		(3,141,463	)
Change in net assets from capital transactions		8,900,268			6,967,488
Change in net assets		9,986,016			3,449,484
Net Assets:
Beginning of period		71,287,621			67,838,137
End of period	$	81,273,637		$	71,287,621
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,196,775		$	4,837,203
Dividends reinvested		1,351,373			690,440
Cost of shares redeemed		(2,013,621	)		(1,983,755	)
Total Class A Shares		1,534,527			3,543,888
Class C Shares
Proceeds from shares issued		5,727			6,001
Dividends reinvested		3,004			1,708
Cost of shares redeemed		(40	)		(31,602	)
Total Class C Shares		8,691			(23,893	)
Class R Shares
Proceeds from shares issued		1,802,712			4,108,464
Dividends reinvested		1,323,259			758,649
Cost of shares redeemed		(2,573,019	)		(3,980,954	)
Total Class R Shares		552,952			886,159
Class R6 Shares
Proceeds from shares issued		4,160,148			6,163,491
Dividends reinvested		1,463,202			937,468
Cost of shares redeemed		(3,064,038	)		(7,294,594	)
Total Class R6 Shares		2,559,312			(193,635	)

93

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2055 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	3,685,355		$	5,313,975
Dividends reinvested		1,380,832			753,198
Cost of shares redeemed		(821,401	)		(3,312,204	)
Total Institutional Service Class Shares		4,244,786			2,754,969
Change in net assets from capital transactions	$	8,900,268		$	6,967,488
SHARE TRANSACTIONS:
Class A Shares
Issued		174,402			343,757
Reinvested		118,889			49,637
Redeemed		(157,347	)		(140,913	)
Total Class A Shares		135,944			252,481
Class C Shares
Issued		446			428
Reinvested		265			123
Redeemed		(3	)		(2,269	)
Total Class C Shares		708			(1,718	)
Class R Shares
Issued		142,670			292,234
Reinvested		116,792			54,733
Redeemed		(203,341	)		(284,208	)
Total Class R Shares		56,121			62,759
Class R6 Shares
Issued		329,300			435,975
Reinvested		127,826			67,000
Redeemed		(234,886	)		(513,746	)
Total Class R6 Shares		222,240			(10,771	)
Institutional Service Class Shares
Issued		288,617			376,403
Reinvested		120,833			53,876
Redeemed		(63,377	)		(234,530	)
Total Institutional Service Class Shares		346,073			195,749
Total change in shares		761,086			498,500

The accompanying notes are an integral part of these financial statements.

94

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2055 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.32		0.11		0.87			0.98			(0.14	)		(0.88	)		(1.02	)	$	13.28		8.65%		$	19,347,912		0.63%		1.76%		0.63%		63.53%	(g)
Year Ended October 31, 2018	$	13.98		0.20		(0.25	)		(0.05	)		(0.24	)		(0.37	)		(0.61	)	$	13.32		(0.47%	)	$	17,583,786		0.64%		1.43%		0.64%		18.61%
Year Ended October 31, 2017	$	12.30		0.18		2.34			2.52			(0.21	)		(0.63	)		(0.84	)	$	13.98		21.33%		$	14,927,090		0.62%		1.40%		0.62%		26.27%
Year Ended October 31, 2016	$	12.72		0.13		0.10			0.23			(0.17	)		(0.48	)		(0.65	)	$	12.30		2.12%		$	9,305,695		0.62%		1.10%		0.62%		17.63%
Year Ended October 31, 2015	$	13.32		0.17		(0.08	)		0.09			(0.24	)		(0.45	)		(0.69	)	$	12.72		0.74%		$	5,343,749		0.61%		1.30%		0.61%		11.73%
Year Ended October 31, 2014	$	12.71		0.14		0.83			0.97			(0.21	)		(0.15	)		(0.36	)	$	13.32		7.75%		$	2,272,610		0.62%		1.10%		0.62%		10.03%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.29		0.08		0.86			0.94			(0.11	)		(0.88	)		(0.99	)	$	13.24		8.39%		$	48,978		1.15%		1.22%		1.15%		63.53%	(g)
Year Ended October 31, 2018	$	13.95		0.13		(0.25	)		(0.12	)		(0.17	)		(0.37	)		(0.54	)	$	13.29		(0.98%	)	$	39,744		1.18%		0.93%		1.18%		18.61%
Year Ended October 31, 2017	$	12.29		0.12		2.32			2.44			(0.15	)		(0.63	)		(0.78	)	$	13.95		20.66%		$	65,675		1.18%		0.89%		1.18%		26.27%
Year Ended October 31, 2016	$	12.72		0.05		0.11			0.16			(0.11	)		(0.48	)		(0.59	)	$	12.29		1.50%		$	55,467		1.18%		0.44%		1.18%		17.63%
Year Ended October 31, 2015	$	13.32		0.12		(0.09	)		0.03			(0.18	)		(0.45	)		(0.63	)	$	12.72		0.21%		$	22,906		1.14%		0.92%		1.14%		11.73%
Year Ended October 31, 2014	$	12.71		0.12		0.78			0.90			(0.14	)		(0.15	)		(0.29	)	$	13.32		7.20%		$	17,758		1.17%		0.89%		1.17%		10.03%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	13.28		0.10		0.87			0.97			(0.12	)		(0.88	)		(1.00	)	$	13.25		8.63%		$	18,665,586		0.88%		1.56%		0.88%		63.53%	(g)
Year Ended October 31, 2018	$	13.95		0.17		(0.26	)		(0.09	)		(0.21	)		(0.37	)		(0.58	)	$	13.28		(0.77%	)	$	17,971,136		0.89%		1.24%		0.89%		18.61%
Year Ended October 31, 2017	$	12.28		0.15		2.33			2.48			(0.18	)		(0.63	)		(0.81	)	$	13.95		21.04%		$	17,993,301		0.88%		1.17%		0.88%		26.27%
Year Ended October 31, 2016	$	12.70		0.11		0.08			0.19			(0.13	)		(0.48	)		(0.61	)	$	12.28		1.81%		$	13,255,710		0.88%		0.89%		0.88%		17.63%
Year Ended October 31, 2015	$	13.30		0.15		(0.10	)		0.05			(0.20	)		(0.45	)		(0.65	)	$	12.70		0.42%		$	12,213,162		0.88%		1.18%		0.88%		11.73%
Year Ended October 31, 2014	$	12.69		0.13		0.81			0.94			(0.18	)		(0.15	)		(0.33	)	$	13.30		7.51%		$	9,775,507		0.88%		0.97%		0.88%		10.03%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	13.39		0.14		0.88			1.02			(0.17	)		(0.88	)		(1.05	)	$	13.36		8.96%		$	21,288,619		0.13%		2.20%		0.13%		63.53%	(g)
Year Ended October 31, 2018	$	14.05		0.29		(0.27	)		0.02			(0.31	)		(0.37	)		(0.68	)	$	13.39		0.02%		$	18,355,415		0.14%		2.03%		0.14%		18.61%
Year Ended October 31, 2017	$	12.35		0.25		2.34			2.59			(0.26	)		(0.63	)		(0.89	)	$	14.05		21.93%		$	19,408,740		0.13%		1.91%		0.13%		26.27%
Year Ended October 31, 2016	$	12.77		0.20		0.09			0.29			(0.23	)		(0.48	)		(0.71	)	$	12.35		2.57%		$	11,881,943		0.13%		1.64%		0.13%		17.63%
Year Ended October 31, 2015	$	13.37		0.25		(0.10	)		0.15			(0.30	)		(0.45	)		(0.75	)	$	12.77		1.17%		$	9,463,033		0.13%		1.88%		0.13%		11.73%
Year Ended October 31, 2014	$	12.74		0.22		0.83			1.05			(0.27	)		(0.15	)		(0.42	)	$	13.37		8.38%		$	6,061,345		0.13%		1.66%		0.13%		10.03%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.38		0.12		0.88			1.00			(0.15	)		(0.88	)		(1.03	)	$	13.35		8.83%		$	21,922,542		0.38%		1.97%		0.38%		63.53%	(g)
Year Ended October 31, 2018	$	14.04		0.24		(0.25	)		(0.01	)		(0.28	)		(0.37	)		(0.65	)	$	13.38		(0.23%	)	$	17,337,540		0.39%		1.69%		0.39%		18.61%
Year Ended October 31, 2017	$	12.34		0.21		2.35			2.56			(0.23	)		(0.63	)		(0.86	)	$	14.04		21.67%		$	15,443,331		0.38%		1.61%		0.38%		26.27%
Year Ended October 31, 2016	$	12.76		0.17		0.09			0.26			(0.20	)		(0.48	)		(0.68	)	$	12.34		2.32%		$	9,237,219		0.38%		1.39%		0.38%		17.63%
Year Ended October 31, 2015	$	13.36		0.21		(0.09	)		0.12			(0.27	)		(0.45	)		(0.72	)	$	12.76		0.92%		$	7,575,664		0.38%		1.65%		0.38%		11.73%
Year Ended October 31, 2014	$	12.74		0.18		0.83			1.01			(0.24	)		(0.15	)		(0.39	)	$	13.36		8.06%		$	4,938,798		0.38%		1.40%		0.38%		10.03%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

95

Fund Overview Nationwide Destination 2060 Fund

Asset Allocation¹

Equity Funds	93.3%
Fixed Income Funds	6.7%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	52.5%
Nationwide International Index Fund, Class R6	21.4%
Nationwide Mid Cap Market Index Fund, Class R6	8.1%
iShares Core MSCI Emerging Markets ETF	8.0%
Nationwide Bond Index Fund, Class R6	4.8%
Nationwide Small Cap Index Fund, Class R6	3.3%
Nationwide Core Plus Bond Fund, Class R6	1.0%
iShares iBoxx $ High Yield Corporate Bond ETF	0.9%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

96

Shareholder Expense Example Nationwide Destination 2060 Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period April 30, 2019.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Destination 2060 Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,088.10		3.26		0.63
	Hypothetical	(b)(c)		1,000.00		1,021.67		3.16		0.63
Class C Shares	Actual	(b)		1,000.00		1,085.30		5.89		1.14
	Hypothetical	(b)(c)		1,000.00		1,019.14		5.71		1.14
Class R Shares	Actual	(b)		1,000.00		1,086.10		4.55		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.43		4.41		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,090.60		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.15		0.65		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,089.40		1.97		0.38
	Hypothetical	(b)(c)		1,000.00		1,022.91		1.91		0.38

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

97

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Destination 2060 Fund

Investment Companies 91.1%
	Shares		Value
Equity Funds 85.3%
Nationwide International Index Fund, Class R6 (a)		591,775	$	4,633,600
Nationwide Mid Cap Market Index Fund, Class R6 (a)		112,912		1,764,814
Nationwide Multi-Cap Portfolio, Class R6 (a)		1,010,082		11,353,320
Nationwide Small Cap Index Fund, Class R6 (a)		69,545		710,750
Total Equity Funds (cost $17,808,243)				18,462,484
Fixed Income Funds 5.8%
Nationwide Bond Index Fund, Class R6 (a)		95,728		1,042,482
Nationwide Core Plus Bond Fund, Class R6 (a)		20,802		209,681
Total Fixed Income Funds (cost $1,243,920)				1,252,163
Total Investment Companies (cost $19,052,163)				19,714,647
Exchange Traded Funds 8.9%
Equity Fund 8.0%
iShares Core MSCI Emerging Markets ETF		32,839		1,735,213
Fixed Income Fund 0.9%
iShares iBoxx $ High Yield Corporate Bond ETF		2,216		192,659
Total Exchange Traded Funds (cost $1,961,040)				1,927,872
Total Investments (cost $21,013,203) — 100.0%				21,642,519
Liabilities in excess of other assets — 0.0%†				(3,979	)
NET ASSETS — 100.0%			$	21,638,540

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

98

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Destination 2060 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $19,052,163)	$	19,714,647
Investment securities of unaffiliated issuers, at value (cost $1,961,040)		1,927,872
Cash		3,398
Interest receivable		4
Receivable for capital shares issued		31,871
Total Assets		21,677,792
Liabilities:
Payable for investments purchased		31,551
Payable for capital shares redeemed		21
Accrued expenses and other payables:
Investment advisory fees		2,289
Distribution fees		2,343
Administrative servicing fees		2,899
Trustee fees		44
Professional fees		105
Total Liabilities		39,252
Net Assets	$	21,638,540
Represented by:
Capital	$	20,687,199
Total distributable earnings (loss)		951,341
Net Assets	$	21,638,540
Net Assets:
Class A Shares	$	6,586,576
Class C Shares		175,187
Class R Shares		2,202,863
Class R6 Shares		4,960,005
Institutional Service Class Shares		7,713,909
Total	$	21,638,540
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		603,433
Class C Shares		16,105
Class R Shares		202,094
Class R6 Shares		453,163
Institutional Service Class Shares		705,289
Total		1,980,084

99

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Destination 2060 Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.92
Class C Shares (b)	$	10.88
Class R Shares	$	10.90
Class R6 Shares	$	10.95
Institutional Service Class Shares	$	10.94
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.59
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

100

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Destination 2060 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	191,349
Dividend income from unaffiliated issuers		27,702
Interest income (unaffiliated)		491
Income from securities lending (Note 2)		303
Total Income		219,845
EXPENSES:
Investment advisory fees		12,086
Distribution fees Class A		7,300
Distribution fees Class C		716
Distribution fees Class R		4,472
Administrative servicing fees Class A		7,300
Administrative servicing fees Class C		7
Administrative servicing fees Class R		2,236
Administrative servicing fees Institutional Service Class		7,948
Professional fees		147
Trustee fees		275
Total Expenses		42,487
NET INVESTMENT INCOME		177,358
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		937,716
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		(336,334	)
Transactions in investment securities of unaffiliated issuers		(97,577	)
Expiration or closing of futures contracts (Note 2)		(25,853	)
Net realized gains		477,952
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		917,643
Investment securities of unaffiliated issuers		165,328
Net change in unrealized appreciation/depreciation		1,082,971
Net realized/unrealized gains		1,560,923
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,738,281

The accompanying notes are an integral part of these financial statements.

101

Statements of Changes in Net Assets

	Nationwide Destination 2060 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	177,358		$	225,330
Net realized gains		477,952			961,591
Net change in unrealized appreciation/depreciation		1,082,971			(1,466,912	)
Change in net assets resulting from operations		1,738,281			(279,991	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(347,394	)		(175,983	)
Class C		(6,750	)		(6,203	)
Class R		(99,803	)		(51,243	)
Class R6		(267,527	)		(171,780	)
Institutional Service Class		(388,241	)		(223,154	)
Change in net assets from shareholder distributions		(1,109,715	)		(628,363	)
Change in net assets from capital transactions		4,216,079			6,130,721
Change in net assets		4,844,645			5,222,367
Net Assets:
Beginning of period		16,793,895			11,571,528
End of period	$	21,638,540		$	16,793,895
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,391,305		$	2,942,099
Dividends reinvested		347,156			175,983
Cost of shares redeemed		(820,104	)		(544,262	)
Total Class A Shares		918,357			2,573,820
Class C Shares
Proceeds from shares issued		45,191			5,666
Dividends reinvested		6,750			6,203
Cost of shares redeemed		(30	)		(33,497	)
Total Class C Shares		51,911			(21,628	)
Class R Shares
Proceeds from shares issued		531,186			887,332
Dividends reinvested		99,803			51,243
Cost of shares redeemed		(98,981	)		(301,987	)
Total Class R Shares		532,008			636,588
Class R6 Shares
Proceeds from shares issued		1,440,510			2,348,782
Dividends reinvested		267,527			171,780
Cost of shares redeemed		(830,688	)		(1,668,607	)
Total Class R6 Shares		877,349			851,955

102

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2060 Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	2,656,397		$	2,933,535
Dividends reinvested		388,241			223,154
Cost of shares redeemed		(1,208,184	)		(1,066,703	)
Total Institutional Service Class Shares		1,836,454			2,089,986
Change in net assets from capital transactions	$	4,216,079		$	6,130,721
SHARE TRANSACTIONS:
Class A Shares
Issued		134,837			259,865
Reinvested		37,178			15,682
Redeemed		(79,099	)		(47,997	)
Total Class A Shares		92,916			227,550
Class C Shares
Issued		4,815			502
Reinvested		725			555
Redeemed		(3	)		(3,011	)
Total Class C Shares		5,537			(1,954	)
Class R Shares
Issued		51,231			78,258
Reinvested		10,709			4,573
Redeemed		(9,336	)		(26,672	)
Total Class R Shares		52,604			56,159
Class R6 Shares
Issued		138,075			206,531
Reinvested		28,525			15,274
Redeemed		(78,006	)		(146,237	)
Total Class R6 Shares		88,594			75,568
Institutional Service Class Shares
Issued		254,576			259,307
Reinvested		41,489			19,847
Redeemed		(117,994	)		(95,924	)
Total Institutional Service Class Shares		178,071			183,230
Total change in shares		417,722			540,553

The accompanying notes are an integral part of these financial statements.

103

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2060 Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.74		0.09		0.75			0.84			(0.11	)		(0.55	)		(0.66	)	$	10.92		8.81%		$	6,586,576		0.63%		1.74%			0.63%		69.05%	(g)
Year Ended October 31, 2018	$	11.31		0.15		(0.18	)		(0.03	)		(0.19	)		(0.35	)		(0.54	)	$	10.74		(0.43%	)	$	5,481,132		0.63%		1.35%			0.63%		16.95%
Year Ended October 31, 2017	$	9.71		0.14		1.88			2.02			(0.17	)		(0.25	)		(0.42	)	$	11.31		21.31%		$	3,200,947		0.61%		1.29%			0.61%		44.88%
Year Ended October 31, 2016	$	9.77		0.09		0.10			0.19			(0.13	)		(0.12	)		(0.25	)	$	9.71		2.12%		$	1,099,157		0.60%		0.96%			0.60%		20.78%
Period Ended October 31, 2015 (h)	$	10.00		0.14		(0.16	)		(0.02	)		(0.21	)		–			(0.21	)	$	9.77		(0.26%	)	$	318,677		0.45%		1.37%	(i)		0.45%		25.65%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.71		0.05		0.76			0.81			(0.09	)		(0.55	)		(0.64	)	$	10.88		8.53%		$	175,187		1.14%		0.93%			1.14%		69.05%	(g)
Year Ended October 31, 2018	$	11.29		0.12		(0.21	)		(0.09	)		(0.14	)		(0.35	)		(0.49	)	$	10.71		(0.96%	)	$	113,150		1.15%		1.04%			1.15%		16.95%
Year Ended October 31, 2017	$	9.70		0.10		1.86			1.96			(0.12	)		(0.25	)		(0.37	)	$	11.29		20.71%		$	141,367		1.14%		0.93%			1.14%		44.88%
Year Ended October 31, 2016	$	9.76		0.06		0.08			0.14			(0.08	)		(0.12	)		(0.20	)	$	9.70		1.55%		$	110,981		1.13%		0.63%			1.13%		20.78%
Period Ended October 31, 2015 (h)	$	10.00		0.11		(0.20	)		(0.09	)		(0.15	)		–			(0.15	)	$	9.76		(0.91%	)	$	102,787		1.13%		1.09%	(i)		1.13%		25.65%
Class R Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.73		0.07		0.75			0.82			(0.10	)		(0.55	)		(0.65	)	$	10.90		8.61%		$	2,202,863		0.88%		1.42%			0.88%		69.05%	(g)
Year Ended October 31, 2018	$	11.30		0.13		(0.18	)		(0.05	)		(0.17	)		(0.35	)		(0.52	)	$	10.73		(0.65%	)	$	1,603,324		0.90%		1.12%			0.90%		16.95%
Year Ended October 31, 2017	$	9.71		0.11		1.88			1.99			(0.15	)		(0.25	)		(0.40	)	$	11.30		21.03%		$	1,055,047		0.81%		1.06%			0.81%		44.88%
Year Ended October 31, 2016	$	9.76		0.11		0.08			0.19			(0.12	)		(0.12	)		(0.24	)	$	9.71		2.04%		$	345,669		0.78%		1.11%			0.78%		20.78%
Period Ended October 31, 2015 (h)	$	10.00		0.14		(0.19	)		(0.05	)		(0.19	)		–			(0.19	)	$	9.76		(0.54%	)	$	151,162		0.67%		1.38%	(i)		0.67%		25.65%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	10.77		0.11		0.76			0.87			(0.14	)		(0.55	)		(0.69	)	$	10.95		9.06%		$	4,960,005		0.13%		2.19%			0.13%		69.05%	(g)
Year Ended October 31, 2018	$	11.34		0.23		(0.20	)		0.03			(0.25	)		(0.35	)		(0.60	)	$	10.77		0.04%		$	3,924,629		0.14%		2.00%			0.14%		16.95%
Year Ended October 31, 2017	$	9.72		0.19		1.89			2.08			(0.21	)		(0.25	)		(0.46	)	$	11.34		22.02%		$	3,276,461		0.13%		1.82%			0.13%		44.88%
Year Ended October 31, 2016	$	9.78		0.15		0.08			0.23			(0.17	)		(0.12	)		(0.29	)	$	9.72		2.50%		$	1,659,638		0.13%		1.55%			0.13%		20.78%
Period Ended October 31, 2015 (h)	$	10.00		0.19		(0.19	)		–			(0.22	)		–			(0.22	)	$	9.78		0.03%		$	879,158		0.13%		1.91%	(i)		0.13%		25.65%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.76		0.10		0.75			0.85			(0.12	)		(0.55	)		(0.67	)	$	10.94		8.94%		$	7,713,909		0.38%		2.01%			0.38%		69.05%	(g)
Year Ended October 31, 2018	$	11.33		0.18		(0.18	)		–			(0.22	)		(0.35	)		(0.57	)	$	10.76		(0.20%	)	$	5,671,660		0.38%		1.59%			0.38%		16.95%
Year Ended October 31, 2017	$	9.72		0.17		1.88			2.05			(0.19	)		(0.25	)		(0.44	)	$	11.33		21.62%		$	3,897,706		0.38%		1.61%			0.38%		44.88%
Year Ended October 31, 2016	$	9.77		0.12		0.10			0.22			(0.15	)		(0.12	)		(0.27	)	$	9.72		2.42%		$	1,698,373		0.38%		1.26%			0.38%		20.78%
Period Ended October 31, 2015 (h)	$	10.00		0.13		(0.14	)		(0.01	)		(0.22	)		–			(0.22	)	$	9.77		(0.09%	)	$	673,751		0.25%		1.32%	(i)		0.25%		25.65%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year, unless otherwise noted.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) For the period from December 1, 2014 (commencement of operations) through October 31, 2015. Total return is calculated based on inception date of November 28, 2014 through October 31, 2015.

(i) Ratio has not been annualized.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

104

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the eleven (11) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Destination 2010 Fund (“Destination 2010”)

- Nationwide Destination 2015 Fund (“Destination 2015”)

- Nationwide Destination 2020 Fund (“Destination 2020”)

- Nationwide Destination 2025 Fund (“Destination 2025”)

- Nationwide Destination 2030 Fund (“Destination 2030”)

- Nationwide Destination 2035 Fund (“Destination 2035”)

- Nationwide Destination 2040 Fund (“Destination 2040”)

- Nationwide Destination 2045 Fund (“Destination 2045”)

- Nationwide Destination 2050 Fund (“Destination 2050”)

- Nationwide Destination 2055 Fund (“Destination 2055”)

- Nationwide Destination 2060 Fund (“Destination 2060”)

Each of the Funds operates as a “fund-of-funds,” which means that each of the Funds pursues its objective(s) by allocating its investments primarily among other affiliated series of the Trust, and in unaffiliated mutual funds (including exchange traded funds) (“Underlying Funds”), and may have additional investment and concentration risk. The Underlying Funds typically invest in stocks, bonds, and other securities. Each of the Funds may also invest in an unregistered fixed investment contract (the “Nationwide Contract”) issued by Nationwide Life Insurance Company (“NLIC”), which is a direct wholly owned subsidiary of NFS.

The Funds currently offer Class A, Class C, Class R, Class R6 and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Each of the Funds is a non-diversified fund, as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various

105

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair market value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end Underlying Funds in which a Fund invests are valued at their respective net asset value (“NAV”) as reported by such Underlying Fund. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end Underlying Funds and shares of exchange traded funds valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, and Destination 2040 currently invest in the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued by NLIC. The Nationwide Contract has a stable principal value and pays a fixed rate of interest to each Fund that invests in a contract, which is currently assessed and may be adjusted on a quarterly basis. If NLIC becomes unable to pay interest or repay principal under the contract, a Fund may lose money. Because the entire contract is issued by NLIC, the financial health of NLIC may have a greater impact on the value

106

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

of a Fund that invests in it. NLIC could decide to stop issuing the Nationwide Contract in its current form, and instead offer the Funds a new fixed interest contract (or amend the existing contract). NFA can increase or redeem all or a portion of a Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. Neither the Funds, NFA, NLIC nor any of its affiliates guarantee a Fund’s performance or that a Fund will provide a certain level of income.

The Funds’ portfolio managers believe that the stable nature of the Nationwide Contract may reduce a Fund’s volatility and overall risk, especially during periods when the market values of bonds and other debt securities decline. However, under certain market conditions, such as when the market values of bonds and other debt securities increase, investing in the Nationwide Contract could hamper a Fund’s performance.

The interest credited to each Fund on a daily basis is reinvested in the Nationwide Contract. The par value is calculated each day by the summation of the following: (i) prior day’s par value; (ii) prior day’s interest accrued (par multiplied by the current interest rate); and (iii) current day net purchase or redemption. For the period from November 1, 2018 through December 31, 2018, the rate was 2.65%. For the period from January 1, 2019 through March 31, 2019, the rate was 2.65%. For the period from April 1, 2019 through April 30, 2019, the rate was 2.60%. Effective May 1, 2019, the rate will be no less than 0.00% per annum. NLIC may revise the interest rate on the Nationwide Contract at its discretion.

At April 30, 2019, 100% of the market value of Destination 2055 and Destination 2060 was determined based on Level 1 inputs.

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

Destination 2010

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	269,960	$	—	$	—	$	269,960
Investment Companies		13,527,441		—		—		13,527,441
Investment Contract		—		—		3,272,753		3,272,753
Total	$	13,797,401	$	—	$	3,272,753	$	17,070,154

Destination 2015

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	1,748,740	$	—	$	—	$	1,748,740
Investment Companies		53,741,183		—		—		53,741,183
Investment Contract		—		—		10,657,312		10,657,312
Total	$	55,489,923	$	—	$	10,657,312	$	66,147,235

107

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2020

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	6,829,517	$	—	$	—	$	6,829,517
Investment Companies		175,906,966		—		—		175,906,966
Investment Contract		—		—		22,449,528		22,449,528
Total	$	182,736,483	$	—	$	22,449,528	$	205,186,011

Destination 2025

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	13,431,611	$	—	$	—	$	13,431,611
Investment Companies		252,306,212		—		—		252,306,212
Investment Contract		—		—		24,598,923		24,598,923
Total	$	265,737,823	$	—	$	24,598,923	$	290,336,746

Destination 2030

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	19,056,706	$	—	$	—	$	19,056,706
Investment Companies		277,673,580		—		—		277,673,580
Investment Contract		—		—		11,960,094		11,960,094
Total	$	296,730,286	$	—	$	11,960,094	$	308,690,380

Destination 2035

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	21,464,335	$	—	$	—	$	21,464,335
Investment Companies		235,891,772		—		—		235,891,772
Investment Contract		—		—		7,666,445		7,666,445
Repurchase Agreements		—		2,446,817		—		2,446,817
Short-Term Investment		146,014		—		—		146,014
Total	$	257,502,121	$	2,446,817	$	7,666,445	$	267,615,383

Destination 2040

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	20,528,078	$	—	$	—	$	20,528,078
Investment Companies		195,794,770		—		—		195,794,770
Investment Contract		—		—		4,240,331		4,240,331
Repurchase Agreements		—		4,060,887		—		4,060,887
Short-Term Investment		242,334		—		—		242,334
Total	$	216,565,182	$	4,060,887	$	4,240,331	$	224,866,400

108

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2045

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	15,973,485	$	—	$	—	$	15,973,485
Investment Companies		156,930,624		—		—		156,930,624
Repurchase Agreements		—		3,177,805		—		3,177,805
Short-Term Investment		189,636		—		—		189,636
Total	$	173,093,745	$	3,177,805	$	—	$	176,271,550

Destination 2050

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	13,905,514	$	—	$	—	$	13,905,514
Investment Companies		128,755,669		—		—		128,755,669
Repurchase Agreements		—		783,501		—		783,501
Short-Term Investment		46,756		—		—		46,756
Total	$	142,707,939	$	783,501	$	—	$	143,491,440

Amounts designated as “—” are zero or have been rounded to zero.

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

Destination 2010

	Investment Contract			Total
Balance as of 10/31/2018	$	3,514,732		$	3,514,732
Purchases*		481,118			481,118
Sales		(723,097	)		(723,097	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	3,272,753		$	3,272,753

Destination 2015

	Investment Contract			Total
Balance as of 10/31/2018	$	11,372,582		$	11,372,582
Purchases*		1,282,119			1,282,119
Sales		(1,997,389	)		(1,997,389	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	10,657,312		$	10,657,312

109

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2020

	Investment Contract			Total
Balance as of 10/31/2018	$	23,680,455		$	23,680,455
Purchases*		2,051,204			2,051,204
Sales		(3,282,131	)		(3,282,131	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	22,449,528		$	22,449,528

Destination 2025

	Investment Contract			Total
Balance as of 10/31/2018	$	25,371,866		$	25,371,866
Purchases*		2,468,667			2,468,667
Sales		(3,241,610	)		(3,241,610	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	24,598,923		$	24,598,923

Destination 2030

	Investment Contract			Total
Balance as of 10/31/2018	$	12,145,531		$	12,145,531
Purchases*		1,332,863			1,332,863
Sales		(1,518,300	)		(1,518,300	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	11,960,094		$	11,960,094

Destination 2035

	Investment Contract			Total
Balance as of 10/31/2018	$	7,939,336		$	7,939,336
Purchases*		924,434			924,434
Sales		(1,197,325	)		(1,197,325	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	7,666,445		$	7,666,445

110

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2040

	Investment Contract			Total
Balance as of 10/31/2018	$	4,283,686		$	4,283,686
Purchases*		555,898			555,898
Sales		(599,253	)		(599,253	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	4,240,331		$	4,240,331

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Funds’ Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions		daily
		Interest Rate		2.60%
		Redemption Feature		daily
		Non-Assignment Feature		daily
		Termination Feature		daily

* NFA can increase or redeem all or a portion of each Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or NLIC has the ability to terminate its investment in the Nationwide Contract at its discretion. The Fair Value Committee (“FVC”) continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

For additional information about the unaffiliated Underlying Funds’ valuation policies, please refer to the unaffiliated funds’ most recent annual or semiannual report.

The following are the valuation policies of the affiliated Underlying Funds:

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at NAV as reported by such company. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity

111

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a FVC to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair

112

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

(b) Futures Contracts

Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, Destination 2040, Destination 2045, Destination 2050, Destination 2055, and Destination 2060 are subject to equity price risk in the normal course of pursuing their objective(s). The Funds entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, Destination 2040, Destination 2045, Destination 2050, Destination 2055, and Destination 2060 funds’ futures contracts are reflected in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts”.

At April 30, 2019, Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, Destination 2040, Destination 2045, Destination 2050, Destination 2055, and Destination 2060 had no open futures contracts.

113

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

Destination 2010

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(14,915	)
Total	$	(14,915	)

Destination 2015

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(65,452	)
Total	$	(65,452	)

Destination 2020

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(224,450	)
Total	$	(224,450	)

Destination 2025

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(1,268,700	)
Total	$	(1,268,700	)

Destination 2030

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(1,408,849	)
Total	$	(1,408,849	)

114

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2035

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(1,288,481	)
Total	$	(1,288,481	)

Destination 2040

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(1,152,898	)
Total	$	(1,152,898	)

Destination 2045

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(256,445	)
Total	$	(256,445	)

Destination 2050

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(214,228	)
Total	$	(214,228	)

Destination 2055

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(124,149	)
Total	$	(124,149	)

Destination 2060

Realized Gains (Losses):

	Total
Futures Contracts
Equity risk	$	(25,853	)
Total	$	(25,853	)

115

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

Destination 2010

Futures Contracts:

Average Notional Balance Long $ 295,532

Destination 2015

Futures Contracts:

Average Notional Balance Long $ 1,221,533

Destination 2020

Futures Contracts:

Average Notional Balance Long $ 4,078,344

Destination 2025

Futures Contracts:

Average Notional Balance Long $ 6,048,558

Destination 2030

Futures Contracts:

Average Notional Balance Long $ 6,797,239

Destination 2035

Futures Contracts:

Average Notional Balance Long $ 6,304,686

Destination 2040

Futures Contracts:

Average Notional Balance Long $ 5,654,515

Destination 2045

Futures Contracts:

Average Notional Balance Long $ 4,570,897

Destination 2050

Futures Contracts:

Average Notional Balance Long $ 3,802,514

116

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2055

Futures Contracts:

Average Notional Balance Long $ 2,108,129

Destination 2060

Futures Contracts:

Average Notional Balance Long $ 512,256

(c) Securities Lending

During the six months ended April 30, 2019, Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, Destination 2040, Destination 2045, Destination 2050, Destination 2055, and Destination 2060 entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33¹/₃% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any dividends while on loan, in lieu of income which is included as “Dividend income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of cash, were as follows:

Fund	Amounts of Liabilities Presented in the Statements of Assets  and Liabilities
Destination 2035	$	2,592,831
Destination 2040		4,303,221
Destination 2045		3,367,441
Destination 2050		830,257

117

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Fund’s total assets.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At April 30, 2019, Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2055, Destination 2060 did not have any portfolio securities on loan.

(d) Joint Repurchase Agreements

During the six months ended April 30, 2019, Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2035, Destination 2040, Destination 2045, Destination 2050, Destination 2055, Destination 2060, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the Securities and Exchange Commission (“SEC”), transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

118

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Funds’ investment in the joint repos was subject to an enforceable netting arrangement. The Funds’ proportionate holding in the joint repos was as follows:

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Destination 2035	BNP Paribas Securities Corp.	$	2,133,710	$	—	$	2,133,710	$	(2,133,710	)	$	—
Destination 2035	Royal Bank of Canada		313,107		—		313,107		(313,107	)		—
Total		$	2,446,817	$	—	$	2,446,817	$	(2,446,817	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Destination 2040	BNP Paribas Securities Corp.	$	3,541,235	$	—	$	3,541,235	$	(3,541,235	)	$	—
Destination 2040	Royal Bank of Canada		519,652		—		519,652		(519,652	)		—
Total		$	4,060,887	$	—	$	4,060,887	$	(4,060,887	)	$	—

119

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

								Gross Amounts not Offset in the Statement of Assets  and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Destination 2045	BNP Paribas Securities Corp.	$	2,771,157	$	—	$	2,771,157	$	(2,771,157	)	$	—
Destination 2045	Royal Bank of Canada		406,648		—		406,648		(406,648	)		—
Total		$	3,177,805	$	—	$	3,177,805	$	(3,177,805	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Destination 2050	BNP Paribas Securities Corp.	$	683,240	$	—	$	683,240	$	(683,240	)	$	—
Destination 2050	Royal Bank of Canada		100,261		—		100,261		(100,261	)		—
Total		$	783,501	$	—	$	783,501	$	(783,501	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repo. Please refer to the Statement of Investments for each Fund’s undivided interest in the joint repo and related collateral.

At April 30, 2019, Destination 2010, Destination 2015, Destination 2020, Destination 2025, Destination 2030, Destination 2055, Destination 2060 did not invest in any repurchase agreements.

(e) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income on the Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such.

120

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations.

(f) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(g) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(h) Cash and Cash Equivalents

For the purposes of the Statement of Cash Flows, the Funds define Cash and Cash Equivalents as cash, restricted cash, money market funds and other investments held in lieu of cash.

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

121

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. Each Fund pays NFA a unified management fee of 0.13% per annum of the Fund’s average daily net assets. Out of the unified management fee, NFA pays substantially all of the expenses of managing and operating each Fund except for Rule 12b-1 fees, administrative services fees, the cost of investment securities or other investment assets, taxes, interest charges, brokerage commissions, short-sale dividend expenses, the cost of share certificates representing shares of the Trust, compensation and expenses of the non-interested Trustees and counsel to the non-interested Trustees, and expenses incurred by a Fund in connection with any merger or reorganization and other non-routine expenses not incurred in the ordinary course of a Fund’s business. For the six months ended April 30, 2019, the Funds’ effective unified management fee rate was 0.13%.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds, and serves as Transfer and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Pursuant to the unified advisory fee terms of the Investment Advisory Agreement, NFA pays fund administration and transfer agency fees. Therefore, during the six months ended April 30, 2019, the Funds did not pay any fund administration and transfer agency fees.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate of 0.25% for Class A shares, 1.00% for Class C shares, and 0.50% for Class R shares of each Fund. Class R6 and Institutional Service Class shares do not pay a distribution fee.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. The Funds’ Class A sales charges range from 0.00% to 5.75% based on the amount purchased. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $42,324. From these fees, NFD retained a portion amounting to $5,746.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Applicable Class A and Class C CDSCs are 1.00% for all Funds. During the six months ended April 30, 2019, the Funds imposed CDSCs of $0.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing

122

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, Class R, and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Class R			Institutional Service Class
Destination 2010		0.25	%		0.14	%		0.25	%		—
Destination 2015		0.22			0.03			0.25			0.25	%
Destination 2020		0.25			0.08			0.25			0.25
Destination 2025		0.25			0.07			0.25			0.25
Destination 2030		0.23			0.01			0.25			0.25
Destination 2035		0.25			0.04			0.25			0.25
Destination 2040		0.25			0.01			0.25			0.25
Destination 2045		0.25			0.04			0.25			0.25
Destination 2050		0.25			0.02			0.25			0.25
Destination 2055		0.25			0.01			0.25			0.25
Destination 2060		0.25			0.01			0.25			0.25

Amounts designated as “—” are zero.

For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Destination 2010	$	16,550
Destination 2015		63,315
Destination 2020		192,293
Destination 2025		266,278
Destination 2030		273,272
Destination 2035		242,858
Destination 2040		195,461
Destination 2045		148,580
Destination 2050		122,067
Destination 2055		67,474
Destination 2060		17,491

123

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Destination 2010		1.11	%
Destination 2015		35.68
Destination 2020		41.71
Destination 2025		39.04
Destination 2030		38.08
Destination 2035		37.07
Destination 2040		35.00
Destination 2045		30.75
Destination 2050		26.39
Destination 2055		30.92
Destination 2060		36.62

Each Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge a Fund any sales charge for buying or selling Underlying Fund shares. However, a Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management, administration and custodian fees of the Underlying Funds. These expenses are deducted from each Underlying Fund’s net assets before its share price is calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how a Fund’s assets are allocated among the Underlying Funds.

During the six months ended April 30, 2019, shares of affiliated Underlying Funds held by the Funds were redeemed in-kind for the below amounts:

	Nationwide S&P 500 Index Fund				Nationwide Small Cap Index Fund				Nationwide Mid Cap Market Index Fund
Fund	Securities Market Value		Cash		Securities Market Value		Cash		Securities Market Value		Cash
Destination 2010	$	3,630,685	$	124,673	$	153,920	$	69,104	$	433,967	$	36,924
Destination 2015		14,168,304		307,752		905,103		106,681		1,848,957		100,163
Destination 2020		48,367,902		921,841		3,338,449		219,756		7,052,849		343,477
Destination 2025		73,390,617		1,374,448		5,194,824		262,977		10,200,565		489,723
Destination 2030		87,223,344		1,652,823		6,187,347		306,759		13,142,108		628,093
Destination 2035		86,471,645		1,676,133		6,427,557		316,104		12,361,414		593,747
Destination 2040		77,681,757		1,512,065		5,331,752		268,386		13,050,001		622,774
Destination 2045		62,444,816		1,225,564		4,605,240		236,313		10,561,386		509,469
Destination 2050		52,117,918		1,038,797		3,782,258		199,814		9,286,213		447,246
Destination 2055		28,796,833		598,958		2,229,525		130,588		5,259,213		260,423
Destination 2060		7,432,831		201,003		512,790		54,909		1,277,993		74,473

The Funds subsequently sold the securities received in-kind. The realized gains (losses) from those transactions are included in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities of unaffiliated issuers”.

124

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

4.  Investments in Affiliated Issuers

Each of the Funds invests in Class R6 shares of the affiliated Underlying Funds, and each of the Funds can invest in the Nationwide Contract. The Funds’ transactions in the shares of the affiliated Underlying Funds and in the Nationwide Contract for the six months ended April 30, 2019 were as follows:

Destination 2010

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		93,299		1,023,296		129,440		(200,236	)		(6,192	)		13,737			960,045		25,915		—
Nationwide International Index Fund, Class R6		205,101		2,071,239		288,350		(792,636	)		7,420			31,568			1,605,941		45,210		45,523
Nationwide Mid Cap Market Index Fund, Class R6		26,325		973,472		167,850		(685,212	)(b)		(77,149	)		32,501			411,462		4,820		72,472
Nationwide Multi-Cap Portfolio, Class R6		424,258		—		4,926,687		(590,558	)		41,594			390,941			4,768,664		8,809		—
Nationwide S&P 500 Index Fund, Class R6		—		4,266,774		426,691		(4,527,202	)(b)		(8,263	)		(158,000	)		—		22,443		246,658
Nationwide Small Cap Index Fund, Class R6		—		252,602		51,609		(274,352	)(b)		(37,948	)		8,089			—		803		34,165
Nationwide Bond Index Fund, Class R6		284,801		2,600,876		1,115,329		(719,249	)		(12,676	)		117,198			3,101,478		39,729		—
Nationwide Core Plus Bond Fund, Class R6		154,776		1,678,624		203,897		(375,228	)		(9,598	)		62,442			1,560,137		27,629		135
Nationwide Inflation-Protected Securities Fund, Class R6		114,140		1,209,845		145,168		(277,132	)		(6,292	)		48,125			1,119,714		8,664		—
Nationwide Contract^¥(a)	$	3,272,753		3,514,732		481,118		(723,097	)		—			—			3,272,753		43,768		—
Total				17,591,460		7,936,139		(9,164,902	)		(109,104	)		546,601			16,800,194		227,790		398,953

Destination 2015

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		360,797		3,990,727		406,936		(709,361	)		(25,972	)		50,275			3,712,605		100,659		—
Nationwide International Index Fund, Class R6		1,056,648		10,319,325		1,274,836		(3,502,492	)		(159,774	)		341,656			8,273,551		228,715		230,138
Nationwide Mid Cap Market Index Fund, Class R6		124,468		4,024,813		637,180		(2,531,661	)(b)		(120,017	)		(64,887	)		1,945,428		20,316		302,714
Nationwide Multi-Cap Portfolio, Class R6		1,654,599		—		19,063,467		(2,129,105	)		108,282			1,555,049			18,597,693		35,110		—
Nationwide S&P 500 Index Fund, Class R6		—		16,809,934		1,409,288		(17,502,795	)(b)		643,775			(1,360,202	)		—		89,903		1,004,179
Nationwide Small Cap Index Fund, Class R6		17,279		1,309,730		217,968		(1,203,745	)(b)		(149,248	)		1,882			176,587		4,310		176,029
Nationwide Bond Index Fund, Class R6		1,009,882		8,218,961		4,563,802		(2,133,346	)		(57,518	)		405,720			10,997,619		132,221		—
Nationwide Core Plus Bond Fund, Class R6		598,744		6,470,890		635,276		(1,273,880	)		(33,085	)		236,141			6,035,342		106,353		531
Nationwide Inflation-Protected Securities Fund, Class R6		407,988		4,342,244		415,341		(903,342	)		(19,200	)		167,315			4,002,358		31,672		—
Nationwide Contract^¥(a)	$	10,657,312		11,372,582		1,282,119		(1,997,389	)		—			—			10,657,312		141,655		—
Total				66,859,206		29,906,213		(33,887,116	)		187,243			1,332,949			64,398,495		890,914		1,713,591

125

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2020

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		803,732		8,865,130		670,241		(1,322,708	)		(46,231	)		103,969			8,270,401		218,995		—
Nationwide International Index Fund, Class R6		3,574,627		35,435,150		2,878,489		(10,948,438	)		(1,056,811	)		1,680,941			27,989,331		770,399		776,140
Nationwide Mid Cap Market Index Fund, Class R6		450,301		15,239,089		2,203,145		(9,705,566	)(b)		(365,867	)		(332,600	)		7,038,201		75,529		1,130,951
Nationwide Multi-Cap Portfolio, Class R6		5,788,997		—		64,111,811		(4,796,452	)		253,502			5,499,469			65,068,330		119,675		—
Nationwide S&P 500 Index Fund, Class R6		—		56,601,984		4,067,216		(58,420,835	)(b)		2,483,051			(4,731,416	)		—		297,724		3,307,390
Nationwide Small Cap Index Fund, Class R6		104,855		4,975,858		790,055		(4,162,117	)(b)		(455,594	)		(76,587	)		1,071,615		16,513		658,334
Nationwide Bond Index Fund, Class R6		3,751,312		30,095,180		15,523,671		(6,028,735	)		(288,533	)		1,550,209			40,851,792		483,037		—
Nationwide Core Plus Bond Fund, Class R6		1,629,832		17,391,728		1,253,595		(2,757,637	)		(81,456	)		622,479			16,428,709		284,140		1,398
Nationwide Inflation-Protected Securities Fund, Class R6		936,655		9,855,023		684,729		(1,686,037	)		(37,732	)		372,604			9,188,587		70,522		—
Nationwide Contract^¥(a)	$	22,449,528		23,680,455		2,051,204		(3,282,131	)		—			—			22,449,528		293,112		—
Total				202,139,597		94,234,156		(103,110,656	)		404,329			4,689,068			198,356,494		2,629,646		5,874,213

Destination 2025

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		997,092		10,562,831		932,809		(1,303,526	)		(54,548	)		122,513			10,260,079		270,679		—
Nationwide International Index Fund, Class R6		5,927,326		53,611,046		4,966,383		(13,341,292	)		(1,491,354	)		2,666,183			46,410,966		1,186,886		1,192,336
Nationwide Mid Cap Market Index Fund, Class R6		686,560		22,112,015		3,124,476		(13,521,039	)(b)		(379,146	)		(605,380	)		10,730,926		111,392		1,664,763
Nationwide Multi-Cap Portfolio, Class R6		8,947,747		—		96,980,341		(5,347,195	)		309,406			8,630,119			100,572,671		186,337		—
Nationwide S&P 500 Index Fund, Class R6		—		83,678,304		6,255,095		(86,467,362	)(b)		4,493,023			(7,959,060	)		—		454,056		5,028,198
Nationwide Small Cap Index Fund, Class R6		594,269		10,787,296		2,393,032		(6,103,555	)(b)		398,487			(1,401,830	)		6,073,430		40,035		1,454,202
Nationwide Bond Index Fund, Class R6		4,783,464		35,150,502		21,624,822		(6,226,858	)		(120,274	)		1,663,735			52,091,927		593,086		—
Nationwide Core Plus Bond Fund, Class R6		2,021,859		21,075,667		1,769,958		(3,130,566	)		(93,353	)		758,631			20,380,337		347,926		1,711
Nationwide Inflation-Protected Securities Fund, Class R6		589,794		5,904,651		494,474		(822,411	)		(24,204	)		233,366			5,785,876		43,399		—
Nationwide Contract^¥(a)	$	24,598,923		25,371,866		2,468,667		(3,241,610	)		—			—			24,598,923		316,819		—
Total				268,254,178		141,010,057		(139,505,414	)		3,038,037			4,108,277			276,905,135		3,550,615		9,341,210

126

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2030

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		735,924		7,701,760		779,962		(964,487	)		(34,775	)		90,200			7,572,660		192,564		—
Nationwide International Index Fund, Class R6		7,209,433		59,640,674		5,190,761		(9,923,530	)		(1,277,658	)		2,819,612			56,449,859		1,308,726		1,309,575
Nationwide Mid Cap Market Index Fund, Class R6		911,808		28,585,444		3,926,498		(16,986,074	)(b)		(702,663	)		(571,651	)		14,251,554		142,504		2,125,897
Nationwide Multi-Cap Portfolio, Class R6		10,716,008		—		114,902,333		(4,664,773	)		248,657			9,961,716			120,447,933		212,338		—
Nationwide S&P 500 Index Fund, Class R6		—		94,399,966		7,136,304		(97,903,922	)(b)		6,277,372			(9,909,720	)		—		519,032		5,588,252
Nationwide Small Cap Index Fund, Class R6		691,114		12,613,307		2,885,286		(7,214,015	)(b)		336,713			(1,558,110	)		7,063,181		46,955		1,712,546
Nationwide Bond Index Fund, Class R6		4,669,052		38,370,002		16,949,866		(6,075,114	)		(131,377	)		1,732,600			50,845,977		607,807		—
Nationwide Core Plus Bond Fund, Class R6		1,790,747		18,033,384		1,793,559		(2,353,135	)		(72,486	)		649,406			18,050,728		300,920		1,458
Nationwide Inflation-Protected Securities Fund, Class R6		304,963		2,971,105		292,098		(377,807	)		(2,807	)		109,099			2,991,688		21,668		—
Nationwide Contract^¥(a)	$	11,960,094		12,145,531		1,332,863		(1,518,300	)		—			—			11,960,094		150,879		—
Total				274,461,173		155,189,530		(147,981,157	)		4,640,976			3,323,152			289,633,674		3,503,393		10,737,728

Destination 2035

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		628,968		6,567,107		727,631		(870,603	)		(31,200	)		79,144			6,472,079		164,892		—
Nationwide International Index Fund, Class R6		7,005,740		53,073,384		5,225,616		(5,090,883	)		(760,428	)		2,407,253			54,854,942		1,180,225		1,176,065
Nationwide Mid Cap Market Index Fund, Class R6		952,493		26,669,381		3,988,387		(14,632,905	)(b)		(629,385	)		(508,008	)		14,887,470		135,965		2,011,324
Nationwide Multi-Cap Portfolio, Class R6		10,475,411		—		112,380,705		(4,315,637	)		242,255			9,436,292			117,743,615		199,524		—
Nationwide S&P 500 Index Fund, Class R6		—		88,118,301		7,301,613		(92,148,273	)(b)		5,122,043			(8,393,684	)		—		503,839		5,279,660
Nationwide Small Cap Index Fund, Class R6		721,942		13,082,764		3,024,902		(7,460,904	)(b)		274,416			(1,542,936	)		7,378,242		49,227		1,794,835
Nationwide Bond Index Fund, Class R6		2,464,783		26,651,555		3,593,986		(4,416,397	)		(113,740	)		1,126,084			26,841,488		372,904		—
Nationwide Core Plus Bond Fund, Class R6		765,271		7,831,017		854,119		(1,218,729	)		(46,549	)		294,078			7,713,936		129,116		628
Nationwide Contract^¥(a)	$	7,666,445		7,939,336		924,434		(1,197,325	)		—			—			7,666,445		97,143		—
Total				229,932,845		138,021,393		(131,351,656	)		4,057,412			2,898,223			243,558,217		2,832,835		10,262,512

127

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2040

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		5,742,614		43,884,061		4,811,081		(5,070,300	)		(776,678	)		2,116,505			44,964,669		971,736		968,617
Nationwide Mid Cap Market Index Fund, Class R6		1,005,850		28,302,430		4,358,206		(15,759,415	)(b)		(958,484	)		(221,309	)		15,721,428		142,205		2,102,020
Nationwide Multi-Cap Portfolio, Class R6		9,585,476		—		102,368,073		(3,492,620	)		202,922			8,662,371			107,740,746		183,680		—
Nationwide S&P 500 Index Fund, Class R6		—		78,809,638		6,882,671		(82,844,754	)(b)		4,405,261			(7,252,816	)		—		448,300		4,677,736
Nationwide Small Cap Index Fund, Class R6		599,026		10,990,499		2,422,900		(6,265,094	)(b)		393,971			(1,420,225	)		6,122,051		40,301		1,466,398
Nationwide Bond Index Fund, Class R6		1,363,273		14,539,824		2,335,554		(2,587,461	)		(60,134	)		618,260			14,846,043		205,576		—
Nationwide Core Plus Bond Fund, Class R6		634,904		6,346,778		801,488		(952,684	)		(36,129	)		240,380			6,399,833		106,427		513
Nationwide Contract^¥(a)	$	4,240,331		4,283,686		555,898		(599,253	)		—			—			4,240,331		53,277		—
Total				187,156,916		124,535,871		(117,571,581	)		3,170,729			2,743,166			200,035,101		2,151,502		9,215,284

Destination 2045

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		4,718,237		35,061,184		4,350,560		(3,589,519	)		(234,008	)		1,355,577			36,943,794		783,481		780,402
Nationwide Mid Cap Market Index Fund, Class R6		759,819		22,919,297		3,641,148		(13,583,886	)(b)		(955,283	)		(145,310	)		11,875,966		115,895		1,725,619
Nationwide Multi-Cap Portfolio, Class R6		7,820,706		—		84,413,171		(3,804,962	)		241,170			7,055,361			87,904,740		150,134		—
Nationwide S&P 500 Index Fund, Class R6		—		62,976,958		5,514,898		(66,170,754	)(b)		2,990,738			(5,311,840	)		—		361,986		3,788,242
Nationwide Small Cap Index Fund, Class R6		511,920		9,407,963		2,247,786		(5,513,561	)(b)		41,174			(951,540	)		5,231,822		35,122		1,283,357
Nationwide Bond Index Fund, Class R6		1,068,095		11,260,603		1,907,764		(1,972,699	)		(40,308	)		476,194			11,631,554		160,656		—
Nationwide Core Plus Bond Fund, Class R6		331,622		3,281,569		450,608		(496,300	)		(17,385	)		124,256			3,342,748		55,721		271
Total				144,907,574		102,525,935		(95,131,681	)		2,026,098			2,602,698			156,930,624		1,662,995		7,577,891

Destination 2050

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		3,888,007		29,483,475		3,901,520		(3,835,519	)		(304,728	)		1,198,351			30,443,099		659,405		657,419
Nationwide Mid Cap Market Index Fund, Class R6		719,091		20,196,666		3,169,674		(11,256,248	)(b)		(664,047	)		(206,647	)		11,239,398		102,598		1,518,080
Nationwide Multi-Cap Portfolio, Class R6		6,509,921		—		70,354,745		(3,228,517	)		224,658			5,820,630			73,171,516		125,497		—

128

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2050 (continued)

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide S&P 500 Index Fund, Class R6		—		52,377,126		5,046,817		(55,467,903	)(b)		2,638,959			(4,594,999	)		—		302,572		3,163,403
Nationwide Small Cap Index Fund, Class R6		421,914		7,749,465		1,756,170		(4,446,598	)(b)		35,940			(783,014	)		4,311,963		28,746		1,048,463
Nationwide Bond Index Fund, Class R6		754,162		7,917,958		1,462,998		(1,476,986	)		(29,367	)		338,217			8,212,820		113,626		—
Nationwide Core Plus Bond Fund, Class R6		136,595		1,359,051		200,246		(226,562	)		(7,814	)		51,952			1,376,873		23,035		113
Total				119,083,741		85,892,170		(79,938,333	)		1,893,601			1,824,490			128,755,669		1,355,479		6,387,478

Destination 2055

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		2,218,331		16,431,346		2,985,520		(2,565,739	)		(3,465	)		521,871			17,369,533		370,917		369,747
Nationwide Mid Cap Market Index Fund, Class R6		423,375		11,391,954		2,406,793		(6,722,430	)(b)		(485,796	)		26,824			6,617,345		58,390		862,140
Nationwide Multi-Cap Portfolio, Class R6		3,750,346		—		40,624,771		(1,947,630	)		140,545			3,336,200			42,153,886		71,751		—
Nationwide S&P 500 Index Fund, Class R6		—		28,894,151		3,026,743		(30,826,647	)(b)		1,128,229			(2,222,476	)		—		169,110		1,770,307
Nationwide Small Cap Index Fund, Class R6		260,738		4,617,775		1,276,108		(2,798,784	)(b)		(205,641	)		(224,714	)		2,664,744		17,258		627,593
Nationwide Bond Index Fund, Class R6		430,483		3,557,103		1,729,821		(751,228	)		(18,483	)		170,746			4,687,959		57,263		—
Nationwide Core Plus Bond Fund, Class R6		77,966		719,695		144,303		(102,681	)		(3,320	)		27,905			785,902		12,686		60
Total				65,612,024		52,194,059		(45,715,139	)		552,069			1,636,356			74,279,369		757,375		3,629,847

Destination 2060

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		591,775		3,869,118		1,461,048		(841,148	)		6,128			138,454			4,633,600		92,882		92,475
Nationwide Mid Cap Market Index Fund, Class R6		112,912		2,684,286		975,530		(1,781,526	)(b)		(231,853	)		118,377			1,764,814		14,874		219,500
Nationwide Multi-Cap Portfolio, Class R6		1,010,082		—		11,368,096		(924,087	)		45,492			863,819			11,353,320		17,739		—
Nationwide S&P 500 Index Fund, Class R6		—		6,814,091		1,557,333		(8,083,125	)(b)		(24,139	)		(264,160	)		—		44,760		461,940
Nationwide Small Cap Index Fund, Class R6		69,545		1,088,548		483,846		(748,301	)(b)		(125,014	)		11,671			710,750		4,492		163,786
Nationwide Bond Index Fund, Class R6		95,728		838,655		385,798		(218,142	)		(5,808	)		41,979			1,042,482		13,382		—

129

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Destination 2060 (continued)

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)		Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Core Plus Bond Fund, Class R6		20,802		166,501		72,750		(35,933	)		(1,140	)		7,503		209,681		3,220		15
Total				15,461,199		16,304,401		(12,632,262	)		(336,334	)		917,643		19,714,647		191,349		937,716

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

Ù Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

(b) Proceeds from sales includes securities received in-kind.

Further information about each affiliated Underlying Fund (excluding the Nationwide Contract, which is not a mutual fund or exchange traded fund) may be found in such affiliated Underlying Fund’s most recent semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds.

5.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan Chase Bank, N.A., The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held by or owing to such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Funds had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum

130

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

6.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of investments (excluding short-term securities) were as follows:

Fund	Purchases*^		Sales#
Destination 2010	$	8,023,926	$	9,730,801
Destination 2015		30,196,910		36,113,638
Destination 2020		95,677,333		107,782,431
Destination 2025		142,343,743		147,110,924
Destination 2030		156,067,978		149,035,160
Destination 2035		140,110,433		132,512,613
Destination 2040		127,142,156		118,663,014
Destination 2045		103,752,131		96,131,859
Destination 2050		87,759,626		80,865,684
Destination 2055		53,283,461		46,122,704
Destination 2060		16,779,836		12,678,418

* Purchases include reinvestment of income and realized gain distributions, as applicable.

Ù Purchases exclude securities received in-kind from affiliated Underlying Funds as shown below.

^#  Sales exclude sales of securities received in-kind from affiliated Underlying Funds as shown below.

Fund	Excluded from Purchases		Excluded from Sales
Destination 2010	$	4,218,572	$	4,167,672
Destination 2015		16,922,364		16,706,363
Destination 2020		58,759,200		58,014,821
Destination 2025		88,786,006		88,425,597
Destination 2030		106,552,799		106,134,189
Destination 2035		105,260,616		104,863,388
Destination 2040		96,063,510		95,704,759
Destination 2045		77,611,442		76,719,096
Destination 2050		65,186,389		64,441,983
Destination 2055		36,285,571		35,867,810
Destination 2060		9,223,614		9,126,052

7.  Portfolio Investment Risks from Underlying Funds

Information about the risks of an investment in each affiliated Underlying Fund may be found in such Underlying Fund’s semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds. Information about unaffiliated Underlying Fund risks may be found in such Fund’s annual or semiannual report to shareholders. Additional information about derivatives-related risks, if applicable to the Fund, may also be found in each such affiliated or unaffiliated Underlying Fund’s annual or semiannual report to shareholders.

131

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Underlying Funds in which the Funds invest may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to attempt to achieve their designated investment goals. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Funds. Please refer to each current prospectus for a discussion of the risks associated with investing in the Funds. In addition, information about the risks of an investment in each affiliated Underlying Fund may be found in such Underlying Fund’s semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds. Information about unaffiliated Underlying Fund risks may be found in such Fund’s annual or semiannual report to shareholders. Additional information about derivatives-related risks, if applicable to the Underlying Fund, may also be found in each such affiliated or unaffiliated Underlying Fund’s annual or semiannual report to shareholders.

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

8.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

9.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an

132

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

appropriate consideration of entities when still evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

Each Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge a Fund any sales charge for buying or selling Underlying Fund shares. However, a Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management, administration and custodian fees of the Underlying Funds. These expenses are deducted from each Underlying Fund’s net assets before its share price is calculated and are in addition to the fees and expenses of a Fund. Actual indirect expenses vary depending on how a Fund’s assets are allocated among the Underlying Funds.

10.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Destination 2010		91.96	%		1
Destination 2015		86.27			3	(a)
Destination 2020		81.01			3	(a)
Destination 2025		83.81			3	(a)
Destination 2030		84.43			3	(a)
Destination 2035		85.86			3	(a)
Destination 2040		86.36			3	(a)
Destination 2045		86.98			3	(a)
Destination 2050		79.12			2	(a)
Destination 2055		92.91			3	(a)
Destination 2060		95.70			4	(a)

(a) All or a portion of the accounts are the accounts of affiliated funds.

133

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

11.  Federal Tax Information

As of April 30, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Destination 2010	$	16,959,627	$	225,777	$	(115,250	)	$	110,527
Destination 2015		65,167,261		1,258,219		(278,245	)		979,974
Destination 2020		201,485,245		4,667,533		(966,767	)		3,700,766
Destination 2025		284,663,430		8,308,481		(2,635,165	)		5,673,316
Destination 2030		303,641,323		9,020,212		(3,971,155	)		5,049,057
Destination 2035		263,270,432		8,424,411		(4,079,460	)		4,344,951
Destination 2040		220,137,291		8,049,050		(3,319,941	)		4,729,109
Destination 2045		172,505,883		6,490,823		(2,725,156	)		3,765,667
Destination 2050		140,538,176		5,442,790		(2,489,526	)		2,953,264
Destination 2055		79,859,353		2,649,761		(1,205,860	)		1,443,901
Destination 2060		21,286,400		658,354		(302,235	)		356,119

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Funds and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

134

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Destination 2010 Fund

Nationwide Destination 2015 Fund

Nationwide Destination 2020 Fund

Nationwide Destination 2025 Fund

Nationwide Destination 2030 Fund

Nationwide Destination 2035 Fund

Nationwide Destination 2040 Fund

Nationwide Destination 2045 Fund

Nationwide Destination 2050 Fund

Nationwide Destination 2055 Fund

Nationwide Destination 2060 Fund

Continuation of Advisory Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) (the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreement, including investment performance, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the

Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

135

Supplemental Information (Continued)

April 30, 2019 (Unaudited)

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, financial analysis, and its asset allocation methodology;

● The Adviser’s personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s investment process; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment

adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

The Trustees considered that, for each Fund where there was a sufficient number of expense group peer funds, the Fund’s total expense ratio (including 12b-1/non-12b-1 fees) ranked in the first or second quintile of the Fund’s Broadridge expense group, with the exception of the Nationwide Destination 2010 and 2050 Funds, which ranked in the third quintile. The Trustees noted that the actual management fees paid by a number of the Funds were paid at rates higher than the median of their peers. The Trustees considered that, because the Funds’ management fees are “unified fees”, the Adviser pays substantially all of the expenses of managing and operating the Funds under its advisory fee, potentially making the management fee appear high relative to those of peer funds which do not have similar unified fee structures. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that each Fund’s expenses generally were consistent with continuation of the Fund’s Advisory Agreements.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods. The Trustees noted that each of Nationwide Destination 2020 Fund, Nationwide Destination 2025 Fund, Nationwide Destination 2030 Fund, Nationwide Destination 2055 Fund, and Nationwide 2060 Destination Fund achieved investment performance at or above the median of the funds in its performance universe for the three-year period ended June 30, 2018, or, in the case of the Nationwide Destination 2015, 2040, 2045 and 2060 Funds, below the median but within the third

136

Supplemental Information (Continued)

April 30, 2019 (Unaudited)

comparative quintile. With respect to Nationwide Destination 2010, Nationwide Destination 2035, and Nationwide Destination 2050, which ranked less favorably against the funds in their performance universes, the Trustees considered the Adviser’s statements regarding the nature of its asset allocation process for the Funds, and regarding its long-term focus, and the effect of the Funds’ allocations on their shorter-term investment performance. They considered the Adviser’s statement that it is confident in the appropriateness of its asset allocations for the Funds in light of the Funds’ targeted risk profile. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that the Adviser’s explanation regarding the Funds’ investment performance was sufficient to support approval of the continuance of the Advisory Agreements for an additional one-year period.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Funds. The Trustees noted that the Funds’ advisory fee rate schedules are not subject to contractual breakpoints. The Trustees noted that the advisory fee rate schedules for many of the underlying funds in which the Funds invest are subject to contractual advisory fee breakpoints if the assets of those underlying funds increase over certain thresholds, and the Adviser’s view that those breakpoints provide investors benefits arising from the growth of those underlying funds. The Trustees determined to continue to monitor the fees paid at the Fund level over time to determine whether breakpoints might be appropriate there as well, in light of any economies related to the asset allocation function that are not appropriately shared through breakpoints at the underlying fund level.

-        -        -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

137

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

138

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

139

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

140

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

141

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

142

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

143

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

144

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

145

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

146

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

147

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

148

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

149

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-TD  (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Investor Destinations Funds

Nationwide Investor Destinations Aggressive Fund

Nationwide Investor Destinations Moderately Aggressive Fund

Nationwide Investor Destinations Moderate Fund

Nationwide Investor Destinations Moderately Conservative Fund

Nationwide Investor Destinations Conservative Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Investor Destinations Funds
Nationwide Investor Destinations Aggressive Fund	3
Nationwide Investor Destinations Moderately Aggressive Fund	13
Nationwide Investor Destinations Moderate Fund	23
Nationwide Investor Destinations Moderately Conservative Fund	34
Nationwide Investor Destinations Conservative Fund	45
Notes to Financial Statements	56
Supplemental Information	77
Management Information	80
Market Index Definitions	85
Glossary	89

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Investor Destinations Aggressive  Fund

Asset Allocation¹

Equity Funds	96.2%
Alternative Assets	2.0%
Fixed Income Funds	1.9%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	44.3%
Nationwide International Index Fund, Class R6	22.7%
Nationwide Mid Cap Market Index Fund, Class R6	12.1%
iShares Core MSCI Emerging Markets ETF	8.9%
Nationwide Loomis All Cap Growth Fund, Class R6	4.1%
Nationwide International Small Cap Fund, Class R6	4.0%
Nationwide Bond Index Fund, Class R6	1.4%
Nationwide Amundi Global High Yield Fund, Class R6	1.0%
Nationwide Emerging Markets Debt Fund, Class R6	1.0%
Nationwide Core Plus Bond Fund, Class R6	0.5%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Investor Destinations Aggressive Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Investor Destinations Aggressive Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,092.50		2.75		0.53
	Hypothetical	(b)(c)		1,000.00		1,022.17		2.66		0.53
Class C Shares	Actual	(b)		1,000.00		1,087.40		6.62		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.45		6.41		1.28
Class R Shares	Actual	(b)		1,000.00		1,091.00		4.41		0.85
	Hypothetical	(b)(c)		1,000.00		1,020.58		4.26		0.85
Class R6 Shares	Actual	(b)		1,000.00		1,094.30		0.99		0.19
	Hypothetical	(b)(c)		1,000.00		1,023.85		0.95		0.19
Institutional Service Class Shares	Actual	(b)		1,000.00		1,093.90		1.51		0.29
	Hypothetical	(b)(c)		1,000.00		1,023.36		1.45		0.29
Service Class Shares	Actual	(b)		1,000.00		1,091.90		3.06		0.59
	Hypothetical	(b)(c)		1,000.00		1,021.87		2.96		0.59

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Aggressive Fund

Investment Companies 91.2%
	Shares		Value
Alternative Assets 2.0%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		1,011,705	$	9,823,658
Nationwide Emerging Markets Debt Fund, Class R6 (a)		1,007,522		9,601,689
Total Alternative Assets (cost $20,164,296)				19,425,347
Equity Funds 87.3%
Nationwide International Index Fund, Class R6 (a)		29,223,037		228,816,380
Nationwide International Small Cap Fund, Class R6 (a)		4,175,300		39,790,605
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		3,313,878		41,224,637
Nationwide Mid Cap Market Index Fund, Class R6 (a)		7,820,837		122,239,684
Nationwide Multi-Cap Portfolio, Class R6 (a)		39,647,706		445,640,221
Total Equity Funds (cost $832,656,391)				877,711,527
Fixed Income Funds 1.9%
Nationwide Bond Index Fund, Class R6 (a)		1,324,858		14,427,707
Nationwide Core Plus Bond Fund, Class R6 (a)		479,894		4,837,336
Total Fixed Income Funds (cost $19,457,336)				19,265,043
Total Investment Companies (cost $872,278,023)				916,401,917
Exchange Traded Fund 8.9%
Equity Fund 8.9%
iShares Core MSCI Emerging Markets ETF		1,690,094		89,304,567
Total Exchange Traded Fund (cost $91,170,265)				89,304,567
Total Investments (cost $963,448,288) — 100.1%				1,005,706,484
Liabilities in excess of other assets — (0.1)%				(535,429	)
NET ASSETS — 100.0%			$	1,005,171,055

(a) Investment in affiliate.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

5

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Aggressive Fund
Assets:
Investment securities of affiliated issuers, at value (cost $872,278,023)	$	916,401,917
Investment security of unaffiliated issuer, at value (cost $91,170,265)		89,304,567
Interest receivable		40
Receivable for investments sold		361,400
Receivable for capital shares issued		853,467
Prepaid expenses		55,992
Total Assets		1,006,977,383
Liabilities:
Payable for capital shares redeemed		1,205,798
Cash overdraft (Note 2)		21,539
Accrued expenses and other payables:
Investment advisory fees		106,503
Fund administration fees		32,343
Distribution fees		193,688
Administrative servicing fees		173,204
Accounting and transfer agent fees		10,452
Trustee fees		2,078
Custodian fees		16,487
Compliance program costs (Note 3)		933
Professional fees		16,570
Printing fees		14,855
Other		11,878
Total Liabilities		1,806,328
Net Assets	$	1,005,171,055
Represented by:
Capital	$	905,125,621
Total distributable earnings (loss)		100,045,434
Net Assets	$	1,005,171,055
Net Assets:
Class A Shares	$	68,495,979
Class C Shares		31,851,725
Class R Shares		60,315,624
Class R6 Shares		206,884,002
Institutional Service Class Shares		6,779,098
Service Class Shares		630,844,627
Total	$	1,005,171,055
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,351,502
Class C Shares		3,574,568
Class R Shares		6,652,289
Class R6 Shares		21,849,616
Institutional Service Class Shares		726,793
Service Class Shares		67,521,751
Total		107,676,519

6

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Aggressive Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.32
Class C Shares (b)	$	8.91
Class R Shares	$	9.07
Class R6 Shares	$	9.47
Institutional Service Class Shares	$	9.33
Service Class Shares	$	9.34
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.89
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

7

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	11,464,485
Dividend income from unaffiliated issuers		1,321,096
Interest income (unaffiliated)		26,061
Income from securities lending (Note 2)		25
Total Income		12,811,667
EXPENSES:
Investment advisory fees		615,798
Fund administration fees		130,660
Distribution fees Class A		80,384
Distribution fees Class C		158,426
Distribution fees Class R		146,760
Distribution fees Service Class		745,922
Administrative servicing fees Class A		29,476
Administrative servicing fees Class C		14,259
Administrative servicing fees Class R		46,482
Administrative servicing fees Institutional Service Class		3,158
Administrative servicing fees Service Class		452,599
Registration and filing fees		37,873
Professional fees		27,285
Printing fees		12,061
Trustee fees		15,996
Custodian fees		27,128
Accounting and transfer agent fees		21,213
Compliance program costs (Note 3)		2,280
Other		13,126
Total expenses before earnings credit		2,580,886
Earnings credit (Note 5)		(6,767	)
Net Expenses		2,574,119
NET INVESTMENT INCOME		10,237,548
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		48,363,949
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		42,518,015
Transactions in investment securities of unaffiliated issuers		(1,785,874	)
Expiration or closing of futures contracts (Note 2)		(4,815,410	)
Net realized gains		84,280,680
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		(18,385,443	)
Investment securities of unaffiliated issuers		8,410,371
Net change in unrealized appreciation/depreciation		(9,975,072	)
Net realized/unrealized gains		74,305,608
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	84,543,156

The accompanying notes are an integral part of these financial statements.

8

Statements of Changes in Net Assets

	Nationwide Investor Destinations Aggressive Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	10,237,548		$	16,892,285
Net realized gains		84,280,680			102,060,149
Net change in unrealized appreciation/depreciation		(9,975,072	)		(129,538,995	)
Change in net assets resulting from operations		84,543,156			(10,586,561	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(7,187,483	)		(9,472,589	)
Class C		(3,673,455	)		(5,426,405	)
Class R		(6,848,753	)		(10,004,288	)
Class R6		(20,922,853	)		(25,409,613	)
Institutional Service Class		(708,609	)		(1,001,523	)
Service Class		(66,084,484	)		(91,768,668	)
Change in net assets from shareholder distributions		(105,425,637	)		(143,083,086	)
Change in net assets from capital transactions		53,251,342			40,766,730
Change in net assets		32,368,861			(112,902,917	)
Net Assets:
Beginning of period		972,802,194			1,085,705,111
End of period	$	1,005,171,055		$	972,802,194
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	7,342,282		$	11,698,987
Dividends reinvested		5,585,112			6,880,109
Cost of shares redeemed		(8,635,592	)		(13,153,924	)
Total Class A Shares		4,291,802			5,425,172
Class C Shares
Proceeds from shares issued		2,390,127			4,278,435
Dividends reinvested		2,932,442			4,080,148
Cost of shares redeemed		(6,788,785	)		(9,787,504	)
Total Class C Shares		(1,466,216	)		(1,428,921	)
Class R Shares
Proceeds from shares issued		2,973,183			5,837,072
Dividends reinvested		6,581,858			9,558,930
Cost of shares redeemed		(8,824,111	)		(19,931,666	)
Total Class R Shares		730,930			(4,535,664	)
Class R6 Shares
Proceeds from shares issued		14,374,258			51,526,937
Dividends reinvested		20,858,035			25,409,465
Cost of shares redeemed		(17,876,302	)		(34,934,869	)
Total Class R6 Shares		17,355,991			42,001,533

9

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Aggressive Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	1,282,210		$	3,290,298
Dividends reinvested		268,957			237,235
Cost of shares redeemed		(1,210,799	)		(3,201,212	)
Total Institutional Service Class Shares		340,368			326,321
Service Class Shares
Proceeds from shares issued		15,078,161			38,564,201
Dividends reinvested		66,083,811			91,768,657
Cost of shares redeemed		(49,163,505	)		(131,354,569	)
Total Service Class Shares		31,998,467			(1,021,711	)
Change in net assets from capital transactions	$	53,251,342		$	40,766,730
SHARE TRANSACTIONS:
Class A Shares
Issued		840,999			1,124,350
Reinvested		703,854			676,767
Redeemed		(972,508	)		(1,262,625	)
Total Class A Shares		572,345			538,492
Class C Shares
Issued		298,899			428,636
Reinvested		385,848			416,507
Redeemed		(804,415	)		(971,960	)
Total Class C Shares		(119,668	)		(126,817	)
Class R Shares
Issued		343,067			570,530
Reinvested		852,572			962,602
Redeemed		(1,039,731	)		(1,952,752	)
Total Class R Shares		155,908			(419,620	)
Class R6 Shares
Issued		1,563,766			4,807,423
Reinvested		2,587,334			2,463,942
Redeemed		(1,933,521	)		(3,314,417	)
Total Class R6 Shares		2,217,579			3,956,948
Institutional Service Class Shares
Issued		150,621			316,125
Reinvested		33,877			23,303
Redeemed		(137,680	)		(305,505	)
Total Institutional Service Class Shares		46,818			33,923
Service Class Shares
Issued		1,688,275			3,679,898
Reinvested		8,308,614			9,002,198
Redeemed		(5,426,074	)		(12,459,959	)
Total Service Class Shares		4,570,815			222,137
Total change in shares		7,443,797			4,205,063

The accompanying notes are an integral part of these financial statements.

10

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Aggressive Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.69		0.10		0.61			0.71			(0.15	)		(0.93	)		(1.08	)	$	9.32		9.25%		$	68,495,979		0.53%		2.18%		0.53%		56.96%	(g)
Year Ended October 31, 2018	$	11.30		0.17		(0.27	)		(0.10	)		(0.26	)		(1.25	)		(1.51	)	$	9.69		(1.43%	)	$	65,699,864		0.54%		1.59%		0.54%		24.35%
Year Ended October 31, 2017	$	10.23		0.17		1.92			2.09			(0.19	)		(0.83	)		(1.02	)	$	11.30		21.96%		$	70,514,120		0.54%		1.59%		0.54%		29.48%
Year Ended October 31, 2016	$	10.82		0.15		0.07			0.22			(0.16	)		(0.65	)		(0.81	)	$	10.23		2.44%		$	49,650,574		0.55%		1.47%		0.55%		16.38%
Year Ended October 31, 2015	$	11.51		0.18		(0.15	)		0.03			(0.21	)		(0.51	)		(0.72	)	$	10.82		0.29%		$	57,311,373		0.54%		1.62%		0.54%		12.90%
Year Ended October 31, 2014	$	11.00		0.17		0.68			0.85			(0.19	)		(0.15	)		(0.34	)	$	11.51		7.92%		$	61,402,299		0.54%		1.47%		0.54%		8.41%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.33		0.06		0.58			0.64			(0.13	)		(0.93	)		(1.06	)	$	8.91		8.74%		$	31,851,725		1.28%		1.51%		1.28%		56.96%	(g)
Year Ended October 31, 2018	$	10.94		0.09		(0.25	)		(0.16	)		(0.20	)		(1.25	)		(1.45	)	$	9.33		(2.10%	)	$	34,450,261		1.28%		0.89%		1.28%		24.35%
Year Ended October 31, 2017	$	9.94		0.10		1.85			1.95			(0.12	)		(0.83	)		(0.95	)	$	10.94		21.06%		$	41,795,408		1.28%		0.99%		1.28%		29.48%
Year Ended October 31, 2016	$	10.54		0.07		0.08			0.15			(0.10	)		(0.65	)		(0.75	)	$	9.94		1.74%		$	63,892,420		1.27%		0.72%		1.27%		16.38%
Year Ended October 31, 2015	$	11.24		0.10		(0.15	)		(0.05	)		(0.14	)		(0.51	)		(0.65	)	$	10.54		(0.49%	)	$	70,749,797		1.28%		0.88%		1.28%		12.90%
Year Ended October 31, 2014	$	10.75		0.08		0.68			0.76			(0.12	)		(0.15	)		(0.27	)	$	11.24		7.21%		$	76,857,144		1.24%		0.77%		1.24%		8.41%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.46		0.08		0.60			0.68			(0.14	)		(0.93	)		(1.07	)	$	9.07		9.10%		$	60,315,624		0.85%		1.93%		0.85%		56.96%	(g)
Year Ended October 31, 2018	$	11.07		0.14		(0.27	)		(0.13	)		(0.23	)		(1.25	)		(1.48	)	$	9.46		(1.75%	)	$	61,474,465		0.84%		1.33%		0.84%		24.35%
Year Ended October 31, 2017	$	10.04		0.14		1.88			2.02			(0.16	)		(0.83	)		(0.99	)	$	11.07		21.62%		$	76,547,929		0.83%		1.35%		0.83%		29.48%
Year Ended October 31, 2016	$	10.64		0.11		0.07			0.18			(0.13	)		(0.65	)		(0.78	)	$	10.04		2.09%		$	76,511,414		0.84%		1.16%		0.84%		16.38%
Year Ended October 31, 2015	$	11.32		0.15		(0.14	)		0.01			(0.18	)		(0.51	)		(0.69	)	$	10.64		0.10%		$	88,954,971		0.83%		1.37%		0.83%		12.90%
Year Ended October 31, 2014	$	10.83		0.13		0.67			0.80			(0.16	)		(0.15	)		(0.31	)	$	11.32		7.54%		$	106,558,652		0.84%		1.22%		0.84%		8.41%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.83		0.11		0.63			0.74			(0.17	)		(0.93	)		(1.10	)	$	9.47		9.43%		$	206,884,002		0.19%		2.48%		0.19%		56.96%	(g)
Year Ended October 31, 2018	$	11.44		0.20		(0.26	)		(0.06	)		(0.30	)		(1.25	)		(1.55	)	$	9.83		(1.06%	)	$	193,019,743		0.19%		1.90%		0.19%		24.35%
Year Ended October 31, 2017	$	10.35		0.20		1.95			2.15			(0.23	)		(0.83	)		(1.06	)	$	11.44		22.33%		$	179,339,687		0.18%		1.91%		0.18%		29.48%
Year Ended October 31, 2016	$	10.94		0.18		0.08			0.26			(0.20	)		(0.65	)		(0.85	)	$	10.35		2.79%		$	202,807,208		0.18%		1.79%		0.18%		16.38%
Year Ended October 31, 2015	$	11.62		0.22		(0.14	)		0.08			(0.25	)		(0.51	)		(0.76	)	$	10.94		0.75%		$	173,233,930		0.18%		1.94%		0.18%		12.90%
Year Ended October 31, 2014	$	11.11		0.21		0.68			0.89			(0.23	)		(0.15	)		(0.38	)	$	11.62		8.21%		$	146,720,517		0.19%		1.81%		0.19%		8.41%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

11

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Aggressive Fund (Continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.70		0.11		0.61			0.72			(0.16	)		(0.93	)		(1.09	)	$	9.33		9.39%		$	6,779,098		0.29%		2.46%		0.29%		56.96%	(g)
Year Ended October 31, 2018	$	11.31		0.20		(0.27	)		(0.07	)		(0.29	)		(1.25	)		(1.54	)	$	9.70		(1.19%	)	$	6,597,269		0.29%		1.89%		0.29%		24.35%
Year Ended October 31, 2017	$	10.24		0.19		1.93			2.12			(0.22	)		(0.83	)		(1.05	)	$	11.31		22.25%		$	7,306,462		0.30%		1.76%		0.30%		29.48%
Year Ended October 31, 2016	$	10.83		0.18		0.07			0.25			(0.19	)		(0.65	)		(0.84	)	$	10.24		2.70%		$	2,529,258		0.29%		1.81%		0.29%		16.38%
Year Ended October 31, 2015	$	11.52		0.20		(0.14	)		0.06			(0.24	)		(0.51	)		(0.75	)	$	10.83		0.56%		$	3,475,708		0.29%		1.81%		0.29%		12.90%
Period Ended October 31, 2014 (j)	$	11.18		0.02		0.42			0.44			(0.10	)		–			(0.10	)	$	11.52		3.93%		$	3,569,632		0.21%		0.24%		0.21%		8.41%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.71		0.09		0.62			0.71			(0.15	)		(0.93	)		(1.08	)	$	9.34		9.19%		$	630,844,627		0.59%		2.11%		0.59%		56.96%	(g)
Year Ended October 31, 2018	$	11.32		0.16		(0.27	)		(0.11	)		(0.25	)		(1.25	)		(1.50	)	$	9.71		(1.50%	)	$	611,560,592		0.60%		1.55%		0.60%		24.35%
Year Ended October 31, 2017	$	10.25		0.17		1.92			2.09			(0.19	)		(0.83	)		(1.02	)	$	11.32		21.86%		$	710,201,505		0.58%		1.59%		0.58%		29.48%
Year Ended October 31, 2016	$	10.84		0.14		0.08			0.22			(0.16	)		(0.65	)		(0.81	)	$	10.25		2.40%		$	685,933,267		0.58%		1.41%		0.58%		16.38%
Year Ended October 31, 2015	$	11.52		0.18		(0.14	)		0.04			(0.21	)		(0.51	)		(0.72	)	$	10.84		0.34%		$	766,386,276		0.58%		1.59%		0.58%		12.90%
Year Ended October 31, 2014	$	11.02		0.16		0.68			0.84			(0.19	)		(0.15	)		(0.34	)	$	11.52		7.75%		$	851,438,888		0.59%		1.46%		0.59%		8.41%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(j) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

The accompanying notes are an integral part of these financial statements.

12

Fund Overview Nationwide Investor Destinations Moderately Aggressive  Fund

Asset Allocation¹

Equity Funds	82.7%
Fixed Income Funds	11.1%
Alternative Assets	6.3%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	42.5%
Nationwide International Index Fund, Class R6	17.9%
Nationwide Mid Cap Market Index Fund, Class R6	8.1%
iShares Core MSCI Emerging Markets ETF	7.5%
Nationwide Bond Index Fund, Class R6	6.2%
Nationwide Core Plus Bond Fund, Class R6	3.9%
Nationwide International Small Cap Fund, Class R6	3.5%
Nationwide Loomis All Cap Growth Fund, Class R6	3.1%
Nationwide Amundi Global High Yield Fund, Class R6	2.9%
Nationwide Emerging Markets Debt Fund, Class R6	1.9%
Other Holdings	2.5%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

13

Shareholder Expense Example Nationwide Investor Destinations Moderately Aggressive Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Investor Destinations Moderately Aggressive Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,084.20		2.74		0.53
	Hypothetical	(b)(c)		1,000.00		1,022.17		2.66		0.53
Class C Shares	Actual	(b)		1,000.00		1,081.80		6.45		1.25
	Hypothetical	(b)(c)		1,000.00		1,018.60		6.26		1.25
Class R Shares	Actual	(b)		1,000.00		1,084.10		4.34		0.84
	Hypothetical	(b)(c)		1,000.00		1,020.63		4.21		0.84
Class R6 Shares	Actual	(b)		1,000.00		1,087.50		0.93		0.18
	Hypothetical	(b)(c)		1,000.00		1,023.90		0.90		0.18
Institutional Service Class Shares	Actual	(b)		1,000.00		1,087.20		1.45		0.28
	Hypothetical	(b)(c)		1,000.00		1,023.41		1.40		0.28
Service Class Shares	Actual	(b)		1,000.00		1,084.20		3.00		0.58
	Hypothetical	(b)(c)		1,000.00		1,021.92		2.91		0.58

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

14

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Aggressive Fund

Investment Companies 92.6%
	Shares		Value
Alternative Assets 6.3%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		4,792,384	$	46,534,050
Nationwide Amundi Strategic Income Fund, Class R6 (a)		2,242,166		23,071,890
Nationwide Emerging Markets Debt Fund, Class R6 (a)		3,181,546		30,320,131
Total Alternative Assets (cost $102,596,866)				99,926,071
Equity Funds 75.2%
Nationwide International Index Fund, Class R6 (a)		36,113,629		282,769,717
Nationwide International Small Cap Fund, Class R6 (a)		5,769,030		54,978,858
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		3,924,753		48,823,932
Nationwide Mid Cap Market Index Fund, Class R6 (a)		8,233,846		128,695,013
Nationwide Multi-Cap Portfolio, Class R6 (a)		59,760,484		671,707,843
Total Equity Funds (cost $1,130,663,330)				1,186,975,363
Fixed Income Funds 11.1%
Nationwide Bond Index Fund, Class R6 (a)		9,064,280		98,710,014
Nationwide Core Plus Bond Fund, Class R6 (a)		6,061,574		61,100,668
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,548,404		15,189,842
Total Fixed Income Funds (cost $176,990,378)				175,000,524
Total Investment Companies (cost $1,410,250,574)				1,461,901,958
Exchange Traded Fund 7.5%
Equity Fund 7.5%
iShares Core MSCI Emerging Markets ETF		2,232,258		117,952,513
Total Exchange Traded Fund (cost $117,417,581)				117,952,513
Total Investments (cost $1,527,668,155) — 100.1%				1,579,854,471
Liabilities in excess of other assets — (0.1)%				(792,890	)
NET ASSETS — 100.0%			$	1,579,061,581

(a) Investment in affiliate.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

15

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Aggressive Fund
Assets:
Investment securities of affiliated issuers, at value (cost $1,410,250,574)	$	1,461,901,958
Investment security of unaffiliated issuer, at value (cost $117,417,581)		117,952,513
Cash		34,963
Interest receivable		42
Receivable for investments sold		555,736
Receivable for capital shares issued		1,069,763
Prepaid expenses		59,247
Total Assets		1,581,574,222
Liabilities:
Payable for capital shares redeemed		1,683,406
Accrued expenses and other payables:
Investment advisory fees		167,714
Fund administration fees		44,111
Distribution fees		293,207
Administrative servicing fees		213,935
Accounting and transfer agent fees		16,453
Trustee fees		3,305
Custodian fees		25,830
Compliance program costs (Note 3)		1,442
Professional fees		21,672
Printing fees		23,444
Other		18,122
Total Liabilities		2,512,641
Net Assets	$	1,579,061,581
Represented by:
Capital	$	1,435,210,898
Total distributable earnings (loss)		143,850,683
Net Assets	$	1,579,061,581
Net Assets:
Class A Shares	$	139,154,737
Class C Shares		51,758,297
Class R Shares		124,257,145
Class R6 Shares		407,607,463
Institutional Service Class Shares		20,350,340
Service Class Shares		835,933,599
Total	$	1,579,061,581
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		14,490,824
Class C Shares		5,591,644
Class R Shares		13,379,114
Class R6 Shares		42,510,459
Institutional Service Class Shares		2,127,455
Service Class Shares		87,315,431
Total		165,414,927

16

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Aggressive Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.60
Class C Shares (b)	$	9.26
Class R Shares	$	9.29
Class R6 Shares	$	9.59
Institutional Service Class Shares	$	9.57
Service Class Shares	$	9.57
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.19
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

17

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	21,468,327
Dividend income from unaffiliated issuers		1,226,240
Interest income (unaffiliated)		41,249
Income from securities lending (Note 2)		37
Total Income		22,735,853
EXPENSES:
Investment advisory fees		973,416
Fund administration fees		192,597
Distribution fees Class A		165,054
Distribution fees Class C		256,062
Distribution fees Class R		305,760
Distribution fees Service Class		993,594
Administrative servicing fees Class A		60,532
Administrative servicing fees Class C		15,798
Administrative servicing fees Class R		97,844
Administrative servicing fees Institutional Service Class		9,777
Administrative servicing fees Service Class		596,160
Registration and filing fees		38,552
Professional fees		37,938
Printing fees		15,788
Trustee fees		25,285
Custodian fees		40,918
Accounting and transfer agent fees		36,617
Compliance program costs (Note 3)		3,616
Other		19,403
Total expenses before earnings credit		3,884,711
Earnings credit (Note 5)		(8,173	)
Net Expenses		3,876,538
NET INVESTMENT INCOME		18,859,315
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		66,815,387
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		71,394,129
Transactions in investment security of unaffiliated issuer		(1,637,760	)
Expiration or closing of futures contracts (Note 2)		(6,832,499	)
Net realized gains		129,739,257
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		(32,760,717	)
Investment security of unaffiliated issuer		8,341,583
Net change in unrealized appreciation/depreciation		(24,419,134	)
Net realized/unrealized gains		105,320,123
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	124,179,438

The accompanying notes are an integral part of these financial statements.

18

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderately Aggressive Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	18,859,315		$	29,132,837
Net realized gains		129,739,257			163,345,650
Net change in unrealized appreciation/depreciation		(24,419,134	)		(198,407,340	)
Change in net assets resulting from operations		124,179,438			(5,928,853	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(15,070,877	)		(16,958,296	)
Class C		(6,139,683	)		(7,104,541	)
Class R		(14,631,334	)		(17,660,281	)
Class R6		(44,024,183	)		(42,699,462	)
Institutional Service Class		(2,280,243	)		(2,459,978	)
Service Class		(90,761,853	)		(105,717,790	)
Change in net assets from shareholder distributions		(172,908,173	)		(192,600,348	)
Change in net assets from capital transactions		101,883,604			6,990,689
Change in net assets		53,154,869			(191,538,512	)
Net Assets:
Beginning of period		1,525,906,712			1,717,445,224
End of period	$	1,579,061,581		$	1,525,906,712
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	16,115,019		$	17,698,710
Dividends reinvested		11,275,907			11,298,116
Cost of shares redeemed		(21,183,741	)		(25,700,778	)
Total Class A Shares		6,207,185			3,296,048
Class C Shares
Proceeds from shares issued		3,192,859			5,250,824
Dividends reinvested		5,527,708			6,039,016
Cost of shares redeemed		(9,138,305	)		(14,870,569	)
Total Class C Shares		(417,738	)		(3,580,729	)
Class R Shares
Proceeds from shares issued		3,396,505			9,736,561
Dividends reinvested		14,273,410			17,208,493
Cost of shares redeemed		(17,503,719	)		(41,567,551	)
Total Class R Shares		166,196			(14,622,497	)
Class R6 Shares
Proceeds from shares issued		30,811,586			83,572,562
Dividends reinvested		43,067,245			42,680,465
Cost of shares redeemed		(28,321,172	)		(60,474,584	)
Total Class R6 Shares		45,557,659			65,778,443

19

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderately Aggressive Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	2,111,779		$	7,116,391
Dividends reinvested		1,442,161			479,348
Cost of shares redeemed		(2,797,804	)		(5,266,989	)
Total Institutional Service Class Shares		756,136			2,328,750
Service Class Shares
Proceeds from shares issued		17,809,439			40,957,204
Dividends reinvested		90,761,853			105,717,790
Cost of shares redeemed		(58,957,126	)		(192,884,320	)
Total Service Class Shares		49,614,166			(46,209,326	)
Change in net assets from capital transactions	$	101,883,604		$	6,990,689
SHARE TRANSACTIONS:
Class A Shares
Issued		1,783,759			1,656,805
Reinvested		1,355,806			1,076,230
Redeemed		(2,273,139	)		(2,390,239	)
Total Class A Shares		866,426			342,796
Class C Shares
Issued		366,320			507,106
Reinvested		689,240			593,346
Redeemed		(1,043,587	)		(1,433,163	)
Total Class C Shares		11,973			(332,711	)
Class R Shares
Issued		381,629			934,731
Reinvested		1,775,071			1,688,489
Redeemed		(1,961,211	)		(3,979,734	)
Total Class R Shares		195,489			(1,356,514	)
Class R6 Shares
Issued		3,285,840			7,735,248
Reinvested		5,187,315			4,071,183
Redeemed		(3,115,436	)		(5,639,646	)
Total Class R6 Shares		5,357,719			6,166,785
Institutional Service Class Shares
Issued		237,579			664,726
Reinvested		174,153			45,756
Redeemed		(302,372	)		(492,261	)
Total Institutional Service Class Shares		109,360			218,221
Service Class Shares
Issued		1,930,477			3,823,170
Reinvested		10,954,245			10,101,134
Redeemed		(6,272,904	)		(17,942,845	)
Total Service Class Shares		6,611,818			(4,018,541	)
Total change in shares		13,152,785			1,020,036

The accompanying notes are an integral part of these financial statements.

20

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Aggressive Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.08		0.12		0.55			0.67			(0.16	)		(0.99	)		(1.15	)	$	9.60		8.42%		$	139,154,737		0.53%		2.50%		0.53%		54.11%	(g)
Year Ended October 31, 2018	$	11.41		0.19		(0.23	)		(0.04	)		(0.26	)		(1.03	)		(1.29	)	$	10.08		(0.72%	)	$	137,274,611		0.53%		1.73%		0.53%		21.75%
Year Ended October 31, 2017	$	10.49		0.19		1.68			1.87			(0.21	)		(0.74	)		(0.95	)	$	11.41		19.09%		$	151,587,878		0.53%		1.78%		0.53%		26.51%
Year Ended October 31, 2016	$	11.12		0.16		0.08			0.24			(0.17	)		(0.70	)		(0.87	)	$	10.49		2.59%		$	110,119,313		0.54%		1.54%		0.54%		15.29%
Year Ended October 31, 2015	$	11.75		0.19		(0.15	)		0.04			(0.22	)		(0.45	)		(0.67	)	$	11.12		0.29%		$	118,845,242		0.55%		1.66%		0.55%		16.31%
Year Ended October 31, 2014	$	11.38		0.18		0.63			0.81			(0.20	)		(0.24	)		(0.44	)	$	11.75		7.33%		$	123,408,650		0.53%		1.53%		0.53%		9.54%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.76		0.08		0.55			0.63			(0.14	)		(0.99	)		(1.13	)	$	9.26		8.18%		$	51,758,297		1.25%		1.86%		1.25%		54.11%	(g)
Year Ended October 31, 2018	$	11.11		0.11		(0.23	)		(0.12	)		(0.20	)		(1.03	)		(1.23	)	$	9.76		(1.55%	)	$	54,463,356		1.25%		1.04%		1.25%		21.75%
Year Ended October 31, 2017	$	10.23		0.12		1.63			1.75			(0.13	)		(0.74	)		(0.87	)	$	11.11		18.29%		$	65,665,095		1.27%		1.16%		1.27%		26.51%
Year Ended October 31, 2016	$	10.86		0.08		0.09			0.17			(0.10	)		(0.70	)		(0.80	)	$	10.23		1.93%		$	109,539,789		1.27%		0.79%		1.27%		15.29%
Year Ended October 31, 2015	$	11.50		0.11		(0.16	)		(0.05	)		(0.14	)		(0.45	)		(0.59	)	$	10.86		(0.48%	)	$	120,287,139		1.27%		0.95%		1.27%		16.31%
Year Ended October 31, 2014	$	11.16		0.09		0.62			0.71			(0.13	)		(0.24	)		(0.37	)	$	11.50		6.55%		$	128,626,192		1.24%		0.84%		1.24%		9.54%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.78		0.10		0.55			0.65			(0.15	)		(0.99	)		(1.14	)	$	9.29		8.41%		$	124,257,145		0.84%		2.24%		0.84%		54.11%	(g)
Year Ended October 31, 2018	$	11.12		0.15		(0.23	)		(0.08	)		(0.23	)		(1.03	)		(1.26	)	$	9.78		(1.14%	)	$	128,988,430		0.84%		1.46%		0.84%		21.75%
Year Ended October 31, 2017	$	10.24		0.16		1.64			1.80			(0.18	)		(0.74	)		(0.92	)	$	11.12		18.81%		$	161,689,916		0.82%		1.53%		0.82%		26.51%
Year Ended October 31, 2016	$	10.88		0.13		0.07			0.20			(0.14	)		(0.70	)		(0.84	)	$	10.24		2.25%		$	169,510,980		0.83%		1.25%		0.83%		15.29%
Year Ended October 31, 2015	$	11.50		0.16		(0.14	)		0.02			(0.19	)		(0.45	)		(0.64	)	$	10.88		0.10%		$	204,113,180		0.83%		1.42%		0.83%		16.31%
Year Ended October 31, 2014	$	11.16		0.14		0.61			0.75			(0.17	)		(0.24	)		(0.41	)	$	11.50		6.92%		$	242,451,059		0.83%		1.26%		0.83%		9.54%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	10.06		0.13		0.57			0.70			(0.18	)		(0.99	)		(1.17	)	$	9.59		8.75%		$	407,607,463		0.18%		2.85%		0.18%		54.11%	(g)
Year Ended October 31, 2018	$	11.40		0.22		(0.23	)		(0.01	)		(0.30	)		(1.03	)		(1.33	)	$	10.06		(0.46%	)	$	373,903,322		0.18%		2.04%		0.18%		21.75%
Year Ended October 31, 2017	$	10.48		0.22		1.69			1.91			(0.25	)		(0.74	)		(0.99	)	$	11.40		19.51%		$	353,319,609		0.18%		2.08%		0.18%		26.51%
Year Ended October 31, 2016	$	11.11		0.19		0.09			0.28			(0.21	)		(0.70	)		(0.91	)	$	10.48		2.97%		$	415,296,337		0.18%		1.88%		0.18%		15.29%
Year Ended October 31, 2015	$	11.74		0.23		(0.15	)		0.08			(0.26	)		(0.45	)		(0.71	)	$	11.11		0.67%		$	359,712,315		0.18%		2.03%		0.18%		16.31%
Year Ended October 31, 2014	$	11.37		0.21		0.64			0.85			(0.24	)		(0.24	)		(0.48	)	$	11.74		7.70%		$	341,959,809		0.18%		1.85%		0.18%		9.54%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.04		0.13		0.56			0.69			(0.17	)		(0.99	)		(1.16	)	$	9.57		8.72%		$	20,350,340		0.28%		2.75%		0.28%		54.11%	(g)
Year Ended October 31, 2018	$	11.38		0.21		(0.23	)		(0.02	)		(0.29	)		(1.03	)		(1.32	)	$	10.04		(0.56%	)	$	20,267,114		0.28%		1.99%		0.28%		21.75%
Year Ended October 31, 2017	$	10.46		0.18		1.72			1.90			(0.24	)		(0.74	)		(0.98	)	$	11.38		19.47%		$	20,484,770		0.27%		1.65%		0.27%		26.51%
Year Ended October 31, 2016	$	11.09		0.18		0.08			0.26			(0.19	)		(0.70	)		(0.89	)	$	10.46		2.85%		$	2,993,117		0.28%		1.74%		0.28%		15.29%
Year Ended October 31, 2015	$	11.72		0.20		(0.13	)		0.07			(0.25	)		(0.45	)		(0.70	)	$	11.09		0.57%		$	2,485,047		0.30%		1.75%		0.30%		16.31%
Period Ended October 31, 2014 (j)	$	11.39		0.03		0.40			0.43			(0.10	)		–			(0.10	)	$	11.72		3.77%		$	2,589,232		0.20%		0.44%		0.20%		9.54%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

21

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Aggressive Fund (Continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.05		0.11		0.56			0.67			(0.16	)		(0.99	)		(1.15	)	$	9.57		8.42%		$	835,933,599		0.58%		2.44%		0.58%		54.11%	(g)
Year Ended October 31, 2018	$	11.39		0.18		(0.23	)		(0.05	)		(0.26	)		(1.03	)		(1.29	)	$	10.05		(0.87%	)	$	811,009,879		0.58%		1.71%		0.58%		21.75%
Year Ended October 31, 2017	$	10.47		0.19		1.68			1.87			(0.21	)		(0.74	)		(0.95	)	$	11.39		19.06%		$	964,697,956		0.58%		1.76%		0.58%		26.51%
Year Ended October 31, 2016	$	11.09		0.15		0.09			0.24			(0.16	)		(0.70	)		(0.86	)	$	10.47		2.65%		$	949,236,372		0.58%		1.48%		0.58%		15.29%
Year Ended October 31, 2015	$	11.72		0.19		(0.16	)		0.03			(0.21	)		(0.45	)		(0.66	)	$	11.09		0.26%		$	1,091,754,734		0.58%		1.65%		0.58%		16.31%
Year Ended October 31, 2014	$	11.36		0.17		0.62			0.79			(0.19	)		(0.24	)		(0.43	)	$	11.72		7.19%		$	1,241,791,771		0.58%		1.50%		0.58%		9.54%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

The accompanying notes are an integral part of these financial statements.

22

Fund Overview Nationwide Investor Destinations Moderate Fund

Asset Allocation¹

Equity Funds	66.0%
Fixed Income Funds	16.0%
Investment Contract	10.7%
Alternative Assets	6.4%
Other assets in excess of liabilities	0.9%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	37.3%
Nationwide International Index Fund, Class R6	14.7%
Nationwide Contract	10.8%
Nationwide Bond Index Fund, Class R6	6.4%
Nationwide Mid Cap Market Index Fund, Class R6	5.4%
iShares Core MSCI Emerging Markets ETF	5.0%
Nationwide Core Plus Bond Fund, Class R6	4.9%
Nationwide Loomis Short Term Bond Fund, Class R6	3.9%
Nationwide Amundi Global High Yield Fund, Class R6	3.0%
Nationwide Loomis All Cap Growth Fund, Class R6	2.1%
Other Holdings	6.5%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

23

Shareholder Expense Example Nationwide Investor Destinations Moderate Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Investor Destinations Moderate Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,074.30		2.73		0.53
	Hypothetical	(b)(c)		1,000.00		1,022.17		2.66		0.53
Class C Shares	Actual	(b)		1,000.00		1,069.80		6.41		1.25
	Hypothetical	(b)(c)		1,000.00		1,018.60		6.26		1.25
Class R Shares	Actual	(b)		1,000.00		1,071.60		4.31		0.84
	Hypothetical	(b)(c)		1,000.00		1,020.63		4.21		0.84
Class R6 Shares	Actual	(b)		1,000.00		1,075.60		0.98		0.19
	Hypothetical	(b)(c)		1,000.00		1,023.85		0.95		0.19
Institutional Service Class Shares	Actual	(b)		1,000.00		1,075.10		1.49		0.29
	Hypothetical	(b)(c)		1,000.00		1,023.36		1.45		0.29
Service Class Shares	Actual	(b)		1,000.00		1,073.40		3.03		0.59
	Hypothetical	(b)(c)		1,000.00		1,021.87		2.96		0.59

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

24

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Moderate Fund

Investment Companies 83.4%
	Shares		Value
Alternative Assets 6.4%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		3,921,239	$	38,075,227
Nationwide Amundi Strategic Income Fund, Class R6 (a)		1,840,725		18,941,063
Nationwide Emerging Markets Debt Fund, Class R6 (a)		2,603,403		24,810,435
Total Alternative Assets (cost $84,016,553)				81,826,725
Equity Funds 61.0%
Nationwide International Index Fund, Class R6 (a)		23,809,141		186,425,576
Nationwide International Small Cap Fund, Class R6 (a)		2,697,065		25,703,030
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		2,140,511		26,627,960
Nationwide Mid Cap Market Index Fund, Class R6 (a)		4,418,090		69,054,744
Nationwide Multi-Cap Portfolio, Class R6 (a)		42,193,306		474,252,760
Total Equity Funds (cost $740,937,254)				782,064,070
Fixed Income Funds 16.0%
Nationwide Bond Index Fund, Class R6 (a)		7,423,185		80,838,486
Nationwide Core Plus Bond Fund, Class R6 (a)		6,200,301		62,499,033
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,267,101		12,430,264
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		5,003,677		49,836,619
Total Fixed Income Funds (cost $208,276,925)			205,604,402
Total Investment Companies (cost $1,033,230,732)				1,069,495,197
Exchange Traded Fund 5.0%
Equity Fund 5.0%
iShares Core MSCI Emerging Markets ETF		1,211,863		64,034,841
Total Exchange Traded Fund (cost $64,621,976)				64,034,841

Investment Contract 10.7%
	Principal Amount		Value
Nationwide Contract, 2.60%^¥ (a)(b)	$	136,661,071	$	136,661,071
Total Investment Contract (cost $136,661,071)				136,661,071
Total Investments (cost $1,234,513,779) — 99.1%				1,270,191,109
Other assets in excess of liabilities — 0.9%				12,034,484
NET ASSETS — 100.0%			$	1,282,225,593

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

25

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderate Fund
Assets:
Investment securities of affiliated issuers, at value (cost $1,169,891,803)	$	1,206,156,268
Investment security of unaffiliated issuer, at value (cost $64,621,976)		64,034,841
Cash		12,652,995
Interest receivable		23,634
Receivable for investments sold		488,543
Receivable for capital shares issued		818,764
Prepaid expenses		59,826
Total Assets		1,284,234,871
Liabilities:
Payable for capital shares redeemed		1,288,670
Accrued expenses and other payables:
Investment advisory fees		136,077
Fund administration fees		37,940
Distribution fees		249,947
Administrative servicing fees		195,677
Accounting and transfer agent fees		17,425
Trustee fees		2,673
Custodian fees		24,905
Compliance program costs (Note 3)		1,144
Professional fees		18,844
Printing fees		18,383
Other		17,593
Total Liabilities		2,009,278
Net Assets	$	1,282,225,593
Represented by:
Capital	$	1,210,758,614
Total distributable earnings (loss)		71,466,979
Net Assets	$	1,282,225,593
Net Assets:
Class A Shares	$	126,861,950
Class C Shares		68,780,072
Class R Shares		98,705,513
Class R6 Shares		353,321,826
Institutional Service Class Shares		14,281,187
Service Class Shares		620,275,045
Total	$	1,282,225,593
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		13,414,511
Class C Shares		7,445,868
Class R Shares		10,775,888
Class R6 Shares		37,581,586
Institutional Service Class Shares		1,520,938
Service Class Shares		65,954,716
Total		136,693,507

26

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderate Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.46
Class C Shares (b)	$	9.24
Class R Shares	$	9.16
Class R6 Shares	$	9.40
Institutional Service Class Shares	$	9.39
Service Class Shares	$	9.40
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.04
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

27

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderate Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	15,717,894
Interest income from affiliated issuers		1,736,025
Dividend income from unaffiliated issuers		955,194
Interest income (unaffiliated)		99,971
Income from securities lending (Note 2)		695
Total Income		18,509,779
EXPENSES:
Investment advisory fees		795,933
Fund administration fees		161,777
Distribution fees Class A		154,845
Distribution fees Class C		345,827
Distribution fees Class R		240,503
Distribution fees Service Class		742,781
Administrative servicing fees Class A		56,798
Administrative servicing fees Class C		21,335
Administrative servicing fees Class R		72,151
Administrative servicing fees Institutional Service Class		7,794
Administrative servicing fees Service Class		445,671
Registration and filing fees		39,291
Professional fees		32,566
Printing fees		15,601
Trustee fees		20,656
Custodian fees		36,796
Accounting and transfer agent fees		34,231
Compliance program costs (Note 3)		2,963
Other		16,420
Total expenses before earnings credit		3,243,939
Earnings credit (Note 5)		(10,068	)
Net Expenses		3,233,871
NET INVESTMENT INCOME		15,275,908
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		42,459,042
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		13,536,233
Transactions in investment securities of unaffiliated issuers		(2,069,333	)
Expiration or closing of futures contracts (Note 2)		(4,954,737	)
Net realized gains		48,971,205
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		16,793,526
Investment securities of unaffiliated issuers		6,847,411
Net change in unrealized appreciation/depreciation		23,640,937
Net realized/unrealized gains		72,612,142
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	87,888,050

The accompanying notes are an integral part of these financial statements.

28

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderate Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	15,275,908		$	24,520,531
Net realized gains		48,971,205			109,186,280
Net change in unrealized appreciation/depreciation		23,640,937			(134,952,179	)
Change in net assets resulting from operations		87,888,050			(1,245,368	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(11,896,379	)		(11,383,123	)
Class C		(6,750,730	)		(6,381,830	)
Class R		(9,666,057	)		(9,407,237	)
Class R6		(31,981,188	)		(26,770,658	)
Institutional Service Class		(1,626,301	)		(1,250,838	)
Service Class		(57,358,572	)		(52,488,678	)
Change in net assets from shareholder distributions		(119,279,227	)		(107,682,364	)
Change in net assets from capital transactions		63,879,196			(42,646,154	)
Change in net assets		32,488,019			(151,573,886	)
Net Assets:
Beginning of period		1,249,737,574			1,401,311,460
End of period	$	1,282,225,593		$	1,249,737,574
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	14,231,389		$	19,228,180
Dividends reinvested		8,764,181			7,654,518
Cost of shares redeemed		(25,599,731	)		(31,601,861	)
Total Class A Shares		(2,604,161	)		(4,719,163	)
Class C Shares
Proceeds from shares issued		3,549,378			9,190,684
Dividends reinvested		6,101,888			5,501,004
Cost of shares redeemed		(12,955,289	)		(24,270,406	)
Total Class C Shares		(3,304,023	)		(9,578,718	)
Class R Shares
Proceeds from shares issued		3,687,141			6,098,719
Dividends reinvested		9,417,932			9,072,282
Cost of shares redeemed		(12,487,935	)		(31,760,507	)
Total Class R Shares		617,138			(16,589,506	)
Class R6 Shares
Proceeds from shares issued		38,404,728			69,501,512
Dividends reinvested		30,990,622			26,737,241
Cost of shares redeemed		(26,319,157	)		(73,242,102	)
Total Class R6 Shares		43,076,193			22,996,651
Institutional Service Class Shares
Proceeds from shares issued		2,083,761			9,492,661
Dividends reinvested		936,914			481,148
Cost of shares redeemed		(5,977,314	)		(6,528,290	)
Total Institutional Service Class Shares		(2,956,639	)		3,445,519

29

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderate Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Service Class Shares
Proceeds from shares issued	$	17,308,398		$	41,461,792
Dividends reinvested		57,358,572			52,488,678
Cost of shares redeemed		(45,616,282	)		(132,151,407	)
Total Service Class Shares		29,050,688			(38,200,937	)
Change in net assets from capital transactions	$	63,879,196		$	(42,646,154	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,559,521			1,874,658
Reinvested		1,041,833			755,689
Redeemed		(2,750,322	)		(3,069,799	)
Total Class A Shares		(148,968	)		(439,452	)
Class C Shares
Issued		407,209			914,791
Reinvested		743,226			554,599
Redeemed		(1,457,584	)		(2,409,244	)
Total Class C Shares		(307,149	)		(939,854	)
Class R Shares
Issued		416,069			612,881
Reinvested		1,156,072			921,599
Redeemed		(1,428,743	)		(3,175,411	)
Total Class R Shares		143,398			(1,640,931	)
Class R6 Shares
Issued		4,163,702			6,768,320
Reinvested		3,703,667			2,654,052
Redeemed		(2,906,414	)		(7,207,481	)
Total Class R6 Shares		4,960,955			2,214,891
Institutional Service Class Shares
Issued		233,582			935,283
Reinvested		112,179			47,787
Redeemed		(660,744	)		(635,639	)
Total Institutional Service Class Shares		(314,983	)		347,431
Service Class Shares
Issued		1,893,124			4,052,404
Reinvested		6,860,299			5,208,030
Redeemed		(4,971,248	)		(12,851,828	)
Total Service Class Shares		3,782,175			(3,591,394	)
Total change in shares		8,115,428			(4,049,309	)

The accompanying notes are an integral part of these financial statements.

30

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderate Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	87,888,050
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(492,865,620	)
Proceeds from disposition of investment securities of affiliated issuers		142,696,095
Purchase of investment securities of unaffiliated issuers		(19,591,375	)
Proceeds from disposition of investment securities of unaffiliated issuers		444,272,769
Reinvestment of dividend income from affiliated issuers		(15,717,894	)
Reinvestment of interest income from affiliated issuers		(1,736,025	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		20,058,074
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(43,699,011	)
Reinvestment of net realized gain distributions from affiliated issuers		(42,459,042	)
Net realized gain from investment transactions with affiliated issuers		(13,536,233	)
Net realized loss from transactions in investment securities of unaffiliated issuers		2,069,333
Increase in receivable for investments sold		(200,435	)
Increase in interest and dividends receivable		(23,634	)
Increase in prepaid expenses		(23,566	)
Decrease in investment advisory fees payable		(5,306	)
Decrease in fund administration fees payable		(3,201	)
Decrease in distribution fees payable		(20,297	)
Decrease in administrative servicing fees payable		(9,418	)
Decrease in accounting and transfer agent fees payable		(4,875	)
Decrease in trustee fees payable		(1,441	)
Increase in custodian fees payable		14,555
Increase in compliance program costs payable		309
Decrease in professional fees payable		(3,501	)
Increase in printing fees payable		3,104
Increase in other payables		332
Net cash provided by operating activities		67,101,747
Cash flows used in financing activities:
Proceeds from shares issued		79,401,157
Cost of shares redeemed		(128,142,937	)
Cash distributions paid to shareholders		(5,709,118	)
Net cash used in financing activities		(54,450,898	)
Net increase in cash		12,650,849
Cash:
Beginning of period		2,146
End of period	$	12,652,995
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $113,570,109.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated underlying funds of $59,912,961.
Non-cash operating activities not included herein consist of securities received in-kind from affiiliated issuers of $428,812,472.

The accompanying notes are an integral part of these financial statements.

31

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderate Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.79		0.11		0.50			0.61			(0.14	)		(0.80	)		(0.94	)	$	9.46		7.43%		$	126,861,950		0.53%		2.49%		0.53%		47.43%	(g)
Year Ended October 31, 2018	$	10.64		0.19		(0.21	)		(0.02	)		(0.23	)		(0.60	)		(0.83	)	$	9.79		(0.37%	)	$	132,812,662		0.54%		1.82%		0.54%		21.55%
Year Ended October 31, 2017	$	10.11		0.20		1.16			1.36			(0.22	)		(0.61	)		(0.83	)	$	10.64		14.35%		$	149,005,220		0.54%		1.99%		0.54%		24.26%
Year Ended October 31, 2016	$	10.78		0.16		0.10			0.26			(0.17	)		(0.76	)		(0.93	)	$	10.11		2.81%		$	127,043,425		0.54%		1.60%		0.54%		18.69%
Year Ended October 31, 2015	$	11.35		0.18		(0.13	)		0.05			(0.21	)		(0.41	)		(0.62	)	$	10.78		0.42%		$	135,981,642		0.55%		1.68%		0.55%		12.98%
Year Ended October 31, 2014	$	11.23		0.17		0.49			0.66			(0.19	)		(0.35	)		(0.54	)	$	11.35		6.08%		$	143,271,556		0.54%		1.50%		0.54%		17.14%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.59		0.08		0.48			0.56			(0.11	)		(0.80	)		(0.91	)	$	9.24		6.98%		$	68,780,072		1.25%		1.82%		1.25%		47.43%	(g)
Year Ended October 31, 2018	$	10.43		0.11		(0.19	)		(0.08	)		(0.16	)		(0.60	)		(0.76	)	$	9.59		(1.00%	)	$	74,319,207		1.26%		1.11%		1.26%		21.55%
Year Ended October 31, 2017	$	9.92		0.13		1.13			1.26			(0.14	)		(0.61	)		(0.75	)	$	10.43		13.53%		$	90,700,172		1.26%		1.30%		1.26%		24.26%
Year Ended October 31, 2016	$	10.59		0.09		0.10			0.19			(0.10	)		(0.76	)		(0.86	)	$	9.92		2.11%	(h)	$	124,781,047		1.26%		0.87%		1.26%		18.69%
Year Ended October 31, 2015	$	11.17		0.10		(0.14	)		(0.04	)		(0.13	)		(0.41	)		(0.54	)	$	10.59		(0.39%	) (h)	$	135,414,362		1.27%		0.95%		1.27%		12.98%
Year Ended October 31, 2014	$	11.06		0.09		0.48			0.57			(0.11	)		(0.35	)		(0.46	)	$	11.17		5.39%		$	140,221,911		1.24%		0.81%		1.24%		17.14%
Class R Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.52		0.10		0.47			0.57			(0.13	)		(0.80	)		(0.93	)	$	9.16		7.16%		$	98,705,513		0.84%		2.22%		0.84%		47.43%	(g)
Year Ended October 31, 2018	$	10.36		0.15		(0.19	)		(0.04	)		(0.20	)		(0.60	)		(0.80	)	$	9.52		(0.58%	)	$	101,171,021		0.83%		1.54%		0.83%		21.55%
Year Ended October 31, 2017	$	9.87		0.17		1.12			1.29			(0.19	)		(0.61	)		(0.80	)	$	10.36		13.95%		$	127,193,776		0.83%		1.71%		0.83%		24.26%
Year Ended October 31, 2016	$	10.54		0.13		0.10			0.23			(0.14	)		(0.76	)		(0.90	)	$	9.87		2.58%		$	137,001,590		0.83%		1.31%		0.83%		18.69%
Year Ended October 31, 2015	$	11.11		0.15		(0.13	)		0.02			(0.18	)		(0.41	)		(0.59	)	$	10.54		0.15%		$	157,858,210		0.82%		1.43%		0.82%		12.98%
Year Ended October 31, 2014	$	11.00		0.14		0.47			0.61			(0.15	)		(0.35	)		(0.50	)	$	11.11		5.80%		$	195,865,740		0.83%		1.23%		0.83%		17.14%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	9.74		0.13		0.49			0.62			(0.16	)		(0.80	)		(0.96	)	$	9.40		7.56%		$	353,321,826		0.19%		2.82%		0.19%		47.43%	(g)
Year Ended October 31, 2018	$	10.59		0.22		(0.20	)		0.02			(0.27	)		(0.60	)		(0.87	)	$	9.74		(0.01%	)	$	317,770,251		0.18%		2.16%		0.18%		21.55%
Year Ended October 31, 2017	$	10.07		0.23		1.16			1.39			(0.26	)		(0.61	)		(0.87	)	$	10.59		14.71%		$	322,034,922		0.18%		2.26%		0.18%		24.26%
Year Ended October 31, 2016	$	10.74		0.19		0.10			0.29			(0.20	)		(0.76	)		(0.96	)	$	10.07		3.21%		$	427,224,825		0.18%		1.95%		0.18%		18.69%
Year Ended October 31, 2015	$	11.31		0.22		(0.13	)		0.09			(0.25	)		(0.41	)		(0.66	)	$	10.74		0.81%		$	378,818,840		0.18%		2.03%		0.18%		12.98%
Year Ended October 31, 2014	$	11.19		0.21		0.49			0.70			(0.23	)		(0.35	)		(0.58	)	$	11.31		6.47%		$	343,231,738		0.18%		1.84%		0.18%		17.14%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

32

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderate Fund (Continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.73		0.13		0.48			0.61			(0.15	)		(0.80	)		(0.95	)	$	9.39		7.51%		$	14,281,187		0.29%		2.88%		0.29%		47.43%	(g)
Year Ended October 31, 2018	$	10.58		0.21		(0.20	)		0.01			(0.26	)		(0.60	)		(0.86	)	$	9.73		(0.11%	)	$	17,863,342		0.28%		2.04%		0.28%		21.55%
Year Ended October 31, 2017	$	10.06		0.20		1.18			1.38			(0.25	)		(0.61	)		(0.86	)	$	10.58		14.65%		$	15,748,468		0.26%		1.93%		0.26%		24.26%
Year Ended October 31, 2016	$	10.73		0.19		0.09			0.28			(0.19	)		(0.76	)		(0.95	)	$	10.06		3.11%		$	4,778,443		0.26%		1.86%		0.26%		18.69%
Year Ended October 31, 2015	$	11.30		0.19		(0.11	)		0.08			(0.24	)		(0.41	)		(0.65	)	$	10.73		0.69%		$	4,642,375		0.30%		1.78%		0.30%		12.98%
Period Ended October 31, 2014 (k)	$	11.03		0.09		0.28			0.37			(0.10	)		—			(0.10	)	$	11.30		3.35%		$	4,576,528		0.22%		1.16%		0.22%		17.14%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.74		0.11		0.49			0.60			(0.14	)		(0.80	)		(0.94	)	$	9.40		7.34%		$	620,275,045		0.59%		2.43%		0.59%		47.43%	(g)
Year Ended October 31, 2018	$	10.59		0.18		(0.20	)		(0.02	)		(0.23	)		(0.60	)		(0.83	)	$	9.74		(0.42%	)	$	605,801,091		0.58%		1.78%		0.58%		21.55%
Year Ended October 31, 2017	$	10.07		0.20		1.14			1.34			(0.21	)		(0.61	)		(0.82	)	$	10.59		14.25%		$	696,628,902		0.58%		1.94%		0.58%		24.26%
Year Ended October 31, 2016	$	10.73		0.15		0.11			0.26			(0.16	)		(0.76	)		(0.92	)	$	10.07		2.88%		$	720,411,875		0.58%		1.55%		0.58%		18.69%
Year Ended October 31, 2015	$	11.30		0.18		(0.13	)		0.05			(0.21	)		(0.41	)		(0.62	)	$	10.73		0.39%		$	863,020,205		0.58%		1.66%		0.58%		12.98%
Year Ended October 31, 2014	$	11.18		0.16		0.49			0.65			(0.18	)		(0.35	)		(0.53	)	$	11.30		6.05%		$	973,090,459		0.58%		1.48%		0.58%		17.14%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(k) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

The accompanying notes are an integral part of these financial statements.

33

Fund Overview Nationwide Investor Destinations Moderately Conservative  Fund

Asset Allocation¹

Equity Funds	45.1%
Fixed Income Funds	31.9%
Investment Contract	16.6%
Alternative Assets	5.5%
Other assets in excess of liabilities	0.9%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	26.0%
Nationwide Contract	16.8%
Nationwide Bond Index Fund, Class R6	14.3%
Nationwide International Index Fund, Class R6	10.2%
Nationwide Loomis Short Term Bond Fund, Class R6	7.9%
Nationwide Core Plus Bond Fund, Class R6	7.0%
Nationwide Mid Cap Market Index Fund, Class R6	4.7%
iShares Core MSCI Emerging Markets ETF	3.6%
Nationwide Amundi Global High Yield Fund, Class R6	3.0%
Nationwide Inflation-Protected Securities Fund, Class R6	3.0%
Other Holdings	3.5%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

34

Shareholder Expense Example Nationwide Investor Destinations Moderately Conservative Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Investor Destinations Moderately Conservative Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,059.20		2.81		0.55
	Hypothetical	(b)(c)		1,000.00		1,022.07		2.76		0.55
Class C Shares	Actual	(b)		1,000.00		1,055.70		6.52		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.45		6.41		1.28
Class R Shares	Actual	(b)		1,000.00		1,058.50		4.39		0.86
	Hypothetical	(b)(c)		1,000.00		1,020.53		4.31		0.86
Class R6 Shares	Actual	(b)		1,000.00		1,061.40		1.07		0.21
	Hypothetical	(b)(c)		1,000.00		1,023.75		1.05		0.21
Institutional Service Class Shares	Actual	(b)		1,000.00		1,061.10		1.64		0.32
	Hypothetical	(b)(c)		1,000.00		1,023.21		1.61		0.32
Service Class Shares	Actual	(b)		1,000.00		1,058.50		3.16		0.62
	Hypothetical	(b)(c)		1,000.00		1,021.72		3.11		0.62

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

35

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Moderately Conservative Fund

Investment Companies 78.9%
	Shares		Value
Alternative Assets 5.5%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		1,377,423	$	13,374,780
Nationwide Amundi Strategic Income Fund, Class R6 (a)		646,577		6,653,274
Nationwide Emerging Markets Debt Fund, Class R6 (a)		457,211		4,357,220
Total Alternative Assets (cost $24,961,941)				24,385,274
Equity Funds 41.5%
Nationwide International Index Fund, Class R6 (a)		5,766,499		45,151,685
Nationwide International Small Cap Fund, Class R6 (a)		473,737		4,514,718
Nationwide Mid Cap Market Index Fund, Class R6 (a)		1,332,673		20,829,680
Nationwide Multi-Cap Portfolio, Class R6 (a)		10,220,760		114,881,339
Total Equity Funds (cost $175,928,905)				185,377,422
Fixed Income Funds 31.9%
Nationwide Bond Index Fund, Class R6 (a)		5,813,917		63,313,557
Nationwide Core Plus Bond Fund, Class R6 (a)		3,049,026		30,734,183
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,335,152		13,097,837
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		3,515,060		35,009,999
Total Fixed Income Funds (cost $143,626,944)				142,155,576
Total Investment Companies (cost $344,517,790)				351,918,272
Exchange Traded Fund 3.6%
Equity Fund 3.6%
iShares Core MSCI Emerging Markets ETF		299,771		15,839,900
Total Exchange Traded Fund (cost $15,799,817)				15,839,900

Investment Contract 16.6%
	Principal Amount		Value
Nationwide Contract, 2.60%^¥ (a)(b)	$	74,182,861	$	74,182,861
Total Investment Contract (cost $74,182,861)				74,182,861
Total Investments (cost $434,500,468) — 99.1%				441,941,033
Other assets in excess of liabilities — 0.9%				4,223,936
NET ASSETS — 100.0%			$	446,164,969

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

36

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Conservative Fund
Assets:
Investment securities of affiliated issuers, at value (cost $418,700,651)	$	426,101,133
Investment security of unaffiliated issuer, at value (cost $15,799,817)		15,839,900
Cash		4,439,503
Interest receivable		8,292
Receivable for investments sold		405,290
Receivable for capital shares issued		584,185
Prepaid expenses		54,578
Total Assets		447,432,881
Liabilities:
Payable for capital shares redeemed		1,001,935
Accrued expenses and other payables:
Investment advisory fees		47,589
Fund administration fees		20,888
Distribution fees		99,475
Administrative servicing fees		49,824
Accounting and transfer agent fees		8,826
Trustee fees		907
Custodian fees		8,394
Compliance program costs (Note 3)		391
Professional fees		11,202
Printing fees		10,061
Other		8,420
Total Liabilities		1,267,912
Net Assets	$	446,164,969
Represented by:
Capital	$	436,193,952
Total distributable earnings (loss)		9,971,017
Net Assets	$	446,164,969
Net Assets:
Class A Shares	$	58,212,908
Class C Shares		48,472,525
Class R Shares		37,903,897
Class R6 Shares		132,626,135
Institutional Service Class Shares		11,913,937
Service Class Shares		157,035,567
Total	$	446,164,969
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,945,340
Class C Shares		4,979,563
Class R Shares		3,861,603
Class R6 Shares		13,373,746
Institutional Service Class Shares		1,207,158
Service Class Shares		15,920,120
Total		45,287,530

37

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Conservative Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.79
Class C Shares (b)	$	9.73
Class R Shares	$	9.82
Class R6 Shares	$	9.92
Institutional Service Class Shares	$	9.87
Service Class Shares	$	9.86
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.39
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

38

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	5,262,392
Interest income from affiliated issuers		947,566
Dividend income from unaffiliated issuers		161,596
Interest income (unaffiliated)		32,319
Income from securities lending (Note 2)		6
Total Income		6,403,879
EXPENSES:
Investment advisory fees		279,996
Fund administration fees		72,354
Distribution fees Class A		70,944
Distribution fees Class C		231,359
Distribution fees Class R		95,481
Distribution fees Service Class		190,843
Administrative servicing fees Class A		23,175
Administrative servicing fees Class C		14,257
Administrative servicing fees Class R		28,644
Administrative servicing fees Institutional Service Class		6,952
Administrative servicing fees Service Class		119,676
Registration and filing fees		38,830
Professional fees		16,880
Printing fees		11,332
Trustee fees		7,269
Custodian fees		12,855
Accounting and transfer agent fees		17,112
Compliance program costs (Note 3)		1,045
Other		7,221
Total expenses before earnings credit		1,246,225
Earnings credit (Note 5)		(3,303	)
Net Expenses		1,242,922
NET INVESTMENT INCOME		5,160,957
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		9,822,256
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		(322,107	)
Transactions in investment securities of unaffiliated issuers		(636,744	)
Expiration or closing of futures contracts (Note 2)		(1,153,104	)
Net realized gains		7,710,301
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		10,906,006
Investment securities of unaffiliated issuers		1,462,401
Net change in unrealized appreciation/depreciation		12,368,407
Net realized/unrealized gains		20,078,708
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,239,665

The accompanying notes are an integral part of these financial statements.

39

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderately Conservative Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	5,160,957		$	8,807,542
Net realized gains		7,710,301			23,007,918
Net change in unrealized appreciation/depreciation		12,368,407			(32,371,293	)
Change in net assets resulting from operations		25,239,665			(555,833	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,652,249	)		(3,805,431	)
Class C		(2,900,349	)		(2,586,977	)
Class R		(2,442,591	)		(2,671,373	)
Class R6		(8,184,591	)		(7,298,430	)
Institutional Service Class		(821,507	)		(684,679	)
Service Class		(9,698,698	)		(9,866,834	)
Change in net assets from shareholder distributions		(27,699,985	)		(26,913,724	)
Change in net assets from capital transactions		11,483,643			(23,296,844	)
Change in net assets		9,023,323			(50,766,401	)
Net Assets:
Beginning of period		437,141,646			487,908,047
End of period	$	446,164,969		$	437,141,646
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,869,220		$	11,697,906
Dividends reinvested		2,998,656			2,690,453
Cost of shares redeemed		(10,576,057	)		(18,611,431	)
Total Class A Shares		(708,181	)		(4,223,072	)
Class C Shares
Proceeds from shares issued		5,003,899			7,700,352
Dividends reinvested		2,619,493			2,332,597
Cost of shares redeemed		(5,588,494	)		(13,031,496	)
Total Class C Shares		2,034,898			(2,998,547	)
Class R Shares
Proceeds from shares issued		1,848,878			4,050,412
Dividends reinvested		2,396,207			2,538,715
Cost of shares redeemed		(5,864,612	)		(15,342,985	)
Total Class R Shares		(1,619,527	)		(8,753,858	)
Class R6 Shares
Proceeds from shares issued		17,142,514			26,917,866
Dividends reinvested		7,681,079			7,280,326
Cost of shares redeemed		(12,382,069	)		(26,130,869	)
Total Class R6 Shares		12,441,524			8,067,323
Institutional Service Class Shares
Proceeds from shares issued		5,897,461			8,159,837
Dividends reinvested		499,900			348,121
Cost of shares redeemed		(7,131,396	)		(5,681,734	)
Total Institutional Service Class Shares		(734,035	)		2,826,224

40

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderately Conservative Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued) Service Class Shares
Proceeds from shares issued	$	7,899,524		$	18,428,830
Dividends reinvested		9,698,698			9,866,834
Cost of shares redeemed		(17,529,258	)		(46,510,578	)
Total Service Class Shares		68,964			(18,214,914	)
Change in net assets from capital transactions	$	11,483,643		$	(23,296,844	)
SHARE TRANSACTIONS:
Class A Shares
Issued		718,576			1,140,314
Reinvested		333,165			264,217
Redeemed		(1,098,376	)		(1,812,656	)
Total Class A Shares		(46,635	)		(408,125	)
Class C Shares
Issued		527,687			755,357
Reinvested		293,143			230,318
Redeemed		(597,397	)		(1,279,775	)
Total Class C Shares		223,433			(294,100	)
Class R Shares
Issued		192,784			394,293
Reinvested		265,837			248,881
Redeemed		(609,809	)		(1,497,494	)
Total Class R Shares		(151,188	)		(854,320	)
Class R6 Shares
Issued		1,768,809			2,583,499
Reinvested		842,562			707,142
Redeemed		(1,293,443	)		(2,512,656	)
Total Class R6 Shares		1,317,928			777,985
Institutional Service Class Shares
Issued		619,995			786,617
Reinvested		55,074			33,928
Redeemed		(740,884	)		(553,867	)
Total Institutional Service Class Shares		(65,815	)		266,678
Service Class Shares
Issued		828,426			1,783,793
Reinvested		1,070,623			962,429
Redeemed		(1,807,438	)		(4,486,655	)
Total Service Class Shares		91,611			(1,740,433	)
Total change in shares		1,369,334			(2,252,315	)

The accompanying notes are an integral part of these financial statements.

41

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Moderately Conservative Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	25,239,665
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(137,500,838	)
Proceeds from disposition of investment securities of affiliated issuers		62,180,185
Purchase of investment securities of unaffiliated issuers		(9,679,145	)
Proceeds from disposition of investment securities of unaffiliated issuers		107,836,539
Reinvestment of dividend income from affiliated issuers		(5,262,392	)
Reinvestment of interest income from affiliated issuers		(947,566	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(10,906,006	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(1,462,401	)
Reinvestment of net realized gain distributions from affiliated issuers		(9,822,256	)
Net realized loss from investment transactions with affiliated issuers		322,107
Net realized loss from transactions in investment securities of unaffiliated issuers		636,744
Decrease in receivable for investments sold		778,392
Increase in interest and dividends receivable		(8,292	)
Increase in prepaid expenses		(22,447	)
Decrease in investment advisory fees payable		(1,613	)
Decrease in fund administration fees payable		(1,342	)
Decrease in distribution fees payable		(6,026	)
Increase in administrative servicing fees payable		6,577
Decrease in accounting and transfer agent fees payable		(2,315	)
Decrease in trustee fees payable		(528	)
Increase in custodian fees payable		4,892
Increase in compliance program costs payable		99
Decrease in professional fees payable		(5,276	)
Increase in printing fees payable		3,633
Decrease in other payables		(1,285	)
Net cash provided by operating activities		21,379,105
Cash flows used in financing activities:
Proceeds from shares issued		44,232,803
Cost of shares redeemed		(59,367,153	)
Cash distributions paid to shareholders		(1,805,952	)
Net cash used in financing activities		(16,940,302	)
Net increase in cash		4,438,803
Cash:
Beginning of period		700
End of period	$	4,439,503
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $25,894,033.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated underlying funds of $16,032,214.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $102,667,090.

The accompanying notes are an integral part of these financial statements.

42

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Conservative Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.90		0.11		0.42			0.53			(0.13	)		(0.51	)		(0.64	)	$	9.79		5.92%		$	58,212,908		0.55%		2.40%		0.55%		38.17%	(g)
Year Ended October 31, 2018	$	10.51		0.20		(0.21	)		(0.01	)		(0.22	)		(0.38	)		(0.60	)	$	9.90		(0.22%	)	$	59,304,391		0.55%		1.93%		0.55%		22.97%
Year Ended October 31, 2017	$	10.14		0.21		0.72			0.93			(0.22	)		(0.34	)		(0.56	)	$	10.51		9.54%		$	67,291,272		0.55%		2.02%		0.55%		22.71%
Year Ended October 31, 2016	$	10.35		0.17		0.13			0.30			(0.18	)		(0.33	)		(0.51	)	$	10.14		3.11%		$	54,037,826		0.54%		1.70%		0.54%		19.58%
Year Ended October 31, 2015	$	10.68		0.18		(0.08	)		0.10			(0.20	)		(0.23	)		(0.43	)	$	10.35		0.95%		$	55,283,435		0.58%		1.70%		0.58%		13.81%
Year Ended October 31, 2014	$	11.11		0.16		0.35			0.51			(0.18	)		(0.76	)		(0.94	)	$	10.68		4.95%		$	58,734,361		0.57%		1.54%		0.57%		18.14%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.84		0.08		0.41			0.49			(0.09	)		(0.51	)		(0.60	)	$	9.73		5.57%		$	48,472,525		1.28%		1.72%		1.28%		38.17%	(g)
Year Ended October 31, 2018	$	10.46		0.12		(0.21	)		(0.09	)		(0.15	)		(0.38	)		(0.53	)	$	9.84		(1.05%	)	$	46,816,101		1.28%		1.18%		1.28%		22.97%
Year Ended October 31, 2017	$	10.09		0.13		0.72			0.85			(0.14	)		(0.34	)		(0.48	)	$	10.46		8.74%		$	52,822,319		1.28%		1.31%		1.28%		22.71%
Year Ended October 31, 2016	$	10.29		0.10		0.14			0.24			(0.11	)		(0.33	)		(0.44	)	$	10.09		2.47%		$	60,735,873		1.28%		0.95%		1.28%		19.58%
Year Ended October 31, 2015	$	10.63		0.10		(0.08	)		0.02			(0.13	)		(0.23	)		(0.36	)	$	10.29		0.15%		$	60,039,930		1.28%		0.96%		1.28%		13.81%
Year Ended October 31, 2014	$	11.07		0.09		0.34			0.43			(0.11	)		(0.76	)		(0.87	)	$	10.63		4.17%		$	55,313,487		1.26%		0.84%		1.26%		18.14%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.92		0.10		0.42			0.52			(0.11	)		(0.51	)		(0.62	)	$	9.82		5.85%		$	37,903,897		0.87%		2.13%		0.87%		38.17%	(g)
Year Ended October 31, 2018	$	10.54		0.17		(0.22	)		(0.05	)		(0.19	)		(0.38	)		(0.57	)	$	9.92		(0.63%	)	$	39,807,735		0.86%		1.62%		0.86%		22.97%
Year Ended October 31, 2017	$	10.16		0.18		0.73			0.91			(0.19	)		(0.34	)		(0.53	)	$	10.54		9.27%		$	51,281,805		0.85%		1.75%		0.85%		22.71%
Year Ended October 31, 2016	$	10.36		0.14		0.14			0.28			(0.15	)		(0.33	)		(0.48	)	$	10.16		2.88%		$	57,969,013		0.85%		1.39%		0.85%		19.58%
Year Ended October 31, 2015	$	10.70		0.15		(0.09	)		0.06			(0.17	)		(0.23	)		(0.40	)	$	10.36		0.57%		$	66,666,515		0.84%		1.45%		0.84%		13.81%
Year Ended October 31, 2014	$	11.13		0.13		0.35			0.48			(0.15	)		(0.76	)		(0.91	)	$	10.70		4.63%		$	83,675,301		0.86%		1.27%		0.86%		18.14%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	10.02		0.13		0.42			0.55			(0.14	)		(0.51	)		(0.65	)	$	9.92		6.14%		$	132,626,135		0.22%		2.77%		0.22%		38.17%	(g)
Year Ended October 31, 2018	$	10.63		0.23		(0.20	)		0.03			(0.26	)		(0.38	)		(0.64	)	$	10.02		0.13%		$	120,763,200		0.21%		2.24%		0.21%		22.97%
Year Ended October 31, 2017	$	10.25		0.24		0.74			0.98			(0.26	)		(0.34	)		(0.60	)	$	10.63		9.89%		$	119,928,414		0.21%		2.34%		0.21%		22.71%
Year Ended October 31, 2016	$	10.45		0.21		0.13			0.34			(0.21	)		(0.33	)		(0.54	)	$	10.25		3.53%		$	150,948,313		0.20%		2.02%		0.20%		19.58%
Year Ended October 31, 2015	$	10.79		0.22		(0.09	)		0.13			(0.24	)		(0.23	)		(0.47	)	$	10.45		1.23%		$	125,766,263		0.20%		2.04%		0.20%		13.81%
Year Ended October 31, 2014	$	11.21		0.20		0.36			0.56			(0.22	)		(0.76	)		(0.98	)	$	10.79		5.38%		$	111,372,125		0.21%		1.89%		0.21%		18.14%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

43

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Conservative Fund (Continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.97		0.12		0.43			0.55			(0.14	)		(0.51	)		(0.65	)	$	9.87		6.11%		$	11,913,937		0.32%		2.60%		0.32%		38.17%	(g)
Year Ended October 31, 2018	$	10.59		0.22		(0.21	)		0.01			(0.25	)		(0.38	)		(0.63	)	$	9.97		(0.06%	)	$	12,694,105		0.30%		2.12%		0.30%		22.97%
Year Ended October 31, 2017	$	10.21		0.22		0.75			0.97			(0.25	)		(0.34	)		(0.59	)	$	10.59		9.85%		$	10,656,590		0.30%		2.14%		0.30%		22.71%
Year Ended October 31, 2016	$	10.41		0.20		0.13			0.33			(0.20	)		(0.33	)		(0.53	)	$	10.21		3.43%		$	3,300,780		0.30%		1.94%		0.30%		19.58%
Year Ended October 31, 2015	$	10.75		0.19		(0.07	)		0.12			(0.23	)		(0.23	)		(0.46	)	$	10.41		1.12%		$	3,028,431		0.32%		1.84%		0.32%		13.81%
Period Ended October 31, 2014 (j)	$	10.53		0.10		0.22			0.32			(0.10	)		—			(0.10	)	$	10.75		3.06%		$	2,070,270		0.24%		1.37%		0.24%		18.14%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.97		0.11		0.41			0.52			(0.12	)		(0.51	)		(0.63	)	$	9.86		5.85%		$	157,035,567		0.62%		2.35%		0.62%		38.17%	(g)
Year Ended October 31, 2018	$	10.58		0.19		(0.20	)		(0.01	)		(0.22	)		(0.38	)		(0.60	)	$	9.97		(0.28%	)	$	157,756,114		0.61%		1.86%		0.61%		22.97%
Year Ended October 31, 2017	$	10.20		0.21		0.73			0.94			(0.22	)		(0.34	)		(0.56	)	$	10.58		9.50%		$	185,927,647		0.60%		2.01%		0.60%		22.71%
Year Ended October 31, 2016	$	10.40		0.16		0.14			0.30			(0.17	)		(0.33	)		(0.50	)	$	10.20		3.12%		$	206,587,771		0.60%		1.63%		0.60%		19.58%
Year Ended October 31, 2015	$	10.74		0.18		(0.09	)		0.09			(0.20	)		(0.23	)		(0.43	)	$	10.40		0.82%		$	245,435,520		0.60%		1.67%		0.60%		13.81%
Year Ended October 31, 2014	$	11.17		0.16		0.34			0.50			(0.17	)		(0.76	)		(0.93	)	$	10.74		4.88%		$	284,346,558		0.61%		1.52%		0.61%		18.14%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(j) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

The accompanying notes are an integral part of these financial statements.

44

Fund Overview Nationwide Investor Destinations Conservative  Fund

Asset Allocation¹

Fixed Income Funds	45.5%
Investment Contract	23.7%
Equity Funds	22.7%
Alternative Assets	6.0%
Other assets in excess of liabilities	2.1%
	100.0%

Top Holdings²

Nationwide Contract	24.2%
Nationwide Bond Index Fund, Class R6	18.1%
Nationwide Loomis Short Term Bond Fund, Class R6	14.2%
Nationwide Multi-Cap Portfolio, Class R6	13.3%
Nationwide Core Plus Bond Fund, Class R6	9.1%
Nationwide International Index Fund, Class R6	5.7%
Nationwide Inflation-Protected Securities Fund, Class R6	5.0%
Nationwide Amundi Strategic Income Fund, Class R6	3.1%
Nationwide Mid Cap Market Index Fund, Class R6	2.1%
Nationwide Amundi Global High Yield Fund, Class R6	2.1%
Other Holdings	3.1%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

45

Shareholder Expense Example Nationwide Investor Destinations Conservative Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Investor Destinations Conservative Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19(a)		Expense Ratio During Period (%) 11/1/18 - 4/30/19(a)
Class A Shares	Actual	(b)		1,000.00		1,046.50		2.74		0.54
	Hypothetical	(b)(c)		1,000.00		1,022.12		2.71		0.54
Class C Shares	Actual	(b)		1,000.00		1,042.90		6.48		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.45		6.41		1.28
Class R Shares	Actual	(b)		1,000.00		1,045.00		4.41		0.87
	Hypothetical	(b)(c)		1,000.00		1,020.48		4.36		0.87
Class R6 Shares	Actual	(b)		1,000.00		1,048.10		1.07		0.21
	Hypothetical	(b)(c)		1,000.00		1,023.75		1.05		0.21
Institutional Service Class Shares	Actual	(b)		1,000.00		1,047.80		1.42		0.28
	Hypothetical	(b)(c)		1,000.00		1,023.41		1.40		0.28
Service Class Shares	Actual	(b)		1,000.00		1,046.00		3.09		0.61
	Hypothetical	(b)(c)		1,000.00		1,021.77		3.06		0.61

(a) Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(c) Represents the hypothetical 5% return before expenses.

46

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Conservative Fund

Investment Companies 72.7%
	Shares		Value
Alternative Assets 6.0%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		1,356,098	$	13,167,715
Nationwide Amundi Strategic Income Fund, Class R6 (a)		1,903,316		19,585,123
Nationwide Emerging Markets Debt Fund, Class R6 (a)		675,128		6,433,974
Total Alternative Assets (cost $40,150,315)				39,186,812
Equity Funds 21.2%
Nationwide International Index Fund, Class R6 (a)		4,683,893		36,674,882
Nationwide International Small Cap Fund, Class R6 (a)		349,813		3,333,722
Nationwide Mid Cap Market Index Fund, Class R6 (a)		873,831		13,657,983
Nationwide Multi-Cap Portfolio, Class R6 (a)		7,557,137		84,942,217
Total Equity Funds (cost $132,560,188)				138,608,804
Fixed Income Funds 45.5%
Nationwide Bond Index Fund, Class R6 (a)		10,660,053		116,087,982
Nationwide Core Plus Bond Fund, Class R6 (a)		5,789,177		58,354,902
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		3,285,861		32,234,294
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		9,090,335		90,539,740
Total Fixed Income Funds (cost $299,560,692)				297,216,918
Total Investment Companies (cost $472,271,195)				475,012,534
Exchange Traded Fund 1.5%
Equity Fund 1.5%
iShares Core MSCI Emerging Markets ETF		190,052		10,042,348
Total Exchange Traded Fund (cost $10,434,438)				10,042,348

Investment Contract 23.7%
	Principal Amount		Value
Nationwide Contract, 2.60%^¥ (a)(b)	$	154,712,303	$	154,712,303
Total Investment Contract (cost $154,712,303)				154,712,303
Total Investments (cost $637,417,936) — 97.9%				639,767,185
Other assets in excess of liabilities — 2.1%				13,431,626
NET ASSETS — 100.0%			$	653,198,811

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

ETF Exchange Traded Fund

The accompanying notes are an integral part of these financial statements.

47

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Conservative Fund
Assets:
Investment securities of affiliated issuers, at value (cost $626,983,498)	$	629,724,837
Investment security of unaffiliated issuer, at value (cost $10,434,438)		10,042,348
Cash		13,132,987
Interest receivable		24,526
Receivable for investments sold		1,896,036
Receivable for capital shares issued		921,716
Prepaid expenses		57,176
Total Assets		655,799,626
Liabilities:
Payable for capital shares redeemed		2,191,094
Accrued expenses and other payables:
Investment advisory fees		69,965
Fund administration fees		25,443
Distribution fees		162,682
Administrative servicing fees		83,578
Accounting and transfer agent fees		12,484
Trustee fees		1,482
Custodian fees		12,780
Compliance program costs (Note 3)		600
Professional fees		13,824
Printing fees		21,051
Other		5,832
Total Liabilities		2,600,815
Net Assets	$	653,198,811
Represented by:
Capital	$	652,569,039
Total distributable earnings (loss)		629,772
Net Assets	$	653,198,811
Net Assets:
Class A Shares	$	79,818,982
Class C Shares		132,198,734
Class R Shares		30,270,523
Class R6 Shares		91,799,323
Institutional Service Class Shares		201,691,845
Service Class Shares		117,419,404
Total	$	653,198,811
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,938,239
Class C Shares		13,222,491
Class R Shares		3,018,004
Class R6 Shares		9,080,497
Institutional Service Class Shares		20,000,506
Service Class Shares		11,639,221
Total		64,898,958

48

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Conservative Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.05
Class C Shares (b)	$	10.00
Class R Shares	$	10.03
Class R6 Shares	$	10.11
Institutional Service Class Shares	$	10.08
Service Class Shares	$	10.09
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.66
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

49

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	7,396,809
Interest income from affiliated issuers		2,033,650
Dividend income from unaffiliated issuers		257,146
Interest income (unaffiliated)		85,237
Income from securities lending (Note 2)		5
Total Income		9,772,847
EXPENSES:
Investment advisory fees		425,483
Fund administration fees		97,688
Distribution fees Class A		102,372
Distribution fees Class C		676,098
Distribution fees Class R		74,956
Distribution fees Service Class		143,254
Administrative servicing fees Class A		32,760
Administrative servicing fees Class C		47,327
Administrative servicing fees Class R		23,744
Administrative servicing fees Institutional Service Class		73,968
Administrative servicing fees Service Class		85,952
Registration and filing fees		43,794
Professional fees		21,552
Printing fees		25,752
Trustee fees		11,147
Custodian fees		20,104
Accounting and transfer agent fees		24,814
Compliance program costs (Note 3)		1,594
Other		9,599
Total expenses before earnings credit		1,941,958
Earnings credit (Note 5)		(5,598	)
Net Expenses		1,936,360
NET INVESTMENT INCOME		7,836,487
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains distributions from affiliated issuers		7,268,993
Net realized gains (losses) from:
Transactions in investment securities of affiliated issuers		(3,337,164	)
Transactions in investment securities of unaffiliated issuers		(2,133,349	)
Expiration or closing of futures contracts (Note 2)		(221,712	)
Net realized gains		1,576,768
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		17,312,199
Investment securities of unaffiliated issuers		2,584,847
Net change in unrealized appreciation/depreciation		19,897,046
Net realized/unrealized gains		21,473,814
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,310,301

The accompanying notes are an integral part of these financial statements.

50

Statements of Changes in Net Assets

	Nationwide Investor Destinations Conservative Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	7,836,487		$	14,416,904
Net realized gains		1,576,768			18,713,313
Net change in unrealized appreciation/depreciation		19,897,046			(36,153,897	)
Change in net assets resulting from operations		29,310,301			(3,023,680	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,369,509	)		(3,439,273	)
Class C		(5,098,933	)		(3,451,688	)
Class R		(1,191,286	)		(936,050	)
Class R6		(3,553,046	)		(2,785,516	)
Institutional Service Class		(8,933,772	)		(7,298,807	)
Service Class		(4,550,454	)		(3,781,056	)
Change in net assets from shareholder distributions		(26,697,000	)		(21,692,390	)
Change in net assets from capital transactions		(35,350,603	)		(22,498,502	)
Change in net assets		(32,737,302	)		(47,214,572	)
Net Assets:
Beginning of period		685,936,113			733,150,685
End of period	$	653,198,811		$	685,936,113
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	10,118,798		$	30,364,833
Dividends reinvested		3,011,625			2,908,605
Cost of shares redeemed		(25,468,720	)		(56,659,793	)
Total Class A Shares		(12,338,297	)		(23,386,355	)
Class C Shares
Proceeds from shares issued		9,582,756			29,348,272
Dividends reinvested		4,771,274			3,145,380
Cost of shares redeemed		(24,009,242	)		(39,679,721	)
Total Class C Shares		(9,655,212	)		(7,186,069	)
Class R Shares
Proceeds from shares issued		4,436,326			4,100,412
Dividends reinvested		1,172,797			917,645
Cost of shares redeemed		(5,944,411	)		(11,094,873	)
Total Class R Shares		(335,288	)		(6,076,816	)
Class R6 Shares
Proceeds from shares issued		10,516,252			16,804,377
Dividends reinvested		3,509,573			2,776,157
Cost of shares redeemed		(7,483,331	)		(16,432,800	)
Total Class R6 Shares		6,542,494			3,147,734

51

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Conservative Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	36,344,234		$	126,991,668
Dividends reinvested		7,190,037			5,550,077
Cost of shares redeemed		(60,485,230	)		(111,797,442	)
Total Institutional Service Class Shares		(16,950,959	)		20,744,303
Service Class Shares
Proceeds from shares issued		9,059,999			20,992,033
Dividends reinvested		4,544,442			3,772,844
Cost of shares redeemed		(16,217,782	)		(34,506,176	)
Total Service Class Shares		(2,613,341	)		(9,741,299	)
Change in net assets from capital transactions	$	(35,350,603	)	$	(22,498,502	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,024,245			2,958,242
Reinvested		315,573			284,183
Redeemed		(2,583,592	)		(5,538,490	)
Total Class A Shares		(1,243,774	)		(2,296,065	)
Class C Shares
Issued		977,828			2,875,428
Reinvested		502,847			308,533
Redeemed		(2,450,481	)		(3,893,126	)
Total Class C Shares		(969,806	)		(709,165	)
Class R Shares
Issued		448,107			401,581
Reinvested		123,234			89,817
Redeemed		(603,887	)		(1,082,867	)
Total Class R Shares		(32,546	)		(591,469	)
Class R6 Shares
Issued		1,063,418			1,632,019
Reinvested		365,571			269,937
Redeemed		(754,520	)		(1,595,296	)
Total Class R6 Shares		674,469			306,660
Institutional Service Class Shares
Issued		3,673,699			12,348,640
Reinvested		750,761			540,901
Redeemed		(6,146,121	)		(10,913,215	)
Total Institutional Service Class Shares		(1,721,661	)		1,976,326
Service Class Shares
Issued		916,081			2,039,983
Reinvested		474,239			367,302
Redeemed		(1,630,074	)		(3,356,792	)
Total Service Class Shares		(239,754	)		(949,507	)
Total change in shares		(3,533,072	)		(2,263,220	)

The accompanying notes are an integral part of these financial statements.

52

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Investor Destinations Conservative Fund
INCREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	29,310,301
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of affiliated issuers		(106,985,608	)
Proceeds from disposition of investment securities of affiliated issuers		96,171,988
Purchase of investment securities of unaffiliated issuers		(164,197	)
Proceeds from disposition of investment securities of unaffiliated issuers		89,815,226
Reinvestment of dividend income from affiliated issuers		(7,396,809	)
Reinvestment of interest income from affiliated issuers		(2,033,650	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(17,312,199	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(2,584,847	)
Reinvestment of net realized gain distributions from affiliated issuers		(7,268,993	)
Net realized loss from investment transactions with affiliated issuers		3,337,164
Net realized loss from transactions in investment securities of unaffiliated issuers		2,133,349
Increase in receivable for investments sold		(1,248,489	)
Increase in interest and dividends receivable		(24,526	)
Increase in prepaid expenses		(20,775	)
Decrease in investment advisory fees payable		(7,756	)
Decrease in fund administration fees payable		(2,681	)
Decrease in distribution fees payable		(18,700	)
Decrease in administrative servicing fees payable		(19,391	)
Decrease in accounting and transfer agent fees payable		(3,486	)
Decrease in trustee fees payable		(787	)
Increase in custodian fees payable		7,697
Increase in compliance program costs payable		134
Decrease in professional fees payable		(4,667	)
Increase in printing fees payable		4,722
Decrease in other payables		(1,185	)
Net cash provided by operating activities		75,681,835
Cash flows used in financing activities:
Proceeds from shares issued		79,619,570
Cost of shares redeemed		(139,672,110	)
Cash distributions paid to shareholders		(2,497,252	)
Net cash used in financing activities		(62,549,792	)
Net increase in cash		13,132,043
Cash:
Beginning of period		944
End of period	$	13,132,987
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $24,199,748.
Non-cash operating activities included herein include reinvestments of dividend income from affiliated issuers, interest income from affiliated issuers and realized gain distributions from affiliated underlying funds of $16,699,452.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $75,753,006.

The accompanying notes are an integral part of these financial statements.

53

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Conservative Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.01		0.12		0.32			0.44			(0.12	)		(0.28	)		(0.40	)	$	10.05		4.65%	(g)	$	79,818,982		0.54%		2.45%		0.54%		19.13%	(h)
Year Ended October 31, 2018	$	10.36		0.21		(0.25	)		(0.04	)		(0.21	)		(0.10	)		(0.31	)	$	10.01		(0.44%	)	$	91,956,405		0.53%		2.03%		0.53%		21.58%
Year Ended October 31, 2017	$	10.16		0.21		0.30			0.51			(0.21	)		(0.10	)		(0.31	)	$	10.36		5.15%		$	118,949,342		0.53%		2.06%		0.53%		30.99%
Year Ended October 31, 2016	$	10.14		0.17		0.16			0.33			(0.18	)		(0.13	)		(0.31	)	$	10.16		3.31%		$	155,015,063		0.54%		1.67%		0.54%		14.83%
Year Ended October 31, 2015	$	10.30		0.17		(0.08	)		0.09			(0.18	)		(0.07	)		(0.25	)	$	10.14		0.91%		$	89,550,546		0.55%		1.69%		0.55%		15.91%
Year Ended October 31, 2014	$	10.62		0.15		0.22			0.37			(0.17	)		(0.52	)		(0.69	)	$	10.30		3.70%		$	81,289,282		0.57%		1.51%		0.57%		25.03%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.96		0.08		0.33			0.41			(0.09	)		(0.28	)		(0.37	)	$	10.00		4.29%		$	132,198,734		1.28%		1.71%		1.28%		19.13%	(h)
Year Ended October 31, 2018	$	10.31		0.13		(0.24	)		(0.11	)		(0.14	)		(0.10	)		(0.24	)	$	9.96		(1.18%	)	$	141,350,080		1.27%		1.28%		1.27%		21.58%
Year Ended October 31, 2017	$	10.11		0.13		0.31			0.44			(0.14	)		(0.10	)		(0.24	)	$	10.31		4.41%		$	153,601,464		1.27%		1.30%		1.27%		30.99%
Year Ended October 31, 2016	$	10.09		0.09		0.16			0.25			(0.10	)		(0.13	)		(0.23	)	$	10.11		2.58%		$	148,901,612		1.28%		0.94%		1.28%		14.83%
Year Ended October 31, 2015	$	10.25		0.09		(0.07	)		0.02			(0.11	)		(0.07	)		(0.18	)	$	10.09		0.21%		$	110,901,426		1.29%		0.92%		1.29%		15.91%
Year Ended October 31, 2014	$	10.58		0.08		0.21			0.29			(0.10	)		(0.52	)		(0.62	)	$	10.25		2.91%		$	72,301,458		1.27%		0.81%		1.27%		25.03%
Class R Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.99		0.10		0.33			0.43			(0.11	)		(0.28	)		(0.39	)	$	10.03		4.50%		$	30,270,523		0.87%		2.12%		0.87%		19.13%	(h)
Year Ended October 31, 2018	$	10.34		0.17		(0.24	)		(0.07	)		(0.18	)		(0.10	)		(0.28	)	$	9.99		(0.76%	)	$	30,479,796		0.85%		1.70%		0.85%		21.58%
Year Ended October 31, 2017	$	10.14		0.18		0.30			0.48			(0.18	)		(0.10	)		(0.28	)	$	10.34		4.83%		$	37,657,787		0.84%		1.74%		0.84%		30.99%
Year Ended October 31, 2016	$	10.12		0.14		0.15			0.29			(0.14	)		(0.13	)		(0.27	)	$	10.14		2.97%		$	46,395,556		0.85%		1.37%		0.85%		14.83%
Year Ended October 31, 2015	$	10.27		0.14		(0.07	)		0.07			(0.15	)		(0.07	)		(0.22	)	$	10.12		0.67%		$	42,487,159		0.86%		1.39%		0.86%		15.91%
Year Ended October 31, 2014	$	10.60		0.13		0.19			0.32			(0.13	)		(0.52	)		(0.65	)	$	10.27		3.28%		$	51,948,486		0.87%		1.23%		0.87%		25.03%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	10.07		0.14		0.32			0.46			(0.14	)		(0.28	)		(0.42	)	$	10.11		4.81%		$	91,799,323		0.21%		2.75%		0.21%		19.13%	(h)
Year Ended October 31, 2018	$	10.42		0.24		(0.24	)		—			(0.25	)		(0.10	)		(0.35	)	$	10.07		(0.10%	)	$	84,633,584		0.20%		2.35%		0.20%		21.58%
Year Ended October 31, 2017	$	10.21		0.24		0.32			0.56			(0.25	)		(0.10	)		(0.35	)	$	10.42		5.58%		$	84,374,346		0.20%		2.35%		0.20%		30.99%
Year Ended October 31, 2016	$	10.19		0.20		0.16			0.36			(0.21	)		(0.13	)		(0.34	)	$	10.21		3.63%		$	105,411,080		0.20%		2.02%		0.20%		14.83%
Year Ended October 31, 2015	$	10.35		0.21		(0.08	)		0.13			(0.22	)		(0.07	)		(0.29	)	$	10.19		1.25%		$	83,673,339		0.21%		2.02%		0.21%		15.91%
Year Ended October 31, 2014	$	10.67		0.19		0.21			0.40			(0.20	)		(0.52	)		(0.72	)	$	10.35		4.04%		$	69,248,334		0.22%		1.87%		0.22%		25.03%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Portfolio turnover excludes received or delivered in-kind.

(i) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

54

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Conservative Fund (Continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)(e)		Ratio of Net Investment Income to Average Net Assets (d)(e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.04		0.13		0.33			0.46			(0.14	)		(0.28	)		(0.42	)	$	10.08		4.78%		$	201,691,845		0.28%		2.73%		0.28%		19.13%	(h)
Year Ended October 31, 2018	$	10.39		0.23		(0.24	)		(0.01	)		(0.24	)		(0.10	)		(0.34	)	$	10.04		(0.19%	)	$	218,169,172		0.28%		2.26%		0.28%		21.58%
Year Ended October 31, 2017	$	10.19		0.23		0.31			0.54			(0.24	)		(0.10	)		(0.34	)	$	10.39		5.40%		$	205,208,144		0.29%		2.25%		0.29%		30.99%
Year Ended October 31, 2016	$	10.17		0.19		0.16			0.35			(0.20	)		(0.13	)		(0.33	)	$	10.19		3.55%		$	115,594,654		0.30%		1.90%		0.30%		14.83%
Year Ended October 31, 2015	$	10.33		0.19		(0.07	)		0.12			(0.21	)		(0.07	)		(0.28	)	$	10.17		1.17%		$	46,044,533		0.31%		1.87%		0.31%		15.91%
Period Ended October 31, 2014 (k)	$	10.18		0.11		0.14			0.25			(0.10	)		—			(0.10	)	$	10.33		2.51%		$	13,465,257		0.25%		1.64%		0.25%		25.03%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.05		0.12		0.32			0.44			(0.12	)		(0.28	)		(0.40	)	$	10.09		4.60%		$	117,419,404		0.61%		2.36%		0.61%		19.13%	(h)
Year Ended October 31, 2018	$	10.40		0.20		(0.24	)		(0.04	)		(0.21	)		(0.10	)		(0.31	)	$	10.05		(0.50%	)	$	119,347,076		0.60%		1.95%		0.60%		21.58%
Year Ended October 31, 2017	$	10.19		0.20		0.32			0.52			(0.21	)		(0.10	)		(0.31	)	$	10.40		5.17%		$	133,359,602		0.59%		1.99%		0.59%		30.99%
Year Ended October 31, 2016	$	10.17		0.16		0.16			0.32			(0.17	)		(0.13	)		(0.30	)	$	10.19		3.22%		$	152,002,561		0.60%		1.63%		0.60%		14.83%
Year Ended October 31, 2015	$	10.32		0.17		(0.07	)		0.10			(0.18	)		(0.07	)		(0.25	)	$	10.17		0.94%		$	173,472,921		0.61%		1.63%		0.61%		15.91%
Year Ended October 31, 2014	$	10.65		0.15		0.20			0.35			(0.16	)		(0.52	)		(0.68	)	$	10.32		3.52%		$	184,148,248		0.63%		1.48%		0.63%		25.03%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Expense ratios are based on the direct expenses of the Fund and do not include the effect of the underlying funds’ expenses. For additional information on the underlying funds, please refer to the Prospectus and Statement of Additional Information.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Portfolio turnover excludes received or delivered in-kind.

(i) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from March 4, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 3, 2014 through October 31, 2014.

The accompanying notes are an integral part of these financial statements.

55

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the five (5) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Investor Destinations Aggressive Fund (“Investor Destinations Aggressive”)

- Nationwide Investor Destinations Moderately Aggressive Fund (“Investor Destinations Moderately Aggressive”)

- Nationwide Investor Destinations Moderate Fund (“Investor Destinations Moderate”)

- Nationwide Investor Destinations Moderately Conservative Fund (“Investor Destinations Moderately Conservative”)

- Nationwide Investor Destinations Conservative Fund (“Investor Destinations Conservative”)

Each of the Funds operates as a “fund-of-funds,” which means that each of the Funds pursues its objective(s) by allocating its investments primarily among other affiliated series of the Trust, and in unaffiliated mutual funds (including exchange traded funds) (“Underlying Funds”), and may have additional investment and concentration risk. The Underlying Funds typically invest in stocks, bonds, and other securities. Each of the Funds may also invest in an unregistered fixed investment contract (the “Nationwide Contract”) issued by Nationwide Life Insurance Company (“NLIC”), which is a direct wholly owned subsidiary of NFS.

The Funds currently offer Class A, Class C, Class R, Service Class, Class R6 and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Each of the Funds is a non-diversified fund, as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

56

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(a) Security Valuation

U.S. GAAP defines fair market value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end Underlying Funds in which a Fund invests are valued at their respective net asset value (“NAV”) as reported by such Underlying Fund. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end Underlying Funds and shares of exchange traded funds valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Investor Destinations Moderate, Investor Destinations Moderately Conservative, and Investor Destinations Conservative currently invest in the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued by NLIC. The Nationwide Contract has a stable principal value and pays a fixed rate of interest to each Fund that invests in a contract, which is currently assessed and may be adjusted on a quarterly basis. If NLIC becomes unable to pay interest or repay principal under the contract, a Fund may lose money. Because the entire contract is issued by NLIC, the financial health of NLIC may have a greater impact on the value of a Fund that invests in it. NLIC could decide to stop issuing the Nationwide Contract in its current form, and instead offer the Funds a new fixed interest contract (or amend the existing contract). NFA can increase or redeem all or a portion of a Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or market value

57

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

adjustment. Neither the Funds, NFA, NLIC nor any of its affiliates guarantee a Fund’s performance or that a Fund will provide a certain level of income.

The Funds’ portfolio managers believe that the stable nature of the Nationwide Contract may reduce a Fund’s volatility and overall risk, especially during periods when the market values of bonds and other debt securities decline. However, under certain market conditions, such as when the market values of bonds and other debt securities increase, investing in the Nationwide Contract could hamper a Fund’s performance.

The interest credited to each Fund on a daily basis is reinvested in the Nationwide Contract. The par value is calculated each day by the summation of the following: (i) prior day’s par value; (ii) prior day’s interest accrued (par multiplied by the current interest rate); and (iii) current day net purchase or redemption. For the period from November 1, 2018 through December 31, 2018, the rate was 2.65%. For the period from January 1, 2019 through March 31, 2019, the rate was 2.65%. For the period from April 1, 2019 through April 30, 2019, the rate was 2.60%. Effective May 1, 2019, the rate will be no less than 0.00% per annum. NLIC may revise the interest rate on the Nationwide Contract at its discretion.

At April 30, 2019, 100% of the market value of Investor Destinations Aggressive and Investor Destinations Moderately Aggressive was determined based on Level 1 inputs.

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

Investor Destinations Moderate

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	64,034,841	$	—	$	—	$	64,034,841
Investment Companies		1,069,495,197		—		—		1,069,495,197
Investment Contract		—		—		136,661,071		136,661,071
Total	$	1,133,530,038	$	—	$	136,661,071	$	1,270,191,109

Investor Destinations Moderately Conservative

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	15,839,900	$	—	$	—	$	15,839,900
Investment Companies		351,918,272		—		—		351,918,272
Investment Contract		—		—		74,182,861		74,182,861
Total	$	367,758,172	$	—	$	74,182,861	$	441,941,033

Investor Destinations Conservative

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Fund	$	10,042,348	$	—	$	—	$	10,042,348
Investment Companies		475,012,534		—		—		475,012,534
Investment Contract		—		—		154,712,303		154,712,303
Total	$	485,054,882	$	—	$	154,712,303	$	639,767,185

Amounts designated as “—” are zero or have been rounded to zero.

58

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

Investor Destinations Moderate

	Investment Contract			Total
Balance as of 10/31/2018	$	139,314,583		$	139,314,583
Purchases*		11,730,349			11,730,349
Sales		(14,383,861	)		(14,383,861	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	136,661,071		$	136,661,071

Investor Destinations Moderately Conservative

	Investment Contract			Total
Balance as of 10/31/2018	$	75,523,896		$	75,523,896
Purchases*		6,890,232			6,890,232
Sales		(8,231,267	)		(8,231,267	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	74,182,861		$	74,182,861

Investor Destinations Conservative

	Investment Contract			Total
Balance as of 10/31/2018	$	165,332,384		$	165,332,384
Purchases*		8,692,264			8,692,264
Sales		(19,312,345	)		(19,312,345	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	154,712,303		$	154,712,303

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Funds’ Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Significant Input Values*
Nationwide Contract	Discounted Cash Flow	Daily Transactions		daily
		Interest Rate		2.60%
		Redemption Feature		daily
		Non-Assignment Feature		daily
		Termination Feature		daily

* NFA can increase or redeem all or a portion of each Fund’s investment in the Nationwide Contract on a daily basis at par for any reason without imposition of any sales charge or

59

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or NLIC has the ability to terminate its investment in the Nationwide Contract at its discretion. The Fair Value Committee (“FVC”) continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

For additional information about the unaffiliated Underlying Funds’ valuation policies, please refer to the unaffiliated funds’ most recent annual or semiannual report.

The following are the valuation policies of the affiliated Underlying Funds:

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at NAV as reported by such company. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

Bank loans are valued using an average bid price provided by an independent pricing service. Evaluated quotes provided by the independent pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance and other market data. The independent pricing service utilizes internal models and uses observable inputs such as issuer details, interest rates, tranche type, ratings, and other market data. Securities valued in this manner are generally categorized as Level 2 investments within the hierarchy, consistent with similar valuation techniques and inputs for debt securities.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances,

60

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a FVC to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

(b) Cash Overdraft

As of April 30, 2019, Investor Destinations Aggressive had an overdrawn balance of $21,539 with the Fund’s custodian bank, JPMorgan Chase Bank, N.A. (“JPMorgan”). To offset the overdraft, JPMorgan advanced an amount equal to the overdraft. Consistent with the Fund’s borrowing policy, the advance is deemed a temporary loan to the Fund. Such loan is payable upon demand and bears interest from the date of such advance to the date of payment at the rate agreed upon with JPMorgan under the custody agreement. This advance is separate from, and was not

61

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

made pursuant to, the credit agreement discussed in Note 5. A Fund with an overdraft is subject to a lien by JPMorgan on the Fund’s account and JPMorgan may charge the Fund’s account for any amounts owed to JPMorgan. JPMorgan also has the right to set off as appropriate and apply all deposits and credits held by or owing to JPMorgan against such amount, subject to the terms of the custody agreement.

(c) Futures Contracts

The Funds are subject to equity price risk in the normal course of pursuing their objective(s). The Funds entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The Funds; futures contracts are reflected in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts”.

At April 30, 2019, the Funds had no open futures contracts.

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

Investor Destinations Aggressive

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(4,815,410	)
Total	$	(4,815,410	)

62

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Investor Destinations Moderately Aggressive

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(6,832,499	)
Total	$	(6,832,499	)

Investor Destinations Moderate

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(4,954,737	)
Total	$	(4,954,737	)

Investor Destinations Moderately Conservative

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(1,153,104	)
Total	$	(1,153,104	)

Investor Destinations Conservative

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(221,712	)
Total	$	(221,712	)

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

Investor Destinations Aggressive

Futures Contracts:
Average Notional Balance Long	$	23,524,359

Investor Destinations Moderately Aggressive

Futures Contracts:
Average Notional Balance Long	$	35,069,814

Investor Destinations Moderate

Futures Contracts:
Average Notional Balance Long	$	26,341,765

Investor Destinations Moderately Conservative

Futures Contracts:
Average Notional Balance Long	$	6,028,856

63

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Investor Destinations Conservative

Futures Contracts:
Average Notional Balance Long	$	4,807,323

(d) Securities Lending

During the six months ended April 30, 2019, the Funds entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33 ¹/₃% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any dividends while on loan, in lieu of income which is included as “Dividend income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Fund’s total assets.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Funds did not have any portfolio securities on loan.

64

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(e) Joint Repurchase Agreements

During the six months ended April 30, 2019, the Funds, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the Securities and Exchange Commission (“SEC”), transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the Funds did not invest in any repurchase agreements.

(f) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Dividend income received from the Underlying Funds is recognized on the ex-dividend date and is recorded as income on the Statement of Operations. Capital gain distributions received from the Underlying Funds are recognized on the ex-dividend date and are recorded on the Statement of Operations as such. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations.

(g) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(h) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

65

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(i) Cash and Cash Equivalents

For the purposes of the Statement of Cash Flows, the Funds define Cash and Cash Equivalents as cash, restricted cash, money market funds and other investments held in lieu of cash.

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. Each Fund pays NFA an investment advisory fee of 0.13% per year based on the Fund’s average daily net assets. For the six months ended April 30, 2019, the Funds’ effective advisory fee rate was 0.13%.

The Trust and NFA have entered into a written Expense Limitation Agreement that limits the Funds’ operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization, and other non-routine expenses not incurred in the ordinary course of a Fund’s business) from exceeding 0.25% for each share class until February 29, 2020.

NFA may request and receive reimbursement from a Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by a Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

66

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

As of April 30, 2019, the Funds had no cumulative potential reimbursements which could be reimbursed to NFA and therefore no amounts were reimbursed to NFA pursuant to the Expense Limitation Agreement.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds, and serves as Transfer and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and Nationwide Variable Insurance Trust (“NVIT”), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM received $655,076 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Funds’ aggregate portion of such costs amounted to $11,498.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate of 0.25% for Class A shares, 1.00% for Class C shares, 0.50% for Class R shares, and 0.25% for Service Class shares of each Fund. Class R6 and Institutional Service Class shares do not pay a distribution fee.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. The Funds’

67

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Class A sales charges range from 0.00% to 5.75% based on the amount purchased. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $261,015. From these fees, NFD retained a portion amounting to $29,641.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Applicable Class A and Class C CDSCs are 1.00% for all Funds. During the six months ended April 30, 2019, the Funds imposed CDSCs of $2,033. NFD retained all of the CDSCs imposed by the Funds.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, Class R, Institutional Service Class, and Service Class shares of each of the Funds.

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Class R			Institutional Service Class			Service Class
Investor Destinations Aggressive		0.09	%		0.09	%		0.16	%		0.10	%		0.15	%
Investor Destinations Moderately Aggressive		0.09			0.06			0.16			0.10			0.15
Investor Destinations Moderate		0.09			0.06			0.15			0.10			0.15
Investor Destinations Moderately Conservative		0.08			0.06			0.15			0.11			0.16
Investor Destinations Conservative		0.08			0.07			0.16			0.07			0.15

For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Investor Destinations Aggressive	$	545,974
Investor Destinations Moderately Aggressive		780,111
Investor Destinations Moderate		603,749
Investor Destinations Moderately Conservative		192,704
Investor Destinations Conservative		263,751

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Investor Destinations Aggressive		49.24	%
Investor Destinations Moderately Aggressive		39.84
Investor Destinations Moderate		37.00
Investor Destinations Moderately Conservative		23.30
Investor Destinations Conservative		10.24

68

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Each Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge a Fund any sales charge for buying or selling Underlying Fund shares. However, a Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management, administration and custodian fees of the Underlying Funds. These expenses are deducted from each Underlying Fund’s net assets before its share price is calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how a Fund’s assets are allocated among the Underlying Funds.

During the six months ended April 30, 2019, shares of affiliated Underlying Funds held by the Funds were redeemed in-kind for the below amounts:

	Nationwide S&P 500 Index Fund				Nationwide Small Cap Index Fund				Nationwide Mid Cap Market Index Fund
Fund	Securities Market Value		Cash		Securities Market Value		Cash		Securities Market Value		Cash
Investor Destinations Aggressive	$	304,613,805	$	5,649,244	$	23,079,152	$	1,159,050	$	88,641,566	$	4,152,635
Investor Destinations Moderately Aggressive		473,043,283		8,859,253		29,672,280		1,474,698		111,410,376		5,215,476
Investor Destinations Moderate		352,452,916		6,601,673		17,506,789		895,598		58,852,767		2,763,954
Investor Destinations Moderately Conservative		80,988,881		1,564,504		4,254,788		266,850		17,423,421		828,026
Investor Destinations Conservative		60,380,834		1,157,978		3,230,214		217,638		12,141,958		581,479

The Funds subsequently sold the securities received in-kind. The realized gains (losses) from those transactions are included in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities of unaffiliated issuers”.

4.  Investments in Affiliated Issuers

Each of the Funds invests in Class R6 shares of the affiliated Underlying Funds, and each of the Funds can invest in the Nationwide Contract. The Funds’ transactions in the shares of the affiliated Underlying Funds and in the Nationwide Contract during the six months ended April 30, 2019 were as follows:

Investor Destinations Aggressive

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		1,011,705		10,422,852		1,166,603		(1,646,282	)		(104,335	)		(15,180	)		9,823,658		542,954		37,792
Nationwide Emerging Markets Debt Fund, Class R6		1,007,522		10,368,928		1,262,122		(2,014,412	)		(177,882	)		162,933			9,601,689		569,961		89,529
Nationwide International Index Fund, Class R6		29,223,037		243,912,197		16,846,105		(37,972,100	)		5,483,012			547,166			228,816,380		5,320,077		5,322,667
Nationwide International Small Cap Fund, Class R6		4,175,300		37,184,552		7,384,110		(3,092,163	)		(368,897	)		(1,316,997	)		39,790,605		1,000,569		3,640,573
Nationwide Loomis All Cap Growth Fund, Class R6		3,313,878		39,656,270		3,689,418		(5,402,567	)		567,846			2,713,670			41,224,637		91,446		2,737,412

69

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Investor Destinations Aggressive (continued)

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Mid Cap Market Index Fund, Class R6		7,820,837		193,276,350		37,980,348		(103,608,080	)(b)		4,035,283			(9,444,217	)		122,239,684		975,871		14,198,884
Nationwide Multi-Cap Portfolio, Class R6		39,647,706		—		418,962,197		(10,917,404	)		455,984			37,139,444			445,640,221		817,795		—
Nationwide S&P 500 Index Fund, Class R6		—		327,089,137		22,958,720		(336,192,012	)(b)		35,749,391			(49,605,236	)		—		1,790,853		19,176,171
Nationwide Small Cap Index Fund, Class R6		—		24,031,886		3,640,035		(25,284,962	)(b)		(2,984,054	)		597,095			—		74,258		3,160,505
Nationwide Bond Index Fund, Class R6		1,324,858		15,219,736		1,994,073		(3,331,226	)		(91,069	)		636,193			14,427,707		199,606		—
Nationwide Core Plus Bond Fund, Class R6		479,894		5,307,962		490,500		(1,113,548	)		(47,264	)		199,686			4,837,336		81,095		416
Total				906,469,870		516,374,231		(530,574,756	)		42,518,015			(18,385,443	)		916,401,917		11,464,485		48,363,949

Investor Destinations Moderately Aggressive

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		4,792,384		48,204,349		4,469,663		(5,603,378	)		(367,946	)		(168,638	)		46,534,050		2,598,617		181,344
Nationwide Amundi Strategic Income Fund, Class R6		2,242,166		24,941,794		1,923,507		(3,917,608	)		(167,260	)		291,456			23,071,889		614,309		—
Nationwide Emerging Markets Debt Fund, Class R6		3,181,546		32,140,244		3,333,256		(5,133,541	)		(449,125	)		429,297			30,320,131		1,839,217		289,088
Nationwide International Index Fund, Class R6		36,113,629		324,444,574		21,782,605		(71,070,728	)		11,626,296			(4,013,029	)		282,769,718		7,149,418		7,181,172
Nationwide International Small Cap Fund, Class R6		5,769,030		50,449,070		10,687,828		(3,893,970	)		(411,221	)		(1,852,849	)		54,978,858		1,364,800		4,965,828
Nationwide Loomis All Cap Growth Fund, Class R6		3,924,753		46,148,713		4,351,214		(5,583,140	)		577,033			3,330,112			48,823,932		109,285		3,271,403
Nationwide Mid Cap Market Index Fund, Class R6		8,233,846		240,730,009		26,017,958		(127,045,075	)(b)		5,230,407			(16,238,286	)		128,695,013		1,215,328		17,940,323
Nationwide Multi-Cap Portfolio, Class R6		59,760,484		—		630,617,562		(15,174,384	)		868,623			55,396,042			671,707,843		1,187,648		—
Nationwide S&P 500 Index Fund, Class R6		—		489,809,648		33,169,068		(504,160,949	)(b)		59,518,829			(78,336,596	)		—		2,754,399		29,016,949
Nationwide Small Cap Index Fund, Class R6		—		29,830,760		4,855,654		(31,777,666	)(b)		(3,727,163	)		818,415			—		93,138		3,964,072
Nationwide Bond Index Fund, Class R6		9,064,280		101,825,357		10,289,252		(17,192,556	)		(910,502	)		4,698,463			98,710,014		1,387,011		—
Nationwide Core Plus Bond Fund, Class R6		6,061,574		63,659,168		4,322,002		(8,836,691	)		(306,472	)		2,262,661			61,100,668		1,036,080		5,208
Nationwide Inflation-Protected Securities Fund, Class R6		1,548,404		16,258,552		980,750		(2,584,325	)		(87,370	)		622,235			15,189,842		119,077		—
Total				1,468,442,238		756,800,319		(801,974,011	)		71,394,129			(32,760,717	)		1,461,901,958		21,468,327		66,815,387

70

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Investor Destinations Moderate

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		3,921,239		39,613,129		3,539,950		(4,635,672	)		(300,145	)		(142,035	)		38,075,227		2,133,474		148,993
Nationwide Amundi Strategic Income Fund, Class R6		1,840,725		20,026,137		1,450,360		(2,641,123	)		(118,776	)		224,466			18,941,064		503,598		—
Nationwide Emerging Markets Debt Fund, Class R6		2,603,403		26,163,493		2,575,828		(3,919,243	)		(347,078	)		337,435			24,810,435		1,503,591		236,309
Nationwide International Index Fund, Class R6		23,809,141		196,425,420		18,195,832		(33,503,973	)		(588,827	)		5,897,124			186,425,576		4,345,699		4,351,995
Nationwide International Small Cap Fund, Class R6		2,697,065		23,484,389		5,537,097		(2,284,325	)		(270,575	)		(763,556	)		25,703,030		635,357		2,311,747
Nationwide Loomis All Cap Growth Fund, Class R6		2,140,511		24,701,758		2,738,048		(2,997,348	)		355,828			1,829,673			26,627,959		58,488		1,750,807
Nationwide Mid Cap Market Index Fund, Class R6		4,418,090		127,398,663		15,791,650		(68,447,237	)(b)		1,742,248			(7,430,580	)		69,054,744		645,025		9,507,130
Nationwide Multi-Cap Portfolio, Class R6		42,193,306		—		445,266,706		(10,739,432	)		577,358			39,148,128			474,252,760		821,153		—
Nationwide S&P 500 Index Fund, Class R6		—		364,472,807		26,826,894		(376,902,718	)(b)		16,462,653			(30,859,636	)		—		2,058,514		21,760,870
Nationwide Small Cap Index Fund, Class R6		—		17,963,258		2,623,428		(18,792,811	)(b)		(2,720,197	)		926,322			—		56,057		2,385,875
Nationwide Bond Index Fund, Class R6		7,423,185		83,682,837		8,090,840		(14,042,730	)		(696,229	)		3,803,768			80,838,486		1,138,606		—
Nationwide Core Plus Bond Fund, Class R6		6,200,301		65,397,672		4,103,086		(9,010,276	)		(314,982	)		2,323,533			62,499,033		1,060,991		5,316
Nationwide Inflation-Protected Securities Fund, Class R6		1,267,101		13,053,934		737,084		(1,798,753	)		(60,444	)		498,443			12,430,264		95,573		—
Nationwide Loomis Short Term Bond Fund, Class R6		5,003,677		52,858,415		3,571,429		(7,409,065	)		(184,601	)		1,000,441			49,836,619		661,768		—
Nationwide Contract^¥ (a)	$	136,661,071		139,314,583		11,730,349		(14,383,861	)		—			—			136,661,071		1,736,025		—
Total				1,194,556,495		552,778,581		(571,508,567	)		13,536,233			16,793,526			1,206,156,268		17,453,919		42,459,042

Investor Destinations Moderately Conservative

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		1,377,423		13,634,549		1,461,583		(1,600,361	)		(80,790	)		(40,201	)		13,374,780		738,121		50,973
Nationwide Amundi Strategic Income Fund, Class R6		646,577		6,924,160		560,665		(876,528	)		(34,239	)		79,216			6,653,274		174,848		—
Nationwide Emerging Markets Debt Fund, Class R6		457,211		4,468,190		508,477		(626,523	)		(50,496	)		57,572			4,357,220		257,425		40,405
Nationwide International Index Fund, Class R6		5,766,499		52,826,697		6,957,233		(15,937,772	)		(891,396	)		2,196,923			45,151,685		1,174,906		1,182,653
Nationwide International Small Cap Fund, Class R6		473,737		1,996,446		3,047,382		(569,407	)		(52,859	)		93,156			4,514,718		54,073		196,745
Nationwide Mid Cap Market Index Fund, Class R6		1,332,673		37,275,862		5,898,324		(20,767,971	)(b)		(32,873	)		(1,543,662	)		20,829,680		190,570		2,799,069
Nationwide Multi-Cap Portfolio, Class R6		10,220,760		—		108,514,567		(3,696,960	)		221,974			9,841,758			114,881,339		207,286		—

71

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Investor Destinations Moderately Conservative (continued)

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide S&P 500 Index Fund, Class R6		—		83,500,946		6,740,478		(86,977,361	)(b)		1,947,248			(5,211,311	)		—		473,260		4,994,803
Nationwide Small Cap Index Fund, Class R6		—		4,177,376		841,018		(4,628,260	)(b)		(558,325	)		168,191			—		13,041		555,041
Nationwide Bond Index Fund, Class R6		5,813,917		64,756,338		6,336,117		(10,205,875	)		(432,017	)		2,858,994			63,313,557		893,224		—
Nationwide Core Plus Bond Fund, Class R6		3,049,026		31,917,522		2,193,909		(4,375,035	)		(149,357	)		1,147,144			30,734,183		522,593		2,567
Nationwide Inflation-Protected Securities Fund, Class R6		1,335,152		13,558,938		865,137		(1,792,909	)		(110,155	)		576,826			13,097,837		99,006		—
Nationwide Loomis Short Term Bond Fund, Class R6		3,515,060		36,270,537		2,717,930		(4,561,046	)		(98,822	)		681,400			35,009,999		464,039		—
Nationwide Contract^¥ (a)	$	74,182,861		75,523,896		6,890,232		(8,231,267	)		—			—			74,182,861		947,566		—
Total				426,831,457		153,533,052		(164,847,275	)		(322,107	)		10,906,006			426,101,133		6,209,958		9,822,256

Investor Destinations Conservative

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		1,356,098		14,232,429		1,257,793		(2,186,095	)		(105,708	)		(30,705	)		13,167,714		746,677		51,754
Nationwide Amundi Strategic Income Fund, Class R6		1,903,316		21,109,333		905,908		(2,563,984	)		(92,742	)		226,608			19,585,123		523,747		—
Nationwide Emerging Markets Debt Fund, Class R6		675,128		7,237,380		578,998		(1,391,841	)		(96,460	)		105,897			6,433,974		392,313		61,606
Nationwide International Index Fund, Class R6		4,683,893		40,313,598		4,840,560		(9,496,378	)		510,347			506,755			36,674,882		882,446		884,861
Nationwide International Small Cap Fund, Class R6		349,813		—		5,116,518		(1,975,572	)		29,156			163,620			3,333,722		—		—
Nationwide Mid Cap Market Index Fund, Class R6		873,831		26,253,149		3,585,478		(15,003,787	)(b)		(786,280	)		(390,577	)		13,657,983		132,331		1,948,359
Nationwide Multi-Cap Portfolio, Class R6		7,557,137		—		80,439,045		(3,383,255	)		198,559			7,687,868			84,942,217		164,124		—
Nationwide S&P 500 Index Fund, Class R6		—		68,099,710		4,468,371		(69,674,585	)(b)		(1,171,650	)		(1,721,846	)		—		359,859		3,894,786
Nationwide Small Cap Index Fund, Class R6		—		3,221,778		654,602		(3,580,351	)(b)		(397,662	)		101,633			—		9,928		422,562
Nationwide Bond Index Fund, Class R6		10,660,053		123,977,200		6,400,886		(18,872,384	)		(828,145	)		5,410,425			116,087,982		1,682,990		—
Nationwide Core Plus Bond Fund, Class R6		5,789,177		62,504,476		2,185,648		(8,276,194	)		(356,112	)		2,297,084			58,354,902		1,019,418		5,065
Nationwide Inflation-Protected Securities Fund, Class R6		3,285,861		34,844,862		891,454		(4,674,948	)		(303	)		1,173,229			32,234,294		250,728		—
Nationwide Loomis Short Term Bond Fund, Class R6		9,090,335		96,863,437		3,667,535		(11,533,275	)		(240,164	)		1,782,208			90,539,741		1,232,248		—
Nationwide Contract^¥ (a)	$	154,712,303		165,332,384		8,692,264		(19,312,345	)		—			—			154,712,303		2,033,650		—
Total				663,989,736		123,685,060		(171,924,994	)		(3,337,164	)		17,312,199			629,724,837		9,430,459		7,268,993

72

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. Please refer to Note 2(a) for additional information on the contract.

(b) Proceeds from sales includes securities received in-kind.

Further information about each affiliated Underlying Fund (excluding the Nationwide Contract, which is not a mutual fund or exchange traded fund) may be found in such affiliated Underlying Fund’s most recent semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds.

5.  Line of Credit, Interfund Lending and Earnings Credit

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan, The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held by or owing to such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Funds had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

JPMorgan provides earnings credits for cash balances maintained in a Fund’s custody accounts, which are used to offset custody fees of a Fund. Credits earned, if any, are presented in the Statement of Operations.

73

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

6.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of investments (excluding short-term securities) were as follows:

Fund	Purchases*^		Sales#
Investor Destinations Aggressive	$	535,722,823	$	535,321,570
Investor Destinations Moderately Aggressive		810,137,398		803,822,180
Investor Destinations Moderate		572,153,321		587,503,641
Investor Destinations Moderately Conservative		163,162,733		170,181,729
Investor Destinations Conservative		123,848,681		186,854,339

* Purchases include reinvestment of income and realized gain distributions, as applicable.

^ Purchases exclude securities received in-kind from affiliated Underlying Funds as shown below.

^#  Sales exclude sales of securities received in-kind from affiliated Underlying Funds as shown below.

Fund	Excluded from Purchases		Excluded from Sales
Investor Destinations Aggressive	$	416,334,523	$	414,665,910
Investor Destinations Moderately Aggressive		614,125,939		612,048,241
Investor Destinations Moderate		428,812,472		427,610,337
Investor Destinations Moderately Conservative		102,667,090		102,349,772
Investor Destinations Conservative		75,753,006		74,884,243

7.  Portfolio Investment Risks from Underlying Funds

Information about the risks of an investment in each affiliated Underlying Fund may be found in such Underlying Fund’s semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds. Information about unaffiliated Underlying Fund risks may be found in such Fund’s annual or semiannual report to shareholders. Additional information about derivatives-related risks, if applicable to the Fund, may also be found in each such affiliated or unaffiliated Underlying Fund’s annual or semiannual report to shareholders.

The Underlying Funds in which the Funds invest may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to attempt to achieve their designated investment goals. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Funds. Please refer to each current prospectus for a discussion of the risks associated with investing in the Funds. In addition, information about the risks of an investment in each affiliated Underlying Fund may be found in such Underlying Fund’s semiannual report to shareholders, which is available at www.nationwide.com/mutualfunds. Information about unaffiliated Underlying Fund risks may be found in such Fund’s annual or semiannual report to shareholders. Additional information about derivatives-related risks, if applicable to the Underlying Fund, may also be found in each such affiliated or unaffiliated Underlying Fund’s annual or semiannual report to shareholders.

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

74

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

8.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

9.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. An entity is permitted to early adopt any eliminated or modified disclosures upon issuance of this ASU. The Funds have early adopted ASU 2018-13. These ASC 820 amendments are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be

75

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

Each Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge a Fund any sales charge for buying or selling Underlying Fund shares. However, a Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management, administration and custodian fees of the Underlying Funds. These expenses are deducted from each Underlying Fund’s net assets before its share price is calculated and are in addition to the fees and expenses of a Fund. Actual indirect expenses vary depending on how a Fund’s assets are allocated among the Underlying Funds.

10.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Investor Destinations Aggressive		53.18	%		3	(a)
Investor Destinations Moderately Aggressive		51.43			3	(a)
Investor Destinations Moderate		48.86			3	(a)
Investor Destinations Moderately Conservative		24.98			1
Investor Destinations Conservative		12.23			1

(a) All or a portion of the accounts are the accounts of affiliated funds.

11.  Federal Tax Information

As of April 30, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Investor Destinations Aggressive	$	985,010,927	$	32,912,886	$	(12,217,329	)	$	20,695,557
Investor Destinations Moderately Aggressive		1,551,207,147		50,823,201		(22,175,877	)		28,647,324
Investor Destinations Moderate		1,244,768,980		36,963,615		(11,541,486	)		25,422,129
Investor Destinations Moderately Conservative		440,467,343		6,155,582		(4,681,892	)		1,473,690
Investor Destinations Conservative		642,229,493		5,454,175		(7,916,483	)		(2,462,308	)

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Funds and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

76

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Investor Destinations Aggressive Fund

Nationwide Investor Destinations Conservative Fund

Nationwide Investor Destinations Moderate Fund

Nationwide Investor Destinations Moderately Aggressive Fund

Nationwide Investor Destinations Moderately Conservative Fund

Continuation of Advisory Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) (the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreement, including investment performance, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser,

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, financial analysis, and its asset allocation methodology;

● The Adviser’s personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s investment process; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the

Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

The Trustees considered that each Fund’s total expense ratio (including 12b-1/non-12b-1 fees) was at a level lower than the median of the Fund’s Broadridge expense group and, where there was a sufficient number of a Fund’s peer funds, in the first comparative quintile. The Trustees noted that the actual management fees paid by a number of the Funds were paid at rates higher than the median of their peers. The Trustees noted the Adviser’s view that a Fund’s total expense ratio is a more useful indication of the reasonableness of the cost of the Fund’s investment program than a comparison with other funds’ advisory fees, due to the Funds’ fund-of-funds structure and the wide variety of arrangements used by peers in pricing the advisory services within such structures. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that each Fund’s expenses generally were consistent with continuation of the Fund’s Advisory Agreements.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods. The Trustees noted that each of Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderate Fund, and Nationwide Investor Destinations Moderately Aggressive Fund achieved investment performance at or above the median of the funds in its performance universe for the three-year period ended June 30, 2018. With respect to the remaining Funds, which ranked less favorably against the funds in their performance universes, the Trustees considered the Adviser’s statements regarding the nature of its asset allocation process for the Funds, and regarding its

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

long-term focus, and the effect of the Funds’ allocations on their shorter-term investment performance. They considered the Adviser’s statement that it is confident in the appropriateness of its asset allocations for the Funds in light of the Funds’ targeted risk profile. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that the Adviser’s explanation regarding the Funds’ investment performance was sufficient to support approval of the continuance of the Advisory Agreements for an additional one-year period.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Funds. The Trustees noted that the Funds’ advisory fee rate schedules are not subject to contractual breakpoints. The Trustees noted that the advisory fee rate schedules for many of the

underlying funds in which the Funds invest are subject to contractual advisory fee breakpoints if the assets of those underlying funds increase over certain thresholds, and the Adviser’s view that those breakpoints provide investors benefits arising from the growth of those underlying funds. The Trustees determined to continue to monitor the fees paid at the Fund level over time to determine whether breakpoints might be appropriate there as well, in light of any economies related to the asset allocation function that are not appropriately shared through breakpoints at the underlying fund level.

-        -        -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

79

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

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Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

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Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

82

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

83

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

84

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

85

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

86

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

87

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

88

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

89

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

90

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

91

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-ID  (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Fixed-Income Funds

Nationwide Bond Fund

Nationwide Core Plus Bond Fund

Nationwide Government Money Market Fund

Nationwide Inflation-Protected Securities Fund

Nationwide Loomis Core Bond Fund

Nationwide Loomis Short Term Bond Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Fixed-Income Funds
Nationwide Bond Fund	3
Nationwide Core Plus Bond Fund	17
Nationwide Government Money Market Fund	32
Nationwide Inflation-Protected Securities Fund	43
Nationwide Loomis Core Bond Fund	53
Nationwide Loomis Short Term Bond Fund	69
Notes to Financial Statements	85
Supplemental Information	120
Management Information	123
Market Index Definitions	128
Glossary	132

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Bond Fund

Asset Allocation¹

Corporate Bonds	37.7%
Asset-Backed Securities	20.0%
Mortgage-Backed Securities	14.2%
U.S. Treasury Obligations	13.4%
Commercial Mortgage-Backed Securities	6.4%
Collateralized Mortgage Obligations	6.3%
Municipal Bonds	0.4%
Futures Contracts	0.1%
Other assets in excess of liabilities	1.5%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	5.6%
Banks	5.4%
Electric Utilities	4.4%
Insurance	2.7%
Multi-Utilities	2.6%
Equity Real Estate Investment Trusts (REITs)	2.0%
Diversified Telecommunication Services	1.9%
Pharmaceuticals	1.8%
Aerospace & Defense	1.3%
Semiconductors & Semiconductor Equipment	1.1%
Other Industries	71.2%
	100.0%

Top Holdings²

U.S. Treasury Inflation Linked Notes, 0.63%, 1/15/2026	7.4%
FNMA, 3.50%, 2/1/2047	2.9%
NextGear Floorplan Master Owner Trust, 2.19%, 9/15/2021	2.8%
FNMA, 4.50%, 8/1/2048	2.7%
Ocwen Master Advance Receivables Trust, 2.72%, 8/16/2049	2.2%
FNMA, 3.50%, 2/1/2048	2.0%
U.S. Treasury Notes, 2.00%, 10/31/2022	1.9%
Long Beach Mortgage Loan Trust, 3.21%, 8/25/2035	1.8%
Chase Mortgage Finance Corp., 3.75%, 12/25/2045	1.8%
BBCMS Mortgage Trust, 3.39%, 8/14/2036	1.7%
Other Holdings	72.8%
	100.0%

¹  Percentages indicated are based upon net assets as of April 30, 2019.

² Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Bond Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bond Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,054.40		3.67		0.72
	Hypothetical	(a)(b)		1,000.00		1,021.22		3.61		0.72
Class C Shares	Actual	(a)		1,000.00		1,051.50		7.58		1.49
	Hypothetical	(a)(b)		1,000.00		1,017.41		7.45		1.49
Class R Shares	Actual	(a)		1,000.00		1,054.30		4.84		0.95
	Hypothetical	(a)(b)		1,000.00		1,020.08		4.76		0.95
Class R6 Shares	Actual	(a)		1,000.00		1,056.90		2.24		0.44
	Hypothetical	(a)(b)		1,000.00		1,022.61		2.21		0.44
Institutional Service Class Shares	Actual	(a)		1,000.00		1,055.50		2.55		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.32		2.51		0.50

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bond Fund

Asset-Backed Securities 20.0%
	Principal Amount		Value
Airlines 2.1%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 3/15/2023 (a)	$	2,957,820	$	2,948,355
American Airlines Pass-Through Trust, Series 2013-2, Class B, 5.60%, 7/15/2020 (a)		481,625		488,849
British Airways Pass-Through Trust, Series 2013-1, Class B, 5.63%, 6/20/2020 (a)		219,020		222,064
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 4/19/2022		170,988		177,965
United Airlines Pass-Through Trust
Series 2014-1, Class B, 4.75%, 4/11/2022		2,490,965		2,538,542
Series 2016-1, Class B, 3.65%, 1/7/2026		1,371,528		1,357,405
				7,733,180
Automobiles 4.5%
Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.15%, 4/15/2024 (a)		1,465,110		1,462,684
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A2, 3.32%, 4/15/2022 (a)		1,158,765		1,162,868
NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.19%, 9/15/2021 (a)		10,000,000		9,974,606
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		3,000,000		3,029,194
United Auto Credit Securitization Trust, Series 2018-2, Class A, 2.89%, 3/10/2021 (a)		820,080		820,178
				16,449,530
Home Equity 2.9%
Long Beach Mortgage Loan Trust, Series 2005-WL2, Class M2, 3.21%, 8/25/2035 (b)		6,655,440		6,673,357
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 3.72%, 1/25/2036 (b)		1,029,000		1,030,717
Soundview Home Loan Trust, Series 2006-WF2, Class M1, 2.70%, 12/25/2036 (b)		3,000,000		2,982,326
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A6, 5.13%, 3/25/2034 (c)		2,219		2,223
				10,688,623

Asset-Backed Securities (continued)
	Principal Amount		Value
Other 10.5%
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)	$	902,428	$	922,056
CCG Receivables Trust
Series 2018-2, Class A1, 2.47%, 8/14/2019 (a)		155,596		155,568
Series 2018-2, Class A2, 3.09%, 12/15/2025 (a)		3,000,000		3,008,660
Cedar Funding II CLO Ltd., Series 2013-1A, Class BR, 4.35%, 6/9/2030 (a)(b)		3,000,000		2,981,763
CVS Pass-Through Trust, 6.94%, 1/10/2030		1,678,038		1,914,821
Golden Bear LLC, Series 2016-1A, Class A, 3.75%, 9/20/2047 (a)		2,002,177		2,015,728
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		214,335		216,475
HERO Funding Trust
Series 2015-2A, Class A, 3.99%, 9/20/2040 (a)		344,768		354,090
Series 2015-1A, Class A, 3.84%, 9/21/2040 (a)		1,487,208		1,560,423
Invitation Homes Trust, Series 2018-SFR3, Class A, 3.47%, 7/17/2037 (a)(b)		1,969,887		1,971,729
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 3.82%, 4/19/2030 (a)(b)		2,000,000		1,996,516
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class A, 3.93%, 1/19/2032 (a)(b)		500,000		499,724
NRZ Advance Receivables Trust, Series 2016-T5, Class AT5, 3.33%, 12/15/2051 (a)		4,000,000		4,028,301
Ocwen Master Advance Receivables Trust
Series 2018-T1, Class AT1, 3.30%, 8/15/2049 (a)		1,600,000		1,600,192
Series 2016-T2, Class AT2, 2.72%, 8/16/2049 (a)		8,150,000		8,137,449
Renew, Series 2018-1, Class A, 3.95%, 9/20/2053 (a)		2,251,990		2,298,701
SPS Servicer Advance Receivables Trust, Series 2018-T1, Class AT1, 3.62%, 10/17/2050 (a)		800,000		805,693
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.75%, 11/15/2049 (a)		4,200,000		4,192,097
				38,659,986
Total Asset-Backed Securities (cost $72,838,289)				73,531,319

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Collateralized Mortgage Obligations 6.3%
	Principal Amount		Value
Alternative Loan Trust, Series 2007-2CB, Class 2A14, 5.75%, 3/25/2037	$	307,523	$	255,518
American Home Mortgage Investment Trust, Series 2004-3, Class 6A1, 5.32%, 10/25/2034 (c)		27,256		27,466
Chase Mortgage Finance Corp., Series 2016-SH2, Class M2, 3.75%, 12/25/2045 (a)(b)		6,509,360		6,628,868
CHL Mortgage Pass-Through Trust, Series 2005-15, Class A7, 5.50%, 8/25/2035		84,418		73,734
Citigroup Mortgage Loan Trust, Series 2015-RP2, Class A1, 3.50%, 1/25/2053 (a)(b)		1,285,316		1,293,281
FNMA REMICS
Series 2003-33, Class LB, 5.50%, 5/2/2023		318,216		326,866
Series 2009-42, Class AP, 4.50%, 3/25/2039		95,784		97,505
MASTR Alternative Loan Trust, Series 2005-6, Class 1A5, 5.50%, 12/25/2035		255,712		241,139
New Residential Mortgage Loan Trust
Series 2016-3A, Class A1, 3.75%, 9/25/2056 (a)(b)		1,736,189		1,760,952
Series 2019-1A, Class A1, 4.00%, 9/25/2057 (a)(b)		1,715,452		1,741,812
Series 2019-2A, Class A1, 4.25%, 12/25/2057 (a)(b)		560,000		575,694
Series 2018-5A, Class A1, 4.75%, 12/25/2057 (a)(b)		3,684,550		3,832,197
Series 2018-2A, Class A1, 4.50%, 2/25/2058 (a)(b)		1,776,712		1,834,813
RCO Trust, Series 2018-VFS1, Class A1, 4.27%, 12/26/2053 (a)(b)		1,928,972		1,943,966
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.50%, 8/25/2047 (a)(b)		853,847		854,401
Series 2018-CH4, Class A10, 4.50%, 10/25/2048 (a)(b)		1,669,708		1,708,478
Total Collateralized Mortgage Obligations (cost $23,145,623)				23,196,690
Commercial Mortgage-Backed Securities 6.4%
Aventura Mall Trust
Series 2013-AVM, Class A, 3.87%, 12/5/2032 (a)(b)		590,000		597,165
Series 2018-AVM, Class A, 4.25%, 7/5/2040 (a)(b)		700,000		748,540
BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/2052		1,900,000		1,970,723
BBCMS Mortgage Trust
Series 2016-ETC, Class C, 3.39%, 8/14/2036 (a)		6,300,000		6,048,136
Series 2018-C2, Class A5, 4.31%, 12/15/2051		800,000		865,913

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Benchmark Mortgage Trust, Series 2018-B5, Class A4, 4.21%, 7/15/2051	$	700,000	$	753,684
BENCHMARK Mortgage Trust
Series 2019-B10, Class A4, 3.72%, 3/15/2062		1,000,000		1,036,604
Series 2019-B10, Class AM, 3.98%, 3/15/2062		700,000		727,340
COMM Mortgage Trust, Series 2014-TWC, Class B, 4.07%, 2/13/2032 (a)(b)		1,000,000		1,000,000
Core Industrial Trust, Series 2015-TEXW, Class B, 3.33%, 2/10/2034 (a)		4,980,000		5,014,125
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class A4, 4.05%, 3/15/2052		550,000		581,905
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 7/10/2051 (b)		510,000		545,335
Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, 3.89%, 8/15/2038 (a)		400,000		415,689
UBS Commercial Mortgage Trust
Series 2018-C9, Class A4, 4.12%, 3/15/2051 (b)		860,000		912,482
Series 2018-C10, Class A4, 4.31%, 5/15/2051		720,000		775,349
Series 2019-C16, Class A4, 3.60%, 4/15/2052		1,450,000		1,480,961
Total Commercial Mortgage-Backed Securities (cost $23,926,431)				23,473,951
Corporate Bonds 37.7%
Aerospace & Defense 1.2%
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2027		1,250,000		1,222,263
Lockheed Martin Corp., 3.55%, 1/15/2026		1,250,000		1,283,642
United Technologies Corp., 4.13%, 11/16/2028		2,000,000		2,086,366
				4,592,271
Banks 5.3%
Bank of America Corp., 4.20%, 8/26/2024		1,000,000		1,037,572
Series L, 3.95%, 4/21/2025		1,750,000		1,789,034
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (d)		2,000,000		2,034,547
Citigroup, Inc., 4.45%, 9/29/2027		2,000,000		2,075,632
Citizens Financial Group, Inc., 3.75%, 7/1/2024		1,500,000		1,487,640
4.35%, 8/1/2025		2,000,000		2,048,144
Cooperatieve Rabobank UA, 5.75%, 12/1/2043		600,000		721,638
HSBC Holdings plc, 4.38%, 11/23/2026		1,000,000		1,028,247

6

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
JPMorgan Chase & Co.,
Series I, (ICE LIBOR USD 3 Month + 3.47%), 6.05%, 7/30/2019 (d)(e)	$	717,000	$	720,276
3.88%, 9/10/2024		500,000		514,536
4.95%, 6/1/2045		1,500,000		1,668,423
UBS Group Funding Switzerland AG, 2.65%, 2/1/2022 (a)		4,500,000		4,457,945
				19,583,634
Beverages 0.5%
Anheuser-Busch Cos. LLC,
3.65%, 2/1/2026 (a)		1,000,000		1,003,273
4.90%, 2/1/2046 (a)		1,000,000		1,014,722
				2,017,995
Capital Markets 0.6%
FMR LLC, 4.95%, 2/1/2033 (a)		1,000,000		1,138,708
S&P Global, Inc., 4.50%, 5/15/2048		900,000		975,715
				2,114,423
Chemicals 0.4%
Cytec Industries, Inc., 3.95%, 5/1/2025		600,000		584,777
Solvay Finance America LLC, 3.40%, 12/3/2020 (a)		1,000,000		1,005,500
				1,590,277
Commercial Services & Supplies 0.3%
Aramark Services, Inc., 5.00%, 2/1/2028 (a)		1,100,000		1,119,580
Containers & Packaging 0.2%
Ball Corp., 4.88%, 3/15/2026		750,000		777,187
Diversified Financial Services 0.7%
HERO Funding Trust,
Series 2015-3, Class A, 4.28%, 9/20/2041		1,380,459		1,404,893
Shell International Finance BV, 4.38%, 5/11/2045		1,000,000		1,080,144
				2,485,037
Diversified Telecommunication Services 1.9%
AT&T, Inc., 3.40%, 5/15/2025		500,000		502,260
AT&T, Inc., 4.10%, 2/15/2028		1,500,000		1,534,849
4.30%, 2/15/2030		2,081,000		2,131,421
CCO Holdings LLC, 5.75%, 2/15/2026 (a)		600,000		626,700
5.13%, 5/1/2027 (a)		2,000,000		2,030,000
				6,825,230
Electric Utilities 4.3%
Alliant Energy Finance LLC, 4.25%, 6/15/2028 (a)		2,000,000		2,052,395

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Appalachian Power Co., 3.40%, 6/1/2025	$	1,000,000	$	1,010,843
Entergy Arkansas LLC, 4.00%, 6/1/2028		2,750,000		2,833,113
Eversource Energy, Series O, 4.25%, 4/1/2029		1,000,000		1,069,168
Indiana Michigan Power Co., 3.85%, 5/15/2028		1,250,000		1,301,440
ITC Holdings Corp., 3.65%, 6/15/2024		3,000,000		3,050,310
Jersey Central Power & Light Co., 4.30%, 1/15/2026 (a)		500,000		519,993
Metropolitan Edison Co., 4.30%, 1/15/2029(a)		1,000,000		1,044,495
Public Service Co. of Colorado, 2.90%, 5/15/2025		3,000,000		2,988,123
				15,869,880
Electrical Equipment 0.3%
Eaton Corp., 8.88%, 6/15/2019		1,000,000		1,006,837
Energy Equipment & Services 0.8%
Helmerich & Payne, Inc., 4.65%, 3/15/2025		1,750,000		1,822,518
Transocean, Inc., 8.47%, 12/15/2021 (c)		1,000,000		1,057,500
				2,880,018
Entertainment 0.3%
Walt Disney Co. (The), 3.70%, 10/15/2025 (a)		1,000,000		1,042,980
Equity Real Estate Investment Trusts (REITs) 2.0%
Kite Realty Group LP, 4.00%, 10/1/2026		1,250,000		1,166,923
Liberty Property LP, 3.75%, 4/1/2025		2,000,000		2,020,779
Piedmont Operating Partnership LP, 3.40%, 6/1/2023		1,500,000		1,478,239
4.45%, 3/15/2024		2,500,000		2,562,311
				7,228,252
Food & Staples Retailing 0.2%
CVS Pass-Through Trust, 7.51%, 1/10/2032 (a)		758,006		891,873
Food Products 0.3%
Grupo Bimbo SAB de CV, 3.88%, 6/27/2024 (a)		1,000,000		1,013,009
Health Care Equipment & Supplies 0.2%
Boston Scientific Corp., 4.70%, 3/1/2049		750,000		788,602
Health Care Providers & Services 0.3%
CVS Health Corp., 4.30%, 3/25/2028		1,000,000		1,011,076

7

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Household Durables 0.9%
Newell Brands, Inc., 5.00%, 11/15/2023	$	560,000	$	570,805
4.20%, 4/1/2026		3,000,000		2,854,888
				3,425,693
Industrial Conglomerates 0.1%
General Electric Co., 4.65%, 10/17/2021		358,000		370,825
Insurance 2.6%
MassMutual Global Funding II, 3.40%, 3/8/2026 (a)		2,000,000		2,025,699
Metropolitan Life Global Funding I, 3.45%, 12/18/2026 (a)		3,000,000		3,064,344
Nuveen Finance LLC, 4.13%, 11/1/2024 (a)		3,405,000		3,583,458
Oil Insurance Ltd.,
(ICE LIBOR USD 3 Month + 2.98%), 5.57%, 6/30/2019 (a)(d)(e)		1,000,000		971,570
				9,645,071
Media 0.6%
Charter Communications Operating LLC, 4.91%, 7/23/2025		1,000,000		1,059,706
Comcast Corp., 4.70%, 10/15/2048		1,000,000		1,086,386
				2,146,092
Metals & Mining 0.1%
Compass Minerals International, Inc., 4.88%, 7/15/2024 (a)		500,000		471,250
Multi-Utilities 2.6%
Black Hills Corp., 3.95%, 1/15/2026		1,750,000		1,773,783
3.15%, 1/15/2027		1,000,000		963,959
Dominion Energy, Inc.,
Series A, 4.60%, 3/15/2049		1,000,000		1,042,584
Southern Co. Gas Capital Corp., 3.88%, 11/15/2025		1,250,000		1,271,024
3.25%, 6/15/2026		2,000,000		1,955,502
WEC Energy Group, Inc., 3.55%, 6/15/2025		2,500,000		2,554,236
				9,561,088
Oil, Gas & Consumable Fuels 5.5%
Anadarko Petroleum Corp., 6.60%, 3/15/2046		1,000,000		1,348,740
BP Capital Markets plc, 3.51%, 3/17/2025		2,500,000		2,558,512
Continental Resources, Inc., 4.50%, 4/15/2023		2,103,125		2,173,447
3.80%, 6/1/2024		2,000,000		2,018,290
Enbridge Energy Partners LP, 7.38%, 10/15/2045		625,000		871,205
Energy Transfer Operating LP, 4.20%, 4/15/2027		2,500,000		2,513,819
5.50%, 6/1/2027		1,000,000		1,086,522

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc., 4.30%, 3/1/2028	$	500,000	$	517,405
5.05%, 2/15/2046		700,000		720,066
MPLX LP, 4.88%, 12/1/2024		1,000,000		1,067,735
Noble Energy, Inc., 3.85%, 1/15/2028		1,000,000		996,483
Petroleos Mexicanos, 6.35%, 2/12/2048		1,391,000		1,231,035
Sabine Pass Liquefaction LLC, 5.63%, 3/1/2025		2,000,000		2,197,560
Williams Cos., Inc. (The), 5.75%, 6/24/2044		1,000,000		1,088,768
				20,389,587
Pharmaceuticals 1.8%
Allergan Funding SCS, 3.85%, 6/15/2024		500,000		507,886
3.80%, 3/15/2025		1,500,000		1,516,379
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/2026		2,000,000		1,946,457
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/2023		1,500,000		1,364,465
3.15%, 10/1/2026		1,500,000		1,258,487
				6,593,674
Road & Rail 0.6%
Burlington Northern Santa Fe LLC, 3.00%, 4/1/2025		1,000,000		1,008,897
4.15%, 4/1/2045		1,000,000		1,038,830
				2,047,727
Semiconductors & Semiconductor Equipment 1.1%
QUALCOMM, Inc., 2.60%, 1/30/2023		4,000,000		3,969,470
Software 0.8%
Microsoft Corp., 3.30%, 2/6/2027		3,000,000		3,075,405
Technology Hardware, Storage & Peripherals 0.2%
Digital Equipment Corp., 7.75%, 4/1/2023		825,000		925,300
Thrifts & Mortgage Finance 0.4%
BPCE SA, 5.70%, 10/22/2023 (a)		1,500,000		1,608,306
Tobacco 0.6%
Reynolds American, Inc., 4.45%, 6/12/2025		2,000,000		2,063,127
Total Corporate Bonds (cost $137,121,833)				139,130,776

8

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Mortgage-Backed Securities 14.2%
	Principal Amount		Value
FNMA Pool
Pool# AM7838 3.56%, 2/1/2035	$	2,325,325	$	2,378,257
Pool# AM9070 3.77%, 8/1/2045		2,995,000		3,007,844
Pool# BC0180 4.00%, 1/1/2046		2,424,255		2,501,469
Pool# BC9003 3.00%, 11/1/2046		325,874		322,510
Pool# AS8483 3.00%, 12/1/2046		263,132		260,415
Pool# MA2863 3.00%, 1/1/2047		2,692,630		2,663,330
Pool# AS8810 3.50%, 2/1/2047		10,434,522		10,555,000
Pool# BM2003 4.00%, 10/1/2047		2,544,173		2,620,629
Pool# BM3355 3.50%, 2/1/2048		7,315,992		7,392,786
Pool# CA2208 4.50%, 8/1/2048		9,314,846		9,729,675
Pool# CA2469 4.00%, 10/1/2048		5,784,790		5,954,535
Pool# BN0906 4.00%, 11/1/2048		4,963,827		5,114,683
Total Mortgage-Backed Securities (cost $52,999,008)				52,501,133
Municipal Bonds 0.4%
California 0.2%
Northern California Power Agency, RB, Series B, 7.31%, 6/1/2040		500,000		682,080
District of Columbia 0.2%
Metropolitan Washington Airports Authority, RB, Series D, 7.46%, 10/1/2046		600,000		887,532
Total Municipal Bonds (cost $1,335,934)				1,569,612
U.S. Treasury Obligations 13.4%
U.S. Treasury Inflation Linked Notes, 0.63%, 1/15/2026 (f)		25,000,000		26,840,041
U.S. Treasury Notes 1.63%, 10/15/2020 (g)		1,200,000		1,187,907
2.50%, 1/31/2021		2,000,000		2,005,781
2.00%, 10/31/2022		7,000,000		6,940,117
2.25%, 10/31/2024		3,000,000		2,989,336
2.75%, 2/28/2025		3,500,000		3,577,656
2.88%, 5/31/2025		5,500,000		5,659,414
Total U.S. Treasury Obligations (cost $47,975,206)				49,200,252
Total Investments (cost $359,342,324) — 98.4%				362,603,733
Other assets in excess of liabilities — 1.6%				5,975,176
NET ASSETS — 100.0%			$	368,578,909

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $123,537,880 which represents 33.52% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date reflects the next call date.

(f) Principal amounts are not adjusted for inflation.

(g) Security or a portion of the security was used to cover the margin requirement for futures contracts.

CLO Collateralized Loan Obligations

FNMA Federal National Mortgage Association

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

RB Revenue Bond

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

Currency:

USD United States Dollar

9

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Fund (Continued)

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		384			6/2019		USD		81,795,000			292,043
U.S. Treasury Long Bond		302			6/2019		USD		44,535,562			434,026
												726,069
Short Contracts
U.S. Treasury 5 Year Note		(592	)		6/2019		USD		(68,459,250	)		(491,759	)
U.S. Treasury 10 Year Note		(79	)		6/2019		USD		(9,770,078	)		(19,171	)
												(510,930	)
												215,139

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

10

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bond Fund
Assets:
Investment securities, at value (cost $359,342,324)	$	362,603,733
Cash		3,966,072
Interest receivable		2,079,856
Receivable for capital shares issued		30,327
Receivable for variation margin on futures contracts		79,021
Reimbursement from investment adviser (Note 3)		22,241
Prepaid expenses		46,122
Total Assets		368,827,372
Liabilities:
Distributions payable		11,387
Payable for capital shares redeemed		18,212
Accrued expenses and other payables:
Investment advisory fees		121,001
Fund administration fees		28,176
Distribution fees		4,492
Administrative servicing fees		3,137
Accounting and transfer agent fees		13,123
Trustee fees		802
Custodian fees		4,494
Compliance program costs (Note 3)		300
Professional fees		22,344
Printing fees		15,915
Other		5,080
Total Liabilities		248,463
Net Assets	$	368,578,909
Represented by:
Capital	$	373,093,033
Total distributable earnings (loss)		(4,514,124	)
Net Assets	$	368,578,909
Net Assets:
Class A Shares	$	11,274,302
Class C Shares		2,500,322
Class R Shares		256,447
Class R6 Shares		309,424,301
Institutional Service Class Shares		45,123,537
Total	$	368,578,909
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,169,248
Class C Shares		258,908
Class R Shares		26,580
Class R6 Shares		32,033,064
Institutional Service Class Shares		4,673,636
Total		38,161,436

11

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bond Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.64
Class C Shares (b)	$	9.66
Class R Shares	$	9.65
Class R6 Shares	$	9.66
Institutional Service Class Shares	$	9.65
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.86
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

12

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bond Fund
INVESTMENT INCOME:
Interest income	$	6,383,008
Income from securities lending (Note 2)		1,895
Total Income		6,384,903
EXPENSES:
Investment advisory fees		738,842
Fund administration fees		83,356
Distribution fees Class A		13,763
Distribution fees Class C		11,857
Distribution fees Class R		613
Administrative servicing fees Class A		1,736
Administrative servicing fees Class C		593
Administrative servicing fees Class R		13
Administrative servicing fees Institutional Service Class		12,955
Registration and filing fees		31,958
Professional fees		28,690
Printing fees		13,284
Trustee fees		6,226
Custodian fees		8,399
Accounting and transfer agent fees		24,367
Compliance program costs (Note 3)		898
Other		6,671
Total expenses before expenses reimbursed		984,221
Expenses reimbursed by adviser (Note 3)		(131,943	)
Net Expenses		852,278
NET INVESTMENT INCOME		5,532,625
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(1,029,181	)
Expiration or closing of futures contracts (Note 2)		385,986
Expiration or closing of option contracts written (Note 2)		70,345
Net realized losses		(572,850	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		13,314,268
Futures contracts (Note 2)		2,163,983
Net change in unrealized appreciation/depreciation		15,478,251
Net realized/unrealized gains		14,905,401
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,438,026

The accompanying notes are an integral part of these financial statements.

13

Statements of Changes in Net Assets

	Nationwide Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	5,532,625		$	11,763,020
Net realized losses		(572,850	)		(891,877	)
Net change in unrealized appreciation/depreciation		15,478,251			(17,018,102	)
Change in net assets resulting from operations		20,438,026			(6,146,959	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(154,721	)		(313,462	)
Class C		(24,201	)		(47,968	)
Class R		(3,167	)		(8,962	)
Class R6		(4,800,374	)		(10,193,168	)
Institutional Service Class		(655,086	)		(1,376,227	)
Change in net assets from shareholder distributions		(5,637,549	)		(11,939,787	)
Change in net assets from capital transactions		(28,164,268	)		(6,926,535	)
Change in net assets		(13,363,791	)		(25,013,281	)
Net Assets:
Beginning of period		381,942,700			406,955,981
End of period	$	368,578,909		$	381,942,700
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,599,707		$	1,641,015
Dividends reinvested		145,867			293,413
Cost of shares redeemed		(1,750,404	)		(2,581,815	)
Total Class A Shares		(4,830	)		(647,387	)
Class C Shares
Proceeds from shares issued		476,603			288,613
Dividends reinvested		22,672			43,591
Cost of shares redeemed		(228,769	)		(1,033,442	)
Total Class C Shares		270,506			(701,238	)
Class R Shares
Proceeds from shares issued		8,890			27,872
Dividends reinvested		5			1,201
Cost of shares redeemed		(1	)		(472,924	)
Total Class R Shares		8,894			(443,851	)
Class R6 Shares
Proceeds from shares issued		2,487,713			8,018,454
Dividends reinvested		4,800,346			10,193,153
Cost of shares redeemed		(36,256,428	)		(18,871,791	)
Total Class R6 Shares		(28,968,369	)		(660,184	)
Institutional Service Class Shares
Proceeds from shares issued		2,653,448			5,689,044
Dividends reinvested		605,217			1,246,333
Cost of shares redeemed		(2,729,134	)		(11,409,252	)
Total Institutional Service Class Shares		529,531			(4,473,875	)
Change in net assets from capital transactions	$	(28,164,268	)	$	(6,926,535	)

14

Statements of Changes in Net Assets (Continued)

	Nationwide Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		170,227			172,545
Reinvested		15,359			31,015
Redeemed		(185,666	)		(272,555	)
Total Class A Shares		(80	)		(68,995	)
Class C Shares
Issued		50,623			30,666
Reinvested		2,380			4,595
Redeemed		(24,127	)		(109,294	)
Total Class C Shares		28,876			(74,033	)
Class R Shares
Issued		939			2,930
Reinvested		1			124
Redeemed		–			(49,504	)
Total Class R Shares		940			(46,450	)
Class R6 Shares
Issued		259,664			850,122
Reinvested		504,662			1,075,624
Redeemed		(3,841,063	)		(1,996,237	)
Total Class R6 Shares		(3,076,737	)		(70,491	)
Institutional Service Class Shares
Issued		278,487			600,669
Reinvested		63,617			131,542
Redeemed		(288,287	)		(1,204,710	)
Total Institutional Service Class Shares		53,817			(472,499	)
Total change in shares		(2,993,184	)		(732,468	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

15

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bond Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.27		0.13		0.37			0.50			(0.13	)		–			(0.13	)	$	9.64		5.44%		$	11,274,302		0.72%		2.75%		0.79%		12.84%
Year Ended October 31, 2018	$	9.70		0.26		(0.43	)		(0.17	)		(0.26	)		–			(0.26	)	$	9.27		(1.76%	)	$	10,834,040		0.74%		2.71%		0.81%		47.75%
Year Ended October 31, 2017	$	9.87		0.22		(0.12	)		0.10			(0.23	)		(0.04	)		(0.27	)	$	9.70		1.02%		$	12,010,761		0.74%		2.32%		0.80%		61.91%
Year Ended October 31, 2016	$	9.64		0.20		0.24			0.44			(0.21	)		–			(0.21	)	$	9.87		4.59%		$	13,183,195		0.74%		2.04%		0.82%		115.77%
Year Ended October 31, 2015	$	9.94		0.23		(0.18	)		0.05			(0.24	)		(0.11	)		(0.35	)	$	9.64		0.51%		$	15,305,931		0.78%		2.41%		0.99%		75.71%
Year Ended October 31, 2014	$	9.90		0.32		0.09			0.41			(0.33	)		(0.04	)		(0.37	)	$	9.94		4.21%		$	18,390,299		0.85%		3.22%		1.21%		27.18%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.28		0.09		0.39			0.48			(0.10	)		–			(0.10	)	$	9.66		5.15%		$	2,500,322		1.49%		1.98%		1.56%		12.84%
Year Ended October 31, 2018	$	9.71		0.18		(0.42	)		(0.24	)		(0.19	)		–			(0.19	)	$	9.28		(2.50%	)	$	2,134,485		1.49%		1.95%		1.56%		47.75%
Year Ended October 31, 2017	$	9.88		0.15		(0.12	)		0.03			(0.16	)		(0.04	)		(0.20	)	$	9.71		0.26%		$	2,952,903		1.49%		1.56%		1.55%		61.91%
Year Ended October 31, 2016	$	9.65		0.12		0.24			0.36			(0.13	)		–			(0.13	)	$	9.88		3.80%		$	3,682,079		1.49%		1.28%		1.58%		115.77%
Year Ended October 31, 2015	$	9.95		0.16		(0.19	)		(0.03	)		(0.16	)		(0.11	)		(0.27	)	$	9.65		(0.25%	)	$	3,366,151		1.54%		1.66%		1.76%		75.71%
Year Ended October 31, 2014	$	9.91		0.24		0.09			0.33			(0.25	)		(0.04	)		(0.29	)	$	9.95		3.42%	(g)	$	3,470,186		1.60%		2.46%		1.96%		27.18%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.27		0.12		0.38			0.50			(0.12	)		–			(0.12	)	$	9.65		5.43%		$	256,447		0.95%		2.53%		1.02%		12.84%
Year Ended October 31, 2018	$	9.71		0.22		(0.43	)		(0.21	)		(0.23	)		–			(0.23	)	$	9.27		(2.16%	)	$	237,702		1.07%		2.34%		1.14%		47.75%
Year Ended October 31, 2017	$	9.88		0.19		(0.13	)		0.06			(0.19	)		(0.04	)		(0.23	)	$	9.71		0.62%		$	699,767		1.14%		1.92%		1.20%		61.91%
Year Ended October 31, 2016	$	9.65		0.16		0.24			0.40			(0.17	)		–			(0.17	)	$	9.88		4.16%		$	370,621		1.14%		1.64%		1.23%		115.77%
Year Ended October 31, 2015	$	9.94		0.22		(0.20	)		0.02			(0.20	)		(0.11	)		(0.31	)	$	9.65		0.22%		$	438,245		1.20%		2.23%		1.46%		75.71%
Year Ended October 31, 2014	$	9.91		0.29		0.08			0.37			(0.30	)		(0.04	)		(0.34	)	$	9.94		3.79%		$	476,959		1.15%		2.91%		1.52%		27.18%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.28		0.14		0.39			0.53			(0.15	)		–			(0.15	)	$	9.66		5.69%		$	309,424,301		0.44%		3.03%		0.51%		12.84%
Year Ended October 31, 2018	$	9.72		0.29		(0.44	)		(0.15	)		(0.29	)		–			(0.29	)	$	9.28		(1.57%	)	$	325,877,471		0.44%		3.01%		0.51%		47.75%
Year Ended October 31, 2017	$	9.89		0.25		(0.12	)		0.13			(0.26	)		(0.04	)		(0.30	)	$	9.72		1.32%		$	341,836,155		0.44%		2.61%		0.50%		61.91%
Year Ended October 31, 2016	$	9.66		0.23		0.24			0.47			(0.24	)		–			(0.24	)	$	9.89		4.89%		$	495,791,755		0.44%		2.32%		0.52%		115.77%
Year Ended October 31, 2015	$	9.96		0.22		(0.14	)		0.08			(0.27	)		(0.11	)		(0.38	)	$	9.66		0.82%		$	334,795,513		0.44%		2.26%		0.54%		75.71%
Year Ended October 31, 2014	$	9.92		0.35		0.09			0.44			(0.36	)		(0.04	)		(0.40	)	$	9.96		4.51%		$	245,982		0.55%		3.47%		0.88%		27.18%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.28		0.14		0.37			0.51			(0.14	)		–			(0.14	)	$	9.65		5.55%		$	45,123,537		0.50%		2.98%		0.57%		12.84%
Year Ended October 31, 2018	$	9.71		0.28		(0.43	)		(0.15	)		(0.28	)		–			(0.28	)	$	9.28		(1.53%	)	$	42,859,002		0.50%		2.95%		0.57%		47.75%
Year Ended October 31, 2017	$	9.88		0.25		(0.13	)		0.12			(0.25	)		(0.04	)		(0.29	)	$	9.71		1.26%		$	49,456,395		0.50%		2.55%		0.56%		61.91%
Year Ended October 31, 2016	$	9.65		0.22		0.24			0.46			(0.23	)		–			(0.23	)	$	9.88		4.84%		$	53,144,578		0.49%		2.28%		0.57%		115.77%
Year Ended October 31, 2015	$	9.95		0.26		(0.18	)		0.08			(0.27	)		(0.11	)		(0.38	)	$	9.65		0.79%		$	50,016,098		0.50%		2.67%		0.71%		75.71%
Year Ended October 31, 2014	$	9.92		0.34		0.08			0.42			(0.35	)		(0.04	)		(0.39	)	$	9.95		4.36%		$	51,059,201		0.60%		3.46%		0.96%		27.18%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

16

Fund Overview Nationwide Core Plus Bond Fund

Asset Allocation¹

Corporate Bonds	45.9%
Mortgage-Backed Securities	29.0%
U.S. Treasury Obligations	18.8%
Commercial Mortgage-Backed Securities	1.8%
Asset-Backed Securities	1.3%
Collateralized Mortgage Obligations	1.2%
Preferred Stocks	0.9%
Repurchase Agreements	0.3%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	6.5%
Banks	3.1%
Specialty Retail	2.6%
Capital Markets	2.6%
Insurance	2.4%
Hotels, Restaurants & Leisure	1.9%
Road & Rail	1.6%
Chemicals	1.5%
Consumer Finance	1.4%
Technology Hardware, Storage & Peripherals	1.3%
Other Industries#	75.1%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.00%, 12/31/2021	2.3%
U.S. Treasury Notes, 2.00%, 8/31/2021	1.7%
U.S. Treasury Notes, 1.38%, 8/31/2020	1.5%
U.S. Treasury Notes, 2.50%, 2/28/2026	1.5%
FHLMC, 4.00%, 2/1/2039	1.4%
U.S. Treasury Notes, 2.88%, 5/15/2028	1.3%
U.S. Treasury Notes, 2.38%, 12/31/2020	1.3%
U.S. Treasury Notes, 2.00%, 10/31/2022	1.2%
U.S. Treasury Notes, 2.38%, 5/15/2027	1.2%
FHLMC, 3.50%, 4/1/2046	1.2%
Other Holdings#	85.4%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

17

Shareholder Expense Example Nationwide Core Plus Bond Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Core Plus Bond Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,050.00		4.22		0.83
	Hypothetical	(a)(b)		1,000.00		1,020.68		4.16		0.83
Class R6 Shares	Actual	(a)		1,000.00		1,051.80		2.44		0.48
	Hypothetical	(a)(b)		1,000.00		1,022.41		2.41		0.48
Institutional Service Class Shares	Actual	(a)		1,000.00		1,051.20		3.00		0.59
	Hypothetical	(a)(b)		1,000.00		1,021.87		2.96		0.59

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

18

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund

Asset-Backed Securities 1.3%
	Principal Amount		Value
Airlines 0.1%
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.65%, 1/7/2026	$	914,352	$	904,937
Other 1.2%
Diamond CLO Ltd., Series 2019-1A, Class A1, 4.22%, 4/25/2029 (a)(b)		9,000,000		9,000,000
SBA Tower Trust, 3.87%, 10/8/2024 (b)		5,000,000		5,079,652
				14,079,652
Total Asset-Backed Securities (cost $14,840,562)				14,984,589
Collateralized Mortgage Obligations 1.2%
FHLMC REMICS
Series 4039, Class ME, 2.00%, 12/15/2040		743,104		727,124
Series 4026, Class WJ, 2.75%, 8/15/2041		2,445,701		2,450,505
JP Morgan Mortgage Trust, Series 2017-5, Class A1A, 3.00%, 10/26/2048 (a)(b)		11,324,124		11,281,675
Total Collateralized Mortgage Obligations (cost $14,545,415)				14,459,304
Commercial Mortgage-Backed Securities 1.8%
GNMA REMICS, Series 2019-34, Class AL, 3.15%, 5/16/2059		11,664,693		11,641,728
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4, 3.72%, 12/15/2048		8,500,000		8,812,379
Total Commercial Mortgage-Backed Securities (cost $20,361,181)				20,454,107
Corporate Bonds 45.9%
Aerospace & Defense 0.9%
DynCorp International, Inc., 11.88%, 11/30/2020 (c)		127,832		128,790
Rockwell Collins, Inc., 3.20%, 3/15/2024		5,000,000		5,003,431
4.35%, 4/15/2047		5,600,000		5,569,667
				10,701,888
Air Freight & Logistics 0.9%
FedEx Corp., 4.05%, 2/15/2048		6,910,000		6,164,748
United Parcel Service of America, Inc., 8.38%, 4/1/2020		2,500,000		2,627,529
XPO Logistics, Inc., 6.13%, 9/1/2023 (b)		1,190,000		1,215,288
				10,007,565

Corporate Bonds (continued)
	Principal Amount		Value
Auto Components 0.8%
American Axle & Manufacturing, Inc., 6.63%, 10/15/2022	$	2,056,000	$	2,104,542
Cooper Tire & Rubber Co., 8.00%, 12/15/2019		1,550,000		1,594,950
Icahn Enterprises LP, 6.00%, 8/1/2020		4,830,000		4,866,225
Lear Corp., 3.80%, 9/15/2027		1,036,000		1,008,632
				9,574,349
Banks 3.1%
Citigroup, Inc., 5.38%, 8/9/2020		860,000		887,742
3.70%, 1/12/2026		2,253,000		2,294,896
ING Groep NV, 4.10%, 10/2/2023		6,000,000		6,195,590
JPMorgan Chase & Co., 3.20%, 6/15/2026		8,000,000		7,949,095
Landwirtschaftliche Rentenbank, 3.13%, 11/14/2023		10,400,000		10,735,996
National Westminster Bank plc, Series C, (ICE LIBOR USD 3 Month + 0.25%), 2.88%, 5/28/2019 (d)(e)		130,000		103,025
People’s United Financial, Inc., 3.65%, 12/6/2022		3,740,000		3,808,189
Royal Bank of Canada, 2.50%, 1/19/2021		4,000,000		3,994,703
				35,969,236
Biotechnology 1.0%
Amgen, Inc., 5.15%, 11/15/2041		3,875,000		4,161,492
5.38%, 5/15/2043		1,320,000		1,428,921
Biogen, Inc., 5.20%, 9/15/2045		5,650,000		6,017,441
				11,607,854
Building Products 0.1%
BMC East LLC, 5.50%, 10/1/2024 (b)		1,172,000		1,174,930
Capital Markets 2.6%
Apollo Management Holdings LP, 4.87%, 2/15/2029 (b)		5,000,000		5,219,320
BlackRock, Inc., 3.25%, 4/30/2029		4,625,000		4,642,400
FMR LLC, 7.57%, 6/15/2029 (b)		1,000,000		1,338,515
4.95%, 2/1/2033 (b)		5,150,000		5,864,348
Morgan Stanley, 3.13%, 7/27/2026		3,658,000		3,562,904
7.25%, 4/1/2032		5,600,000		7,510,735
MSCI, Inc., 5.25%, 11/15/2024 (b)		2,000,000		2,060,000
				30,198,222

19

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals 1.5%
Blue Cube Spinco LLC, 9.75%, 10/15/2023	$	2,765,000	$	3,089,887
Chemours Co. (The), 7.00%, 5/15/2025		525,000		555,188
Chevron Phillips Chemical Co. LLC, 3.40%, 12/1/2026 (b)		6,865,000		6,893,116
Cornerstone Chemical Co., 6.75%, 8/15/2024 (b)		1,000,000		972,500
FXI Holdings, Inc., 7.88%, 11/1/2024 (b)		6,500,000		6,126,250
				17,636,941
Commercial Services & Supplies 1.1%
Cimpress NV, 7.00%, 6/15/2026 (b)		5,000,000		4,938,000
Harland Clarke Holdings Corp., 8.38%, 8/15/2022 (b)		150,000		133,125
ILFC E-Capital Trust I, + 1.55%, 14.50% Cap), 4.57%, 12/21/2065 (b)(e)		3,000,000		2,252,700
Pitney Bowes, Inc., 4.38%, 5/15/2022 (f)		5,000,000		4,906,250
Prime Security Services Borrower LLC, 9.25%, 5/15/2023 (b)		1,017,000		1,071,867
				13,301,942
Communications Equipment 0.0%†
CommScope Technologies LLC, 6.00%, 6/15/2025 (b)		130,000		132,034
Construction & Engineering 0.0%†
Michael Baker International LLC, 8.75%, 3/1/2023 (b)		85,000		86,063
Tutor Perini Corp., 6.88%, 5/1/2025 (b)		60,000		60,075
				146,138
Consumer Finance 1.4%
American Express Co., 3.00%, 10/30/2024		3,877,000		3,875,062
Capital One Financial Corp., 3.20%, 1/30/2023		8,000,000		8,023,978
Credit Acceptance Corp., 7.38%, 3/15/2023		60,000		62,175
Enova International, Inc., 8.50%, 9/1/2024 (b)		40,000		38,400
Ford Motor Credit Co. LLC, 5.60%, 1/7/2022		4,000,000		4,181,062
SquareTwo Financial Corp., 0.00%, 5/24/2019^¥ (g)		132,417		0
				16,180,677
Containers & Packaging 0.5%
International Paper Co., 5.00%, 9/15/2035		5,400,000		5,627,012

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Consumer Services 0.1%
Service Corp. International, 5.38%, 5/15/2024	$	1,099,000	$	1,127,970
Diversified Financial Services 0.5%
Block Financial LLC, 5.25%, 10/1/2025		5,610,000		5,918,419
Diversified Telecommunication Services 0.1%
CCO Holdings LLC, 5.13%, 2/15/2023		1,350,000		1,371,937
5.88%, 4/1/2024 (b)		200,000		208,942
				1,580,879
Electric Utilities 1.1%
Duke Energy Florida LLC, 3.80%, 7/15/2028		3,650,000		3,811,555
Entergy Arkansas LLC, 4.20%, 4/1/2049		4,550,000		4,730,756
Kansas City Power & Light Co., 4.20%, 3/15/2048		2,760,000		2,848,089
MidAmerican Energy Co., 4.25%, 7/15/2049		1,000,000		1,067,206
				12,457,606
Electronic Equipment, Instruments & Components 1.0%
Corning, Inc., 7.25%, 8/15/2036		9,932,000		11,722,222
Energy Equipment & Services 0.6%
Bristow Group, Inc., 8.75%, 3/1/2023 (b)(h)		3,500,000		2,940,000
McDermott Technology Americas, Inc., 10.63%, 5/1/2024 (b)		4,000,000		3,612,600
Transocean Phoenix 2 Ltd., 7.75%, 10/15/2024 (b)		45,000		47,475
				6,600,075
Equity Real Estate Investment Trusts (REITs) 0.4%
Crown Castle International Corp., 5.20%, 2/15/2049		2,000,000		2,130,896
Public Storage, 3.39%, 5/1/2029		2,750,000		2,761,256
				4,892,152
Food & Staples Retailing 0.6%
Sysco Corp., 4.85%, 10/1/2045		3,000,000		3,210,462
4.45%, 3/15/2048		3,500,000		3,549,655
				6,760,117
Food Products 0.4%
Tyson Foods, Inc., 5.10%, 9/28/2048		4,500,000		4,685,016
Health Care Equipment & Supplies 0.0%†
Hill-Rom Holdings, Inc., 5.75%, 9/1/2023 (b)		75,000		77,812

20

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services 1.0%
Anthem, Inc., 5.10%, 1/15/2044	$	4,680,000	$	5,005,163
HCA, Inc., 4.50%, 2/15/2027		6,135,000		6,297,029
				11,302,192
Hotels, Restaurants & Leisure 1.9%
Hyatt Hotels Corp., 4.38%, 9/15/2028		3,500,000		3,578,646
Jacobs Entertainment, Inc., 7.88%, 2/1/2024 (b)		65,000		69,875
McDonald’s Corp., 4.60%, 5/26/2045		3,000,000		3,123,326
4.88%, 12/9/2045		5,000,000		5,395,308
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027		1,973,000		2,395,442
Wyndham Destinations, Inc., 6.35%, 10/1/2025 (f)		7,272,000		7,726,500
				22,289,097
Household Durables 0.2%
M/I Homes, Inc., 5.63%, 8/1/2025		75,000		73,594
NVR, Inc., 3.95%, 9/15/2022		1,994,000		2,044,282
Shea Homes LP, 5.88%, 4/1/2023 (b)		45,000		45,000
6.13%, 4/1/2025 (b)		10,000		9,825
				2,172,701
Household Products 0.3%
Central Garden & Pet Co., 6.13%, 11/15/2023		3,694,000		3,860,230
Independent Power and Renewable Electricity Producers 0.0%†
Vistra Energy Corp.,
7.38%, 11/1/2022		131,000		135,488
8.00%, 1/15/2025 (b)		125,000		132,813
8.13%, 1/30/2026 (b)		100,000		109,000
				377,301
Industrial Conglomerates 0.9%
General Electric Co., (ICE LIBOR USD 3 Month + 1.00%), 3.61%, 3/15/2023 (e)		10,000,000		9,821,621
Ingersoll-Rand Global Holding Co. Ltd., 4.30%, 2/21/2048		1,000,000		973,834
				10,795,455
Insurance 1.9%
Brighthouse Financial, Inc., 3.70%, 6/22/2027		3,000,000		2,773,773
Fidelity National Financial, Inc., 4.50%, 8/15/2028 (b)		4,500,000		4,569,741
Markel Corp., 4.30%, 11/1/2047		1,516,000		1,367,987
Navigators Group, Inc. (The), 5.75%, 10/15/2023		5,000,000		5,335,440

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Sompo International Holdings Ltd., 4.70%, 10/15/2022	$	4,052,000	$	4,156,442
Torchmark Corp., 7.88%, 5/15/2023		2,975,000		3,456,948
				21,660,331
Interactive Media & Services 0.1%
Tencent Holdings Ltd., 3.60%, 1/19/2028 (b)		1,000,000		985,063
Internet & Direct Marketing Retail 0.4%
eBay, Inc., 3.60%, 6/5/2027		4,420,000		4,365,392
Machinery 0.8%
BCD Acquisition, Inc., 9.63%, 9/15/2023 (b)		5,372,000		5,707,750
Meritor, Inc., 6.25%, 2/15/2024		1,890,000		1,947,891
SPX FLOW, Inc., 5.63%, 8/15/2024 (b)		125,000		127,812
Wabtec Corp., (ICE LIBOR USD 3 Month + 1.30%), 3.91%, 9/15/2021 (e)		2,000,000		2,000,985
				9,784,438
Media 0.7%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		4,050,000		4,959,242
Comcast Cable Holdings LLC, 9.88%, 6/15/2022		1,165,000		1,400,647
Omnicom Group, Inc., 3.60%, 4/15/2026		1,601,000		1,597,661
Sirius XM Radio, Inc., 5.38%, 4/15/2025 (b)		125,000		128,125
				8,085,675
Metals & Mining 0.4%
Alcoa Nederland Holding BV, 6.75%, 9/30/2024 (b)		20,000		21,150
Allegheny Technologies, Inc., 5.95%, 1/15/2021		5,000,000		5,100,000
				5,121,150
Multiline Retail 0.4%
Dillard’s, Inc., 7.75%, 7/15/2026		4,595,000		5,021,603
Multi-Utilities 0.4%
Dominion Energy, Inc., Series B, 2.75%, 1/15/2022		4,200,000		4,182,257
Oil, Gas & Consumable Fuels 6.5%
Boardwalk Pipelines LP,
4.95%, 12/15/2024		4,500,000		4,711,569
4.80%, 5/3/2029		1,000,000		999,130
BP Capital Markets America, Inc., 3.41%, 2/11/2026		3,500,000		3,564,609

21

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
CITGO Petroleum Corp., 6.25%, 8/15/2022(b)	$	4,000,000	$	3,990,000
Delek Logistics Partners LP, 6.75%, 5/15/2025		65,000		65,000
Eni SpA, Series X-R, 4.00%, 9/12/2023(b)		5,000,000		5,125,502
Enviva Partners LP, 8.50%, 11/1/2021		10,650,000		11,076,000
HollyFrontier Corp., 5.88%, 4/1/2026		11,300,000		12,100,588
ONEOK Partners LP, 6.85%, 10/15/2037		3,793,000		4,463,806
PBF Holding Co. LLC,
7.00%, 11/15/2023		5,390,000		5,544,962
7.25%, 6/15/2025		3,000,000		3,090,000
Sunoco Logistics Partners Operations LP, 5.35%, 5/15/2045		4,500,000		4,458,027
Tengizchevroil Finance Co. International Ltd., 4.00%, 8/15/2026 (b)		3,000,000		2,988,204
TransCanada PipeLines Ltd., 6.20%, 10/15/2037		5,815,000		6,905,623
Valero Energy Corp.,
8.75%, 6/15/2030		2,500,000		3,435,765
7.50%, 4/15/2032		2,641,000		3,441,377
				75,960,162
Paper & Forest Products 0.5%
Boise Cascade Co., 5.63%, 9/1/2024 (b)		75,000		75,000
Louisiana-Pacific Corp., 4.88%, 9/15/2024		6,200,000		6,246,500
				6,321,500
Pharmaceuticals 0.7%
Merck & Co., Inc., 3.88%, 1/15/2021		5,005,000		5,100,464
Pfizer, Inc., 3.60%, 9/15/2028		3,070,000		3,176,788
				8,277,252
Real Estate Management & Development 0.5%
Hunt Cos., Inc., 6.25%, 2/15/2026 (b)		4,650,000		4,371,000
Ohana Military Communities LLC, 5.78%, 10/1/2036 (b)		1,000,000		1,179,724
				5,550,724
Road & Rail 1.6%
Ashtead Capital, Inc., 5.63%, 10/1/2024 (b)		3,500,000		3,626,875
Burlington Northern Santa Fe LLC, 4.90%, 4/1/2044		7,050,000		8,038,925
SMBC Aviation Capital Finance DAC, 3.00%, 7/15/2022 (b)		7,500,000		7,428,556
				19,094,356

Corporate Bonds (continued)
	Principal Amount		Value
Semiconductors & Semiconductor Equipment 0.6%
Broadcom Corp., 3.50%, 1/15/2028	$	7,100,000	$	6,543,786
Software 0.3%
Citrix Systems, Inc., 4.50%, 12/1/2027		4,000,000		4,000,792
Specialty Retail 2.6%
Advance Auto Parts, Inc., 4.50%, 12/1/2023		4,085,000		4,284,599
Best Buy Co., Inc., 4.45%, 10/1/2028		4,250,000		4,334,401
Foot Locker, Inc., 8.50%, 1/15/2022		8,415,000		9,298,575
L Brands, Inc.,
6.69%, 1/15/2027		1,800,000		1,759,500
6.95%, 3/1/2033		5,800,000		4,915,500
Rent-A-Center, Inc., 6.63%, 11/15/2020		6,015,000		6,033,045
				30,625,620
Technology Hardware, Storage & Peripherals 1.3%
Apple, Inc., 2.85%, 5/11/2024		4,501,000		4,512,507
Dell International LLC,
6.02%, 6/15/2026 (b)		75,000		81,260
8.10%, 7/15/2036 (b)		5,941,000		7,160,317
Seagate HDD Cayman, 4.25%, 3/1/2022		3,000,000		3,025,102
				14,779,186
Textiles, Apparel & Luxury Goods 1.1%
Michael Kors USA, Inc., 4.00%, 11/1/2024 (b)		7,000,000		6,982,618
Tapestry, Inc., 4.13%, 7/15/2027		5,820,000		5,639,709
				12,622,327
Thrifts & Mortgage Finance 0.0%†
Provident Funding Associates LP, 6.38%, 6/15/2025 (b)		155,000		144,925
Tobacco 0.5%
Altria Group, Inc., 4.50%, 5/2/2043		3,860,000		3,520,932
Vector Group Ltd., 6.13%, 2/1/2025 (b)		3,000,000		2,692,500
				6,213,432
Trading Companies & Distributors 1.1%
Air Lease Corp., 3.25%, 3/1/2025		7,200,000		6,991,319
Beacon Roofing Supply, Inc.,
6.38%, 10/1/2023		60,000		62,400
4.88%, 11/1/2025 (b)		2,000,000		1,924,400
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/2022 (b)		4,000,000		4,110,000
				13,088,119

22

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Wireless Telecommunication Services 0.5%
Crown Castle Towers LLC, 4.24%, 7/15/2028 (b)	$	5,000,000	$	5,208,277
Sprint Corp.,
7.25%, 9/15/2021		75,000		78,563
7.88%, 9/15/2023		250,000		260,425
				5,547,265
Total Corporate Bonds (cost $534,284,063)				536,853,387
Mortgage-Backed Securities 29.0%
FHLMC Gold Pool
Pool# J14732 4.00%, 3/1/2026		33		34
Pool# C91768 3.50%, 7/1/2034		5,994,890		6,143,730
Pool# G30692 3.50%, 8/1/2034		7,107,230		7,283,593
Pool# G30782 3.50%, 2/1/2035		2,213,003		2,267,965
Pool# C91846 3.00%, 9/1/2035		2,105,539		2,115,289
Pool# C91859 3.50%, 12/1/2035		2,214,718		2,257,440
Pool# C91868 3.50%, 4/1/2036		5,444,793		5,549,809
Pool# C92036 4.00%, 2/1/2039		15,208,620		15,765,569
Pool# A95406 4.00%, 12/1/2040		1,086,602		1,125,454
Pool# Q06025 4.00%, 2/1/2042		1,495,525		1,558,240
Pool# Q10392 3.50%, 8/1/2042		3,307,579		3,366,397
Pool# G08541 3.50%, 8/1/2043		4,787,112		4,869,636
Pool# G08554 3.50%, 10/1/2043		2,742,525		2,789,311
Pool# G08588 4.00%, 5/1/2044		2,390,478		2,469,451
Pool# C09071 4.00%, 2/1/2045		4,132,142		4,259,386
Pool# G08702 3.50%, 4/1/2046		13,401,567		13,580,426
Pool# G08721 3.00%, 9/1/2046		8,034,298		7,952,184
Pool# G08726 3.00%, 10/1/2046		11,765,793		11,645,541
Pool# Q44665 3.00%, 11/1/2046		7,278,131		7,203,746
Pool# Q46283 4.00%, 2/1/2047		7,449,511		7,666,721
Pool# G08758 4.00%, 4/1/2047		11,653,312		12,004,662
Pool# G08761 3.50%, 5/1/2047		10,528,827		10,658,504
Pool# Q50035 3.50%, 8/1/2047		13,308,661		13,466,363

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# G08779 3.50%, 9/1/2047	$	10,969,920	$	11,102,208
Pool# G08793 4.00%, 12/1/2047		11,053,969		11,386,413
FNMA Pool
Pool# MA0848 3.50%, 9/1/2026		3,828,969		3,910,536
Pool# AL4235 3.50%, 1/1/2027		4,616,891		4,715,243
Pool# AL4180 3.50%, 9/1/2028		2,207,636		2,254,664
Pool# MA2124 3.00%, 12/1/2029		1,123,614		1,129,983
Pool# MA3313 3.50%, 3/1/2033		7,306,848		7,462,503
Pool# MA3340 3.50%, 4/1/2033		7,700,037		7,864,068
Pool# AL6591 3.00%, 9/1/2033		5,382,443		5,386,822
Pool# MA1608 3.50%, 10/1/2033		6,779,380		6,942,162
Pool# MA2610 3.00%, 5/1/2036		9,061,567		9,068,976
Pool# AE0311 3.50%, 8/1/2040		5,630,679		5,717,424
Pool# AB1845 4.00%, 11/1/2040		6,180,650		6,397,055
Pool# AH0315 4.00%, 12/1/2040		8,630,973		8,933,049
Pool# AJ9278 3.50%, 12/1/2041		6,145,725		6,249,958
Pool# AW8165 4.00%, 1/1/2042		4,515,270		4,673,193
Pool# AJ8414 4.00%, 2/1/2042		3,429,944		3,550,040
Pool# AB4696 4.00%, 3/1/2042		2,102,613		2,189,206
Pool# AU2592 3.50%, 8/1/2043		3,301,510		3,357,464
Pool# AX4312 3.50%, 2/1/2045		3,142,140		3,182,797
Pool# AZ7353 3.50%, 11/1/2045		5,131,890		5,198,293
Pool# AS6408 3.50%, 1/1/2046		7,879,700		7,981,660
Pool# AL8289 2.42%, 4/1/2046 (a)		10,884,227		10,946,685
Pool# AS8583 3.50%, 1/1/2047		13,369,433		13,502,183
Pool# MA3058 4.00%, 7/1/2047		10,128,665		10,445,280
Pool# MA3088 4.00%, 8/1/2047		4,173,332		4,303,789
Pool# CA1191 3.50%, 11/1/2047		9,488,763		9,585,102
Pool# BM3280 4.50%, 11/1/2047		7,063,576		7,432,671
Pool# BN4180 4.00%, 12/1/2048		8,853,603		9,098,240
Total Mortgage-Backed Securities (cost $341,653,788)				339,967,118

23

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

U.S. Treasury Obligations 18.8%
	Principal Amount		Value
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2022 (i)	$	11,000,000	$	11,322,633
0.38%, 7/15/2027 (i)		5,000,000		5,117,677
U.S. Treasury Notes
1.50%, 5/31/2020		7,500,000		7,428,809
2.63%, 8/15/2020		10,000,000		10,035,547
1.38%, 8/31/2020		17,500,000		17,275,098
2.38%, 12/31/2020		15,000,000		15,015,234
2.00%, 8/31/2021		20,000,000		19,882,812
2.00%, 12/31/2021		26,620,000		26,460,904
2.38%, 3/15/2022		5,915,000		5,939,261
2.00%, 10/31/2022		14,395,000		14,271,855
2.75%, 2/15/2024		12,500,000		12,761,719
2.75%, 2/28/2025		10,000,000		10,221,875
3.00%, 9/30/2025		7,500,000		7,776,855
2.50%, 2/28/2026		17,140,000		17,257,168
2.00%, 11/15/2026		10,865,000		10,546,265
2.38%, 5/15/2027		14,000,000		13,926,719
2.88%, 5/15/2028		14,915,000		15,378,181
Total U.S. Treasury Obligations (cost $220,585,393)				220,618,612
Preferred Stocks 0.9%
	Shares
Consumer Finance 0.0%†
SquareTwo Financial Corp., 0.00%*^¥ (g)(j)		355		0
Insurance 0.5%
Enstar Group Ltd., 7.00%, 3/1/2024 (j)		140,000		3,620,400
Maiden Holdings North America Ltd., 7.75%, 12/1/2043 (j)		75,000		1,530,000
PartnerRe Ltd., 7.25%, 4/29/2021 (j)		31,383		838,554
				5,988,954
Mortgage Real Estate Investment Trusts (REITs) 0.4%
Two Harbors Investment Corp., (ICE LIBOR USD 3 Month + 5.35%), 7.63%, 7/27/2027 (e)(j)		180,000		4,514,400
Thrifts & Mortgage Finance 0.0%†
FHLMC, (ICE LIBOR USD 3 Month + 4.16%, 7.88% Floor), 8.38%, 12/31/2022* (e)(h)(j)		35,000		382,550
Total Preferred Stocks (cost $11,567,325)				10,885,904

Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0% †
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (k)(l)		191,061	$	191,061
Total Short-Term Investment (cost $191,061)				191,061
Repurchase Agreements 0.3%
	Principal Amount
BNP Paribas Securities Corp. 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $2,792,188, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $2,849,839. (l)(m)	$	2,791,979		2,791,979
Royal Bank of Canada 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $409,734, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $417,897. (l)(m)		409,703		409,703
Total Repurchase Agreements (cost $3,201,682)				3,201,682
Total Investments (cost $1,161,230,470) — 99.2%				1,161,615,764
Other assets in excess of liabilities — 0.8%				9,210,018
NET ASSETS — 100.0%			$	1,170,825,782

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $140,819,999 which represents 12.03% of net assets.

24

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Core Plus Bond Fund (Continued)

(c) PIK — Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the blend rate.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date reflects the next call date.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(f) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(g) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(h) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $3,289,325, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $191,061 and $3,201,682, respectively, a total value of $3,392,743.

(i) Principal amounts are not adjusted for inflation.

(j) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of April 30, 2019.

(k) Represents 7-day effective yield as of April 30, 2019.

(l) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $3,392,743.

(m) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

25

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Core Plus Bond Fund
Assets:
Investment securities, at value* (cost $1,158,028,788)	$	1,158,414,082
Repurchase agreements, at value (cost $3,201,682)		3,201,682
Cash		23,404,587
Interest receivable		9,117,155
Security lending income receivable		2,169
Receivable for investments sold		6,138,348
Receivable for capital shares issued		504,028
Prepaid expenses		45,496
Total Assets		1,200,827,547
Liabilities:
Payable for investments purchased		24,767,496
Distributions payable		24,178
Payable for capital shares redeemed		1,269,674
Payable upon return of securities loaned (Note 2)		3,392,743
Accrued expenses and other payables:
Investment advisory fees		400,071
Fund administration fees		51,619
Distribution fees		4,632
Administrative servicing fees		16,077
Accounting and transfer agent fees		5,694
Trustee fees		2,528
Custodian fees		12,647
Compliance program costs (Note 3)		947
Professional fees		29,906
Printing fees		15,564
Other		7,989
Total Liabilities		30,001,765
Net Assets	$	1,170,825,782
Represented by:
Capital	$	1,197,364,184
Total distributable earnings (loss)		(26,538,402	)
Net Assets	$	1,170,825,782
Net Assets:
Class A Shares	$	22,470,356
Class R6 Shares		1,126,813,596
Institutional Service Class Shares		21,541,830
Total	$	1,170,825,782
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,231,389
Class R6 Shares		111,828,001
Institutional Service Class Shares		2,137,036
Total		116,196,426

26

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Core Plus Bond Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.07
Class R6 Shares	$	10.08
Institutional Service Class Shares	$	10.08
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.52
Maximum Sales Charge:
Class A Shares		4.25	%

* Includes value of securities on loan of $3,289,325 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

27

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Core Plus Bond Fund
INVESTMENT INCOME:
Interest income	$	21,682,936
Dividend income		340,713
Income from securities lending (Note 2)		18,872
Foreign tax withholding		(488	)
Total Income		22,042,033
EXPENSES:
Investment advisory fees		2,467,104
Fund administration fees		184,070
Distribution fees Class A		26,288
Administrative servicing fees Class A		10,678
Administrative servicing fees Institutional Service Class		10,990
Registration and filing fees		26,301
Professional fees		43,397
Printing fees		13,182
Trustee fees		19,292
Custodian fees		25,922
Accounting and transfer agent fees		12,119
Compliance program costs (Note 3)		2,780
Other		10,404
Total expenses before fees waived		2,852,527
Investment advisory fees voluntarily waived (Note 3)		(62,155	)
Net Expenses		2,790,372
NET INVESTMENT INCOME		19,251,661
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(1,548,980	)
Net change in unrealized appreciation/depreciation in the value of investment securities		40,253,929
Net realized/unrealized gains		38,704,949
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,956,610

The accompanying notes are an integral part of these financial statements.

28

Statements of Changes in Net Assets

	Nationwide Core Plus Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	19,251,661		$	39,123,394
Net realized losses		(1,548,980	)		(13,046,204	)
Net change in unrealized appreciation/depreciation		40,253,929			(47,079,063	)
Change in net assets resulting from operations		57,956,610			(21,001,873	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(329,452	)		(622,784	)
Class R6		(19,144,639	)		(39,418,897	)
Institutional Service Class		(330,888	)		(520,467	)
Change in net assets from shareholder distributions		(19,804,979	)		(40,562,148	)
Change in net assets from capital transactions		(54,321,965	)		37,527,963
Change in net assets		(16,170,334	)		(24,036,058	)
Net Assets:
Beginning of period		1,186,996,116			1,211,032,174
End of period	$	1,170,825,782		$	1,186,996,116
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,348,553		$	2,487,184
Proceeds from shares issued from merger (Note 10)		–			20,590,932
Dividends reinvested		320,476			602,126
Cost of shares redeemed		(3,098,993	)		(7,265,749	)
Total Class A Shares		1,570,036			16,414,493
Class R6 Shares
Proceeds from shares issued		49,520,445			61,641,165
Proceeds from shares issued from merger (Note 10)		–			3,865,760
Dividends reinvested		19,021,914			39,190,332
Cost of shares redeemed		(127,527,623	)		(89,172,614	)
Total Class R6 Shares		(58,985,264	)		15,524,643
Institutional Service Class Shares
Proceeds from shares issued		7,760,332			18,180,846
Proceeds from shares issued from merger (Note 10)		–			536,380
Dividends reinvested		319,816			492,124
Cost of shares redeemed		(4,986,885	)		(13,620,523	)
Total Institutional Service Class Shares		3,093,263			5,588,827
Change in net assets from capital transactions	$	(54,321,965	)	$	37,527,963

29

Statements of Changes in Net Assets (Continued)

	Nationwide Core Plus Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		442,344			247,726
Issued in merger (Note 10)		–			2,014,341
Reinvested		32,341			60,435
Redeemed		(314,952	)		(725,951	)
Total Class A Shares		159,733			1,596,551
Class R6 Shares
Issued		4,964,500			6,152,678
Issued in merger (Note 10)		–			377,939
Reinvested		1,919,594			3,926,794
Redeemed		(12,967,197	)		(8,943,652	)
Total Class R6 Shares		(6,083,103	)		1,513,759
Institutional Service Class Shares
Issued		786,855			1,818,413
Issued in merger (Note 10)		–			52,421
Reinvested		32,239			49,326
Redeemed		(504,797	)		(1,367,289	)
Total Institutional Service Class Shares		314,297			552,871
Total change in shares		(5,609,073	)		3,663,181

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

30

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Core Plus Bond Fund

			Operations								Distributions														Ratios/Supplemental data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.74		0.15		0.33			0.48			(0.15	)		–			(0.15	)	$	10.07		5.00%		$	22,470,356		0.83%		3.04%		0.84%		55.18%
Year Ended October 31, 2018	$	10.24		0.29		(0.49	)		(0.20	)		(0.30	)		–			(0.30	)	$	9.74		(2.01%	)	$	20,176,256		0.86%		2.86%		0.86%		77.41%
Year Ended October 31, 2017	$	10.36		0.27		(0.08	)		0.19			(0.29	)		(0.02	)		(0.31	)	$	10.24		1.80%		$	4,867,137		0.86%		2.60%		0.86%		90.67%
Year Ended October 31, 2016	$	10.19		0.27		0.20			0.47			(0.30	)		–			(0.30	)	$	10.36		4.67%		$	4,432,115		0.86%		2.60%		0.86%		91.19%
Year Ended October 31, 2015	$	10.28		0.25		(0.05	)		0.20			(0.28	)		(0.01	)		(0.29	)	$	10.19		1.95%		$	2,686,422		0.81%		2.41%		0.81%		77.82%
Year Ended October 31, 2014	$	10.22		0.25		0.09			0.34			(0.26	)		(0.02	)		(0.28	)	$	10.28		3.34%		$	976,028		0.79%		2.40%		0.79%		67.11%
Class R6 Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	9.75		0.17		0.33			0.50			(0.17	)		–			(0.17	)	$	10.08		5.18%		$	1,126,813,596		0.48%		3.38%		0.49%		55.18%
Year Ended October 31, 2018	$	10.25		0.32		(0.49	)		(0.17	)		(0.33	)		–			(0.33	)	$	9.75		(1.65%	)	$	1,149,050,660		0.49%		3.22%		0.49%		77.41%
Year Ended October 31, 2017	$	10.37		0.30		(0.08	)		0.22			(0.32	)		(0.02	)		(0.34	)	$	10.25		2.18%		$	1,193,143,756		0.49%		2.96%		0.49%		90.67%
Year Ended October 31, 2016	$	10.20		0.30		0.21			0.51			(0.34	)		–			(0.34	)	$	10.37		5.05%		$	1,035,970,447		0.49%		2.96%		0.49%		91.19%
Year Ended October 31, 2015	$	10.29		0.28		(0.05	)		0.23			(0.31	)		(0.01	)		(0.32	)	$	10.20		2.27%		$	983,126,370		0.49%		2.73%		0.49%		77.82%
Year Ended October 31, 2014	$	10.22		0.28		0.10			0.38			(0.29	)		(0.02	)		(0.31	)	$	10.29		3.78%		$	785,198,157		0.51%		2.69%		0.51%		67.11%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.75		0.16		0.33			0.49			(0.16	)		–			(0.16	)	$	10.08		5.12%		$	21,541,830		0.59%		3.26%		0.60%		55.18%
Year Ended October 31, 2018	$	10.25		0.31		(0.49	)		(0.18	)		(0.32	)		–			(0.32	)	$	9.75		(1.76%	)	$	17,769,200		0.60%		3.09%		0.60%		77.41%
Year Ended October 31, 2017	$	10.37		0.29		(0.08	)		0.21			(0.31	)		(0.02	)		(0.33	)	$	10.25		2.07%		$	13,021,281		0.59%		2.83%		0.59%		90.67%
Year Ended October 31, 2016	$	10.20		0.29		0.21			0.50			(0.33	)		–			(0.33	)	$	10.37		4.95%		$	6,722,061		0.59%		2.85%		0.59%		91.19%
Year Ended October 31, 2015	$	10.28		0.27		(0.03	)		0.24			(0.31	)		(0.01	)		(0.32	)	$	10.20		2.32%		$	1,457,231		0.55%		2.67%		0.55%		77.82%
Year Ended October 31, 2014	$	10.22		0.28		0.09			0.37			(0.29	)		(0.02	)		(0.31	)	$	10.28		3.67%		$	192,588		0.52%		2.70%		0.52%		67.11%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

31

Fund Overview Nationwide Government Money Market Fund

Asset Allocation¹

Repurchase Agreements	46.3%
U.S. Government Agency Securities	44.2%
U.S. Treasury Obligations	9.2%
Investment Companies	0.4%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.53%, 1/31/2021	2.6%
FHLB, 2.39%, 9/9/2019	1.8%
U.S. Treasury Notes, 2.46%, 10/31/2020	1.3%
FHLB, 2.38%, 7/19/2019	1.3%
FHLB, 2.32%, 7/22/2019	1.2%
FHLB, 2.32%, 7/29/2019	1.1%
FHLMC Discount Notes, 2.48%, 9/3/2019	1.1%
U.S. Treasury Notes, 1.50%, 10/31/2019	1.1%
FHLB, 2.44%, 5/3/2019	1.0%
FHLB, 2.35%, 6/4/2019	1.0%
Other Holdings#	86.5%
	100.0%

^#   For purposes of listing top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

² Percentages indicated are based upon total investments as of April 30, 2019.

32

Shareholder Expense Example Nationwide Government Money Market Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Government Money Market Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class R6 Shares	Actual	(a)		1,000.00		1,009.70		2.29		0.46
	Hypothetical	(a)(b)		1,000.00		1,022.51		2.31		0.46
Investor Shares	Actual	(a)		1,000.00		1,009.50		2.54		0.51
	Hypothetical	(a)(b)		1,000.00		1,022.27		2.56		0.51
Service Class Shares	Actual	(a)		1,000.00		1,008.30		3.73		0.75
	Hypothetical	(a)(b)		1,000.00		1,021.08		3.76		0.75

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

33

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Government Money Market Fund

U.S. Government Agency Securities 44.2%
	Principal Amount		Value
FFCB
(ICE LIBOR USD 1 Month - 0.09%), 2.42%, 5/1/2019 (a)	$	3,250,000	$	3,250,000
(ICE LIBOR USD 1 Month - 0.09%), 2.39%, 5/15/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.03%), 2.46%, 6/24/2019 (a)		2,400,000		2,399,991
(ICE LIBOR USD 1 Month - 0.07%), 2.41%, 7/29/2019 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.08%), 2.41%, 9/26/2019 (a)		2,750,000		2,750,000
(ICE LIBOR USD 1 Month - 0.08%), 2.39%, 11/13/2019 (a)		1,250,000		1,249,966
(ICE LIBOR USD 1 Month - 0.06%), 2.42%, 12/4/2019 (a)		2,000,000		1,999,969
(ICE LIBOR USD 1 Month - 0.08%), 2.40%, 1/27/2020 (a)		1,500,000		1,499,955
(ICE LIBOR USD 1 Month - 0.07%), 2.42%, 2/12/2020 (a)		1,250,000		1,249,879
(ICE LIBOR USD 1 Month - 0.02%), 2.46%, 4/8/2020 (a)		1,400,000		1,400,000
(ICE LIBOR USD 1 Month - 0.03%), 2.44%, 4/9/2020 (a)		500,000		500,000
(ICE LIBOR USD 1 Month + 0.00%), 2.47%, 4/14/2020 (a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month + 0.01%), 2.48%, 9/4/2020 (a)		2,500,000		2,499,916
(ICE LIBOR USD 1 Month + 0.00%), 2.47%, 11/13/2020 (a)		2,500,000		2,500,000
(ICE LIBOR USD 1 Month + 0.01%), 2.48%, 11/27/2020 (a)		1,250,000		1,249,951
(US Federal Funds Effective Rate (continuous series) + 0.13%), 2.58%, 3/8/2021 (a)		1,000,000		999,909
(SOFR + 0.12%), 2.60%, 3/18/2021 (a)		1,500,000		1,500,000
FFCB Discount Notes
2.60%, 8/23/2019		1,500,000		1,487,745
2.63%, 11/4/2019		400,000		394,598
2.71%, 12/9/2019		1,000,000		983,535
2.44%, 12/10/2019		2,750,000		2,709,116
FHLB
(ICE LIBOR USD 1 Month - 0.05%), 2.44%, 5/3/2019 (a)		5,500,000		5,500,000
(ICE LIBOR USD 1 Month - 0.14%), 2.34%, 5/9/2019 (a)		4,500,000		4,500,000
(ICE LIBOR USD 3 Month - 0.28%), 2.42%, 5/10/2019 (a)		3,500,000		3,500,000
(ICE LIBOR USD 3 Month - 0.19%), 2.51%, 5/10/2019 (a)		750,000		750,000
2.50%, 5/20/2019		4,500,000		4,499,935
(ICE LIBOR USD 1 Month - 0.13%), 2.36%, 5/21/2019 (a)		2,500,000		2,500,000
2.50%, 5/23/2019		1,500,000		1,499,957
(ICE LIBOR USD 3 Month - 0.16%), 2.49%, 5/24/2019 (a)		1,500,000		1,500,014
(ICE LIBOR USD 3 Month - 0.16%), 2.47%, 5/28/2019 (a)		3,250,000		3,249,938
(ICE LIBOR USD 1 Month - 0.13%), 2.35%, 6/4/2019 (a)		5,400,000		5,400,000

U.S. Government Agency Securities (continued)
	Principal Amount		Value
(ICE LIBOR USD 1 Month - 0.12%), 2.36%, 6/4/2019 (a)	$	4,000,000	$	4,000,000
2.43%, 6/11/2019		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.13%), 2.35%, 6/14/2019 (a)		3,000,000		3,000,000
1.13%, 6/21/2019		2,250,000		2,245,739
(SOFR + 0.04%), 2.52%, 6/21/2019 (a)		3,000,000		3,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.43%, 6/28/2019 (a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.30%, 7/3/2019 (a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.30%, 7/5/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.30%), 2.28%, 7/10/2019 (a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.31%, 7/16/2019 (a)		2,200,000		2,200,000
(ICE LIBOR USD 3 Month - 0.26%), 2.34%, 7/16/2019 (a)		4,000,000		4,000,000
(ICE LIBOR USD 1 Month - 0.13%), 2.35%, 7/16/2019 (a)		2,200,000		2,200,000
(SOFR + 0.02%), 2.50%, 7/17/2019 (a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month - 0.11%), 2.38%, 7/19/2019 (a)		6,900,000		6,900,000
(ICE LIBOR USD 3 Month - 0.28%), 2.32%, 7/22/2019 (a)		6,700,000		6,700,000
(ICE LIBOR USD 3 Month - 0.27%), 2.32%, 7/29/2019 (a)		6,000,000		6,000,000
(ICE LIBOR USD 3 Month - 0.28%), 2.46%, 8/7/2019 (a)		4,600,000		4,600,000
2.42%, 8/19/2019		2,000,000		1,999,701
(SOFR + 0.02%), 2.50%, 8/27/2019 (a)		2,250,000		2,250,000
(ICE LIBOR USD 1 Month - 0.09%), 2.39%, 9/9/2019 (a)		10,000,000		10,000,000
(ICE LIBOR USD 1 Month - 0.06%), 2.42%, 9/11/2019 (a)		1,950,000		1,950,000
(ICE LIBOR USD 1 Month - 0.06%), 2.42%, 9/18/2019 (a)		3,500,000		3,500,000
(SOFR + 0.03%), 2.51%, 9/20/2019 (a)		2,500,000		2,500,000
(ICE LIBOR USD 1 Month - 0.08%), 2.40%, 9/26/2019 (a)		4,000,000		4,000,000
(ICE LIBOR USD 1 Month - 0.07%), 2.41%, 10/18/2019 (a)		1,300,000		1,300,000
(ICE LIBOR USD 1 Month - 0.10%), 2.39%, 11/21/2019 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.04%), 2.44%, 11/27/2019 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.43%, 12/4/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.05%), 2.43%, 12/5/2019 (a)		2,000,000		2,000,000
(SOFR + 0.03%), 2.51%, 12/6/2019 (a)		4,500,000		4,500,000
(ICE LIBOR USD 3 Month - 0.14%), 2.49%, 12/19/2019 (a)		1,500,000		1,500,000
2.55%, 12/19/2019		1,200,000		1,200,102
(ICE LIBOR USD 1 Month - 0.06%), 2.43%, 12/20/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.14%), 2.47%, 12/26/2019 (a)		850,000		850,263
(ICE LIBOR USD 1 Month - 0.05%), 2.42%, 1/17/2020 (a)		3,000,000		3,000,000

34

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Government Money Market Fund (Continued)

U.S. Government Agency Securities (continued)
	Principal Amount		Value
(ICE LIBOR USD 3 Month - 0.15%), 2.44%, 1/22/2020 (a)	$	1,250,000	$	1,250,000
(ICE LIBOR USD 1 Month - 0.06%), 2.43%, 3/12/2020 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.05%), 2.44%, 3/19/2020 (a)		2,000,000		2,000,000
(SOFR + 0.07%), 2.55%, 3/27/2020 (a)		3,000,000		3,000,000
2.58%, 3/30/2020		3,000,000		3,000,000
(ICE LIBOR USD 1 Month - 0.03%), 2.46%, 4/20/2020 (a)		2,000,000		2,000,000
(SOFR + 0.11%), 2.59%, 10/1/2020 (a)		1,250,000		1,250,000
FHLB Discount Notes
2.45%, 5/3/2019		1,500,000		1,499,796
2.44%, 5/17/2019		3,000,000		2,996,747
2.44%, 6/7/2019		2,000,000		1,995,005
2.45%, 7/5/2019		2,500,000		2,488,986
2.42%, 7/26/2019		2,500,000		2,485,619
2.43%, 8/15/2019		2,000,000		1,985,808
2.48%, 10/8/2019		4,000,000		3,956,355
2.47%, 10/15/2019		3,500,000		3,460,384
2.44%, 10/24/2019		750,000		741,163
FHLMC
0.88%, 7/19/2019		1,100,000		1,095,803
2.46%, 4/8/2020		3,000,000		3,000,000
2.52%, 4/15/2020		2,000,000		2,000,000
FHLMC Discount Notes,
2.48%, 9/3/2019		6,000,000		5,948,750
FNMA
(SOFR + 0.12%), 2.60%, 7/30/2019 (a)		2,250,000		2,250,000
1.00%, 8/28/2019		2,500,000		2,487,776
1.00%, 10/24/2019		2,000,000		1,985,194
1.40%, 11/25/2019		3,000,000		2,980,589
(SOFR + 0.16%), 2.64%, 1/30/2020 (a)		1,400,000		1,400,000
(SOFR + 0.08%), 2.56%, 10/30/2020 (a)		1,500,000		1,500,000
Total U.S. Government Agency Securities (cost $239,678,154)				239,678,154
U.S. Treasury Obligations 9.2%
U.S. Treasury Bills
2.42%, 10/17/2019		3,500,000		3,460,731
2.52%, 2/27/2020		3,250,000		3,182,768
U.S. Treasury Notes
3.63%, 8/15/2019		5,300,000		5,315,971
1.50%, 10/31/2019		5,750,000		5,719,164
3.38%, 11/15/2019		4,500,000		4,520,395
1.50%, 11/30/2019		500,000		496,985
1.88%, 12/31/2019		1,250,000		1,244,568
1.25%, 1/31/2020		500,000		495,195
1.38%, 3/31/2020		1,000,000		989,321
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.45%, 4/30/2020 (a)		1,500,000		1,500,119
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.46%, 7/31/2020 (a)		2,000,000		1,998,567

U.S. Treasury Obligations (continued)
	Principal Amount		Value
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.46%, 10/31/2020 (a)	$	7,250,000	$	7,245,056
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.53%, 1/31/2021 (a)		14,000,000		13,990,868
Total U.S. Treasury Obligations (cost $50,159,708)				50,159,708
Investment Companies 0.4%
	Shares
Asset Management 0.4%
Federated Government Obligations Fund, Premier Shares, 2.35% (b)		1,000,000		1,000,000
Federated Treasury Obligations Fund, Institutional Shares, 2.33% (b)		1,000,000		1,000,000
Total Investment Companies (cost $2,000,000)				2,000,000
Repurchase Agreements 46.3%
	Principal Amount
ABN Amro Bank NV, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $50,003,847, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 4/23/2020 - 1/1/2049; total market value $51,324,625. (d)	$	50,000,000		50,000,000
Barclays Capital, Inc., 2.45%, dated 4/18/2019, due 5/17/2019, repurchase price $30,059,208, collateralized by U.S. Government Treasury Securities, ranging from 2.50% - 2.75%, maturing 5/31/2023 - 2/15/2045; total market value $30,659,653. (c)(d)		30,000,000		30,000,000
BNP Paribas SA, 2.50%, dated 3/27/2019, due 6/25/2019, repurchase price $20,125,000, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 3/1/2025 - 3/20/2049; total market value $20,526,364. (c)(d)		20,000,000		20,000,000
BNP Paribas SA, 2.49%, dated 3/11/2019, due 5/10/2019, repurchase price $15,062,250, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 6.50%, maturing 5/15/2019 - 3/1/2049; total market value $15,362,738. (c)(d)		15,000,000		15,000,000

35

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Government Money Market Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
BNP Paribas SA, 2.48%, dated 4/29/2019, due 7/29/2019, repurchase price $5,031,344, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.38%, maturing 5/23/2019 - 11/15/2048; total market value $5,131,593. (c)(d)	$	5,000,000	$	5,000,000
ING Financial Markets LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $48,003,693, collateralized by U.S. Government Agency Securities, ranging from 2.00% - 7.00%, maturing 6/1/2019 - 6/1/2057; total market value $48,963,767. (d)		48,000,000		48,000,000
Natixis Financial Products LLC, 2.47%, dated 4/2/2019, due 7/2/2019, repurchase price $13,081,167, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 6/6/2019 - 3/20/2049; total market value $13,469,648. (c)(d)		13,000,000		13,000,000
Natixis Financial Products LLC, 2.47%, dated 4/17/2019, due 7/17/2019, repurchase price $15,093,654, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.38%, maturing 8/15/2019 - 5/15/2046; total market value $15,394,373. (c)(d)		15,000,000		15,000,000
Natixis Financial Products LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $25,001,924, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 6.13%, maturing 5/31/2019 - 3/20/2049; total market value $25,667,080. (d)		25,000,000		25,000,000
Wells Fargo Securities LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $30,002,308, collateralized by U.S. Government Agency Securities, ranging from 2.26% - 4.54%, maturing 10/25/2020 - 4/25/2051; total market value $30,902,378. (d)		30,000,000		30,000,000
Total Repurchase Agreements (cost $251,000,000)				251,000,000
Total Investments (cost $542,837,862) — 100.1%				542,837,862
Liabilities in excess of other assets — (0.1)%				(763,459	)
NET ASSETS — 100.0%			$	542,074,403

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date represents the actual maturity date.

(d) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

FFCB Federal Farm Credit Bank

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

SOFR Secured Overnight Financing Rate

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

36

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Government Money Market Fund
Assets:
Investment securities, at value (cost $291,837,862)	$	291,837,862
Repurchase agreements, at value (cost $251,000,000)		251,000,000
Cash		3,057,944
Interest and dividends receivable		731,738
Receivable for investments sold		12,000,000
Receivable for capital shares issued		78,640
Reimbursement from investment adviser (Note 3)		25
Prepaid expenses		42,463
Total Assets		558,748,672
Liabilities:
Payable for investments purchased		15,000,000
Distributions payable		6,790
Payable for capital shares redeemed		1,228,880
Accrued expenses and other payables:
Investment advisory fees		135,188
Fund administration fees		30,242
Distribution fees		233
Administrative servicing fees		51,102
Accounting and transfer agent fees		116,478
Trustee fees		1,142
Custodian fees		16,183
Compliance program costs (Note 3)		406
Professional fees		15,487
Printing fees		59,414
Other		12,724
Total Liabilities		16,674,269
Net Assets	$	542,074,403
Represented by:
Capital	$	542,080,023
Total distributable earnings (loss)		(5,620	)
Net Assets	$	542,074,403
Net Assets:
Class R6 Shares	$	222,078,329
Investor Shares		318,111,405
Service Class Shares		1,884,669
Total	$	542,074,403
Shares Outstanding (unlimited number of shares authorized):
Class R6 Shares		222,081,693
Investor Shares		318,114,145
Service Class Shares		1,884,693
Total		542,080,531

37

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Government Money Market Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class R6 Shares	$	1.00
Investor Shares	$	1.00
Service Class Shares	$	1.00

The accompanying notes are an integral part of these financial statements.

38

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Government Money Market Fund
INVESTMENT INCOME:
Interest income	$	6,718,399
Dividend income		22,349
Total Income		6,740,748
EXPENSES:
Investment advisory fees		834,658
Fund administration fees		101,197
Distribution fees Service Class		1,466
Administrative servicing fees Investor		80,038
Administrative servicing fees Service Class		1,465
Registration and filing fees		25,044
Professional fees		22,887
Printing fees		39,960
Trustee fees		9,426
Custodian fees		9,005
Accounting and transfer agent fees		243,761
Compliance program costs (Note 3)		1,379
Other		8,006
Total expenses before earnings credit and expenses reimbursed		1,378,292
Earnings credit (Note 4)		(1,858	)
Expenses reimbursed by adviser (Note 3)		(141	)
Net Expenses		1,376,293
NET INVESTMENT INCOME		5,364,455
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,364,455

The accompanying notes are an integral part of these financial statements.

39

Statements of Changes in Net Assets

	Nationwide Government Money Market Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	5,364,455		$	6,438,986
Net realized gains		–			102
Change in net assets resulting from operations		5,364,455			6,439,088
Distributions to Shareholders From:
Distributable earnings:
Class R6		(2,316,497	)		(2,892,478	)
Investor		(3,031,630	)		(3,534,247	)
Service Class		(16,326	)		(18,230	)
Change in net assets from shareholder distributions		(5,364,453	)		(6,444,955	)
Change in net assets from capital transactions		(14,365,368	)		(68,804,126	)
Change in net assets		(14,365,366	)		(68,809,993	)
Net Assets:
Beginning of period		556,439,769			625,249,762
End of period	$	542,074,403		$	556,439,769
CAPITAL TRANSACTIONS:
Class R6 Shares
Proceeds from shares issued	$	47,632,094		$	80,613,044
Dividends reinvested		2,316,229			2,892,023
Cost of shares redeemed		(66,902,018	)		(135,482,535	)
Total Class R6 Shares		(16,953,695	)		(51,977,468	)
Investor Shares
Proceeds from shares issued		64,705,520			102,241,177
Dividends reinvested		3,001,768			3,507,054
Cost of shares redeemed		(65,136,191	)		(122,310,747	)
Total Investor Shares		2,571,097			(16,562,516	)
Service Class Shares
Proceeds from shares issued		468,586			328,679
Dividends reinvested		16,326			18,186
Cost of shares redeemed		(467,682	)		(611,007	)
Total Service Class Shares		17,230			(264,142	)
Change in net assets from capital transactions	$	(14,365,368	)	$	(68,804,126	)
SHARE TRANSACTIONS:
Class R6 Shares
Issued		47,632,094			80,613,046
Reinvested		2,316,229			2,892,024
Redeemed		(66,902,018	)		(135,482,535	)
Total Class R6 Shares		(16,953,695	)		(51,977,465	)

40

Statements of Changes in Net Assets (Continued)

	Nationwide Government Money Market Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS: (continued)
Investor Shares
Issued		64,705,521			102,241,177
Reinvested		3,001,762			3,506,988
Redeemed		(65,136,192	)		(122,310,747	)
Total Investor Shares		2,571,091			(16,562,582	)
Service Class Shares
Issued		468,587			328,680
Reinvested		16,326			18,186
Redeemed		(467,682	)		(611,007	)
Total Service Class Shares		17,231			(264,141	)
Total change in shares		(14,365,373	)		(68,804,188	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

41

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Government Money Market Fund

			Operations							Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains from Investments		Total from Operations			Net Investment Income			Net Realized Gains		Total Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)
Class R6 Shares (e)
Six Months Ended April 30, 2019 (Unaudited)	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		0.97%		$	222,078,329		0.47%		1.96%		0.47%
Year Ended October 31, 2018	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		1.21%		$	239,032,023		0.48%		1.18%		0.48%
Year Ended October 31, 2017	$	1.00		–		–		–			–			–		–		$	1.00		0.34%		$	291,012,172		0.46%		0.32%		0.47%
Year Ended October 31, 2016	$	1.00		–		–		–			–			–		–		$	1.00		0.04%		$	406,423,512		0.47%		0.04%		0.51%
Year Ended October 31, 2015	$	1.00		–		–		–	(f)		–			–		–		$	1.00		–	(f)	$	543,749,831		0.23%		–		0.50%
Year Ended October 31, 2014	$	1.00		–		–		–			–			–		–		$	1.00		–		$	676,093,457		0.18%		–		0.48%
Investor Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		0.95%		$	318,111,405		0.52%		1.91%		0.52%
Year Ended October 31, 2018	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		1.13%		$	315,540,308		0.57%		1.11%		0.57%
Year Ended October 31, 2017	$	1.00		–		–		–			–			–		–		$	1.00		0.23%		$	332,105,990		0.57%		0.22%		0.62%
Year Ended October 31, 2016	$	1.00		–		–		–			–			–		–		$	1.00		–		$	375,742,483		0.51%		–		0.66%
Year Ended October 31, 2015	$	1.00		–		–		–	(f)		–			–		–		$	1.00		–	(f)	$	441,261,912		0.23%		–		0.65%
Year Ended October 31, 2014	$	1.00		–		–		–			–			–		–		$	1.00		–		$	501,801,083		0.18%		–		0.63%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		0.83%		$	1,884,669		0.75%		1.67%		0.77%
Year Ended October 31, 2018	$	1.00		0.01		–		0.01			(0.01	)		–		(0.01	)	$	1.00		0.94%		$	1,867,438		0.75%		0.92%		0.78%
Year Ended October 31, 2017	$	1.00		–		–		–			–			–		–		$	1.00		0.14%		$	2,131,600		0.66%		0.12%		0.77%
Year Ended October 31, 2016	$	1.00		–		–		–			–			–		–		$	1.00		–		$	2,699,641		0.51%		–		0.83%
Year Ended October 31, 2015	$	1.00		–		–		–	(f)		–			–		–		$	1.00		–	(f)	$	3,095,785		0.23%		–		0.90%
Year Ended October 31, 2014	$	1.00		–		–		–			–			–		–		$	1.00		–		$	3,448,070		0.18%		–		0.88%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(e) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(f) Includes payment by the investment adviser to offset capital losses incurred by the Fund due to the sale of securities. The payment was less than $0.005 per share. The effect of such payment did not affect the amount shown as total return for the period.

(g) Effective September 30, 2016, Prime Shares were renamed Investor Shares.

The accompanying notes are an integral part of these financial statements.

42

Fund Overview Nationwide Inflation-Protected Securities  Fund

Asset Allocation¹

U.S. Treasury Obligations	87.7%
U.S. Government Agency Securities	4.7%
Asset-Backed Security	2.8%
Mortgage-Backed Securities	1.2%
Collateralized Mortgage Obligations	1.1%
Corporate Bond	0.9%
Foreign Government Security	0.8%
Futures Contracts†	0.0%
Other assets in excess of liabilities	0.8%
	100.0%

Top Holdings²

U.S. Treasury Inflation Linked Bonds, 2.13%, 2/15/2041	7.6%
U.S. Treasury Inflation Linked Bonds, 2.38%, 1/15/2025	7.3%
U.S. Treasury Inflation Linked Notes, 0.13%, 7/15/2024	6.3%
U.S. Treasury Inflation Linked Bonds, 0.63%, 2/15/2043	5.8%
U.S. Treasury Inflation Linked Notes, 0.63%, 7/15/2021	5.6%
U.S. Treasury Inflation Linked Notes, 0.38%, 7/15/2025	5.6%
U.S. Treasury Inflation Linked Notes, 0.13%, 7/15/2022	5.0%
U.S. Treasury Inflation Linked Notes, 0.13%, 4/15/2021	4.8%
U.S. Treasury Inflation Linked Notes, 0.38%, 1/15/2027	4.6%
U.S. Treasury Inflation Linked Bonds, 3.63%, 4/15/2028	4.3%
Other Holdings	43.1%
	100.0%

† Amount rounds to less than 0.1%.

¹ Percentages indicated are based upon net assets as of April 30, 2019.

² Percentages indicated are based upon total investments as of April 30, 2019.

43

Shareholder Expense Example Nationwide Inflation-Protected Securities  Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on

your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Inflation-Protected Securities Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,043.70		2.89		0.57
	Hypothetical	(a)(b)		1,000.00		1,021.97		2.86		0.57
Class R6 Shares	Actual	(a)		1,000.00		1,044.70		1.52		0.30
	Hypothetical	(a)(b)		1,000.00		1,023.31		1.51		0.30
Institutional Service Class Shares	Actual	(a)		1,000.00		1,043.50		2.13		0.42
	Hypothetical	(a)(b)		1,000.00		1,022.71		2.11		0.42

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

44

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund

Asset-Backed Security 2.8%
	Principal Amount		Value
Other 2.8%
CCG Receivables Trust, Series 2019-1, Class A2, 2.80%, 9/14/2026(a)	$	6,353,324	$	6,357,048
Total Asset-Backed Security (cost $6,352,618)				6,357,048
Collateralized Mortgage Obligations 1.1%
FHLMC REMICS
Series 1684, Class I, 6.50%, 3/15/2024		144,747		159,376
Series 2296, Class H, 6.50%, 3/15/2031		16		16
FNMA REMICS
Series 1990-7, Class B, 8.50%, 1/25/2020		626		632
Series 1993-16, Class Z, 7.50%, 2/25/2023		8,575		8,991
Series 1993-226, Class PK, 6.00%, 12/25/2023		69,537		73,165
Series 1998-73, Class MZ, 6.30%, 10/17/2038		157,597		158,209
Series 2013-59, Class MX, 2.50%, 9/25/2042		2,096,501		2,074,568
Total Collateralized Mortgage Obligations (cost $2,509,244)				2,474,957
Corporate Bond 0.9%
Diversified Financial Services 0.9%
Private Export Funding Corp.,
Series HH, 1.45%, 8/15/2019		2,000,000		1,993,497
Total Corporate Bond (cost $2,000,641)				1,993,497
Foreign Government Security 0.8%
UNITED STATES 0.8%
Ukraine Government AID Bond, 1.47%, 9/29/2021		2,000,000		1,957,776
Total Foreign Government Security (cost $2,000,000)				1,957,776
Mortgage-Backed Securities 1.2%
FNMA Pool
Pool# 874982 6.81%, 11/1/2025		1,477,784		1,645,349
Pool# 773298 4.91%, 4/1/2035 (b)		621,762		647,207
Pool# 745769 4.43%, 7/1/2036 (b)		440,669		459,655
Pool# 813605 4.57%, 7/1/2036 (b)		126,500		131,146
Total Mortgage-Backed Securities (cost $2,718,868)				2,883,357

U.S. Government Agency Securities 4.7%
	Principal Amount		Value
FFCB, 2.43%, 9/13/2027	$	3,000,000	$	2,924,683
FHLB 5.37%, 9/9/2024		2,615,000		2,998,260
3.00%, 3/12/2027		2,000,000		2,026,351
Tennessee Valley Authority, 2.25%, 3/15/2020		3,000,000		2,994,018
Total U.S. Government Agency Securities (cost $12,070,839)				10,943,312
U.S. Treasury Obligations 87.7%
U.S. Treasury Inflation Linked Bonds 2.38%, 1/15/2025 (c)		11,300,000		16,804,382
1.75%, 1/15/2028 (c)		4,800,000		6,383,781
3.63%, 4/15/2028 (c)		5,000,000		9,894,366
2.50%, 1/15/2029 (c)		4,750,000		6,611,981
3.88%, 4/15/2029 (c)		3,300,000		6,686,810
2.13%, 2/15/2041 (c)		12,050,000		17,354,390
0.75%, 2/15/2042 (c)		7,600,000		8,223,505
0.63%, 2/15/2043 (c)		13,050,000		13,392,816
0.88%, 2/15/2047 (c)		5,000,000		5,136,001
U.S. Treasury Inflation Linked Notes 1.38%, 1/15/2020 (c)		2,700,000		3,179,905
0.13%, 4/15/2020 (c)		7,800,000		8,376,315
0.13%, 4/15/2021 (c)		10,500,000		11,110,663
0.63%, 7/15/2021 (c)		11,300,000		12,780,046
0.13%, 1/15/2022 (c)(d)		6,000,000		6,647,334
0.13%, 7/15/2022 (c)		10,550,000		11,542,528
0.13%, 7/15/2024 (c)		13,650,000		14,380,666
0.25%, 1/15/2025 (c)		5,000,000		5,279,994
0.38%, 7/15/2025 (c)		12,000,000		12,775,662
0.13%, 7/15/2026 (c)		6,000,000		6,180,691
0.38%, 1/15/2027 (c)		10,250,000		10,611,726
0.38%, 7/15/2027 (c)		9,250,000		9,467,703
Total U.S. Treasury Obligations (cost $205,558,250)				202,821,265
Total Investments (cost $233,210,460) — 99.2%				229,431,212
Other assets in excess of liabilities — 0.8%				1,849,159
NET ASSETS — 100.0%			$	231,280,371

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $6,357,048 which represents 2.75% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

45

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Inflation-Protected Securities Fund (Continued)

(c) Principal amounts are not adjusted for inflation.

(d) Security or a portion of the security was used to cover the margin requirement for futures contracts.

AID Agency for International Development

FFCB Federal Farm Credit Bank

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

REMICS Real Estate Mortgage Investment Conduits

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		92			6/2019		USD		12,123,875			143,515
U.S. Treasury Ultra Bond		40			6/2019		USD		6,571,250			103,335
												246,850
Short Contracts
U.S. Treasury 5 Year Note		(67	)		6/2019		USD		(7,747,922	)		(19,453	)
U.S. Treasury Long Bond		(155	)		6/2019		USD		(22,857,656	)		(223,887	)
												(243,340	)
												3,510

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

46

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Inflation-Protected Securities Fund
Assets:
Investment securities, at value (cost $233,210,460)	$	229,431,212
Cash		1,870,808
Interest receivable		478,535
Receivable for capital shares issued		12,927
Reimbursement from investment adviser (Note 3)		15,276
Prepaid expenses		24,469
Total Assets		231,833,227
Liabilities:
Payable for capital shares redeemed		385,731
Payable for variation margin on futures contracts		33,156
Accrued expenses and other payables:
Investment advisory fees		47,596
Fund administration fees		24,454
Distribution fees		2,255
Administrative servicing fees		5,616
Accounting and transfer agent fees		7,219
Trustee fees		509
Custodian fees		2,540
Compliance program costs (Note 3)		191
Professional fees		15,710
Printing fees		19,188
Other		8,691
Total Liabilities		552,856
Net Assets	$	231,280,371
Represented by:
Capital	$	241,069,932
Total distributable earnings (loss)		(9,789,561	)
Net Assets	$	231,280,371
Net Assets:
Class A Shares	$	11,013,142
Class R6 Shares		197,196,678
Institutional Service Class Shares		23,070,551
Total	$	231,280,371
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,132,992
Class R6 Shares		20,110,667
Institutional Service Class Shares		2,356,190
Total		23,599,849
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.72
Class R6 Shares	$	9.81
Institutional Service Class Shares	$	9.79

47

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Inflation-Protected Securities Fund
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.94
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

48

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Inflation-Protected Securities Fund
INVESTMENT INCOME:
Interest income	$	1,159,636
Total Income		1,159,636
EXPENSES:
Investment advisory fees		289,522
Fund administration fees		66,061
Distribution fees Class A		13,775
Administrative servicing fees Class A		6,149
Administrative servicing fees Institutional Service Class		13,873
Registration and filing fees		24,224
Professional fees		18,281
Printing fees		12,081
Trustee fees		3,920
Custodian fees		5,319
Accounting and transfer agent fees		13,715
Compliance program costs (Note 3)		565
Other		5,711
Total expenses before expenses reimbursed		473,196
Expenses reimbursed by adviser (Note 3)		(95,763	)
Net Expenses		377,433
NET INVESTMENT INCOME		782,203
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(295,626	)
Expiration or closing of futures contracts (Note 2)		(318,044	)
Net realized losses		(613,670	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		10,149,901
Futures contracts (Note 2)		(177,425	)
Net change in unrealized appreciation/depreciation		9,972,476
Net realized/unrealized gains		9,358,806
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,141,009

The accompanying notes are an integral part of these financial statements.

49

Statements of Changes in Net Assets

	Nationwide Inflation-Protected Securities Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	782,203		$	6,113,423
Net realized gains (losses)		(613,670	)		548,445
Net change in unrealized appreciation/depreciation		9,972,476			(10,142,369	)
Change in net assets resulting from operations		10,141,009			(3,480,501	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(79,312	)		(204,230	)
Class R6		(1,495,705	)		(3,942,283	)
Institutional Service Class		(169,857	)		(447,339	)
Change in net assets from shareholder distributions		(1,744,874	)		(4,593,852	)
Change in net assets from capital transactions		(17,307,595	)		34,080,809
Change in net assets		(8,911,460	)		26,006,456
Net Assets:
Beginning of period		240,191,831			214,185,375
End of period	$	231,280,371		$	240,191,831
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,619,881		$	2,962,339
Proceeds from shares issued from merger (Note 10)		–			11,352,285
Dividends reinvested		74,569			192,493
Cost of shares redeemed		(2,412,310	)		(3,652,338	)
Total Class A Shares		(717,860	)		10,854,779
Class R6 Shares
Proceeds from shares issued		5,750,768			14,807,018
Dividends reinvested		1,495,705			3,942,283
Cost of shares redeemed		(22,493,951	)		(19,629,885	)
Total Class R6 Shares		(15,247,478	)		(880,584	)
Institutional Service Class Shares
Proceeds from shares issued		481,171			1,443,907
Proceeds from shares issued from merger (Note 10)		–			26,329,980
Dividends reinvested		154,906			405,398
Cost of shares redeemed		(1,978,334	)		(4,072,671	)
Total Institutional Service Class Shares		(1,342,257	)		24,106,614
Change in net assets from capital transactions	$	(17,307,595	)	$	34,080,809

50

Statements of Changes in Net Assets (Continued)

	Nationwide Inflation-Protected Securities Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		170,831			306,728
Issued in merger (Note 10)		–			1,163,688
Reinvested		7,941			19,996
Redeemed		(254,462	)		(379,707	)
Total Class A Shares		(75,690	)		1,110,705
Class R6 Shares
Issued		594,584			1,531,951
Reinvested		157,941			406,843
Redeemed		(2,352,042	)		(2,018,191	)
Total Class R6 Shares		(1,599,517	)		(79,397	)
Institutional Service Class Shares
Issued		50,238			149,313
Issued in merger (Note 10)		–			2,681,887
Reinvested		16,375			41,843
Redeemed		(206,504	)		(420,887	)
Total Institutional Service Class Shares		(139,891	)		2,452,156
Total change in shares		(1,815,098	)		3,483,464

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

51

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Inflation-Protected Securities Fund

			Operations									Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.38		0.02			0.39			0.41			(0.07	)		(0.07	)	$	9.72		4.37%		$	11,013,142		0.57%		0.41%			0.74%		2.73%
Year Ended October 31, 2018	$	9.70		0.19			(0.35	)		(0.16	)		(0.16	)		(0.16	)	$	9.38		(1.69%	)	$	11,342,122		0.58%		1.98%			0.75%		13.69%
Year Ended October 31, 2017	$	9.86		0.13			(0.19	)		(0.06	)		(0.10	)		(0.10	)	$	9.70		(0.59%	)	$	950,316		0.62%		1.29%			0.71%		32.57%
Year Ended October 31, 2016	$	9.36		0.19			0.31			0.50			–			–		$	9.86		5.34%		$	1,139,444		0.58%		1.95%			0.67%		–
Year Ended October 31, 2015	$	9.55		0.05			(0.24	)		(0.19	)		–			–		$	9.36		(1.94%	)	$	65,519		0.54%		0.51%			0.59%		29.81%
Year Ended October 31, 2014	$	9.41		0.10			0.05			0.15			(0.01	)		(0.01	)	$	9.55		1.55%		$	36,829		0.59%		1.03%			0.64%		0.49%
Class R6 Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	9.46		0.03			0.39			0.42			(0.07	)		(0.07	)	$	9.81		4.47%		$	197,196,678		0.30%		0.70%			0.38%		2.73%
Year Ended October 31, 2018	$	9.77		0.25			(0.38	)		(0.13	)		(0.18	)		(0.18	)	$	9.46		(1.35%	)	$	205,271,276		0.30%		2.55%			0.38%		13.69%
Year Ended October 31, 2017	$	9.92		0.16			(0.19	)		(0.03	)		(0.12	)		(0.12	)	$	9.77		(0.26%	)	$	212,806,407		0.30%		1.67%			0.39%		32.57%
Year Ended October 31, 2016	$	9.39		0.04			0.49			0.53			–			–		$	9.92		5.64%		$	145,280,035		0.30%		0.39%			0.38%		–
Year Ended October 31, 2015	$	9.57		(0.01	)		(0.16	)		(0.17	)		(0.01	)		(0.01	)	$	9.39		(1.76%	)	$	208,706,579		0.30%		(0.07%	)		0.34%		29.81%
Year Ended October 31, 2014	$	9.44		0.09			0.09			0.18			(0.05	)		(0.05	)	$	9.57		1.92%		$	303,546,256		0.30%		0.92%			0.35%		0.49%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.45		0.03			0.38			0.41			(0.07	)		(0.07	)	$	9.79		4.35%		$	23,070,551		0.42%		0.57%			0.50%		2.73%
Year Ended October 31, 2018	$	9.76		0.21			(0.35	)		(0.14	)		(0.17	)		(0.17	)	$	9.45		(1.45%	)	$	23,578,433		0.42%		2.13%			0.50%		13.69%
Period Ended October 31, 2017 (h)	$	9.72		0.18			(0.03	)		0.15			(0.11	)		(0.11	)	$	9.76		1.58%		$	428,652		0.49%		2.02%			0.58%		32.57%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(h) For the period from December 7, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 6, 2016 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

52

Fund Overview Nationwide Loomis Core Bond Fund

Asset Allocation¹

Corporate Bonds	43.0%
Collateralized Mortgage Obligations	18.5%
U.S. Treasury Obligations	9.9%
Asset-Backed Securities	9.4%
Mortgage-Backed Securities	8.8%
Commercial Mortgage-Backed Securities	7.4%
Short-Term Investments	1.8%
Foreign Government Security	0.3%
Futures Contracts†	(0.0)%
Other assets in excess of liabilities	0.9%
	100.0%

Top Industries²

Banks	13.0%
Consumer Finance	2.7%
Insurance	2.0%
Oil, Gas & Consumable Fuels	1.8%
Capital Markets	1.8%
Health Care Providers & Services	1.4%
Diversified Financial Services	1.3%
Road & Rail	1.2%
Food & Staples Retailing	1.0%
Machinery	1.0%
Other Industries	72.8%
	100.0%

Top Holdings²

FNMA, 2.73%, 11/25/2032	4.9%
U.S. Treasury Bonds, 3.00%, 2/15/2049	4.1%
U.S. Treasury Notes, 2.63%, 2/15/2029	3.2%
GNMA, 2.88%, 10/20/2068	3.0%
GNMA, 2.83%, 4/20/2069	2.0%
UBS-Barclays Commercial Mortgage Trust, 3.18%, 3/10/2046	1.6%
FNMA, 3.00%, 12/25/2034	1.5%
FNMA, 3.00%, 8/1/2043	1.3%
FNMA, 3.00%, 2/1/2048	1.3%
FNMA, 3.00%, 12/1/2047	1.3%
Other Holdings	75.8%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

53

Shareholder Expense Example Nationwide Loomis Core Bond Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019 Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Loomis Core Bond Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,056.40		4.69		0.92
	Hypothetical	(a)(b)		1,000.00		1,020.23		4.61		0.92
Class C Shares	Actual	(a)		1,000.00		1,053.60		6.82		1.34
	Hypothetical	(a)(b)		1,000.00		1,018.15		6.71		1.34
Class R6 Shares	Actual	(a)		1,000.00		1,057.50		2.55		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.32		2.51		0.50
Institutional Service Class Shares	Actual	(a)		1,000.00		1,056.10		3.82		0.75
	Hypothetical	(a)(b)		1,000.00		1,021.08		3.76		0.75

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

54

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund

Asset-Backed Securities 9.4%
	Principal Amount		Value
Airlines 0.3%
Continental Airlines Pass-Through Trust, Series 2010-1, Class A, 4.75%, 1/12/2021	$	1,319,747	$	1,348,191
Automobiles 6.0%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020 (a)		122,090		122,242
Americredit Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, 11/20/2023		665,000		669,507
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class A, 3.45%, 3/20/2023 (a)		280,000		283,406
Series 2017-2A, Class A, 2.97%, 3/20/2024 (a)		750,000		748,495
Series 2019-2A, Class A, 3.35%, 9/22/2025 (a)		2,030,000		2,044,072
CPS Auto Receivables Trust
Series 2018-D, Class B, 3.61%, 11/15/2022 (a)		1,145,000		1,156,727
Series 2018-A, Class C, 3.05%, 12/15/2023 (a)		235,000		234,375
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		1,295,000		1,306,890
Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, 2/15/2022		453,704		453,741
DT Auto Owner Trust
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		1,385,000		1,396,805
Series 2018-2A, Class C, 3.67%, 3/15/2024 (a)		1,175,000		1,184,761
Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		540,000		544,330
Exeter Automobile Receivables Trust
Series 2018-1A, Class B, 2.75%, 4/15/2022 (a)		800,000		799,158
Series 2018-2A, Class B, 3.27%, 5/16/2022 (a)		1,220,000		1,222,843
Flagship Credit Auto Trust
Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		1,550,000		1,565,040
Series 2018-4, Class B, 3.88%, 10/16/2023 (a)		380,000		387,360
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/2031 (a)		1,900,000		1,897,112
GLS Auto Receivables Issuer Trust, Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		730,000		730,101
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		650,000		658,042
NextGear Floorplan Master Owner Trust
Series 2018-1A, Class A2, 3.22%, 2/15/2023 (a)		1,060,000		1,065,294
Series 2018-2A, Class A2, 3.69%, 10/15/2023 (a)		845,000		859,968

Asset-Backed Securities (continued)
	Principal Amount		Value
Automobiles (continued)
Santander Drive Auto Receivables Trust
Series 2018-1, Class B, 2.63%, 7/15/2022	$	1,235,000	$	1,233,954
Series 2018-2, Class B, 3.03%, 9/15/2022		1,430,000		1,433,192
Series 2018-5, Class C, 3.81%, 12/16/2024		340,000		345,219
Westlake Automobile Receivables Trust
Series 2018-1A, Class B, 2.67%, 5/17/2021 (a)		1,505,000		1,502,132
Series 2019-1A, Class B, 3.26%, 10/17/2022 (a)		485,000		486,957
				24,331,723
Other 2.7%
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029 (a)		1,710,000		1,702,795
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029 (a)		3,585,000		3,605,710
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, 9/5/2048 (a)		1,507,425		1,558,738
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024 (a)		1,209,062		1,214,676
Sofi Consumer Loan Program Trust
Series 2018-1, Class A2, 3.14%, 2/25/2027 (a)		755,000		756,833
Series 2018-2, Class A2, 3.35%, 4/26/2027 (a)		2,210,000		2,221,278
				11,060,030
Student Loan 0.4%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		875,064		898,551
Sofi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.95%, 2/25/2042 (a)		700,000		698,358
				1,596,909
Total Asset-Backed Securities (cost $38,055,258)				38,336,853
Collateralized Mortgage Obligations 18.5%
Federal Agricultural Mortgage Corp., Series 2017-1, Class A2, 3.73%, 3/25/2047^¥ (a)(b)		577,326		580,212
FHLMC REMICS
Series 1666, Class J, 6.25%, 1/15/2024		205,097		215,106
Series 3747, Class CY, 4.50%, 10/15/2040		1,000,000		1,096,048
Series 3934, Class KB, 5.00%, 10/15/2041		1,000,000		1,128,701
Series 4030, Class BE, 4.00%, 4/15/2042		2,511,000		2,652,610

55

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
FNMA REMICS
Series 2010-92, Class B, 4.50%, 8/25/2030	$	1,500,000	$	1,641,068
Series 2017-82, Class FG, 2.73%, 11/25/2032 (b)		20,021,581		19,921,118
Series 2004-29, Class PS, IO, 5.12%, 5/25/2034 (b)		2,323,778		452,469
Series 2004-37, Class AL, 4.50%, 6/25/2034		1,100,000		1,205,317
Series 2016-32, Class SA, IO, 3.62%, 10/25/2034 (b)		12,544,504		1,740,507
Series 2014-78, Class QY, 3.00%, 12/25/2034		6,125,455		5,989,799
Series 2010-57, Class SA, IO, 3.97%, 6/25/2040 (b)		3,496,329		545,605
Series 2010-63, Class SA, IO, 4.02%, 6/25/2040 (b)		3,081,643		480,597
Series 2010-118, Class SN, IO, 4.12%, 10/25/2040 (b)		14,790,235		2,781,484
Series 2013-18, Class FB, 2.83%, 10/25/2041 (b)		1,962,868		1,970,766
Series 2012-14, Class Z, 4.00%, 3/25/2042		872,031		940,547
Series 2016-40, Class GA, 4.53%, 7/25/2046 (b)		937,720		976,528
GNMA REMICS
Series 2009-61, Class ZQ, 6.00%, 8/16/2039		2,934,741		3,766,281
Series 2012-H20, Class PT, 3.44%, 7/20/2062 (b)		1,047,070		1,057,165
Series 2018-H02, Class ZJ, 4.53%, 10/20/2064 (b)		474,680		501,968
Series 2017-H12, Class EZ, 5.22%, 6/20/2066 (b)		553,282		606,085
Series 2017-H13, Class JZ, 5.24%, 5/20/2067 (b)		603,953		635,900
Series 2017-H22, Class FD, 2.68%, 11/20/2067 (b)		1,834,133		1,829,944
Series 2017-H25, Class FD, 2.63%, 12/20/2067 (b)		2,423,044		2,415,270
Series 2019-H01, Class FT, 2.88%, 10/20/2068 (b)		12,089,414		12,068,911
Series 2019-H05, Class FT, 2.83%, 4/20/2069 (b)		8,000,000		8,003,719
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.90%, 12/25/2033 (b)		170,460		175,919
Total Collateralized Mortgage Obligations (cost $74,900,484)				75,379,644
Commercial Mortgage-Backed Securities 7.4%
COMM Mortgage Trust, Series 2013-CR6, Class A4, 3.10%, 3/10/2046		4,450,000		4,493,398
GNMA REMICS, Series 2018-82 IO, 0.51%, 5/16/2058 (b)		24,692,465		1,217,899

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.07%, 1/10/2047	$	4,139,865	$	4,333,664
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.16%, 8/5/2034 (a)		2,015,000		2,036,284
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.30%, 8/15/2046 (b)		1,130,000		1,189,951
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.69%, 11/15/2027 (a)(b)		665,195		663,854
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5, Class A4, 3.18%, 3/10/2046		6,270,000		6,360,448
Series 2013-C6, Class A4, 3.24%, 4/10/2046		4,440,000		4,514,814
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (b)		1,505,000		1,581,282
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.10%, 3/15/2047		3,490,000		3,681,823
Total Commercial Mortgage-Backed Securities (cost $30,323,724)				30,073,417
Corporate Bonds 43.0%
Aerospace & Defense 0.5%
Boeing Co. (The), 3.20%, 3/1/2029		825,000		820,826
Spirit AeroSystems, Inc., 4.60%, 6/15/2028		270,000		271,811
United Technologies Corp., 4.50%, 6/1/2042		835,000		866,334
				1,958,971
Automobiles 0.9%
BMW US Capital LLC, 1.85%, 9/15/2021 (a)		1,090,000		1,067,562
Hyundai Capital America, 3.95%, 2/1/2022 (a)		1,320,000		1,338,193
Volkswagen Group of America Finance LLC, 4.75%, 11/13/2028 (a)		1,385,000		1,443,102
				3,848,857
Banks 12.9%
ABN AMRO Bank NV, 2.65%, 1/19/2021 (a)		2,390,000		2,381,444
AIB Group plc, 4.75%, 10/12/2023 (a)		1,030,000		1,067,568
ANZ New Zealand Int’l Ltd., 3.40%, 3/19/2024 (a)		995,000		1,005,507
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (c)		1,425,000		1,426,959
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (c)		990,000		1,023,847

56

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Bank of Ireland Group plc, 4.50%, 11/25/2023 (a)	$	830,000	$	850,151
Banque Federative du Credit Mutuel SA, 3.75%, 7/20/2023(a)		765,000		785,307
Barclays plc,
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		945,000		968,397
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		1,650,000		1,650,000
BB&T Corp., 3.05%, 6/20/2022		2,025,000		2,037,697
Canadian Imperial Bank of Commerce, 3.10%, 4/2/2024		2,030,000		2,030,517
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(c)		1,280,000		1,285,010
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		1,420,000		1,445,993
Citizens Bank NA, 2.25%, 3/2/2020		1,075,000		1,070,453
Comerica, Inc., 3.70%, 7/31/2023		570,000		587,403
Cooperatieve Rabobank UA, 2.75%, 1/10/2023		460,000		457,026
Credit Agricole SA, 3.75%, 4/24/2023 (a)		1,365,000		1,386,391
Danske Bank A/S, 3.88%, 9/12/2023 (a)		1,910,000		1,893,512
HSBC Holdings plc,
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c)		1,005,000		1,046,877
ING Groep NV, 4.63%, 1/6/2026 (a)		1,340,000		1,415,072
4.05%, 4/9/2029		755,000		759,875
JPMorgan Chase & Co.,
(ICE LIBOR USD 3 Month + 0.70%), 3.21%, 4/1/2023 (c)		2,035,000		2,048,248
(ICE LIBOR USD 3 Month + 1.16%), 3.70%, 5/6/2030 (c)		1,095,000		1,097,385
KeyCorp, 4.15%, 10/29/2025		660,000		697,063
Lloyds Banking Group plc, 4.05%, 8/16/2023		1,440,000		1,475,278
3.90%, 3/12/2024		760,000		774,758
National Australia Bank Ltd., 3.70%, 11/4/2021		1,675,000		1,709,498
NatWest Markets plc, 3.63%, 9/29/2022 (a)		1,920,000		1,924,500
PNC Financial Services Group, Inc. (The), 3.45%, 4/23/2029		2,030,000		2,043,071
Royal Bank of Scotland Group plc,
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		785,000		800,304
Santander Holdings USA, Inc., 3.70%, 3/28/2022		1,930,000		1,949,587
Santander UK Group Holdings plc,
(ICE LIBOR USD 3 Month + 1.57%), 4.80%, 11/15/2024 (c)		965,000		1,008,529
Santander UK plc, 2.50%, 1/5/2021		1,735,000		1,726,205
(ICE LIBOR USD 3 Month + 0.62%), 3.25%, 6/1/2021 (c)		425,000		425,607

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Societe Generale SA, 3.88%, 3/28/2024 (a)	$	940,000	$	949,954
Sumitomo Mitsui Financial Group, Inc., 2.78%, 7/12/2022		1,385,000		1,381,824
SunTrust Bank, 3.20%, 4/1/2024		2,030,000		2,044,493
Svenska Handelsbanken AB, 3.90%, 11/20/2023		1,035,000		1,077,320
UniCredit SpA, 3.75%, 4/12/2022 (a)		1,730,000		1,730,291
US Bancorp, 3.95%, 11/17/2025		575,000		606,033
Westpac Banking Corp., 2.80%, 1/11/2022		525,000		525,274
				52,570,228
Beverages 0.5%
Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/2048		180,000		175,682
Bacardi Ltd., 5.30%, 5/15/2048 (a)		1,210,000		1,174,473
Brown-Forman Corp., 3.50%, 4/15/2025		785,000		809,210
				2,159,365
Building Products 0.4%
CRH America Finance, Inc., 4.50%, 4/4/2048 (a)		805,000		761,592
Fortune Brands Home & Security, Inc., 4.00%, 9/21/2023		685,000		710,478
				1,472,070
Capital Markets 1.8%
BlackRock, Inc., 3.25%, 4/30/2029		715,000		717,690
Deutsche Bank AG, 4.10%, 1/13/2026		305,000		294,029
E*TRADE Financial Corp., 2.95%, 8/24/2022		1,075,000		1,074,044
Lazard Group LLC, 4.38%, 3/11/2029		670,000		684,212
Lehman Brothers Holdings, Inc., 5.63%, 1/24/2013 (d)		4,000,000		68,800
Macquarie Group Ltd.,
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a)(c)		1,175,000		1,257,063
Northern Trust Corp.,
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		2,155,000		2,112,354
State Street Corp.,
(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (c)		1,080,000		1,076,198
				7,284,390
Chemicals 0.5%
DowDuPont, Inc., 5.42%, 11/15/2048		490,000		565,724

57

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals (continued)
Eastman Chemical Co., 4.50%, 12/1/2028	$	330,000	$	344,984
Methanex Corp., 5.65%, 12/1/2044		1,030,000		972,373
				1,883,081
Commercial Services & Supplies 0.3%
RELX Capital, Inc., 4.00%, 3/18/2029		585,000		597,400
Steelcase, Inc., 5.13%, 1/18/2029		505,000		528,032
				1,125,432
Consumer Finance 2.7%
AerCap Ireland Capital DAC, 4.45%, 4/3/2026		785,000		795,839
American Express Co., 3.70%, 8/3/2023		1,005,000		1,032,996
3.40%, 2/22/2024		185,000		188,324
American Honda Finance Corp., 3.63%, 10/10/2023		575,000		595,643
Capital One Financial Corp., 3.90%, 1/29/2024		1,325,000		1,360,855
Caterpillar Financial Services Corp., 3.65%, 12/7/2023		965,000		998,720
Discover Financial Services, 4.50%, 1/30/2026		1,345,000		1,397,035
Ford Motor Credit Co. LLC, 2.98%, 8/3/2022		1,400,000		1,361,727
General Motors Financial Co., Inc., 4.15%, 6/19/2023		1,360,000		1,386,281
5.25%, 3/1/2026		690,000		730,223
Harley-Davidson Financial Services, Inc., 4.05%, 2/4/2022 (a)		400,000		408,145
3.35%, 2/15/2023 (a)		610,000		606,062
				10,861,850
Containers & Packaging 0.3%
WRKCo, Inc., 4.65%, 3/15/2026		1,070,000		1,131,224
Distributors 0.3%
Ferguson Finance plc, 4.50%, 10/24/2028 (a)		995,000		1,010,053
Diversified Financial Services 1.3%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		645,000		604,125
Mitsubishi UFJ Lease & Finance Co. Ltd., 2.65%, 9/19/2022 (a)		1,400,000		1,376,465
National Rural Utilities Cooperative Finance Corp., 4.30%, 3/15/2049		470,000		495,124
ORIX Corp., 3.25%, 12/4/2024		1,265,000		1,270,707
Pine Street Trust II, 5.57%, 2/15/2049 (a)		1,425,000		1,459,892
				5,206,313

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services 0.6%
AT&T, Inc.,
(ICE LIBOR USD 3 Month + 1.18%), 3.78%, 6/12/2024 (c)	$	775,000	$	778,348
British Telecommunications plc, 4.50%, 12/4/2023		600,000		629,818
Deutsche Telekom International Finance BV, 4.75%, 6/21/2038 (a)		1,020,000		1,056,866
				2,465,032
Electric Utilities 1.0%
Alliant Energy Finance LLC, 4.25%, 6/15/2028 (a)		1,335,000		1,369,974
Duke Energy Corp., 2.65%, 9/1/2026		450,000		430,176
Enel Finance International NV, 4.63%, 9/14/2025 (a)		1,165,000		1,210,951
Entergy Texas, Inc., 3.45%, 12/1/2027		415,000		406,277
Niagara Mohawk Power Corp., 4.28%, 12/15/2028 (a)		440,000		470,487
				3,887,865
Electronic Equipment, Instruments & Components 0.0%†
Trimble, Inc., 4.15%, 6/15/2023		120,000		123,307
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC, 4.08%, 12/15/2047		440,000		409,412
Entertainment 0.3%
Viacom, Inc., 6.88%, 4/30/2036		1,075,000		1,269,322
Equity Real Estate Investment Trusts (REITs) 0.8%
Boston Properties LP, 4.13%, 5/15/2021		1,475,000		1,508,802
Brixmor Operating Partnership LP, 3.65%, 6/15/2024		995,000		991,462
Omega Healthcare Investors, Inc., 4.50%, 1/15/2025		405,000		412,394
Ventas Realty LP, 4.88%, 4/15/2049		480,000		500,777
				3,413,435
Food & Staples Retailing 1.0%
Alimentation Couche-Tard, Inc., 2.70%, 7/26/2022 (a)		2,155,000		2,127,950
Sysco Corp., 3.55%, 3/15/2025		1,000,000		1,024,234
Walmart, Inc., 3.25%, 7/8/2029		1,040,000		1,050,277
				4,202,461

58

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Food Products 0.5%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2024	$	1,000,000	$	1,016,739
Kraft Heinz Foods Co., 4.00%, 6/15/2023		810,000		832,819
3.00%, 6/1/2026		180,000		169,774
				2,019,332
Health Care Equipment & Supplies 0.4%
Abbott Laboratories, 3.40%, 11/30/2023		1,508,000		1,541,041
Health Care Providers & Services 1.3%
Cigna Corp., 3.75%, 7/15/2023 (a)		910,000		926,243
Express Scripts Holding Co., 4.75%, 11/15/2021		2,135,000		2,228,185
3.00%, 7/15/2023		925,000		916,312
4.50%, 2/25/2026		140,000		146,330
McKesson Corp., 4.75%, 5/30/2029		1,175,000		1,228,829
				5,445,899
Hotels, Restaurants & Leisure 1.0%
Marriott International, Inc.,
Series Z, 4.15%, 12/1/2023		980,000		1,021,729
3.60%, 4/15/2024		695,000		709,011
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		2,170,000		2,162,109
				3,892,849
Household Durables 0.3%
DR Horton, Inc., 2.55%, 12/1/2020		1,080,000		1,075,529
Independent Power and Renewable Electricity Producers 0.3%
Exelon Generation Co. LLC, 4.25%, 6/15/2022		1,330,000		1,378,604
Industrial Conglomerates 0.3%
Ingersoll-Rand Luxembourg Finance SA, 3.80%, 3/21/2029		1,235,000		1,245,867
Insurance 2.0%
Aflac, Inc., 4.75%, 1/15/2049		355,000		390,700
American Financial Group, Inc., 3.50%, 8/15/2026		1,075,000		1,042,151
American International Group, Inc., 3.30%, 3/1/2021		1,560,000		1,571,143
Assurant, Inc., 4.20%, 9/27/2023		565,000		576,162
Athene Holding Ltd., 4.13%, 1/12/2028		370,000		359,346
Brighthouse Financial, Inc., 3.70%, 6/22/2027		1,115,000		1,030,919
4.70%, 6/22/2047		805,000		659,852
Jackson National Life Global Funding, 3.88%, 6/11/2025 (a)		195,000		202,739

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Marsh & McLennan Cos., Inc., 4.20%, 3/1/2048	$	340,000	$	338,796
Reliance Standard Life Global Funding II, 3.85%, 9/19/2023 (a)		1,400,000		1,428,041
Willis North America, Inc., 5.05%, 9/15/2048		520,000		544,343
				8,144,192
Internet & Direct Marketing Retail 0.2%
Expedia Group, Inc., 3.80%, 2/15/2028		1,015,000		999,546
IT Services 0.6%
IBM Credit LLC, 2.20%, 9/8/2022		1,075,000		1,055,191
Western Union Co. (The), 4.25%, 6/9/2023		1,240,000		1,277,752
				2,332,943
Machinery 1.0%
Kennametal, Inc., 4.63%, 6/15/2028		1,210,000		1,235,213
Nvent Finance SARL, 4.55%, 4/15/2028		845,000		847,594
Timken Co. (The), 4.50%, 12/15/2028		660,000		662,166
Wabtec Corp.,
(ICE LIBOR USD 3 Month + 1.30%), 3.91%, 9/15/2021 (c)		420,000		420,207
4.95%, 9/15/2028 (e)		1,005,000		1,035,554
				4,200,734
Media 0.3%
Cox Communications, Inc., 3.15%, 8/15/2024 (a)		1,075,000		1,064,289
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/2020		310,000		312,561
				1,376,850
Metals & Mining 0.1%
Glencore Funding LLC, 4.13%, 3/12/2024 (a)		585,000		593,206
Oil, Gas & Consumable Fuels 1.8%
Apache Corp., 4.38%, 10/15/2028		370,000		376,296
Enbridge Energy Partners LP, 4.38%, 10/15/2020		2,685,000		2,737,929
Kinder Morgan, Inc., 7.80%, 8/1/2031		1,600,000		2,082,147
Midwest Connector Capital Co. LLC, 3.63%, 4/1/2022 (a)		830,000		843,036
MPLX LP, 4.90%, 4/15/2058		635,000		601,798
Petroleos Mexicanos, 6.38%, 2/4/2021		770,000		796,873
				7,438,079

59

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Pharmaceuticals 0.5%
Bayer US Finance II LLC, 3.38%, 7/15/2024 (a)	$	605,000	$	592,034
Eli Lilly & Co., 3.95%, 3/15/2049		470,000		478,259
GlaxoSmithKline Capital plc, 3.00%, 6/1/2024		825,000		829,105
				1,899,398
Professional Services 0.3%
Experian Finance plc, 4.25%, 2/1/2029 (a)		880,000		910,215
Verisk Analytics, Inc., 4.13%, 3/15/2029		300,000		308,767
				1,218,982
Road & Rail 1.1%
Avolon Holdings Funding Ltd., 3.63%, 5/1/2022 (a)		1,415,000		1,417,901
Penske Truck Leasing Co. LP, 4.13%, 8/1/2023 (a)		1,315,000		1,354,543
4.45%, 1/29/2026 (a)		485,000		499,425
Ryder System, Inc., 3.75%, 6/9/2023		670,000		684,150
3.88%, 12/1/2023		525,000		536,723
3.65%, 3/18/2024		160,000		163,786
				4,656,528
Semiconductors & Semiconductor Equipment 1.0%
Broadcom, Inc., 4.75%, 4/15/2029 (a)		2,035,000		2,021,825
KLA-Tencor Corp., 4.10%, 3/15/2029		550,000		565,796
Marvell Technology Group Ltd., 4.20%, 6/22/2023		940,000		957,576
Microchip Technology, Inc., 3.92%, 6/1/2021 (a)		355,000		360,112
				3,905,309
Specialty Retail 0.6%
AutoNation, Inc., 3.50%, 11/15/2024		800,000		784,248
4.50%, 10/1/2025		675,000		674,738
Best Buy Co., Inc., 4.45%, 10/1/2028		1,000,000		1,019,859
				2,478,845
Technology Hardware, Storage & Peripherals 0.5%
Hewlett Packard Enterprise Co., 3.50%, 10/5/2021		475,000		480,802
4.90%, 10/15/2025 (e)		750,000		800,227
Seagate HDD Cayman, 4.88%, 3/1/2024		685,000		686,878
				1,967,907
Textiles, Apparel & Luxury Goods 0.2%
Ralph Lauren Corp., 3.75%, 9/15/2025		580,000		598,717

Corporate Bonds (continued)
	Principal Amount		Value
Thrifts & Mortgage Finance 0.3%
Nationwide Building Society,
(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024 (a)(c)	$	1,310,000	$	1,344,952
Tobacco 0.8%
Altria Group, Inc., 6.20%, 2/14/2059		970,000		1,054,097
Philip Morris International, Inc., 3.38%, 8/15/2029		2,025,000		2,003,700
				3,057,797
Trading Companies & Distributors 0.8%
Air Lease Corp., 3.50%, 1/15/2022		125,000		126,273
3.88%, 7/3/2023		1,260,000		1,286,738
Aviation Capital Group LLC, 3.88%, 5/1/2023 (a)		835,000		841,323
GATX Corp., 4.35%, 2/15/2024		1,045,000		1,085,053
				3,339,387
Wireless Telecommunication Services 0.6%
America Movil SAB de CV, 3.63%, 4/22/2029		490,000		490,887
Rogers Communications, Inc., 4.35%, 5/1/2049		990,000		997,672
SK Telecom Co. Ltd., 3.75%, 4/16/2023 (a)		560,000		572,615
Vodafone Group plc, 4.13%, 5/30/2025		365,000		376,557
				2,437,731
Total Corporate Bonds (cost $175,810,778)				174,872,892
Foreign Government Securities 0.3%
CANADA 0.3%
Province of Saskatchewan, 9.38%, 12/15/2020		1,000,000		1,102,200
Total Foreign Government Security (cost $1,007,379)				1,102,200
Mortgage-Backed Securities 8.8%
FNMA Pool
Pool# 292234 8.00%, 8/1/2024		712		713
Pool# 293495 8.00%, 9/1/2024		18		18
Pool# 303300 8.50%, 5/1/2025		3,134		3,357
Pool# 342718 6.50%, 5/1/2026		12,749		14,037
Pool# 250764 7.50%, 12/1/2026		33,626		36,495
Pool# 402854 6.00%, 12/1/2027		6,595		7,130

60

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 251497 6.00%, 12/1/2027	$	325	$	351
Pool# 415652 6.50%, 3/1/2028		3,279		3,610
Pool# 432037 6.00%, 7/1/2028		35,851		38,775
Pool# 437979 6.00%, 8/1/2028		10,719		11,589
Pool# 446099 6.00%, 10/1/2028		5,061		5,471
Pool# 450653 6.00%, 12/1/2028		49,302		53,394
Pool# 440738 6.00%, 12/1/2028		42,420		46,025
Pool# 453865 6.00%, 12/1/2028		36,846		39,837
Pool# 252212 6.50%, 1/1/2029		80,750		90,293
Pool# 504076 6.50%, 6/1/2029		33,165		36,778
Pool# 484939 6.50%, 6/1/2029		9,850		10,845
Pool# 252570 6.50%, 7/1/2029		34,222		38,401
Pool# 506638 6.50%, 8/1/2029		14,473		15,935
Pool# 535300 6.50%, 5/1/2030		42,498		47,264
Pool# 539932 7.00%, 5/1/2030		5,861		5,862
Pool# AN3476 4.03%, 11/1/2031		4,092,160		4,408,967
Pool# 725027 5.00%, 11/1/2033		568,386		609,874
Pool# 725205 5.00%, 3/1/2034		191,550		205,878
Pool# AM6492 3.76%, 8/1/2034		2,336,269		2,442,055
Pool# AL8256 3.00%, 8/1/2043		5,352,039		5,316,682
Pool# MA3209 3.00%, 12/1/2047		5,343,954		5,285,803
Pool# MA3275 3.00%, 2/1/2048		5,364,852		5,306,473
GNMA I Pool
Pool# 348637 7.50%, 5/15/2023		8,545		8,890
Pool# 354696 6.50%, 12/15/2023		5,444		5,932
Pool# 369270 6.50%, 12/15/2023		1,919		2,091
Pool# 368677 7.50%, 1/15/2024		6,628		6,864
Pool# 359986 7.50%, 1/15/2024		537		538
Pool# 362734 7.50%, 1/15/2024		190		190
Pool# 371909 6.50%, 2/15/2024		15,717		17,128
Pool# 392055 7.00%, 4/15/2024		4,065		4,070

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 442138 8.00%, 11/15/2026	$	28,896	$	31,103
Pool# 439463 8.00%, 12/15/2026		1,121		1,123
Pool# 399109 7.50%, 2/15/2027		7,663		8,030
Pool# 435777 7.50%, 2/15/2027		2,857		2,874
Pool# 445661 7.50%, 7/15/2027		3,041		3,089
Pool# 443887 7.50%, 8/15/2027		5,151		5,228
Pool# 455381 7.50%, 8/15/2027		3,809		4,094
Pool# 450591 7 7.50%, 8/15/2027		676		692
Pool# 453295 7.50%, 8/15/2027		399		410
Pool# 446699 6.00%, 8/15/2028		20,566		22,253
Pool# 482748 6.00%, 9/15/2028		34,091		36,832
Pool# 460906 6.00%, 9/15/2028		8,798		9,505
Pool# 476969 6.50%, 1/15/2029		26,979		29,401
Pool# 781029 6.50%, 5/15/2029		98,905		110,778
Pool# 503106 6.50%, 6/15/2029		11,364		12,384
GNMA II Pool
Pool# 767673 4.64%, 4/20/2064 (b)		1,247,912		1,325,586
Pool# BA7614 4.54%, 5/20/2067 (b)		973,294		1,040,299
Pool# BC3943 4.45%, 6/20/2067 (b)		4,117,613		4,423,451
Pool# BB0088 4.70%, 7/20/2067 (b)		4,056,111		4,423,126
Total Mortgage-Backed Securities (cost $35,904,156)				35,617,873
U.S. Treasury Obligations 9.9%
U.S. Treasury Bonds 4.25%, 5/15/2039		190,000		233,544
4.38%, 11/15/2039		2,400,000		2,998,781
3.00%, 8/15/2048		3,215,000		3,251,043
3.38%, 11/15/2048		4,135,000		4,495,359
3.00%, 2/15/2049		16,280,000		16,482,228
U.S. Treasury Notes, 2.63%, 2/15/2029		12,850,000		12,981,010
Total U.S. Treasury Obligations (cost $39,871,119)				40,441,965

61

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Core Bond Fund (Continued)

Short-Term Investments 1.8%
	Principal Amount		Value
U.S. Treasury Obligations 1.8%
U.S. Treasury Bills 2.40%, 9/5/2019	$	3,310,000	$	3,282,355
0.00%, 10/31/2019(f)		995,000		983,003
2.52%, 2/27/2020		3,000,000		2,941,607
Total Short-Term Investments (cost $7,203,328)				7,206,965
Total Investments (cost $403,076,226) — 99.1%				403,031,809
Other assets in excess of liabilities — 0.9%				3,681,015
NET ASSETS — 100.0%			$	406,712,824

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.POI–& Asset Types

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $83,735,874 which represents 20.59% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(d) Security in default.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(f) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

ICE Intercontinental Exchange

IO Interest only

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

Currency:

USD United States Dollar

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Ultra Bond		74			6/2019		USD		12,156,812			271,966
												271,966
Short Contracts
U.S. Treasury 10 Year Note		(199	)		6/2019		USD		(24,610,703	)		(278,685	)
												(278,685	)
												(6,719	)

At April 30, 2019, the Fund had $335,000 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

62

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Loomis Core Bond Fund
Assets:
Investment securities, at value (cost $403,076,226)	$	403,031,809
Cash		5,953,255
Deposits with broker for futures contracts		335,000
Interest receivable		2,269,175
Receivable for investments sold		2,683,730
Receivable for capital shares issued		136,565
Receivable for variation margin on futures contracts		4,235
Prepaid expenses		44,194
Total Assets		414,457,963
Liabilities:
Payable for investments purchased		7,275,830
Distributions payable		4,614
Payable for capital shares redeemed		90,126
Accrued expenses and other payables:
Investment advisory fees		133,674
Fund administration fees		28,680
Distribution fees		4,397
Administrative servicing fees		146,463
Accounting and transfer agent fees		6,042
Trustee fees		1,037
Custodian fees		4,967
Compliance program costs (Note 3)		370
Professional fees		24,335
Printing fees		17,872
Other		6,732
Total Liabilities		7,745,139
Net Assets	$	406,712,824
Represented by:
Capital	$	413,329,389
Total distributable earnings (loss)		(6,616,565	)
Net Assets	$	406,712,824
Net Assets:
Class A Shares	$	11,745,974
Class C Shares		3,206,981
Class R6 Shares		18,961,870
Institutional Service Class Shares		372,797,999
Total	$	406,712,824
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,106,343
Class C Shares		303,888
Class R6 Shares		1,753,400
Institutional Service Class Shares		34,460,943
Total		37,624,574

63

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Loomis Core Bond Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.62
Class C Shares (b)	$	10.55
Class R6 Shares	$	10.81
Institutional Service Class Shares	$	10.82
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.86
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $250,000, a contingent deferred sales charge of 0.50% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

64

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Loomis Core Bond Fund
INVESTMENT INCOME:
Interest income	$	7,080,587
Income from securities lending (Note 2)		1,228
Total Income		7,081,815
EXPENSES:
Investment advisory fees		780,158
Fund administration fees		84,829
Distribution fees Class A		14,389
Distribution fees Class C		12,203
Administrative servicing fees Class A		9,485
Administrative servicing fees Class C		1,302
Administrative servicing fees Institutional Service Class		442,376
Registration and filing fees		29,930
Professional fees		28,118
Printing fees		12,732
Trustee fees		6,713
Custodian fees		9,155
Accounting and transfer agent fees		12,329
Compliance program costs (Note 3)		960
Other		6,948
Total Expenses		1,451,627
NET INVESTMENT INCOME		5,630,188
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		807,276
Expiration or closing of futures contracts (Note 2)		(429,982	)
Closed short positions in securities (Note 2)		(492	)
Net realized gains		376,802
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		15,088,533
Futures contracts (Note 2)		451,493
Net change in unrealized appreciation/depreciation		15,540,026
Net realized/unrealized gains		15,916,828
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,547,016

The accompanying notes are an integral part of these financial statements.

65

Statements of Changes in Net Assets

	Nationwide Loomis Core Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	5,630,188		$	11,766,509
Net realized gains (losses)		376,802			(5,355,862	)
Net change in unrealized appreciation/depreciation		15,540,026			(19,560,914	)
Change in net assets resulting from operations		21,547,016			(13,150,267	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(169,328	)		(424,110	)
Class C		(41,457	)		(77,964	)
Class R6		(336,234	)		(1,924,609	)
Institutional Service Class		(5,383,853	)		(9,604,923	)
Change in net assets from shareholder distributions		(5,930,872	)		(12,031,606	)
Change in net assets from capital transactions		(4,146,963	)		(202,716,269	)
Change in net assets		11,469,181			(227,898,142	)
Net Assets:
Beginning of period		395,243,643			623,141,785
End of period	$	406,712,824		$	395,243,643
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	197,165		$	1,537,368
Dividends reinvested		154,994			392,900
Cost of shares redeemed		(713,160	)		(15,000,308	)
Total Class A Shares		(361,001	)		(13,070,040	)
Class C Shares
Proceeds from shares issued		206,688			273,328
Dividends reinvested		33,445			63,121
Cost of shares redeemed		(576,041	)		(1,977,075	)
Total Class C Shares		(335,908	)		(1,640,626	)
Class R6 Shares
Proceeds from shares issued		2,253,020			10,827,114
Dividends reinvested		303,278			533,089
Cost of shares redeemed		(14,969,738	)		(89,729,464	)
Total Class R6 Shares		(12,413,440	)		(78,369,261	)
Institutional Service Class Shares
Proceeds from shares issued		37,813,070			34,846,106
Dividends reinvested		5,381,440			9,463,636
Cost of shares redeemed		(34,231,124	)		(153,946,084	)
Total Institutional Service Class Shares		8,963,386			(109,636,342	)
Change in net assets from capital transactions	$	(4,146,963	)	$	(202,716,269	)

66

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis Core Bond Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		18,835			146,188
Reinvested		14,848			37,604
Redeemed		(68,768	)		(1,451,554	)
Total Class A Shares		(35,085	)		(1,267,762	)
Class C Shares
Issued		19,757			26,258
Reinvested		3,226			6,083
Redeemed		(55,604	)		(190,587	)
Total Class C Shares		(32,621	)		(158,246	)
Class R6 Shares
Issued		212,166			1,003,800
Reinvested		28,528			50,205
Redeemed		(1,432,193	)		(8,460,308	)
Total Class R6 Shares		(1,191,499	)		(7,406,303	)
Institutional Service Class Shares
Issued		3,572,397			3,268,787
Reinvested		505,795			890,831
Redeemed		(3,237,459	)		(14,470,098	)
Total Institutional Service Class Shares		840,733			(10,310,480	)
Total change in shares		(418,472	)		(19,142,791	)

The accompanying notes are an integral part of these financial statements.

67

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Loomis Core Bond Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.20		0.14		0.44			0.58			(0.15	)		(0.01	)		(0.16	)	$	10.62		5.64%		$	11,745,974		0.92%		2.78%		0.92%		66.20%
Year Ended October 31, 2018	$	10.71		0.23		(0.50	)		(0.27	)		(0.24	)		–			(0.24	)	$	10.20		(2.58%	)	$	11,648,044		0.91%		2.16%		0.91%		289.06%
Year Ended October 31, 2017	$	10.94		0.21		(0.12	)		0.09			(0.22	)		(0.10	)		(0.32	)	$	10.71		0.90%		$	25,793,140		0.89%		1.95%		0.89%		74.15%
Year Ended October 31, 2016	$	10.69		0.21		0.28			0.49			(0.22	)		(0.02	)		(0.24	)	$	10.94		4.63%		$	27,588,193		0.92%		1.96%		0.92%		57.39%
Year Ended October 31, 2015	$	10.85		0.21		(0.08	)		0.13			(0.22	)		(0.07	)		(0.29	)	$	10.69		1.20%		$	24,955,130		0.94%		1.90%		0.94%		43.07%
Period Ended October 31, 2014 (h)	$	10.81		0.05		0.05			0.10			(0.06	)		–			(0.06	)	$	10.85		0.89%		$	28,261,628		0.97%		1.97%		1.02%		8.04%
Year Ended July 31, 2014	$	10.94		0.29		0.15			0.44			(0.31	)		(0.26	)		(0.57	)	$	10.81		4.13%		$	28,985,479		0.93%		2.71%		0.97%		57.14%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.14		0.12		0.42			0.54			(0.12	)		(0.01	)		(0.13	)	$	10.55		5.36%		$	3,206,981		1.34%		2.39%		1.34%		66.20%
Year Ended October 31, 2018	$	10.64		0.19		(0.50	)		(0.31	)		(0.19	)		–			(0.19	)	$	10.14		(2.90%	)	$	3,413,350		1.33%		1.79%		1.33%		289.06%
Year Ended October 31, 2017	$	10.87		0.16		(0.12	)		0.04			(0.17	)		(0.10	)		(0.27	)	$	10.64		0.47%		$	5,264,883		1.34%		1.52%		1.34%		74.15%
Year Ended October 31, 2016	$	10.62		0.17		0.28			0.45			(0.18	)		(0.02	)		(0.20	)	$	10.87		4.22%		$	7,248,212		1.34%		1.55%		1.34%		57.39%
Year Ended October 31, 2015	$	10.79		0.16		(0.09	)		0.07			(0.17	)		(0.07	)		(0.24	)	$	10.62		0.67%		$	6,683,010		1.39%		1.47%		1.39%		43.07%
Period Ended October 31, 2014 (h)	$	10.75		0.04		0.04			0.08			(0.04	)		–			(0.04	)	$	10.79		0.79%		$	7,890,606		1.40%		1.56%		1.45%		8.04%
Year Ended July 31, 2014	$	10.88		0.24		0.15			0.39			(0.26	)		(0.26	)		(0.52	)	$	10.75		3.68%		$	8,293,872		1.40%		2.27%		1.42%		57.14%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	10.39		0.16		0.44			0.60			(0.17	)		(0.01	)		(0.18	)	$	10.81		5.75%		$	18,961,870		0.50%		3.14%		0.50%		66.20%
Year Ended October 31, 2018	$	10.90		0.27		(0.50	)		(0.23	)		(0.28	)		–			(0.28	)	$	10.39		(2.14%	)	$	30,609,113		0.48%		2.51%		0.48%		289.06%
Year Ended October 31, 2017	$	11.13		0.25		(0.12	)		0.13			(0.26	)		(0.10	)		(0.36	)	$	10.90		1.27%		$	112,873,555		0.50%		2.27%		0.50%		74.15%
Year Ended October 31, 2016	$	10.88		0.25		0.28			0.53			(0.26	)		(0.02	)		(0.28	)	$	11.13		4.96%		$	332,764,296		0.50%		2.28%		0.50%		57.39%
Year Ended October 31, 2015	$	11.05		0.25		(0.09	)		0.16			(0.26	)		(0.07	)		(0.33	)	$	10.88		1.48%		$	78,221,429		0.50%		2.29%		0.50%		43.07%
Period Ended October 31, 2014 (h)	$	11.01		0.06		0.05			0.11			(0.07	)		–			(0.07	)	$	11.05		0.96%		$	1,357,675		0.59%		2.21%		0.59%		8.04%
Period Ended July 31, 2014 (j)	$	11.07		0.29		0.21			0.50			(0.30	)		(0.26	)		(0.56	)	$	11.01		4.65%		$	10,464		0.60%		3.08%		0.60%		57.14%
Institutional Service Class Shares (k)
Six Months Ended April 30, 2019 (Unaudited)	$	10.40		0.15		0.43			0.58			(0.15	)		(0.01	)		(0.16	)	$	10.82		5.61%		$	372,797,999		0.75%		2.89%		0.75%		66.20%
Year Ended October 31, 2018	$	10.91		0.25		(0.51	)		(0.26	)		(0.25	)		–			(0.25	)	$	10.40		(2.37%	)	$	349,573,136		0.73%		2.31%		0.73%		289.06%
Year Ended October 31, 2017	$	11.14		0.22		(0.11	)		0.11			(0.24	)		(0.10	)		(0.34	)	$	10.91		1.02%		$	479,210,207		0.74%		2.05%		0.74%		74.15%
Year Ended October 31, 2016	$	10.89		0.23		0.28			0.51			(0.24	)		(0.02	)		(0.26	)	$	11.14		4.72%		$	208,735,518		0.73%		2.13%		0.73%		57.39%
Year Ended October 31, 2015	$	11.05		0.23		(0.08	)		0.15			(0.24	)		(0.07	)		(0.31	)	$	10.89		1.42%		$	453,413,985		0.69%		2.10%		0.69%		43.07%
Period Ended October 31, 2014 (h)	$	11.01		0.06		0.04			0.10			(0.06	)		–			(0.06	)	$	11.05		0.93%		$	461,682,944		0.72%		2.17%		0.74%		8.04%
Year Ended July 31, 2014	$	11.14		0.32		0.14			0.46			(0.33	)		(0.26	)		(0.59	)	$	11.01		4.28%		$	405,870,576		0.70%		2.88%		0.74%		57.14%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) For the period from August 1, 2014 through October 31, 2014.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(k) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

68

Fund Overview Nationwide Loomis Short-Term Bond  Fund

Asset Allocation¹

Corporate Bonds	59.3%
Asset-Backed Securities	17.4%
U.S. Treasury Obligations	8.8%
Collateralized Mortgage Obligations	6.2%
Mortgage-Backed Securities	2.8%
Commercial Mortgage-Backed Securities	2.4%
Short-Term Investment	1.9%
Foreign Government Security	0.7%
Futures Contracts	(0.1)%
Other assets in excess of liabilities	0.6%
	100.0%

Top Industries²

Banks	17.4%
Consumer Finance	4.7%
Insurance	3.1%
Oil, Gas & Consumable Fuels	2.9%
Health Care Providers & Services	2.8%
Pharmaceuticals	2.6%
Automobiles	2.5%
Equity Real Estate Investment Trusts (REITs)	2.5%
Beverages	2.3%
Capital Markets	2.1%
Other Industries	57.1%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.38%, 3/15/2022	8.8%
American Express Credit Account Master Trust, 1.77%, 11/15/2022	1.9%
U.S. Treasury Bills, 2.43%, 6/20/2019	1.9%
Nissan Auto Receivables Owner Trust, 1.75%, 10/15/2021	1.9%
Molson Coors Brewing Co., 2.25%, 3/15/2020	1.2%
GNMA, 2.73%, 10/20/2067	1.1%
JPMorgan Chase & Co., 4.25%, 10/15/2020	1.1%
Shire Acquisitions Investments Ireland DAC, 1.90%, 9/23/2019	1.0%
American International Group, Inc., 2.30%, 7/16/2019	1.0%
UBS-Barclays Commercial Mortgage Trust, 3.18%, 3/10/2046	1.0%
Other Holdings	79.1%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

69

Shareholder Expense Example Nationwide Loomis Short Term Bond Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Loomis Short-Term Bond Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,029.40		3.92		0.78
	Hypothetical	(a)(b)		1,000.00		1,020.93		3.91		0.78
Class C Shares	Actual	(a)		1,000.00		1,027.50		6.38		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.50		6.36		1.27
Class R6 Shares	Actual	(a)		1,000.00		1,031.00		2.27		0.45
	Hypothetical	(a)(b)		1,000.00		1,022.56		2.26		0.45
Institutional Service Class Shares	Actual	(a)		1,000.00		1,031.80		2.52		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.32		2.51		0.50

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

70

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund

Asset-Backed Securities 17.4%
	Principal Amount		Value
Automobiles 12.0%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020 (a)	$	95,549	$	95,668
Americredit Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, 11/20/2023		430,000		432,914
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class A, 3.45%, 3/20/2023 (a)		190,000		192,311
Series 2017-2A, Class A, 2.97%, 3/20/2024 (a)		400,000		399,198
Series 2019-2A, Class A, 3.35%, 9/22/2025 (a)		1,305,000		1,314,046
CPS Auto Receivables Trust
Series 2018-D, Class B, 3.61%, 11/15/2022 (a)		1,010,000		1,020,344
Series 2018-A, Class C, 3.05%, 12/15/2023 (a)		120,000		119,681
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		800,000		807,345
Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, 2/15/2022		1,175,368		1,175,464
DT Auto Owner Trust
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		950,000		958,097
Series 2018-2A, Class C, 3.67%, 3/15/2024 (a)		755,000		761,272
Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		350,000		352,806
Exeter Automobile Receivables Trust
Series 2018-1A, Class B, 2.75%, 4/15/2022 (a)		410,000		409,569
Series 2018-2A, Class B, 3.27%, 5/16/2022(a)		800,000		801,864
First Investors Auto Owner Trust
Series 2018-2A, Class A1, 3.23%, 12/15/2022 (a)		542,707		544,686
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		490,000		490,561
Flagship Credit Auto Trust
Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		995,000		1,004,654
Series 2018-3, Class B, 3.59%, 12/16/2024 (a)		460,000		465,263
Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A, 2.84%, 3/15/2024		735,000		737,684
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A3, 3.64%, 5/15/2023 (a)		770,000		779,670
GLS Auto Receivables Issuer Trust, Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		910,000		910,125

Asset-Backed Securities (continued)
	Principal Amount		Value
Automobiles (continued)
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)	$	430,000	$	435,320
Hyundai Auto Receivables Trust, Series 2016-B, Class A3, 1.29%, 4/15/2021		1,596,017		1,587,264
NextGear Floorplan Master Owner Trust
Series 2018-1A, Class A2, 3.22%, 2/15/2023 (a)		610,000		613,047
Series 2018-2A, Class A2, 3.69%, 10/15/2023 (a)		580,000		590,274
Nissan Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.75%, 10/15/2021		4,600,000		4,571,575
Santander Drive Auto Receivables Trust
Series 2018-1, Class B, 2.63%, 7/15/2022		630,000		629,466
Series 2018-2, Class B, 3.03%, 9/15/2022		820,000		821,830
Series 2018-4, Class B, 3.27%, 1/17/2023		530,000		532,375
Toyota Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.73%, 2/16/2021		2,199,234		2,189,997
United Auto Credit Securitization Trust, Series 2018-1, Class B, 2.76%, 10/13/2020 (a)		822,196		821,787
Westlake Automobile Receivables Trust
Series 2018-1A, Class B, 2.67%, 5/17/2021 (a)		765,000		763,542
Series 2018-3A, Class A2A, 2.98%, 1/18/2022 (a)		795,462		796,665
Series 2019-1A, Class B, 3.26%, 10/17/2022 (a)		80,000		80,323
World Omni Automobile Lease Securitization Trust, Series 2018-A, Class A3, 2.83%, 7/15/2021		805,000		806,426
				29,013,113
Credit Card 1.9%
American Express Credit Account Master Trust, Series 2017-3, Class A, 1.77%, 11/15/2022		4,675,000		4,641,950
Other 3.1%
Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.70%, 1/21/2031 (a)		424,501		431,320
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029 (a)		890,000		886,250
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029 (a)		1,965,000		1,976,351

71

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024 (a)	$	772,344	$	775,930
Sofi Consumer Loan Program Trust
Series 2018-1, Class A2, 3.14%, 2/25/2027 (a)		415,000		416,008
Series 2018-2, Class A2, 3.35%, 4/26/2027 (a)		1,240,000		1,246,328
Series 2018-4, Class A, 3.54%, 11/26/2027 (a)		1,333,745		1,344,551
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/2023		445,000		450,684
				7,527,422
Student Loan 0.4%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		580,306		595,881
Sofi Professional Loan Program LLC, Series 2018-A, Class A1, 2.83%, 2/25/2042 (a)(b)		377,830		377,573
				973,454
Total Asset-Backed Securities (cost $42,065,726)				42,155,939
Collateralized Mortgage Obligations 6.2%
FHLMC REMICS
Series 3755, Class AL, 1.50%, 11/15/2020		17,825		17,621
Series 3645, Class EH, 3.00%, 12/15/2020		2,469		2,461
Series 3852, Class EA, 4.50%, 12/15/2021		5,430		5,451
Series 4060, Class EA, 1.75%, 6/15/2022		149,352		146,822
Series 2611, Class HD, 5.00%, 5/15/2023		84,277		86,960
Series 3585, Class LA, 3.50%, 10/15/2024		19,805		20,052
Series 3609, Class LE, 3.00%, 12/15/2024		1,594		1,589
Series 3718, Class BC, 2.00%, 2/15/2025		44,624		44,302
Series 3721, Class PE, 3.50%, 9/15/2040		114,302		117,546
FNMA REMICS
Series 2010-95, Class BK, 1.50%, 2/25/2020		9,189		9,129
Series 2012-99, Class TC, 1.50%, 9/25/2022		201,503		198,162
Series 2012-100, Class WA, 1.50%, 9/25/2027		317,442		304,657
Series 2012-93, Class DP, 1.50%, 9/25/2027		287,062		278,284
Series 2010-66, Class QA, 4.50%, 8/25/2039		7,737		7,761

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
GNMA REMICS
Series 2004-76, Class QA, 4.00%, 1/20/2034	$	7,957	$	7,954
Series 2009-66, Class LG, 2.25%, 5/16/2039		2,215		2,212
Series 2009-104, Class KE, 2.50%, 8/16/2039		50,180		49,386
Series 2010-4, Class JC, 3.00%, 8/16/2039		21,127		21,136
Series 2009-88, Class QE, 3.00%, 9/16/2039		116,904		117,404
Series 2011-39, Class NE, 3.50%, 9/16/2039		128,041		130,461
Series 2010-H22, Class FE, 2.83%, 5/20/2059 (b)		280,184		279,706
Series 2010-H02, Class FA, 3.17%, 2/20/2060 (b)		550,101		552,032
Series 2011-H11, Class FA, 2.98%, 3/20/2061 (b)		292,138		292,164
Series 2011-H23, Class HA, 3.00%, 12/20/2061		91,199		91,055
Series 2012-H18, Class NA, 3.00%, 8/20/2062 (b)		147,772		147,834
Series 2013-H02, Class FD, 2.82%, 12/20/2062 (b)		1,717,777		1,712,077
Series 2013-H14, Class FC, 2.95%, 6/20/2063 (b)		1,615,714		1,614,803
Series 2016-H13, Class FT, 3.06%, 5/20/2066 (b)		160,754		160,945
Series 2017-H14, Class FK, 2.75%, 5/20/2067 (b)		1,482,770		1,481,624
Series 2017-H24, Class FJ, 2.73%, 10/20/2067 (b)		2,620,592		2,616,666
Series 2017-H25, Class FD, 2.63%, 12/20/2067 (b)		1,858,255		1,852,293
Series 2019-H01, Class FJ, 2.78%, 9/20/2068 (b)		497,231		495,985
Series 2019-H01, Class FT, 2.88%, 10/20/2068 (b)		599,635		598,618
Series 2019-H05, Class FT, 2.83%, 4/20/2069 (b)		1,505,000		1,505,700
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.90%, 12/25/2033 (b)		59,014		60,904
Total Collateralized Mortgage Obligations (cost $15,104,100)				15,031,756
Commercial Mortgage-Backed Securities 2.4%
BENCHMARK Mortgage Trust, Series 2019-B10, Class A1, 2.79%, 3/15/2062		1,855,000		1,862,881
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.69%, 11/15/2027 (a)(b)		341,587		340,898
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/2046		2,440,000		2,475,199

72

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (b)	$	1,015,000	$	1,066,446
Total Commercial Mortgage-Backed Securities (cost $5,784,042)				5,745,424
Corporate Bonds 59.3%
Aerospace & Defense 0.4%
Spirit AeroSystems, Inc., 4.60%, 6/15/2028		175,000		176,174
United Technologies Corp., 3.65%, 8/16/2023		705,000		722,624
				898,798
Airlines 0.7%
Delta Air Lines, Inc., 2.60%, 12/4/2020		1,620,000		1,609,249
Automobiles 2.5%
BMW US Capital LLC, 3.45%, 4/12/2023 (a)		750,000		762,825
Daimler Finance North America LLC, 1.75%, 10/30/2019 (a)		1,160,000		1,153,918
Hyundai Capital America, 2.55%, 4/3/2020 (a)		1,670,000		1,659,746
Nissan Motor Acceptance Corp., 2.15%, 9/28/2020 (a)		1,735,000		1,712,544
Volkswagen Group of America Finance LLC, 4.25%, 11/13/2023 (a)		765,000		790,844
				6,079,877
Banks 17.3%
AIB Group plc, 4.75%, 10/12/2023 (a)		685,000		709,984
ANZ New Zealand Int’l Ltd., 2.75%, 1/22/2021 (a)		1,560,000		1,556,995
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		865,000		873,654
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (c)		745,000		749,917
Bank of Ireland Group plc, 4.50%, 11/25/2023 (a)		560,000		573,596
Barclays plc,
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		415,000		425,275
(ICE LIBOR USD 3 Month + 1.38%), 4.06%, 5/16/2024 (c)		850,000		842,664
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		985,000		985,000
BB&T Corp., 3.05%, 6/20/2022		1,240,000		1,247,775
BNP Paribas SA,
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a)(c)		545,000		570,960
Canadian Imperial Bank of Commerce, 2.70%, 2/2/2021		210,000		210,128
3.10%, 4/2/2024		1,240,000		1,240,316

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Citibank NA, 2.10%, 6/12/2020	$	500,000	$	496,924
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		650,000		652,544
Citizens Bank NA, 2.20%, 5/26/2020		2,250,000		2,235,820
Comerica, Inc., 3.70%, 7/31/2023		375,000		386,449
Commonwealth Bank of Australia, 3.45%, 3/16/2023 (a)		680,000		693,450
Credit Agricole SA, 3.75%, 4/24/2023(a)		595,000		604,324
Danske Bank A/S, 3.88%, 9/12/2023 (a)		1,225,000		1,214,425
Fifth Third Bank, 3.35%, 7/26/2021		1,370,000		1,389,010
ING Groep NV, 4.10%, 10/2/2023		790,000		815,753
JPMorgan Chase & Co., 4.25%, 10/15/2020		2,500,000		2,556,400
(ICE LIBOR USD 3 Month + 0.70%), 3.21%, 4/1/2023 (c)		1,245,000		1,253,105
KeyBank NA, 3.30%, 2/1/2022		500,000		507,566
Lloyds Banking Group plc, 4.05%, 8/16/2023		935,000		957,906
3.90%, 3/12/2024		495,000		504,612
Mitsubishi UFJ Financial Group, Inc., 2.67%, 7/25/2022		685,000		679,660
National Australia Bank Ltd., 3.70%, 11/4/2021		1,125,000		1,148,170
National Bank of Canada, 2.15%, 6/12/2020		2,000,000		1,988,885
NatWest Markets plc, 3.63%, 9/29/2022 (a)		1,200,000		1,202,813
Royal Bank of Canada, 2.80%, 4/29/2022		1,260,000		1,260,928
Royal Bank of Scotland Group plc,
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		475,000		484,261
Santander Holdings USA, Inc., 3.70%, 3/28/2022		1,800,000		1,818,268
Santander UK Group Holdings plc,
(ICE LIBOR USD 3 Month + 1.57%), 4.80%, 11/15/2024 (c)		595,000		621,839
Santander UK plc, 2.50%, 1/5/2021		880,000		875,539
(ICE LIBOR USD 3 Month + 0.62%), 3.25%, 6/1/2021 (c)		545,000		545,779
Societe Generale SA, 3.88%, 3/28/2024 (a)		485,000		490,136
SunTrust Bank,
(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (c)		1,545,000		1,542,535
(ICE LIBOR USD 3 Month + 0.50%), 3.53%, 10/26/2021 (c)		1,045,000		1,055,759
Svenska Handelsbanken AB, 3.90%, 11/20/2023		685,000		713,009

73

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Toronto-Dominion Bank (The), 3.25%, 6/11/2021	$	1,450,000	$	1,467,449
Westpac Banking Corp., 2.65%, 1/25/2021		1,445,000		1,443,952
2.80%, 1/11/2022		325,000		325,170
				41,918,704
Beverages 2.3%
Bacardi Ltd., 4.45%, 5/15/2025 (a)		1,025,000		1,054,865
Constellation Brands, Inc., 3.20%, 2/15/2023		1,635,000		1,643,658
Molson Coors Brewing Co., 2.25%, 3/15/2020		2,970,000		2,954,670
				5,653,193
Biotechnology 0.7%
Amgen, Inc., 2.20%, 5/11/2020		1,665,000		1,657,949
Building Products 0.2%
American Woodmark Corp., 4.88%, 3/15/2026 (a)		95,000		94,169
Fortune Brands Home & Security, Inc., 4.00%, 9/21/2023		455,000		471,923
				566,092
Capital Markets 2.1%
Ameriprise Financial, Inc., 3.00%, 3/22/2022		505,000		506,895
BlackRock, Inc., 3.25%, 4/30/2029		265,000		265,997
Deutsche Bank AG, 2.70%, 7/13/2020		890,000		882,718
Lehman Brothers Holdings, Inc., 5.63%, 1/24/2013 (d)		500,000		8,600
State Street Corp., 1.95%, 5/19/2021		1,700,000		1,676,853
UBS AG, 2.20%, 6/8/2020 (a)		1,770,000		1,759,483
				5,100,546
Commercial Services & Supplies 0.4%
Prime Security Services Borrower LLC, 5.25%, 4/15/2024 (a)		850,000		852,125
Consumer Finance 4.7%
AerCap Ireland Capital DAC, 4.45%, 4/3/2026		490,000		496,766
American Express Co., 3.70%, 11/5/2021		1,310,000		1,337,938
3.70%, 8/3/2023		665,000		683,524
American Honda Finance Corp., 2.00%, 2/14/2020		1,670,000		1,662,721
Capital One Financial Corp., 3.90%, 1/29/2024		855,000		878,137
Caterpillar Financial Services Corp., 3.15%, 9/7/2021		490,000		495,599
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		870,000		914,826

Corporate Bonds (continued)
	Principal Amount		Value
Consumer Finance (continued)
General Motors Financial Co., Inc., 3.55%, 4/9/2021	$	840,000	$	847,685
4.15%, 6/19/2023		1,005,000		1,024,421
Harley-Davidson Financial Services, Inc., 4.05%, 2/4/2022 (a)		230,000		234,683
3.35%, 2/15/2023 (a)		395,000		392,450
Navient Corp., 7.25%, 1/25/2022		890,000		953,412
Synchrony Financial, 4.38%, 3/19/2024		120,000		122,635
Toyota Motor Credit Corp., 3.05%, 1/8/2021		1,235,000		1,245,337
				11,290,134
Diversified Financial Services 0.2%
AXA Equitable Holdings, Inc., 3.90%, 4/20/2023		585,000		601,225
Diversified Telecommunication Services 0.4%
AT&T, Inc.,
(ICE LIBOR USD 3 Month + 1.18%), 3.78%, 6/12/2024 (c)		515,000		517,225
British Telecommunications plc, 4.50%, 12/4/2023		400,000		419,878
				937,103
Electric Utilities 1.9%
Alliant Energy Finance LLC, 3.75%, 6/15/2023 (a)		820,000		837,464
American Electric Power Co., Inc., 2.15%, 11/13/2020		1,635,000		1,620,147
Edison International, 2.13%, 4/15/2020		880,000		868,377
Eversource Energy, Series N, 3.80%, 12/1/2023		1,155,000		1,194,319
				4,520,307
Electronic Equipment, Instruments & Components 0.0%†
Trimble, Inc., 4.15%, 6/15/2023		80,000		82,205
Equity Real Estate Investment Trusts (REITs) 2.5%
Brookfield Property REIT, Inc., 5.75%, 5/15/2026 (a)		810,000		821,137
Digital Realty Trust LP, 2.75%, 2/1/2023		1,235,000		1,211,958
GLP Capital LP, 5.25%, 6/1/2025		1,010,000		1,061,449
iStar, Inc., 4.63%, 9/15/2020		1,235,000		1,247,350
MGM Growth Properties Operating Partnership LP, 5.75%, 2/1/2027 (a)		505,000		531,513
Simon Property Group LP, 2.63%, 6/15/2022		1,165,000		1,159,369
				6,032,776

74

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Food Products 0.6%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2024	$	615,000	$	625,294
Conagra Brands, Inc.,
(ICE LIBOR USD 3 Month + 0.50%), 3.09%, 10/9/2020 (c)		200,000		199,459
Kraft Heinz Foods Co., 4.00%, 6/15/2023		600,000		616,903
				1,441,656
Gas Utilities 0.3%
CenterPoint Energy Resources Corp., 3.55%, 4/1/2023		750,000		762,879
Health Care Equipment & Supplies 1.0%
Becton Dickinson and Co.,
(ICE LIBOR USD 3 Month + 0.88%), 3.48%, 12/29/2020 (c)		1,079,000		1,079,203
Zimmer Biomet Holdings, Inc.,
(ICE LIBOR USD 3 Month + 0.75%), 3.38%, 3/19/2021 (c)		1,395,000		1,390,573
				2,469,776
Health Care Providers & Services 2.8%
Cigna Corp., 3.75%, 7/15/2023 (a)		805,000		819,369
CVS Health Corp., 3.70%, 3/9/2023		2,295,000		2,327,211
Express Scripts Holding Co., 4.75%, 11/15/2021		1,665,000		1,737,671
4.50%, 2/25/2026		120,000		125,426
McKesson Corp., 3.65%, 11/30/2020		1,270,000		1,286,820
MEDNAX, Inc., 6.25%, 1/15/2027 (a)		365,000		372,300
				6,668,797
Hotels, Restaurants & Leisure 1.3%
Marriott International, Inc.,
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 3.23%, 12/1/2020 (c)		1,280,000		1,284,195
3.60%, 4/15/2024		450,000		459,072
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		1,460,000		1,454,691
				3,197,958
Household Durables 0.4%
DR Horton, Inc., 2.55%, 12/1/2020		720,000		717,019
William Lyon Homes, Inc., 6.00%, 9/1/2023		340,000		336,600
				1,053,619
Insurance 3.0%
American International Group, Inc., 2.30%, 7/16/2019		2,500,000		2,498,098
Assurant, Inc., 4.20%, 9/27/2023		305,000		311,026
Marsh & McLennan Cos., Inc., 3.50%, 12/29/2020		645,000		653,005

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Metropolitan Life Global Funding I, 2.05%, 6/12/2020 (a)	$	1,770,000	$	1,758,383
New York Life Global Funding, 2.88%, 4/10/2024 (a)		1,245,000		1,247,630
Reliance Standard Life Global Funding II, 3.85%, 9/19/2023 (a)		870,000		887,425
				7,355,567
Interactive Media & Services 0.4%
Baidu, Inc., 3.88%, 9/29/2023		1,030,000		1,049,267
Internet & Direct Marketing Retail 0.7%
eBay, Inc., 2.15%, 6/5/2020		1,670,000		1,659,331
IT Services 1.3%
DXC Technology Co., 2.88%, 3/27/2020		1,700,000		1,698,097
IBM Credit LLC, 2.20%, 9/8/2022		620,000		608,575
Western Union Co. (The), 4.25%, 6/9/2023		825,000		850,117
				3,156,789
Machinery 0.2%
Wabtec Corp.,
(ICE LIBOR USD 3 Month + 1.30%), 3.91%, 9/15/2021 (c)		400,000		400,197
Media 0.8%
Comcast Corp., 3.45%, 10/1/2021		1,350,000		1,374,843
DISH DBS Corp., 5.00%, 3/15/2023		275,000		251,969
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/2020		295,000		297,437
				1,924,249
Metals & Mining 0.3%
Commercial Metals Co., 5.75%, 4/15/2026		365,000		368,650
Glencore Funding LLC, 4.13%, 3/12/2024 (a)		380,000		385,331
				753,981
Mortgage Real Estate Investment Trusts (REITs) 0.1%
Starwood Property Trust, Inc., 3.63%, 2/1/2021		240,000		238,800
Oil, Gas & Consumable Fuels 2.9%
Centennial Resource Production LLC, 6.88%, 4/1/2027 (a)		370,000		383,412
Enbridge Energy Partners LP, 4.38%, 10/15/2020		2,285,000		2,330,044
EQM Midstream Partners LP, 4.75%, 7/15/2023		1,430,000		1,457,668
Midwest Connector Capital Co. LLC, 3.63%, 4/1/2022 (a)		770,000		782,094

75

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
MPLX LP, 3.38%, 3/15/2023	$	780,000	$	784,757
Phillips 66,
(ICE LIBOR USD 3 Month + 0.60%), 3.25%, 2/26/2021 (c)		1,215,000		1,215,086
				6,953,061
Pharmaceuticals 2.6%
AstraZeneca plc, 3.50%, 8/17/2023		695,000		712,422
Bayer US Finance II LLC, 3.38%, 7/15/2024 (a)		385,000		376,750
Mylan NV, 2.50%, 6/7/2019		687,000		686,615
Pfizer, Inc., 3.20%, 9/15/2023		675,000		688,110
Shire Acquisitions Investments Ireland DAC, 1.90%, 9/23/2019		2,535,000		2,525,251
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/2021 (a)		1,270,000		1,303,373
				6,292,521
Road & Rail 1.4%
Avolon Holdings Funding Ltd., 3.63%, 5/1/2022 (a)		880,000		881,804
5.25%, 5/15/2024 (a)		820,000		855,629
Penske Truck Leasing Co. LP, 4.13%, 8/1/2023 (a)		845,000		870,410
Ryder System, Inc., 3.75%, 6/9/2023		425,000		433,976
3.88%, 12/1/2023		350,000		357,815
				3,399,634
Semiconductors & Semiconductor Equipment 0.9%
Broadcom, Inc., 3.13%, 4/15/2021 (a)		615,000		614,723
4.75%, 4/15/2029 (a)		635,000		630,889
Marvell Technology Group Ltd., 4.20%, 6/22/2023		600,000		611,219
Microchip Technology, Inc., 3.92%, 6/1/2021 (a)		230,000		233,312
				2,090,143
Technology Hardware, Storage & Peripherals 0.1%
Hewlett Packard Enterprise Co., 3.50%, 10/5/2021		325,000		328,970
Tobacco 0.7%
Altria Group, Inc., 4.40%, 2/14/2026		370,000		382,170
BAT Capital Corp., 2.76%, 8/15/2022		1,265,000		1,247,060
				1,629,230
Trading Companies & Distributors 1.0%
Air Lease Corp., 3.50%, 1/15/2022		1,380,000		1,394,055

Corporate Bonds (continued)
	Principal Amount		Value
Trading Companies & Distributors (continued)
Aviation Capital Group LLC, 3.88%, 5/1/2023 (a)	$	515,000	$	518,900
United Rentals North America, Inc., 5.25%, 1/15/2030		600,000		603,000
				2,515,955
Wireless Telecommunication Services 0.2%
America Movil SAB de CV, 3.63%, 4/22/2029		220,000		220,398
SK Telecom Co. Ltd., 3.75%, 4/16/2023 (a)		315,000		322,096
				542,494
Total Corporate Bonds (cost $142,878,954)				143,685,157
Foreign Government Security 0.7%
JAPAN 0.7%
Japan Bank for International Cooperation, 2.13%, 11/16/2020		1,636,000		1,626,561
Total Foreign Government Security (cost $1,633,059)				1,626,561
Mortgage-Backed Securities 2.8%
FHLMC Gold Pool
Pool# G11712 4.50%, 7/1/2020		24,481		24,993
Pool# G18065 5.00%, 7/1/2020		3,101		3,168
Pool# G11723 5.50%, 7/1/2020		6,767		6,830
Pool# G14780 2.50%, 7/1/2023		1,157,374		1,155,286
Pool# G14899 3.00%, 11/1/2023		250,208		254,074
Pool# G13746 4.50%, 1/1/2025		133,786		138,323
Pool# J11719 4.00%, 2/1/2025		44,823		46,255
Pool# G13888 5.00%, 6/1/2025		38,821		40,224
Pool# J12635 4.00%, 7/1/2025		131,792		136,003
Pool# J12604 4.00%, 7/1/2025		125,626		129,641
Pool# G13908 4.00%, 10/1/2025		30,987		31,977
Pool# J19197 3.00%, 5/1/2027		373,461		376,432
Pool# G18437 3.00%, 6/1/2027		447,471		451,030
Pool# C00748 6.00%, 4/1/2029		11,998		13,206
Pool# C01418 5.50%, 10/1/2032		68,189		74,524

76

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# G01740 5.50%, 12/1/2034	$	39,313	$	43,148
Pool# G04342 6.00%, 4/1/2038		47,671		53,000
FHLMC Non Gold Pool
Pool# 972136 4.80%, 1/1/2034 (b)		84,001		88,305
Pool# 848191 4.69%, 12/1/2034 (b)		290,508		306,278
FNMA Pool
Pool# AB4251 2.50%, 1/1/2022		43,498		43,105
Pool# AQ6703 2.50%, 11/1/2022		685,887		679,789
Pool# 981257 5.00%, 5/1/2023		53,722		54,761
Pool# MA1577 2.50%, 9/1/2023		858,045		850,742
Pool# 931892 4.50%, 9/1/2024		443,702		456,842
Pool# AL0802 4.50%, 4/1/2025		106,659		110,531
Pool# AB2518 4.00%, 3/1/2026		84,946		87,483
Pool# AB4998 3.00%, 4/1/2027		655,298		661,218
Pool# MA1174 3.00%, 9/1/2027		93,781		94,631
Pool# 190307 8.00%, 6/1/2030		971		1,156
Pool# 253516 8.00%, 11/1/2030		599		687
Pool# 725773 5.50%, 9/1/2034		84,710		93,192
Pool# 815323 4.30%, 1/1/2035 (b)		80,267		82,857
Pool# 811773 5.50%, 1/1/2035		79,592		87,537
GNMA II Pool
Pool# 5080, 4.00%, 6/20/2026		104,581		108,047
Total Mortgage-Backed Securities (cost $6,844,452)				6,785,275
U.S. Treasury Obligations 8.8%
U.S. Treasury Notes, 2.38%, 3/15/2022		21,230,000		21,317,076
Total U.S. Treasury Obligation (cost $21,289,706)				21,317,076

Short-Term Investment 1.9%
	Principal Amount		Value
U.S. Treasury Obligations 1.9%
U.S. Treasury Bills, 2.43%, 6/20/2019	$	4,615,000	$	4,599,743
Total Short-Term Investment (cost $4,599,492)				4,599,743
Total Investments (cost $240,199,531) — 99.5%				240,946,931
Other assets in excess of liabilities — 0.5%				1,195,663
NET ASSETS — 100.0%			$	242,142,594

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $56,841,606 which represents 23.47% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(d) Security in default.

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

Currency:

USD United States Dollar

77

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Loomis Short-Term Bond Fund (Continued)

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		10			6/2019		USD		2,130,078			10,138
												10,138
Short Contracts
U.S. Treasury 10 Year Note		(97	)		6/2019		USD		(11,996,172	)		(135,842	)
												(135,842	)
												(125,704	)

At April 30, 2019, the Fund had $207,000 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

78

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Loomis Short-Term Bond  Fund
Assets:
Investment securities, at value (cost $240,199,531)	$	240,946,931
Cash		2,783,676
Deposits with broker for futures contracts		207,000
Interest receivable		1,243,535
Receivable for investments sold		847,356
Receivable for capital shares issued		29,492
Reimbursement from investment adviser (Note 3)		6,342
Prepaid expenses		35,507
Total Assets		246,099,839
Liabilities:
Payable for investments purchased		3,304,987
Distributions payable		5,069
Payable for capital shares redeemed		442,442
Payable for variation margin on futures contracts		21,745
Accrued expenses and other payables:
Investment advisory fees		72,114
Fund administration fees		25,417
Distribution fees		10,616
Administrative servicing fees		19,066
Accounting and transfer agent fees		6,040
Trustee fees		585
Custodian fees		3,138
Compliance program costs (Note 3)		212
Professional fees		22,859
Printing fees		16,464
Other		6,491
Total Liabilities		3,957,245
Net Assets	$	242,142,594
Represented by:
Capital	$	250,157,129
Total distributable earnings (loss)		(8,014,535	)
Net Assets	$	242,142,594
Net Assets:
Class A Shares	$	22,804,455
Class C Shares		9,639,302
Class R6 Shares		176,584,905
Institutional Service Class Shares		33,113,932
Total	$	242,142,594
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,293,324
Class C Shares		957,657
Class R6 Shares		17,726,821
Institutional Service Class Shares		3,324,269
Total		24,302,071

79

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Loomis Short-Term Bond  Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.94
Class C Shares (b)	$	10.07
Class R6 Shares	$	9.96
Institutional Service Class Shares	$	9.96
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.17
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $250,000, a contingent deferred sales charge of 0.50% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

80

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Loomis Short-Term Bond Fund
INVESTMENT INCOME:
Interest income	$	3,879,072
Total Income		3,879,072
EXPENSES:
Investment advisory fees		437,379
Fund administration fees		69,156
Distribution fees Class A		28,670
Distribution fees Class C		36,379
Administrative servicing fees Class A		9,175
Administrative servicing fees Class C		3,395
Administrative servicing fees Institutional Service Class		10,405
Registration and filing fees		26,330
Professional fees		25,851
Printing fees		13,081
Trustee fees		4,257
Custodian fees		5,758
Accounting and transfer agent fees		11,862
Compliance program costs (Note 3)		608
Other		4,876
Total expenses before expenses reimbursed		687,182
Expenses reimbursed by adviser (Note 3)		(35,684	)
Net Expenses		651,498
NET INVESTMENT INCOME		3,227,574
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		577,751
Expiration or closing of futures contracts (Note 2)		(355,228	)
Net realized gains		222,523
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		4,583,868
Futures contracts (Note 2)		(329,587	)
Net change in unrealized appreciation/depreciation		4,254,281
Net realized/unrealized gains		4,476,804
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,704,378

The accompanying notes are an integral part of these financial statements.

81

Statements of Changes in Net Assets

	Nationwide Loomis Short-Term Bond  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,227,574		$	5,746,088
Net realized gains (losses)		222,523			(1,686,936	)
Net change in unrealized appreciation/depreciation		4,254,281			(2,982,467	)
Change in net assets resulting from operations		7,704,378			1,076,685
Distributions to Shareholders From:
Distributable earnings:
Class A		(272,440	)		(527,944	)
Class C		(89,647	)		(142,953	)
Class R6		(2,384,662	)		(4,413,672	)
Institutional Service Class		(535,536	)		(864,162	)
Change in net assets from shareholder distributions		(3,282,285	)		(5,948,731	)
Change in net assets from capital transactions		(24,067,309	)		(70,859,090	)
Change in net assets		(19,645,216	)		(75,731,136	)
Net Assets:
Beginning of period		261,787,810			337,518,946
End of period	$	242,142,594		$	261,787,810
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,189,049		$	5,371,857
Dividends reinvested		253,832			493,770
Cost of shares redeemed		(4,096,067	)		(29,962,484	)
Total Class A Shares		(1,653,186	)		(24,096,857	)
Class C Shares
Proceeds from shares issued		708,442			1,008,535
Dividends reinvested		85,236			134,868
Cost of shares redeemed		(1,261,759	)		(4,773,482	)
Total Class C Shares		(468,081	)		(3,630,079	)
Class R6 Shares
Proceeds from shares issued		7,938,578			8,044,763
Dividends reinvested		2,376,198			4,136,066
Cost of shares redeemed		(29,750,099	)		(35,769,140	)
Total Class R6 Shares		(19,435,323	)		(23,588,311	)
Institutional Service Class Shares
Proceeds from shares issued		20,238,327			19,278,419
Dividends reinvested		524,818			802,269
Cost of shares redeemed		(23,273,864	)		(39,624,531	)
Total Institutional Service Class Shares		(2,510,719	)		(19,543,843	)
Change in net assets from capital transactions	$	(24,067,309	)	$	(70,859,090	)

82

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis Short-Term Bond  Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		223,173			546,333
Reinvested		25,772			50,339
Redeemed		(417,648	)		(3,039,990	)
Total Class A Shares		(168,703	)		(2,443,318	)
Class C Shares
Issued		71,421			101,202
Reinvested		8,549			13,589
Redeemed		(126,907	)		(480,006	)
Total Class C Shares		(46,937	)		(365,215	)
Class R6 Shares
Issued		800,545			815,460
Reinvested		240,875			421,022
Redeemed		(3,032,564	)		(3,642,094	)
Total Class R6 Shares		(1,991,144	)		(2,405,612	)
Institutional Service Class Shares
Issued		2,061,516			1,960,454
Reinvested		53,180			81,668
Redeemed		(2,353,477	)		(4,030,455	)
Total Institutional Service Class Shares		(238,781	)		(1,988,333	)
Total change in shares		(2,445,565	)		(7,202,478	)

The accompanying notes are an integral part of these financial statements.

83

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Loomis Short-Term Bond Fund

			Operations								Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.77		0.11		0.18			0.29			(0.12	)		(0.12	)	$	9.94		2.94%		$	22,804,455		0.78%		2.33%		0.81%		48.58%
Year Ended October 31, 2018	$	9.92		0.16		(0.14	)		0.02			(0.17	)		(0.17	)	$	9.77		0.24%		$	24,048,565		0.78%		1.66%		0.80%		134.55%
Year Ended October 31, 2017	$	9.99		0.10		(0.05	)		0.05			(0.12	)		(0.12	)	$	9.92		0.48%		$	48,678,419		0.78%		1.03%		0.79%		48.34%
Year Ended October 31, 2016	$	9.95		0.09		0.06			0.15			(0.11	)		(0.11	)	$	9.99		1.49%		$	71,125,657		0.77%		0.87%		0.78%		48.30%
Year Ended October 31, 2015	$	10.00		0.07		(0.02	)		0.05			(0.10	)		(0.10	)	$	9.95		0.49%		$	81,296,544		0.76%		0.74%		0.78%		34.54%
Period Ended October 31, 2014 (h)	$	10.00		0.02		–			0.02			(0.02	)		(0.02	)	$	10.00		0.20%		$	99,815,537		0.75%		0.67%		0.78%		13.12%
Year Ended July 31, 2014	$	10.00		0.07		0.03			0.10			(0.10	)		(0.10	)	$	10.00		0.98%		$	43,251,067		0.81%		0.72%		0.86%		52.08%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.89		0.09		0.18			0.27			(0.09	)		(0.09	)	$	10.07		2.75%		$	9,639,302		1.27%		1.80%		1.30%		48.58%
Year Ended October 31, 2018	$	10.04		0.11		(0.14	)		(0.03	)		(0.12	)		(0.12	)	$	9.89		(0.26%	)	$	9,932,901		1.27%		1.15%		1.28%		134.55%
Year Ended October 31, 2017	$	10.11		0.05		(0.05	)		–			(0.07	)		(0.07	)	$	10.04		(0.03%	)	$	13,758,670		1.28%		0.51%		1.28%		48.34%
Year Ended October 31, 2016	$	10.07		0.04		0.06			0.10			(0.06	)		(0.06	)	$	10.11		0.98%		$	16,553,778		1.25%		0.38%		1.28%		48.30%
Year Ended October 31, 2015	$	10.12		0.03		(0.03	)		–			(0.05	)		(0.05	)	$	10.07		0.04%		$	17,967,265		1.20%		0.28%		1.28%		34.54%
Period Ended October 31, 2014 (h)	$	10.13		–		–			–			(0.01	)		(0.01	)	$	10.12		(0.01%	)	$	23,018,402		1.20%		0.20%		1.27%		13.12%
Year Ended July 31, 2014	$	10.13		0.03		0.02			0.05			(0.05	)		(0.05	)	$	10.13		0.50%		$	19,025,184		1.26%		0.26%		1.30%		52.08%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.79		0.13		0.17			0.30			(0.13	)		(0.13	)	$	9.96		3.10%		$	176,584,905		0.45%		2.66%		0.48%		48.58%
Year Ended October 31, 2018	$	9.94		0.20		(0.14	)		0.06			(0.21	)		(0.21	)	$	9.79		0.57%		$	192,943,772		0.45%		2.02%		0.47%		134.55%
Year Ended October 31, 2017	$	10.01		0.14		(0.06	)		0.08			(0.15	)		(0.15	)	$	9.94		0.81%		$	219,909,663		0.45%		1.36%		0.45%		48.34%
Year Ended October 31, 2016	$	9.97		0.12		0.06			0.18			(0.14	)		(0.14	)	$	10.01		1.82%		$	238,167,319		0.45%		1.20%		0.45%		48.30%
Year Ended October 31, 2015	$	10.02		0.10		(0.02	)		0.08			(0.13	)		(0.13	)	$	9.97		0.80%		$	182,244,438		0.45%		1.04%		0.45%		34.54%
Period Ended October 31, 2014 (h)	$	10.02		0.02		0.01			0.03			(0.03	)		(0.03	)	$	10.02		0.28%		$	263,999,606		0.45%		0.96%		0.46%		13.12%
Period Ended July 31, 2014 (j)	$	10.01		0.09		0.03			0.12			(0.11	)		(0.11	)	$	10.02		1.19%		$	256,250,943		0.48%		0.99%		0.48%		52.08%
Institutional Service Class Shares (k)
Six Months Ended April 30, 2019 (Unaudited)	$	9.78		0.13		0.18			0.31			(0.13	)		(0.13	)	$	9.96		3.18%		$	33,113,932		0.50%		2.60%		0.53%		48.58%
Year Ended October 31, 2018	$	9.94		0.19		(0.15	)		0.04			(0.20	)		(0.20	)	$	9.78		0.40%		$	34,862,572		0.52%		1.91%		0.54%		134.55%
Year Ended October 31, 2017	$	10.01		0.13		(0.06	)		0.07			(0.14	)		(0.14	)	$	9.94		0.73%		$	55,172,194		0.53%		1.28%		0.53%		48.34%
Year Ended October 31, 2016	$	9.96		0.11		0.07			0.18			(0.13	)		(0.13	)	$	10.01		1.85%		$	63,399,925		0.52%		1.12%		0.52%		48.30%
Year Ended October 31, 2015	$	10.01		0.10		(0.02	)		0.08			(0.13	)		(0.13	)	$	9.96		0.76%		$	91,631,542		0.49%		1.00%		0.49%		34.54%
Period Ended October 31, 2014 (h)	$	10.02		0.02		–			0.02			(0.03	)		(0.03	)	$	10.01		0.17%		$	95,544,683		0.49%		0.92%		0.49%		13.12%
Year Ended July 31, 2014	$	10.02		0.10		0.03			0.13			(0.13	)		(0.13	)	$	10.02		1.26%		$	83,068,672		0.54%		1.00%		0.59%		52.08%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) For the period from August 1, 2014 through October 31, 2014.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(k) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

84

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the six (6) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Bond Fund (“Bond”)

- Nationwide Core Plus Bond Fund (“Core Plus Bond”)

- Nationwide Government Money Market Fund (“Government Money Market”)

- Nationwide Inflation-Protected Securities Fund (“Inflation-Protected Securities”)

- Nationwide Loomis Core Bond Fund (“Core Bond”)

- Nationwide Loomis Short Term Bond Fund (“Short Term Bond”)

The Funds, as applicable, currently offer Class A, Class C, Class R, Class R6, Investor Class, Service Class and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Government Money Market seeks to maintain a stable price of $1.00 per share by using the amortized cost method of valuation to value portfolio securities. Government Money Market invests primarily in a portfolio of U.S. government securities and repurchase agreements that are collateralized fully by cash or U.S. government securities, and which mature in 397 calendar days or less, with certain exceptions permitted by applicable regulations. U.S. Government securities are debt securities issued and/or guaranteed as to principal and interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States. Government Money Market will limit investments to those securities that are Eligible Securities as defined by applicable regulations at the time of purchase.

Government Money Market operates as a “Government Money Market Fund,” as defined in Rule 2a-7 under the 1940 Act. This means that Government Money Market invests at least 99.5% of its total assets in (1) U.S. government securities, (2) repurchase agreements that are collateralized fully by U.S. government securities or cash, (3) cash, and/or (4) other money market mutual funds that operate as Government Money Market Funds. Under normal circumstances, Government Money Market invests at least 80% of its net assets, excluding cash, in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities.

Government Money Market does not currently intend to impose liquidity fees or redemption gates on shareholder redemptions. However, the Board of Trustees of the Trust (“Board of Trustees”) may reserve the ability to subject Government Money Market to a liquidity fee and/or redemption gate in the future, after providing prior notice to shareholders. Because Government Money Market invests in short-term securities, Government Money Market’s subadviser generally sells securities only to meet liquidity needs, to maintain target allocations or to take advantage of more favorable opportunities.

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Each of the Funds is a diversified fund as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees, NFA assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are

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publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

Municipal securities are valued as determined by an independent pricing service. The independent pricing service utilizes internal models and uses observable inputs such as: (i) yields or prices of municipal securities of comparable quality, coupon, maturity and type; (ii) indications as to values from dealers; and (iii) general market conditions. Municipal securities are generally categorized as Level 2 investments within the hierarchy.

Bank loans are valued using an average bid price provided by an independent pricing service. Evaluated quotes provided by the independent pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance and other market data. The independent pricing service utilizes internal models and uses observable inputs such as issuer details, interest rates, tranche type, ratings, and other market data. Securities valued in this manner are generally categorized as Level 2 investments within the hierarchy, consistent with similar valuation techniques and inputs for debt securities.

Securities held by Government Money Market are valued at amortized cost, which approximates fair value. Securities valued in this manner are generally categorized as Level 2 securities within the hierarchy. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. Government Money Market’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news

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relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

Bond

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	73,531,319	$	—	$	73,531,319
Collateralized Mortgage Obligations		—			23,196,690		—		23,196,690
Commercial Mortgage-Backed Securities		—			23,473,951		—		23,473,951
Corporate Bonds		—			139,130,776		—		139,130,776
Futures Contracts		726,069			—		—		726,069
Mortgage-Backed Securities		—			52,501,133		—		52,501,133
Municipal Bonds		—			1,569,612		—		1,569,612
U.S. Treasury Obligations		—			49,200,252		—		49,200,252
Total Assets	$	726,069		$	362,603,733	$	—	$	363,329,802
Liabilities:
Futures Contracts	$	(510,930	)	$	—	$	—	$	(510,930	)
Total Liabilities	$	(510,930	)	$	—	$	—	$	(510,930	)
Total	$	215,139		$	362,603,733	$	—	$	362,818,872

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Core Plus Bond

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—	$	14,984,589	$	—	$	14,984,589
Collateralized Mortgage Obligations		—		14,459,304		—		14,459,304
Commercial Mortgage-Backed Securities		—		20,454,107		—		20,454,107
Corporate Bonds
Aerospace & Defense		—		10,701,888		—		10,701,888
Air Freight & Logistics		—		10,007,565		—		10,007,565
Auto Components		—		9,574,349		—		9,574,349
Banks		—		35,969,236		—		35,969,236
Biotechnology		—		11,607,854		—		11,607,854
Building Products		—		1,174,930		—		1,174,930
Capital Markets		—		30,198,222		—		30,198,222
Chemicals		—		17,636,941		—		17,636,941
Commercial Services & Supplies		—		13,301,942		—		13,301,942
Communications Equipment		—		132,034		—		132,034
Construction & Engineering		—		146,138		—		146,138
Consumer Finance		—		16,180,677		—		16,180,677
Containers & Packaging		—		5,627,012		—		5,627,012
Diversified Consumer Services		—		1,127,970		—		1,127,970
Diversified Financial Services		—		5,918,419		—		5,918,419
Diversified Telecommunication Services		—		1,580,879		—		1,580,879
Electric Utilities		—		12,457,606		—		12,457,606
Electronic Equipment, Instruments & Components		—		11,722,222		—		11,722,222
Energy Equipment & Services		—		6,600,075		—		6,600,075
Equity Real Estate Investment Trusts (REITs)		—		4,892,152		—		4,892,152
Food & Staples Retailing		—		6,760,117		—		6,760,117
Food Products		—		4,685,016		—		4,685,016
Health Care Equipment & Supplies		—		77,812		—		77,812
Health Care Providers & Services		—		11,302,192		—		11,302,192
Hotels, Restaurants & Leisure		—		22,289,097		—		22,289,097
Household Durables		—		2,172,701		—		2,172,701
Household Products		—		3,860,230		—		3,860,230
Independent Power and Renewable Electricity Producers		—		377,301		—		377,301
Industrial Conglomerates		—		10,795,455		—		10,795,455
Insurance		—		21,660,331		—		21,660,331
Interactive Media & Services		—		985,063		—		985,063
Internet & Direct Marketing Retail		—		4,365,392		—		4,365,392
Machinery		—		9,784,438		—		9,784,438
Media		—		8,085,675		—		8,085,675
Metals & Mining		—		5,121,150		—		5,121,150
Multiline Retail		—		5,021,603		—		5,021,603
Multi-Utilities		—		4,182,257		—		4,182,257
Oil, Gas & Consumable Fuels		—		75,960,162		—		75,960,162
Paper & Forest Products		—		6,321,500		—		6,321,500
Pharmaceuticals		—		8,277,252		—		8,277,252
Real Estate Management & Development		—		5,550,724		—		5,550,724
Road & Rail		—		19,094,356		—		19,094,356
Semiconductors & Semiconductor Equipment		—		6,543,786		—		6,543,786
Software		—		4,000,792		—		4,000,792
Specialty Retail		—		30,625,620		—		30,625,620

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	Level 1		Level 2		Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Technology Hardware, Storage & Peripherals	$	—	$	14,779,186	$	—	$	14,779,186
Textiles, Apparel & Luxury Goods		—		12,622,327		—		12,622,327
Thrifts & Mortgage Finance		—		144,925		—		144,925
Tobacco		—		6,213,432		—		6,213,432
Trading Companies & Distributors		—		13,088,119		—		13,088,119
Wireless Telecommunication Services		—		5,547,265		—		5,547,265
Total Corporate Bonds	$	—	$	536,853,387	$	—	$	536,853,387
Mortgage-Backed Securities		—		339,967,118		—		339,967,118
Preferred Stocks
Consumer Finance		—		—		—		—
Insurance		5,988,954		—		—		5,988,954
Mortgage Real Estate Investment Trusts (REITs)		4,514,400		—		—		4,514,400
Thrifts & Mortgage Finance		382,550		—		—		382,550
Total Preferred Stocks	$	10,885,904	$	—	$	—	$	10,885,904
Repurchase Agreements		—		3,201,682		—		3,201,682
Short-Term Investment		191,061		—		—		191,061
U.S. Treasury Obligations		—		220,618,612		—		220,618,612
Total	$	11,076,965	$	1,150,538,799	$	—	$	1,161,615,764

Government Money Market

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	2,000,000	$	—	$	—	$	2,000,000
Repurchase Agreements		—		251,000,000		—		251,000,000
U.S. Government Agency Securities		—		239,678,154		—		239,678,154
U.S. Treasury Obligations		—		50,159,708		—		50,159,708
Total	$	2,000,000	$	540,837,862	$	—	$	542,837,862

Core Bond

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	38,336,853	$	—	$	38,336,853
Collateralized Mortgage Obligations		—			74,799,432		580,212		75,379,644
Commercial Mortgage-Backed Securities		—			30,073,417		—		30,073,417
Corporate Bonds		—			174,872,892		—		174,872,892
Foreign Government Security		—			1,102,200		—		1,102,200
Futures Contracts		271,966			—		—		271,966
Mortgage-Backed Securities		—			35,617,873		—		35,617,873
Short-Term Investments		—			7,206,965		—		7,206,965
U.S. Treasury Obligations		—			40,441,965		—		40,441,965
Total Assets	$	271,966		$	402,451,597	$	580,212	$	403,303,775
Liabilities:
Futures Contracts	$	(278,685	)	$	—	$	—	$	(278,685	)
Total Liabilities	$	(278,685	)	$	—	$	—	$	(278,685	)
Total	$	(6,719	)	$	402,451,597	$	580,212	$	403,025,090

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Short Term Bond

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	42,155,939	$	—	$	42,155,939
Collateralized Mortgage Obligations		—			15,031,756		—		15,031,756
Commercial Mortgage-Backed Securities		—			5,745,424		—		5,745,424
Corporate Bonds		—			143,685,157		—		143,685,157
Foreign Government Security		—			1,626,561		—		1,626,561
Futures Contracts		10,138			—		—		10,138
Mortgage-Backed Securities		—			6,785,275		—		6,785,275
Short-Term Investment		—			4,599,743		—		4,599,743
U.S. Treasury Obligation		—			21,317,076		—		21,317,076
Total Assets	$	10,138		$	240,946,931	$	—	$	240,957,069
Liabilities:
Futures Contracts	$	(135,842	)	$	—	$	—	$	(135,842	)
Total Liabilities	$	(135,842	)	$	—	$	—	$	(135,842	)
Total	$	(125,704	)	$	240,946,931	$	—	$	240,821,227

Inflation-Protected Securities

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Security	$	—		$	6,357,048	$	—	$	6,357,048
Collateralized Mortgage Obligations		—			2,474,957		—		2,474,957
Corporate Bond		—			1,993,497		—		1,993,497
Foreign Government Security		—			1,957,776		—		1,957,776
Futures Contracts		246,850			—		—		246,850
Mortgage-Backed Securities		—			2,883,357		—		2,883,357
U.S. Government Agency Securities		—			10,943,312		—		10,943,312
U.S. Treasury Obligations		—			202,821,265		—		202,821,265
Total Assets	$	246,850		$	229,431,212	$	—	$	229,678,062
Liabilities:
Futures Contracts	$	(243,340	)	$	—	$	—	$	(243,340	)
Total Liabilities	$	(243,340	)	$	—	$	—	$	(243,340	)
Total	$	3,510		$	229,431,212	$	—	$	229,434,722

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

During the six months ended April 30, 2019, Core Plus Bond held one corporate bond and one preferred stock investment that were categorized as Level 3 investments which were each valued at $0.

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The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

Core Plus Bond

	Corporate Bonds			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		—			—
Realized Gain (Loss)		—			—
Purchases		—			—
Sales		—			—
Change in Unrealized Appreciation/Depreciation		(11,772	)		(11,772	)
Transfers Into Level 3		11,772			11,772
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	—		$	—
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 4/30/2019*	$	(11,772	)	$	(11,772	)

Core Bond

	Collateralized Mortgage Obligations			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		(80	)		(80	)
Realized Gain (Loss)		(231	)		(231	)
Purchases		—			—
Sales		(17,146	)		(17,146	)
Change in Unrealized Appreciation/Depreciation		13,972			13,972
Transfers Into Level 3		583,697			583,697
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	580,212		$	580,212
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 4/30/2019*	$	13,972		$	13,972

Amounts designated as “—” are zero or have been rounded to zero.

* Included in the Statement of Operations under “Net change in unrealized appreciation/depreciation in the value of investment securities.

Transfers into or out of Level 3 are generally due to a change in market value methodology. If a security was valued using the last quoted sales price from the local exchange on which it traded and applied a fair value factor received from an independent fair value pricing service, it resulted in a Level 2 classification. If the FVC determined a fair value for a security, it resulted in a Level 3 classification.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

(b) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. The Funds may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert

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foreign currency amounts into U.S. dollars at the current rate of exchange between the foreign currency and the U.S. dollar in order to determine the value of the Fund’s investments, assets, and liabilities.

Purchases and sales of securities, receipts of income, and payments of expenses are converted at the prevailing rate of exchange on the respective date of such transactions. The accounting records of a Fund do not differentiate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in the market prices of the relevant securities. Each portion contributes to the net realized gains or losses from transactions in investment securities and net change in unrealized appreciation/depreciation in the value of investment securities. Net currency gains or losses, realized and unrealized, that are a result of differences between the amount recorded on a Fund’s accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables and payables for investments sold or purchased, and foreign cash, are included in the Statement of Operations under “Net realized gains (losses) from foreign currency transactions” and “Net change in unrealized appreciation/depreciation in the value of translation of assets and liabilities denominated in foreign currencies,” if applicable.

(c) Options

Bond purchased put options on futures contracts. Such option investments are utilized to hedge against increases in interest rates. Bond also has long positions in options on foreign currency futures contracts, which are exchange-traded. Such option investments are utilized to manage currency exposures and/or hedge against movements in the values of the foreign currencies in which the portfolio securities are denominated. The purchase of options serves as a short hedge and the purchase of call options serves as a long hedge. Writing put options serves as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security depreciates to a price lower than the strike price of the put option, it can be expected that the put option will be exercised, and the Fund will be obligated to purchase the security at more than its market value. The Fund segregates liquid assets to cover its obligations under its option contracts. Writing call options serves as a limited short hedge because declines in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security appreciates to a price higher than the exercise price of the call option, it can be expected that the call option will be exercised, and a Fund will be obligated to sell the security at less than its market value or will be obligated to purchase the security at a price greater than that at which the security must be sold under the option.

When a Fund writes an option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds from or offset against amounts paid on the underlying transaction to determine the realized gain or loss on such underlying transaction. When a Fund writes an option, it has no control over whether the option will be exercised, and as a result bears the risk of an unfavorable change in the price of the instrument underlying the written option. Writing options entails the risk that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

A Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit a Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If a Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by a Fund could cause material losses because a Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by a Fund) expose a Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, a Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of a Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or a Fund’s ability to meet redemption requests or other current obligations.

Bond’s options contracts written are disclosed in the Statement of Operations under “Net realized gains (losses) from expiration or closing of option contracts written”.

Bond’s purchased options are disclosed in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities” and “Net change in unrealized appreciation/depreciation in the value of investment securities.”

At April 30, 2019, Bond had no open option contracts.

(d) Futures Contracts

Bond, Core Bond, Inflation-Protected Securities and Short Term Bond are subject to interest rate risk in the normal course of pursuing their objectives. Bond, Core Bond, Short Term Bond and Inflation-Protected Securities entered into financial futures contracts (“futures contracts”) to gain exposure to and/ or hedge against changes in interest rates. Futures contracts are

94

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

Bond and Core Bond’s futures contracts are reflected in the Statement of Assets and Liabilities under “Receivable for variation margin on futures contracts,” Inflation-Protected Securities and Short Term Bond’s futures contracts are reflected in the Statement of Assets and Liabilities under “Payable for variation margin on futures contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts” and “Net change in unrealized appreciation/depreciation in the value of futures contracts.”

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of April 30, 2019

Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Interest rate risk	Unrealized appreciation from futures contracts	$	726,069
Total		$	726,069
Liabilities:
Futures Contracts(a)
Interest rate risk	Unrealized depreciation from futures contracts	$	(510,930	)
Total		$	(510,930	)

95

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Inflation-Protected Securities

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Interest rate risk	Unrealized appreciation from futures contracts	$	246,850
Total		$	246,850
Liabilities:
Futures Contracts(a)
Interest rate risk	Unrealized depreciation from futures contracts	$	(243,340	)
Total		$	(243,340	)

Core Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Interest rate risk	Unrealized appreciation from futures contracts	$	271,966
Total		$	271,966
Liabilities:
Futures Contracts(a)
Interest rate risk	Unrealized depreciation from futures contracts	$	(278,685	)
Total		$	(278,685	)

Short-Term Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Interest rate risk	Unrealized appreciation from futures contracts	$	10,138
Total		$	10,138
Liabilities:
Futures Contracts(a)
Interest rate risk	Unrealized depreciation from futures contracts		(135,842	)
Total		$	(135,842	)

(a) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities

96

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

Bond

Realized Gains (Losses):

	Total
Purchased Options
Interest rate risk	$	(151,020	)
Written Options
Interest rate risk		70,345
Futures Contracts
Interest rate risk		385,986
Total	$	305,311

Inflation-Protected Securities

Realized Gains (Losses):

	Total
Futures Contracts
Interest rate risk	$	(318,044	)
Total	$	(318,044	)

Core Bond

Realized Gains (Losses):

	Total
Futures Contracts
Interest rate risk	$	(429,982	)
Total	$	(429,982	)

Short-Term Bond

Realized Gains (Losses):

	Total
Futures Contracts
Interest rate risk	$	(355,228	)
Total	$	(355,228	)

97

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Six Months Ended April 30, 2019

Bond

Unrealized Appreciation/Depreciation:

	Total
Futures Contracts
Interest rate risk	$	2,163,983
Total	$	2,163,983

Inflation-Protected Securities

Unrealized Appreciation/Depreciation:

	Total
Futures Contracts
Interest rate risk	$	(177,425	)
Total	$	(177,425	)

Core Bond

Unrealized Appreciation/Depreciation:

	Total
Futures Contracts
Interest rate risk	$	451,493
Total	$	451,493

Short-Term Bond

Unrealized Appreciation/Depreciation:

	Total
Futures Contracts
Interest rate risk	$	(329,587	)
Total	$	(329,587	)

98

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

Bond

Options:
Average Value Purchased	$	12,500
Average Value Written	$	3,125
Average Number of Purchased Option Contracts		57
Average Number of Written Option Contracts		86
Futures Contracts:
Average Notional Balance Long	$	92,097,079
Average Notional Balance Short	$	69,550,382

Inflation-Protected Securities

Futures Contracts:
Average Notional Balance Long	$	22,649,738
Average Notional Balance Short	$	27,002,748

Core Bond

Futures Contracts:
Average Notional Balance Long	$	12,450,942
Average Notional Balance Short	$	24,971,953

Short-Term Bond

Futures Contracts:
Average Notional Balance Long	$	608,717
Average Notional Balance Short	$	16,441,958

The Funds are required to disclose information about offsetting and related arrangements to enable users of the financial statements to understand the effect of those arrangements on the Funds’ financial position. At April 30, 2019, Bond, Core Bond, Short Term Bond and Inflation-Protected Securities have entered into futures contracts. The futures contract agreements do not provide for netting arrangements.

(e) TBA

The Funds may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions. TBAs involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to the settlement date.

99

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

TBAs are valued at the bid evaluation price as provided by an independent pricing service approved by the Board.

(f) Securities Lending

During the six months ended April 30, 2019, Bond, Core Plus Bond and Core Bond entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33 1/3% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any interest while on loan, in lieu of income which is included as “Interest income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of repurchase agreements purchased with cash collateral were as follows:

Fund	Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Core Plus Bond	$	3,392,743

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Funds’ total assets.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and

100

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At April 30, 2019, Bond and Core Bond did not have any portfolio securities on loan.

(g) Joint Repurchase Agreements

During the six months ended April 30, 2019, Bond, Core Plus Bond and Core Bond, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC, transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

101

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

At April 30, 2019, the Funds’ investment in the joint repos was subject to an enforceable netting arrangement. The Funds’ proportionate holding in the joint repos was as follows:

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Core Plus Bond		BNP Paribas Securities Corp.	$	2,791,979	$	—	$	2,791,979	$	(2,791,979	)	$	—
Core Plus Bond		Royal Bank of Canada		409,703		—		409,703		(409,703	)		—
Total			$	3,201,682	$	—	$	3,201,682	$	(3,201,682	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for each Fund’s undivided interest in the each joint repo and related collateral.

At April 30, 2019, Bond and Core Bond did not invest in any repurchase agreements.

During the six months ended April 30, 2019, Government Money Market, along with another series of Nationwide Variable Insurance Trust (“NVIT”), pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC, transferred cash through a joint account at JPMorgan Chase Bank, N.A. (“JPMorgan”), Government Money Market’s custodian, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, The Bank of New York Mellon or JPMorgan takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, Government Money Market has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by Government Money Market may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

ABN Amro Bank NV, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $100,007,694, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 4/23/2020 - 1/1/2049; total market value $102,649,250.

Barclays Capital, Inc., 2.45%, dated 4/18/2019, due 5/17/2019, repurchase price $125,246,701, collateralized by U.S. Government Treasury Securities, ranging from 2.50% - 2.75%, maturing 5/31/2023 - 2/15/2045; total market value $127,748,555.

102

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

BNP Paribas SA, 2.50%, dated 3/27/2019, due 6/25/2019, repurchase price $65,406,250, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 3/1/2025 - 3/20/2049; total market value $66,710,683.

BNP Paribas SA, 2.49%, dated 3/11/2019, due 5/10/2019, repurchase price $50,207,500, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 6.50%, maturing 5/15/2019 - 3/1/2049; total market value $51,209,127.

BNP Paribas SA, 2.48%, dated 4/29/2019, due 7/29/2019, repurchase price $15,094,033, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.38%, maturing 5/23/2019 - 11/15/2048; total market value $15,394,780.

ING Financial Markets LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $305,623,514, collateralized by U.S. Government Agency Securities, ranging from 2.00% - 7.00%, maturing 6/1/2019 - 6/1/2057; total market value $311,735,984.

Natixis Financial Products LLC, 2.47%, dated 4/2/2019, due 7/2/2019, repurchase price $50,312,181, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 6/6/2019 - 3/20/2049; total market value $51,806,339.

Natixis Financial Products LLC, 2.47%, dated 4/17/2019, due 7/17/2019, repurchase price $50,312,180, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.38%, maturing 8/15/2019 - 5/15/2046; total market value $51,314,576.

Natixis Financial Products LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $50,003,848, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 6.13%, maturing 5/31/2019 - 3/20/2049; total market value $51,334,160.

Wells Fargo Securities LLC, 2.77%, dated 4/30/2019, due 5/1/2019, repurchase price $200,015,389, collateralized by U.S. Government Agency Securities, ranging from 2.26% - 4.54%, maturing 10/25/2020 - 4/25/2051; total market value $206,015,851.

At April 30, 2019, Government Money Market’s investment in the joint repos was subject to an enforceable netting arrangement. The Fund’s proportionate holding in the joint repos was as follows:

							Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Government Money Market	ABN Amro Bank NV	$50,000,000	$	—	$	50,000,000	$	(50,000,000	)	$	—
Government Money Market	Barclays Capital, Inc.	30,000,000		—		30,000,000		(30,000,000	)		—
Government Money Market	BNP Paribas SA	20,000,000		—		20,000,000		(20,000,000	)		—
Government Money Market	BNP Paribas SA	15,000,000		—		15,000,000		(15,000,000	)		—
Government Money Market	BNP Paribas SA	5,000,000		—		5,000,000		(5,000,000	)		—
Government Money Market	ING Financial Markets LLC	48,000,000		—		48,000,000		(48,000,000	)		—

103

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets	Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Government Money Market		Natixis Financial Products LLC	$13,000,000	$	—	$	13,000,000	$	(13,000,000	)	$	—
Government Money Market		Natixis Financial Products LLC	15,000,000		—		15,000,000		(15,000,000	)		—
Government Money Market		Natixis Financial Products LLC	25,000,000		—		25,000,000		(25,000,000	)		—
Government Money Market		Wells Fargo Securities LLC	30,000,000		—		30,000,000		(30,000,000	)		—
Total			$251,000,000	$	—	$	251,000,000	$	(251,000,000	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for each Fund’s undivided interest in the each joint repo and related collateral.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income on a Fund’s Statement of Operations. In the event that a deflation reduction exceeds total interest income, the amount characterized as deflation is recorded as an increase to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/loss from investment transactions in the Statement of Operations. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on a Fund’s Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

Foreign income may be subject to foreign withholding taxes, a portion of which may be reclaimable, at various rates. Under applicable foreign law, a withholding tax may be imposed on interest and dividends paid by a foreign security. Foreign income subject to foreign withholding taxes is recorded net of the applicable withholding tax.

For certain securities, including a real estate investment trust (“REIT”), a Fund records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Fund will recharacterize the

104

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Fund.

A Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gains (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

(i) Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly for Bond, Core Plus Bond, Government Money Market, Core Bond, and Short Term Bond and declared and paid quarterly for Inflation-Protected Securities. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(j) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(k) Allocation of Expenses, Income and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust.

105

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investments of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. NFA has selected the subadviser for each the Funds as noted below, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadvisers.

As of April 30, 2019, the subadviser for each Fund is as follows:

Fund	Subadviser
Bond	Nationwide Asset Management, LLC (“NWAM”) (a)
Core Plus Bond	Thompson, Siegel & Walmsley LLC
Government Money Market	Federated Investment Management Company
Inflation-Protected Securities	NWAM (a)
Core Bond	Loomis, Sayles & Company, LP
Short Term Bond	Loomis, Sayles & Company, LP

(a) NWAM is an affiliate of NFA.

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. During the six months ended April 30, 2019, the Funds paid investment advisory fees to NFA according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
Bond	Up to $250 million		0.41	%
	$250 million up to $1 billion		0.385	%
	$1 billion up to $2 billion		0.36	%
	$2 billion up to $5 billion		0.335	%
	$5 billion and more		0.31	%
Core Plus Bond (a)	Up to $500 million		0.45	%
	$500 million up to $1 billion		0.425	%
	$1 billion up to $1.5 billion		0.40	%
	$1.5 billion and more		0.39	%
Government Money Market	Up to $1 billion		0.30	%
	$1 billion up to $2 billion		0.28	%
	$2 billion up to $5 billion		0.26	%
	$5 billion and more		0.24	%
Inflation-Protected Securities	Up to $1 billion		0.25	%
	$1 billion and more		0.23	%
Core Bond	Up to $250 million		0.41	%
	$250 million up to $1 billion		0.385	%
	$1 billion up to $2 billion		0.36	%
	$2 billion up to $5 billion		0.335	%
	$5 billion and more		0.31	%

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Fund	Fee Schedule	Advisory Fee (annual rate)
Short Term Bond	Up to $500 million		0.35	%
	$500 million up to $1 billion		0.34	%
	$1 billion up to $3 billion		0.325	%
	$3 billion up to $5 billion		0.30	%
	$5 billion up to $10 billion		0.285	%
	$10 billion and more		0.275	%

(a) For the period March 1, 2019 through April 30, 2019.

Prior to March 1, 2019, under the terms of the Investment Advisory Agreement, Core Plus Bond paid NFA an investment advisory fee based on that Fund’s average daily net assets according to the schedule below.

Core Plus Bond (a)	Up to $500 million	0.45	%
	$500 million up to $1 billion	0.425	%
	$1 billion and more	0.40	%

For the six months ended April 30, 2019, the effective advisory fee rates before and after voluntary advisory fee waivers and expense reimbursements, stemming from the expense limitation agreement described below, were as follows:

FUND	Effective Advisory Fee Rate Before Voluntary* Fee Waivers and Expense Reimbursements			Effective Advisory Fee Rate After Voluntary* Fee Waivers		Effective Advisory Fee Rate After Voluntary* Fee Waivers and Expense Reimbursements
Bond		0.40	%		NA		0.33	%
Core Plus Bond		0.43			0.42		0.42
Government Money Market		0.30			NA		0.30
Inflation-Protected Securities		0.25			NA		0.17
Core Bond		0.40			NA		0.40
Short Term Bond		0.35			NA		0.32

N/A — Not Applicable.

* Voluntary waivers may be discontinued at any time at the discretion of NFA.

From these fees, pursuant to the subadvisory agreements, NFA pays fees to the affiliated and unaffiliated subadvisers. NFA paid the affiliated subadviser $1,910,539 during the six months ended April 30, 2019.

The Trust and NFA have entered into a written Expense Limitation Agreement that limits the Funds’ operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization, and

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other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until February 29, 2020.

Fund	Classes	Amount (annual rate)
Bond	All Classes		0.44	%
Core Plus Bond	All Classes		0.70
Government Money Market	Class R6		0.59
	Investor Shares		0.59
	Service Class		0.75	(a)
Inflation-Protected Securities	Class A		0.21	(b)
	Class R6		0.30
	Institutional Service Class		0.30
Core Bond	All Classes		0.65
Short Term Bond	All Classes		0.45

(a) Effective through February 29, 2020, Fund Operating Expenses including the Rule 12b-1 fees and fees paid pursuant to the Fund’s Administrative Services Plan shall be limited to 0.75%.

(b) Effective through December 31, 2019, Fund Operating Expenses including the Rule 12b-1 fees and fees paid pursuant to the Fund’s Administrative Services Plan shall be limited to 0.21%.

NFA may request and receive reimbursement from a Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by a Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

As of April 30, 2019, the cumulative potential reimbursements for the Funds, listed by period or year in which NFA waived fees or reimbursed expenses to the Funds are:

Fund	Fiscal Year 2016 Amount		Fiscal Year 2017 Amount		Fiscal Year 2018 Amount		Six Months Ended April 30, 2019 Amount		Total
Bond	$	213,875	$	333,838	$	270,795	$	131,943	$	950,451
Core Plus Bond		—		—		—		—		—
Government Money Market		—		—		543		141		684
Inflation-Protected Securities		67,406		169,094		212,067		95,763		544,330
Core Bond(a)		—		—		—		—		—
Short Term Bond(a)		—		9,796		54,951		35,684		100,431

Amounts designated as “—” are zero or have been rounded to zero.

(a) NFA has agreed with the Board of Trustees, NFA will not seek recoupment of fees waived prior to April 1, 2016.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds and serves as Transfer

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and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and NVIT, a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM earned $588,669 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Funds’ aggregate portion of such costs amounted to $7,190.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate as listed in the table below.

Fund

Class A Shares

Class C Shares(a)

Class R Shares(b)

Service Class Shares

Bond

0.25

%

1.00

%

0.50

%

N/A

Core Plus Bond

0.25

N/A

N/A

N/A

Government Money Market

N/A

N/A

N/A

0.15

%

Inflation-Protected Securities

0.25

N/A

N/A

N/A

Core Bond

0.25

0.75

N/A

N/A

Short Term Bond

0.25

0.75

N/A

N/A

N/A — Not Applicable.

(a) For Class C Shares, 0.25% of the rate may be a service fee and the remainder a distribution fee.

(b) For Class R Shares, 0.25% of the rate may be either a service fee or distribution fee.

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Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. Core Plus Bond Class A sales charges range from 0.00% to 4.25%, and Bond, Core Bond, Short Term Bond, and Inflation-Protected Securities Class A sales charges range from 0.00% to 2.25% based on the amount of the purchase. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $35,774. From these fees, NFD retained a portion amounting to $4,561.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Applicable Class A CDSCs are 0.75% for Bond, Core Plus Bond, and Inflation-Protected Securities and 0.50% for Core Bond, and Short Term Bond. Class C CDSCs are 1.00% for Bond, Core Bond, and Short Term Bond. During the six months ended April 30, 2019, the Funds imposed CDSCs of $3. NFD retained all of the CDSCs imposed by the Funds.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, Class R, Investor Shares, Institutional Service Class, and Service Class shares of each of the Funds.

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Class R			Institutional Service Class			Investor Class			Service Class
Bond		0.03	%		0.05	%		0.01	%		0.06	%		N/A			N/A
Core Plus Bond		0.10			N/A			N/A			0.11			N/A			N/A
Government Money Market		N/A			N/A			N/A			N/A			0.05	%		0.15	%
Inflation-Protected Securities		0.11			N/A			N/A			0.12			N/A			N/A
Core Bond		0.16			0.08			N/A			0.25			N/A			N/A
Short Term Bond		0.08			0.07			N/A			0.05			N/A			N/A

N/A — Not Applicable.

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For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Bond	$	15,297
Core Plus Bond		21,668
Government Money Market		81,503
Inflation-Protected Securities		20,022
Core Bond		453,163
Short Term Bond		22,975

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Bond		85.63	%
Core Plus Bond		86.37
Government Money Market		28.34
Inflation-Protected Securities		89.36
Core Bond		88.22
Short Term Bond		73.29

4.  Line of Credit, Interfund Lending, and Earnings Credit

The Trust, excluding Government Money Market, and NVIT (together, the “Trusts”) entered into a credit agreement with JPMorgan, The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held by or owing to such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Funds had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on

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that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

JPMorgan provides earnings credits for cash balances maintained in the Funds’ custody accounts, which are used to offset custody fees of a Fund. Credits earned, if any, are presented in the Statement of Operations.

5.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Bond	$	47,007,911	$	68,987,229
Core Plus Bond		627,337,433		655,307,769
Inflation-Protected Securities		6,352,614		24,497,698
Core Bond		253,595,706		263,718,402
Short Term Bond		120,213,083		146,852,541

* Includes purchases and sales of long-term U.S. Government securities, if any.

For the six months ended April 30, 2019, purchases and sales of U.S. Government securities (excluding short-term securities) were as follows:

Fund	Purchases		Sales
Bond	$	6,936,938	$	26,411,816
Core Plus Bond		290,486,049		334,278,148
Inflation-Protected Securities		—		23,168,737
Core Bond		75,686,849		62,049,283
Short Term Bond		45,315,310		34,134,453

Amounts designated as “—” are zero or have been rounded to zero.

6.  Portfolio Investment Risks

Risks Associated with Variable Rate Securities

Mortgage-Backed Securities — Mortgage-backed securities are fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. Such securities may be issued or guaranteed by U.S. government agencies or instrumentalities or may be issued by private issuers, generally originators in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Adjustable rate mortgage-backed securities are collateralized by or represent interests in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. The Fund will not benefit from increases in interest rates to the extent that interest rates rise to the point where they cause the current coupon of the underlying adjustable rate mortgages to exceed any maximum allowable annual or lifetime reset limits (or “cap rates”) for a particular mortgage. During periods of

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declining interest rates, income to the Fund derived from adjustable rate mortgage-backed securities which remain in a mortgage pool will decrease in contrast to the income on fixed rate mortgage-backed securities, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments.

Asset-Backed Securities — Asset-backed securities are fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets, such as credit card receivables or auto leases, which pay down over time and generate sufficient cash to pay holders of the securities. Almost any type of fixed-income assets may be used to create an asset-backed security, including other fixed-income securities or derivative instruments such as swaps. Payments or distributions of principal and interest on asset-backed securities may be supported by nongovernmental credit enhancements similar to those utilized in connection with mortgage-backed securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. To the extent a security interest exists, it may be more difficult for the issuer to enforce the security interest as compared to mortgage-backed securities.

Collateralized Mortgage Obligations (“CMOs”) and Multiclass Pass-Through Securities — CMOs are multi-class debt obligations which are collateralized by mortgage loans or pass-through certificates. Multiclass pass-through securities are interests in a trust composed of whole loans or private pass-throughs (referred to as “Mortgage Assets”). Often, CMOs are collateralized by Government National Mortgage Association Pass-Through Certificates (“Ginnie Maes”), Federal National Mortgage Association Pass-Through Certificates (“Fannie Maes”), or Federal Home Loan Mortgage Corporation Pass-Through Certificates (“Freddie Macs”), but also may be collateralized by Mortgage Assets. Payments of principal and interest on the Mortgage Assets, and any reinvestment income thereon, provide the funds to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. In order to form a CMO, the issuer assembles a package of traditional mortgage-backed pass-through securities, or actual mortgage loans, and uses them as collateral for a multi-class security. Each class of CMOs, often referred to as a “tranche,” is issued at a specified fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. As market conditions change, and particularly during periods of rapid or unanticipated changes in market interest rates, the attractiveness of the CMO classes and the ability of the structure to provide the anticipated investment characteristics may be reduced significantly. Such changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Stripped Mortgage Securities — Stripped mortgage securities are derivative multiclass mortgage securities. Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have at least one class receiving only a small portion of the interest and a larger portion of the principal from the mortgage assets, while the other class will receive primarily interest and only a small portion of the principal. In the most extreme case, one class will receive all of the interest (“IO” or interest-only), while the other class will receive the entire principal (“PO” or principal-only class). The yield to maturity on IOs, POs and

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other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by a nationally recognized statistical rating organization.

Collateralized Debt Obligations (“CDOs”) — CDOs are a type of asset-backed security and include, among other things, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Risks Associated with REIT and Real Estate Investments

Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

Risks Associated with Bank Loans

The bank loans in which the Funds invest are subject to the risks that generally apply to fixed-income securities, such as interest rate risk, credit risk, liquidity risk, as well as, where applicable, foreign securities risk, emerging markets risk, and lower quality or high-yield risk. Although borrowers frequently provide collateral to secure repayment of these obligations, they do not always do so. If they do provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a default. Collateral may include security interests in receivables, goods, commodities, or real property. For trade finance loan transactions, the collateral itself may be the source of proceeds to repay the loan (i.e., the borrower’s ability to repay the loan will be dependent on the borrower’s ability to sell, and the purchaser’s ability to buy, the goods or commodities that are collateral for the loan). Interests in loan instruments may be tranched or tiered with respect to collateral rights. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a bank loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay. Unsecured loans expose the lenders, and thus the Funds, to increased credit risk.

Risks Associated with Interest Rates

Prices of fixed-income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter term securities. To the extent a Fund invests a

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substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause the value of the Fund’s investments to decline significantly.

Risks Associated with Low Quality/High Yield Securities

Lower quality securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy. There is more risk associated with these investments because of reduced creditworthiness and increased risk of default. Lower-quality securities are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default or to be in default, to be unlikely to have the capacity to make required interest payments and repay principal when due in the event of adverse business, financial or economic conditions, or to be in default or not current in the payment of interest or principal. They are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

7.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

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On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

9.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Bond		51.01	%		3	(a)
Core Plus Bond		26.19			2	(a)
Government Money Market		43.75			2
Inflation-Protected Securities		51.10			4	(a)
Core Bond		81.11			2	(a)
Short Term Bond		72.49			3	(a)

(a) All or a portion of the accounts are the accounts of affiliated funds.

10.  Merger

At close of business on December 1, 2017, Nationwide Core Plus Bond Fund (“Acquiring Fund”) acquired all of the net assets of Nationwide High Yield Bond Fund (“Target Fund”), each a series of the Trust, pursuant to a plan of reorganization approved by the Board of Trustees at a meeting held on June 14, 2017. The reorganization of the Target Fund was not required to be approved by the

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shareholders of the Target Fund. The purpose of the reorganization was to combine funds managed by NFA that had comparable objectives and investment strategies. The reorganization was accomplished by a tax free exchange of 2,444,701 shares of the Acquiring Fund, valued at $24,993,072, for the assets of the Target Fund. The investment portfolio of the Target Fund, with a fair value of $23,364,698 and identified cost of $22,972,516 at December 1, 2017, was the principal asset acquired by the Acquiring Fund. The net assets of the Acquiring Fund immediately before the acquisition were $1,216,925,715. The net assets of the Acquiring Fund immediately following the acquisition were $1,241,918,787. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at the then current fair values; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shareholders of Class A, Class R6 and Institutional Service Class shares of the Target Fund received a number of shares proportional to their ownership of the corresponding class of the Acquiring Fund. Shareholders of Class C shares of the Target Fund received a number of shares proportional to their ownership of Class A of the Acquiring Fund.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation/(Depreciation) immediately before and after the reorganization.

Fund/Class	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation/ (Depreciation)
Target Fund
Nationwide High Yield Bond Fund							$	392,182
Class A		2,827,578	$	16,686,333	$	5.9013
Class C		658,129		3,904,599		5.9329
Class R6		651,084		3,865,760		5.9374
Institutional Service Class		90,211		536,380		5.9458
Acquiring Fund
Nationwide Core Plus Bond Fund							$	3,949,287
Class A		481,662	$	4,923,653	$	10.2222
Class R6		116,903,021		1,195,740,439		10.2285
Institutional Service Class		1,589,281		16,261,623		10.2321
After Reorganization
Nationwide Core Plus Bond Fund							$	4,341,469
Class A		2,496,003	$	25,514,585	$	10.2222
Class R6		117,280,959		1,199,606,199		10.2285
Institutional Service Class		1,641,702		16,798,003		10.2321

The following pro forma information for the six months ended April 30, 2019 is provided as though the reorganization had been completed on November 1, 2017, the beginning of the annual reporting period for the Fund:

● Net investment income $39,503,127;

● Net losses on investments $(12,966,359);

● Net change in unrealized appreciation/depreciation $(46,963,150); and

● Net decrease in net assets resulting from operations $(20,426,150).

Because the Fund’s combined investment portfolio has been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of

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April 30, 2019 (Unaudited)

revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statement of Operations since December 1, 2017.

At close of business on December 1, 2017, Nationwide Inflation-Protected Securities Fund (“Acquiring Fund”) acquired all of the net assets of Nationwide Government Bond Fund (“Target Fund”), each a series of the Trust, pursuant to a plan of reorganization approved by the Board of Trustees at a meeting held on June 14, 2017. The reorganization of the Target Fund was not required to be approved by the shareholders of the Target Fund. The purpose of the reorganization was to combine funds managed by NFA that had comparable objectives and investment strategies. The reorganization was accomplished by a tax free exchange of 3,845,575 shares of the Acquiring Fund, valued at $37,682,265, for the assets of the Target Fund. The investment portfolio of the Target Fund, with a fair value of $37,383,873 and identified cost of $36,942,291 at December 1, 2017, was the principal asset acquired by the Acquiring Fund. The net assets of the Acquiring Fund immediately before the acquisition were $214,149,561. The net assets of the Acquiring Fund immediately following the acquisition were $251,831,826. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at the then current fair values; however, the cost basis of the investments received was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Shareholders of Class A and Institutional Service Class shares of the Target Fund received a number of shares proportional to their ownership of the corresponding class of the Acquiring Fund. Shareholders of Class C and Class R shares of the Target Fund received a number of shares proportional to their ownership of Class A of the Acquiring Fund.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation/(Depreciation) immediately before and after the reorganization.

Fund/Class	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation/ (Depreciation)
Target Fund
Nationwide Government Bond Fund							$	441,582
Class A		1,074,593	$	10,657,212	$	9.9174
Class C		32,850		325,647		9.9131
Class R		37,243		369,426		9.9195
Institutional Service Class		2,654,363		26,329,980		9.9195
Acquiring Fund
Nationwide Inflation-Protected Securities Fund							$	(2,660,215	)
Class A		113,437	$	1,106,626	$	9.7554
Class R6		21,638,301		212,612,700		9.8258
Institutional Service Class		43,822		430,235		9.8177
After Reorganization
Nationwide Inflation-Protected Securities Fund							$	(2,218,633	)
Class A		1,277,125	$	12,458,911	$	9.7554
Class R6		21,638,301		212,612,700		9.8258
Institutional Service Class		2,725,709		26,760,215		9.8177

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following pro forma information for the six months ended April 30, 2019 is provided as though the reorganization had been completed on November 1, 2017, the beginning of the annual reporting period for the Fund:

● Net investment income $6,231,721;

● Net losses on investments $545,490;

● Net change in unrealized appreciation/depreciation $(9,634,416); and

● Net decrease in net assets resulting from operations $(2,857,205).

Because the Fund’s combined investment portfolio has been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statement of Operations since December 1, 2017.

11.  Federal Tax Information

As of April 30, 2019, the tax cost of investments (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Bond	$	359,342,324	$	6,710,440	$	(3,233,892	)	$	3,476,548
Core Plus Bond		1,161,371,343		12,106,634		(11,862,213	)		244,421
Government Money Market		542,837,862		—		—			—
Inflation-Protected Securities		233,208,665		1,862,556		(5,636,499	)		(3,773,943	)
Core Bond		403,178,289		5,322,829		(5,476,028	)		(153,199	)
Short Term Bond		240,201,369		1,781,231		(1,161,373	)		619,858

Amounts designated as “—” are zero or have been rounded to zero.

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Funds and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

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Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Emerging Markets Equity Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide Bond Fund

Nationwide Core Plus Bond Fund

Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide Large Cap Equity Fund)

Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund)

Nationwide Emerging Markets Debt Fund

Nationwide Fund

Nationwide Global Sustainable Equity Fund (formerly, Nationwide Global Equity Fund)

Nationwide Government Money Market Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Small Cap Fund

Nationwide Long/Short Equity Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Loomis Core Bond Fund (formerly, Nationwide HighMark Bond Fund)

Nationwide Loomis Short Term Bond Fund (formerly, Nationwide HighMark Short Term Bond Fund)

Nationwide Small Company Growth Fund

Nationwide U.S. Small Cap Value Fund

Nationwide WCM Focused Small Cap Fund (formerly, Nationwide HighMark Small Cap Core Fund)

Nationwide Ziegler Equity Income Fund

Continuation of Advisory (and Sub-Advisory) Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) and its Sub-Advisers (together, the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in

question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions

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April 30, 2019 (Unaudited)

and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the

Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers;

● The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis;

● The Adviser’s and Sub-Advisers’ personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s and Sub-Advisers’ investment processes; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser and the Adviser’s assessment of the financial condition and stability of the Sub-Advisers; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for the each of the Funds and the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods.

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April 30, 2019 (Unaudited)

Most of the Funds listed above were shown to pay actual management fees and to have total expense ratios at levels at or lower than their peer medians, or within the third quintile of their peer groups, and to have experienced three-year performance at or above their peer medians or within the third quintile of their peer groups. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each of these Funds was consistent with the continuation of the Fund’s advisory agreement.

The Trustees considered that certain Funds, including the Nationwide Amundi Global High Yield Fund, Nationwide Core Plus Bond Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund, and Nationwide Small Company Growth Fund, although paying relatively high advisory fees, had overall acceptable expense arrangements, particularly in light of their favorable levels of investment performance shown to be within the first or second quintiles of their peer groups. As to the Nationwide International Small Cap Fund, Nationwide Long/Short Equity Fund and Nationwide Loomis All Cap Growth Fund, the Trustees considered that the Funds had been in operation for relatively short periods of time and determined that it would be appropriate to continue the Funds’ advisory agreements in place to allow for further consideration of their comparative expenses and performance in the future. As to the Nationwide Bond Fund and Nationwide Loomis Core Bond Fund, the Trustees considered that, although each Fund had experienced unfavorable relative investment performance over the three-year period, its investment performance had improved substantially in the one-year period. As to the Nationwide Diamond Hill Large Cap Concentrated Fund, the Trustees considered that, effective November 2017, a new Sub-Adviser replaced the former Sub-Adviser to the Fund and that, in connection with the change in Sub-Adviser, the Fund’s investment strategy was changed in March 2018 to permit the Fund to operate as a “non-diversified” fund.

The Trustees reviewed with the Adviser throughout the course of the year the expense level and yield of the Nationwide Government Money Market Fund, in light of changes to regulation of money market funds and related changes in money market fund pricing generally, and determined that the expense and yield information was consistent with the continuation of the Fund’s advisory agreement.

Each of the Nationwide Bailard Emerging Markets Equity Fund, Nationwide Bailard International Equities Fund, Nationwide Loomis Short Term Bond Fund, and Nationwide U.S. Small Cap Value, while generally having acceptable expense arrangements, has experienced performance challenges. The Trustees considered that the sub-adviser to the Nationwide Loomis Short Term Bond Fund had been replaced in late 2017 and that each of the other Funds has been designated to be subject to heightened review by the Trustees in the coming year in light of its investment performance. The Trustees determined to continue the advisory arrangements for those Funds in light of the recent change in the Nationwide Loomis Short term Bond Fund and the continuing performance review for each of the other Funds.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund’s advisory fee rate schedule, with the exception of Nationwide Amundi Strategic Income Fund, Nationwide Emerging Markets Debt Fund and Nationwide Long/Short Equity, is subject to contractual advisory fee breakpoints. The Trustees determined to continue to monitor the fees paid by the Funds to determine whether breakpoints might become appropriate.

-        -         -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

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Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

123

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

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Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

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Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

126

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

127

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

128

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

129

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

130

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

131

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

132

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

133

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

134

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-CFX  (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Equity Funds

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Technology & Science Fund

Nationwide Diamond Hill Large Cap Concentrated Fund

(formerly Nationwide HighMark Large Cap Core Equity Fund)

Nationwide Dynamic U.S. Growth Fund

(formerly Nationwide Growth Fund)

Nationwide Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Long/Short Equity Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Small Company Growth Fund

Nationwide U.S. Small Cap Value Fund

Nationwide WCM Focused Small Cap Fund

Nationwide Ziegler Equity Income Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Equity Funds
Nationwide Bailard Cognitive Value Fund	3
Nationwide Bailard Technology & Science Fund	16
Nationwide Diamond Hill Large Cap Concentrated Fund (formerly Nationwide HighMark Large Cap Core Equity Fund)	26
Nationwide Dynamic U.S. Growth Fund (formerly Nationwide Growth Fund)	35
Nationwide Fund	51
Nationwide Geneva Mid Cap Growth Fund	62
Nationwide Long/Short Equity Fund	72
Nationwide Loomis All Cap Growth Fund	84
Nationwide Small Company Growth Fund	93
Nationwide U.S. Small Cap Value Fund	101
Nationwide WCM Focused Small Cap Fund	122
Nationwide Ziegler Equity Income Fund	131
Notes to Financial Statements	141
Supplemental Information	169
Management Information	172
Market Index Definitions	177
Glossary	181

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Bailard Cognitive Value Fund

Asset Allocation¹

Common Stocks	98.5%
Repurchase Agreements	0.9%
Exchange Traded Fund	0.5%
Short-Term Investment	0.1%
Other assets in excess of liabilities†	0.0%
	100.0%

Top Industries²

Banks	13.5%
Equity Real Estate Investment Trusts (REITs)	7.4%
Electronic Equipment, Instruments & Components	4.8%
Machinery	4.3%
Thrifts & Mortgage Finance	4.0%
Biotechnology	3.9%
Construction & Engineering	3.7%
Chemicals	3.4%
Oil, Gas & Consumable Fuels	3.4%
IT Services	3.1%
Other Industries#	48.5%
	100.0%

Top Holdings²

Portland General Electric Co.	1.6%
NorthWestern Corp.	1.4%
MGIC Investment Corp.	1.0%
CoreSite Realty Corp.	1.0%
Telephone & Data Systems, Inc.	1.0%
Radian Group, Inc.	1.0%
Black Hills Corp.	0.9%
Tredegar Corp.	0.9%
Popular, Inc.	0.9%
Insight Enterprises, Inc.	0.9%
Other Holdings#	89.4%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Bailard Cognitive Value Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bailard Cognitive Value Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,047.40		7.31		1.44
	Hypothetical	(a)(b)		1,000.00		1,017.65		7.20		1.44
Class C Shares	Actual	(a)		1,000.00		1,044.60		10.90		2.15
	Hypothetical	(a)(b)		1,000.00		1,014.13		10.74		2.15
Class M Shares	Actual	(a)		1,000.00		1,049.30		5.44		1.07
	Hypothetical	(a)(b)		1,000.00		1,019.49		5.36		1.07
Class R6 Shares	Actual	(a)		1,000.00		1,049.50		5.44		1.07
	Hypothetical	(a)(b)		1,000.00		1,019.49		5.36		1.07
Institutional Service Class Shares	Actual	(a)		1,000.00		1,047.90		6.25		1.23
	Hypothetical	(a)(b)		1,000.00		1,018.70		6.16		1.23

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund

Common Stocks 98.5%
	Shares		Value
Aerospace & Defense 0.4%
Vectrus, Inc.*		5,800	$	235,190
Air Freight & Logistics 0.2%
Radiant Logistics, Inc.*		21,300		139,302
Airlines 0.6%
JetBlue Airways Corp.*		20,500		380,275
Auto Components 2.2%
Dana, Inc.		27,100		528,450
Modine Manufacturing Co.*		23,300		344,607
Stoneridge, Inc.*		2,300		72,289
Tenneco, Inc., Class A		18,700		409,904
Tower International, Inc.		3,835		89,509
				1,444,759
Banks 13.5%
Associated Banc-Corp.		24,300		551,367
Bancorp, Inc. (The)*		18,000		183,780
Bank of Commerce Holdings		20,294		219,581
BankUnited, Inc.		13,100		479,198
Banner Corp.		5,000		265,100
Boston Private Financial Holdings, Inc.		19,900		227,855
Central Pacific Financial Corp.		17,900		537,179
Civista Bancshares, Inc.		13,500		297,000
Financial Institutions, Inc.		15,000		412,500
First Busey Corp.		5,300		136,952
First Hawaiian, Inc.		13,900		384,335
Hilltop Holdings, Inc.		4,300		90,429
IBERIABANK Corp.		6,600		524,700
International Bancshares Corp.		11,400		472,758
Lakeland Bancorp, Inc.		13,200		218,592
Mercantile Bank Corp.		6,100		206,180
MidWestOne Financial Group, Inc.		12,201		343,824
Northrim Bancorp, Inc.		7,817		277,425
OFG Bancorp		24,800		500,464
Old Second Bancorp, Inc.		18,820		249,365
Peoples Bancorp, Inc.		2,900		94,772
Popular, Inc.		9,900		571,329
Premier Financial Bancorp, Inc.		9,456		156,781
Republic Bancorp, Inc., Class A		1,000		47,260
Shore Bancshares, Inc.		11,300		178,879
Sierra Bancorp		6,900		182,574
Synovus Financial Corp.		14,800		545,528
TCF Financial Corp.		22,000		486,860
				8,842,567
Biotechnology 3.9%
Aduro Biotech, Inc.*		25,000		102,250
Akebia Therapeutics, Inc.*		14,900		89,996
Alpine Immune Sciences, Inc.*		100		636
Arcus Biosciences, Inc.*		13,300		129,276
Ardelyx, Inc.*		17,141		58,279
Arrowhead Pharmaceuticals, Inc.*		18,600		334,428
BioSpecifics Technologies Corp.*		3,000		201,000
Deciphera Pharmaceuticals, Inc.*		3,700		85,100
Dicerna Pharmaceuticals, Inc.*		13,100		169,776
Eagle Pharmaceuticals, Inc.*		1,300		66,833
Esperion Therapeutics, Inc.* (a)		1,700		73,270
Five Prime Therapeutics, Inc.*		14,000		155,120
Jounce Therapeutics, Inc.*		22,800		129,504

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Kura Oncology, Inc.*		8,500	$	128,690
Rocket Pharmaceuticals, Inc.*		5,600		103,936
Sangamo Therapeutics, Inc.*		26,100		305,109
Translate Bio, Inc.*		13,200		128,040
Veracyte, Inc.*		3,000		68,610
Viking Therapeutics, Inc.* (a)		28,900		226,287
				2,556,140
Building Products 1.6%
CSW Industrials, Inc.*		2,600		155,870
Masonite International Corp.*		8,300		427,367
Resideo Technologies, Inc.*		21,300		483,510
				1,066,747
Capital Markets 0.4%
Ashford, Inc.*		2,813		155,840
Victory Capital Holdings, Inc., Class A*		7,836		129,216
				285,056
Chemicals 3.4%
Cabot Corp.		8,500		385,730
FutureFuel Corp.		29,000		426,010
Huntsman Corp.		18,300		406,992
Kraton Corp.*		13,200		433,224
Tredegar Corp.		33,600		605,472
				2,257,428
Commercial Services & Supplies 2.7%
ACCO Brands Corp.		56,300		514,582
Acme United Corp.		7,500		155,025
Herman Miller, Inc.		2,500		97,050
Knoll, Inc.		10,000		218,400
Matthews International Corp., Class A		10,850		434,651
SP Plus Corp.*		5,800		200,216
Steelcase, Inc., Class A		10,100		174,629
				1,794,553
Communications Equipment 0.8%
Comtech Telecommunications Corp.		6,900		162,357
NETGEAR, Inc.*		7,200		223,416
TESSCO Technologies, Inc.		8,100		150,174
				535,947
Construction & Engineering 3.7%
Arcosa, Inc.		13,700		426,481
Construction Partners, Inc., Class A*		5,300		69,430
EMCOR Group, Inc.		6,100		513,254
Granite Construction, Inc.		6,100		273,829
Great Lakes Dredge & Dock Corp.*		22,500		230,175
KBR, Inc.		14,100		313,302
Limbach Holdings, Inc.*		21,300		193,404
Quanta Services, Inc.		10,400		422,240
				2,442,115
Consumer Finance 1.6%
Consumer Portfolio Services, Inc.*		4,500		15,840
Navient Corp.		34,500		466,095
OneMain Holdings, Inc.		11,800		400,846
Regional Management Corp.*		7,400		183,298
				1,066,079

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Containers & Packaging 0.5%
Graphic Packaging Holding Co.		23,700	$	328,956
Diversified Consumer Services 0.9%
Career Education Corp.*		13,600		246,840
Carriage Services, Inc.		6,600		115,830
K12, Inc.*		8,100		243,972
				606,642
Diversified Telecommunication Services 0.2%
Alaska Communications Systems Group, Inc.*		50,410		87,713
IDT Corp., Class B*		8,700		61,944
				149,657
Electric Utilities 1.9%
Genie Energy Ltd., Class B		22,200		192,918
Portland General Electric Co.		20,600		1,077,586
				1,270,504
Electrical Equipment 0.6%
Atkore International Group, Inc.*		14,500		359,020
Electronic Equipment, Instruments & Components 4.8%
Anixter International, Inc.*		7,200		452,664
Avnet, Inc.		6,600		320,826
Bel Fuse, Inc., Class B		8,294		196,568
Coda Octopus Group, Inc.*		5,400		82,620
Insight Enterprises, Inc.*		10,000		565,800
Jabil, Inc.		16,900		510,549
Napco Security Technologies, Inc.*		8,200		203,196
PC Connection, Inc.		4,500		167,220
PCM, Inc.*		7,000		193,130
ScanSource, Inc.*		11,550		434,857
				3,127,430
Energy Equipment & Services 1.1%
National Energy Services Reunited Corp.*		19,000		200,830
ProPetro Holding Corp.*		17,300		382,849
Smart Sand, Inc.* (a)		39,100		153,663
				737,342
Entertainment 0.4%
Cinedigm Corp., Class A* (a)		46,100		88,512
Marcus Corp. (The)		4,500		169,290
				257,802
Equity Real Estate Investment Trusts (REITs) 7.4%
Agree Realty Corp.		4,800		314,256
Brandywine Realty Trust		18,600		286,254
BRT Apartments Corp.		18,555		260,327
CareTrust REIT, Inc.		10,900		264,325
CoreSite Realty Corp.		6,100		667,401
Cousins Properties, Inc.		34,300		328,251
First Industrial Realty Trust, Inc.		9,100		320,957
Getty Realty Corp.		9,600		311,328
Jernigan Capital, Inc.		15,800		332,906
NexPoint Residential Trust, Inc.		9,400		352,406
PS Business Parks, Inc.		1,500		230,430
Rexford Industrial Realty, Inc.		8,700		329,643
STAG Industrial, Inc.		11,000		316,580
Sunstone Hotel Investors, Inc.		14,700		211,680

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
UMH Properties, Inc.		22,600	$	317,530
				4,844,274
Food & Staples Retailing 0.4%
Ingles Markets, Inc., Class A		5,500		150,975
Performance Food Group Co.*		3,400		139,230
				290,205
Food Products 1.7%
Coffee Holding Co., Inc.*		17,503		89,090
Fresh Del Monte Produce, Inc.		15,300		451,503
John B Sanfilippo & Son, Inc.		1,890		136,288
Nomad Foods Ltd.*		20,300		422,240
				1,099,121
Health Care Equipment & Supplies 1.9%
Accuray, Inc.*		21,300		88,182
AngioDynamics, Inc.*		8,700		178,698
Apyx Medical Corp.*		15,722		78,453
Cardiovascular Systems, Inc.*		2,800		99,512
Ekso Bionics Holdings, Inc.*		25,100		55,220
FONAR Corp.*		5,238		103,922
Lantheus Holdings, Inc.*		3,800		91,808
Pro-Dex, Inc.*		3,900		67,002
SeaSpine Holdings Corp.*		9,400		138,462
Sientra, Inc.*		19,400		163,348
Tactile Systems Technology, Inc.*		4,200		208,992
				1,273,599
Health Care Providers & Services 0.8%
National Research Corp.		2,500		98,950
R1 RCM, Inc.*		28,600		299,442
Sharps Compliance Corp.*		7,322		24,748
Triple-S Management Corp., Class B*		5,200		118,144
				541,284
Health Care Technology 0.7%
Computer Programs & Systems, Inc.		5,500		167,145
MTBC, Inc.*		42,097		218,063
Simulations Plus, Inc.		1,900		42,807
				428,015
Hotels, Restaurants & Leisure 0.1%
Lindblad Expeditions Holdings, Inc.*		3,700		59,977
Household Durables 0.2%
Universal Electronics, Inc.*		4,000		152,200
Independent Power and Renewable Electricity Producers 0.2%
Atlantic Power Corp.*		58,600		135,366
Insurance 2.7%
Assurant, Inc.		5,500		522,500
CNO Financial Group, Inc.		10,500		173,775
Employers Holdings, Inc.		4,300		184,556
FedNat Holding Co.		9,900		161,073
Old Republic International Corp.		4,100		91,676
Stewart Information Services Corp.		8,100		344,331
Third Point Reinsurance Ltd.*		23,500		272,835
				1,750,746

6

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Interactive Media & Services 0.5%
Meet Group, Inc. (The)*		41,794	$	232,375
QuinStreet, Inc.*		6,000		85,620
				317,995
Internet & Direct Marketing Retail 0.5%
1-800-Flowers.com, Inc., Class A*		8,900		189,481
Liberty Expedia Holdings, Inc., Class A*		3,200		148,544
				338,025
IT Services 3.1%
Carbonite, Inc.*		7,300		179,069
Conduent, Inc.*		32,800		420,824
Everi Holdings, Inc.*		15,200		156,408
Perficient, Inc.*		500		14,720
Presidio, Inc.		18,600		279,372
Sykes Enterprises, Inc.*		15,200		421,800
TTEC Holdings, Inc.		15,500		565,130
				2,037,323
Leisure Products 0.8%
Brunswick Corp.		7,800		399,438
Clarus Corp.		9,100		122,122
				521,560
Life Sciences Tools & Services 0.2%
Fluidigm Corp.*		8,900		122,286
Machinery 4.3%
Commercial Vehicle Group, Inc.*		23,100		206,052
Crane Co.		4,900		416,745
Global Brass & Copper Holdings, Inc.		1,900		82,441
LB Foster Co., Class A*		7,900		169,771
LS Starrett Co. (The), Class A*		12,800		92,288
Milacron Holdings Corp.*		29,600		432,456
Oshkosh Corp.		4,400		363,396
Park-Ohio Holdings Corp.		5,700		208,791
SPX FLOW, Inc.*		10,600		380,964
Timken Co. (The)		9,400		450,730
				2,803,634
Marine 0.8%
Matson, Inc.		12,800		507,008
Media 0.5%
Entercom Communications Corp., Class A		25,000		172,000
TEGNA, Inc.		10,700		170,344
				342,344
Metals & Mining 0.3%
Ryerson Holding Corp.*		21,500		185,975
Mortgage Real Estate Investment Trusts (REITs) 1.2%
Arbor Realty Trust, Inc.		17,000		232,220
Ladder Capital Corp.		18,100		314,940
PennyMac Mortgage Investment Trust		12,300		258,300
				805,460
Multi-Utilities 2.3%
Black Hills Corp.		8,470		616,277

Common Stocks (continued)
	Shares		Value
Multi-Utilities (continued)
NorthWestern Corp.		12,800	$	894,080
				1,510,357
Oil, Gas & Consumable Fuels 3.4%
Contura Energy, Inc.*		7,600		428,260
Midstates Petroleum Co., Inc.*		32,700		417,579
Ring Energy, Inc.*		22,500		116,550
Roan Resources, Inc.*		77,000		436,590
Talos Energy, Inc.*		4,700		139,590
Vertex Energy, Inc.*		43,000		68,370
W&T Offshore, Inc.*		38,600		246,268
Whiting Petroleum Corp.*		13,400		367,026
				2,220,233
Paper & Forest Products 1.4%
Domtar Corp.		9,300		454,770
Schweitzer-Mauduit International, Inc.		12,200		433,954
				888,724
Personal Products 0.2%
Nu Skin Enterprises, Inc., Class A		2,000		101,740
Pharmaceuticals 1.8%
ANI Pharmaceuticals, Inc.*		2,800		198,744
Collegium Pharmaceutical, Inc.*		11,000		153,230
Cymabay Therapeutics, Inc.*		19,100		244,671
Marinus Pharmaceuticals, Inc.* (a)		33,000		163,020
Prestige Consumer Healthcare, Inc.*		8,200		241,244
SCYNEXIS, Inc.*		130,000		202,800
				1,203,709
Professional Services 2.0%
Barrett Business Services, Inc.		2,600		189,436
CRA International, Inc.		4,400		229,152
DLH Holdings Corp.*		16,700		104,375
Kelly Services, Inc., Class A		18,300		407,358
Korn Ferry		8,400		394,968
				1,325,289
Road & Rail 0.2%
Universal Logistics Holdings, Inc.		5,859		143,077
Semiconductors & Semiconductor Equipment 1.8%
inTEST Corp.*		55,240		365,689
Kulicke & Soffa Industries, Inc.		8,500		197,795
Photronics, Inc.*		18,000		168,120
Xperi Corp.		18,550		460,967
				1,192,571
Software 1.6%
Digital Turbine, Inc.* (a)		66,700		252,126
Issuer Direct Corp.		8,702		109,993
NetSol Technologies, Inc.*		14,400		104,544
Progress Software Corp.		9,100		415,051
Upland Software, Inc.*		3,400		158,066
				1,039,780
Specialty Retail 1.1%
America’s Car-Mart, Inc.*		1,800		178,290
Destination XL Group, Inc.*		32,603		68,792

7

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Sonic Automotive, Inc., Class A		22,300	$	451,129
				698,211
Technology Hardware, Storage & Peripherals 0.4%
AstroNova, Inc.		6,300		157,626
TransAct Technologies, Inc.		10,200		96,084
				253,710
Textiles, Apparel & Luxury Goods 1.6%
Columbia Sportswear Co.		2,335		233,430
Jerash Holdings US, Inc.		14,966		106,708
Rocky Brands, Inc.		6,696		170,815
Steven Madden Ltd.		9,600		348,960
Vera Bradley, Inc.*		13,900		170,692
				1,030,605
Thrifts & Mortgage Finance 4.0%
First Defiance Financial Corp.		1,500		44,265
Flagstar Bancorp, Inc.		9,900		353,925
FS Bancorp, Inc.		5,396		278,919
MGIC Investment Corp.*		46,400		679,296
Radian Group, Inc.		26,700		625,314
Riverview Bancorp, Inc.		24,800		184,016
Timberland Bancorp, Inc.		3,255		101,556
Walker & Dunlop, Inc.		6,000		329,700
				2,596,991
Tobacco 0.7%
Universal Corp.		8,100		436,266
Trading Companies & Distributors 1.2%
Applied Industrial Technologies, Inc.		7,000		419,580
WESCO International, Inc.*		6,600		377,784
				797,364
Water Utilities 0.1%
Artesian Resources Corp., Class A		2,553		92,623
Wireless Telecommunication Services 1.0%
Telephone & Data Systems, Inc.		20,600		656,728
Total Common Stocks (cost $60,666,353)				64,627,886
Exchange Traded Fund 0.5%
Vanguard Small-Cap Value ETF		2,600		347,776
Total Exchange Traded Fund (cost $337,953)				347,776

Short-Term Investment 0.1%
	Shares		Value
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		36,953	$	36,953
Total Short-Term Investment (cost $36,953)				36,953
Repurchase Agreements 0.9%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $540,036, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $551,186. (c)(d)	$	539,995		539,995
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $79,246, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $80,825. (c)(d)		79,240		79,240
Total Repurchase Agreements (cost $619,235)				619,235
Total Investments (cost $61,660,494) — 100.0%				65,631,850
Other assets in excess of liabilities — 0.0%†				3,251
NET ASSETS — 100.0%			$	65,635,101

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $608,225, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $36,953 and $619,235, respectively, a total value of $656,188.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $656,188.

(d) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

8

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bailard Cognitive Value Fund
Assets:
Investment securities, at value* (cost $61,041,259)	$	65,012,615
Repurchase agreements, at value (cost $619,235)		619,235
Cash		729,953
Interest and dividends receivable		15,996
Security lending income receivable		685
Receivable for investments sold		1,525,041
Reimbursement from investment adviser (Note 3)		1,998
Prepaid expenses		48,047
Total Assets		67,953,570
Liabilities:
Payable for investments purchased		1,548,071
Payable for capital shares redeemed		21,764
Payable upon return of securities loaned (Note 2)		656,188
Accrued expenses and other payables:
Investment advisory fees		40,161
Fund administration fees		22,080
Distribution fees		261
Administrative servicing fees		166
Accounting and transfer agent fees		4,185
Trustee fees		222
Custodian fees		796
Compliance program costs (Note 3)		101
Professional fees		13,540
Printing fees		6,765
Other		4,169
Total Liabilities		2,318,469
Net Assets	$	65,635,101
Represented by:
Capital	$	64,390,205
Total distributable earnings (loss)		1,244,896
Net Assets	$	65,635,101
Net Assets:
Class A Shares	$	427,247
Class C Shares		200,345
Class M Shares		64,828,542
Class R6 Shares		11,852
Institutional Service Class Shares		167,115
Total	$	65,635,101
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		37,114
Class C Shares		19,089
Class M Shares		5,621,772
Class R6 Shares		1,028
Institutional Service Class Shares		14,466
Total		5,693,469

9

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bailard Cognitive Value Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	11.51
Class C Shares (b)	$	10.50
Class M Shares	$	11.53
Class R6 Shares	$	11.53
Institutional Service Class Shares	$	11.55
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.21
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $608,225 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

10

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bailard Cognitive Value Fund
INVESTMENT INCOME:
Dividend income	$	657,996
Interest income		14,131
Income from securities lending (Note 2)		2,133
Foreign tax withholding		(892	)
Total Income		673,368
EXPENSES:
Investment advisory fees		251,141
Fund administration fees		49,563
Distribution fees Class A		550
Distribution fees Class C		939
Administrative servicing fees Class A		257
Administrative servicing fees Class C		77
Administrative servicing fees Institutional Service Class		133
Registration and filing fees		31,569
Professional fees		15,011
Printing fees		7,059
Trustee fees		1,195
Custodian fees		1,598
Accounting and transfer agent fees		7,671
Compliance program costs (Note 3)		157
Other		2,924
Total expenses before expenses reimbursed		369,844
Expenses reimbursed by adviser (Note 3)		(9,752	)
Net Expenses		360,092
NET INVESTMENT INCOME		313,276
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(2,594,294	)
Net change in unrealized appreciation/depreciation in the value of investment securities		3,061,272
Net realized/unrealized gains		466,978
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	780,254

The accompanying notes are an integral part of these financial statements.

11

Statements of Changes in Net Assets

	Nationwide Bailard Cognitive Value Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	313,276		$	819,438
Net realized gains (losses)		(2,594,294	)		7,860,917
Net change in unrealized appreciation/depreciation		3,061,272			(16,104,814	)
Change in net assets resulting from operations		780,254			(7,424,459	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(48,958	)		(66,896	)
Class C		(22,615	)		(32,783	)
Class M		(8,404,715	)		(10,204,573	)
Class R6		(1,246	)		(1,514	)
Institutional Service Class		(19,274	)		(65,846	)
Change in net assets from shareholder distributions		(8,496,808	)		(10,371,612	)
Change in net assets from capital transactions		(12,411,322	)		3,018,208
Change in net assets		(20,127,876	)		(14,777,863	)
Beginning of period		85,762,977			100,540,840
End of period	$	65,635,101		$	85,762,977
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	70,431		$	41,782
Dividends reinvested		44,806			62,324
Cost of shares redeemed		(103,499	)		(298,363	)
Total Class A Shares		11,738			(194,257	)
Class C Shares
Proceeds from shares issued		4,685			37,904
Dividends reinvested		21,483			31,671
Cost of shares redeemed		(2,352	)		(101,289	)
Total Class C Shares		23,816			(31,714	)
Class M Shares
Proceeds from shares issued		5,365,246			6,323,024
Dividends reinvested		6,139,079			7,415,506
Cost of shares redeemed		(23,962,216	)		(9,983,111	)
Total Class M Shares		(12,457,891	)		3,755,419
Class R6 Shares
Proceeds from shares issued		235			–
Dividends reinvested		1,246			1,514
Cost of shares redeemed		–			(2,700	)
Total Class R6 Shares		1,481			(1,186	)

12

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard Cognitive Value Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	44,701		$	27,764
Dividends reinvested		19,274			37,692
Cost of shares redeemed		(54,441	)		(575,510	)
Total Institutional Service Class Shares		9,534			(510,054	)
Change in net assets from capital transactions	$	(12,411,322	)	$	3,018,208
SHARE TRANSACTIONS:
Class A Shares
Issued		6,282			3,008
Reinvested		4,512			4,576
Redeemed		(9,179	)		(21,562	)
Total Class A Shares		1,615			(13,978	)
Class C Shares
Issued		476			2,680
Reinvested		2,366			2,502
Redeemed		(242	)		(8,097	)
Total Class C Shares		2,600			(2,915	)
Class M Shares
Issued		484,576			465,762
Reinvested		617,614			544,131
Redeemed		(2,252,877	)		(728,933	)
Total Class M Shares		(1,150,687	)		280,960
Class R6 Shares
Issued		20			–
Reinvested		126			111
Redeemed		–			(193	)
Total Class R6 Shares		146			(82	)
Institutional Service Class Shares
Issued		3,741			2,038
Reinvested		1,935			2,765
Redeemed		(4,988	)		(41,181	)
Total Institutional Service Class Shares		688			(36,378	)
Total change in shares		(1,145,638	)		227,607

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

13

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard Cognitive Value Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income (Loss) to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.53		0.03			0.35			0.38			(0.07	)		(1.33	)		(1.40	)	$	11.51		4.74%		$	427,247		1.44%		0.57%			1.47%		103.14%
Year Ended October 31, 2018	$	15.21		0.08			(1.22	)		(1.14	)		(0.06	)		(1.48	)		(1.54	)	$	12.53		(8.35%	)	$	444,873		1.35%		0.57%			1.35%		138.27%
Year Ended October 31, 2017	$	12.43		0.04			2.80			2.84			(0.06	)		–			(0.06	)	$	15.21		22.90%		$	752,352		1.32%		0.30%			1.32%		115.05%
Year Ended October 31, 2016	$	12.13		0.08			0.30			0.38			(0.08	)		–			(0.08	)	$	12.43		3.16%	(h)	$	853,608		1.36%		0.67%			1.36%		95.42%
Year Ended October 31, 2015	$	13.73		0.08			(0.15	)		(0.07	)		(0.09	)		(1.44	)		(1.53	)	$	12.13		0.01%	(h)	$	825,797		1.36%		0.65%			1.36%		160.34%
Period Ended October 31, 2014 (i)	$	13.24		0.01			0.48			0.49			–			–			–		$	13.73		3.70%	(h)	$	1,846,817		1.38%		0.22%			1.38%		80.17%
Year Ended July 31, 2014	$	14.97		0.06			1.24			1.30			(0.12	)		(2.91	)		(3.03	)	$	13.24		10.00%	(h)	$	1,102,616		1.37%		0.46%			1.38%		286.05%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.57		(0.01	)		0.32			0.31			(0.05	)		(1.33	)		(1.38	)	$	10.50		4.46%	(h)	$	200,345		2.15%		(0.16%	)		2.19%		103.14%
Year Ended October 31, 2018	$	14.24		(0.03	)		(1.13	)		(1.16	)		(0.03	)		(1.48	)		(1.51	)	$	11.57		(9.06%	)(h)	$	190,845		2.12%		(0.23%	)		2.12%		138.27%
Year Ended October 31, 2017	$	11.70		(0.06	)		2.63			2.57			(0.03	)		–			(0.03	)	$	14.24		22.01%		$	276,274		2.09%		(0.49%	)		2.09%		115.05%
Year Ended October 31, 2016	$	11.51		–			0.26			0.26			(0.07	)		–			(0.07	)	$	11.70		2.27%		$	221,484		2.11%		(0.02%	)		2.13%		95.42%
Year Ended October 31, 2015	$	13.08		(0.01	)		(0.12	)		(0.13	)		–			(1.44	)		(1.44	)	$	11.51		(0.56%	)	$	401,139		2.06%		(0.06%	)		2.06%		160.34%
Period Ended October 31, 2014 (i)	$	12.65		(0.01	)		0.44			0.43			–			–			–		$	13.08		3.40%		$	570,802		2.09%		(0.44%	)		2.11%		80.17%
Year Ended July 31, 2014	$	14.55		(0.02	)		1.19			1.17			(0.16	)		(2.91	)		(3.07	)	$	12.65		9.25%		$	12,501,150		1.99%		(0.14%	)		1.99%		286.05%
Class M Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.54		0.05			0.35			0.40			(0.08	)		(1.33	)		(1.41	)	$	11.53		4.93%		$	64,828,542		1.07%		0.94%			1.10%		103.14%
Year Ended October 31, 2018	$	15.21		0.12			(1.21	)		(1.09	)		(0.10	)		(1.48	)		(1.58	)	$	12.54		(8.02%	)	$	84,943,067		1.01%		0.88%			1.01%		138.27%
Year Ended October 31, 2017	$	12.42		0.09			2.80			2.89			(0.10	)		–			(0.10	)	$	15.21		23.29%		$	98,734,045		1.00%		0.62%			1.00%		115.05%
Year Ended October 31, 2016	$	12.12		0.12			0.29			0.41			(0.11	)		–			(0.11	)	$	12.42		3.47%		$	83,335,874		1.04%		1.00%			1.04%		95.42%
Year Ended October 31, 2015	$	13.70		0.12			(0.14	)		(0.02	)		(0.12	)		(1.44	)		(1.56	)	$	12.12		0.44%		$	83,363,710		0.99%		1.02%			0.99%		160.34%
Period Ended October 31, 2014 (i)	$	13.20		0.02			0.48			0.50			–			–			–		$	13.70		3.79%		$	91,669,452		1.07%		0.54%			1.11%		80.17%
Year Ended July 31, 2014	$	14.95		0.12			1.23			1.35			(0.19	)		(2.91	)		(3.10	)	$	13.20		10.38%		$	88,479,981		1.00%		0.85%			1.01%		286.05%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) For the period from August 1, 2014 through October 31, 2014.

14

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard Cognitive Value Fund (continued)

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income (Loss) to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	12.54		0.05		0.35			0.40			(0.08	)		(1.33	)		(1.41	)	$	11.53		4.95%		$	11,852		1.07%		0.91%		1.11%		103.14%
Year Ended October 31, 2018	$	15.20		0.12		(1.20	)		(1.08	)		(0.10	)		(1.48	)		(1.58	)	$	12.54		(7.95%	)	$	11,059		1.01%		0.89%		1.01%		138.27%
Year Ended October 31, 2017	$	12.42		0.08		2.80			2.88			(0.10	)		–			(0.10	)	$	15.20		23.21%		$	14,652		0.99%		0.57%		0.99%		115.05%
Year Ended October 31, 2016	$	12.12		0.12		0.29			0.41			(0.11	)		–			(0.11	)	$	12.42		3.47%		$	11,885		1.03%		1.00%		1.03%		95.42%
Year Ended October 31, 2015	$	13.69		0.12		(0.13	)		(0.01	)		(0.12	)		(1.44	)		(1.56	)	$	12.12		0.51%		$	11,490		0.98%		1.03%		0.98%		160.34%
Period Ended October 31, 2014 (i)	$	13.19		0.02		0.48			0.50			–			–			–		$	13.69		3.79%		$	11,435		1.07%		0.53%		1.10%		80.17%
Period Ended July 31, 2014 (k)	$	14.97		0.09		1.23			1.32			(0.19	)		(2.91	)		(3.10	)	$	13.19		10.15%		$	11,017		0.99%		0.76%		0.99%		286.05%
Institutional Service Class Shares (I)
Six Months Ended April 30, 2019 (Unaudited)	$	12.57		0.04		0.34			0.38			(0.07	)		(1.33	)		(1.40	)	$	11.55		4.79%		$	167,115		1.23%		0.76%		1.26%		103.14%
Year Ended October 31, 2018	$	15.22		0.11		(1.21	)		(1.10	)		(0.07	)		(1.48	)		(1.55	)	$	12.57		(8.08%	)	$	173,133		1.16%		0.79%		1.16%		138.27%
Year Ended October 31, 2017	$	12.44		0.07		2.79			2.86			(0.08	)		–			(0.08	)	$	15.22		23.05%		$	763,517		1.12%		0.50%		1.12%		115.05%
Year Ended October 31, 2016	$	12.14		0.08		0.33			0.41			(0.11	)		–			(0.11	)	$	12.44		3.41%		$	968,623		1.14%		0.66%		1.14%		95.42%
Year Ended October 31, 2015	$	13.71		0.13		(0.12	)		0.01			(0.14	)		(1.44	)		(1.58	)	$	12.14		0.61%		$	177,910		0.90%		1.09%		0.90%		160.34%
Period Ended October 31, 2014 (i)	$	13.22		0.02		0.47			0.49			–			–			–		$	13.71		3.71%	(h)	$	292,928		1.11%		0.50%		1.11%		80.17%
Year Ended July 31, 2014	$	14.95		0.10		1.23			1.33			(0.15	)		(2.91	)		(3.06	)	$	13.22		10.23%	(h)	$	433,029		1.14%		0.75%		1.16%		286.05%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) For the period from August 1, 2014 through October 31, 2014.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(I) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an intergral part of these financial statements.

15

Fund Overview Nationwide Bailard Technology & Science  Fund

Asset Allocation¹

Common Stocks	100.9%
Repurchase Agreements	0.8%
Short-Term Investment†	0.0%
Liabilities in excess of other assets	(1.7)%
	100.0%

Top Industries²

Software	19.7%
IT Services	15.6%
Semiconductors & Semiconductor Equipment	15.5%
Interactive Media & Services	12.4%
Technology Hardware, Storage & Peripherals	9.8%
Biotechnology	6.6%
Electronic Equipment, Instruments & Components	5.1%
Communications Equipment	4.8%
Internet & Direct Marketing Retail	4.1%
Entertainment	3.5%
Other Industries#	2.9%
	100.0%

Top Holdings²

Microsoft Corp.	8.0%
Alphabet, Inc., Class A	5.1%
Facebook, Inc., Class A	4.9%
Cisco Systems, Inc.	4.8%
Apple, Inc.	4.6%
Adobe, Inc.	4.1%
Amazon.com, Inc.	4.1%
Texas Instruments, Inc.	3.1%
NetApp, Inc.	3.1%
DXC Technology Co.	3.1%
Other Holdings#	55.1%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

16

Shareholder Expense Example Nationwide Bailard Technology & Science Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bailard Technology & Science Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,147.80		6.76		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.50		6.36		1.27
Class C Shares	Actual	(a)		1,000.00		1,143.40		10.89		2.05
	Hypothetical	(a)(b)		1,000.00		1,014.63		10.24		2.05
Class M Shares	Actual	(a)		1,000.00		1,149.70		5.12		0.96
	Hypothetical	(a)(b)		1,000.00		1,020.03		4.81		0.96
Class R6 Shares	Actual	(a)		1,000.00		1,149.60		5.12		0.96
	Hypothetical	(a)(b)		1,000.00		1,020.03		4.81		0.96
Institutional Service Class Shares	Actual	(a)		1,000.00		1,148.90		5.70		1.07
	Hypothetical	(a)(b)		1,000.00		1,019.49		5.36		1.07

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

17

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bailard Technology & Science Fund

Common Stocks 100.9%
	Shares		Value
Biotechnology 6.7%
Acceleron Pharma, Inc.*		10,400	$	423,592
Alnylam Pharmaceuticals, Inc.*		3,500		312,690
Apellis Pharmaceuticals, Inc.*		15,000		297,150
Arcus Biosciences, Inc.*		25,000		243,000
Arena Pharmaceuticals, Inc.*		11,000		503,250
Array BioPharma, Inc.*		21,200		479,332
Biogen, Inc.*		900		206,316
BioMarin Pharmaceutical, Inc.*		4,000		342,120
Bluebird Bio, Inc.* (a)		2,000		283,660
Celgene Corp.*		4,000		378,640
Esperion Therapeutics, Inc.* (a)		10,000		431,000
FibroGen, Inc.*		10,000		467,300
Gilead Sciences, Inc.		4,600		299,184
Global Blood Therapeutics, Inc.*		7,900		437,660
Ionis Pharmaceuticals, Inc.*		5,800		431,114
Kura Oncology, Inc.*		30,000		454,200
Marker Therapeutics, Inc.* (a)		31,000		163,680
MEI Pharma, Inc.*		107,792		338,467
Neurocrine Biosciences, Inc.*		4,900		353,976
Sage Therapeutics, Inc.*		1,700		285,991
Sangamo Therapeutics, Inc.*		33,000		385,770
Spark Therapeutics, Inc.*		4,000		426,760
Vertex Pharmaceuticals, Inc.*		2,200		371,756
Viking Therapeutics, Inc.* (a)		34,000		266,220
Xencor, Inc.*		11,000		337,810
				8,920,638
Communications Equipment 4.8%
Cisco Systems, Inc.		114,970		6,432,572
Electronic Equipment, Instruments & Components 5.2%
Flex Ltd.*		64,470		711,749
Insight Enterprises, Inc.*		29,500		1,669,110
TE Connectivity Ltd.		21,005		2,009,128
Tech Data Corp.*		23,200		2,473,352
				6,863,339
Entertainment 3.6%
Activision Blizzard, Inc.		50,000		2,410,500
Electronic Arts, Inc.*		24,650		2,333,122
				4,743,622
Household Durables 1.8%
Sony Corp., ADR-JP		46,800		2,357,316
Interactive Media & Services 12.6%
Alphabet, Inc., Class A*		5,780		6,929,989
Alphabet, Inc., Class C*		2,646		3,144,718
Facebook, Inc., Class A*		34,565		6,684,871
				16,759,578
Internet & Direct Marketing Retail 4.1%
Amazon.com, Inc.*		2,845		5,480,949
IT Services 15.9%
Booz Allen Hamilton Holding Corp.		47,600		2,822,204
Cognizant Technology Solutions Corp., Class A		44,715		3,262,406
DXC Technology Co.		63,600		4,181,064
Euronet Worldwide, Inc.*		25,850		3,874,657

Common Stocks (continued)
	Shares		Value
IT Services (continued)
Fiserv, Inc.*		14,000	$	1,221,360
PayPal Holdings, Inc.*		19,800		2,232,846
Twilio, Inc., Class A*		18,800		2,578,232
Visa, Inc., Class A		5,930		975,070
				21,147,839
Pharmaceuticals 0.5%
Aerie Pharmaceuticals, Inc.*		6,500		247,975
Catalent, Inc.*		4,500		201,690
Provention Bio, Inc.*		40,199		154,766
				604,431
Semiconductors & Semiconductor Equipment 15.7%
Broadcom, Inc.		11,416		3,634,854
KLA-Tencor Corp.		20,490		2,612,065
Lam Research Corp.		9,940		2,061,854
Maxim Integrated Products, Inc.		26,035		1,562,100
NVIDIA Corp.		14,200		2,570,200
NXP Semiconductors NV		23,900		2,524,318
QUALCOMM, Inc.		20,155		1,735,950
Texas Instruments, Inc.		35,750		4,212,423
				20,913,764
Software 20.0%
Adobe, Inc.*		18,950		5,481,287
HubSpot, Inc.*		6,150		1,134,614
LogMeIn, Inc.		10,130		834,712
Microsoft Corp.		83,200		10,865,920
New Relic, Inc.*		9,200		968,208
Nutanix, Inc., Class A*		12,400		535,556
Qualys, Inc.*		18,100		1,633,706
RingCentral, Inc., Class A*		25,000		2,909,250
Varonis Systems, Inc.*		15,950		1,134,843
Workday, Inc., Class A*		5,500		1,130,965
				26,629,061
Technology Hardware, Storage & Peripherals 10.0%
Apple, Inc.		30,950		6,210,736
HP, Inc.		144,710		2,886,965
NetApp, Inc.		57,500		4,188,875
				13,286,576
Total Common Stocks (cost $56,910,942)				134,139,685
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		65,366		65,366
Total Short-Term Investment (cost $65,366)				65,366

18

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Technology & Science Fund (Continued)

Repurchase Agreements 0.8%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $955,273, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $974,996. (c)(d)	$	955,201	$	955,201
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $140,179, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $142,972. (c)(d)		140,169		140,169
Total Repurchase Agreements (cost $1,095,370)				1,095,370
Total Investments (cost $58,071,678) — 101.7%				135,300,421
Liabilities in excess of other assets — (1.7)%				(2,323,856	)
NET ASSETS — 100.0%			$	132,976,565

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $1,120,815, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $65,366 and $1,095,370, respectively, a total value of $1,160,736.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $1,160,736.

(d) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

The accompanying notes are an integral part of these financial statements.

19

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bailard Technology & Science Fund
Assets:
Investment securities, at value* (cost $56,976,308)	$	134,205,051
Repurchase agreements, at value (cost $1,095,370)		1,095,370
Cash		314,386
Interest and dividends receivable		19,148
Security lending income receivable		1,558
Receivable for investments sold		493,725
Receivable for capital shares issued		17,128
Prepaid expenses		49,126
Total Assets		136,195,492
Liabilities:
Payable for investments purchased		97,042
Payable for capital shares redeemed		1,821,129
Payable upon return of securities loaned (Note 2)		1,160,736
Accrued expenses and other payables:
Investment advisory fees		81,152
Fund administration fees		23,404
Distribution fees		2,042
Administrative servicing fees		2,163
Accounting and transfer agent fees		3,527
Trustee fees		298
Custodian fees		1,426
Compliance program costs (Note 3)		143
Professional fees		12,863
Printing fees		9,314
Other		3,688
Total Liabilities		3,218,927
Net Assets	$	132,976,565
Represented by:
Capital	$	47,480,032
Total distributable earnings (loss)		85,496,533
Net Assets	$	132,976,565
Net Assets:
Class A Shares	$	5,122,216
Class C Shares		1,272,169
Class M Shares		121,363,046
Class R6 Shares		3,251,216
Institutional Service Class Shares		1,967,918
Total	$	132,976,565
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		244,108
Class C Shares		68,928
Class M Shares		5,463,010
Class R6 Shares		146,756
Institutional Service Class Shares		88,812
Total		6,011,614

20

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bailard Technology & Science Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	20.98
Class C Shares (b)	$	18.46
Class M Shares	$	22.22
Class R6 Shares	$	22.15
Institutional Service Class Shares	$	22.16
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	22.26
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $1,120,815 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

21

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bailard Technology & Science Fund
INVESTMENT INCOME:
Dividend income	$	611,630
Interest income		9,338
Income from securities lending (Note 2)		6,233
Foreign tax withholding		(1,466	)
Total Income		625,735
EXPENSES:
Investment advisory fees		459,225
Fund administration fees		55,809
Distribution fees Class A		5,420
Distribution fees Class C		5,852
Administrative servicing fees Class A		1,303
Administrative servicing fees Class C		529
Administrative servicing fees Institutional Service Class		995
Registration and filing fees		31,863
Professional fees		15,439
Printing fees		9,951
Trustee fees		2,089
Custodian fees		2,803
Accounting and transfer agent fees		7,597
Compliance program costs (Note 3)		289
Other		3,357
Total Expenses		602,521
NET INVESTMENT INCOME		23,214
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		8,420,674
Net change in unrealized appreciation/depreciation in the value of investment securities		7,988,028
Net realized/unrealized gains		16,408,702
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,431,916

The accompanying notes are an integral part of these financial statements.

22

Statements of Changes in Net Assets

	Nationwide Bailard Technology & Science Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income/(loss)	$	23,214		$	(148,334	)
Net realized gains		8,420,674			17,986,055
Net change in unrealized appreciation/depreciation		7,988,028			(7,070,421	)
Change in net assets resulting from operations		16,431,916			10,767,300
Distributions to Shareholders From:
Distributable earnings:
Class A		(563,697	)		(357,679	)
Class C		(196,154	)		(171,264	)
Class M		(16,458,707	)		(12,448,540	)
Class R6		(590,157	)		(297,144	)
Institutional Service Class		(242,615	)		(185,145	)
Change in net assets from shareholder distributions		(18,051,330	)		(13,459,772	)
Change in net assets from capital transactions		137,007			(5,199,867	)
Change in net assets		(1,482,407	)		(7,892,339	)
Net Assets:
Beginning of period		134,458,972			142,351,311
End of period	$	132,976,565		$	134,458,972
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,070,257		$	1,577,760
Dividends reinvested		536,465			335,740
Cost of shares redeemed		(491,025	)		(1,529,038	)
Total Class A Shares		1,115,697			384,462
Class C Shares
Proceeds from shares issued		30,032			154,985
Dividends reinvested		187,069			164,581
Cost of shares redeemed		(142,949	)		(595,738	)
Total Class C Shares		74,152			(276,172	)
Class M Shares
Proceeds from shares issued		1,818,894			3,459,969
Dividends reinvested		13,279,577			10,338,567
Cost of shares redeemed		(15,151,607	)		(20,443,534	)
Total Class M Shares		(53,136	)		(6,644,998	)
Class R6 Shares
Proceeds from shares issued		442,563			3,228,625
Dividends reinvested		590,157			297,144
Cost of shares redeemed		(2,138,648	)		(2,200,664	)
Total Class R6 Shares		(1,105,928	)		1,325,105

23

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard Technology & Science Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	28,521		$	361,624
Dividends reinvested		242,615			156,834
Cost of shares redeemed		(164,914	)		(506,722	)
Total Institutional Service Class Shares		106,222			11,736
Change in net assets from capital transactions	$	137,007		$	(5,199,867	)
SHARE TRANSACTIONS:
Class A Shares
Issued		59,329			70,828
Reinvested		31,575			16,204
Redeemed		(25,585	)		(69,131	)
Total Class A Shares		65,319			17,901
Class C Shares
Issued		1,710			7,297
Reinvested		12,480			8,759
Redeemed		(9,144	)		(30,725	)
Total Class C Shares		5,046			(14,669	)
Class M Shares
Issued		91,411			147,885
Reinvested		738,986			477,091
Redeemed		(813,084	)		(891,078	)
Total Class M Shares		17,313			(266,102	)
Class R6 Shares
Issued		21,934			137,980
Reinvested		32,933			13,744
Redeemed		(98,243	)		(94,301	)
Total Class R6 Shares		(43,376	)		57,423
Institutional Service Class Shares
Issued		1,361			15,368
Reinvested		13,531			7,247
Redeemed		(8,223	)		(21,291	)
Total Institutional Service Class Shares		6,669			1,324
Total change in shares		50,971			(204,123	)

The accompanying notes are an integral part of these financial statements.

24

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard Technology & Science Fund

			Operations							Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income (Loss) to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	21.57		(0.03	)		2.50		2.47		–			(3.06	)		(3.06	)	$	20.98		14.78%		$	5,122,216		1.27%		(0.27%	)		1.27%		12.54%
Year Ended October 31, 2018	$	22.22		(0.09	)		1.61		1.52		–			(2.17	)		(2.17	)	$	21.57		7.25%		$	3,856,959		1.26%		(0.41%	)		1.26%		22.56%
Year Ended October 31, 2017	$	17.26		(0.06	)		6.29		6.23		(0.02	)		(1.25	)		(1.27	)	$	22.22		38.67%		$	3,574,315		1.28%		(0.31%	)		1.28%		26.17%
Year Ended October 31, 2016	$	17.46		0.05			1.12		1.17		–			(1.37	)		(1.37	)	$	17.26		7.35%		$	2,720,410		1.31%		0.28%			1.31%		28.65%
Year Ended October 31, 2015	$	17.54		–			1.51		1.51		(0.02	)		(1.57	)		(1.59	)	$	17.46		9.66%		$	3,206,650		1.27%		(0.01%	)		1.27%		25.31%
Period Ended October 31, 2014 (h)	$	16.53		(0.01	)		1.02		1.01		–			–			–		$	17.54		6.11%		$	2,450,895		1.45%		(0.32%	)		1.46%		7.60%
Year Ended July 31, 2014	$	13.51		(0.03	)		3.05		3.02		–			–			–		$	16.53		22.35%		$	2,192,132		1.37%		(0.23%	)		1.39%		36.99%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	19.44		(0.09	)		2.17		2.08		–			(3.06	)		(3.06	)	$	18.46		14.34%		$	1,272,169		2.05%		(1.03%	)		2.05%		12.54%
Year Ended October 31, 2018	$	20.37		(0.24	)		1.48		1.24		–			(2.17	)		(2.17	)	$	19.44		6.46%		$	1,241,656		2.03%		(1.19%	)		2.03%		22.56%
Year Ended October 31, 2017	$	16.01		(0.19	)		5.80		5.61		–			(1.25	)		(1.25	)	$	20.37		37.67%		$	1,599,961		2.04%		(1.08%	)		2.04%		26.17%
Year Ended October 31, 2016	$	16.42		(0.08	)		1.04		0.96		–			(1.37	)		(1.37	)	$	16.01		6.47%		$	1,052,416		2.07%		(0.52%	)		2.09%		28.65%
Year Ended October 31, 2015	$	16.68		(0.11	)		1.42		1.31		–			(1.57	)		(1.57	)	$	16.42		8.90%		$	926,389		1.99%		(0.71%	)		1.99%		25.31%
Period Ended October 31, 2014 (h)	$	15.74		(0.04	)		0.98		0.94		–			–			–		$	16.68		5.97%		$	565,917		2.05%		(0.92%	)		2.17%		7.60%
Year Ended July 31, 2014	$	12.95		(0.13	)		2.92		2.79		–			–			–		$	15.74		21.54%		$	498,395		2.05%		(0.90%	)		2.05%		36.99%
Class M Shares
Six Months Ended April 30, 2019 (Unaudited)	$	22.63		0.01			2.65		2.66		(0.01	)		(3.06	)		(3.07	)	$	22.22		14.97%		$	121,363,046		0.96%		0.06%			0.96%		12.54%
Year Ended October 31, 2018	$	23.15		(0.02	)		1.69		1.67		(0.02	)		(2.17	)		(2.19	)	$	22.63		7.66%		$	123,213,676		0.93%		(0.08%	)		0.93%		22.56%
Year Ended October 31, 2017	$	17.89		–			6.55		6.55		(0.04	)		(1.25	)		(1.29	)	$	23.15		39.12%		$	132,242,812		0.95%		0.02%			0.95%		26.17%
Year Ended October 31, 2016	$	18.07		0.10			1.16		1.26		(0.07	)		(1.37	)		(1.44	)	$	17.89		7.67%		$	101,722,940		0.98%		0.58%			0.98%		28.65%
Year Ended October 31, 2015	$	18.10		0.07			1.55		1.62		(0.08	)		(1.57	)		(1.65	)	$	18.07		10.02%		$	100,410,733		0.95%		0.39%			0.95%		25.31%
Period Ended October 31, 2014 (h)	$	17.04		–			1.06		1.06		–			–			–		$	18.10		6.22%		$	101,788,290		1.05%		0.09%			1.08%		7.60%
Year Ended July 31, 2014	$	13.90		0.03			3.14		3.17		(0.03	)		–			(0.03	)	$	17.04		22.85%		$	96,832,238		0.99%		0.18%			0.99%		36.99%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	22.57		0.01			2.64		2.65		(0.01	)		(3.06	)		(3.07	)	$	22.15		14.96%		$	3,251,216		0.96%		0.05%			0.96%		12.54%
Year Ended October 31, 2018	$	23.10		(0.02	)		1.68		1.66		(0.02	)		(2.17	)		(2.19	)	$	22.57		7.63%	(j)	$	4,292,208		0.93%		(0.08%	)		0.93%		22.56%
Year Ended October 31, 2017	$	17.86		–			6.53		6.53		(0.04	)		(1.25	)		(1.29	)	$	23.10		39.07%		$	3,066,228		0.95%		–			0.95%		26.17%
Year Ended October 31, 2016	$	18.04		0.06			1.21		1.27		(0.08	)		(1.37	)		(1.45	)	$	17.86		7.69%	(j)	$	1,246,501		0.98%		0.35%			0.98%		28.65%
Year Ended October 31, 2015	$	18.06		0.03			1.60		1.63		(0.08	)		(1.57	)		(1.65	)	$	18.04		10.11%		$	278,563		0.95%		0.16%			0.95%		25.31%
Period Ended October 31, 2014 (h)	$	17.00		–			1.06		1.06		–			–			–		$	18.06		6.24%		$	124,010		1.05%		0.05%			1.08%		7.60%
Period Ended July 31, 2014 (k)	$	14.53		(0.02	)		2.52		2.50		(0.03	)		–			(0.03	)	$	17.00		17.25%		$	76,937		0.96%		(0.14%	)		0.96%		36.99%
Institutional Service Class Shares (I)
Six Months Ended April 30, 2019 (Unaudited)	$	22.58		(0.01	)		2.65		2.64		–			(3.06	)		(3.06	)	$	22.16		14.89%		$	1,967,918		1.07%		(0.06%	)		1.07%		12.54%
Year Ended October 31, 2018	$	23.11		(0.04	)		1.69		1.65		(0.01	)		(2.17	)		(2.18	)	$	22.58		7.58%		$	1,854,473		1.01%		(0.16%	)		1.01%		22.56%
Year Ended October 31, 2017	$	17.87		(0.02	)		6.54		6.52		(0.03	)		(1.25	)		(1.28	)	$	23.11		39.00%		$	1,867,995		1.06%		(0.08%	)		1.06%		26.17%
Year Ended October 31, 2016	$	18.03		0.08			1.17		1.25		(0.04	)		(1.37	)		(1.41	)	$	17.87		7.60%		$	918,550		1.09%		0.48%			1.09%		28.65%
Year Ended October 31, 2015	$	18.05		0.06			1.53		1.59		(0.04	)		(1.57	)		(1.61	)	$	18.03		9.89%		$	1,019,308		1.03%		0.32%			1.03%		25.31%
Period Ended October 31, 2014 (h)	$	17.00		–			1.05		1.05		–			–			–		$	18.05		6.18%		$	1,119,698		1.20%		(0.04%	)		1.25%		7.60%
Year Ended July 31, 2014	$	13.87		–			3.14		3.14		(0.01	)		–			(0.01	)	$	17.00		22.63%		$	1,203,010		1.17%		0.01%			1.20%		36.99%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) For the period from August 1, 2014 through October 31, 2014.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(I) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

25

Fund Overview Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide HighMark Large Cap Core Equity Fund)

Asset Allocation¹

Common Stocks	97.7%
Other assets in excess of liabilities	2.3%
	100.0%

Top Industries²

Banks	11.9%
Insurance	10.5%
Interactive Media & Services	10.2%
Health Care Equipment & Supplies	7.7%
Diversified Financial Services	6.2%
Software	5.4%
Aerospace & Defense	5.2%
Specialty Retail	4.9%
Entertainment	4.9%
Consumer Finance	4.8%
Other Industries	28.3%
	100.0%

Top Holdings²

Citigroup, Inc.	8.1%
Abbott Laboratories	7.7%
Berkshire Hathaway, Inc., Class B	6.2%
Alphabet, Inc., Class A	5.9%
MetLife, Inc.	5.8%
Microsoft Corp.	5.4%
United Technologies Corp.	5.2%
TJX Cos., Inc. (The)	4.9%
Walt Disney Co. (The)	4.9%
Discover Financial Services	4.8%
Other Holdings	41.1%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

26

Shareholder Expense Example Nationwide Diamond Hill Large Cap Concentrated Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide HighMark Large Cap Core Equity Fund) April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,094.50		6.13		1.18
	Hypothetical	(a)(b)		1,000.00		1,018.94		5.91		1.18
Class C Shares	Actual	(a)		1,000.00		1,090.20		9.85		1.90
	Hypothetical	(a)(b)		1,000.00		1,015.37		9.49		1.90
Class R6 Shares	Actual	(a)		1,000.00		1,097.20		4.26		0.82
	Hypothetical	(a)(b)		1,000.00		1,020.73		4.11		0.82
Institutional Service Class Shares	Actual	(a)		1,000.00		1,095.70		5.09		0.98
	Hypothetical	(a)(b)		1,000.00		1,019.93		4.91		0.98

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

27

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Diamond Hill Large Cap Concentrated Fund

Common Stocks 97.7%
	Shares		Value
Aerospace & Defense 5.1%
United Technologies Corp.		8,831	$	1,259,389
Auto Components 3.5%
BorgWarner, Inc.		20,852		870,988
Banks 11.6%
Citigroup, Inc.		27,710		1,959,097
JPMorgan Chase & Co.		7,931		920,393
				2,879,490
Beverages 4.3%
PepsiCo, Inc.		8,431		1,079,590
Consumer Finance 4.7%
Discover Financial Services		14,195		1,156,751
Diversified Financial Services 6.1%
Berkshire Hathaway, Inc., Class B*		6,973		1,511,119
Entertainment 4.8%
Walt Disney Co. (The)		8,650		1,184,790
Health Care Equipment & Supplies 7.5%
Abbott Laboratories		23,482		1,868,228
Household Durables 3.9%
NVR, Inc.*		307		967,811
Household Products 4.3%
Procter & Gamble Co. (The)		10,142		1,079,920
Insurance 10.3%
American International Group, Inc.		24,055		1,144,297
MetLife, Inc.		30,448		1,404,566
				2,548,863
Interactive Media & Services 9.9%
Alphabet, Inc., Class A*		1,196		1,433,956
Facebook, Inc., Class A*		5,358		1,036,237
				2,470,193
Oil, Gas & Consumable Fuels 3.0%
Cimarex Energy Co.		10,799		741,459
Pharmaceuticals 4.0%
Pfizer, Inc.		24,567		997,666
Software 5.3%
Microsoft Corp.		10,005		1,306,653
Specialty Retail 4.8%
TJX Cos., Inc. (The)		21,748		1,193,530

Common Stocks (continued)
	Shares		Value
Tobacco 4.6%
Philip Morris International, Inc.		13,131	$	1,136,619
Total Investments (cost $21,859,760) — 97.7%				24,253,059
Other assets in excess of liabilities — 2.3%				574,887
NET ASSETS — 100.0%			$	24,827,946

* Denotes a non-income producing security.

The accompanying notes are an integral part of these financial statements.

28

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Diamond Hill Large Cap Concentrated Fund
Assets:
Investment securities, at value (cost $21,859,760)	$	24,253,059
Cash		588,716
Interest and dividends receivable		15,887
Receivable for capital shares issued		6,153
Reimbursement from investment adviser (Note 3)		13,546
Prepaid expenses		32,398
Total Assets		24,909,759
Liabilities:
Payable for capital shares redeemed		10,678
Accrued expenses and other payables:
Investment advisory fees		12,080
Fund administration fees		20,759
Distribution fees		5,397
Administrative servicing fees		2,682
Accounting and transfer agent fees		4,172
Trustee fees		103
Compliance program costs (Note 3)		46
Professional fees		8,884
Printing fees		11,871
Other		5,141
Total Liabilities		81,813
Net Assets	$	24,827,946
Represented by:
Capital	$	23,605,230
Total distributable earnings (loss)		1,222,716
Net Assets	$	24,827,946
Net Assets:
Class A Shares	$	17,950,433
Class C Shares		2,199,013
Class R6 Shares		1,088,496
Institutional Service Class Shares		3,590,004
Total	$	24,827,946
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,706,930
Class C Shares		372,509
Class R6 Shares		163,524
Institutional Service Class Shares		536,562
Total		3,779,525
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	6.63
Class C Shares (b)	$	5.90
Class R6 Shares	$	6.66
Institutional Service Class Shares	$	6.69

29

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Diamond Hill Large Cap Concentrated Fund
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.03
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

30

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Diamond Hill Large Cap Concentrated Fund
INVESTMENT INCOME:
Dividend income	$	276,032
Interest income		6,293
Total Income		282,325
EXPENSES:
Investment advisory fees		77,485
Fund administration fees		43,924
Distribution fees Class A		23,663
Distribution fees Class C		10,044
Administrative servicing fees Class A		10,214
Administrative servicing fees Class C		806
Administrative servicing fees Institutional Service Class		2,760
Registration and filing fees		27,589
Professional fees		14,158
Printing fees		12,216
Trustee fees		484
Custodian fees		1,574
Accounting and transfer agent fees		7,674
Compliance program costs (Note 3)		58
Other		2,332
Total expenses before expenses reimbursed		234,981
Expenses reimbursed by adviser (Note 3)		(81,608	)
Net Expenses		153,373
NET INVESTMENT INCOME		128,952
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(1,060,897	)
Net change in unrealized appreciation/depreciation in the value of investment securities		2,656,878
Net realized/unrealized gains		1,595,981
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,724,933

The accompanying notes are an integral part of these financial statements.

31

Statements of Changes in Net Assets

	Nationwide Diamond Hill Large Cap Concentrated Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	128,952		$	510,962
Net realized gains (losses)		(1,060,897	)		19,762,298
Net change in unrealized appreciation/depreciation		2,656,878			(16,043,021	)
Net increase from payment by affiliated issuers (Note 3)		–			30,589
Change in net assets resulting from operations		1,724,933			4,260,828
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,193,948	)		(2,820,044	)
Class C		(1,075,887	)		(271,158	)
Class R6		(1,019,973	)		(3,822,874	)
Institutional Service Class		(1,810,270	)		(427,627	)
Change in net assets from shareholder distributions		(13,100,078	)		(7,341,703	)
Change in net assets from capital transactions		2,285,832			(36,369,686	)
Change in net assets		(9,089,313	)		(39,450,561	)
Net Assets:
Beginning of period		33,917,259			73,367,820
End of period	$	24,827,946		$	33,917,259
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	281,174		$	742,462
Dividends reinvested		9,010,855			2,786,745
Cost of shares redeemed		(9,474,134	)		(4,053,430	)
Total Class A Shares		(182,105	)		(524,223	)
Class C Shares
Proceeds from shares issued		185,693			212,798
Dividends reinvested		1,000,289			231,254
Cost of shares redeemed		(139,948	)		(1,106,490	)
Total Class C Shares		1,046,034			(662,438	)
Class R6 Shares
Proceeds from shares issued		19,896			104,176
Dividends reinvested		950,184			3,168,677
Cost of shares redeemed		(1,162,842	)		(37,964,551	)
Total Class R6 Shares		(192,762	)		(34,691,698	)
Institutional Service Class Shares
Proceeds from shares issued		2,290,384			293,817
Dividends reinvested		1,810,270			384,473
Cost of shares redeemed		(2,485,989	)		(1,169,617	)
Total Institutional Service Class Shares		1,614,665			(491,327	)
Change in net assets from capital transactions	$	2,285,832		$	(36,369,686	)

32

Statements of Changes in Net Assets (Continued)

	Nationwide Diamond Hill Large Cap Concentrated Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		42,049			54,195
Reinvested		1,608,713			203,118
Redeemed		(863,434	)		(292,645	)
Total Class A Shares		787,328			(35,332	)
Class C Shares
Issued		37,270			15,896
Reinvested		200,459			17,696
Redeemed		(22,809	)		(85,530	)
Total Class C Shares		214,920			(51,938	)
Class R6 Shares
Issued		2,390			7,405
Reinvested		169,037			230,277
Redeemed		(173,102	)		(2,721,515	)
Total Class R6 Shares		(1,675	)		(2,483,833	)
Institutional Service Class Shares
Issued		201,998			21,115
Reinvested		320,311			27,918
Redeemed		(246,233	)		(84,435	)
Total Institutional Service Class Shares		276,076			(35,402	)
Total change in shares		1,276,649			(2,606,505	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

33

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Diamond Hill Large Cap Concentrated Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income (Loss) to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.59		0.04			(0.05	)		(0.01	)		(0.12	)		(6.83	)		(6.95	)	$	6.63		9.45%		$	17,950,433		1.18%		1.02%			1.81%		25.45%
Year Ended October 31, 2018	$	14.36		0.11			0.58			0.69	(h)		(0.11	)		(1.35	)		(1.46	)	$	13.59		4.77%	(h)	$	26,081,368		1.16%		0.78%			1.40%		176.54%
Year Ended October 31, 2017	$	12.72		0.08			2.62			2.70			(0.07	)		(0.99	)		(1.06	)	$	14.36		22.46%		$	28,077,156		1.20%		0.61%			1.27%		81.60%
Year Ended October 31, 2016	$	13.51		0.10			0.08			0.18			(0.09	)		(0.88	)		(0.97	)	$	12.72		1.62%		$	24,245,435		1.22%		0.78%			1.28%		59.58%
Year Ended October 31, 2015	$	13.66		0.08			0.36			0.44			(0.14	)		(0.45	)		(0.59	)	$	13.51		3.54%		$	26,446,449		1.22%		0.60%			1.24%		73.41%
Period Ended October 31, 2014 (i)	$	13.19		0.02			0.45			0.47			–			–			–		$	13.66		3.56%		$	12,154,734		1.22%		0.58%			1.46%		10.45%
Year Ended July 31, 2014	$	11.43		0.09			1.71			1.80			(0.04	)		–			(0.04	)	$	13.19		15.72%		$	11,954,280		1.22%		0.70%			1.34%		47.69%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.91		0.01			(0.11	)		(0.10	)		(0.08	)		(6.83	)		(6.91	)	$	5.90		9.02%		$	2,199,013		1.90%		0.24%			2.55%		25.45%
Year Ended October 31, 2018	$	13.73		0.01			0.56			0.57	(h)		(0.04	)		(1.35	)		(1.39	)	$	12.91		4.05%	(h)	$	2,033,783		1.89%		0.04%			2.11%		176.54%
Year Ended October 31, 2017	$	12.24		–			2.51			2.51			(0.03	)		(0.99	)		(1.02	)	$	13.73		21.63%		$	2,877,758		1.86%		(0.03%	)		1.96%		81.60%
Year Ended October 31, 2016	$	13.04		0.02			0.09			0.11			(0.03	)		(0.88	)		(0.91	)	$	12.24		1.06%		$	3,222,103		1.82%		0.17%			1.97%		59.58%
Year Ended October 31, 2015	$	13.21		(0.01	)		0.36			0.35			(0.07	)		(0.45	)		(0.52	)	$	13.04		2.88%		$	3,397,297		1.82%		(0.04%	)		1.94%		73.41%
Period Ended October 31, 2014 (i)	$	12.78		–			0.43			0.43			–			–			–		$	13.21		3.36%		$	1,293,302		1.82%		(0.05%	)		2.13%		10.45%
Year Ended July 31, 2014	$	11.11		0.01			1.67			1.68			(0.01	)		–			(0.01	)	$	12.78		15.09%		$	1,008,150		1.82%		0.11%			1.99%		47.69%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	13.62		0.05			(0.04	)		0.01			(0.14	)		(6.83	)		(6.97	)	$	6.66		9.72%		$	1,088,496		0.82%		1.44%			1.45%		25.45%
Year Ended October 31, 2018	$	14.40		0.15			0.59			0.74	(h)		(0.17	)		(1.35	)		(1.52	)	$	13.62		5.12%	(h)	$	2,249,467		0.82%		1.10%			0.98%		176.54%
Year Ended October 31, 2017	$	12.75		0.13			2.63			2.76			(0.12	)		(0.99	)		(1.11	)	$	14.40		22.95%		$	38,148,500		0.82%		1.00%			0.90%		81.60%
Year Ended October 31, 2016	$	13.54		0.14			0.09			0.23			(0.14	)		(0.88	)		(1.02	)	$	12.75		2.01%		$	41,887,204		0.82%		1.09%			0.92%		59.58%
Year Ended October 31, 2015	$	13.71		0.11			0.38			0.49			(0.21	)		(0.45	)		(0.66	)	$	13.54		3.91%		$	331,641		0.82%		0.78%			0.85%		73.41%
Period Ended October 31, 2014 (i)	$	13.22		0.03			0.46			0.49			–			–			–		$	13.71		3.71%		$	48,247		0.82%		0.98%			1.08%		10.45%
Period Ended July 31, 2014 (k)	$	11.73		0.13			1.44			1.57			(0.08	)		–			(0.08	)	$	13.22		13.44%		$	46,542		0.82%		1.12%			0.92%		47.69%
Institutional Service Class Shares (I)
Six Months Ended April 30, 2019 (Unaudited)	$	13.64		0.04			(0.03	)		0.01			(0.13	)		(6.83	)		(6.96	)	$	6.69		9.57%		$	3,590,004		0.98%		1.13%			1.63%		25.45%
Year Ended October 31, 2018	$	14.41		0.14			0.58			0.72	(h)		(0.14	)		(1.35	)		(1.49	)	$	13.64		4.96%	(h)	$	3,552,641		0.97%		0.97%			1.20%		176.54%
Year Ended October 31, 2017	$	12.76		0.11			2.63			2.74			(0.10	)		(0.99	)		(1.09	)	$	14.41		22.74%		$	4,264,406		0.97%		0.85%			1.03%		81.60%
Year Ended October 31, 2016	$	13.54		0.16			0.06			0.22			(0.12	)		(0.88	)		(1.00	)	$	12.76		1.89%		$	4,145,469		0.94%		1.28%			0.94%		59.58%
Year Ended October 31, 2015	$	13.71		0.14			0.34			0.48			(0.20	)		(0.45	)		(0.65	)	$	13.54		3.84%		$	59,309,270		0.83%		1.06%			0.83%		73.41%
Period Ended October 31, 2014 (i)	$	13.23		0.03			0.45			0.48			–			–			–		$	13.71		3.63%		$	52,804,909		0.97%		0.83%			1.08%		10.45%
Year Ended July 31, 2014	$	11.46		0.12			1.72			1.84			(0.07	)		–			(0.07	)	$	13.23		16.04%		$	50,826,838		0.97%		0.95%			1.05%		47.69%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes payment by an affiliate which impacted the Fund’s per share operations activity and total return. The per share impact was $0.01 per share for all classes. Excluding the payment from the affiliate, the Class A, Class C, Class R6 and Institutional Service Class total returns are 4.69%, 3.89%, 4.88% and 4.88%, respectively. (Note 3)

(i) For the period from August 1, 2014 through October 31, 2014.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(I) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an intergral part of these financial statements.

34

Fund Overview Nationwide Dynamic U.S. Growth Fund
(formerly, Nationwide  Growth Fund)

Asset Allocation¹

Common Stocks	78.9%
Short-Term Investments	13.0%
Purchased Options	2.1%
Futures Contracts	1.0%
Repurchase Agreements†	0.0%
Other assets in excess of liabilities§	5.0%
	100.0%

Top Industries²

Software	5.6%
Banks	4.8%
IT Services	4.3%
Interactive Media & Services	4.2%
Oil, Gas & Consumable Fuels	4.0%
Pharmaceuticals	3.8%
Technology Hardware, Storage & Peripherals	3.4%
Semiconductors & Semiconductor Equipment	3.4%
Internet & Direct Marketing Retail	3.2%
Health Care Equipment & Supplies	2.8%
Other Industries#	60.5%
	100.0%

Top Holdings²

U.S. Treasury Bills, 2.40%, 6/13/2019	13.3%
Microsoft Corp.	3.4%
Apple, Inc.	3.1%
Amazon.com, Inc.	2.7%
S&P 500 E-Mini Index, 6/21/2019	1.6%
Facebook, Inc., Class A	1.6%
Berkshire Hathaway, Inc., Class B	1.4%
JPMorgan Chase & Co.	1.3%
Johnson & Johnson	1.3%
Alphabet, Inc., Class C	1.3%
Other Holdings#	69.0%
	100.0%

† Amount rounds to less than 0.1%.

^§  Please refer to the Statement of Assets and Liabilities for additional details.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

35

Shareholder Expense Example Nationwide Dynamic U.S. Growth Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund) April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,114.90		4.88		0.93
	Hypothetical	(a)(b)		1,000.00		1,020.18		4.66		0.93
Class C Shares	Actual	(a)		1,000.00		1,111.20		9.11		1.74
	Hypothetical	(a)(b)		1,000.00		1,016.17		8.70		1.74
Class R Shares	Actual	(a)		1,000.00		1,112.80		7.07		1.35
	Hypothetical	(a)(b)		1,000.00		1,018.10		6.76		1.35
Class R6 Shares	Actual	(a)		1,000.00		1,116.90		3.41		0.65
	Hypothetical	(a)(b)		1,000.00		1,021.57		3.26		0.65
Eagle Class Shares	Actual	(a)		1,000.00		1,116.50		4.25		0.81
	Hypothetical	(a)(b)		1,000.00		1,020.78		4.06		0.81
Institutional Service Class Shares	Actual	(a)		1,000.00		1,115.40		3.99		0.76
	Hypothetical	(a)(b)		1,000.00		1,021.03		3.81		0.76

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

36

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund

Common Stocks 78.9%
	Shares		Value
Aerospace & Defense 2.0%
Arconic, Inc.		3,133	$	67,297
Boeing Co. (The)		4,056		1,531,911
General Dynamics Corp.		2,086		372,810
Harris Corp.		891		150,133
Huntington Ingalls Industries, Inc.		324		72,116
L3 Technologies, Inc.		597		130,492
Lockheed Martin Corp.		1,899		632,994
Northrop Grumman Corp.		1,300		376,883
Raytheon Co.		2,182		387,501
Textron, Inc.		1,866		98,898
TransDigm Group, Inc.*		382		184,323
United Technologies Corp.		6,260		892,738
				4,898,096
Air Freight & Logistics 0.5%
CH Robinson Worldwide, Inc.		1,027		83,187
Expeditors International of Washington, Inc.		1,288		102,293
FedEx Corp.		1,858		352,017
United Parcel Service, Inc., Class B		5,377		571,145
				1,108,642
Airlines 0.3%
Alaska Air Group, Inc.		909		56,267
American Airlines Group, Inc.		3,124		106,778
Delta Air Lines, Inc.		4,821		281,016
Southwest Airlines Co.		3,856		209,111
United Continental Holdings, Inc.*		1,732		153,906
				807,078
Auto Components 0.1%
Aptiv plc		2,017		172,857
BorgWarner, Inc.		1,536		64,159
				237,016
Automobiles 0.3%
Ford Motor Co.		30,249		316,102
General Motors Co.		10,137		394,836
Harley-Davidson, Inc.		1,228		45,719
				756,657
Banks 4.5%
Bank of America Corp.		69,331		2,120,142
BB&T Corp.		5,911		302,643
Citigroup, Inc.		18,156		1,283,629
Citizens Financial Group, Inc.		3,580		129,596
Comerica, Inc.		1,267		99,574
Fifth Third Bancorp		5,974		172,171
First Republic Bank		1,280		135,194
Huntington Bancshares, Inc.		8,147		113,406
JPMorgan Chase & Co.		25,269		2,932,467
KeyCorp		7,841		137,610
M&T Bank Corp.		1,075		182,825
People’s United Financial, Inc.		2,969		51,334
PNC Financial Services Group, Inc. (The)		3,506		480,077
Regions Financial Corp.		7,848		121,879
SunTrust Banks, Inc.		3,436		224,989
SVB Financial Group*		418		105,219
US Bancorp		11,626		619,898
Wells Fargo & Co.		31,605		1,529,998

Common Stocks (continued)
	Shares		Value
Banks (continued)
Zions Bancorp NA		1,456	$	71,825
				10,814,476
Beverages 1.4%
Brown-Forman Corp., Class B		1,300		69,277
Coca-Cola Co. (The)		29,703		1,457,229
Constellation Brands, Inc., Class A		1,290		273,054
Molson Coors Brewing Co., Class B		1,463		93,910
Monster Beverage Corp.*		3,001		178,860
PepsiCo, Inc.		10,844		1,388,574
				3,460,904
Biotechnology 1.7%
AbbVie, Inc.		11,391		904,332
Alexion Pharmaceuticals, Inc.*		1,731		235,641
Amgen, Inc.		4,806		861,812
Biogen, Inc.*		1,506		345,235
Celgene Corp.*		5,428		513,815
Gilead Sciences, Inc.		9,854		640,904
Incyte Corp.*		1,381		106,061
Regeneron Pharmaceuticals, Inc.*		607		208,286
Vertex Pharmaceuticals, Inc.*		1,977		334,073
				4,150,159
Building Products 0.2%
Allegion plc		701		69,560
AO Smith Corp.		1,070		56,250
Fortune Brands Home & Security, Inc.		1,076		56,791
Johnson Controls International plc		7,126		267,225
Masco Corp.		2,289		89,409
				539,235
Capital Markets 2.2%
Affiliated Managers Group, Inc.		400		44,368
Ameriprise Financial, Inc.		1,052		154,402
Bank of New York Mellon Corp. (The)		6,600		327,756
BlackRock, Inc.		941		456,611
Cboe Global Markets, Inc.		829		84,235
Charles Schwab Corp. (The)		9,173		419,940
CME Group, Inc.		2,766		494,837
E*TRADE Financial Corp.		1,920		97,267
Franklin Resources, Inc.		2,308		79,834
Goldman Sachs Group, Inc. (The)		2,647		545,070
Intercontinental Exchange, Inc.		4,398		357,777
Invesco Ltd.		3,029		66,547
Moody’s Corp.		1,287		253,050
Morgan Stanley		10,041		484,478
MSCI, Inc.		657		148,075
Nasdaq, Inc.		861		79,384
Northern Trust Corp.		1,716		169,112
Raymond James Financial, Inc.		957		87,632
S&P Global, Inc.		1,922		424,109
State Street Corp.		2,935		198,582
T. Rowe Price Group, Inc.		1,852		199,090
				5,172,156
Chemicals 1.6%
Air Products & Chemicals, Inc.		1,699		349,637
Albemarle Corp.		827		62,075
Celanese Corp.		966		104,222

37

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
CF Industries Holdings, Inc.		1,721	$	77,066
Dow, Inc.*		5,804		329,261
DowDuPont, Inc.		17,412		669,491
Eastman Chemical Co.		1,090		85,979
Ecolab, Inc.		1,959		360,613
FMC Corp.		1,075		84,989
International Flavors & Fragrances, Inc.		788		108,578
Linde plc		4,256		767,187
LyondellBasell Industries NV, Class A		2,359		208,135
Mosaic Co. (The)		2,770		72,325
PPG Industries, Inc.		1,807		212,322
Sherwin-Williams Co. (The)		631		286,998
				3,778,878
Commercial Services & Supplies 0.3%
Cintas Corp.		657		142,661
Copart, Inc.*		1,576		106,096
Republic Services, Inc.		1,673		138,558
Rollins, Inc.		1,159		44,818
Waste Management, Inc.		3,017		323,845
				755,978
Communications Equipment 1.0%
Arista Networks, Inc.*		406		126,790
Cisco Systems, Inc.		33,977		1,901,013
F5 Networks, Inc.*		451		70,762
Juniper Networks, Inc.		2,574		71,480
Motorola Solutions, Inc.		1,270		184,035
				2,354,080
Construction & Engineering 0.1%
Fluor Corp.		1,037		41,200
Jacobs Engineering Group, Inc.		888		69,211
Quanta Services, Inc.		1,103		44,782
				155,193
Construction Materials 0.1%
Martin Marietta Materials, Inc.		464		102,961
Vulcan Materials Co.		1,025		129,263
				232,224
Consumer Finance 0.6%
American Express Co.		5,343		626,360
Capital One Financial Corp.		3,621		336,137
Discover Financial Services		2,546		207,474
Synchrony Financial		5,067		175,673
				1,345,644
Containers & Packaging 0.2%
Avery Dennison Corp.		649		71,812
Ball Corp.		2,595		155,544
International Paper Co.		3,108		145,486
Packaging Corp. of America		696		69,015
Sealed Air Corp.		1,189		55,431
Westrock Co.		1,891		72,577
				569,865

Common Stocks (continued)
	Shares		Value
Distributors 0.1%
Genuine Parts Co.		1,134	$	116,280
LKQ Corp.*		2,348		70,675
				186,955
Diversified Consumer Services 0.0%†
H&R Block, Inc.		1,543		41,985
Diversified Financial Services 1.4%
Berkshire Hathaway, Inc., Class B*		15,007		3,252,167
Jefferies Financial Group, Inc.		1,953		40,173
				3,292,340
Diversified Telecommunication Services 1.5%
AT&T, Inc.		56,227		1,740,788
CenturyLink, Inc.		7,410		84,622
Verizon Communications, Inc.		31,892		1,823,904
				3,649,314
Electric Utilities 1.5%
Alliant Energy Corp.		1,840		86,903
American Electric Power Co., Inc.		3,817		326,544
Duke Energy Corp.		5,619		512,003
Edison International		2,527		161,147
Entergy Corp.		1,472		142,637
Evergy, Inc.		2,000		115,640
Eversource Energy		2,458		176,140
Exelon Corp.		7,499		382,074
FirstEnergy Corp.		3,907		164,211
NextEra Energy, Inc.		3,694		718,261
Pinnacle West Capital Corp.		896		85,362
PPL Corp.		5,590		174,464
Southern Co. (The)		7,998		425,654
Xcel Energy, Inc.		3,983		225,040
				3,696,080
Electrical Equipment 0.4%
AMETEK, Inc.		1,787		157,560
Eaton Corp. plc		3,255		269,579
Emerson Electric Co.		4,694		333,227
Rockwell Automation, Inc.		927		167,518
				927,884
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		2,268		225,802
Corning, Inc.		6,097		194,190
FLIR Systems, Inc.		1,012		53,575
IPG Photonics Corp.*		277		48,400
Keysight Technologies, Inc.*		1,459		126,977
TE Connectivity Ltd.		2,625		251,081
				900,025
Energy Equipment & Services 0.4%
Baker Hughes a GE Co.		3,994		95,936
Halliburton Co.		6,830		193,494
Helmerich & Payne, Inc.		802		46,933
National Oilwell Varco, Inc.		3,062		80,041
Schlumberger Ltd.		10,713		457,231
TechnipFMC plc		3,321		81,663
				955,298

38

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment 1.6%
Activision Blizzard, Inc.		5,913	$	285,066
Electronic Arts, Inc.*		2,342		221,670
Netflix, Inc.*		3,371		1,249,090
Take-Two Interactive Software, Inc.*		882		85,404
Viacom, Inc., Class B		2,603		75,253
Walt Disney Co. (The)		13,481		1,846,493
				3,762,976
Equity Real Estate Investment Trusts (REITs) 2.3%
Alexandria Real Estate Equities, Inc.		890		126,727
American Tower Corp.		3,408		665,582
Apartment Investment & Management Co., Class A		1,159		57,208
AvalonBay Communities, Inc.		1,074		215,799
Boston Properties, Inc.		1,199		165,006
Crown Castle International Corp.		3,213		404,131
Digital Realty Trust, Inc.		1,611		189,631
Duke Realty Corp.		2,800		87,136
Equinix, Inc.		645		293,281
Equity Residential		2,866		219,020
Essex Property Trust, Inc.		510		144,075
Extra Space Storage, Inc.		991		102,757
Federal Realty Investment Trust		581		77,767
HCP, Inc.		3,714		110,603
Host Hotels & Resorts, Inc.		5,759		110,803
Iron Mountain, Inc.		2,234		72,560
Kimco Realty Corp.		3,133		54,483
Macerich Co. (The)		800		32,112
Mid-America Apartment Communities, Inc.		887		97,047
Prologis, Inc.		4,876		373,843
Public Storage		1,162		257,011
Realty Income Corp.		2,356		164,944
Regency Centers Corp.		1,305		87,657
SBA Communications Corp.*		884		180,097
Simon Property Group, Inc.		2,389		414,969
SL Green Realty Corp.		652		57,598
UDR, Inc.		2,146		96,463
Ventas, Inc.		2,762		168,786
Vornado Realty Trust		1,351		93,408
Welltower, Inc.		2,993		223,068
Weyerhaeuser Co.		5,795		155,306
				5,498,878
Food & Staples Retailing 1.1%
Costco Wholesale Corp.		3,402		835,293
Kroger Co. (The)		6,027		155,376
Sysco Corp.		3,594		252,910
Walgreens Boots Alliance, Inc.		6,202		332,241
Walmart, Inc.		10,991		1,130,315
				2,706,135
Food Products 0.9%
Archer-Daniels-Midland Co.		4,391		195,839
Campbell Soup Co.		1,418		54,862
Conagra Brands, Inc.		3,779		116,318
General Mills, Inc.		4,621		237,843
Hershey Co. (The)		1,081		134,963
Hormel Foods Corp.		2,123		84,793
JM Smucker Co. (The)		886		108,650

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Kellogg Co.		1,872	$	112,882
Kraft Heinz Co. (The)		4,826		160,416
Lamb Weston Holdings, Inc.		1,142		79,997
McCormick & Co., Inc. (Non-Voting)		952		146,579
Mondelez International, Inc., Class A		11,159		567,435
Tyson Foods, Inc., Class A		2,291		171,848
				2,172,425
Gas Utilities 0.0%†
Atmos Energy Corp.		869		88,933
Health Care Equipment & Supplies 2.6%
Abbott Laboratories		13,560		1,078,834
ABIOMED, Inc.*		351		97,371
Align Technology, Inc.*		565		183,444
Baxter International, Inc.		3,715		283,454
Becton Dickinson and Co.		2,080		500,739
Boston Scientific Corp.*		10,716		397,778
Cooper Cos., Inc. (The)		384		111,329
Danaher Corp.		4,854		642,864
Dentsply Sirona, Inc.		1,677		85,745
Edwards Lifesciences Corp.*		1,608		283,121
Hologic, Inc.*		2,013		93,363
IDEXX Laboratories, Inc.*		668		154,976
Intuitive Surgical, Inc.*		885		451,908
Medtronic plc		10,356		919,716
ResMed, Inc.		1,115		116,529
Stryker Corp.		2,391		451,684
Teleflex, Inc.		351		100,449
Varian Medical Systems, Inc.*		675		91,915
Zimmer Biomet Holdings, Inc.		1,584		195,085
				6,240,304
Health Care Providers & Services 2.0%
AmerisourceBergen Corp.		1,217		90,983
Anthem, Inc.		1,986		522,378
Cardinal Health, Inc.		2,318		112,910
Centene Corp.*		3,204		165,198
Cigna Corp.		2,938		466,672
CVS Health Corp.		10,023		545,051
DaVita, Inc.*		993		54,853
HCA Healthcare, Inc.		2,067		262,984
Henry Schein, Inc.*		1,136		72,772
Humana, Inc.		1,049		267,925
Laboratory Corp. of America Holdings*		767		122,659
McKesson Corp.		1,488		177,444
Quest Diagnostics, Inc.		1,001		96,476
UnitedHealth Group, Inc.		7,406		1,726,117
Universal Health Services, Inc., Class B		651		82,592
WellCare Health Plans, Inc.*		390		100,757
				4,867,771
Health Care Technology 0.1%
Cerner Corp.*		2,518		167,321
Hotels, Restaurants & Leisure 1.5%
Carnival Corp.		3,107		170,450
Chipotle Mexican Grill, Inc.*		189		130,040
Darden Restaurants, Inc.		961		113,014
Hilton Worldwide Holdings, Inc.		2,270		197,467

39

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A		2,182	$	297,668
McDonald’s Corp.		5,909		1,167,441
MGM Resorts International		3,970		105,721
Norwegian Cruise Line Holdings Ltd.*		1,684		94,961
Royal Caribbean Cruises Ltd.		1,296		156,738
Starbucks Corp.		9,606		746,194
Wynn Resorts Ltd.		755		109,060
Yum! Brands, Inc.		2,373		247,717
				3,536,471
Household Durables 0.2%
DR Horton, Inc.		2,689		119,150
Garmin Ltd.		946		81,110
Leggett & Platt, Inc.		968		38,100
Lennar Corp., Class A		2,143		111,500
Mohawk Industries, Inc.*		467		63,629
Newell Brands, Inc.		3,289		47,296
PulteGroup, Inc.		1,937		60,938
Whirlpool Corp.		476		66,078
				587,801
Household Products 1.3%
Church & Dwight Co., Inc.		1,910		143,155
Clorox Co. (The)		995		158,931
Colgate-Palmolive Co.		6,661		484,854
Kimberly-Clark Corp.		2,664		342,004
Procter & Gamble Co. (The)		19,308		2,055,916
				3,184,860
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		5,158		88,305
NRG Energy, Inc.		2,206		90,821
				179,126
Industrial Conglomerates 1.2%
3M Co.		4,446		842,561
General Electric Co.		67,247		683,902
Honeywell International, Inc.		5,631		977,711
Roper Technologies, Inc.		802		288,479
				2,792,653
Insurance 1.9%
Aflac, Inc.		5,852		294,824
Allstate Corp. (The)		2,589		256,466
American International Group, Inc.		6,638		315,770
Aon plc		1,856		334,340
Arthur J Gallagher & Co.		1,432		119,744
Assurant, Inc.		485		46,075
Chubb Ltd.		3,543		514,444
Cincinnati Financial Corp.		1,180		113,492
Everest Re Group Ltd.		302		71,121
Hartford Financial Services Group, Inc. (The)		2,791		145,997
Lincoln National Corp.		1,622		108,220
Loews Corp.		2,043		104,785
Marsh & McLennan Cos., Inc.		3,907		368,391
MetLife, Inc.		7,395		341,131
Principal Financial Group, Inc.		1,964		112,262
Progressive Corp. (The)		4,517		353,004
Prudential Financial, Inc.		3,165		334,572

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Torchmark Corp.		778	$	68,199
Travelers Cos., Inc. (The)		2,039		293,106
Unum Group		1,631		60,217
Willis Towers Watson plc		981		180,838
				4,536,998
Interactive Media & Services 3.9%
Alphabet, Inc., Class A*		2,310		2,769,598
Alphabet, Inc., Class C*		2,372		2,819,074
Facebook, Inc., Class A*		18,409		3,560,300
TripAdvisor, Inc.*		790		42,052
Twitter, Inc.*		5,647		225,372
				9,416,396
Internet & Direct Marketing Retail 3.0%
Amazon.com, Inc.*		3,189		6,143,672
Booking Holdings, Inc.*		348		645,536
eBay, Inc.		6,640		257,300
Expedia Group, Inc.		909		118,025
				7,164,533
IT Services 4.1%
Accenture plc, Class A		4,923		899,284
Akamai Technologies, Inc.*		1,272		101,836
Alliance Data Systems Corp.		357		57,156
Automatic Data Processing, Inc.		3,367		553,501
Broadridge Financial Solutions, Inc.		901		106,435
Cognizant Technology Solutions Corp., Class A		4,450		324,672
DXC Technology Co.		2,084		137,002
Fidelity National Information Services, Inc.		2,518		291,912
Fiserv, Inc.*		3,031		264,425
FleetCor Technologies, Inc.*		670		174,837
Gartner, Inc.*		673		106,987
Global Payments, Inc.		1,196		174,700
International Business Machines Corp.		6,871		963,795
Jack Henry & Associates, Inc.		602		89,734
Mastercard, Inc., Class A		6,968		1,771,544
Paychex, Inc.		2,476		208,752
PayPal Holdings, Inc.*		9,060		1,021,696
Total System Services, Inc.		1,224		125,142
VeriSign, Inc.*		818		161,514
Visa, Inc., Class A		13,508		2,221,120
Western Union Co. (The)		3,412		66,329
				9,822,373
Leisure Products 0.0%†
Hasbro, Inc.		863		87,905
Mattel, Inc.*		2,536		30,914
				118,819
Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.		2,461		193,188
Illumina, Inc.*		1,137		354,744
IQVIA Holdings, Inc.*		1,242		172,514
Mettler-Toledo International, Inc.*		190		141,599
PerkinElmer, Inc.		884		84,723
Thermo Fisher Scientific, Inc.		3,109		862,592

40

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.*		540	$	115,312
				1,924,672
Machinery 1.3%
Caterpillar, Inc.		4,447		620,001
Cummins, Inc.		1,123		186,744
Deere & Co.		2,463		407,947
Dover Corp.		1,128		110,589
Flowserve Corp.		965		47,314
Fortive Corp.		2,283		197,114
Illinois Tool Works, Inc.		2,335		363,396
Ingersoll-Rand plc		1,851		226,951
PACCAR, Inc.		2,688		192,649
Parker-Hannifin Corp.		980		177,458
Pentair plc		1,197		46,671
Snap-on, Inc.		417		70,173
Stanley Black & Decker, Inc.		1,175		172,255
Wabtec Corp.		1,090		80,736
Xylem, Inc.		1,397		116,510
				3,016,508
Media 1.1%
CBS Corp. (Non-Voting), Class B		2,701		138,480
Charter Communications, Inc., Class A*		1,342		498,137
Comcast Corp., Class A		34,866		1,517,717
Discovery, Inc., Class A*		1,151		35,566
Discovery, Inc., Class C*		2,646		76,099
DISH Network Corp., Class A*		1,688		59,283
Fox Corp., Class A*		2,746		107,067
Fox Corp., Class B*		1,157		44,544
Interpublic Group of Cos., Inc. (The)		2,842		65,366
News Corp., Class A		2,825		35,086
News Corp., Class B		898		11,216
Omnicom Group, Inc.		1,700		136,051
				2,724,612
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		11,250		138,488
Newmont Goldcorp Corp.		6,050		187,913
Nucor Corp.		2,345		133,829
				460,230
Multiline Retail 0.4%
Dollar General Corp.		2,036		256,719
Dollar Tree, Inc.*		1,845		205,312
Kohl’s Corp.		1,287		91,506
Macy’s, Inc.		2,258		53,153
Nordstrom, Inc.		866		35,523
Target Corp.		4,037		312,545
				954,758
Multi-Utilities 0.8%
Ameren Corp.		1,899		138,190
CenterPoint Energy, Inc.		3,895		120,745
CMS Energy Corp.		2,202		122,321
Consolidated Edison, Inc.		2,488		214,366
Dominion Energy, Inc.		6,178		481,081
DTE Energy Co.		1,410		177,251
NiSource, Inc.		2,905		80,701
Public Service Enterprise Group, Inc.		3,914		233,470

Common Stocks (continued)
	Shares		Value
Multi-Utilities (continued)
Sempra Energy		2,121	$	271,382
WEC Energy Group, Inc.		2,445		191,762
				2,031,269
Oil, Gas & Consumable Fuels 3.7%
Anadarko Petroleum Corp.		3,874		282,221
Apache Corp.		2,817		92,707
Cabot Oil & Gas Corp.		3,300		85,437
Chevron Corp.		14,665		1,760,680
Cimarex Energy Co.		796		54,653
Concho Resources, Inc.		1,574		181,608
ConocoPhillips		8,765		553,247
Devon Energy Corp.		3,577		114,965
Diamondback Energy, Inc.		1,201		127,774
EOG Resources, Inc.		4,485		430,784
Exxon Mobil Corp.		32,698		2,624,995
Hess Corp.		1,979		126,894
HollyFrontier Corp.		1,230		58,708
Kinder Morgan, Inc.		15,063		299,302
Marathon Oil Corp.		6,290		107,182
Marathon Petroleum Corp.		5,179		315,246
Noble Energy, Inc.		3,767		101,935
Occidental Petroleum Corp.		5,796		341,269
ONEOK, Inc.		3,188		216,561
Phillips 66		3,245		305,906
Pioneer Natural Resources Co.		1,285		213,901
Valero Energy Corp.		3,187		288,933
Williams Cos., Inc. (The)		9,374		265,565
				8,950,473
Personal Products 0.1%
Coty, Inc., Class A		4,228		45,747
Estee Lauder Cos., Inc. (The), Class A		1,690		290,359
				336,106
Pharmaceuticals 3.5%
Allergan plc		2,418		355,446
Bristol-Myers Squibb Co.		12,614		585,668
Eli Lilly & Co.		6,670		780,657
Johnson & Johnson		20,552		2,901,942
Merck & Co., Inc.		19,924		1,568,218
Mylan NV*		4,010		108,230
Nektar Therapeutics*		1,266		40,537
Perrigo Co. plc		983		47,105
Pfizer, Inc.		42,851		1,740,179
Zoetis, Inc.		3,703		377,114
				8,505,096
Professional Services 0.2%
Equifax, Inc.		939		118,267
IHS Markit Ltd.*		2,821		161,530
Nielsen Holdings plc		2,617		66,812
Robert Half International, Inc.		911		56,564
Verisk Analytics, Inc.		1,268		178,966
				582,139
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		2,428		126,426

41

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Road & Rail 0.9%
CSX Corp.		6,000	$	477,780
JB Hunt Transport Services, Inc.		646		61,034
Kansas City Southern		787		96,911
Norfolk Southern Corp.		2,068		421,914
Union Pacific Corp.		5,583		988,414
				2,046,053
Semiconductors & Semiconductor Equipment 3.2%
Advanced Micro Devices, Inc.*		6,832		188,768
Analog Devices, Inc.		2,849		331,168
Applied Materials, Inc.		7,377		325,104
Broadcom, Inc.		3,059		973,986
Intel Corp.		34,710		1,771,598
KLA-Tencor Corp.		1,251		159,477
Lam Research Corp.		1,182		245,182
Maxim Integrated Products, Inc.		2,126		127,560
Microchip Technology, Inc.		1,839		183,698
Micron Technology, Inc.*		8,670		364,660
NVIDIA Corp.		4,680		847,080
Qorvo, Inc.*		932		70,469
QUALCOMM, Inc.		9,353		805,574
Skyworks Solutions, Inc.		1,354		119,396
Texas Instruments, Inc.		7,248		854,032
Xilinx, Inc.		1,960		235,474
				7,603,226
Software 5.3%
Adobe, Inc.*		3,766		1,089,315
ANSYS, Inc.*		651		127,466
Autodesk, Inc.*		1,696		302,244
Cadence Design Systems, Inc.*		2,178		151,110
Citrix Systems, Inc.		949		95,811
Fortinet, Inc.*		1,130		105,565
Intuit, Inc.		2,003		502,873
Microsoft Corp.		59,275		7,741,315
Oracle Corp.		19,675		1,088,618
Red Hat, Inc.*		1,369		249,883
salesforce.com, Inc.*		5,908		976,888
Symantec Corp.		4,970		120,324
Synopsys, Inc.*		1,163		140,816
				12,692,228
Specialty Retail 1.9%
Advance Auto Parts, Inc.		546		90,811
AutoZone, Inc.*		194		199,492
Best Buy Co., Inc.		1,808		134,533
CarMax, Inc.* (a)		1,326		103,242
Foot Locker, Inc.		871		49,830
Gap, Inc. (The)		1,600		41,728
Home Depot, Inc. (The)		8,719		1,776,060
L Brands, Inc.		1,794		45,998
Lowe’s Cos., Inc.		6,188		700,110
O’Reilly Automotive, Inc.*		603		228,278
Ross Stores, Inc.		2,869		280,187
Tiffany & Co.		864		93,157
TJX Cos., Inc. (The)		9,564		524,872
Tractor Supply Co.		900		93,150
Ulta Beauty, Inc.*		427		149,015
				4,510,463

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals 3.2%
Apple, Inc.		34,609	$	6,944,988
Hewlett Packard Enterprise Co.		10,494		165,910
HP, Inc.		11,899		237,385
NetApp, Inc.		1,918		139,726
Seagate Technology plc		1,993		96,302
Western Digital Corp.		2,203		112,617
Xerox Corp.		1,577		52,609
				7,749,537
Textiles, Apparel & Luxury Goods 0.6%
Capri Holdings Ltd.*		1,105		48,708
Hanesbrands, Inc.		2,657		48,012
NIKE, Inc., Class B		9,722		853,883
PVH Corp.		575		74,169
Ralph Lauren Corp.		410		53,948
Tapestry, Inc.		2,320		74,867
Under Armour, Inc., Class A*		1,371		31,657
Under Armour, Inc., Class C*		1,388		28,759
VF Corp.		2,514		237,347
				1,451,350
Tobacco 0.8%
Altria Group, Inc.		14,477		786,535
Philip Morris International, Inc.		12,003		1,038,980
				1,825,515
Trading Companies & Distributors 0.1%
Fastenal Co.		2,223		156,833
United Rentals, Inc.*		622		87,652
WW Grainger, Inc.		348		98,136
				342,621
Water Utilities 0.1%
American Water Works Co., Inc.		1,369		148,112
Total Common Stocks (cost $174,170,576)				189,612,329
Purchased Options 2.1%
	Number of Contracts
Call Options 2.1%
Future Equity Index Options 1.6%
S&P 500 E-Mini Index 6/21/2019 at USD 2,500.00, American Style Notional Amount: USD 23,272,057 Exchange Traded*		158		3,566,060
S&P 500 E-Mini Index 6/21/2019 at USD 3,000.00, European Style Notional Amount: USD 24,008,515 Exchange Traded*		163		178,485
				3,744,545

42

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Purchased Options (continued)
	Number of Contract		Value
Call Options (continued)
Future Interest Rate Options 0.5%
U.S. Treasury 30 Year Bond 5/24/2019 at USD 144.00, American Style Notional Amount: USD 14,400,000 Exchange Traded*		219	$	776,766
U.S. Treasury 30 Year Bond 5/24/2019 at USD 145.00, American Style Notional Amount: USD 14,500,000 Exchange Traded*		189		499,078
				1,275,844
Total Option Purchased (cost $4,300,272)				5,020,389
Short-Term Investments 13.0%
	Shares
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c) (cost 5,784)		5,784		5,784
	Principal Amount
U.S. Treasury Obligations 13.0%
U.S. Treasury Bills 2.39%
6/6/2019 (d)	$	1,040,000		1,037,524
2.40% 6/13/2019		30,155,000		30,068,907
Total U.S. Treasury Obligations (cost $31,106,424)				31,106,431
Total Short-Term Investment (cost $31,112,208)				31,112,215
Repurchase Agreements 0.0%†
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $84,521, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $86,266. (c)(e)		84,515		84,515
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $12,403, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $12,650. (c)(e)		12,402		12,402
Total Repurchase Agreements (cost $96,917)				96,917
Total Investments (cost $209,679,973) — 94.0%				225,841,850
Other assets in excess of liabilities — 6.0%				14,500,040
NET ASSETS — 100.0%			$	240,341,890

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $101,218, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $5,784 and $96,917, respectively, a total value of $102,701.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $102,701.

(d) Security or a portion of the security was used to cover the margin requirement for futures contracts.

(e) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

REIT Real Estate Investment Trust

Currency:

USD United States Dollar

43

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Dynamic U.S. Growth Fund (Continued)

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		328		6/2019		USD		48,355,400		2,479,577
U.S. Treasury Long Bond		110		6/2019		USD		16,221,562		(12,480	)
										2,467,097

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

44

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Dynamic U.S. Growth Fund
Assets:
Investment securities, at value* (cost $209,583,056)	$	225,744,933
Repurchase agreements, at value (cost $96,917)		96,917
Cash		14,439,280
Interest and dividends receivable		189,235
Security lending income receivable		10
Receivable for capital shares issued		53,835
Receivable for variation margin on futures contracts		146,847
Reimbursement from investment adviser (Note 3)		39,360
Prepaid expenses		95,873
Total Assets		240,806,290
Liabilities:
Payable for investments purchased		8,080
Payable for capital shares redeemed		96,091
Payable upon return of securities loaned (Note 2)		102,701
Accrued expenses and other payables:
Investment advisory fees		116,612
Fund administration fees		25,112
Distribution fees		11,863
Administrative servicing fees		9,811
Accounting and transfer agent fees		52,109
Trustee fees		483
Custodian fees		2,823
Compliance program costs (Note 3)		207
Professional fees		11,674
Printing fees		23,516
Other		3,318
Total Liabilities		464,400
Net Assets	$	240,341,890
Represented by:
Capital	$	215,652,631
Total distributable earnings (loss)		24,689,259
Net Assets	$	240,341,890
Net Assets:
Class A Shares	$	40,632,608
Class C Shares		4,503,306
Class R Shares		79,571
Class R6 Shares		184,192,182
Eagle Class Shares		5,077
Institutional Service Class Shares		10,929,146
Total	$	240,341,890

45

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Dynamic U.S. Growth Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,439,705
Class C Shares		759,675
Class R Shares		9,038
Class R6 Shares		18,619,994
Eagle Class Shares		509
Institutional Service Class Shares		1,096,853
Total		24,925,774
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.15
Class C Shares (b)	$	5.93
Class R Shares	$	8.80
Class R6 Shares	$	9.89
Eagle Class Shares	$	9.97
Institutional Service Class Shares	$	9.96
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.71
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $101,218 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

46

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Dynamic U.S. Growth Fund
INVESTMENT INCOME:
Dividend income	$	1,770,633
Interest income		480,444
Income from securities lending (Note 2)		2,592
Total Income		2,253,669
EXPENSES:
Investment advisory fees		634,366
Fund administration fees		66,134
Distribution fees Class A		38,630
Distribution fees Class C		20,971
Distribution fees Class R		177
Administrative servicing fees Class A		4,635
Administrative servicing fees Class C		1,938
Administrative servicing fees Class R		71
Administrative servicing fees Eagle Class		2
Administrative servicing fees Institutional Service Class		3,950
Registration and filing fees		42,379
Professional fees		42,499
Printing fees		20,664
Trustee fees		3,507
Custodian fees		4,580
Accounting and transfer agent fees		96,659
Compliance program costs (Note 3)		500
Other		4,291
Total expenses before and expenses reimbursed		985,953
Expenses reimbursed by adviser (Note 3)		(226,744	)
Net Expenses		759,209
NET INVESTMENT INCOME		1,494,460
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		1,053,752
Expiration or closing of futures contracts (Note 2)		(313,831	)
Net realized gains		739,921
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		14,612,567
Futures contracts (Note 2)		7,264,797
Net change in unrealized appreciation/depreciation		21,877,364
Net realized/unrealized gains		22,617,285
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,111,745

The accompanying notes are an integral part of these financial statements.

47

Statements of Changes in Net Assets

	Nationwide Dynamic U.S. Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	1,494,460		$	1,233,775
Net realized gains		739,921			68,847,547
Net change in unrealized appreciation/depreciation		21,877,364			(49,198,642	)
Change in net assets resulting from operations		24,111,745			20,882,680
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,020,102	)		(2,998,627	)
Class C		(1,716,711	)		(734,938	)
Class R		(22,594	)		(6,215	)
Class R6		(51,191,289	)		(16,474,497	)
Eagle Class		(1,361	)		–	(a)
Institutional Service Class		(3,376,473	)		(564,971	)
Change in net assets from shareholder distributions		(65,328,530	)		(20,779,248	)
Change in net assets from capital transactions		69,864,993			(1,300,045	)
Change in net assets		28,648,208			(1,196,613	)
Net Assets:
Beginning of period		211,693,682			212,890,295
End of period	$	240,341,890		$	211,693,682
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	10,540,601		$	3,503,473
Dividends reinvested		8,716,630			2,901,977
Cost of shares redeemed		(2,580,937	)		(7,429,109	)
Total Class A Shares		16,676,294			(1,023,659	)
Class C Shares
Proceeds from shares issued		772,354			213,130
Dividends reinvested		1,531,315			647,419
Cost of shares redeemed		(864,192	)		(2,748,497	)
Total Class C Shares		1,439,477			(1,887,948	)
Class R Shares
Proceeds from shares issued		3,543			4,300
Dividends reinvested		21,947			6,041
Cost of shares redeemed		(865	)		(2,149	)
Total Class R Shares		24,625			8,192
Class R6 Shares
Proceeds from shares issued		4,200,374			3,407,810
Dividends reinvested		49,865,857			16,011,623
Cost of shares redeemed		(10,361,508	)		(17,343,449	)
Total Class R6 Shares		43,704,723			2,075,984
Eagle Class Shares
Proceeds from shares issued		–			5,000	(a)
Dividends reinvested		1,361			–	(a)
Cost of shares redeemed		–			–	(a)
Total Eagle Class Shares		1,361			5,000	(a)

48

Statements of Changes in Net Assets (Continued)

	Nationwide Dynamic U.S. Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	11,348,031		$	1,272,399
Dividends reinvested		1,712,974			558,886
Cost of shares redeemed		(5,042,492	)		(2,308,899	)
Total Institutional Service Class Shares		8,018,513			(477,614	)
Change in net assets from capital transactions	$	69,864,993		$	(1,300,045	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,238,335			281,651
Reinvested		1,128,589			247,247
Redeemed		(284,957	)		(604,040	)
Total Class A Shares		2,081,967			(75,142	)
Class C Shares
Issued		145,500			21,884
Reinvested		305,625			71,617
Redeemed		(147,563	)		(290,204	)
Total Class C Shares		303,562			(196,703	)
Class R Shares
Issued		417			353
Reinvested		2,953			527
Redeemed		(103	)		(168	)
Total Class R Shares		3,267			712
Class R6 Shares
Issued		448,874			257,613
Reinvested		5,975,459			1,290,830
Redeemed		(1,044,855	)		(1,314,509	)
Total Class R6 Shares		5,379,478			233,934
Eagle Class Shares
Issued		–			347	(a)
Reinvested		162			–	(a)
Redeemed		–			–	(a)
Total Eagle Class Shares		162			347	(a)
Institutional Service Class Shares
Issued		1,045,369			95,560
Reinvested		203,768			44,898
Redeemed		(590,691	)		(174,530	)
Total Institutional Service Class Shares		658,446			(34,072	)
Total change in shares		8,426,882			(70,924	)

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from October 1, 2018 (commencement of operations) through October 31, 2018.

The accompanying notes are an integral part of these financial statements.

49

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Dynamic U.S. Growth Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.36		0.05			0.64			0.69			(0.07	)		(3.83	)		(3.90	)	$	9.15		11.49%		$	40,632,608		0.93%		1.18%			1.14%		3.50%
Year Ended October 31, 2018	$	12.46		0.04			1.11			1.15			(0.03	)		(1.22	)		(1.25	)	$	12.36		9.68%		$	29,136,197		0.94%		0.34%			1.15%		153.29%
Year Ended October 31, 2017	$	10.34		0.02			2.64			2.66			(0.02	)		(0.52	)		(0.54	)	$	12.46		26.88%		$	30,306,398		0.96%		0.17%			1.16%		82.46%
Year Ended October 31, 2016	$	11.07		0.04			(0.24	)		(0.20	)		(0.04	)		(0.49	)		(0.53	)	$	10.34		(1.83%	)	$	28,098,839		0.97%		0.35%			1.19%		100.36%
Year Ended October 31, 2015	$	12.70		0.01			0.81			0.82			(0.02	)		(2.43	)		(2.45	)	$	11.07		8.41%		$	35,834,674		0.96%		0.13%			1.17%		95.18%
Year Ended October 31, 2014	$	11.74		0.03			2.02			2.05			(0.01	)		(1.08	)		(1.09	)	$	12.70		18.85%	(g)	$	28,072,969		0.92%		0.22%			1.21%		159.77%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.46		0.01			0.33			0.34			(0.04	)		(3.83	)		(3.87	)	$	5.93		11.12%		$	4,503,306		1.74%		0.40%			1.96%		3.50%
Year Ended October 31, 2018	$	9.86		(0.05	)		0.87			0.82			–			(1.22	)		(1.22	)	$	9.46		8.84%		$	4,314,906		1.76%		(0.50%	)		1.96%		153.29%
Year Ended October 31, 2017	$	8.35		(0.06	)		2.10			2.04			(0.01	)		(0.52	)		(0.53	)	$	9.86		25.68%		$	6,439,140		1.76%		(0.62%	)		1.96%		82.46%
Year Ended October 31, 2016	$	9.07		(0.04	)		(0.18	)		(0.22	)		(0.01	)		(0.49	)		(0.50	)	$	8.35		(2.54%	)	$	6,621,421		1.76%		(0.45%	)		1.98%		100.36%
Year Ended October 31, 2015	$	10.91		(0.06	)		0.65			0.59			–			(2.43	)		(2.43	)	$	9.07		7.50%		$	6,498,502		1.76%		(0.67%	)		1.96%		95.18%
Year Ended October 31, 2014	$	10.28		(0.06	)		1.77			1.71			–			(1.08	)		(1.08	)	$	10.91		18.11%		$	4,605,215		1.68%		(0.54%	)		1.97%		159.77%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	12.04		0.03			0.61			0.64			(0.05	)		(3.83	)		(3.88	)	$	8.80		11.28%		$	79,571		1.35%		0.78%			1.57%		3.50%
Year Ended October 31, 2018	$	12.20		(0.01	)		1.08			1.07			(0.01	)		(1.22	)		(1.23	)	$	12.04		9.20%		$	69,504		1.35%		(0.07%	)		1.55%		153.29%
Year Ended October 31, 2017	$	10.17		(0.01	)		2.57			2.56			(0.01	)		(0.52	)		(0.53	)	$	12.20		26.32%		$	61,710		1.32%		(0.13%	)		1.52%		82.46%
Year Ended October 31, 2016	$	10.90		0.05			(0.22	)		(0.17	)		(0.07	)		(0.49	)		(0.56	)	$	10.17		(1.61%	)	$	135,566		0.79%		0.52%			1.01%		100.36%
Year Ended October 31, 2015	$	12.57		(0.02	)		0.78			0.76			–			(2.43	)		(2.43	)	$	10.90		7.93%		$	122,592		1.35%		(0.22%	)		1.55%		95.18%
Year Ended October 31, 2014	$	11.65		(0.02	)		2.03			2.01			(0.01	)		(1.08	)		(1.09	)	$	12.57		18.59%		$	466,380		1.31%		(0.19%	)		1.60%		159.77%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	13.02		0.07			0.71			0.78			(0.08	)		(3.83	)		(3.91	)	$	9.89		11.69%		$	184,192,182		0.65%		1.49%			0.87%		3.50%
Year Ended October 31, 2018	$	13.06		0.08			1.16			1.24			(0.06	)		(1.22	)		(1.28	)	$	13.02		10.00%		$	172,430,086		0.65%		0.63%			0.85%		153.29%
Year Ended October 31, 2017	$	10.81		0.06			2.76			2.82			(0.05	)		(0.52	)		(0.57	)	$	13.06		27.24%		$	169,882,882		0.65%		0.48%			0.85%		82.46%
Year Ended October 31, 2016	$	11.55		0.07			(0.24	)		(0.17	)		(0.08	)		(0.49	)		(0.57	)	$	10.81		(1.52%	)	$	144,091,314		0.65%		0.67%			0.87%		100.36%
Year Ended October 31, 2015	$	13.17		0.05			0.84			0.89			(0.08	)		(2.43	)		(2.51	)	$	11.55		8.73%		$	160,968,539		0.65%		0.45%			0.85%		95.18%
Year Ended October 31, 2014	$	12.10		0.07			2.10			2.17			(0.02	)		(1.08	)		(1.10	)	$	13.17		19.31%		$	160,049,696		0.61%		0.53%			0.90%		159.77%
Eagle Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.09		0.07			0.72			0.79			(0.08	)		(3.83	)		(3.91	)	$	9.97		11.65%		$	5,077		0.81%		1.32%			1.02%		3.50%
Period Ended October 31, 2018 (j)	$	14.39		0.01			(1.31	)		(1.30	)		–			–			–		$	13.09		(9.03%	)	$	4,549		0.73%		0.72%			0.94%		153.29%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.09		0.06			0.72			0.78			(0.08	)		(3.83	)		(3.91	)	$	9.96		11.54%		$	10,929,146		0.76%		1.29%			0.98%		3.50%
Year Ended October 31, 2018	$	13.12		0.06			1.17			1.23			(0.04	)		(1.22	)		(1.26	)	$	13.09		9.88%		$	5,738,440		0.80%		0.49%			1.01%		153.29%
Year Ended October 31, 2017	$	10.86		0.03			2.78			2.81			(0.03	)		(0.52	)		(0.55	)	$	13.12		26.98%		$	6,200,165		0.86%		0.29%			1.06%		82.46%
Year Ended October 31, 2016	$	11.59		0.05			(0.24	)		(0.19	)		(0.05	)		(0.49	)		(0.54	)	$	10.86		(1.66%	)	$	15,316,156		0.86%		0.46%			1.08%		100.36%
Year Ended October 31, 2015	$	13.19		0.02			0.84			0.86			(0.03	)		(2.43	)		(2.46	)	$	11.59		8.42%		$	20,150,897		0.88%		0.21%			1.09%		95.18%
Year Ended October 31, 2014	$	12.14		0.03			2.11			2.14			(0.01	)		(1.08	)		(1.09	)	$	13.19		18.99%		$	15,921,009		0.85%		0.27%			1.11%		159.77%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from September 28, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of September 28, 2018 through October 31, 2018.

The accompanying notes are an intergral part of these financial statements.

50

Fund Overview Nationwide Fund

Asset Allocation¹

Common Stocks	99.3%
Other assets in excess of liabilities	0.7%
	100.0%

Top Industries²

Software	7.5%
Internet & Direct Marketing Retail	6.0%
Interactive Media & Services	5.7%
Oil, Gas & Consumable Fuels	4.9%
IT Services	4.9%
Pharmaceuticals	4.4%
Health Care Equipment & Supplies	4.1%
Semiconductors & Semiconductor Equipment	3.9%
Aerospace & Defense	3.8%
Insurance	3.8%
Other Industries	51.0%
	100.0%

Top Holdings²

Amazon.com, Inc.	5.3%
Microsoft Corp.	3.9%
Bank of America Corp.	3.3%
Alphabet, Inc., Class A	3.3%
Facebook, Inc., Class A	2.4%
Exxon Mobil Corp.	2.0%
Coca-Cola Co. (The)	1.9%
Comcast Corp., Class A	1.8%
Verizon Communications, Inc.	1.8%
Apple, Inc.	1.7%
Other Holdings	72.6%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

51

Shareholder Expense Example Nationwide Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2019 through April 30, 2018. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,101.90		4.74		0.91
	Hypothetical	(a)(b)		1,000.00		1,020.28		4.56		0.91
Class C Shares	Actual	(a)		1,000.00		1,097.50		8.58		1.65
	Hypothetical	(a)(b)		1,000.00		1,016.61		8.25		1.65
Class R Shares	Actual	(a)		1,000.00		1,099.00		6.97		1.34
	Hypothetical	(a)(b)		1,000.00		1,018.15		6.71		1.34
Class R6 Shares	Actual	(a)		1,000.00		1,103.80		3.03		0.58
	Hypothetical	(a)(b)		1,000.00		1,021.92		2.91		0.58
Institutional Service Class Shares	Actual	(a)		1,000.00		1,103.00		3.49		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.47		3.36		0.67

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

52

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Fund

Common Stocks 99.3%
	Shares		Value
Aerospace & Defense 3.8%
Boeing Co. (The)		34,903	$	13,182,514
Harris Corp.		33,634		5,667,329
Lockheed Martin Corp.		43,286		14,428,522
Raytheon Co.		36,477		6,477,951
				39,756,316
Airlines 0.3%
Southwest Airlines Co.		54,821		2,972,943
Banks 3.3%
Bank of America Corp.		1,125,686		34,423,478
Beverages 2.3%
Coca-Cola Co. (The)		396,556		19,455,037
Monster Beverage Corp.*		78,305		4,666,978
				24,122,015
Biotechnology 1.1%
Alnylam Pharmaceuticals, Inc.*		9,507		849,356
Biogen, Inc.*		8,128		1,863,263
Incyte Corp.*		19,009		1,459,891
Regeneron Pharmaceuticals, Inc.*		2,109		723,682
Seattle Genetics, Inc.*		31,662		2,146,050
Vertex Pharmaceuticals, Inc.*		26,246		4,435,049
				11,477,291
Capital Markets 2.4%
Northern Trust Corp.		63,021		6,210,720
Raymond James Financial, Inc.		56,629		5,185,517
TD Ameritrade Holding Corp.		250,746		13,184,225
				24,580,462
Chemicals 2.0%
Celanese Corp.		44,916		4,845,987
Dow, Inc.*		40,332		2,288,034
DowDuPont, Inc.		62,748		2,412,661
FMC Corp.		38,842		3,070,849
Linde plc		22,331		4,025,386
PPG Industries, Inc.		33,061		3,884,667
				20,527,584
Commercial Services & Supplies 0.7%
Waste Management, Inc.		67,768		7,274,217
Construction & Engineering 0.2%
Jacobs Engineering Group, Inc.		24,603		1,917,558
Construction Materials 0.1%
Vulcan Materials Co.		6,725		848,090
Consumer Finance 0.5%
American Express Co.		48,690		5,707,929
Containers & Packaging 1.0%
Ball Corp.		73,603		4,411,764
Crown Holdings, Inc.*		47,135		2,739,958
International Paper Co.		62,361		2,919,118
				10,070,840

Common Stocks (continued)
	Shares		Value
Diversified Financial Services 1.0%
AXA Equitable Holdings, Inc.		131,339	$	2,980,082
Berkshire Hathaway, Inc., Class B*		36,058		7,814,129
				10,794,211
Diversified Telecommunication Services 1.8%
Verizon Communications, Inc.		322,780		18,459,788
Electric Utilities 2.1%
Edison International		108,040		6,889,711
Exelon Corp.		143,892		7,331,297
NextEra Energy, Inc.		36,059		7,011,312
PG&E Corp.*		47,259		1,064,273
				22,296,593
Electrical Equipment 0.3%
AMETEK, Inc.		37,651		3,319,689
Electronic Equipment, Instruments & Components 0.4%
Flex Ltd.*		381,401		4,210,667
Energy Equipment & Services 0.6%
Baker Hughes a GE Co.		112,420		2,700,328
Halliburton Co.		112,612		3,190,298
				5,890,626
Entertainment 2.0%
Electronic Arts, Inc.*		47,190		4,466,534
Liberty Media Corp-Liberty Formula One, Class C*		60,147		2,334,305
Netflix, Inc.*		16,145		5,982,368
Spotify Technology SA*		9,003		1,222,337
Viacom, Inc., Class B		28,123		813,036
Walt Disney Co. (The)		41,068		5,625,084
				20,443,664
Equity Real Estate Investment Trusts (REITs) 3.4%
Alexandria Real Estate Equities, Inc.		37,338		5,316,558
American Tower Corp.		89,714		17,521,144
Equinix, Inc.		15,852		7,207,904
Essex Property Trust, Inc.		17,873		5,049,123
				35,094,729
Food Products 0.5%
Mondelez International, Inc., Class A		97,965		4,981,520
Health Care Equipment & Supplies 4.1%
Abbott Laboratories		207,216		16,486,105
Baxter International, Inc.		76,870		5,865,181
Boston Scientific Corp.*		309,181		11,476,799
Danaher Corp.		65,006		8,609,394
				42,437,479
Health Care Providers & Services 2.6%
Anthem, Inc.		42,315		11,130,115
HCA Healthcare, Inc.		48,234		6,136,812
UnitedHealth Group, Inc.		41,335		9,633,948
				26,900,875
Hotels, Restaurants & Leisure 1.7%
Hilton Worldwide Holdings, Inc.		40,466		3,520,137

53

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.		57,848	$	11,429,029
MGM Resorts International		88,647		2,360,670
				17,309,836
Household Durables 0.8%
Lennar Corp., Class A		152,554		7,937,385
Household Products 1.7%
Procter & Gamble Co. (The)		163,244		17,382,221
Independent Power and Renewable Electricity Producers 0.7%
NRG Energy, Inc.		174,188		7,171,320
Industrial Conglomerates 0.6%
3M Co.		25,149		4,765,987
General Electric Co.		203,283		2,067,388
				6,833,375
Insurance 3.7%
American International Group, Inc.		181,923		8,654,077
Athene Holding Ltd., Class A*		136,339		6,157,070
Hartford Financial Services Group, Inc. (The)		121,713		6,366,807
Marsh & McLennan Cos., Inc.		81,804		7,713,299
Progressive Corp. (The)		46,820		3,658,983
Prudential Financial, Inc.		61,293		6,479,283
				39,029,519
Interactive Media & Services 5.7%
Alphabet, Inc., Class A*		28,589		34,277,067
Facebook, Inc., Class A*		129,427		25,031,182
				59,308,249
Internet & Direct Marketing Retail 5.9%
Amazon.com, Inc.*		28,638		55,171,680
Expedia Group, Inc.		52,904		6,869,055
				62,040,735
IT Services 4.9%
FleetCor Technologies, Inc.*		32,837		8,568,815
Global Payments, Inc.		77,752		11,357,235
GoDaddy, Inc., Class A*		65,182		5,312,333
PayPal Holdings, Inc.*		70,694		7,972,162
Total System Services, Inc.		25,157		2,572,052
Visa, Inc., Class A		93,011		15,293,799
				51,076,396
Life Sciences Tools & Services 1.1%
Thermo Fisher Scientific, Inc.		40,464		11,226,737
Machinery 1.6%
Caterpillar, Inc.		25,245		3,519,658
Deere & Co.		17,232		2,854,136
Fortive Corp.		16,847		1,454,570
Illinois Tool Works, Inc.		26,089		4,060,231
Ingersoll-Rand plc		42,241		5,179,169
				17,067,764
Media 2.5%
Charter Communications, Inc., Class A*		19,440		7,215,933

Common Stocks (continued)
	Shares		Value
Media (continued)
Comcast Corp., Class A		433,073	$	18,851,668
				26,067,601
Metals & Mining 0.2%
Alcoa Corp.*		7,663		204,449
Freeport-McMoRan, Inc.		28,863		355,303
Nucor Corp.		18,798		1,072,802
Southern Copper Corp.		13,930		535,191
				2,167,745
Multi-Utilities 1.1%
Sempra Energy		89,700		11,477,115
Oil, Gas & Consumable Fuels 4.9%
Chevron Corp.		61,965		7,439,518
Concho Resources, Inc.		13,057		1,506,517
Diamondback Energy, Inc.		17,784		1,892,040
Encana Corp.		331,222		2,295,368
Exxon Mobil Corp.		254,992		20,470,758
Marathon Petroleum Corp.		93,543		5,693,962
Noble Energy, Inc.		86,651		2,344,776
ONEOK, Inc.		35,957		2,442,559
TransCanada Corp.		146,613		7,002,237
				51,087,735
Pharmaceuticals 4.3%
Allergan plc		78,568		11,549,496
AstraZeneca plc, ADR-UK		313,663		11,812,549
Bristol-Myers Squibb Co.		261,224		12,128,630
Elanco Animal Health, Inc.*		4,782		150,633
Eli Lilly & Co.		27,135		3,175,880
Mylan NV*		135,426		3,655,148
Teva Pharmaceutical Industries Ltd., ADR-IL*		166,330		2,531,543
				45,003,879
Professional Services 1.0%
Equifax, Inc.		18,375		2,314,331
IHS Markit Ltd.*		147,092		8,422,488
				10,736,819
Road & Rail 2.4%
JB Hunt Transport Services, Inc.		25,749		2,432,766
Norfolk Southern Corp.		83,966		17,130,743
Union Pacific Corp.		29,741		5,265,347
				24,828,856
Semiconductors & Semiconductor Equipment 3.9%
Advanced Micro Devices, Inc.*		217,492		6,009,304
Broadcom, Inc.		276		87,878
Intel Corp.		153,974		7,858,833
KLA-Tencor Corp.		27,518		3,507,995
Marvell Technology Group Ltd.		345,073		8,633,726
Micron Technology, Inc.*		103,742		4,363,389
NVIDIA Corp.		9,700		1,755,700
Texas Instruments, Inc.		48,413		5,704,504
Xilinx, Inc.		23,760		2,854,526
				40,775,855

54

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Value
Software 7.5%
Adobe, Inc.*		16,854	$	4,875,020
Autodesk, Inc.*		10,143		1,807,584
Microsoft Corp.		311,782		40,718,729
salesforce.com, Inc.*		45,318		7,493,331
ServiceNow, Inc.*		10,222		2,775,375
Splunk, Inc.*		10,437		1,440,724
SS&C Technologies Holdings, Inc.		214,702		14,526,737
Workday, Inc., Class A*		19,845		4,080,727
				77,718,227
Specialty Retail 2.6%
Lowe’s Cos., Inc.		116,261		13,153,769
TJX Cos., Inc. (The)		250,793		13,763,520
				26,917,289
Technology Hardware, Storage & Peripherals 2.1%
Apple, Inc.		89,736		18,007,323
Western Digital Corp.		81,597		4,171,239
				22,178,562
Textiles, Apparel & Luxury Goods 0.9%
NIKE, Inc., Class B		110,056		9,666,218
Tobacco 1.0%
Philip Morris International, Inc.		119,759		10,366,339
Total Investments (cost $892,987,306) — 99.3%				1,033,884,341
Other assets in excess of liabilities — 0.7%				7,777,951
NET ASSETS — 100.0%			$	1,041,662,292

* Denotes a non-income producing security.

ADR American Depositary Receipt

IL Israel

REIT Real Estate Investment Trust

UK United Kingdom

The accompanying notes are an integral part of these financial statements.

55

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Fund
Assets:
Investment securities, at value (cost $892,987,306)	$	1,033,884,341
Cash		4,880,969
Interest and dividends receivable		749,871
Security lending income receivable		61
Receivable for investments sold		6,666,810
Receivable for capital shares issued		109,273
Reclaims receivable		27,369
Prepaid expenses		58,768
Total Assets		1,046,377,462
Liabilities:
Payable for investments purchased		3,585,581
Payable for capital shares redeemed		284,922
Accrued expenses and other payables:
Investment advisory fees		413,490
Fund administration fees		48,677
Distribution fees		34,023
Administrative servicing fees		105,872
Accounting and transfer agent fees		110,227
Trustee fees		2,114
Custodian fees		11,343
Compliance program costs (Note 3)		980
Professional fees		20,920
Printing fees		88,441
Recoupment fees (Note 3)		4,356
Other		4,224
Total Liabilities		4,715,170
Net Assets	$	1,041,662,292
Represented by:
Capital	$	900,160,664
Total distributable earnings (loss)		141,501,628
Net Assets	$	1,041,662,292
Net Assets:
Class A Shares	$	155,355,607
Class C Shares		3,087,281
Class R Shares		66,248
Class R6 Shares		5,585
Institutional Service Class Shares		883,147,571
Total	$	1,041,662,292
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,043,665
Class C Shares		154,715
Class R Shares		3,095
Class R6 Shares		259
Institutional Service Class Shares		40,967,870
Total		48,169,604

56

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	22.06
Class C Shares (b)	$	19.95
Class R Shares	$	21.40
Class R6 Shares	$	21.56
Institutional Service Class Shares	$	21.56
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	23.41
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

57

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Fund
INVESTMENT INCOME:
Dividend income	$	8,823,598
Interest income		49,034
Income from securities lending (Note 2)		12,351
Foreign tax withholding		(24,263	)
Total Income		8,860,720
EXPENSES:
Investment advisory fees		2,592,701
Fund administration fees		164,060
Distribution fees Class A		180,258
Distribution fees Class C		15,072
Distribution fees Class R		149
Administrative servicing fees Class A		45,641
Administrative servicing fees Class C		904
Administrative servicing fees Class R		75
Administrative servicing fees Institutional Service Class		303,775
Registration and filing fees		38,403
Professional fees		32,632
Printing fees		33,922
Trustee fees		16,402
Custodian fees		22,151
Accounting and transfer agent fees		200,082
Compliance program costs (Note 3)		2,338
Recoupment fees (Note 3)		4,356
Other		12,668
Total expenses before fees waived		3,665,589
Investment advisory fees waived (Note 3)		(219,045	)
Net Expenses		3,446,544
NET INVESTMENT INCOME		5,414,176
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		2,709,627
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		89,057,202
Translation of assets and liabilities denominated in foreign currencies		(287	)
Net change in unrealized appreciation/depreciation		89,056,915
Net realized/unrealized gains		91,766,542
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	97,180,718

The accompanying notes are an integral part of these financial statements.

58

Statements of Changes in Net Assets

	Nationwide Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	5,414,176		$	9,812,126
Net realized gains		2,709,627			188,390,178
Net change in unrealized appreciation/depreciation		89,056,915			(153,037,955	)
Change in net assets resulting from operations		97,180,718			45,164,349
Distributions to Shareholders From:
Distributable earnings:
Class A		(28,127,661	)		(13,991,482	)
Class C		(642,159	)		(330,751	)
Class R		(11,561	)		(5,417	)
Class R6		(996	)		(29	)(a)
Institutional Service Class		(164,716,827	)		(84,222,401	)
Change in net assets from shareholder distributions		(193,499,204	)		(98,550,080	)
Change in net assets from capital transactions		131,656,001			32,390,235
Change in net assets		35,337,515			(20,995,496	)
Net Assets:
Beginning of period		1,006,324,777			1,027,320,273
End of period	$	1,041,662,292		$	1,006,324,777
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,120,616		$	4,463,610
Dividends reinvested		27,712,427			13,799,886
Cost of shares redeemed		(9,708,894	)		(18,565,528	)
Total Class A Shares		21,124,149			(302,032	)
Class C Shares
Proceeds from shares issued		216,275			162,975
Dividends reinvested		568,694			297,330
Cost of shares redeemed		(383,229	)		(935,586	)
Total Class C Shares		401,740			(475,281	)
Class R Shares
Proceeds from shares issued		1,261			1,864
Dividends reinvested		11,551			5,417
Cost of shares redeemed		–			(5,252	)
Total Class R Shares		12,812			2,029
Class R6 Shares
Proceeds from shares issued		–			4,997	(a)
Dividends reinvested		996			29	(a)
Cost of shares redeemed		–			–	(a)
Total Class R6 Shares		996			5,026	(a)

59

Statements of Changes in Net Assets (Continued)

	Nationwide Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	10,590,464		$	48,479,805
Dividends reinvested		158,296,455			80,418,799
Cost of shares redeemed		(58,770,615	)		(95,738,111	)
Total Institutional Service Class Shares		110,116,304			33,160,493
Change in net assets from capital transactions	$	131,656,001		$	32,390,235
SHARE TRANSACTIONS:
Class A Shares
Issued		146,852			170,712
Reinvested		1,464,536			546,024
Redeemed		(466,345	)		(715,642	)
Total Class A Shares		1,145,043			1,094
Class C Shares
Issued		10,841			6,363
Reinvested		33,208			12,705
Redeemed		(20,223	)		(39,761	)
Total Class C Shares		23,826			(20,693	)
Class R Shares
Issued		61			73
Reinvested		629			219
Redeemed		–			(212	)
Total Class R Shares		690			80
Class R6 Shares
Issued		–			204	(a)
Reinvested		54			1	(a)
Redeemed		–			–	(a)
Total Class R6 Shares		54			205	(a)
Institutional Service Class Shares
Issued		512,929			1,874,752
Reinvested		8,558,372			3,231,843
Redeemed		(2,754,236	)		(3,723,589	)
Total Institutional Service Class Shares		6,317,065			1,383,006
Total change in shares		7,486,678			1,363,692

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from April 11, 2018 (commencement of operations) through October 31, 2018.

The accompanying notes are an integral part of these financial statements.

60

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Fund

			Operations							Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	25.12		0.10			1.64		1.74		(0.09	)		(4.71	)		(4.80	)	$	22.06		10.19%	(i)	$	155,355,607		0.91%		0.90%			0.96%		25.68%
Year Ended October 31, 2018	$	26.48		0.18			0.85		1.03		(0.21	)		(2.18	)		(2.39	)	$	25.12		3.87%		$	148,186,807		0.95%		0.69%			1.00%		140.41%
Year Ended October 31, 2017	$	22.25		0.21			4.98		5.19		(0.26	)		(0.70	)		(0.96	)	$	26.48		23.93%		$	156,138,195		0.96%		0.86%			1.00%		79.20%
Year Ended October 31, 2016	$	22.31		0.27			0.43		0.70		(0.22	)		(0.54	)		(0.76	)	$	22.25		3.30%		$	136,414,821		0.96%		1.27%			1.04%		60.90%
Year Ended October 31, 2015	$	21.77		0.22			0.57		0.79		(0.25	)		–			(0.25	)	$	22.31		3.68%		$	145,390,681		0.95%		0.98%			1.00%		72.24%	(g)
Year Ended October 31, 2014	$	19.00		0.20			2.76		2.96		(0.19	)		–			(0.19	)	$	21.77		15.64%		$	81,892,569		0.94%		0.99%			0.99%		48.08%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	23.24		0.02			1.44		1.46		(0.04	)		(4.71	)		(4.75	)	$	19.95		9.75%		$	3,087,281		1.65%		0.17%			1.70%		25.68%
Year Ended October 31, 2018	$	24.69		(0.01	)		0.81		0.80		(0.07	)		(2.18	)		(2.25	)	$	23.24		3.15%		$	3,042,181		1.66%		(0.02%	)		1.71%		140.41%
Year Ended October 31, 2017	$	20.81		0.03			4.64		4.67		(0.09	)		(0.70	)		(0.79	)	$	24.69		22.99%		$	3,742,859		1.72%		0.11%			1.77%		79.20%
Year Ended October 31, 2016	$	20.93		0.10			0.40		0.50		(0.08	)		(0.54	)		(0.62	)	$	20.81		2.49%		$	4,046,885		1.75%		0.49%			1.79%		60.90%
Year Ended October 31, 2015	$	20.45		0.04			0.54		0.58		(0.10	)		–			(0.10	)	$	20.93		2.88%		$	4,645,828		1.72%		0.18%			1.77%		72.24%	(g)
Year Ended October 31, 2014	$	17.91		0.04			2.59		2.63		(0.09	)		–			(0.09	)	$	20.45		14.72%		$	2,045,558		1.70%		0.22%			1.75%		48.08%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	24.55		0.05			1.57		1.62		(0.06	)		(4.71	)		(4.77	)	$	21.40		9.90%		$	66,248		1.34%		0.47%			1.39%		25.68%
Year Ended October 31, 2018	$	25.92		0.09			0.85		0.94		(0.13	)		(2.18	)		(2.31	)	$	24.55		3.60%	(i)	$	59,034		1.28%		0.35%			1.33%		140.41%
Year Ended October 31, 2017	$	21.80		0.10			4.86		4.96		(0.14	)		(0.70	)		(0.84	)	$	25.92		23.33%	(i)	$	60,273		1.39%		0.44%			1.44%		79.20%
Year Ended October 31, 2016	$	21.87		0.17			0.43		0.60		(0.13	)		(0.54	)		(0.67	)	$	21.80		2.85%		$	68,698		1.42%		0.79%			1.46%		60.90%
Year Ended October 31, 2015	$	21.35		0.14			0.54		0.68		(0.16	)		–			(0.16	)	$	21.87		3.19%		$	56,905		1.41%		0.62%			1.46%		72.24%	(g)
Year Ended October 31, 2014	$	18.66		0.11			2.70		2.81		(0.12	)		–			(0.12	)	$	21.35		15.15%		$	105,062		1.37%		0.52%			1.42%		48.08%
Class R6 Shares
Six Months Ended April 30, 2019 (Unaudited)	$	24.67		0.13			1.60		1.73		(0.13	)		(4.71	)		(4.84	)	$	21.56		10.38%	(i)	$	5,585		0.58%		1.22%			0.65%		25.68%
Period Ended October 31, 2018 (j)	$	24.56		0.13			0.12		0.25		(0.14	)		–			(0.14	)	$	24.67		1.00%		$	5,057		0.58%		0.91%			0.65%		140.41%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	24.68		0.12			1.59		1.71		(0.12	)		(4.71	)		(4.83	)	$	21.56		10.30%	(i)	$	883,147,571		0.67%		1.15%			0.71%		25.68%
Year Ended October 31, 2018	$	26.07		0.25			0.85		1.10		(0.31	)		(2.18	)		(2.49	)	$	24.68		4.22%		$	855,031,698		0.67%		0.97%			0.71%		140.41%
Year Ended October 31, 2017	$	21.92		0.27			4.90		5.17		(0.32	)		(0.70	)		(1.02	)	$	26.07		24.22%		$	867,378,946		0.71%		1.11%			0.76%		79.20%
Year Ended October 31, 2016	$	21.99		0.32			0.42		0.74		(0.27	)		(0.54	)		(0.81	)	$	21.92		3.52%		$	822,749,912		0.74%		1.49%			0.78%		60.90%
Year Ended October 31, 2015	$	21.46		0.27			0.56		0.83		(0.30	)		–			(0.30	)	$	21.99		3.93%		$	828,756,789		0.73%		1.24%			0.78%		72.24%	(g)
Year Ended October 31, 2014	$	18.74		0.24			2.71		2.95		(0.23	)		–			(0.23	)	$	21.46		15.85%		$	811,488,568		0.72%		1.21%			0.77%		48.08%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Excludes merger activity.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(j) For the period from April 11, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of April 10, 2018 through October 31, 2018.

The accompanying notes are an intergral part of these financial statements.

61

Fund Overview Nationwide Geneva Mid Cap Growth Fund

Asset Allocation¹

Common Stocks	96.9%
Repurchase Agreements	0.5%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	2.6%
	100.0%

Top Industries²

Software	15.3%
Health Care Equipment & Supplies	14.5%
IT Services	10.2%
Electronic Equipment, Instruments & Components	7.7%
Professional Services	5.9%
Specialty Retail	5.4%
Machinery	4.5%
Capital Markets	4.5%
Health Care Technology	3.4%
Banks	3.0%
Other Industries#	25.6%
	100.0%

Top Holdings²

CoStar Group, Inc.	3.2%
Intuit, Inc.	3.2%
Amphenol Corp., Class A	2.9%
Copart, Inc.	2.8%
Tyler Technologies, Inc.	2.8%
Fiserv, Inc.	2.8%
Church & Dwight Co., Inc.	2.7%
Broadridge Financial Solutions, Inc.	2.7%
Verisk Analytics, Inc.	2.6%
IDEXX Laboratories, Inc.	2.5%
Other Holdings#	71.8%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

62

Shareholder Expense Example Nationwide Geneva Mid Cap Growth Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Geneva Mid Cap Growth Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,139.60		6.26		1.18
	Hypothetical	(a)(b)		1,000.00		1,018.94		5.91		1.18
Class C Shares	Actual	(a)		1,000.00		1,136.10		10.17		1.92
	Hypothetical	(a)(b)		1,000.00		1,015.27		9.59		1.92
Class R6 Shares	Actual	(a)		1,000.00		1,142.00		4.36		0.82
	Hypothetical	(a)(b)		1,000.00		1,020.73		4.11		0.82
Institutional Service Class Shares	Actual	(a)		1,000.00		1,141.70		4.41		0.83
	Hypothetical	(a)(b)		1,000.00		1,020.68		4.16		0.83

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

63

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Geneva Mid Cap Growth Fund

Common Stocks 96.9%
	Shares		Value
Banks 3.0%
East West Bancorp, Inc.		224,465	$	11,555,458
Signature Bank		65,572		8,660,094
				20,215,552
Biotechnology 1.0%
Ligand Pharmaceuticals, Inc.*		55,582		6,994,995
Building Products 1.2%
Fortune Brands Home & Security, Inc.		152,198		8,033,010
Capital Markets 4.4%
Intercontinental Exchange, Inc.		188,256		15,314,625
Raymond James Financial, Inc.		158,291		14,494,707
				29,809,332
Commercial Services & Supplies 2.8%
Copart, Inc.*		279,377		18,807,660
Distributors 2.3%
Pool Corp.		85,858		15,775,549
Diversified Consumer Services 2.0%
Grand Canyon Education, Inc.*		120,801		13,999,628
Electronic Equipment, Instruments & Components 7.5%
Amphenol Corp., Class A		196,202		19,533,871
Cognex Corp.		163,081		8,224,175
National Instruments Corp.		246,749		11,621,878
Trimble, Inc.*		288,454		11,774,692
				51,154,616
Health Care Equipment & Supplies 14.1%
ABIOMED, Inc.*		49,878		13,836,656
Align Technology, Inc.*		39,914		12,959,278
Cooper Cos., Inc. (The)		47,802		13,858,756
IDEXX Laboratories, Inc.*		73,123		16,964,536
Masimo Corp.*		26,821		3,490,753
STERIS plc		125,539		16,443,098
Teleflex, Inc.		33,562		9,604,773
Varian Medical Systems, Inc.*		68,084		9,270,998
				96,428,848
Health Care Providers & Services 0.8%
HealthEquity, Inc.*		84,509		5,725,485
Health Care Technology 3.3%
Cerner Corp.*		100,151		6,655,034
Medidata Solutions, Inc.*		175,459		15,850,966
				22,506,000
Hotels, Restaurants & Leisure 1.4%
Texas Roadhouse, Inc.		176,304		9,522,179
Household Products 2.6%
Church & Dwight Co., Inc.		240,262		18,007,637
Industrial Conglomerates 2.2%
Roper Technologies, Inc.		41,097		14,782,591
IT Services 9.9%
Broadridge Financial Solutions, Inc.		150,169		17,739,464

Common Stocks (continued)
	Shares		Value
IT Services (continued)
EPAM Systems, Inc.*		27,568	$	4,944,596
Fiserv, Inc.*		210,401		18,355,383
Gartner, Inc.*		88,536		14,074,568
Global Payments, Inc.		87,908		12,840,722
				67,954,733
Leisure Products 1.3%
Hasbro, Inc.		88,168		8,980,792
Machinery 4.4%
IDEX Corp.		101,272		15,865,272
Snap-on, Inc.		39,805		6,698,385
WABCO Holdings, Inc.*		57,170		7,571,595
				30,135,252
Professional Services 5.7%
CoStar Group, Inc.*		43,370		21,522,362
Verisk Analytics, Inc.		123,842		17,479,060
				39,001,422
Road & Rail 1.2%
JB Hunt Transport Services, Inc.		87,462		8,263,410
Semiconductors & Semiconductor Equipment 1.7%
Microchip Technology, Inc. (a)		117,977		11,784,723
Software 14.9%
ANSYS, Inc.*		83,450		16,339,510
Blackline, Inc.*		87,021		4,445,033
Intuit, Inc.		84,717		21,269,050
RealPage, Inc.*		222,820		14,530,092
Red Hat, Inc.*		70,154		12,805,210
SS&C Technologies Holdings, Inc.		211,978		14,342,431
Tyler Technologies, Inc.*		79,356		18,403,450
				102,134,776
Specialty Retail 5.3%
Burlington Stores, Inc.*		86,964		14,689,089
O’Reilly Automotive, Inc.*		42,820		16,210,367
Ulta Beauty, Inc.*		15,470		5,398,721
				36,298,177
Textiles, Apparel & Luxury Goods 1.5%
Carter’s, Inc.		97,976		10,376,638
Trading Companies & Distributors 2.4%
Fastenal Co.		109,150		7,700,533
Watsco, Inc.		55,805		8,843,418
				16,543,951
Total Common Stocks (cost $444,868,815)				663,236,956

64

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Geneva Mid Cap Growth Fund (Continued)

Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		199,048	$	199,048
Total Short-Term Investment (cost $199,048)				199,048
Repurchase Agreements 0.5%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $2,908,910, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $2,968,971. (c)(d)	$	2,908,692		2,908,692
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $426,862, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $435,367. (c)(d)		426,830		426,830
Total Repurchase Agreements (cost $3,335,522)				3,335,522
Total Investments (cost $448,403,385) — 97.4%				666,771,526
Other assets in excess of liabilities — 2.6%				18,078,683
NET ASSETS — 100.0%			$	684,850,209

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $3,506,139, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $199,048 and $3,335,522, respectively, a total value of $3,534,570.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $3,534,570.

(d) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

The accompanying notes are an integral part of these financial statements.

65

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Geneva Mid Cap Growth Fund
Assets:
Investment securities, at value* (cost $445,067,863)	$	663,436,004
Repurchase agreements, at value (cost $3,335,522)		3,335,522
Cash		23,159,684
Interest and dividends receivable		237,946
Security lending income receivable		981
Receivable for capital shares issued		283,379
Prepaid expenses		41,149
Total Assets		690,494,665
Liabilities:
Payable for capital shares redeemed		1,271,902
Payable upon return of securities loaned (Note 2)		3,534,570
Accrued expenses and other payables:
Investment advisory fees		394,120
Fund administration fees		43,032
Distribution fees		54,339
Administrative servicing fees		179,148
Accounting and transfer agent fees		16,939
Trustee fees		2,288
Custodian fees		7,908
Compliance program costs (Note 3)		919
Professional fees		21,276
Printing fees		108,542
Other		9,473
Total Liabilities		5,644,456
Net Assets	$	684,850,209
Represented by:
Capital	$	420,745,484
Total distributable earnings (loss)		264,104,725
Net Assets	$	684,850,209
Net Assets:
Class A Shares	$	109,785,262
Class C Shares		39,222,398
Class R6 Shares		116,489,782
Institutional Service Class Shares		419,352,767
Total	$	684,850,209
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,126,676
Class C Shares		2,518,080
Class R6 Shares		5,100,646
Institutional Service Class Shares		18,603,357
Total		31,348,759

66

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Geneva Mid Cap Growth Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	21.41
Class C Shares (b)	$	15.58
Class R6 Shares	$	22.84
Institutional Service Class Shares	$	22.54
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	22.72
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $3,506,139 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

67

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Geneva Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	2,278,445
Interest income		193,178
Income from securities lending (Note 2)		10,484
Total Income		2,482,107
EXPENSES:
Investment advisory fees		2,319,826
Fund administration fees		123,862
Distribution fees Class A		130,502
Distribution fees Class C		194,724
Administrative servicing fees Class A		57,421
Administrative servicing fees Class C		19,472
Administrative servicing fees Institutional Service Class		21,616
Registration and filing fees		35,884
Professional fees		27,776
Printing fees		103,064
Trustee fees		11,096
Custodian fees		15,060
Accounting and transfer agent fees		28,634
Compliance program costs (Note 3)		1,430
Other		11,084
Total Expenses		3,101,451
NET INVESTMENT LOSS		(619,344	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		48,857,008
Net change in unrealized appreciation/depreciation in the value of investment securities		35,884,117
Net realized/unrealized gains		84,741,125
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	84,121,781

The accompanying notes are an integral part of these financial statements.

68

Statements of Changes in Net Assets

	Nationwide Geneva Mid Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment loss	$	(619,344	)	$	(2,646,906	)
Net realized gains		48,857,008			179,747,109
Net change in unrealized appreciation/depreciation		35,884,117			(77,342,119	)
Change in net assets resulting from operations		84,121,781			99,758,084
Distributions to Shareholders From:
Distributable earnings:
Class A		(28,244,481	)		(14,180,812	)
Class C		(13,169,532	)		(6,306,658	)
Class R6		(27,395,752	)		(33,517,908	)
Institutional Service Class		(109,448,470	)		(51,571,340	)
Change in net assets from shareholder distributions		(178,258,235	)		(105,576,718	)
Change in net assets from capital transactions		67,593,682			(308,632,586	)
Change in net assets		(26,542,772	)		(314,451,220	)
Net Assets:
Beginning of period		711,392,981			1,025,844,201
End of period	$	684,850,209		$	711,392,981
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,646,998		$	12,389,236
Dividends reinvested		27,575,024			13,803,609
Cost of shares redeemed		(19,964,112	)		(52,816,088	)
Total Class A Shares		12,257,910			(26,623,243	)
Class C Shares
Proceeds from shares issued		1,950,839			2,476,760
Dividends reinvested		12,684,264			6,074,980
Cost of shares redeemed		(10,368,675	)		(13,506,498	)
Total Class C Shares		4,266,428			(4,954,758	)
Class R6 Shares
Proceeds from shares issued		4,621,084			32,708,830
Dividends reinvested		27,202,788			33,363,184
Cost of shares redeemed		(15,266,388	)		(298,489,806	)
Total Class R6 Shares		16,557,484			(232,417,792	)
Institutional Service Class Shares
Proceeds from shares issued		71,025,028			130,868,568
Dividends reinvested		100,221,398			50,171,246
Cost of shares redeemed		(136,734,566	)		(225,676,607	)
Total Institutional Service Class Shares		34,511,860			(44,636,793	)
Change in net assets from capital transactions	$	67,593,682		$	(308,632,586	)

69

Statements of Changes in Net Assets (Continued)

	Nationwide Geneva Mid Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		238,799			456,309
Reinvested		1,563,210			546,245
Redeemed		(1,002,440	)		(1,954,998	)
Total Class A Shares		799,569			(952,444	)
Class C Shares
Issued		137,515			114,012
Reinvested		985,568			296,775
Redeemed		(676,796	)		(618,044	)
Total Class C Shares		446,287			(207,257	)
Class R6 Shares
Issued		217,246			1,163,022
Reinvested		1,447,727			1,265,675
Redeemed		(706,198	)		(10,119,979	)
Total Class R6 Shares		958,775			(7,691,282	)
Institutional Service Class Shares
Issued		3,315,156			4,699,910
Reinvested		5,402,771			1,919,328
Redeemed		(6,545,719	)		(8,191,456	)
Total Institutional Service Class Shares		2,172,208			(1,572,218	)
Total change in shares		4,376,839			(10,423,201	)

The accompanying notes are an integral part of these financial statements.

70

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Geneva Mid Cap Growth Fund

			Operations									Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income		Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Loss to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	26.00		(0.04	)		2.22			2.18			–		(6.77	)		(6.77	)	$	21.41		13.96%		$	109,785,262		1.18%		(0.42%	)		1.18%		8.43%
Year Ended October 31, 2018	$	26.98		(0.12	)		1.99			1.87			–		(2.85	)		(2.85	)	$	26.00		7.24%		$	112,505,848		1.14%		(0.45%	)		1.14%		14.29%
Year Ended October 31, 2017	$	23.72		(0.11	)		5.41			5.30			–		(2.04	)		(2.04	)	$	26.98		23.77%		$	142,455,307		1.14%		(0.45%	)		1.14%		24.81%
Year Ended October 31, 2016	$	28.54		(0.14	)		(1.41	)		(1.55	)		–		(3.27	)		(3.27	)	$	23.72		(5.64%	)	$	160,222,910		1.15%		(0.55%	)		1.15%		31.03%
Year Ended October 31, 2015	$	29.88		(0.20	)		2.97			2.77			–		(4.11	)		(4.11	)	$	28.54		10.89%		$	202,116,190		1.20%		(0.72%	)		1.20%		15.30%
Period Ended October 31, 2014 (h)	$	28.50		(0.06	)		1.44			1.38			–		–			–		$	29.88		4.84%		$	481,151,390		1.26%		(0.81%	)		1.26%		5.12%
Year Ended July 31, 2014	$	28.09		(0.24	)		2.18			1.94			–		(1.53	)		(1.53	)	$	28.50		6.96%		$	476,141,617		1.25%		(0.81%	)		1.26%		32.13%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	20.93		(0.09	)		1.51			1.42			–		(6.77	)		(6.77	)	$	15.58		13.61%		$	39,222,398		1.92%		(1.16%	)		1.92%		8.43%
Year Ended October 31, 2018	$	22.41		(0.26	)		1.63			1.37			–		(2.85	)		(2.85	)	$	20.93		6.40%		$	43,368,750		1.88%		(1.19%	)		1.88%		14.29%
Year Ended October 31, 2017	$	20.16		(0.25	)		4.54			4.29			–		(2.04	)		(2.04	)	$	22.41		22.88%		$	51,063,324		1.89%		(1.20%	)		1.89%		24.81%
Year Ended October 31, 2016	$	24.92		(0.27	)		(1.22	)		(1.49	)		–		(3.27	)		(3.27	)	$	20.16		(6.30%	)	$	55,956,882		1.88%		(1.29%	)		1.88%		31.03%
Year Ended October 31, 2015	$	26.79		(0.35	)		2.59			2.24			–		(4.11	)		(4.11	)	$	24.92		10.06%		$	78,741,743		1.88%		(1.40%	)		1.88%		15.30%
Period Ended October 31, 2014 (h)	$	25.59		(0.10	)		1.30			1.20			–		–			–		$	26.79		4.69%		$	93,527,500		1.92%		(1.47%	)		1.92%		5.12%
Year Ended July 31, 2014	$	25.52		(0.37	)		1.97			1.60			–		(1.53	)		(1.53	)	$	25.59		6.30%		$	95,287,969		1.87%		(1.43%	)		1.87%		32.13%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	27.21		(0.01	)		2.41			2.40			–		(6.77	)		(6.77	)	$	22.84		14.20%		$	116,489,782		0.82%		(0.06%	)		0.82%		8.43%
Year Ended October 31, 2018	$	28.02		(0.03	)		2.07			2.04			–		(2.85	)		(2.85	)	$	27.21		7.61%		$	112,697,592		0.78%		(0.09%	)		0.78%		14.29%
Year Ended October 31, 2017	$	24.48		(0.02	)		5.60			5.58			–		(2.04	)		(2.04	)	$	28.02		24.21%		$	331,542,252		0.77%		(0.08%	)		0.77%		24.81%
Year Ended October 31, 2016	$	29.24		(0.04	)		(1.45	)		(1.49	)		–		(3.27	)		(3.27	)	$	24.48		(5.26%	)	$	173,735,539		0.77%		(0.15%	)		0.77%		31.03%
Year Ended October 31, 2015	$	30.41		(0.08	)		3.02			2.94			–		(4.11	)		(4.11	)	$	29.24		11.31%		$	21,720,270		0.77%		(0.28%	)		0.77%		15.30%
Period Ended October 31, 2014 (h)	$	28.96		(0.03	)		1.48			1.45			–		–			–		$	30.41		5.01%		$	1,628,255		0.84%		(0.38%	)		0.84%		5.12%
Period Ended July 31, 2014 (j)	$	29.70		(0.08	)		0.87			0.79			–		(1.53	)		(1.53	)	$	28.96		2.72%		$	12,029,313		0.80%		(0.31%	)		0.80%		32.13%
Institutional Service Class Shares (k)
Six Months Ended April 30, 2019 (Unaudited)	$	26.95		(0.01	)		2.37			2.36			–		(6.77	)		(6.77	)	$	22.54		14.17%		$	419,352,767		0.83%		(0.07%	)		0.83%		8.43%
Year Ended October 31, 2018	$	27.82		(0.07	)		2.05			1.98			–		(2.85	)		(2.85	)	$	26.95		7.44%		$	442,820,791		0.93%		(0.24%	)		0.93%		14.29%
Year Ended October 31, 2017	$	24.35		(0.06	)		5.57			5.51			–		(2.04	)		(2.04	)	$	27.82		24.04%		$	500,783,318		0.93%		(0.24%	)		0.93%		24.81%
Year Ended October 31, 2016	$	29.14		(0.08	)		(1.44	)		(1.52	)		–		(3.27	)		(3.27	)	$	24.35		(5.40%	)	$	593,862,140		0.92%		(0.33%	)		0.92%		31.03%
Year Ended October 31, 2015	$	30.36		(0.13	)		3.02			2.89			–		(4.11	)		(4.11	)	$	29.14		11.14%		$	801,296,568		0.92%		(0.44%	)		0.92%		15.30%
Period Ended October 31, 2014 (h)	$	28.92		(0.03	)		1.47			1.44			–		–			–		$	30.36		4.98%		$	757,684,581		0.89%		(0.43%	)		0.89%		5.12%
Year Ended July 31, 2014	$	28.41		(0.16	)		2.20			2.04			–		(1.53	)		(1.53	)	$	28.92		7.24%		$	919,189,168		0.98%		(0.54%	)		0.99%		32.13%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) For the period from August 1, 2014 through October 31, 2014.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(k) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an intergral part of these financial statements.

71

Fund Overview Nationwide Long/Short Equity Fund

Asset Allocation¹

Common Stocks	100.8%
Short-Term Investments and Other assets in excess of liabilities	(0.8)%
	100.0%

Top Long Industries²

IT Services	12.9%
Oil, Gas & Consumable Fuels	7.4%
Specialty Retail	5.7%
Banks	5.7%
Health Care Equipment & Supplies	4.8%
Chemicals	4.2%
Beverages	4.1%
Semiconductors & Semiconductor Equipment	4.0%
Automobiles	3.9%
Tobacco	3.8%
Other Industries	43.5%
	100.0%

Top Long Holdings²

General Motors Co.	3.9%
Philip Morris International, Inc.	3.8%
Chevron Corp.	3.8%
Mastercard, Inc., Class A	3.6%
AT&T, Inc.	3.6%
Royal Dutch Shell plc, Class B, ADR	3.6%
JPMorgan Chase & Co.	3.0%
Apple, Inc.	3.0%
Coca-Cola Co. (The)	2.8%
Wells Fargo & Co.	2.7%
Other Holdings	66.2%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total long positions as of April 30, 2019.

72

Shareholder Expense Example Nationwide Long/Short Equity Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Long/Short Equity Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,060.30		16.30		3.19
	Hypothetical	(a)(b)		1,000.00		1,008.98		15.89		3.19
Class R6 Shares	Actual	(a)		1,000.00		1,062.10		14.93		2.92
	Hypothetical	(a)(b)		1,000.00		1,010.31		14.55		2.92
Institutional Service Class Shares	Actual	(a)		1,000.00		1,061.60		15.28		2.99
	Hypothetical	(a)(b)		1,000.00		1,009.97		14.90		2.99

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines

(b) Represents the hypothetical 5% return before expenses.

73

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Long/Short Equity Fund

Long Positions 100.8%
Common Stocks 100.8%
	Shares		Value
Automobiles 3.9%
General Motors Co.		22,654	$	882,373
Banks 5.7%
JPMorgan Chase & Co.		5,894		683,999
Wells Fargo & Co.		12,809		620,083
				1,304,082
Beverages 4.1%
Coca-Cola Co. (The)		12,891		632,433
Constellation Brands, Inc., Class A		1,411		298,666
				931,099
Biotechnology 3.3%
AbbVie, Inc. (a)		4,703		373,371
Amgen, Inc.		2,138		383,386
				756,757
Building Products 2.3%
Lennox International, Inc.		1,443		391,702
PGT Innovations, Inc.*		8,250		120,945
				512,647
Capital Markets 1.5%
S&P Global, Inc.		1,503		331,652
Chemicals 4.3%
Ecolab, Inc.		2,537		467,011
Sherwin-Williams Co. (The)		1,097		498,948
				965,959
Communications Equipment 2.2%
Cisco Systems, Inc.		9,093		508,753
Diversified Consumer Services 1.3%
Grand Canyon Education, Inc.*		2,600		301,314
Diversified Telecommunication Services 3.6%
AT&T, Inc.		26,736		827,747
Electronic Equipment, Instruments & Components 1.3%
Littelfuse, Inc.		1,437		288,909
Health Care Equipment & Supplies 4.9%
Align Technology, Inc.*		1,819		590,593
Masimo Corp.*		3,947		513,702
				1,104,295
Health Care Providers & Services 2.9%
BioTelemetry, Inc.*		6,434		350,010
UnitedHealth Group, Inc.		1,314		306,254
				656,264
Hotels, Restaurants & Leisure 1.5%
Starbucks Corp.		4,313		335,034
Insurance 1.5%
Primerica, Inc.		2,530		329,634

Long Positions (continued)
Common Stocks (continued)
	Shares		Value
Interactive Media & Services 2.8%
Alphabet, Inc., Class A*		189	$	226,603
Facebook, Inc., Class A*		2,079		402,079
				628,682
Internet & Direct Marketing Retail 2.2%
Amazon.com, Inc.*		264		508,601
IT Services 13.0%
Broadridge Financial Solutions, Inc.		3,437		406,013
EPAM Systems, Inc.*		1,971		353,519
Fiserv, Inc.*		5,814		507,213
Global Payments, Inc.		2,647		386,647
International Business Machines Corp.		3,358		471,027
Mastercard, Inc., Class A		3,267		830,602
				2,955,021
Machinery 1.6%
Caterpillar, Inc.		2,627		366,256
Oil, Gas & Consumable Fuels 7.4%
Chevron Corp.		7,209		865,513
Royal Dutch Shell plc, Class B, ADR-NL		12,678		822,675
				1,688,188
Pharmaceuticals 3.8%
Pfizer, Inc.		9,087		369,023
Zoetis, Inc.		4,949		504,006
				873,029
Professional Services 2.1%
Verisk Analytics, Inc.		3,369		475,501
Real Estate Management & Development 2.3%
CBRE Group, Inc., Class A*		9,898		515,389
Road & Rail 2.3%
CSX Corp.		6,695		533,123
Semiconductors & Semiconductor Equipment 4.1%
Broadcom, Inc.		1,808		575,667
ON Semiconductor Corp.*		15,172		349,867
				925,534
Software 2.3%
Paycom Software, Inc.*		2,536		513,616
Specialty Retail 5.7%
Five Below, Inc.*		3,264		477,817
Floor & Decor Holdings, Inc., Class A*		6,375		306,128
Home Depot, Inc. (The)		2,556		520,657
				1,304,602
Technology Hardware, Storage & Peripherals 3.0%
Apple, Inc.		3,405		683,281

74

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Long/Short Equity Fund (Continued)

Long Positions (continued)
Common Stocks (continued)
	Shares		Value
Tobacco 3.9%
Philip Morris International, Inc.		10,136	$	877,372
Total Common Stocks (cost $19,171,158)				22,884,714
Total Investments (cost $19,171,158) — 100.8%				22,884,714
Liabilities in excess of other assets — (0.8)%				(185,248	)
NET ASSETS — 100.0%			$	22,699,466
Short Positions 12.2%
Common Stocks 9.8%
Auto Components 0.6%
Dorman Products, Inc.*		1,500		131,505
Automobiles 1.3%
Harley-Davidson, Inc.		8,000		297,840
Electronic Equipment, Instruments & Components 1.1%
Coherent, Inc.*		1,700		251,617
Health Care Technology 1.2%
Cerner Corp.*		4,100		272,445
Household Durables 1.7%
Helen of Troy Ltd.*		1,000		144,000
Leggett & Platt, Inc.		6,000		236,160
				380,160
Machinery 0.7%
Snap-on, Inc.		1,000		168,280
Multiline Retail 1.0%
Dollar Tree, Inc.*		2,000		222,560
Semiconductors & Semiconductor Equipment 1.2%
Maxim Integrated Products, Inc.		4,600		276,000
Textiles, Apparel & Luxury Goods 1.0%
Oxford Industries, Inc.		2,820		234,229
Total Common Stocks (Proceeds $2,009,630)				2,234,636

Exchange Traded Funds 2.4%
	Shares		Value
iShares Russell 2000 ETF		1,545	$	244,558
SPDR S&P 500 ETF Trust		1,010		296,960
				541,518
Total Exchange Traded Funds (Proceeds $493,381)				541,518
TOTAL SECURITIES SOLD SHORT (Proceeds $2,503,011) — 12.2%			$	2,776,154

* Denotes a non-income producing security.

(a) Principal amounts are not adjusted for inflation.

ADR American Depositary Receipt

ETF Exchange Traded Fund

NL Netherlands

The accompanying notes are an integral part of these financial statements.

75

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Long/Short Equity Fund
Assets:
Investment securities, at value (cost $19,171,158)	$	22,884,714
Cash		788,871
Deposits with broker for short positions		1,830,439
Interest and dividends receivable		26,641
Reimbursement from investment adviser (Note 3)		11,152
Prepaid expenses		32,290
Total Assets		25,574,107
Liabilities:
Short positions in securities, at value (proceeds $2,503,011)		2,776,154
Accrued expenses and other payables:
Investment advisory fees		25,165
Fund administration fees		20,466
Distribution fees		11
Administrative servicing fees		46
Accounting and transfer agent fees		1,171
Trustee fees		230
Custodian fees		691
Compliance program costs (Note 3)		23
Dividends on short positions		16,939
Professional fees		19,075
Printing fees		7,775
Other		6,895
Total Liabilities		2,874,641
Net Assets	$	22,699,466
Represented by:
Capital	$	19,659,581
Total distributable earnings (loss)		3,039,885
Net Assets	$	22,699,466
Net Assets:
Class A Shares	$	53,163
Class R6 Shares		15,383,908
Institutional Service Class Shares		7,262,395
Total	$	22,699,466
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,794
Class R6 Shares		1,088,176
Institutional Service Class Shares		516,322
Total		1,608,292

76

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Long/Short Equity Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	14.01
Class R6 Shares	$	14.14
Institutional Service Class Shares	$	14.07
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	14.86
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

77

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Long/Short Equity Fund
INVESTMENT INCOME:
Dividend income	$	267,454
Interest income		13,347
Foreign tax withholding		(137	)
Total Income		280,664
EXPENSES:
Investment advisory fees		152,572
Fund administration fees		42,405
Distribution fees Class A		62
Administrative servicing fees Class A		2
Administrative servicing fees Institutional Service Class		2,833
Registration and filing fees		26,613
Professional fees		10,656
Printing fees		15,662
Trustee fees		534
Custodian fees		843
Accounting and transfer agent fees		1,757
Compliance program costs (Note 3)		49
Other		4,926
Total expenses before dividend and interest expense on short position		258,914
Dividend expense on short positions		41,915
Broker interest expense on short positions		91,522
Total expenses before expenses reimbursed		392,351
Expenses reimbursed by adviser (Note 3)		(59,265	)
Net Expenses		333,086
NET INVESTMENT LOSS		(52,422	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities (Note 10)		665,316
Closed short positions in securities (Note 2)		(750,087	)
Net realized losses		(84,771	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		1,875,904
Short positions in securities (Note 2)		(362,809	)
Net change in unrealized appreciation/depreciation		1,513,095
Net realized/unrealized gains		1,428,324
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,375,902

The accompanying notes are an integral part of these financial statements.

78

Statements of Changes in Net Assets

	Nationwide Long/Short Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Year Ended April 30, 2018
Operations:
Net investment loss	$	(52,422	)	$	(77,411	)	$	(123,592	)
Net realized gains (losses)		(84,771	)		724,109			362,810
Net change in unrealized appreciation/depreciation		1,513,095			(1,217,245	)		455,817
Change in net assets resulting from operations		1,375,902			(570,547	)		695,035
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,117	)		–			–	(b)
Class R6 (c)		(331,754	)		–			–
Institutional Service Class (d)		(191,895	)		–			–
Change in net assets from shareholder distributions		(524,766	)		–			–
Change in net assets from capital transactions		(1,120,556	)		(1,786,245	)		14,259,490
Change in net assets		(269,420	)		(2,356,792	)		14,954,525
Net Assets:
Beginning of period		22,968,886			25,325,678			10,371,153
End of period	$	22,699,466		$	22,968,886		$	25,325,678
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,577		$	46,492		$	18,899	(b)
Dividends reinvested		1,117			–			–	(b)
Cost of shares redeemed		(4,015	)		(14,000	)		–	(b)
Total Class A Shares		2,679			32,492			18,899	(b)
Class R6 Shares (c)
Proceeds from shares issued		–			–			14,990,000
Dividends reinvested		331,754			–			–
Cost of shares redeemed		–			(16,288	)		(15	)
Total Class R6 Shares		331,754			(16,288	)		14,989,985
Institutional Service Class Shares (d)
Proceeds from shares issued		11,846			15,440			455,032
Dividends reinvested		191,850			–			–
Cost of shares redeemed		(1,658,685	)		(1,817,889	)		(1,204,426	)
Total Institutional Service Class Shares		(1,454,989	)		(1,802,449	)		(749,394	)
Change in net assets from capital transactions	$	(1,120,556	)	$	(1,786,245	)	$	14,259,490
SHARE TRANSACTIONS:
Class A Shares
Issued		419			3,280			1,312	(b)
Reinvested		88			–			–	(b)
Redeemed		(291	)		(1,014	)		–	(b)
Total Class A Shares		216			2,266			1,312	(b)
Class R6 Shares (c)
Issued		–			–			1,062,156
Reinvested		26,020			–			–
Redeemed		–			(1,140	)		(1	)
Total Class R6 Shares		26,020			(1,140	)		1,062,155

79

Statements of Changes in Net Assets (Continued)

	Nationwide Long/Short Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Year Ended April 30, 2018
SHARE TRANSACTIONS: (continued)
Institutional Service Class Shares (d)
Issued		891			1,086			32,700
Reinvested		15,118			–			–
Redeemed		(120,212	)		(127,747	)		(86,522	)
Total Institutional Service Class Shares		(104,203	)		(126,661	)		(53,822	)
Total change in shares		(77,967	)		(125,535	)		1,009,645

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from May 1, 2018 through October 31, 2018.

(b) For the period from December 11, 2017 (commencement of operations) through April 30, 2018.

(c) Effective December 9, 2017, Institutional Class Shares were renamed Class R6 Shares.

(d) Effective December 9, 2017, Investor Class Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

80

Statement of Cash Flows

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Long/Short Equity Fund
DECREASE IN CASH Cash flows used in operating activities:
Net increase in net assets from operations	$	1,375,902
Adjustments to reconcile net increase/decrease in net assets from operations to net cash used in operating activities:
Purchase of investment securities		(4,108,266	)
Proceeds from disposition of investment securities		6,983,021
Covers of investment securities sold short		(22,956,179	)
Proceeds from investment securities sold short		20,041,559
Reinvestment of dividend income from unaffiliated issuers		(267,454	)
Change in unrealized appreciation/depreciation in the value of investment securities		(1,875,904	)
Change in unrealized appreciation/depreciation in the value of short positions in securities		362,809
Net realized gain from transactions in investment securities		(665,316	)
Net realized loss from closed short positions in securities		750,087
Increase in reimbursement from investment adviser		(2,595	)
Decrease in interest and dividends receivable		7,128
Increase in prepaid expenses		(15,487	)
Decrease in payable for investments purchased		(1,302,388	)
Decrease in dividends expense payable on securities sold short		(9,673	)
Decrease in investment advisory fees payable		(2,103	)
Decrease in fund administration fees payable		(839	)
Decrease in distribution fees payable		(1	)
Decrease in administrative servicing fees payable		(1,463	)
Decrease in accounting and transfer agent fees payable		(79	)
Increase in trustee fees payable		122
Increase in custodian fees payable		409
Increase in compliance program costs payable		1
Decrease in professional fees payable		(3,462	)
Increase in printing fees payable		6,501
Increase in other payables		1,185
Net cash used in operating activities		(1,682,485	)
Cash flows used in financing activities:
Proceeds from shares issued		17,423
Cost of shares redeemed		(1,664,700	)
Cash distributions paid to shareholders		(45	)
Net cash used in financing activities		(1,647,322	)
Net decrease in cash		(3,329,807	)
Cash and restricted cash:
Beginning of period		5,949,117
End of period	$	2,619,310

81

Statement of Cash Flows (Continued)

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Long/Short Equity Fund
Reconciliation of cash and restricted cash at the end of the period to the Statement of Assets and Liabilities:
Cash	$	788,871
Restricted cash:
Deposits with broker for short positions		1,830,439
	$	2,619,310
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $524,721.
Non-cash operating activities included herein include reinvestments of dividend income from unaffiliated issuers of $267,454.

The accompanying notes are an integral part of these financial statements.

82

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Long/Short Equity Fund

			Operations									Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income		Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Loss to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Ratio of Expenses to Average Net Assets (Excluding Dividend and Broker Interest Expense on Short Positions) (d)			Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.54		(0.05	)		0.83			0.78			–		(0.31	)		(0.31	)	$	14.01		6.03	% (g)	$	53,163		3.19%		(0.72	%)		3.72%		2.52%			18.78%
Period Ended October 31, 2018 (h)	$	13.92		(0.06	)		(0.32	)		(0.38	)		–		–			–		$	13.54		(2.73	%)(g)	$	48,460		3.09%		(0.85	%)		3.57%		1.99%			13.17%
Period Ended April 30, 2018 (i)	$	14.06		(0.08	)		(0.06	)		(0.14	)		–		–			–		$	13.92		1.00	%	$	18,268		3.39%		(1.49	%)		3.75%		2.24%			37.50%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	13.64		(0.03	)		0.84			0.81			–		(0.31	)		(0.31	)	$	14.14		6.21	% (g)	$	15,383,908		2.92%		(0.45	%)		3.45%		2.27%			18.78%
Period Ended October 31, 2018 (h)	$	14.00		(0.04	)		(0.32	)		(0.36	)		–		–			–		$	13.64		(2.57	%)(g)	$	14,492,518		2.92%		(0.61	%)		3.37%		1.74%			13.17%
Year Ended April 30, 2018	$	12.96		(0.12	)		1.16			1.04			–		–			–		$	14.00		8.02	%	$	14,888,939		2.76%		(0.87	%)		3.09%		1.74%			37.50%
Year Ended April 30, 2017	$	12.22		0.32			0.53			0.85			–		(0.11	)		(0.11	)	$	12.96		7.03	%	$	14,787		3.04%		(0.71	%)		3.04%		1.74%	(k)		35.00%
Period Ended April 30, 2016 (l)	$	11.92		(0.05	)		0.55			0.50			–		(0.20	)		(0.20	)	$	12.22		4.16	%	$	119,272		2.82%		(0.59	%)		2.82%		1.74%	(k)		83.00%
Institutional Service Class Shares (m)
Six Months Ended April 30, 2019 (Unaudited)	$	13.58		(0.03	)		0.83			0.80			–		(0.31	)		(0.31	)	$	14.07		6.16	% (g)	$	7,262,395		2.99%		(0.49	%)		3.52%		2.33%			18.78%
Period Ended October 31, 2018 (h)	$	13.94		(0.05	)		(0.31	)		(0.36	)		–		–			–		$	13.58		(2.58	%)(g)	$	8,427,908		3.00%		(0.66	%)		3.45%		1.82%			13.17%
Year Ended April 30, 2018	$	12.93		(0.09	)		1.10			1.01			–		–			–		$	13.94		7.81	% (g)	$	10,418,471		2.79%		(0.67	%)		3.97%		1.90%			37.50%
Year Ended April 30, 2017	$	12.20		(0.12	)		0.96			0.84			–		(0.11	)		(0.11	)	$	12.93		6.96	%	$	10,356,366		3.10%		(0.80	%)		4.78%		1.99%	(k)		35.00%
Year Ended April 30, 2016	$	12.24		(0.09	)		0.25			0.16			–		(0.20	)		(0.20	)	$	12.20		1.27	%	$	12,512,041		3.13%		(0.86	%)		4.33%		2.14%	(k)		83.00%
Year Ended April 30, 2015	$	11.24		(0.10	)		1.11			1.01			–		(0.01	)		(0.01	)	$	12.24		9.01	%	$	10,401,111		3.33%		(1.23	%)		4.53%		2.5%	(k)		68.00%
Year Ended April 30, 2014	$	10.05		(0.12	)		1.31			1.19			–		–			–		$	11.24		11.84	%	$	6,260,403		3.48%		(1.43	)%		6.13%		2.5%	(k)		135.00%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) For the period from May 1, 2018 through October 31, 2018.

(i) For the period from December 11, 2017 (commencement of operations) through April 30, 2018. Total return is calculated based on inception date of December 8, 2017 through April 30, 2018.

(j) Effective December 9, 2017, Institutional Shares were renamed Class R6 Shares.

(k) In the prior year audited financial statements, the ratio was noted as 1.30% and 1.11% for the year ended April 30, 2017 and period ended April 30, 2016, respectively for Class R6 and 1.11%, 0.99%, 0.83%, and 0.98% for the years ended April 30, 2017, 2016, 2015 and 2014, respectively for Institutional Service Class, which included the ratio of interest expense and dividends on short positions to average net assets.

(l) For the period from August 28, 2015 (commencement of operations) through April 30, 2016. Total return is calculated based on inception date of August 28, 2015 through April 30, 2016.

(m) Effective December 9, 2017, Investor Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

83

Fund Overview Nationwide Loomis All Cap Growth Fund

Asset Allocation¹

Common Stocks	99.0%
Other assets in excess of liabilities	1.0%
	100.0%

Top Industries²

Internet & Direct Marketing Retail	12.6%
Software	12.1%
Interactive Media & Services	10.2%
Hotels, Restaurants & Leisure	7.8%
Capital Markets	6.7%
IT Services	5.9%
Beverages	5.9%
Semiconductors & Semiconductor Equipment	5.6%
Biotechnology	5.3%
Pharmaceuticals	4.2%
Other Industries	23.7%
	100.0%

Top Holdings²

Amazon.com, Inc.	6.9%
Alibaba Group Holding Ltd., ADR	5.6%
Facebook, Inc., Class A	5.6%
Oracle Corp.	5.0%
Visa, Inc., Class A	4.9%
Autodesk, Inc.	4.8%
Monster Beverage Corp.	4.4%
Expeditors International of Washington, Inc.	3.9%
Yum China Holdings, Inc.	3.4%
QUALCOMM, Inc.	3.2%
Other Holdings	52.3%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

84

Shareholder Expense Example Nationwide Loomis All Cap Growth Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Loomis All Cap Growth Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,168.40		6.56		1.22
	Hypothetical	(a)(b)		1,000.00		1,018.74		6.11		1.22
Class R6 Shares	Actual	(a)		1,000.00		1,171.00		4.58		0.85
	Hypothetical	(a)(b)		1,000.00		1,020.58		4.26		0.85
Eagle Class Shares	Actual	(a)		1,000.00		1,171.50		5.11		0.95
	Hypothetical	(a)(b)		1,000.00		1,020.08		4.76		0.95
Institutional Service Class Shares	Actual	(a)		1,000.00		1,171.20		4.90		0.91
	Hypothetical	(a)(b)		1,000.00		1,020.28		4.56		0.91

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

85

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Loomis All Cap Growth Fund

Common Stocks 99.0%
	Shares		Value
Air Freight & Logistics 3.8%
Expeditors International of Washington, Inc.		163,939	$	13,020,035
Beverages 5.8%
Coca-Cola Co. (The)		101,020		4,956,041
Monster Beverage Corp.*		248,080		14,785,568
				19,741,609
Biotechnology 5.2%
Amgen, Inc.		18,404		3,300,205
BioMarin Pharmaceutical, Inc.*		66,233		5,664,909
Regeneron Pharmaceuticals, Inc.*		25,608		8,787,129
				17,752,243
Capital Markets 6.7%
FactSet Research Systems, Inc.		25,583		7,057,582
MSCI, Inc.		35,468		7,993,778
SEI Investments Co.		140,564		7,653,710
				22,705,070
Communications Equipment 2.8%
Cisco Systems, Inc.		171,750		9,609,413
Consumer Finance 1.2%
American Express Co.		35,049		4,108,794
Energy Equipment & Services 1.5%
Schlumberger Ltd.		122,345		5,221,685
Food Products 2.0%
Danone SA, ADR-FR		413,343		6,704,423
Health Care Equipment & Supplies 1.9%
Alcon, Inc.*		9,550		555,810
Varian Medical Systems, Inc.*		42,780		5,825,353
				6,381,163
Health Care Technology 2.3%
Cerner Corp.*		116,981		7,773,387
Hotels, Restaurants & Leisure 7.7%
Starbucks Corp.		125,000		9,710,000
Yum China Holdings, Inc.		240,958		11,455,143
Yum! Brands, Inc.		49,405		5,157,388
				26,322,531
Household Products 3.1%
Colgate-Palmolive Co.		69,887		5,087,075
Procter & Gamble Co. (The)		51,456		5,479,035
				10,566,110
Interactive Media & Services 10.1%
Alphabet, Inc., Class A*		6,441		7,722,501
Alphabet, Inc., Class C*		6,441		7,655,000
Facebook, Inc., Class A*		98,077		18,968,092
				34,345,593

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail 12.4%
Alibaba Group Holding Ltd., ADR-CN*		102,547	$	19,029,647
Amazon.com, Inc.*		12,119		23,347,496
				42,377,143
IT Services 5.9%
Automatic Data Processing, Inc.		20,718		3,405,832
Visa, Inc., Class A		100,547		16,532,943
				19,938,775
Machinery 2.3%
Deere & Co.		47,196		7,817,073
Pharmaceuticals 4.2%
Merck & Co., Inc.		28,239		2,222,692
Novartis AG, ADR-CH		47,748		3,926,318
Novo Nordisk A/S, ADR-DK		164,782		8,075,966
				14,224,976
Semiconductors & Semiconductor Equipment 5.5%
NVIDIA Corp.		43,893		7,944,633
QUALCOMM, Inc.		125,288		10,791,055
				18,735,688
Software 12.0%
Autodesk, Inc.*		90,530		16,133,351
Microsoft Corp.		61,185		7,990,761
Oracle Corp.		302,511		16,737,934
				40,862,046
Textiles, Apparel & Luxury Goods 2.6%
Under Armour, Inc., Class A*		378,844		8,747,508
Total Investments (cost $287,306,558) — 99.0%				336,955,265
Other assets in excess of liabilities — 1.0%				3,426,273
NET ASSETS — 100.0%			$	340,381,538

* Denotes a non-income producing security.

ADR American Depositary Receipt

CH Switzerland

CN China

DK Denmark

FR France

The accompanying notes are an integral part of these financial statements.

86

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Loomis All Cap Growth Fund
Assets:
Investment securities, at value (cost $287,306,558)	$	336,955,265
Cash		3,535,080
Interest and dividends receivable		123,750
Security lending income receivable		235
Receivable for capital shares issued		87,111
Reimbursement from investment adviser (Note 3)		7,832
Prepaid expenses		29,152
Total Assets		340,738,425
Liabilities:
Payable for capital shares redeemed		44,295
Accrued expenses and other payables:
Investment advisory fees		212,600
Fund administration fees		43,128
Distribution fees		1,087
Administrative servicing fees		30,703
Accounting and transfer agent fees		1,962
Trustee fees		816
Custodian fees		2,421
Compliance program costs (Note 3)		252
Professional fees		1,078
Printing fees		11,481
Other		7,064
Total Liabilities		356,887
Net Assets	$	340,381,538
Represented by:
Capital	$	288,216,184
Total distributable earnings (loss)		52,165,354
Net Assets	$	340,381,538
Net Assets:
Class A Shares	$	5,458,943
Class R6 Shares		185,537,673
Eagle Class Shares		134,282,565
Institutional Service Class Shares		15,102,357
Total	$	340,381,538
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		440,960
Class R6 Shares		14,918,397
Eagle Class Shares		10,796,879
Institutional Service Class Shares		1,216,310
Total		27,372,546

87

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Loomis All Cap Growth Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	12.38
Class R6 Shares	$	12.44
Eagle Class Shares	$	12.44
Institutional Service Class Shares	$	12.42
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	13.14
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

88

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Loomis All Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	1,309,898
Interest income		51,795
Income from securities lending (Note 2)		2,799
Total Income		1,364,492
EXPENSES:
Investment advisory fees		944,298
Fund administration fees		54,860
Distribution fees Class A		2,714
Administrative servicing fees Class A		1,368
Administrative servicing fees Eagle Class		27,877
Administrative servicing fees Institutional Service Class		1,473
Registration and filing fees		29,888
Professional fees		13,006
Printing fees		6,738
Trustee fees		3,606
Custodian fees		5,074
Accounting and transfer agent fees		1,052
Compliance program costs (Note 3)		519
Other		4,432
Total expenses before expenses reimbursed		1,096,905
Expenses reimbursed by adviser (Note 3)		(55,483	)
Net Expenses		1,041,422
NET INVESTMENT INCOME		323,070
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		2,954,696
Net change in unrealized appreciation/depreciation in the value of investment securities		39,787,894
Net realized/unrealized gains		42,742,590
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,065,660

The accompanying notes are an integral part of these financial statements.

89

Statements of Changes in Net Assets

	Nationwide Loomis All Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	323,070		$	557,247
Net realized gains		2,954,696			12,318,472
Net change in unrealized appreciation/depreciation		39,787,894			(932,648	)
Change in net assets resulting from operations		43,065,660			11,943,071
Distributions to Shareholders From:
Distributable earnings:
Class A		(42,498	)		(819	)
Class R6		(12,731,063	)		(1,170,187	)
Eagle Class		(261,340	)		–	(a)
Institutional Service Class		(367,583	)		(17,619	)
Change in net assets from shareholder distributions		(13,402,484	)		(1,188,625	)
Change in net assets from capital transactions		128,767,876			(31,009,799	)
Change in net assets		158,431,052			(20,255,353	)
Net Assets:
Beginning of period		181,950,486			202,205,839
End of period	$	340,381,538		$	181,950,486
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,776,712		$	732,134
Dividends reinvested		42,322			819
Cost of shares redeemed		(404,600	)		(285,695	)
Total Class A Shares		4,414,434			447,258
Class R6 Shares
Proceeds from shares issued		8,512,572			16,806,260
Dividends reinvested		12,731,063			1,170,187
Cost of shares redeemed		(24,017,034	)		(55,866,478	)
Total Class R6 Shares		(2,773,399	)		(37,890,031	)
Eagle Class Shares
Proceeds from shares issued		130,891,166			264,289	(a)
Dividends reinvested		261,340			–	(a)
Cost of shares redeemed		(10,783,522	)		(6	)(a)
Total Eagle Class Shares		120,368,984			264,283	(a)
Institutional Service Class Shares
Proceeds from shares issued		10,167,229			11,335,020
Dividends reinvested		367,583			17,619
Cost of shares redeemed		(3,776,955	)		(5,183,948	)
Total Institutional Service Class Shares		6,757,857			6,168,691
Change in net assets from capital transactions	$	128,767,876		$	(31,009,799	)

90

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis All Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		418,304			61,168
Reinvested		4,109			72
Redeemed		(35,546	)		(24,590	)
Total Class A Shares		386,867			36,650
Class R6 Shares
Issued		744,561			1,431,444
Reinvested		1,232,436			101,556
Redeemed		(2,132,744	)		(4,677,093	)
Total Class R6 Shares		(155,747	)		(3,144,093	)
Eagle Class Shares
Issued		11,677,506			22,328	(a)
Reinvested		25,275			–	(a)
Redeemed		(928,230	)		–	(a)
Total Eagle Class Shares		10,774,551			22,328	(a)
Institutional Service Class Shares
Issued		830,575			952,846
Reinvested		35,619			1,539
Redeemed		(327,257	)		(432,240	)
Total Institutional Service Class Shares		538,937			522,145
Total change in shares		11,544,608			(2,562,970	)

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from June 28, 2018 (commencement of operations) through October 31, 2018.

The accompanying notes are an integral part of these financial statements.

91

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Loomis All Cap Growth Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.45		–			1.76			1.76			(0.01	)		(0.82	)		(0.83	)	$	12.38		16.84	%	$	5,458,943		1.22%		(0.08	%)		1.26%		10.69%
Year Ended October 31, 2018	$	10.97		(0.01	)		0.54			0.53			–			(0.05	)		(0.05	)	$	11.45		4.81	%	$	619,208		1.20%		(0.10	%)		1.41%		21.94%
Period Ended October 31, 2017 (g)	$	10.00		(0.02	)		0.99			0.97			–			–			–		$	10.97		9.70	%	$	191,324		1.29%		(0.39	%)		1.43%		11.55%
Class R6 Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.50		0.02			1.77			1.79			(0.03	)		(0.82	)		(0.85	)	$	12.44		17.10	%	$	185,537,673		0.85%		0.29	%		0.90%		10.69%
Year Ended October 31, 2018	$	11.00		0.03			0.54			0.57			(0.02	)		(0.05	)		(0.07	)	$	11.50		5.15	%	$	173,295,558		0.85%		0.28	%		1.03%		21.94%
Period Ended October 31, 2017 (g)	$	10.00		–			1.00			1.00			–			–			–		$	11.00		10.00	%	$	200,310,013		0.85%		0.08	%		0.98%		11.55%
Eagle Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.48		0.01			1.78			1.79			(0.01	)		(0.82	)		(0.83	)	$	12.44		17.15	%	$	134,282,565		0.95%		0.25	%		0.97%		10.69%
Period Ended October 31, 2018 (h)	$	11.76		(0.01	)		(0.27	)		(0.28	)		–			–			–		$	11.48		(2.38	%)	$	256,407		0.94%		(0.37	%)		1.36%		21.94%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.48		0.01			1.78			1.79			(0.03	)		(0.82	)		(0.85	)	$	12.42		17.12	%	$	15,102,357		0.91%		0.17	%		0.96%		10.69%
Year Ended October 31, 2018	$	10.98		0.01			0.54			0.55			–			(0.05	)		(0.05	)	$	11.48		5.00	%	$	7,779,313		0.97%		0.12	%		1.18%		21.94%
Period Ended October 31, 2017 (g)	$	10.00		(0.01	)		0.99			0.98			–			–			–		$	10.98		9.80	%	$	1,704,502		1.09%		(0.19	%)		1.23%		11.55%

Amounts designated as “-” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from May 31, 2017 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of May 31, 2017 through October 31, 2017.

(h) For the period from June 27, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of June 27, 2018 through October 31, 2018.

The accompanying notes are an intergral part of these financial statements.

92

Fund Overview Nationwide Small Company Growth Fund

Asset Allocation¹

Common Stocks	95.3%
Other assets in excess of liabilities	4.7%
	100.0%

Top Industries²

Software	39.5%
Health Care Equipment & Supplies	21.3%
Health Care Technology	13.3%
Machinery	7.8%
Chemicals	4.4%
Electronic Equipment, Instruments & Components	4.1%
Life Sciences Tools & Services	4.0%
Energy Equipment & Services	2.0%
Biotechnology	1.7%
Communications Equipment	1.5%
Other Industries	0.4%
	100.0%

Top Holdings²

Paycom Software, Inc.	5.0%
Manhattan Associates, Inc.	4.9%
PROS Holdings, Inc.	4.8%
Veeva Systems, Inc., Class A	4.7%
Balchem Corp.	4.4%
Sun Hydraulics Corp.	4.2%
Cognex Corp.	4.1%
Tyler Technologies, Inc.	4.1%
Bio-Techne Corp.	4.0%
ABIOMED, Inc.	3.9%
Other Holdings	55.9%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

93

Shareholder Expense Example Nationwide Small Company Growth Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Small Company Growth Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,162.00		7.08		1.32
	Hypothetical	(a)(b)		1,000.00		1,018.25		6.61		1.32
Institutional Service Class Shares	Actual	(a)		1,000.00		1,162.30		6.38		1.19
	Hypothetical	(a)(b)		1,000.00		1,018.89		5.96		1.19

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

94

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Small Company Growth Fund

Common Stocks 95.3%
	Shares		Value
Biotechnology 1.6%
Cyclerion Therapeutics, Inc.*		31,551	$	480,522
Incyte Corp.*		14,737		1,131,801
Ironwood Pharmaceuticals, Inc.*		315,511		3,751,426
				5,363,749
Chemicals 4.2%
Balchem Corp.		139,684		14,179,323
Communications Equipment 1.4%
NetScout Systems, Inc.*		159,614		4,692,652
Electronic Equipment, Instruments & Components 3.9%
Cognex Corp.		259,262		13,074,583
Energy Equipment & Services 1.9%
DMC Global, Inc.		90,797		6,292,232
Health Care Equipment & Supplies 20.3%
ABIOMED, Inc.*		44,766		12,418,536
Cantel Medical Corp.		119,469		8,236,193
Cardiovascular Systems, Inc.*		142,197		5,053,681
Endologix, Inc.*		21,154		135,809
Glaukos Corp.*		74,202		5,352,190
Inogen, Inc.*		93,377		8,151,812
iRhythm Technologies, Inc.*		57,626		4,397,440
Meridian Bioscience, Inc.		79,371		913,560
Neogen Corp.*		183,781		11,148,156
Quidel Corp.*		191,341		12,234,344
				68,041,721
Health Care Technology 12.7%
Medidata Solutions, Inc.*		130,850		11,820,989
NextGen Healthcare, Inc.*		288,844		5,427,379
Veeva Systems, Inc., Class A*		106,493		14,895,176
Vocera Communications, Inc.*		320,646		10,212,575
				42,356,119
IT Services 0.4%
NIC, Inc.		67,916		1,172,230
Life Sciences Tools & Services 3.8%
Bio-Techne Corp.		62,028		12,690,308
Machinery 7.4%
Proto Labs, Inc.*		104,094		11,428,480
Sun Hydraulics Corp.		255,987		13,398,360
				24,826,840
Software 37.7%
ACI Worldwide, Inc.*		29,789		1,058,105
Alarm.com Holdings, Inc.*		120,587		8,547,207
Alteryx, Inc., Class A*		130,681		11,583,564
American Software, Inc., Class A		161,125		2,086,569
ANSYS, Inc.*		52,569		10,293,010
Appfolio, Inc., Class A*		7,319		710,748
Blackbaud, Inc.		134,325		10,650,629
Guidewire Software, Inc.*		109,482		11,659,833
Manhattan Associates, Inc.*		231,706		15,628,570

Common Stocks (continued)
	Shares		Value
Software (continued)
Paycom Software, Inc.*		78,244	$	15,846,757
PROS Holdings, Inc.*		300,732		15,409,508
Q2 Holdings, Inc.*		128,141		9,664,394
Tyler Technologies, Inc.*		55,917		12,967,711
				126,106,605
Total Investments (cost $211,889,146) — 95.3%				318,796,362
Other assets in excess of liabilities — 4.7%				15,737,643
NET ASSETS — 100.0%			$	334,534,005

* Denotes a non-income producing security.

The accompanying notes are an integral part of these financial statements.

95

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Small Company Growth Fund
Assets:
Investment securities, at value (cost $211,889,146)	$	318,796,362
Cash		15,958,586
Interest receivable		25,595
Receivable for investments sold		1,204,441
Receivable for capital shares issued		131,886
Prepaid expenses		32,254
Total Assets		336,149,124
Liabilities:
Payable for investments purchased		1,169,390
Payable for capital shares redeemed		72,496
Accrued expenses and other payables:
Investment advisory fees		221,566
Fund administration fees		25,628
Distribution fees		7,046
Administrative servicing fees		88,120
Accounting and transfer agent fees		3,814
Trustee fees		658
Custodian fees		3,524
Compliance program costs (Note 3)		320
Professional fees		13,889
Printing fees		4,441
Other		4,227
Total Liabilities		1,615,119
Net Assets	$	334,534,005
Represented by:
Capital	$	219,748,062
Total distributable earnings (loss)		114,785,943
Net Assets	$	334,534,005
Net Assets:
Class A Shares	$	36,426,059
Institutional Service Class Shares		298,107,946
Total	$	334,534,005
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,742,500
Institutional Service Class Shares		14,092,430
Total		15,834,930

96

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Small Company Growth Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	20.90
Institutional Service Class Shares	$	21.15
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	22.18
Maximum Sales Charge:
Class A Shares		5.75	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

97

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Small Company Growth Fund
INVESTMENT INCOME:
Dividend income	$	295,766
Interest income		128,264
Income from securities lending (Note 2)		4,653
Total Income		428,683
EXPENSES:
Investment advisory fees		1,240,219
Fund administration fees		72,213
Distribution fees Class A		37,333
Administrative servicing fees Class A		19,659
Administrative servicing fees Institutional Service Class		331,779
Registration and filing fees		22,433
Professional fees		18,844
Printing fees		12,462
Trustee fees		4,855
Custodian fees		6,412
Accounting and transfer agent fees		8,029
Compliance program costs (Note 3)		686
Other		3,444
Total Expenses		1,778,368
NET INVESTMENT LOSS		(1,349,685	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		12,106,330
Net change in unrealized appreciation/depreciation in the value of investment securities		35,806,870
Net realized/unrealized gains		47,913,200
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,563,515

The accompanying notes are an integral part of these financial statements.

98

Statements of Changes in Net Assets

	Nationwide Small Company Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment loss	$	(1,349,685	)	$	(2,722,634	)
Net realized gains		12,106,330			14,300,814
Net change in unrealized appreciation/depreciation		35,806,870			16,193,023
Change in net assets resulting from operations		46,563,515			27,771,203
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,405,057	)		(702,399	)
Institutional Service Class		(13,202,032	)		(7,025,288	)
Change in net assets from shareholder distributions		(14,607,089	)		(7,727,687	)
Change in net assets from capital transactions		6,628,619			34,029,333
Change in net assets		38,585,045			54,072,849
Net Assets:
Beginning of period		295,948,960			241,876,111
End of period	$	334,534,005		$	295,948,960
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	9,309,387		$	18,954,577
Dividends reinvested		1,380,442			698,155
Cost of shares redeemed		(7,168,478	)		(13,599,058	)
Total Class A Shares		3,521,351			6,053,674
Institutional Service Class Shares
Proceeds from shares issued		14,933,006			49,287,811
Dividends reinvested		13,202,032			7,025,288
Cost of shares redeemed		(25,027,770	)		(28,337,440	)
Total Institutional Service Class Shares		3,107,268			27,975,659
Change in net assets from capital transactions	$	6,628,619		$	34,029,333
SHARE TRANSACTIONS:
Class A Shares
Issued		495,045			959,296
Reinvested		83,209			40,403
Redeemed		(377,356	)		(675,237	)
Total Class A Shares		200,898			324,462
Institutional Service Class Shares
Issued		783,222			2,425,259
Reinvested		786,772			402,826
Redeemed		(1,336,347	)		(1,447,884	)
Total Institutional Service Class Shares		233,647			1,380,201
Total change in shares		434,545			1,704,663

The accompanying notes are an integral part of these financial statements.

99

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Small Company Growth Fund

			Operations							Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Loss to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	19.03		(0.10	)		2.93		2.83		–			(0.96	)		(0.96	)	$	20.90		16.20%	$	36,426,059		1.32%		(1.03%	)		1.32%		8.24%
Year Ended October 31, 2018	$	17.52		(0.21	)		2.28		2.07		–			(0.56	)		(0.56	)	$	19.03		12.16%	$	29,343,929		1.32%		(1.07%	)		1.32%		16.23%
Year Ended October 31, 2017	$	13.50		(0.14	)		4.63		4.49		–			(0.47	)		(0.47	)	$	17.52		34.07%	$	21,321,775		1.31%		(0.92%	)		1.33%		15.58%
Year Ended October 31, 2016	$	13.26		(0.11	)		0.67		0.56		–			(0.32	)		(0.32	)	$	13.50		4.31%	$	8,394,865		1.33%		(0.87%	)		1.36%		14.34%
Year Ended October 31, 2015	$	16.77		(0.09	)		0.94		0.85		–			(4.36	)		(4.36	)	$	13.26		7.89%	$	3,308,794		1.34%		(0.72%	)		1.72%		25.26%
Year Ended October 31, 2014	$	16.00		(0.12	)		0.95		0.83		(0.02	)		(0.04	)		(0.06	)	$	16.77		5.22%	$	1,508,497		1.26%		(0.71%	)		1.56%		10.89%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	19.24		(0.08	)		2.95		2.87		–			(0.96	)		(0.96	)	$	21.15		16.23%	$	298,107,946		1.19%		(0.90%	)		1.19%		8.24%
Year Ended October 31, 2018	$	17.67		(0.18	)		2.31		2.13		–			(0.56	)		(0.56	)	$	19.24		12.40%	$	266,605,031		1.19%		(0.93%	)		1.19%		16.23%
Year Ended October 31, 2017	$	13.60		(0.12	)		4.66		4.54		–			(0.47	)		(0.47	)	$	17.67		34.19%	$	220,554,336		1.19%		(0.74%	)		1.20%		15.58%
Year Ended October 31, 2016	$	13.34		(0.08	)		0.66		0.58		–			(0.32	)		(0.32	)	$	13.60		4.43%	$	169,777,023		1.19%		(0.64%	)		1.22%		14.34%
Year Ended October 31, 2015	$	16.82		(0.09	)		0.97		0.88		–			(4.36	)		(4.36	)	$	13.34		8.10%	$	190,500,495		1.19%		(0.69%	)		1.33%		25.26%
Year Ended October 31, 2014	$	15.99		(0.07	)		0.94		0.87		–			(0.04	)		(0.04	)	$	16.82		5.47%	$	25,251,843		0.97%		(0.41%	)		1.26%		10.89%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

100

Fund Overview Nationwide U.S. Small Cap Value Fund

Asset Allocation¹

Common Stocks	99.8%
Repurchase Agreements	1.6%
Short-Term Investment	0.1%
Rights†	0.0%
Liabilities in excess of other assets	(1.5)%
	100.0%

Top Industries²

Banks	16.1%
Insurance	6.4%
Electronic Equipment, Instruments & Components	5.6%
Oil, Gas & Consumable Fuels	5.3%
Specialty Retail	3.8%
Machinery	3.6%
Household Durables	3.1%
Thrifts & Mortgage Finance	2.9%
Food Products	2.7%
Energy Equipment & Services	2.5%
Other Industries#	48.0%
	100.0%

Top Holdings²

Arrow Electronics, Inc.	0.7%
Xerox Corp.	0.6%
Voya Financial, Inc.	0.6%
Invesco Ltd.	0.6%
Post Holdings, Inc.	0.6%
AECOM	0.6%
Avnet, Inc.	0.5%
Unum Group	0.5%
US Foods Holding Corp.	0.5%
PulteGroup, Inc.	0.5%
Other Holdings#	94.3%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

101

Shareholder Expense Example Nationwide U.S. Small Cap Value Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide U.S. Small Cap Value Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,029.80		6.59		1.31
	Hypothetical	(a)(b)		1,000.00		1,018.30		6.56		1.31
Class C Shares	Actual	(a)		1,000.00		1,024.90		10.49		2.09
	Hypothetical	(a)(b)		1,000.00		1,014.43		10.44		2.09
Class R6 Shares	Actual	(a)		1,000.00		1,031.20		4.99		0.99
	Hypothetical	(a)(b)		1,000.00		1,019.89		4.96		0.99
Institutional Service Class Shares	Actual	(a)		1,000.00		1,029.60		6.24		1.24
	Hypothetical	(a)(b)		1,000.00		1,018.65		6.21		1.24

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

102

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund

Common Stocks 99.8%
	Shares		Value
Aerospace & Defense 0.7%
AAR Corp.		5,109	$	172,531
Arotech Corp.*		6,700		19,430
Astronics Corp.*		1,178		39,274
Astronics Corp., Class B*		176		5,861
CPI Aerostructures, Inc.*		1,172		7,419
Cubic Corp.		3,316		188,282
Ducommun, Inc.*		2,570		104,291
KeyW Holding Corp. (The)*		7,966		90,334
Mercury Systems, Inc.*		386		28,186
Moog, Inc., Class A		3,474		325,305
National Presto Industries, Inc.		801		85,307
SIFCO Industries, Inc.*		425		1,241
Triumph Group, Inc.		3,301		78,333
Vectrus, Inc.*		2,092		84,831
Wesco Aircraft Holdings, Inc.*		12,785		107,905
				1,338,530
Air Freight & Logistics 0.4%
Air Transport Services Group, Inc.*		4,170		98,120
Atlas Air Worldwide Holdings, Inc.*		4,349		210,013
Echo Global Logistics, Inc.*		4,411		101,189
Forward Air Corp.		1,257		79,593
Hub Group, Inc., Class A*		5,018		208,598
Radiant Logistics, Inc.*		5,361		35,061
				732,574
Airlines 1.4%
Alaska Air Group, Inc.		9,748		603,401
Copa Holdings SA, Class A		1,310		109,070
Hawaiian Holdings, Inc.		999		28,182
JetBlue Airways Corp.*		43,803		812,546
SkyWest, Inc.		7,710		474,859
Spirit Airlines, Inc.*		8,798		478,435
				2,506,493
Auto Components 1.7%
Adient plc		9,135		211,019
American Axle & Manufacturing Holdings, Inc.*		18,129		267,403
BorgWarner, Inc.		4,847		202,459
Cooper Tire & Rubber Co.		8,427		251,630
Cooper-Standard Holdings, Inc.*		2,266		114,818
Dana, Inc.		7,927		154,577
Gentex Corp.		15,233		350,816
Gentherm, Inc.*		2,789		118,142
Goodyear Tire & Rubber Co. (The)		28,946		556,053
Horizon Global Corp.*		1,344		3,736
LCI Industries		965		84,775
Modine Manufacturing Co.*		8,771		129,723
Motorcar Parts of America, Inc.* (a)		3,290		67,971
Shiloh Industries, Inc.*		3,700		21,164
Standard Motor Products, Inc.		3,802		189,986
Stoneridge, Inc.*		3,092		97,182
Strattec Security Corp.		442		13,388
Superior Industries International, Inc.		4,675		23,141
Tenneco, Inc., Class A		2,987		65,475
Tower International, Inc.		3,892		90,839
				3,014,297

Common Stocks (continued)
	Shares		Value
Automobiles 0.1%
Harley-Davidson, Inc.		2,037	$	75,837
Winnebago Industries, Inc.		2,948		104,271
				180,108
Banks 16.4%
1st Source Corp.		3,826		179,172
Allegiance Bancshares, Inc.*		1,700		58,769
American National Bankshares, Inc.		1,663		62,895
Ameris Bancorp		5,090		185,581
AmeriServ Financial, Inc.		1,800		7,434
Arrow Financial Corp.		1,655		55,691
Associated Banc-Corp.		27,506		624,111
Atlantic Capital Bancshares, Inc.*		2,398		41,821
Banc of California, Inc.		6,828		99,074
BancFirst Corp.		3,540		199,656
Bancorp, Inc. (The)*		11,406		116,455
BancorpSouth Bank		5,040		153,619
Bank of Commerce Holdings		1,636		17,702
Bank of Marin Bancorp		1,634		69,200
Bank OZK		10,254		334,793
BankFinancial Corp.		3,508		52,655
BankUnited, Inc.		13,373		489,184
Banner Corp.		5,248		278,249
Bar Harbor Bankshares		1,537		40,392
Baycom Corp.*		825		19,016
BCB Bancorp, Inc.		754		9,968
Berkshire Hills Bancorp, Inc.		6,787		203,542
Boston Private Financial Holdings, Inc.		10,941		125,274
Bridge Bancorp, Inc.		1,913		59,284
Brookline Bancorp, Inc.		12,201		183,625
Bryn Mawr Bank Corp.		2,696		102,691
Byline Bancorp, Inc.*		554		11,091
C&F Financial Corp.		391		18,964
Cadence Bancorp		7,750		176,313
Camden National Corp.		2,176		95,701
Capital City Bank Group, Inc.		2,801		64,255
Carolina Financial Corp.		2,314		83,512
CenterState Bank Corp.		10,792		266,347
Central Pacific Financial Corp.		1,828		54,858
Central Valley Community Bancorp		600		12,276
Century Bancorp, Inc., Class A		429		39,326
Chemical Financial Corp.		9,486		416,720
CIT Group, Inc.		13,255		706,094
Citizens & Northern Corp.		1,281		36,316
City Holding Co.		326		25,878
Civista Bancshares, Inc.		835		18,370
CNB Financial Corp.		1,639		46,679
Columbia Banking System, Inc.		8,720		327,349
Community Bank System, Inc.		1,286		85,468
Community Bankers Trust Corp.		300		2,364
Community Trust Bancorp, Inc.		2,713		114,624
ConnectOne Bancorp, Inc.		5,101		111,355
Customers Bancorp, Inc.*		5,561		125,957
Eagle Bancorp, Inc.*		2,884		159,370
Enterprise Bancorp, Inc.		843		26,748
Enterprise Financial Services Corp.		1,967		83,676
Equity Bancshares, Inc., Class A*		1,741		45,719
Farmers National Banc Corp.		3,278		47,170
FB Financial Corp.		1,644		60,401

103

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Fidelity Southern Corp.		4,129	$	120,195
Financial Institutions, Inc.		3,043		83,683
First Bancorp		3,569		135,301
First Bancorp, Inc.		1,541		41,314
First Bancorp/PR		31,011		350,424
First Bancshares, Inc. (The)		851		26,279
First Bank		980		11,182
First Busey Corp.		5,085		131,396
First Business Financial Services, Inc.		1,233		28,396
First Commonwealth Financial Corp.		14,495		197,277
First Community Bankshares, Inc.		3,566		123,954
First Financial Bancorp		12,302		308,780
First Financial Corp.		1,964		80,858
First Financial Northwest, Inc.		1,754		29,344
First Foundation, Inc.		6,012		85,431
First Horizon National Corp.		37,683		568,636
First Internet Bancorp		1,300		28,457
First Interstate BancSystem, Inc., Class A		4,105		173,477
First Merchants Corp.		6,505		238,538
First Mid Bancshares, Inc.		1,457		50,252
First Midwest Bancorp, Inc.		14,047		301,589
First Northwest Bancorp		900		14,652
First of Long Island Corp. (The)		2,776		64,598
Flushing Financial Corp.		5,137		116,096
FNB Corp.		43,546		528,213
Franklin Financial Network, Inc.		1,644		45,457
Fulton Financial Corp.		22,356		385,641
German American Bancorp, Inc.		2,829		84,446
Great Southern Bancorp, Inc.		2,228		129,113
Great Western Bancorp, Inc.		7,915		278,371
Hancock Whitney Corp.		10,910		477,203
Hanmi Financial Corp.		5,805		137,695
HarborOne Bancorp, Inc.*		808		15,126
Heartland Financial USA, Inc.		3,127		140,402
Heritage Commerce Corp.		6,247		78,212
Heritage Financial Corp.		5,474		165,698
Hilltop Holdings, Inc.		13,855		291,371
Home BancShares, Inc.		4,500		86,355
HomeTrust Bancshares, Inc.		3,132		79,428
Hope Bancorp, Inc.		21,007		295,358
Horizon Bancorp, Inc.		5,116		83,237
IBERIABANK Corp.		7,329		582,656
Independent Bank Corp.		5,941		308,001
Independent Bank Group, Inc.		4,662		265,734
International Bancshares Corp.		10,868		450,696
Investors Bancorp, Inc.		44,063		517,740
Lakeland Bancorp, Inc.		6,674		110,521
LCNB Corp.		700		11,900
LegacyTexas Financial Group, Inc.		5,940		238,075
Live Oak Bancshares, Inc. (a)		1,011		17,662
Macatawa Bank Corp.		3,062		31,600
Malvern Bancorp, Inc.*		490		10,383
MBT Financial Corp.		2,346		23,554
Mercantile Bank Corp.		1,874		63,341
Midland States Bancorp, Inc.		2,618		70,215
MidSouth Bancorp, Inc.		1,470		17,449
MidWestOne Financial Group, Inc.		866		24,404
National Bank Holdings Corp., Class A		4,383		167,606
NBT Bancorp, Inc.		5,830		221,657
Nicolet Bankshares, Inc.*		349		21,306

Common Stocks (continued)
	Shares		Value
Banks (continued)
Northeast Bancorp		528	$	11,574
Northrim Bancorp, Inc.		746		26,476
OFG Bancorp		8,409		169,694
Ohio Valley Banc Corp.		475		17,851
Old Line Bancshares, Inc.		1,980		49,500
Old National Bancorp		23,379		399,313
Old Second Bancorp, Inc.		2,264		29,998
Opus Bank		5,252		114,861
Pacific Premier Bancorp, Inc.		3,244		94,303
PacWest Bancorp		17,406		688,407
Park National Corp.		1,724		168,400
Peapack Gladstone Financial Corp.		2,910		84,186
Penns Woods Bancorp, Inc.		343		14,975
Peoples Bancorp of North Carolina, Inc.		709		19,831
Peoples Bancorp, Inc.		3,205		104,739
People’s United Financial, Inc.		52,065		900,204
People’s Utah Bancorp		1,321		37,582
Pinnacle Financial Partners, Inc.		10,308		598,586
Popular, Inc.		12,846		741,343
Preferred Bank		872		42,894
Premier Financial Bancorp, Inc.		1,453		24,091
Prosperity Bancshares, Inc.		9,596		706,649
QCR Holdings, Inc.		1,503		51,418
RBB Bancorp		600		11,616
Renasant Corp.		6,723		243,776
Republic Bancorp, Inc., Class A		3,017		142,583
S&T Bancorp, Inc.		5,002		200,480
Sandy Spring Bancorp, Inc.		4,456		155,470
Seacoast Banking Corp. of Florida*		2,593		73,537
Shore Bancshares, Inc.		1,088		17,223
Sierra Bancorp		3,169		83,852
Simmons First National Corp., Class A		12,396		314,734
SmartFinancial, Inc.*		1,179		24,511
South State Corp.		4,576		346,220
Southern First Bancshares, Inc.*		254		9,350
Southern National Bancorp of Virginia, Inc.		3,865		57,666
Southside Bancshares, Inc.		2,701		94,886
Sterling Bancorp		28,493		610,320
Stock Yards Bancorp, Inc.		1,618		55,578
Synovus Financial Corp.		15,412		568,086
TCF Financial Corp.		15,613		345,516
Texas Capital Bancshares, Inc.*		2,747		177,813
Tompkins Financial Corp.		911		73,490
Towne Bank		8,160		212,813
TriCo Bancshares		3,516		140,324
TriState Capital Holdings, Inc.*		3,525		81,992
Triumph Bancorp, Inc.*		2,242		69,524
Trustmark Corp.		11,021		396,315
UMB Financial Corp.		544		38,004
Umpqua Holdings Corp.		31,549		547,691
Union Bankshares Corp.		9,665		352,773
United Bankshares, Inc.		13,816		542,140
United Community Banks, Inc.		9,343		262,351
United Security Bancshares		303		3,182
Univest Financial Corp.		4,791		120,829
Valley National Bancorp		44,872		470,259
Veritex Holdings, Inc.		4,440		117,704
Washington Trust Bancorp, Inc.		1,498		77,611
WesBanco, Inc.		8,067		325,261

104

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
West Bancorporation, Inc.		1,635	$	34,286
Wintrust Financial Corp.		3,043		231,877
				29,527,207
Beverages 0.0%†
Craft Brew Alliance, Inc.*		4,854		68,490
Biotechnology 0.7%
Achillion Pharmaceuticals, Inc.*		20,933		61,962
Acorda Therapeutics, Inc.*		6,826		71,332
Aduro Biotech, Inc.*		3,303		13,509
Adverum Biotechnologies, Inc.*		5,461		35,224
AMAG Pharmaceuticals, Inc.*		3,751		41,861
Anika Therapeutics, Inc.*		2,476		78,861
Applied Genetic Technologies Corp.*		3,020		13,499
Aptevo Therapeutics, Inc.*		4,392		3,197
Aravive, Inc.*		823		5,259
Ardelyx, Inc.*		2,126		7,228
Catalyst Biosciences, Inc.*		1,000		8,720
Chimerix, Inc.*		11,049		29,832
Concert Pharmaceuticals, Inc.*		2,723		27,993
Emergent BioSolutions, Inc.*		2,343		121,086
Merrimack Pharmaceuticals, Inc.*		1,009		6,599
Myriad Genetics, Inc.*		7,487		235,691
PDL BioPharma, Inc.*		24,722		80,841
Prothena Corp. plc*		3,413		35,495
United Therapeutics Corp.*		3,392		347,917
Zafgen, Inc.*		2,450		6,272
				1,232,378
Building Products 1.4%
Alpha Pro Tech Ltd.*		4,000		14,200
American Woodmark Corp.*		1,430		128,600
Apogee Enterprises, Inc.		4,255		171,476
Armstrong Flooring, Inc.*		5,118		74,160
Builders FirstSource, Inc.*		1,500		20,670
CSW Industrials, Inc.*		1,555		93,222
Gibraltar Industries, Inc.*		5,286		209,696
Griffon Corp.		7,129		139,871
Insteel Industries, Inc.		2,585		54,130
Masonite International Corp.*		3,100		159,619
Owens Corning		12,641		648,104
Quanex Building Products Corp.		7,527		125,851
Resideo Technologies, Inc.*		7,701		174,813
Simpson Manufacturing Co., Inc.		2,159		137,485
Universal Forest Products, Inc.		8,442		311,932
				2,463,829
Capital Markets 1.8%
Blucora, Inc.*		8,815		308,525
Cowen, Inc.*		5,698		95,441
GAIN Capital Holdings, Inc. (a)		5,725		30,171
INTL. FCStone, Inc.*		2,328		94,424
Invesco Ltd.		46,466		1,020,858
Janus Henderson Group plc		21,693		543,844
Legg Mason, Inc.		12,809		428,461
Oppenheimer Holdings, Inc., Class A		2,162		56,752
Piper Jaffray Cos.		200		16,120
Stifel Financial Corp.		7,241		432,070

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Virtus Investment Partners, Inc.		728	$	89,260
Waddell & Reed Financial, Inc., Class A (a)		8,698		162,914
				3,278,840
Chemicals 2.4%
AdvanSix, Inc.*		4,685		141,628
AgroFresh Solutions, Inc.*		3,582		11,427
Albemarle Corp.		266		19,966
American Vanguard Corp.		5,335		83,973
Ashland Global Holdings, Inc.		8,515		685,713
Cabot Corp.		466		21,147
Core Molding Technologies, Inc.		1,940		15,753
Element Solutions, Inc.*		30,632		332,663
Flotek Industries, Inc.* (a)		9,242		32,994
FutureFuel Corp.		6,788		99,716
Hawkins, Inc.		1,432		52,855
HB Fuller Co.		6,707		328,442
Huntsman Corp.		28,771		639,867
Innophos Holdings, Inc.		2,371		76,322
Innospec, Inc.		3,301		279,991
Intrepid Potash, Inc.*		16,455		61,213
Kraton Corp.*		4,678		153,532
LSB Industries, Inc.*		3,802		22,242
Minerals Technologies, Inc.		4,309		270,476
Olin Corp.		18,479		400,809
PQ Group Holdings, Inc.*		6,894		108,994
Rayonier Advanced Materials, Inc.		6,705		99,502
Stepan Co.		1,399		129,463
Trecora Resources*		3,453		32,286
Tredegar Corp.		3,224		58,096
Tronox Holdings plc, Class A		8,235		116,443
Venator Materials plc*		423		2,563
				4,278,076
Commercial Services & Supplies 1.8%
ABM Industries, Inc.		10,288		390,635
ACCO Brands Corp.		15,314		139,970
Acme United Corp.		200		4,134
Advanced Disposal Services, Inc.*		11,162		360,979
AMREP Corp.*		216		1,205
ARC Document Solutions, Inc.*		6,278		14,942
Brady Corp., Class A		5,007		244,291
CECO Environmental Corp.*		8,373		64,974
Civeo Corp.*		25,762		51,782
Clean Harbors, Inc.*		2,682		203,832
Deluxe Corp.		200		8,944
Ennis, Inc.		3,361		67,825
Heritage-Crystal Clean, Inc.*		2,727		78,347
HNI Corp.		578		21,218
Knoll, Inc.		5,039		110,052
LSC Communications, Inc.		5,068		35,425
Matthews International Corp., Class A		3,629		145,378
McGrath RentCorp		3,526		218,612
Mobile Mini, Inc.		6,839		246,341
Multi-Color Corp.		237		11,826
NL Industries, Inc.*		2,541		9,021
PICO Holdings, Inc.*		4,992		57,059
Quad/Graphics, Inc.		3,004		36,679
SP Plus Corp.*		3,641		125,687

105

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Steelcase, Inc., Class A		9,764	$	168,820
Team, Inc.* (a)		5,447		92,054
UniFirst Corp.		428		67,680
Viad Corp.		3,496		214,340
Virco Manufacturing Corp.		1,500		6,825
VSE Corp.		2,192		67,009
				3,265,886
Communications Equipment 1.2%
ADTRAN, Inc.		12,546		215,038
Aviat Networks, Inc.*		639		8,716
BK Technologies Corp.		2,881		11,668
CalAmp Corp.*		800		11,688
Calix, Inc.*		1,597		10,939
Clearfield, Inc.*		800		11,792
CommScope Holding Co., Inc.*		990		24,532
Communications Systems, Inc.		2,369		6,562
Comtech Telecommunications Corp.		5,010		117,885
Digi International, Inc.*		6,264		80,618
EchoStar Corp., Class A*		7,774		309,794
EMCORE Corp.*		3,875		15,190
Finisar Corp.*		14,914		359,577
Harmonic, Inc.*		17,712		100,250
Infinera Corp.*		6,135		26,626
InterDigital, Inc.		4,179		273,265
KVH Industries, Inc.*		2,877		28,195
NETGEAR, Inc.*		4,606		142,924
NetScout Systems, Inc.*		11,645		342,363
Network-1 Technologies, Inc.		3,171		7,832
Optical Cable Corp.*		300		1,461
PC-Tel, Inc.*		1,200		5,676
Ribbon Communications, Inc.*		10,618		56,913
TESSCO Technologies, Inc.		1,910		35,411
				2,204,915
Construction & Engineering 2.5%
AECOM*		29,725		1,007,678
Aegion Corp.*		5,747		114,423
Ameresco, Inc., Class A*		4,900		73,794
Arcosa, Inc.		7,152		222,642
Argan, Inc.		2,646		126,532
EMCOR Group, Inc.		2,496		210,013
Fluor Corp.		564		22,408
Goldfield Corp. (The)*		6,069		14,201
Granite Construction, Inc.		5,233		234,909
Great Lakes Dredge & Dock Corp.*		14,791		151,312
IES Holdings, Inc.*		1,273		22,290
KBR, Inc.		16,493		366,474
MasTec, Inc.*		6,864		347,662
MYR Group, Inc.*		2,963		107,112
Northwest Pipe Co.*		2,416		57,912
NV5 Global, Inc.*		1,142		72,334
Orion Group Holdings, Inc.*		7,050		18,260
Primoris Services Corp.		5,844		128,100
Quanta Services, Inc.		21,970		891,982
Sterling Construction Co., Inc.*		6,611		89,645
Tutor Perini Corp.*		8,542		170,584
Valmont Industries, Inc.		555		74,836
				4,525,103

Common Stocks (continued)
	Shares		Value
Construction Materials 0.2%
Summit Materials, Inc., Class A*		12,633	$	221,330
United States Lime & Minerals, Inc.		750		60,690
US Concrete, Inc.* (a)		1,374		64,757
				346,777
Consumer Finance 1.5%
Asta Funding, Inc.*		267		1,228
Atlanticus Holdings Corp.*		1,995		7,002
Consumer Portfolio Services, Inc.*		1,523		5,361
Encore Capital Group, Inc.* (a)		2,812		79,467
Enova International, Inc.*		4,481		122,914
EZCORP, Inc., Class A*		10,724		116,570
Navient Corp.		39,150		528,916
Nelnet, Inc., Class A		4,820		279,801
OneMain Holdings, Inc.		16,470		559,486
PRA Group, Inc.*		5,102		143,468
Regional Management Corp.*		2,948		73,022
Santander Consumer USA Holdings, Inc.		35,599		760,039
World Acceptance Corp.*		427		55,506
				2,732,780
Containers & Packaging 0.6%
Graphic Packaging Holding Co.		37,331		518,154
Greif, Inc., Class A		4,541		179,461
Sonoco Products Co.		5,266		332,074
UFP Technologies, Inc.*		423		15,397
				1,045,086
Distributors 0.1%
Core-Mark Holding Co., Inc.		3,305		120,137
Weyco Group, Inc.		2,056		70,541
				190,678
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.*		8,712		429,676
American Public Education, Inc.*		3,334		106,688
Career Education Corp.*		1,500		27,225
Carriage Services, Inc.		3,713		65,163
Graham Holdings Co., Class B		701		521,144
Houghton Mifflin Harcourt Co.*		8,689		61,953
K12, Inc.*		7,014		211,262
Liberty Tax, Inc., Class A		1,516		13,644
Regis Corp.*		6,327		118,441
Zovio, Inc.*		1,950		11,739
				1,566,935
Diversified Financial Services 0.7%
Cannae Holdings, Inc.*		3,819		98,033
Marlin Business Services Corp.		1,601		34,886
MedCath Corp.*^¥		2,115		0
On Deck Capital, Inc.*		6,287		34,327
Voya Financial, Inc.		18,765		1,030,011
				1,197,257
Diversified Telecommunication Services 0.3%
ATN International, Inc.		2,354		143,712
Cincinnati Bell, Inc.*		1,048		9,327
Consolidated Communications Holdings, Inc. (a)		7,288		37,606

106

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Diversified Telecommunication Services (continued)
Frontier Communications Corp.* (a)		10,982	$	31,299
Iridium Communications, Inc.*		11,273		309,556
ORBCOMM, Inc.*		1,421		10,288
				541,788
Electric Utilities 0.0%†
Genie Energy Ltd., Class B		2,600		22,594
Electrical Equipment 0.8%
Acuity Brands, Inc.		935		136,818
AZZ, Inc.		4,028		191,290
Broadwind Energy, Inc.*		2,432		4,840
Encore Wire Corp.		3,049		180,775
EnerSys		983		68,014
LSI Industries, Inc.		4,939		16,792
Powell Industries, Inc.		2,855		83,509
Preformed Line Products Co.		824		46,465
Regal Beloit Corp.		5,847		497,463
Thermon Group Holdings, Inc.*		5,276		136,068
Ultralife Corp.*		3,374		38,970
				1,401,004
Electronic Equipment, Instruments & Components 5.7%
Anixter International, Inc.*		4,681		294,294
Arlo Technologies, Inc.*		9,121		36,210
Arrow Electronics, Inc.*		15,843		1,338,892
Avnet, Inc.		20,075		975,846
AVX Corp.		20,841		339,917
Bel Fuse, Inc., Class B		2,729		64,677
Belden, Inc.		3,848		213,756
Benchmark Electronics, Inc.		5,889		159,180
CTS Corp.		4,948		148,193
Daktronics, Inc.		8,464		64,157
ePlus, Inc.*		1,463		137,946
Fabrinet*		5,205		315,007
FARO Technologies, Inc.*		2,559		143,944
Flex Ltd.*		27,639		305,135
Frequency Electronics, Inc.*		900		10,845
II-VI, Inc.*		7,821		311,589
Insight Enterprises, Inc.*		5,011		283,522
Jabil, Inc.		24,105		728,212
KEMET Corp.		6,837		122,177
Key Tronic Corp.*		2,680		14,874
Kimball Electronics, Inc.*		5,843		88,405
Knowles Corp.*		12,790		241,475
Methode Electronics, Inc.		3,912		115,443
MTS Systems Corp.		1,181		64,931
OSI Systems, Inc.*		2,417		217,844
Park Electrochemical Corp.		2,247		36,963
PC Connection, Inc.		3,343		124,226
PCM, Inc.*		2,518		69,472
Plexus Corp.*		5,296		318,713
RF Industries Ltd.		443		3,345
Richardson Electronics Ltd.		2,700		15,795
Rogers Corp.*		2,280		381,946
Sanmina Corp.*		10,963		371,865
ScanSource, Inc.*		4,082		153,687
SMTC Corp.*		2,918		9,892
SYNNEX Corp.		6,359		686,009
Tech Data Corp.*		5,697		607,357

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TTM Technologies, Inc.*		16,634	$	220,234
Vishay Intertechnology, Inc.		22,196		439,703
Vishay Precision Group, Inc.*		2,246		85,056
Wayside Technology Group, Inc.		200		2,368
				10,263,102
Energy Equipment & Services 2.6%
Archrock, Inc.		15,206		153,733
Basic Energy Services, Inc.*		3,935		9,916
Bristow Group, Inc.* (a)		8,504		4,294
C&J Energy Services, Inc.*		676		9,498
CARBO Ceramics, Inc.*		3,900		10,608
Dawson Geophysical Co.*		5,839		16,349
Diamond Offshore Drilling, Inc.* (a)		10,434		101,314
Dril-Quip, Inc.* (a)		5,939		258,703
Ensco Rowan plc, Class A		29,163		407,407
Era Group, Inc.*		5,757		55,497
Exterran Corp.*		6,251		88,889
Forum Energy Technologies, Inc.*		17,299		103,448
Frank’s International NV*		3,738		21,830
Geospace Technologies Corp.*		1,817		24,439
Gulf Island Fabrication, Inc.*		3,273		28,148
Helix Energy Solutions Group, Inc.*		25,935		202,812
Helmerich & Payne, Inc.		11,564		676,725
Hornbeck Offshore Services, Inc.*		6,751		8,776
Independence Contract Drilling, Inc.*		8,702		24,627
Keane Group, Inc.*		8,846		92,795
KLX Energy Services Holdings, Inc.*		2,935		82,327
Mammoth Energy Services, Inc.		402		6,267
Matrix Service Co.*		3,185		62,458
Mitcham Industries, Inc.*		4,242		15,823
Nabors Industries Ltd.		48,942		171,297
Natural Gas Services Group, Inc.*		3,260		52,388
NCS Multistage Holdings, Inc.*		1,277		5,070
Newpark Resources, Inc.*		19,127		139,627
Nine Energy Service, Inc.*		1,524		30,678
Noble Corp. plc*		35,962		94,580
Oceaneering International, Inc.*		15,513		297,850
Oil States International, Inc.*		8,656		167,234
Patterson-UTI Energy, Inc.		28,153		382,599
Pioneer Energy Services Corp.*		17,077		29,714
ProPetro Holding Corp.*		3,806		84,227
RigNet, Inc.*		1,237		11,615
SEACOR Holdings, Inc.*		2,969		132,239
SEACOR Marine Holdings, Inc.*		2,919		39,640
Select Energy Services, Inc., Class A*		5,380		61,978
Smart Sand, Inc.* (a)		1,795		7,054
Superior Energy Services, Inc.*		21,771		78,158
TETRA Technologies, Inc.*		17,259		41,076
Tidewater, Inc.*		2,800		63,000
Unit Corp.*		10,139		137,485
US Silica Holdings, Inc.		9,941		157,267
				4,651,459
Entertainment 0.5%
AMC Entertainment Holdings, Inc., Class A (a)		8,355		126,662
Ballantyne Strong, Inc.*		3,325		6,583
Cinemark Holdings, Inc.		916		38,518

107

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment (continued)
Eros International plc*		1,900	$	16,492
IMAX Corp.*		6,547		159,616
Lions Gate Entertainment Corp., Class A (a)		10,971		160,067
Lions Gate Entertainment Corp., Class B		13,198		179,493
Marcus Corp. (The)		2,900		109,098
Reading International, Inc., Class A*		3,433		52,387
				848,916
Food & Staples Retailing 1.1%
Andersons, Inc. (The)		5,129		167,718
Casey’s General Stores, Inc.		316		41,823
Chefs’ Warehouse, Inc. (The)*		1,105		36,111
Ingles Markets, Inc., Class A		2,857		78,425
Natural Grocers by Vitamin Cottage, Inc.*		4,116		50,956
Performance Food Group Co.*		1,409		57,699
PriceSmart, Inc.		3,061		183,078
Smart & Final Stores, Inc.*		5,016		32,755
SpartanNash Co.		6,313		102,081
United Natural Foods, Inc.*		8,040		103,877
US Foods Holding Corp.*		25,980		949,569
Village Super Market, Inc., Class A		2,253		66,193
Weis Markets, Inc.		3,700		155,585
				2,025,870
Food Products 2.7%
Alico, Inc.		847		23,530
Bunge Ltd.		16,293		853,916
Cal-Maine Foods, Inc.		773		31,778
Darling Ingredients, Inc.*		22,424		489,067
Dean Foods Co. (a)		16,013		27,222
Farmer Brothers Co.*		2,830		57,053
Fresh Del Monte Produce, Inc.		7,070		208,636
Hostess Brands, Inc.*		13,739		184,103
Ingredion, Inc.		5,824		551,824
John B Sanfilippo & Son, Inc.		1,084		78,167
Landec Corp.*		5,127		53,885
Limoneira Co.		1,674		38,234
Post Holdings, Inc.*		9,033		1,018,742
Sanderson Farms, Inc.		2,156		326,914
Sanderson Farms, Inc.*^¥		200		0
Seaboard Corp.		112		503,505
Seneca Foods Corp., Class A*		1,991		49,277
Simply Good Foods Co. (The)*		2,386		53,589
TreeHouse Foods, Inc.*		5,650		378,437
				4,927,879
Health Care Equipment & Supplies 0.5%
AngioDynamics, Inc.*		6,548		134,496
Avanos Medical, Inc.*		1,077		45,180
CONMED Corp.		3,176		254,175
FONAR Corp.*		951		18,868
Integer Holdings Corp.*		4,430		306,069
Invacare Corp.		7,501		55,508
Kewaunee Scientific Corp.		92		2,083
RTI Surgical Holdings, Inc.*		12,630		68,328
Varex Imaging Corp.*		360		11,822
				896,529

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services 1.3%
AAC Holdings, Inc.*		1,294	$	2,083
Acadia Healthcare Co., Inc.*		12,893		412,834
Addus HomeCare Corp.*		1,487		100,967
Brookdale Senior Living, Inc.*		26,649		164,691
Community Health Systems, Inc.* (a)		6,764		23,268
Cross Country Healthcare, Inc.*		5,129		36,159
Digirad Corp.		4,028		2,909
Diplomat Pharmacy, Inc.*		5,200		29,016
Ensign Group, Inc. (The)		3,242		167,028
Five Star Senior Living, Inc.*		2,367		1,491
Magellan Health, Inc.*		3,512		245,840
MEDNAX, Inc.*		7,555		211,313
National HealthCare Corp.		2,300		173,489
Owens & Minor, Inc.		8,102		27,628
Patterson Cos., Inc.		9,390		205,078
Premier, Inc., Class A*		1,770		58,817
Providence Service Corp. (The)*		2,000		132,660
Quorum Health Corp.*		1,182		2,423
Select Medical Holdings Corp.*		17,983		258,416
Surgery Partners, Inc.* (a)		2,120		22,960
Triple-S Management Corp., Class B*		3,940		89,517
				2,368,587
Health Care Technology 0.3%
Allscripts Healthcare Solutions, Inc.*		26,990		266,391
Evolent Health, Inc., Class A*		8,724		118,210
HealthStream, Inc.*		4,884		127,863
Inovalon Holdings, Inc., Class A*		827		11,190
Micron Solutions, Inc.*		200		559
				524,213
Hotels, Restaurants & Leisure 0.9%
Aramark		737		22,906
Ark Restaurants Corp.		318		6,245
BBX Capital Corp.		6,955		38,531
Biglari Holdings, Inc., Class A*		17		12,529
Biglari Holdings, Inc., Class B*		184		25,637
Carrols Restaurant Group, Inc.*		3,980		39,044
Chuy’s Holdings, Inc.*		3,186		63,369
Del Frisco’s Restaurant Group, Inc.* (a)		5,584		37,413
Del Taco Restaurants, Inc.*		6,635		66,682
Dover Motorsports, Inc.		1,000		2,160
El Pollo Loco Holdings, Inc.*		2,617		33,445
Eldorado Resorts, Inc.*		742		36,632
Fiesta Restaurant Group, Inc.*		1,776		22,484
International Game Technology plc (a)		9,079		132,826
J Alexander’s Holdings, Inc.*		2,426		26,662
Luby’s, Inc.*		3,390		4,915
Marriott Vacations Worldwide Corp.		5,628		594,486
Monarch Casino & Resort, Inc.*		870		37,140
Playa Hotels & Resorts NV*		4,932		39,456
Potbelly Corp.*		4,608		41,011
RCI Hospitality Holdings, Inc.		1,853		42,193
Red Lion Hotels Corp.*		3,236		25,629
Red Robin Gourmet Burgers, Inc.*		2,257		72,292
Speedway Motorsports, Inc.		6,911		126,817
				1,550,504

108

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Household Durables 3.1%
Bassett Furniture Industries, Inc.		1,614	$	28,665
Cavco Industries, Inc.*		1,171		146,106
Century Communities, Inc.*		4,475		113,799
CSS Industries, Inc.		1,000		7,010
Ethan Allen Interiors, Inc.		4,316		95,384
Flexsteel Industries, Inc.		1,648		35,696
Green Brick Partners, Inc.*		8,441		75,462
Hamilton Beach Brands Holding Co., Class A		799		14,462
Helen of Troy Ltd.*		2,496		359,424
Hooker Furniture Corp.		2,384		71,067
KB Home		11,840		306,774
La-Z-Boy, Inc.		7,709		252,855
Libbey, Inc.*		1,488		3,720
Lifetime Brands, Inc.		3,756		35,532
M/I Homes, Inc.*		5,099		143,639
MDC Holdings, Inc.		7,790		238,062
Meritage Homes Corp.*		7,800		398,970
New Home Co., Inc. (The)*		2,958		13,636
Newell Brands, Inc.		17,941		257,992
Orleans Homebuilders, Inc.*^¥		1,500		0
PulteGroup, Inc.		29,738		935,557
Taylor Morrison Home Corp., Class A*		14,249		275,861
Toll Brothers, Inc.		24,027		915,429
TopBuild Corp.*		5,326		379,371
TRI Pointe Group, Inc.*		25,182		328,625
Universal Electronics, Inc.*		1,319		50,188
VOXX International Corp.*		5,943		25,911
William Lyon Homes, Class A*		4,676		78,837
ZAGG, Inc.*		2,669		21,993
				5,610,027
Household Products 0.2%
Central Garden & Pet Co.*		2,100		56,658
Central Garden & Pet Co., Class A*		5,569		136,329
Oil-Dri Corp. of America		461		14,664
Spectrum Brands Holdings, Inc.		1,610		99,128
				306,779
Independent Power and Renewable Electricity Producers 0.2%
Ormat Technologies, Inc.		3,973		231,864
TerraForm Power, Inc., Class A		5,142		69,726
				301,590
Industrial Conglomerates 0.0%†
Carlisle Cos., Inc.		649		91,782
Insurance 6.5%
Ambac Financial Group, Inc.*		6,425		120,148
American Equity Investment Life Holding Co.		13,321		391,771
American National Insurance Co.		3,462		392,210
Argo Group International Holdings Ltd.		4,838		377,703
Assurant, Inc.		8,703		826,785
Assured Guaranty Ltd.		16,643		793,871
Athene Holding Ltd., Class A*		18,395		830,718
Atlas Financial Holdings, Inc.*		2,387		3,055
Axis Capital Holdings Ltd.		9,350		531,548
Blue Capital Reinsurance Holdings Ltd.		695		5,171

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Brighthouse Financial, Inc.*		3,305	$	138,116
Citizens, Inc.*		676		4,570
CNO Financial Group, Inc.		26,729		442,365
Donegal Group, Inc., Class A		4,202		56,727
eHealth, Inc.*		507		30,795
EMC Insurance Group, Inc.		3,160		101,468
Employers Holdings, Inc.		5,084		218,205
Enstar Group Ltd.*		1,190		210,939
FBL Financial Group, Inc., Class A		2,726		170,293
FedNat Holding Co.		3,276		53,301
First American Financial Corp.		4,556		259,965
Genworth Financial, Inc., Class A*		26,992		102,300
Global Indemnity Ltd.		2,452		75,522
Greenlight Capital Re Ltd., Class A*		5,532		66,273
Hallmark Financial Services, Inc.*		3,425		39,319
Hanover Insurance Group, Inc. (The)		2,619		315,878
HCI Group, Inc.		1,529		65,166
Heritage Insurance Holdings, Inc.		4,846		66,099
Horace Mann Educators Corp.		5,225		201,581
Independence Holding Co.		2,090		80,005
Investors Title Co.		330		55,744
James River Group Holdings Ltd.		1,769		74,687
Kemper Corp.		1,424		127,989
Kingstone Cos., Inc.		739		8,580
Maiden Holdings Ltd.		15,509		10,135
MBIA, Inc.*		16,219		156,838
National General Holdings Corp.		9,301		229,270
National Western Life Group, Inc., Class A		409		109,088
Navigators Group, Inc. (The)		4,010		280,459
Old Republic International Corp.		40,258		900,169
ProAssurance Corp.		5,543		208,029
Protective Insurance Corp., Class B		1,193		19,386
RenaissanceRe Holdings Ltd.		1,715		266,442
Safety Insurance Group, Inc.		1,899		176,455
Selective Insurance Group, Inc.		3,927		280,034
State Auto Financial Corp.		4,407		148,207
Stewart Information Services Corp.		3,244		137,902
Third Point Reinsurance Ltd.*		13,469		156,375
United Fire Group, Inc.		3,826		166,852
United Insurance Holdings Corp.		2,171		33,260
Unum Group		25,965		958,628
White Mountains Insurance Group Ltd.		231		216,918
				11,693,314
Interactive Media & Services 0.2%
Cars.com, Inc.*		8,846		184,085
DHI Group, Inc.*		6,813		20,780
Liberty TripAdvisor Holdings, Inc., Class A*		5,325		78,491
Meet Group, Inc. (The)*		13,286		73,870
				357,226
Internet & Direct Marketing Retail 0.5%
1-800-Flowers.com, Inc., Class A*		7,399		157,525
FTD Cos., Inc.*		6,539		4,693
Lands’ End, Inc.*		600		10,506
Liberty Expedia Holdings, Inc., Class A*		6,239		289,614
Liquidity Services, Inc.*		7,122		48,358
Qurate Retail, Inc.*		26,759		456,241
				966,937

109

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
IT Services 1.1%
Alithya Group, Inc., Class A*		477	$	1,526
CACI International, Inc., Class A*		2,247		438,030
Computer Task Group, Inc.*		2,911		13,478
Conduent, Inc.*		23,170		297,271
Limelight Networks, Inc.*		3,500		10,395
LiveRamp Holdings, Inc.*		3,239		188,931
Luxoft Holding, Inc.*		1,913		111,757
ManTech International Corp., Class A		4,310		267,177
Perficient, Inc.*		5,607		165,070
Perspecta, Inc.		3,220		74,318
Presidio, Inc.		2,473		37,144
PRGX Global, Inc.*		338		2,711
Science Applications International Corp.		1,829		137,084
Sykes Enterprises, Inc.*		6,672		185,148
				1,930,040
Leisure Products 0.4%
Acushnet Holdings Corp.		9,262		233,495
American Outdoor Brands Corp.*		8,100		79,785
Callaway Golf Co.		13,569		238,272
Clarus Corp.		3,100		41,602
Escalade, Inc.		1,700		20,468
JAKKS Pacific, Inc.*		744		803
Johnson Outdoors, Inc., Class A		1,064		81,577
Nautilus, Inc.*		3,248		17,377
Vista Outdoor, Inc.*		7,134		61,566
				774,945
Life Sciences Tools & Services 0.1%
Harvard Bioscience, Inc.*		8,872		34,335
Luminex Corp.		5,758		131,340
				165,675
Machinery 3.7%
Actuant Corp., Class A		6,967		178,216
AGCO Corp.		9,054		640,842
Alamo Group, Inc.		2,435		252,363
Altra Industrial Motion Corp.		398		14,921
Astec Industries, Inc.		3,350		112,929
Barnes Group, Inc.		4,403		244,895
Briggs & Stratton Corp.		7,426		90,597
Chart Industries, Inc.*		3,044		268,694
CIRCOR International, Inc.*		1,910		64,405
Colfax Corp.*		16,090		485,435
Columbus McKinnon Corp.		3,789		149,135
Eastern Co. (The)		399		11,435
EnPro Industries, Inc.		1,789		132,959
ESCO Technologies, Inc.		3,963		297,225
Federal Signal Corp.		6,952		200,009
Franklin Electric Co., Inc.		3,448		168,469
FreightCar America, Inc.*		2,266		15,681
Gencor Industries, Inc.*		1,501		18,117
Gorman-Rupp Co. (The)		3,200		106,560
Graham Corp.		1,887		39,061
Greenbrier Cos., Inc. (The)		4,948		175,802
Hurco Cos., Inc.		1,343		52,820
Hyster-Yale Materials Handling, Inc.		1,542		102,728
ITT, Inc.		6,437		389,760
Kadant, Inc.		653		64,053

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Kennametal, Inc.		3,988	$	162,312
LB Foster Co., Class A*		1,992		42,808
LS Starrett Co. (The), Class A*		690		4,975
Lydall, Inc.*		1,818		44,741
Manitowoc Co., Inc. (The)*		4,921		87,889
Milacron Holdings Corp.*		2,528		36,934
Miller Industries, Inc.		2,899		95,899
NN, Inc.		6,648		60,098
Oshkosh Corp.		1,533		126,610
Park-Ohio Holdings Corp.		1,819		66,630
Perma-Pipe International Holdings, Inc.*		700		6,272
Rexnord Corp.*		3,305		94,523
Spartan Motors, Inc.		6,355		59,102
SPX FLOW, Inc.*		1,769		63,578
Standex International Corp.		1,332		88,005
Timken Co. (The)		9,078		435,290
Titan International, Inc.		10,236		70,935
Trinity Industries, Inc.		21,458		462,635
Twin Disc, Inc.*		800		15,152
Wabash National Corp.		7,650		115,362
Watts Water Technologies, Inc., Class A		2,113		180,852
				6,597,713
Marine 0.6%
Costamare, Inc.		16,158		97,594
Eagle Bulk Shipping, Inc.*		9,269		50,516
Genco Shipping & Trading Ltd.* (a)		5,148		51,995
Golden Ocean Group Ltd.		4,045		24,108
Kirby Corp.*		8,187		669,042
Matson, Inc.		5,577		220,905
Scorpio Bulkers, Inc.		6,481		34,868
				1,149,028
Media 2.4%
AH Belo Corp., Class A		5,287		19,086
comScore, Inc.*		806		10,115
Cumulus Media, Inc., Class A*		820		14,858
Emerald Expositions Events, Inc.		2,780		39,059
Entercom Communications Corp., Class A		14,491		99,698
Entravision Communications Corp., Class A		12,688		36,415
EW Scripps Co. (The), Class A		9,918		226,031
Gannett Co., Inc.		14,836		138,420
Gray Television, Inc.*		11,439		268,016
John Wiley & Sons, Inc., Class A		5,041		232,793
Liberty Latin America Ltd., Class A*		7,602		159,110
Liberty Latin America Ltd., Class C*		10,747		223,967
Marchex, Inc., Class B*		3,687		17,587
Meredith Corp. (a)		5,590		329,810
New Media Investment Group, Inc.		9,422		100,721
News Corp., Class A		48,779		605,835
News Corp., Class B		26,170		326,864
Nexstar Media Group, Inc., Class A		5,767		675,027
Saga Communications, Inc., Class A		533		17,099
Salem Media Group, Inc.		4,000		8,280
Scholastic Corp.		4,995		199,201
Sinclair Broadcast Group, Inc., Class A		1,830		83,796
TEGNA, Inc.		18,208		289,871
Townsquare Media, Inc., Class A		2,500		14,125

110

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
Tribune Media Co., Class A		2,121	$	97,990
Tribune Publishing Co.*		2,693		28,977
				4,262,751
Metals & Mining 2.2%
Alcoa Corp.*		19,729		526,370
Allegheny Technologies, Inc.*		6,399		159,463
Ampco-Pittsburgh Corp.*		2,015		6,488
Carpenter Technology Corp.		7,417		368,402
Century Aluminum Co.*		9,499		79,887
Coeur Mining, Inc.*		16,560		59,782
Commercial Metals Co.		16,768		289,919
Friedman Industries, Inc.		1,708		12,554
Gold Resource Corp.		2,355		8,619
Haynes International, Inc.		2,492		80,517
Hecla Mining Co.		68,127		143,067
Kaiser Aluminum Corp.		193		18,991
Materion Corp.		3,969		230,321
Nexa Resources SA		1,172		13,877
Olympic Steel, Inc.		2,883		46,762
Reliance Steel & Aluminum Co.		10,150		933,394
Schnitzer Steel Industries, Inc., Class A		5,942		140,944
SunCoke Energy, Inc.*		11,920		102,631
Synalloy Corp.		400		7,060
TimkenSteel Corp.*		9,702		98,378
United States Steel Corp.		17,445		272,142
Universal Stainless & Alloy Products, Inc.*		2,462		35,428
Worthington Industries, Inc.		6,994		280,669
				3,915,665
Multiline Retail 0.6%
Dillard’s, Inc., Class A (a)		4,840		331,298
Fred’s, Inc., Class A*		9,105		13,293
JC Penney Co., Inc.* (a)		23,712		32,485
Macy’s, Inc.		27,379		644,502
Tuesday Morning Corp.*		7,030		15,818
				1,037,396
Oil, Gas & Consumable Fuels 5.3%
Abraxas Petroleum Corp.*		9,300		12,834
Adams Resources & Energy, Inc.		928		33,547
Antero Resources Corp.*		37,139		269,258
Arch Coal, Inc., Class A		2,839		275,326
Ardmore Shipping Corp.*		4,393		30,663
Bonanza Creek Energy, Inc.*		2,516		60,560
Callon Petroleum Co.*		31,130		233,786
Centennial Resource Development, Inc., Class A*		16,474		173,471
Chesapeake Energy Corp.*		25,146		73,175
Clean Energy Fuels Corp.*		29,689		93,223
Cloud Peak Energy, Inc.*		12,663		766
CNX Resources Corp.*		32,688		292,884
CONSOL Energy, Inc.*		3,921		132,922
Contango Oil & Gas Co.*		5,570		16,821
Delek US Holdings, Inc.		8,650		320,569
Denbury Resources, Inc.*		42,868		95,596
DHT Holdings, Inc.		19,979		106,488
Dorian LPG Ltd.*		9,618		77,136
Earthstone Energy, Inc., Class A*		2,838		19,015

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream LLC		38,968	$	455,536
EP Energy Corp., Class A*		5,079		1,444
Extraction Oil & Gas, Inc.* (a)		13,257		62,308
GasLog Ltd.		6,928		108,285
Green Plains, Inc.		6,261		108,754
Gulfport Energy Corp.*		23,763		155,648
Halcon Resources Corp.*		13,727		17,845
Hallador Energy Co.		7,101		36,641
HighPoint Resources Corp.*		28,896		79,175
HollyFrontier Corp.		2,534		120,948
International Seaways, Inc.*		3,598		64,116
Laredo Petroleum, Inc.*		18,531		55,964
Lonestar Resources US, Inc., Class A*		3,464		13,787
Matador Resources Co.*		4,298		84,628
Midstates Petroleum Co., Inc.*		2,497		31,887
Montage Resources Corp.*		1,842		20,483
Murphy Oil Corp.		24,117		656,947
NACCO Industries, Inc., Class A		939		38,396
Oasis Petroleum, Inc.*		44,684		272,572
Overseas Shipholding Group, Inc., Class A*		10,848		19,743
Pacific Ethanol, Inc.*		8,749		9,536
Panhandle Oil and Gas, Inc., Class A		1,332		19,980
Par Pacific Holdings, Inc.*		3,365		65,752
Parsley Energy, Inc., Class A*		14,553		290,478
PBF Energy, Inc., Class A		15,951		535,635
PDC Energy, Inc.*		7,925		344,658
Peabody Energy Corp.		15,096		434,312
Penn Virginia Corp.*		1,473		66,138
QEP Resources, Inc.*		32,096		241,362
Range Resources Corp.		35,172		317,955
Renewable Energy Group, Inc.*		8,146		196,482
REX American Resources Corp.*		783		66,171
Ring Energy, Inc.*		5,773		29,904
SandRidge Energy, Inc.*		4,977		41,608
Scorpio Tankers, Inc.		5,863		151,148
SemGroup Corp., Class A		11,529		150,569
Ship Finance International Ltd. (a)		15,095		192,612
SilverBow Resources, Inc.*		479		8,689
SM Energy Co.		15,089		240,368
Southwestern Energy Co.*		74,456		294,101
SRC Energy, Inc.*		32,838		201,954
Talos Energy, Inc.*		2,328		69,142
Teekay Tankers Ltd., Class A*		13,319		14,518
Whiting Petroleum Corp.*		7,852		215,066
World Fuel Services Corp.		9,327		287,738
WPX Energy, Inc.*		28,324		393,420
				9,602,443
Paper & Forest Products 0.9%
Boise Cascade Co.		5,347		148,058
Clearwater Paper Corp.*		2,391		48,227
Domtar Corp.		8,723		426,555
Louisiana-Pacific Corp.		17,114		428,706
Mercer International, Inc.		11,800		167,088
PH Glatfelter Co.		5,201		82,072
Resolute Forest Products, Inc.		16,440		130,040
Schweitzer-Mauduit International, Inc.		3,833		136,340
Verso Corp., Class A*		5,226		116,644
				1,683,730

111

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Personal Products 0.5%
Coty, Inc., Class A		45,310	$	490,254
Edgewell Personal Care Co.*		7,426		306,174
Inter Parfums, Inc.		436		31,606
Mannatech, Inc.		180		3,233
				831,267
Pharmaceuticals 0.6%
Aclaris Therapeutics, Inc.*		3,229		20,343
Akorn, Inc.*		3,370		9,099
Amphastar Pharmaceuticals, Inc.*		2,590		55,918
Assertio Therapeutics, Inc.*		7,526		31,383
Cumberland Pharmaceuticals, Inc.*		3,851		21,566
Endo International plc*		7,881		59,108
Intra-Cellular Therapies, Inc.*		1,275		16,792
Mallinckrodt plc*		11,425		176,630
Perrigo Co. plc		10,469		501,674
Prestige Consumer Healthcare, Inc.*		5,489		161,486
Taro Pharmaceutical Industries Ltd.		169		18,152
Tetraphase Pharmaceuticals, Inc.*		3,410		3,615
				1,075,766
Professional Services 1.4%
Acacia Research Corp.*		12,146		38,624
CBIZ, Inc.*		9,806		189,354
CRA International, Inc.		2,000		104,160
Franklin Covey Co.*		269		7,669
FTI Consulting, Inc.*		1,113		94,583
GP Strategies Corp.*		1,197		15,238
Heidrick & Struggles International, Inc.		2,983		106,732
Hill International, Inc.*		2,901		7,688
Hudson Global, Inc.*		3,050		4,849
Huron Consulting Group, Inc.*		3,418		165,192
ICF International, Inc.		3,247		252,844
InnerWorkings, Inc.*		9,233		31,207
Kelly Services, Inc., Class A		5,551		123,565
Korn Ferry		7,348		345,503
ManpowerGroup, Inc.		6,483		622,627
Mistras Group, Inc.*		4,648		63,724
Navigant Consulting, Inc.		7,984		182,275
RCM Technologies, Inc.*		400		1,596
Resources Connection, Inc.		8,465		135,948
TrueBlue, Inc.*		4,454		107,609
				2,600,987
Real Estate Management & Development 0.4%
Consolidated-Tomoka Land Co.		732		45,384
Forestar Group, Inc.*		940		18,114
FRP Holdings, Inc.*		634		32,138
Griffin Industrial Realty, Inc.		535		19,533
Howard Hughes Corp. (The)*		1,523		169,053
Jones Lang LaSalle, Inc.		207		31,996
Rafael Holdings, Inc., Class B*		2,237		36,239
RE/MAX Holdings, Inc., Class A		1,401		60,705
Realogy Holdings Corp. (a)		16,265		211,770
St Joe Co. (The)*		800		13,632
Tejon Ranch Co.*		3,720		64,170
				702,734

Common Stocks (continued)
	Shares		Value
Road & Rail 2.3%
AMERCO		2,122	$	791,867
ArcBest Corp.		4,535		138,590
Covenant Transportation Group, Inc., Class A*		3,493		68,218
Genesee & Wyoming, Inc., Class A*		8,279		733,933
Heartland Express, Inc.		9,191		180,879
Hertz Global Holdings, Inc.*		11,577		210,470
Knight-Swift Transportation Holdings, Inc.		20,240		675,004
Marten Transport Ltd.		8,203		162,255
PAM Transportation Services, Inc.*		559		27,961
Patriot Transportation Holding, Inc.*		156		2,913
Ryder System, Inc.		7,188		452,844
Saia, Inc.*		2,915		187,697
Schneider National, Inc., Class B		10,990		229,691
USA Truck, Inc.*		1,450		20,648
Werner Enterprises, Inc.		10,074		337,479
				4,220,449
Semiconductors & Semiconductor Equipment 1.4%
Alpha & Omega Semiconductor Ltd.*		3,313		41,081
Amkor Technology, Inc.*		39,407		357,027
Amtech Systems, Inc.*		2,835		18,768
Axcelis Technologies, Inc.*		3,847		81,903
AXT, Inc.*		7,813		44,534
Cirrus Logic, Inc.*		2,971		141,360
Cohu, Inc.		7,277		107,918
CyberOptics Corp.*		1,654		29,342
Diodes, Inc.*		7,061		257,162
FormFactor, Inc.*		4,362		82,660
GSI Technology, Inc.*		2,857		23,227
Ichor Holdings Ltd.* (a)		1,024		25,784
inTEST Corp.*		3,095		20,489
Kulicke & Soffa Industries, Inc.		10,787		251,013
MKS Instruments, Inc.		1,297		118,040
Nanometrics, Inc.*		3,440		102,478
NeoPhotonics Corp.*		8,105		55,357
PDF Solutions, Inc.*		3,399		44,119
Photronics, Inc.*		12,094		112,958
Rambus, Inc.*		13,270		152,074
Rudolph Technologies, Inc.*		5,205		125,909
SMART Global Holdings, Inc.*		800		17,392
Synaptics, Inc.*		2,011		75,754
Ultra Clean Holdings, Inc.*		6,312		75,555
Veeco Instruments, Inc.*		8,083		98,451
Xperi Corp.		2,428		60,336
				2,520,691
Software 0.3%
Avaya Holdings Corp.*		5,177		98,777
Aware, Inc.*		1,965		6,504
BroadVision, Inc.*		530		641
BSQUARE Corp.*		700		1,337
Monotype Imaging Holdings, Inc.		1,244		21,447
OneSpan, Inc.*		3,343		61,979
RealNetworks, Inc.*		2,449		6,367
Seachange International, Inc.*		5,075		6,750
Synchronoss Technologies, Inc.*		4,983		26,809
TiVo Corp.		27,371		256,466
Verint Systems, Inc.*		441		26,632
				513,709

112

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail 3.9%
Aaron’s, Inc.		6,556	$	365,104
Abercrombie & Fitch Co., Class A		10,614		317,252
American Eagle Outfitters, Inc.		20,344		483,780
America’s Car-Mart, Inc.*		515		51,011
Ascena Retail Group, Inc.* (a)		28,140		33,487
At Home Group, Inc.*		1,458		34,248
AutoNation, Inc.*		12,490		523,706
Barnes & Noble Education, Inc.*		9,518		40,927
Barnes & Noble, Inc.		14,795		74,419
Bed Bath & Beyond, Inc. (a)		17,199		287,395
Big 5 Sporting Goods Corp. (a)		1,914		5,034
Boot Barn Holdings, Inc.*		3,184		91,667
Build-A-Bear Workshop, Inc.*		3,938		22,053
Caleres, Inc.		6,256		164,095
Cato Corp. (The), Class A		3,177		48,163
Chico’s FAS, Inc.		15,371		53,798
Citi Trends, Inc.		2,575		47,663
Conn’s, Inc.*		3,259		84,310
Container Store Group, Inc. (The)* (a)		3,665		31,666
Designer Brands, Inc.		10,372		230,777
Destination XL Group, Inc.*		1,161		2,450
Dick’s Sporting Goods, Inc.		9,443		349,391
Express, Inc.*		10,468		38,522
Foot Locker, Inc.		9,862		564,205
Francesca’s Holdings Corp.*		3,070		2,124
GameStop Corp., Class A (a)		15,591		134,862
Genesco, Inc.*		3,198		143,302
Group 1 Automotive, Inc.		2,612		204,546
Guess?, Inc.		11,998		244,399
Haverty Furniture Cos., Inc.		3,162		75,319
Hibbett Sports, Inc.*		3,975		82,283
J. Jill, Inc.		1,033		5,795
Kirkland’s, Inc.*		2,678		15,747
Lithia Motors, Inc., Class A		2,584		293,336
MarineMax, Inc.*		3,671		63,472
Monro, Inc.		1,307		109,566
Office Depot, Inc.		67,532		162,077
Party City Holdco, Inc.*		7,707		51,637
Penske Automotive Group, Inc.		10,725		492,492
Pier 1 Imports, Inc.*		17,911		16,243
RTW RetailWinds, Inc.*		7,295		16,924
Shoe Carnival, Inc. (a)		2,703		96,389
Signet Jewelers Ltd.		7,856		182,102
Sonic Automotive, Inc., Class A		4,342		87,839
Tandy Leather Factory, Inc.*		1,309		7,749
Tile Shop Holdings, Inc.		2,300		11,178
Tilly’s, Inc., Class A		2,890		33,986
Trans World Entertainment Corp.*		2,150		774
TravelCenters of America LLC*		2,265		9,083
Urban Outfitters, Inc.*		9,950		295,814
Vitamin Shoppe, Inc.*		3,466		21,766
Zumiez, Inc.*		5,382		143,323
				6,949,250
Technology Hardware, Storage & Peripherals 1.0%
AstroNova, Inc.		765		19,140
Cray, Inc.*		2,596		68,171
Electronics For Imaging, Inc.*		6,468		240,545
Intevac, Inc.*		3,894		18,652

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Stratasys Ltd.*		7,462	$	173,492
Super Micro Computer, Inc.*		8,178		183,351
Xerox Corp.		31,140		1,038,830
				1,742,181
Textiles, Apparel & Luxury Goods 0.7%
Culp, Inc.		2,016		41,368
Deckers Outdoor Corp.*		2,723		430,806
Delta Apparel, Inc.*		158		3,803
Fossil Group, Inc.* (a)		2,696		35,237
G-III Apparel Group Ltd.*		5,927		255,750
Lakeland Industries, Inc.*		1,538		19,517
Movado Group, Inc.		2,709		96,576
Oxford Industries, Inc.		1,106		91,865
PVH Corp.		909		117,252
Rocky Brands, Inc.		1,932		49,285
Sequential Brands Group, Inc.* (a)		9,001		8,367
Skechers U.S.A., Inc., Class A*		1,399		44,292
Superior Group of Cos., Inc.		1,724		28,860
Unifi, Inc.*		2,451		49,510
Vera Bradley, Inc.*		6,088		74,761
				1,347,249
Thrifts & Mortgage Finance 3.0%
Axos Financial, Inc.*		5,148		168,443
Capitol Federal Financial, Inc.		20,599		284,266
Dime Community Bancshares, Inc.		7,053		142,118
ESSA Bancorp, Inc.		1,116		17,086
Federal Agricultural Mortgage Corp., Class C		1,704		130,322
First Defiance Financial Corp.		3,452		101,868
First Place Financial Corp.*^¥		367		0
Flagstar Bancorp, Inc.		7,982		285,356
FS Bancorp, Inc.		194		10,028
Hingham Institution for Savings		29		5,365
Home Bancorp, Inc.		1,283		47,009
HomeStreet, Inc.*		4,550		128,037
HopFed Bancorp, Inc.		12		234
Kearny Financial Corp.		15,518		217,252
Meridian Bancorp, Inc.		6,397		110,156
Meta Financial Group, Inc.		3,006		77,435
Mr. Cooper Group, Inc.*		4,813		41,392
New York Community Bancorp, Inc.		56,566		657,863
NMI Holdings, Inc., Class A*		7,777		218,378
Northeast Community Bancorp, Inc.		300		3,375
Northfield Bancorp, Inc.		9,139		137,085
Northwest Bancshares, Inc.		14,386		250,748
OceanFirst Financial Corp.		5,597		140,932
Ocwen Financial Corp.*		19,045		32,186
Oritani Financial Corp.		8,569		148,672
PCSB Financial Corp.		1,726		32,880
PennyMac Financial Services, Inc.		543		12,109
Provident Financial Holdings, Inc.		1,703		34,486
Provident Financial Services, Inc.		9,382		248,811
Radian Group, Inc.		15,638		366,242
Riverview Bancorp, Inc.		5,811		43,118
SI Financial Group, Inc.		1,087		15,566
Southern Missouri Bancorp, Inc.		598		20,063
Territorial Bancorp, Inc.		1,453		42,064

113

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Timberland Bancorp, Inc.		690	$	21,528
TrustCo Bank Corp.		11,491		91,928
United Community Financial Corp.		10,202		93,960
United Financial Bancorp, Inc.		9,052		119,396
Walker & Dunlop, Inc.		3,708		203,755
Washington Federal, Inc.		7,833		259,586
Waterstone Financial, Inc.		5,437		90,037
Western New England Bancorp, Inc.		4,598		44,417
WSFS Financial Corp.		6,575		283,908
				5,379,460
Tobacco 0.1%
Pyxus International, Inc.*		2,540		57,988
Universal Corp.		3,783		203,753
				261,741
Trading Companies & Distributors 2.3%
Air Lease Corp.		19,660		758,090
Aircastle Ltd.		12,387		246,749
Applied Industrial Technologies, Inc.		359		21,519
Beacon Roofing Supply, Inc.*		7,976		300,376
BMC Stock Holdings, Inc.*		8,076		166,204
CAI International, Inc.*		3,062		76,030
DXP Enterprises, Inc.*		2,421		103,837
GATX Corp.		5,511		425,063
Houston Wire & Cable Co.*		5,159		31,934
Kaman Corp.		3,460		214,209
Lawson Products, Inc.*		1,501		49,293
MRC Global, Inc.*		1,120		19,410
MSC Industrial Direct Co., Inc., Class A		216		18,068
NOW, Inc.*		16,110		235,528
Rush Enterprises, Inc., Class A		6,135		260,185
Textainer Group Holdings Ltd.*		3,597		34,495
Titan Machinery, Inc.*		5,064		87,101
Triton International Ltd.		12,229		402,946
Univar, Inc.*		6,362		142,063
Veritiv Corp.*		3,125		87,156
WESCO International, Inc.*		7,163		410,010
Willis Lease Finance Corp.*		606		30,130
				4,120,396
Transportation Infrastructure 0.3%
Macquarie Infrastructure Corp.		12,084		489,523
Water Utilities 0.0%†
AquaVenture Holdings Ltd.*		1,200		23,340
Wireless Telecommunication Services 0.4%
Spok Holdings, Inc.		5,414		74,984
Telephone & Data Systems, Inc.		14,639		466,692
United States Cellular Corp.*		4,903		235,834
				777,510
Total Common Stocks (cost $170,498,114)				179,721,978

Rights 0.0%†
	Number of Rights		Value
Diversified Financial Services 0.0%†
NewStar Financial, Inc., CVR*^¥		8,788	$	855
Media 0.0%†
Media General, Inc., CVR*^¥		5,993		0
Total Rights (cost $9,239)				855
Short-Term Investment 0.1%
	Shares
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		175,601		175,601
Total Short-Term Investment (cost $175,601)				175,601
Repurchase Agreements 1.6%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $2,566,250, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $2,619,236. (c)(d)	$	2,566,057		2,566,057
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $376,579, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $384,082. (c)(d)		376,551		376,551
Total Repurchase Agreements (cost $2,942,608)				2,942,608
Total Investments (cost $173,625,562) — 101.5%				182,841,042
Liabilities in excess of other assets — (1.5)%				(2,716,700	)
NET ASSETS — 100.0%			$	180,124,342

* Denotes a non-income producing security.

¥ Fair valued security.

^ Value determined using significant unobservable inputs.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $3,016,011, which was collateralized by cash used to purchase a money market fund and

114

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide U.S. Small Cap Value Fund (Continued)

repurchase agreements with a value of $175,601 and $2,942,608, respectively, and by $9,944 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from 6/13/2019 - 2/15/2045; a total value of $3,128,153.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $3,118,209.

(d) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

CVR Contingent Value Rights

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

115

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide U.S. Small Cap Value Fund
Assets:
Investment securities, at value* (cost $170,682,954)	$	179,898,434
Repurchase agreements, at value (cost $2,942,608)		2,942,608
Cash		651,461
Interest and dividends receivable		63,644
Security lending income receivable		1,401
Receivable for investments sold		32,047
Receivable for capital shares issued		45,994
Prepaid expenses		41,761
Total Assets		183,677,350
Liabilities:
Payable for investments purchased		174,160
Payable for capital shares redeemed		37,679
Payable upon return of securities loaned (Note 2)		3,118,209
Accrued expenses and other payables:
Investment advisory fees		127,371
Fund administration fees		23,892
Distribution fees		2,415
Administrative servicing fees		32,353
Accounting and transfer agent fees		4,085
Trustee fees		396
Custodian fees		1,909
Compliance program costs (Note 3)		187
Professional fees		14,954
Printing fees		11,330
Other		4,068
Total Liabilities		3,553,008
Net Assets	$	180,124,342
Represented by:
Capital	$	165,433,287
Total distributable earnings (loss)		14,691,055
Net Assets	$	180,124,342
Net Assets:
Class A Shares	$	3,358,056
Class C Shares		1,926,139
Class R6 Shares		8,050,833
Institutional Service Class Shares		166,789,314
Total	$	180,124,342
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		282,241
Class C Shares		176,649
Class R6 Shares		658,422
Institutional Service Class Shares		13,907,206
Total		15,024,518

116

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide U.S. Small Cap Value Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	11.90
Class C Shares (b)	$	10.90
Class R6 Shares	$	12.23
Institutional Service Class Shares	$	11.99
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.63
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $3,016,011 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

117

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide U.S. Small Cap Value Fund
INVESTMENT INCOME:
Dividend income	$	1,541,785
Income from securities lending (Note 2)		12,221
Interest income		8,405
Foreign tax withholding		(1,659	)
Total Income		1,560,752
EXPENSES:
Investment advisory fees		746,639
Fund administration fees		60,961
Distribution fees Class A		5,991
Distribution fees Class C		10,029
Administrative servicing fees Class A		1,678
Administrative servicing fees Class C		1,003
Administrative servicing fees Institutional Service Class		203,019
Registration and filing fees		26,269
Professional fees		18,199
Printing fees		7,743
Trustee fees		2,975
Custodian fees		4,242
Accounting and transfer agent fees		7,443
Compliance program costs (Note 3)		423
Other		3,554
Total Expenses		1,100,168
NET INVESTMENT INCOME		460,584
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		5,186,674
Net change in unrealized appreciation/depreciation in the value of investment securities		(188,764	)
Net realized/unrealized gains		4,997,910
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,458,494

The accompanying notes are an integral part of these financial statements.

118

Statements of Changes in Net Assets

	Nationwide U.S. Small Cap Value Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	460,584		$	804,654
Net realized gains		5,186,674			13,891,299
Net change in unrealized appreciation/depreciation		(188,764	)		(21,465,564	)
Change in net assets resulting from operations		5,458,494			(6,769,611	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(424,132	)		(681,168	)
Class C		(181,468	)		(293,459	)
Class R6		(620,577	)		(461,902	)
Institutional Service Class		(13,434,629	)		(15,914,704	)
Change in net assets from shareholder distributions		(14,660,806	)		(17,351,233	)
Change in net assets from capital transactions		13,788,692			17,629,924
Change in net assets		4,586,380			(6,490,920	)
Net Assets:
Beginning of period		175,537,962			182,028,882
End of period	$	180,124,342		$	175,537,962
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	323,596		$	1,235,733
Dividends reinvested		298,546			504,765
Cost of shares redeemed		(2,403,524	)		(2,929,160	)
Total Class A Shares		(1,781,382	)		(1,188,662	)
Class C Shares
Proceeds from shares issued		54,258			147,687
Dividends reinvested		163,267			257,321
Cost of shares redeemed		(412,562	)		(747,931	)
Total Class C Shares		(195,037	)		(342,923	)
Class R6 Shares
Proceeds from shares issued		1,047,680			4,316,671
Dividends reinvested		620,577			461,902
Cost of shares redeemed		(713,106	)		(1,382,236	)
Total Class R6 Shares		955,151			3,396,337
Institutional Service Class Shares
Proceeds from shares issued		18,162,215			34,922,525
Dividends reinvested		13,426,952			15,746,820
Cost of shares redeemed		(16,779,207	)		(34,904,173	)
Total Institutional Service Class Shares		14,809,960			15,765,172
Change in net assets from capital transactions	$	13,788,692		$	17,629,924

119

Statements of Changes in Net Assets (Continued)

	Nationwide U.S. Small Cap Value Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		29,222			88,309
Reinvested		28,789			37,418
Redeemed		(206,913	)		(212,174	)
Total Class A Shares		(148,902	)		(86,447	)
Class C Shares
Issued		5,159			11,388
Reinvested		17,132			20,504
Redeemed		(39,601	)		(58,308	)
Total Class C Shares		(17,310	)		(26,416	)
Class R6 Shares
Issued		85,386			308,000
Reinvested		58,325			33,399
Redeemed		(60,013	)		(97,098	)
Total Class R6 Shares		83,698			244,301
Institutional Service Class Shares
Issued		1,498,425			2,450,360
Reinvested		1,284,876			1,157,854
Redeemed		(1,418,038	)		(2,493,617	)
Total Institutional Service Class Shares		1,365,263			1,114,597
Total change in shares		1,282,749			1,246,035

The accompanying notes are an integral part of these financial statements.

120

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide U.S. Small Cap Value Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets  (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.67		0.03			0.20			0.23			(0.04	)		(0.96	)		(1.00	)	$	11.90		2.98%		$	3,358,056		1.31%		0.51%			1.31%		13.62%
Year Ended October 31, 2018	$	14.46		0.05			(0.48	)		(0.43	)		–			(1.36	)		(1.36	)	$	12.67		(3.51%	)	$	5,463,787		1.32%		0.35%			1.32%		27.09%
Year Ended October 31, 2017	$	12.28		0.01			2.75			2.76			(0.02	)		(0.56	)		(0.58	)	$	14.46		22.67%		$	7,485,527		1.38%		0.04%			1.38%		38.77%
Year Ended October 31, 2016	$	13.01		0.02			0.36			0.38			(0.03	)		(1.08	)		(1.11	)	$	12.28		3.63%		$	7,814,616		1.44%		0.19%			1.44%		27.10%
Year Ended October 31, 2015	$	15.24		0.02			(0.38	)		(0.36	)		(0.01	)		(1.86	)		(1.87	)	$	13.01		(1.95%	)	$	11,767,447		1.46%		0.17%			1.47%		26.93%
Year Ended October 31, 2014	$	14.86		(0.03	)		1.19			1.16			–			(0.78	)		(0.78	)	$	15.24		7.99%		$	15,415,654		1.42%		(0.22%	)		1.46%		23.65%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	11.71		(0.02	)		0.17			0.15			–			(0.96	)		(0.96	)	$	10.90		2.49%		$	1,926,139		2.09%		(0.30%	)		2.09%		13.62%
Year Ended October 31, 2018	$	13.56		(0.05	)		(0.44	)		(0.49	)		–			(1.36	)		(1.36	)	$	11.71		(4.25%	)	$	2,270,887		2.09%		(0.41%	)		2.09%		27.09%
Year Ended October 31, 2017	$	11.61		(0.09	)		2.60			2.51			–			(0.56	)		(0.56	)	$	13.56		21.80%		$	2,987,496		2.13%		(0.71%	)		2.13%		38.77%
Year Ended October 31, 2016	$	12.42		(0.07	)		0.34			0.27			–			(1.08	)		(1.08	)	$	11.61		2.81%		$	2,509,825		2.20%		(0.59%	)		2.20%		27.10%
Year Ended October 31, 2015	$	14.73		(0.07	)		(0.38	)		(0.45	)		–			(1.86	)		(1.86	)	$	12.42		(2.70%	)	$	3,224,309		2.19%		(0.57%	)		2.20%		26.93%
Year Ended October 31, 2014	$	14.48		(0.14	)		1.17			1.03			–			(0.78	)		(0.78	)	$	14.73		7.27%		$	4,059,732		2.16%		(0.97%	)		2.19%		23.65%
Class R6 Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	13.03		0.05			0.20			0.25			(0.09	)		(0.96	)		(1.05	)	$	12.23		3.12%		$	8,050,833		0.99%		0.77%			0.99%		13.62%
Year Ended October 31, 2018	$	14.84		0.09			(0.48	)		(0.39	)		(0.06	)		(1.36	)		(1.42	)	$	13.03		(3.18%	)	$	7,488,444		0.98%		0.63%			0.98%		27.09%
Year Ended October 31, 2017	$	12.58		0.06			2.82			2.88			(0.06	)		(0.56	)		(0.62	)	$	14.84		23.11%		$	4,903,712		1.03%		0.39%			1.03%		38.77%
Year Ended October 31, 2016	$	13.28		0.06			0.37			0.43			(0.05	)		(1.08	)		(1.13	)	$	12.58		3.99%		$	4,883,788		1.09%		0.50%			1.09%		27.10%
Year Ended October 31, 2015	$	15.50		0.07			(0.39	)		(0.32	)		(0.04	)		(1.86	)		(1.90	)	$	13.28		(1.64%	)	$	3,942,243		1.09%		0.50%			1.09%		26.93%
Year Ended October 31, 2014	$	15.05		0.02			1.21			1.23			–			(0.78	)		(0.78	)	$	15.50		8.38%		$	2,486,527		1.09%		0.10%			1.13%		23.65%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.78		0.03			0.20			0.23			(0.06	)		(0.96	)		(1.02	)	$	11.99		2.96%		$	166,789,314		1.24%		0.52%			1.24%		13.62%
Year Ended October 31, 2018	$	14.58		0.06			(0.48	)		(0.42	)		(0.02	)		(1.36	)		(1.38	)	$	12.78		(3.41%	)	$	160,314,844		1.22%		0.44%			1.22%		27.09%
Year Ended October 31, 2017	$	12.37		0.02			2.78			2.80			(0.03	)		(0.56	)		(0.59	)	$	14.58		22.83%		$	166,652,147		1.25%		0.16%			1.25%		38.77%
Year Ended October 31, 2016	$	13.10		0.03			0.36			0.39			(0.04	)		(1.08	)		(1.12	)	$	12.37		3.66%		$	145,702,488		1.34%		0.25%			1.34%		27.10%
Year Ended October 31, 2015	$	15.32		0.04			(0.39	)		(0.35	)		(0.01	)		(1.86	)		(1.87	)	$	13.10		(1.82%	)	$	128,228,157		1.34%		0.27%			1.34%		26.93%
Year Ended October 31, 2014	$	14.92		(0.02	)		1.20			1.18			–			(0.78	)		(0.78	)	$	15.32		8.10%		$	134,292,405		1.34%		(0.15%	)		1.37%		23.65%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an intergral part of these financial statements.

121

Fund Overview Nationwide WCM Focused Small Cap Fund

Asset Allocation¹

Common Stocks	92.5%
Other assets in excess of liabilities§	7.5%
	100.0%

Top Industries²

Commercial Services & Supplies	10.6%
Specialty Retail	8.3%
Real Estate Management & Development	7.9%
Insurance	7.8%
Electrical Equipment	7.3%
Software	6.9%
Trading Companies & Distributors	6.2%
Construction & Engineering	6.0%
Media	5.7%
IT Services	5.0%
Other Industries	28.3%
	100.0%

Top Holdings²

America’s Car-Mart, Inc.	8.3%
Manhattan Associates, Inc.	6.8%
UniFirst Corp.	5.6%
Cass Information Systems, Inc.	5.0%
SP Plus Corp.	4.9%
Jones Lang LaSalle, Inc.	4.9%
Brown & Brown, Inc.	4.5%
Virtus Investment Partners, Inc.	4.2%
Thermon Group Holdings, Inc.	3.8%
Cabot Microelectronics Corp.	3.5%
Other Holdings	48.5%
	100.0%

^§  Please refer to the Statement of Assets and Liabilities for additional details.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

122

Shareholder Expense Example Nationwide WCM Focused Small Cap Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide WCM Focused Small Cap Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,111.70		8.06		1.54
	Hypothetical	(a)(b)		1,000.00		1,017.16		7.70		1.54
Class C Shares	Actual	(a)		1,000.00		1,107.60		11.97		2.29
	Hypothetical	(a)(b)		1,000.00		1,013.44		11.43		2.29
Class R6 Shares	Actual	(a)		1,000.00		1,113.60		6.29		1.20
	Hypothetical	(a)(b)		1,000.00		1,018.84		6.01		1.20
Institutional Service Class Shares	Actual	(a)		1,000.00		1,112.70		6.91		1.32
	Hypothetical	(a)(b)		1,000.00		1,018.25		6.61		1.32

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

123

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide WCM Focused Small Cap Fund

Common Stocks 92.5%
	Shares		Value
Auto Components 2.4%
Dorman Products, Inc.*		15,148	$	1,328,025
Building Products 2.0%
American Woodmark Corp.*		12,413		1,116,301
Capital Markets 3.9%
Virtus Investment Partners, Inc.		17,351		2,127,406
Commercial Services & Supplies 9.8%
SP Plus Corp.*		72,670		2,508,568
UniFirst Corp.		18,188		2,876,069
				5,384,637
Construction & Engineering 5.5%
Dycom Industries, Inc.* (a)		31,202		1,547,307
EMCOR Group, Inc.		17,986		1,513,342
				3,060,649
Electrical Equipment 6.7%
EnerSys		25,441		1,760,263
Thermon Group Holdings, Inc.*		75,747		1,953,515
				3,713,778
Electronic Equipment, Instruments & Components 3.4%
Control4 Corp.*		26,637		463,750
ePlus, Inc.*		6,779		639,192
FLIR Systems, Inc.		14,948		791,347
				1,894,289
Food Products 1.7%
John B Sanfilippo & Son, Inc.		12,978		935,844
Health Care Equipment & Supplies 2.7%
Natus Medical, Inc.*		56,043		1,499,711
Health Care Providers & Services 2.4%
Addus HomeCare Corp.*		19,113		1,297,773
Insurance 7.2%
Brown & Brown, Inc.		71,964		2,284,857
Enstar Group Ltd.*		9,458		1,676,525
				3,961,382
IT Services 4.7%
Cass Information Systems, Inc.		52,101		2,570,142
Machinery 4.5%
Crane Co.		20,314		1,727,706
Graco, Inc.		14,737		755,271
				2,482,977
Media 5.3%
Emerald Expositions Events, Inc.		115,001		1,615,764
Hemisphere Media Group, Inc.*		89,941		1,314,038
				2,929,802

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development 7.3%
HFF, Inc., Class A		32,178	$	1,531,351
Jones Lang LaSalle, Inc.		16,035		2,478,530
				4,009,881
Semiconductors & Semiconductor Equipment 3.2%
Cabot Microelectronics Corp.		13,981		1,765,101
Software 6.3%
Manhattan Associates, Inc.*		51,793		3,493,438
Specialty Retail 7.7%
America’s Car-Mart, Inc.*		42,760		4,235,378
Trading Companies & Distributors 5.8%
Beacon Roofing Supply, Inc.*		41,720		1,571,175
WESCO International, Inc.*		28,237		1,616,286
				3,187,461
Total Investments (cost $46,456,305) — 92.5%				50,993,975
Other assets in excess of liabilities — 7.5%				4,160,960
NET ASSETS — 100.0%			$	55,154,935

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $86,386, which was collateralized by $87,601 in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from 6/13/2019 - 2/15/2045.

The accompanying notes are an integral part of these financial statements.

124

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide WCM Focused Small Cap Fund
Assets:
Investment securities, at value* (cost $46,456,305)	$	50,993,975
Cash		4,197,225
Interest and dividends receivable		20,365
Security lending income receivable		6
Receivable for capital shares issued		99,257
Reimbursement from investment adviser (Note 3)		1,124
Prepaid expenses		40,097
Total Assets		55,352,049
Liabilities:
Payable for capital shares redeemed		93,950
Accrued expenses and other payables:
Investment advisory fees		35,972
Fund administration fees		21,573
Distribution fees		8,296
Administrative servicing fees		9,263
Accounting and transfer agent fees		3,235
Trustee fees		244
Compliance program costs (Note 3)		99
Professional fees		8,958
Printing fees		10,503
Other		5,021
Total Liabilities		197,114
Net Assets	$	55,154,935
Represented by:
Capital	$	52,409,283
Total distributable earnings (loss)		2,745,652
Net Assets	$	55,154,935
Net Assets:
Class A Shares	$	13,438,359
Class C Shares		6,916,372
Class R6 Shares		2,446,261
Institutional Service Class Shares		32,353,943
Total	$	55,154,935
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		563,977
Class C Shares		333,999
Class R6 Shares		97,591
Institutional Service Class Shares		1,298,210
Total		2,293,777

125

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide WCM Focused Small Cap Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	23.83
Class C Shares (b)	$	20.71
Class R6 Shares	$	25.07
Institutional Service Class Shares	$	24.92
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	25.28
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $86,386 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

126

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide WCM Focused Small Cap Fund
INVESTMENT INCOME:
Dividend income	$	222,795
Interest income		42,314
Income from securities lending (Note 2)		144
Total Income		265,253
EXPENSES:
Investment advisory fees		235,908
Fund administration fees		47,438
Distribution fees Class A		16,311
Distribution fees Class C		35,266
Administrative servicing fees Class A		5,998
Administrative servicing fees Class C		3,122
Administrative servicing fees Institutional Service Class		20,837
Registration and filing fees		27,867
Professional fees		15,153
Printing fees		10,451
Trustee fees		1,046
Custodian fees		2,295
Accounting and transfer agent fees		6,144
Compliance program costs (Note 3)		128
Other		3,019
Total expenses before fees waived and expenses reimbursed		430,983
Investment advisory fees waived (Note 3)		(7,021	)
Expenses reimbursed by adviser (Note 3)		(6,891	)
Net Expenses		417,071
NET INVESTMENT LOSS		(151,818	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities (Note 10)		(1,462,782	)
Net change in unrealized appreciation/depreciation in the value of investment securities		6,262,023
Net realized/unrealized gains		4,799,241
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,647,423

The accompanying notes are an integral part of these financial statements.

127

Statements of Changes in Net Assets

	Nationwide WCM Focused Small Cap Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment loss	$	(151,818	)	$	(527,158	)
Net realized gains (losses)		(1,462,782	)		39,649,355
Net change in unrealized appreciation/depreciation		6,262,023			(37,363,879	)
Change in net assets resulting from operations		4,647,423			1,758,318
Distributions to Shareholders From:
Distributable earnings:
Class A		(5,461,760	)		(1,499,108	)
Class C		(3,108,981	)		(801,356	)
Class R6		(584,433	)		(6,754,014	)
Institutional Service Class		(13,719,635	)		(6,527,214	)
Change in net assets from shareholder distributions		(22,874,809	)		(15,581,692	)
Change in net assets from capital transactions		2,757,457			(125,484,573	)
Change in net assets		(15,469,929	)		(139,307,947	)
Net Assets:
Beginning of period		70,624,864			209,932,811
End of period	$	55,154,935		$	70,624,864
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,301,193		$	1,802,775
Dividends reinvested		5,305,533			1,427,357
Cost of shares redeemed		(3,758,277	)		(8,729,273	)
Total Class A Shares		2,848,449			(5,499,141	)
Class C Shares
Proceeds from shares issued		868,770			1,133,055
Dividends reinvested		2,671,963			621,266
Cost of shares redeemed		(2,653,647	)		(1,923,869	)
Total Class C Shares		887,086			(169,548	)
Class R6 Shares
Proceeds from shares issued		1,218,526			965,512
Dividends reinvested		532,012			3,550,768
Cost of shares redeemed		(1,730,657	)		(85,389,279	)
Total Class R6 Shares		19,881			(80,872,999	)
Institutional Service Class Shares
Proceeds from shares issued		4,215,878			24,907,658
Dividends reinvested		12,782,128			3,886,785
Cost of shares redeemed		(17,995,965	)		(67,737,328	)
Total Institutional Service Class Shares		(997,959	)		(38,942,885	)
Change in net assets from capital transactions	$	2,757,457		$	(125,484,573	)

128

Statements of Changes in Net Assets (Continued)

	Nationwide WCM Focused Small Cap Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		53,989			47,104
Reinvested		263,957			38,287
Redeemed		(167,563	)		(229,147	)
Total Class A Shares		150,383			(143,756	)
Class C Shares
Issued		47,359			32,379
Reinvested		152,596			17,914
Redeemed		(124,231	)		(54,584	)
Total Class C Shares		75,724			(4,291	)
Class R6 Shares
Issued		53,803			24,263
Reinvested		25,190			92,782
Redeemed		(56,743	)		(2,169,548	)
Total Class R6 Shares		22,250			(2,052,503	)
Institutional Service Class Shares
Issued		182,865			647,616
Reinvested		608,673			101,802
Redeemed		(698,515	)		(1,743,530	)
Total Institutional Service Class Shares		93,023			(994,112	)
Total change in shares		341,380			(3,194,662	)

The accompanying notes are an integral part of these financial statements.

129

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide WCM Focused Small Cap Fund

			Operations									Distributions																	Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income (Loss) to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	35.90		(0.07	)		1.56			1.49			–			(13.56	)		–			(13.56	)	$	23.83		11.17%		$	13,438,359		1.54%		(0.60%	)		1.59%		6.68%
Year Ended October 31, 2018	$	40.13		(0.23	)		(0.82	)		(1.05	)		(0.04	)		(3.14	)		–			(3.18	)	$	35.90		(2.89%	)	$	14,848,196		1.38%		(0.60%	)		1.40%		172.38%
Year Ended October 31, 2017	$	30.79		–			9.39			9.39			–			(0.05	)		–			(0.05	)	$	40.13		30.50%		$	22,366,548		1.37%		(0.01%	)		1.37%		95.99%
Year Ended October 31, 2016	$	30.22		0.03			1.40			1.43			(0.03	)		(0.82	)		(0.01	)		(0.86	)	$	30.79		4.94%		$	18,401,857		1.45%		0.10%			1.45%		69.62%
Year Ended October 31, 2015	$	30.10		(0.05	)		0.17			0.12			–			–			–			–		$	30.22		0.40%		$	24,362,293		1.44%		(0.17%	)		1.44%		103.94%
Period Ended October 31, 2014 (h)	$	28.36		(0.05	)		1.79			1.74			–			–			–			–		$	30.10		6.14%	(i)	$	12,469,982		1.62%		(0.64%	)		1.66%		10.30%
Year Ended July 31, 2014	$	25.02		(0.19	)		3.53			3.34			–			–			–			–		$	28.36		13.35%	(i)	$	11,588,588		1.59%		(0.69%	)		1.62%		49.64%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	33.18		(0.15	)		1.24			1.09			–			(13.56	)		–			(13.56	)	$	20.71		10.76%		$	6,916,372		2.29%		(1.34%	)		2.34%		6.68%
Year Ended October 31, 2018	$	37.57		(0.48	)		(0.75	)		(1.23	)		(0.02	)		(3.14	)		–			(3.16	)	$	33.18		(3.62%	)	$	8,569,392		2.13%		(1.37%	)		2.16%		172.38%
Year Ended October 31, 2017	$	29.04		(0.26	)		8.84			8.58			–			(0.05	)		–			(0.05	)	$	37.57		29.55%		$	9,863,605		2.12%		(0.76%	)		2.12%		95.99%
Year Ended October 31, 2016	$	28.73		(0.19	)		1.32			1.13			–			(0.82	)		–			(0.82	)	$	29.04		4.11%		$	7,751,965		2.21%		(0.67%	)		2.21%		69.62%
Year Ended October 31, 2015	$	28.82		(0.27	)		0.18			(0.09	)		–			–			–			–		$	28.73		(0.31%	)	$	8,931,807		2.19%		(0.91%	)		2.19%		103.94%
Period Ended October 31, 2014 (h)	$	27.20		(0.09	)		1.71			1.62			–			–			–			–		$	28.82		5.96%	(i)	$	4,312,329		2.22%		(1.24%	)		2.42%		10.30%
Year Ended July 31, 2014	$	24.14		(0.35	)		3.41			3.06			–			–			–			–		$	27.20		12.68%	(i)	$	4,030,378		2.22%		(1.32%	)		2.29%		49.64%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	36.97		(0.03	)		1.69			1.66			–			(13.56	)		–			(13.56	)	$	25.07		11.36%		$	2,446,261		1.20%		(0.21%	)		1.24%		6.68%
Year Ended October 31, 2018	$	41.11		(0.07	)		(0.87	)		(0.94	)		(0.06	)		(3.14	)		–			(3.20	)	$	36.97		(2.54%	)	$	2,785,456		1.00%		(0.18%	)		1.02%		172.38%
Year Ended October 31, 2017	$	31.46		0.13			9.61			9.74			(0.04	)		(0.05	)		–			(0.09	)	$	41.11		30.97%		$	87,473,796		1.01%		0.35%			1.01%		95.99%
Year Ended October 31, 2016	$	30.87		0.12			1.46			1.58			(0.13	)		(0.82	)		(0.04	)		(0.99	)	$	31.46		5.33%		$	73,229,275		1.09%		0.42%			1.09%		69.62%
Year Ended October 31, 2015	$	30.64		0.05			0.18			0.23			–			–			–			–		$	30.87		0.75%		$	338,296		1.05%		0.16%			1.05%		103.94%
Period Ended October 31, 2014 (h)	$	28.84		(0.02	)		1.82			1.80			–			–			–			–		$	30.64		6.24%	(i)	$	11,672		1.22%		(0.24%	)		1.33%		10.30%
Period Ended July 31, 2014(k)	$	26.26		(0.08	)		2.66			2.58			–			–			–			–		$	28.84		9.82%	(i)	$	10,987		1.22%		(0.34%	)		1.25%		49.64%
Institutional Service Class Shares (I)
Six Months Ended April 30, 2019 (Unaudited)	$	36.86		(0.05	)		1.67			1.62			–			(13.56	)		–			(13.56	)	$	24.92		11.27%		$	32,353,943		1.32%		(0.38%	)		1.37%		6.68%
Year Ended October 31, 2018	$	41.03		(0.13	)		(0.84	)		(0.97	)		(0.06	)		(3.14	)		–			(3.20	)	$	36.86		(2.63%	)	$	44,421,820		1.11%		(0.33%	)		1.13%		172.38%
Year Ended October 31, 2017	$	31.40		0.10			9.59			9.69			(0.01	)		(0.05	)		–			(0.06	)	$	41.03		30.88%		$	90,228,862		1.09%		0.26%			1.09%		95.99%
Year Ended October 31, 2016	$	30.84		0.12			1.41			1.53			(0.11	)		(0.82	)		(0.04	)		(0.97	)	$	31.40		5.20%		$	33,699,602		1.16%		0.40%			1.16%		69.62%
Year Ended October 31, 2015	$	30.60		0.06			0.18			0.24			–			–			–			–		$	30.84		0.78%		$	114,942,706		1.10%		0.18%			1.10%		103.94%
Period Ended October 31, 2014 (h)	$	28.81		(0.03	)		1.82			1.79			–			–			–			–		$	30.60		6.21%	(i)	$	74,648,581		1.33%		(0.35%	)		1.33%		10.30%
Year Ended July 31, 2014	$	25.35		(0.12	)		3.58			3.46			–			–			–			–		$	28.81		13.65%	(i)	$	69,395,173		1.33%		(0.43%	)		1.35%		49.64%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) For the period from August 1, 2014 through October 31, 2014.

(i) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(I) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an intergral part of these financial statements.

130

Fund Overview Nationwide Ziegler Equity Income Fund

Asset Allocation¹

Common Stocks	98.5%
Exchange Traded Fund	0.7%
Repurchase Agreements	0.6%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.2%
	100.0%

Top Industries²

Banks	15.3%
Oil, Gas & Consumable Fuels	9.2%
Pharmaceuticals	9.1%
Electric Utilities	5.3%
Insurance	4.7%
Equity Real Estate Investment Trusts (REITs)	3.5%
Diversified Telecommunication Services	3.5%
Food & Staples Retailing	3.5%
Communications Equipment	3.1%
Multiline Retail	2.5%
Other Industries#	40.3%
	100.0%

Top Holdings²

Verizon Communications, Inc.	3.5%
Walmart, Inc.	3.5%
JPMorgan Chase & Co.	3.4%
Exxon Mobil Corp.	3.2%
Cisco Systems, Inc.	3.1%
BB&T Corp.	3.1%
PNC Financial Services Group, Inc. (The)	2.9%
Johnson & Johnson	2.8%
Bank of America Corp.	2.7%
Chevron Corp.	2.4%
Other Holdings#	69.4%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

131

Shareholder Expense Example Nationwide Ziegler Equity Income Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Ziegler Equity Income Fund April 30, 2019			Beginning Account Value ($) 11/1/18	Ending Account Value ($) 4/30/19	Expenses Paid During Period ($) 11/1/2018 - 4/30/19	Expense Ratio During Period (%) 11/1/2018 - 4/30/19
Class A Shares	Actual	(a)	1,000.00	1,073.20	5.45	1.06
	Hypothetical(a)(b)		1,000.00	1,019.54	5.31	1.06
Class C Shares	Actual	(a)	1,000.00	1,069.10	9.44	1.84
	Hypothetical(a)(b)		1,000.00	1,015.67	9.20	1.84
Class R6 Shares	Actual	(a)	1,000.00	1,074.60	3.19	0.62
	Hypothetical(a)(b)		1,000.00	1,021.72	3.11	0.62
Institutional Service Class Shares	Actual	(a)	1,000.00	1,074.70	4.42	0.86
	Hypothetical(a)(b)		1,000.00	1,020.53	4.31	0.86

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

132

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Ziegler Equity Income Fund

Common Stocks 98.5%
	Shares		Value
Airlines 1.1%
Delta Air Lines, Inc.		7,310	$	426,100
Banks 15.2%
Bank of America Corp.		33,983		1,039,200
BB&T Corp.		22,807		1,167,718
JPMorgan Chase & Co.		11,204		1,300,224
PNC Financial Services Group, Inc. (The)		7,931		1,085,992
US Bancorp		14,082		750,852
Wells Fargo & Co.		9,243		447,454
				5,791,440
Biotechnology 1.9%
AbbVie, Inc. (a)		5,591		443,869
Gilead Sciences, Inc.		4,413		287,022
				730,891
Capital Markets 1.0%
Lazard Ltd., Class A		9,366		364,150
Chemicals 1.5%
Dow, Inc.*		3,213		182,274
DowDuPont, Inc.		9,641		370,696
				552,970
Communications Equipment 3.1%
Cisco Systems, Inc.		20,974		1,173,495
Consumer Finance 2.4%
Discover Financial Services		10,989		895,494
Containers & Packaging 1.8%
International Paper Co.		7,519		351,964
Westrock Co.		8,402		322,469
				674,433
Diversified Telecommunication Services 3.5%
Verizon Communications, Inc.		23,416		1,339,161
Electric Utilities 5.3%
Edison International		8,037		512,519
FirstEnergy Corp.		16,696		701,733
PPL Corp.		14,827		462,751
Southern Co. (The)		6,525		347,261
				2,024,264
Electrical Equipment 2.0%
Eaton Corp. plc		9,314		771,386
Energy Equipment & Services 1.4%
Helmerich & Payne, Inc.		8,891		520,301
Equity Real Estate Investment Trusts (REITs) 3.5%
Apartment Investment & Management Co., Class A		7,594		374,840
Duke Realty Corp.		18,107		563,490
Host Hotels & Resorts, Inc.		20,920		402,501
				1,340,831

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing 3.5%
Walmart, Inc.		12,814	$	1,317,792
Food Products 2.2%
Archer-Daniels-Midland Co.		6,189		276,029
Nestle SA, ADR-CH		5,966		575,898
				851,927
Health Care Equipment & Supplies 0.8%
Abbott Laboratories		3,843		305,749
Health Care Providers & Services 1.5%
CVS Health Corp.		10,256		557,721
Hotels, Restaurants & Leisure 1.5%
Carnival Corp.		5,047		276,878
McDonald’s Corp.		1,559		308,012
				584,890
Household Products 1.0%
Procter & Gamble Co. (The)		3,529		375,768
Insurance 4.7%
Aflac, Inc.		12,616		635,594
American Financial Group, Inc.		4,724		489,076
MetLife, Inc.		13,949		643,467
				1,768,137
IT Services 1.0%
Leidos Holdings, Inc.		4,954		364,020
Machinery 2.3%
Caterpillar, Inc.		3,638		507,210
Cummins, Inc.		2,215		368,332
				875,542
Media 1.5%
Comcast Corp., Class A		13,165		573,073
Mortgage Real Estate Investment Trusts (REITs) 0.9%
Chimera Investment Corp.		16,755		321,193
Multiline Retail 2.5%
Kohl’s Corp.		5,968		424,325
Target Corp.		6,959		538,766
				963,091
Multi-Utilities 1.5%
Ameren Corp.		7,812		568,479
Oil, Gas & Consumable Fuels 9.1%
Chevron Corp.		7,593		911,616
Exxon Mobil Corp.		15,026		1,206,287
Royal Dutch Shell plc, Class B, ADR-NL		11,387		738,902
Valero Energy Corp.		6,791		615,672
				3,472,477
Pharmaceuticals 9.1%
Eli Lilly & Co.		2,827		330,872
GlaxoSmithKline plc, ADR-UK		14,005		576,026
Johnson & Johnson		7,581		1,070,437

133

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Ziegler Equity Income Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Merck & Co., Inc.		8,812	$	693,593
Pfizer, Inc.		19,491		791,529
				3,462,457
Road & Rail 2.2%
Union Pacific Corp.		4,770		844,481
Semiconductors & Semiconductor Equipment 2.4%
Intel Corp.		11,661		595,177
Maxim Integrated Products, Inc.		5,415		324,900
				920,077
Software 2.3%
Microsoft Corp.		6,613		863,658
Specialty Retail 0.8%
Williams-Sonoma, Inc. (b)		5,422		309,976
Technology Hardware, Storage & Peripherals 1.7%
Hewlett Packard Enterprise Co.		23,757		375,598
Seagate Technology plc		5,472		264,407
				640,005
Textiles, Apparel & Luxury Goods 1.3%
Tapestry, Inc.		15,686		506,187
Trading Companies & Distributors 1.0%
GATX Corp.		5,085		392,206
Total Common Stocks (cost $32,504,278)				37,443,822
Exchange Traded Fund 0.7%
Exchange Traded Fund 0.7%
Vanguard Value ETF		2,127		236,629
Total Exchange Traded Fund (cost $211,765)				236,629
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		14,673		14,673
Total Short-Term Investment (cost $14,673)				14,673

Repurchase Agreements 0.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $214,430, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $218,857. (d)(e)	$	214,414	$	214,414
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $31,466, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $32,093. (d)(e)		31,464		31,464
Total Repurchase Agreements (cost $245,878)				245,878
Total Investments (cost $32,976,594) — 99.8%				37,941,002
Other assets in excess of liabilities — 0.2%				77,047
NET ASSETS — 100.0%			$	38,018,049

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Principal amounts are not adjusted for inflation.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $257,265, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $14,673 and $245,878, respectively, a total value of $260,551.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $260,551.

(e) Please refer to Note 2(g) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

CH Switzerland

ETF Exchange Traded Fund

NL Netherlands

REIT Real Estate Investment Trust

UK United Kingdom

The accompanying notes are an integral part of these financial statements.

134

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Ziegler Equity Income Fund
Assets:
Investment securities, at value* (cost $32,730,716)	$	37,695,124
Repurchase agreements, at value (cost $245,878)		245,878
Cash		314,176
Interest and dividends receivable		52,946
Security lending income receivable		47
Receivable for capital shares issued		45,204
Reimbursement from investment adviser (Note 3)		11,493
Prepaid expenses		32,939
Total Assets		38,397,807
Liabilities:
Payable for capital shares redeemed		19,085
Payable upon return of securities loaned (Note 2)		260,551
Accrued expenses and other payables:
Investment advisory fees		16,793
Fund administration fees		21,708
Distribution fees		9,340
Administrative servicing fees		11,693
Accounting and transfer agent fees		3,562
Custodian fees		3,195
Compliance program costs (Note 3)		180
Professional fees		16,915
Printing fees		8,786
Other		7,950
Total Liabilities		379,758
Net Assets	$	38,018,049
Represented by:
Capital	$	(26,465,783	)
Total distributable earnings (loss)		64,483,832
Net Assets	$	38,018,049
Net Assets:
Class A Shares	$	19,159,931
Class C Shares		6,624,112
Class R6 Shares		621,840
Institutional Service Class Shares		11,612,166
Total	$	38,018,049
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,496,867
Class C Shares		524,659
Class R6 Shares		48,335
Institutional Service Class Shares		902,563
Total		2,972,424

135

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Ziegler Equity Income Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	12.80
Class C Shares (b)	$	12.63
Class R6 Shares	$	12.87
Institutional Service Class Shares	$	12.87
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	13.58
Maximum Sales Charge:
Class A Shares		5.75	%

^*   Includes value of securities on loan of $257,265 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

136

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Ziegler Equity Income Fund
INVESTMENT INCOME:
Dividend income	$	4,184,192
Interest income		16,356
Income from securities lending (Note 2)		6,247
Total Income		4,206,795
EXPENSES:
Investment advisory fees		552,760
Fund administration fees		65,505
Distribution fees Class A		22,112
Distribution fees Class C		32,640
Administrative servicing fees Class A		5,452
Administrative servicing fees Class C		2,939
Administrative servicing fees Institutional Service Class		5,692
Registration and filing fees		26,144
Professional fees		17,843
Printing fees		7,705
Trustee fees		4,377
Custodian fees		6,073
Accounting and transfer agent fees		6,755
Compliance program costs (Note 3)		627
Other		6,699
Total expenses before expenses reimbursed		763,323
Expenses reimbursed by adviser (Note 3)		(17,199	)
Net Expenses		746,124
NET INVESTMENT INCOME		3,460,671
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from:
Transactions in investment securities (Note 10)		2,360,904
Redemptions in-kind by affiliated issuers (Note 3)		57,308,737
Net realized gains		59,669,641
Net change in unrealized appreciation/depreciation in the value of investment securities		(50,332,889	)
Net realized/unrealized gains		9,336,752
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,797,423

The accompanying notes are an integral part of these financial statements.

137

Statements of Changes in Net Assets

	Nationwide Ziegler Equity Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,460,671		$	9,982,936
Net realized gains		59,669,641			53,479,789
Net change in unrealized appreciation/depreciation		(50,332,889	)		(39,776,380	)
Change in net assets resulting from operations		12,797,423			23,686,345
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,282,722	)		(1,902,291	)
Class C		(1,250,236	)		(761,858	)
Class R6		(49,914,705	)		(42,385,665	)
Institutional Service Class		(2,126,173	)		(1,163,480	)
Change in net assets from shareholder distributions		(56,573,836	)		(46,213,294	)
Change in net assets from capital transactions		(236,967,681	)		(136,651,524	)
Change in net assets		(280,744,094	)		(159,178,473	)
Net Assets:
Beginning of period		318,762,143			477,940,616
End of period	$	38,018,049		$	318,762,143
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,951,820		$	2,347,820
Dividends reinvested		3,211,532			1,843,468
Cost of shares redeemed		(1,371,311	)		(4,997,240	)
Total Class A Shares		3,792,041			(805,952	)
Class C Shares
Proceeds from shares issued		1,059,575			1,004,056
Dividends reinvested		1,098,700			670,679
Cost of shares redeemed		(1,608,177	)		(2,244,424	)
Total Class C Shares		550,098			(569,689	)
Class R6 Shares
Proceeds from shares issued		2,543,531			11,814,426
Dividends reinvested		49,910,443			42,347,474
Cost of shares redeemed		(295,174,701	)(a)		(190,574,848	)
Total Class R6 Shares		(242,720,727	)		(136,412,948	)
Institutional Service Class Shares
Proceeds from shares issued		2,052,084			3,778,610
Dividends reinvested		1,975,454			1,028,160
Cost of shares redeemed		(2,616,631	)		(3,669,705	)
Total Institutional Service Class Shares		1,410,907			1,137,065
Change in net assets from capital transactions	$	(236,967,681	)	$	(136,651,524	)

138

Statements of Changes in Net Assets (Continued)

	Nationwide Ziegler Equity Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		165,915			153,915
Reinvested		277,948			120,703
Redeemed		(112,008	)		(324,513	)
Total Class A Shares		331,855			(49,895	)
Class C Shares
Issued		90,274			64,877
Reinvested		96,356			44,333
Redeemed		(131,070	)		(147,795	)
Total Class C Shares		55,560			(38,585	)
Class R6 Shares
Issued		213,392			772,490
Reinvested		4,311,500			2,763,535
Redeemed		(23,472,717	)(a)		(12,299,223	)
Total Class R6 Shares		(18,947,825	)		(8,763,198	)
Institutional Service Class Shares
Issued		163,412			245,065
Reinvested		170,200			67,034
Redeemed		(207,285	)		(239,981	)
Total Institutional Service Class Shares		126,327			72,118
Total change in shares		(18,434,083	)		(8,779,560	)

(a) Amount includes in-kind redemptions. (See Note 3)

The accompanying notes are an integral part of these financial statements.

139

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Ziegler Equity Income Fund

			Operations								Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	14.83		0.16		0.57			0.73			(0.25	)		(2.51	)		(2.76	)	$	12.80		7.32%	$	19,159,931		1.06%		2.48%		1.16%		19.39%	(h)
Year Ended October 31, 2018	$	15.78		0.35		0.31			0.66			(0.36	)		(1.25	)		(1.61	)	$	14.83		4.07%	$	17,278,778		0.93%		2.25%		0.93%		33.21%
Year Ended October 31, 2017	$	13.49		0.37		2.33			2.70			(0.41	)		–			(0.41	)	$	15.78		20.28%	$	19,165,335		0.91%		2.48%		0.91%		59.73%
Year Ended October 31, 2016	$	13.46		0.37		0.19			0.56			(0.32	)		(0.21	)		(0.53	)	$	13.49		4.35%	$	18,197,057		0.91%		2.80%		0.91%		47.93%
Year Ended October 31, 2015	$	13.87		0.31		(0.22	)		0.09			(0.38	)		(0.12	)		(0.50	)	$	13.46		0.78%	$	20,726,341		0.93%		2.29%		0.93%		56.34%
Period Ended October 31, 2014 (i)	$	13.37		0.06		0.45			0.51			(0.01	)		–			(0.01	)	$	13.87		3.79%	$	23,396,375		1.00%		1.73%		1.00%		1.89%
Year Ended July 31, 2014	$	12.01		0.25		1.27			1.52			(0.16	)		–			(0.16	)	$	13.37		12.69%	$	24,092,166		1.06%		1.94%		1.12%		46.23%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	14.69		0.11		0.56			0.67			(0.22	)		(2.51	)		(2.73	)	$	12.63		6.91%	$	6,624,112		1.84%		1.73%		1.94%		19.39%	(h)
Year Ended October 31, 2018	$	15.64		0.23		0.32			0.55			(0.25	)		(1.25	)		(1.50	)	$	14.69		3.34%	$	6,889,591		1.69%		1.50%		1.69%		33.21%
Year Ended October 31, 2017	$	13.38		0.25		2.31			2.56			(0.30	)		–			(0.30	)	$	15.64		19.35%	$	7,938,377		1.65%		1.74%		1.65%		59.73%
Year Ended October 31, 2016	$	13.35		0.27		0.19			0.46			(0.22	)		(0.21	)		(0.43	)	$	13.38		3.62%	$	6,794,975		1.65%		2.07%		1.65%		47.93%
Year Ended October 31, 2015	$	13.76		0.21		(0.22	)		(0.01	)		(0.28	)		(0.12	)		(0.40	)	$	13.35		0.05%	$	7,355,755		1.67%		1.55%		1.67%		56.34%
Period Ended October 31, 2014 (i)	$	13.29		0.03		0.44			0.47			–			–			–		$	13.76		3.54%	$	6,346,237		1.70%		1.03%		1.70%		1.89%
Year Ended July 31, 2014	$	11.94		0.16		1.27			1.43			(0.08	)		–			(0.08	)	$	13.29		12.00%	$	6,126,678		1.75%		1.25%		1.80%		46.23%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	14.90		0.22		0.53			0.75			(0.27	)		(2.51	)		(2.78	)	$	12.87		7.46%	$	621,840		0.62%		3.44%		0.62%		19.39%	(h)
Year Ended October 31, 2018	$	15.84		0.41		0.32			0.73			(0.42	)		(1.25	)		(1.67	)	$	14.90		4.47%	$	283,033,511		0.60%		2.65%		0.60%		33.21%
Year Ended October 31, 2017	$	13.54		0.43		2.33			2.76			(0.46	)		–			(0.46	)	$	15.84		20.68%	$	439,687,649		0.56%		2.89%		0.56%		59.73%
Year Ended October 31, 2016	$	13.51		0.41		0.20			0.61			(0.37	)		(0.21	)		(0.58	)	$	13.54		4.69%	$	692,679,903		0.57%		3.09%		0.57%		47.93%
Year Ended October 31, 2015	$	13.92		0.36		(0.22	)		0.14			(0.43	)		(0.12	)		(0.55	)	$	13.51		1.13%	$	463,282,131		0.59%		2.64%		0.59%		56.34%
Period Ended October 31, 2014 (i)	$	13.42		0.07		0.45			0.52			(0.02	)		–			(0.02	)	$	13.92		3.84%	$	321,305,013		0.64%		2.09%		0.64%		1.89%
Period Ended July 31, 2014 (k)	$	12.15		0.27		1.20			1.47			(0.20	)		–			(0.20	)	$	13.42		12.19%	$	309,242,204		0.66%		2.33%		0.66%		45.97%
Institutional Service Class Shares (l)
Six Months Ended April 30, 2019 (Unaudited)	$	14.89		0.17		0.58			0.75			(0.26	)		(2.51	)		(2.77	)	$	12.87		7.47%	$	11,612,166		0.86%		2.69%		0.95%		19.39%	(h)
Year Ended October 31, 2018	$	15.83		0.38		0.33			0.71			(0.40	)		(1.25	)		(1.65	)	$	14.89		4.35%	$	11,560,263		0.72%		2.44%		0.72%		33.21%
Year Ended October 31, 2017	$	13.54		0.41		2.32			2.73			(0.44	)		–			(0.44	)	$	15.83		20.47%	$	11,149,255		0.68%		2.75%		0.68%		59.73%
Year Ended October 31, 2016	$	13.50		0.40		0.20			0.60			(0.35	)		(0.21	)		(0.56	)	$	13.54		4.65%	$	12,236,349		0.68%		3.00%		0.68%		47.93%
Year Ended October 31, 2015	$	13.92		0.34		(0.23	)		0.11			(0.41	)		(0.12	)		(0.53	)	$	13.50		0.94%	$	11,272,994		0.70%		2.51%		0.70%		56.34%
Period Ended October 31, 2014 (i)	$	13.42		0.07		0.44			0.51			(0.01	)		–			(0.01	)	$	13.92		3.82%	$	11,120,577		0.77%		1.94%		0.77%		1.89%
Year Ended July 31, 2014	$	12.04		0.27		1.29			1.56			(0.18	)		–			(0.18	)	$	13.42		13.05%	$	10,198,392		0.87%		2.14%		0.93%		46.23%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Portfolio turnover excludes received or delivered in-kind.

(i) For the period from August 1, 2014 through October 31, 2014.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(l) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

140

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the twelve (12) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Bailard Cognitive Value Fund (“Cognitive Value”)

- Nationwide Bailard Technology & Science Fund (“Technology & Science”)

- Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide HighMark Large Cap Core Equity Fund) (“Large Cap Concentrated”)

- Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund) (“U.S. Growth”)

- Nationwide Fund (“Nationwide Fund”)

- Nationwide Geneva Mid Cap Growth Fund (“Mid Cap Growth”)

- Nationwide Long/Short Equity Fund (“Long/Short Equity”)

- Nationwide Loomis All Cap Growth Fund (“All Cap Growth”)

- Nationwide Small Company Growth Fund (“Small Company Growth”)

- Nationwide U.S. Small Cap Value Fund (“U.S. Small Cap Value”)

- Nationwide WCM Focused Small Cap Fund (“Focused Small Cap”)

- Nationwide Ziegler Equity Income Fund (“Equity Income”)

The Funds, as applicable, currently offer Class A, Class C, Class M, Class R, Class R6, Eagle Class and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Each of the Funds is a diversified fund, as defined in the 1940 Act.

Long/Short Equity commenced operations on December 11, 2017 as a result of a reorganization in which Long/Short Equity acquired all of the assets, subject to stated liabilities, of the Logan Capital Long/Short Fund, a former series of Advisors Series Trust (“Predecessor Fund”). Long/Short Equity has adopted the historical performance of the Predecessor Fund. Long/Short Equity and its Predecessor Fund have substantially similar investment goals and strategies.

The fiscal year end for Long/Short Equity has changed from April 30, 2018 to October 31, 2018. As such, the fiscal year ended October 31, 2018 for Long/Short Equity reflects the six month period from May 1, 2018 through October 31, 2018.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board

141

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair market value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost,

142

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as

143

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At April 30, 2019, 100% of the market value of Large Cap Concentrated, Nationwide Fund, Long/Short Equity, All Cap Growth, Small Company Growth and Focused Small Cap was determined based on Level 1 inputs.

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

Cognitive Value

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	64,627,886	$	—	$	—	$	64,627,886
Exchange Traded Fund		347,776		—		—		347,776
Repurchase Agreements		—		619,235		—		619,235
Short-Term Investment		36,953		—		—		36,953
Total	$	65,012,615	$	619,235	$	—	$	65,631,850

Technology & Science

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	134,139,685	$	—	$	—	$	134,139,685
Repurchase Agreements		—		1,095,370		—		1,095,370
Short-Term Investment		65,366		—		—		65,366
Total	$	134,205,051	$	1,095,370	$	—	$	135,300,421

U.S. Growth

	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	189,612,329		$	—	$	—	$	189,612,329
Futures Contracts		2,479,577			—		—		2,479,577
Purchased Options		5,020,389			—		—		5,020,389
Repurchase Agreements		—			96,917		—		96,917
Short-Term Investments		5,784			31,106,431		—		31,112,215
Total Assets	$	197,118,079		$	31,203,348	$	—	$	228,321,427
Liabilities:
Futures Contracts	$	(12,480	)	$	—	$	—	$	(12,480	)
Total Liabilities	$	(12,480	)	$	—	$	—	$	(12,480	)
Total	$	197,105,599		$	31,203,348	$	—	$	228,308,947

144

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Mid Cap Growth

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	663,236,956	$	—	$	—	$	663,236,956
Repurchase Agreements		—		3,335,522		—		3,335,522
Short-Term Investment		199,048		—		—		199,048
Total	$	663,436,004	$	3,335,522	$	—	$	666,771,526

U.S. Small Cap Value

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	1,338,530	$	—	$	—	$	1,338,530
Air Freight & Logistics		732,574		—		—		732,574
Airlines		2,506,493		—		—		2,506,493
Auto Components		3,014,297		—		—		3,014,297
Automobiles		180,108		—		—		180,108
Banks		29,527,207		—		—		29,527,207
Beverages		68,490		—		—		68,490
Biotechnology		1,232,378		—		—		1,232,378
Building Products		2,463,829		—		—		2,463,829
Capital Markets		3,278,840		—		—		3,278,840
Chemicals		4,278,076		—		—		4,278,076
Commercial Services & Supplies		3,265,886		—		—		3,265,886
Communications Equipment		2,204,915		—		—		2,204,915
Construction & Engineering		4,525,103		—		—		4,525,103
Construction Materials		346,777		—		—		346,777
Consumer Finance		2,732,780		—		—		2,732,780
Containers & Packaging		1,045,086		—		—		1,045,086
Distributors		190,678		—		—		190,678
Diversified Consumer Services		1,566,935		—		—		1,566,935
Diversified Financial Services		1,197,257		—		—		1,197,257
Diversified Telecommunication Services		541,788		—		—		541,788
Electric Utilities		22,594		—		—		22,594
Electrical Equipment		1,401,004		—		—		1,401,004
Electronic Equipment, Instruments & Components		10,263,102		—		—		10,263,102
Energy Equipment & Services		4,651,459		—		—		4,651,459
Entertainment		848,916		—		—		848,916
Food & Staples Retailing		2,025,870		—		—		2,025,870
Food Products		4,927,879		—		—		4,927,879
Health Care Equipment & Supplies		896,529		—		—		896,529
Health Care Providers & Services		2,368,587		—		—		2,368,587
Health Care Technology		524,213		—		—		524,213
Hotels, Restaurants & Leisure		1,550,504		—		—		1,550,504
Household Durables		5,610,027		—		—		5,610,027
Household Products		306,779		—		—		306,779
Independent Power and Renewable Electricity Producers		301,590		—		—		301,590
Industrial Conglomerates		91,782		—		—		91,782
Insurance		11,693,314		—		—		11,693,314

145

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Interactive Media & Services	$	357,226	$	—	$	—	$	357,226
Internet & Direct Marketing Retail		966,937		—		—		966,937
IT Services		1,930,040		—		—		1,930,040
Leisure Products		774,945		—		—		774,945
Life Sciences Tools & Services		165,675		—		—		165,675
Machinery		6,597,713		—		—		6,597,713
Marine		1,149,028		—		—		1,149,028
Media		4,262,751		—		—		4,262,751
Metals & Mining		3,915,665		—		—		3,915,665
Multiline Retail		1,037,396		—		—		1,037,396
Oil, Gas & Consumable Fuels		9,602,443		—		—		9,602,443
Paper & Forest Products		1,683,730		—		—		1,683,730
Personal Products		831,267		—		—		831,267
Pharmaceuticals		1,075,766		—		—		1,075,766
Professional Services		2,600,987		—		—		2,600,987
Real Estate Management & Development		702,734		—		—		702,734
Road & Rail		4,220,449		—		—		4,220,449
Semiconductors & Semiconductor Equipment		2,520,691		—		—		2,520,691
Software		513,709		—		—		513,709
Specialty Retail		6,949,250		—		—		6,949,250
Technology Hardware, Storage & Peripherals		1,742,181		—		—		1,742,181
Textiles, Apparel & Luxury Goods		1,347,249		—		—		1,347,249
Thrifts & Mortgage Finance		5,379,460		—		—		5,379,460
Tobacco		261,741		—		—		261,741
Trading Companies & Distributors		4,120,396		—		—		4,120,396
Transportation Infrastructure		489,523		—		—		489,523
Water Utilities		23,340		—		—		23,340
Wireless Telecommunication Services		777,510		—		—		777,510
Total Common Stock	$	179,721,978	$	—	$	—	$	179,721,978
Repurchase Agreements	$	—	$	2,942,608	$	—	$	2,942,608
Rights		—		—		855		855
Short-Term Investment		175,601		—		—		175,601
Total	$	179,897,579	$	2,942,608	$	855	$	182,841,042

Equity Income

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	37,443,822	$	—	$	—	$	37,443,822
Exchange Traded Fund		236,629		—		—		236,629
Repurchase Agreements		—		245,878		—		245,878
Short-Term Investment		14,673		—		—		14,673
Total	$	37,695,124	$	245,878	$	—	$	37,941,002

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

146

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

During the six months ended April 30, 2019, U.S. Small Cap Value held four common stock investments and one rights investment that were categorized as Level 3 investments which were each valued at $0.

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

U.S. Small Cap Value

	Rights			Total
Balance as of 10/31/2018	$	—		$	—
Accrued Accretion/(Amortization)		—			—
Realized Gain (Loss)		—			—
Purchases		—			—
Sales		—			—
Change in Unrealized Appreciation/Depreciation		(1,426	)		(1,426	)
Transfers Into Level 3		2,281			2,281
Transfers Out of Level 3		—			—
Balance as of 4/30/2019	$	855		$	855
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 4/30/2019*	$	(1,426	)	$	(1,426	)

Amounts designated as “—” are zero or have been rounded to zero.

* Included in the Statement of Operations under “Net change in unrealized appreciation/depreciation in the value of investment securities.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadvisor recommendations.

(b) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. The Funds may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert foreign currency amounts into U.S. dollars at the current rate of exchange between the foreign currency and the U.S. dollar in order to determine the value of the Fund’s investments, assets, and liabilities.

Purchases and sales of securities, receipts of income, and payments of expenses are converted at the prevailing rate of exchange on the respective date of such transactions. The accounting records of a Fund do not differentiate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in the market prices of the relevant securities. Each portion contributes to the net realized gains or losses from transactions and net change in unrealized appreciation/depreciation in the value of investment securities. Net currency gains or losses, realized and unrealized, that are a result of differences between the amount recorded on a Fund’s accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables and payables for investments sold or purchased, and foreign cash, are included in the Statement of Operations under “Net realized gains (losses) from foreign currency transactions” and “Net change in unrealized appreciation/depreciation in the value of translation of assets and liabilities denominated in foreign currencies,” if applicable.

147

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(c) Options

U.S. Growth has long positions in options on equity index futures contracts and bond treasury futures contracts, which are exchange-traded. Such option investments are utilized to gain exposure to the value of equities and bonds. The purchase of call options provides a measure of downside risk control. The purchase of put options serves as a short hedge and the purchase of call options serves as a long hedge.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

A Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit a Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If a Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by a Fund could cause material losses because a Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by a Fund) expose a Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, a Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of a Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or a Fund’s ability to meet redemption requests or other current obligations.

U.S. Growth’s purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value” and in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities” and “Net change in unrealized appreciation/depreciation in the value of investment securities.”

148

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(d) Futures Contracts

U.S. Growth is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). U.S. Growth entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities and to gain exposure to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

U.S. Growth’s futures contracts are reflected in the Statement of Assets and Liabilities under “Receivable for variation margin on futures contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts” and “Net change in unrealized appreciation/depreciation in the value of futures contracts.”

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of April 30, 2019

U.S. Growth

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options
Equity risk	Investment securities, at value	$	3,744,545
Interest rate risk	Investment securities, at value		1,275,844
Futures Contracts (a)
Equity risk	Unrealized appreciation from futures contracts		2,479,577
Total		$	7,499,966

149

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Liabilities:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a)
Interest rate risk	Unrealized depreciation from futures contracts	$	(12,480	)
Total		$	(12,480	)

(a) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

U.S. Growth

Realized Gains (Losses):	Total
Purchased Options
Equity risk	$	(881,124	)
Interest rate risk		748,034
Futures Contracts
Equity risk		(3,022,106	)
Interest rate risk		2,708,275
Total	$	(446,921	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Six Months Ended April 30, 2019

U.S. Growth

Unrealized Appreciation/Depreciation:	Total
Purchased Options
Equity risk	$	1,337,121
Interest rate risk		(407,244	)
Futures Contracts
Equity risk		6,119,257
Interest rate risk		1,145,540
Total	$	8,194,674

The following table provides a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

U.S. Growth

Options:
Average Value Purchased	$	3,896,957
Average Number of Purchased Option Contracts		521
Futures Contracts:
Average Notional Balance Long	$	88,628,356

The Fund is required to disclose information about offsetting and related arrangements to enable users of the financial statements to understand the effect of those arrangements on the Fund’s financial position. At April 30, 2019, U.S. Growth has entered into futures contracts. The futures contract agreement does not provide for netting arrangements.

150

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(e) Leverage and Short Sales

The Fund may use leverage in connection with its investment activities and may effect short sales of securities. Leverage can increase the investment returns of the Fund if the securities purchased increase in value in an amount exceeding the cost of the borrowing. However, if the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. The use of short sales creates investment leverage in the Fund’s portfolio. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, if the Fund sells securities short, it must maintain a segregated account with its custodian containing cash or high-grade securities equal to (i) the greater of the current market value of the securities sold short or the market value of such securities at the time they were sold short, less (ii) any collateral deposited with the Fund’s broker (not including the proceeds from the short sales). The Fund may be required to add to the segregated account as the market price of a shorted security increases. As a result of maintaining and adding to its segregated account, the Fund may maintain higher levels of cash or liquid assets (for example, U.S. Treasury bills, repurchase agreements, high quality commercial paper and long equity positions) for collateral needs thus reducing its overall managed assets available for trading purposes.

(f) Securities Lending

During the six months ended April 30, 2019, Cognitive Value, Technology & Science, U.S. Growth, Nationwide Fund, Mid Cap Growth, All Cap Growth, Small Company Growth, U.S. Small Cap Value, Focused Small Cap and Equity Income entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33¹/₃% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any dividends while on loan, in lieu of income which is included as “Dividend income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash

151

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of repurchase agreements purchased with cash collateral were as follows:

Fund	Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Cognitive Value	$	656,188
Technology & Science		1,160,736
U.S. Growth		102,701
Mid Cap Growth		3,534,570
U.S. Small Cap Value		3,118,209
Equity Income		260,551

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to the Statement of Investments.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At April 30, 2019, Nationwide Fund, All Cap Growth, and Small Company Growth did not have any portfolio securities on loan.

(g) Joint Repurchase Agreement

During the six months ended April 30, 2019, Cognitive Value, Technology & Science, U.S. Growth, Nationwide Fund, Mid Cap Growth, All Cap Growth, Small Company Growth, U.S. Small Cap Value, Focused Small Cap and Equity Income, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC,

152

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Funds’ investment in the joint repos was subject to an enforceable netting arrangement. The Funds’ proportionate holding in the joint repos was as follows:

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Cognitive Value	BNP Paribas Securities Corp.	$	539,995	$	—	$	539,995	$	(539,995	)	$	—
Cognitive Value	Royal Bank of Canada		79,240		—		79,240		(79,240	)		—
Total		$	619,235	$	—	$	619,235	$	(619,235	)	$	—

153

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Technology & Science	BNP Paribas Securities Corp.	$	955,201	$	—	$	955,201	$	(955,201	)	$	—
Technology & Science	Royal Bank of Canada		140,169		—		140,169		(140,169	)		—
Total		$	1,095,370	$	—	$	1,095,370	$	(1,095,370	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
U.S. Growth	BNP Paribas Securities Corp.	$	84,515	$	—	$	84,515	$	(84,515	)	$	—
U.S. Growth	Royal Bank of Canada		12,402		—		12,402		(12,402	)		—
Total		$	96,917	$	—	$	96,917	$	(96,917	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Mid Cap Growth	BNP Paribas Securities Corp.	$	2,908,692	$	—	$	2,908,692	$	(2,908,692	)	$	—
Mid Cap Growth	Royal Bank of Canada		426,830		—		426,830		(426,830	)		—
Total		$	3,335,522	$	—	$	3,335,522	$	(3,335,522	)	$	—

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April 30, 2019 (Unaudited)

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
U.S. Small Cap Value		BNP Paribas Securities Corp.	$	2,566,057	$	—	$	2,566,057	$	(2,566,057	)	$	—
U.S. Small Cap Value		Royal Bank of Canada		376,551		—		376,551		(376,551	)		—
Total			$	2,942,608	$	—	$	2,942,608	$	(2,942,608	)	$	—

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Equity Income		BNP Paribas Securities Corp.	$	214,414	$	—		214,414	$	(214,414	)	$	—
Equity Income		Royal Bank of Canada		31,464		—		31,464		(31,464	)		—
Total			$	245,878	$	—	$	245,878	$	(245,878	)	$	—
Amounts designated as “—” are zero.
* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for each Fund’s undivided interest in the each joint repo and related collateral.

At April 30, 2019 Nationwide Fund, All Cap Growth, Small Company Growth, and Focused Small Cap did not invest in any repurchase agreements.

(h) Redemption Fees

Effective December 9, 2017, Long/Short Equity does not impose redemption fees.

Prior to December 9, 2017, the Predecessor Fund charged a 1% redemption fee to shareholders who redeemed shares held for 60 days or less. Such fees were retained by the Fund and accounted for as an addition to paid-in capital. For the period from May 1, 2017 through December 8, 2017, the Predecessor Fund received $0 in redemption fees.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on a Fund’s Statement

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of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

Foreign income may be subject to foreign withholding taxes, a portion of which may be reclaimable, at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest and dividends paid by a foreign security. Foreign income subject to foreign withholding taxes is recorded net of the applicable withholding tax.

For certain securities, including a real estate investment trust (“REIT”), a Fund records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Fund will recharacterize the estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Fund.

A Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gains (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

(j) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(k) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(l) Cash and Cash Equivalents

For the purposes of the Statement of Cash Flows, the Funds define Cash and Cash Equivalents as cash, restricted cash, money market funds and other investments held in lieu of cash.

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. NFA has selected the subadviser for each of the Funds as noted below, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadvisers.

As of April 30, 2019, the subadvisers for each Fund were as follows:

Fund	Subadviser
Cognitive Value	Bailard, Inc. (“Bailard”)
Technology & Science	Bailard
Large Cap Concentrated	Diamond Hill Capital Management, Inc.
U.S. Growth	Mellon Investments Corporation
Nationwide Fund	Wellington Management Company, LLP
Mid Cap Growth	Geneva Capital Management LLC
Long/Short Equity	Logan Capital Management, Inc.
All Cap Growth	Loomis, Sayles & Company, LP (“Loomis Sayles”)
Small Company Growth	Brown Capital Management LLC
U.S. Small Cap Value	Dimensional Fund Advisors LP
Focused Small Cap	WCM Investment Management, LLC
Equity Income	Ziegler Capital Management, LLC

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. During the six months ended April 30, 2019, the Funds paid investment advisory fees to NFA according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
Cognitive Value	Up to $500 million		0.75	%
	$500 million and more		0.70	%
Technology & Science	Up to $500 million		0.75	%
	$500 million up to $1 billion		0.70	%
	$1 billion and more		0.65	%
Large Cap Concentrated	Up to $250 million		0.60	%
	$250 million up to $1 billion		0.575	%
	$1 billion up to $2 billion		0.55	%
	$2 billion up to $5 billion		0.525	%
	$5 billion and more		0.50	%
U.S. Growth	Up to $250 million		0.60	%
	$250 million up to $1 billion		0.575	%
	$1 billion up to $2 billion		0.55	%
	$2 billion up to $5 billion		0.525	%
	$5 billion and more		0.50	%
Nationwide Fund	Up to $250 million		0.54	%
	$250 million up to $1 billion		0.53	%
	$1 billion up to $2 billion		0.52	%
	$2 billion up to $5 billion		0.495	%
	$5 billion and more		0.47	%
Mid Cap Growth	Up to $250 million		0.75	%
	$250 million up to $500 million		0.70	%
	$500 million and more		0.65	%
Long/Short Equity	All assets		1.35	%
All Cap Growth	Up to $1 billion		0.80	%
	$1 billion and more		0.775	%
Small Company Growth	Up to $500 million		0.84	%
	$500 million and more		0.79	%
U.S. Small Cap Value	Up to $500 million		0.84	%
	$500 million and more		0.79	%
Focused Small Cap	Up to $500 million		0.84	%
	$500 million and more		0.79	%
Equity Income	Up to $100 million		0.55	%
	$100 million up to $500 million		0.50	%
	$500 million and more		0.45	%

The Trust and NFA have entered into a written contract waiving 0.045% of investment advisory fees of the Nationwide Fund until February 29, 2020. During the six months ended April 30, 2019, the waiver of such investment advisory fees by NFA amounted to $219,045, for which NFA shall not be entitled to later seek recoupment.

The Trust and NFA have entered into a written contract waiving the amount of Focused Small Cap’s Advisory Fees equal to 100% of the savings amount in respect of Focused Small Cap until at least May 1, 2019. The “Savings Amount” represents the difference between the Old Subadvisory Fee Amount and the New Subadvisory Fee Amount. During the six months ended April 30, 2019, the

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

waiver of such investment advisory fees by NFA amounted to $7,021 for which NFA shall not be entitled to later seek recoupment.

For the six months ended April 30, 2019, the effective advisory fee rates before and after contractual advisory fee waivers and expense reimbursements, stemming from the expense limitation agreement described below, were as follows:

FUND	Effective Advisory Fee Rate Before Contractual* Fee Waivers and  Expense Reimbursements			Effective Advisory Fee Rate After Contractual* Fee Waivers			Effective Advisory Fee Rate After Contractual* Fee Waivers and Expense Reimbursements
Cognitive Value		0.75	%		N/A			0.72	%
Technology & Science		0.75			N/A			0.75
Large Cap Concentrated		0.60			N/A			0.00
U.S. Growth		0.60			N/A			0.39
Nationwide Fund		0.53			0.49	%		0.49
Mid Cap Growth		0.71			N/A			0.71
Long/Short Equity		1.35			N/A			0.83
All Cap Growth		0.80			N/A			0.75
Small Company Growth		0.84			N/A			0.84
U.S. Small Cap Value		0.84			N/A			0.84
Focused Small Cap		0.84			0.82			0.79
Equity Income		0.52			N/A			0.51

N/A — Not Applicable.

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the unaffiliated subadvisers.

The Trust and NFA have entered into a written Expense Limitation Agreement that limits the Funds’ operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization, and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until February 29, 2020.

Fund	Classes	Amount (annual rate)
Cognitive Value	All Classes		1.07	%
Technology & Science	All Classes		1.05	%
Diamond Hill Large Cap Concentrated	All Classes		0.82	%
Dynamic U.S. Growth	All Classes		0.65	%
Mid Cap Growth	All Classes		0.98	%
Long/Short Equity	All Classes		1.74	%
All Cap Growth	All Classes		0.85	%
Small Company Growth	All Classes		0.94	%
U.S. Small Cap Value	All Classes		1.09	%
Focused Small Cap	All Classes		1.22	%
Equity Income	All Classes		0.75	%

159

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

NFA may request and receive reimbursement from a Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by a Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

As of April 30, 2019, the cumulative potential reimbursements for the following Funds, listed by the period or year in which NFA waived fees or reimbursed expenses to a Funds are:

Fund	Fiscal Year 2016 Amount		Fiscal Year 2017 Amount			Period Ended April 30, 2018 Amount (a)			Fiscal Year 2018 Amount			Six Months Ended April 30, 2019 Amount		Total
Cognitive Value	$	—	$	—		$	N/A		$	—		$	9,752	$	9,752
Technology & Science (b)		—		—			N/A			—			—		—
Large Cap Concentrated		34,063		57,984			N/A			117,674			81,608		291,329
U.S. Growth		204,093		405,754			N/A			449,657			226,744		1,286,248
Nationwide Fund		—		—			N/A			—			—		—
Mid Cap Growth (b)		—		—			N/A			—			—		—
Long/Short Equity		—		—			34,330	(c)		55,232	(d)		59,265		148,827
All Cap Growth		N/A		69,417	(e)		N/A			367,907			55,483		492,807
Small Company Growth		24,418		23,498			N/A			657			—		48,573
U.S. Small Cap Value		—		—			N/A			—			—		—
Focused Small Cap		—		—			N/A			—			6,891		6,891
Equity Income		—		—			N/A			—			17,199		17,199

(a) For the period from December 9, 2017 through April 30, 2018.

(b) NFA has agreed with the Board of Trustees, NFA will not seek recoupment of fees waived prior to April 1, 2016.

(c) Reimbursement accrued by the Predecessor Fund in the amount of $112,633 is not eligible to be recouped by any party.

(d) For the period from May 1, 2018 through October 31, 2018.

(e) For the period from June 1, 2017 (commencement of operations) through October 31, 2017.

N/A — Not Applicable

Amounts designated as “—” are zero or have been rounded to zero.

Pursuant to an Expense Limitation Agreement, which expired on October 12, 2017, Nationwide Fund reimbursed NFA in the amount of $4,356 during the six months ended April 30, 2019.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds and serves as Transfer and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and Nationwide Variable Insurance Trust (“NVIT”), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM earned $846,734 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Funds’ aggregate portion of such costs amounted to $7,204.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate as listed in the table below.

Fund	Class A Shares			Class C Shares (a)			Class R Shares (b)
Cognitive Value		0.25	%		1.00	%		N/A
Technology & Science		0.25	%		1.00	%		N/A
Large Cap Concentrated		0.25	%		1.00	%		N/A
U.S. Growth		0.25	%		1.00	%		0.50	%
Nationwide Fund		0.25	%		1.00	%		0.50	%
Mid Cap Growth		0.25	%		1.00	%		N/A
Long/Short Equity		0.25	%		N/A			N/A
All Cap Growth		0.25	%		N/A			N/A
Small Company Growth		0.25	%		N/A			N/A
U.S. Small Cap Value		0.25	%		1.00	%		N/A
Focused Small Cap		0.25	%		1.00	%		N/A
Equity Income		0.25	%		1.00	%		N/A

N/A — Not Applicable.

(a) For Class C Shares, 0.25% of the rate may be a service fee and the remainder a distribution fee.

(b) For Class R Shares, 0.25% of the rate may be either a service fee or distribution fee.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. The Funds’ Class A sales charges range from 0.00% to 5.75% based on the amount of the purchased. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $254,656. From these fees, NFD retained a portion amounting to $22,457.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Applicable Class A and Class C CDSCs are 1.00% for all Funds. During the six months ended April 30, 2019, the Funds imposed CDSCs of $15. NFD retained all of the CDSCs imposed by the Funds.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, Class R, and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Class R			Eagle Class			Institutional Service Class
Cognitive Value		0.12	%		0.08	%		N/A			N/A			0.16	%
Technology & Science		0.06			0.09			N/A			N/A			0.11
Large Cap Concentrated		0.11			0.08			N/A			N/A			0.16
U.S. Growth		0.03			0.09			0.20	%		0.08	%		0.11
Nationwide Fund		0.06			0.06			0.25			N/A			0.07
Mid Cap Growth		0.11			0.10			N/A			N/A			0.01
Long/Short Equity		0.01			N/A			N/A			N/A			0.07
All Cap Growth		0.12			N/A			N/A			0.10			0.05
Small Company Growth		0.13			N/A			N/A			N/A			0.25
U.S. Small Cap Value		0.07			0.10			N/A			N/A			0.25
Focused Small Cap		0.09			0.09			N/A			N/A			0.12
Equity Income		0.06			0.09			N/A			N/A			0.10

N/A — Not Applicable.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Cognitive Value	$	467
Technology & Science		2,827
Large Cap Concentrated		13,780
U.S. Growth		10,596
Nationwide Fund		350,395
Mid Cap Growth		98,509
Long/Short Equity		2,835
All Cap Growth		30,718
Small Company Growth		351,438
U.S. Small Cap Value		205,700
Focused Small Cap		29,957
Equity Income		14,083

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Cognitive Value		0.02	%
Technology & Sciences		1.31
Large Cap Concentrated		—
U.S. Growth		3.89
Nationwide Fund		36.43
Mid Cap Growth		—
Long/Short Equity		67.68
All Cap Growth		75.18
Small Company Growth		83.92
U.S. Small Cap Value		87.27
Focused Small Cap		—
Equity Income		—

Amounts designated as “—” are zero or have been rounded to zero.

During the period, shares of certain Funds held by affiliated entities were redeemed for investments. The net realized gain on investments delivered through these in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is also included in share transactions in the accompanying Statements of Changes in Net Assets. The Fund recognized no gain or loss from the in-kind transactions for federal income tax purposes.

Fund	Class		Date of Redemption In-Kind		Net Assets of In-Kind Redemption		Shares		Securities Market Value		Cash		Realized Gain/ (Loss)
Equity Income		R6		2/22/2019	$	287,586,278		22,926,202	$	284,198,047	$	3,388,231	$	57,308,737

4.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan, The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”),

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permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held or owing by such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Funds had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

5.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*			Securities Sold Short		Covers on Securities Sold Short
Cognitive Value	$	69,226,714	$	88,870,017			N/A		N/A
Technology & Science		15,623,786		31,183,702			N/A		N/A
Large Cap Concentrated		6,644,294		17,359,936			N/A		N/A
U.S. Growth		12,851,667		5,972,753			N/A		N/A
Nationwide Fund		253,770,967		313,932,211			N/A		N/A
Mid Cap Growth		55,050,987		160,756,822			N/A		N/A
Long/Short Equity		4,375,720		6,983,021			20,041,559		22,956,179
All Cap Growth		141,181,673		25,640,358			N/A		N/A
Small Company Growth		23,990,653		38,238,082			N/A		N/A
U.S. Small Cap Value		24,345,336		24,604,214			N/A		N/A
Focused Small Cap		3,608,512		26,507,489			N/A		N/A
Equity Income		37,619,917		41,019,571	#		N/A		N/A

* Includes purchases and sales of long-term U.S. Government securities, if any.

^# Sales exclude securities delivered in-kind.

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6.  Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include foreign currency fluctuations, future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Risks Associated with REIT and Real Estate Investments

Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

Risks Associated with Interest Rates

Prices of fixed-income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter term securities. To the extent a Fund invests a substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause the value of the Fund’s investments to decline significantly.

Risks Associated with Short Positions

In taking a short position, a Fund sells a stock or debt instrument which it does not own, making delivery with instruments “borrowed” from a broker. The Fund is then obligated to replace the borrowed instrument by purchasing it at the market price at the time of replacement. Until the instrument is replaced, the Fund is required to pay the lender any dividends or interest which accrue during the period of the loan. In order to borrow the instrument, the Fund may also have to pay a premium and/or interest which would increase the cost of the transaction. A Fund will incur a loss from a short position if the price of the instrument increases between the date of the short sale and the date on which the Fund replaces the borrowed instrument. A Fund will realize a gain if the instrument declines in price between those two dates. The amount of any gain will be decreased and the amount of any loss will be increased by any premium or interest the Fund may be required to pay in connection with the transaction.

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

7.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In

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addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will

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be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

9.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Cognitive Value		69.86	%		1
Technology & Science		62.48			1
Large Cap Concentrated		48.72			2
U.S. Growth		—			—
Nationwide Fund		31.07			2	(a)
Mid Cap Growth		24.28			2
Long/Short Equity		89.18			2	(a)
All Cap Growth		83.54			5	(a)
Small Company Growth		80.32			2	(a)
U.S. Small Cap Value		82.07			2	(a)
Focused Small Cap		40.42			2
Equity Income		57.95			4

Amounts designated as “—” are zero or have been rounded to zero.

(a) All or a portion of the accounts are the accounts of affiliated funds.

10.  Recaptured Brokerage Commissions

The Funds have entered into agreements with brokers whereby the brokers will return a portion of the Funds’ brokerage commissions on behalf of certain Funds. Such amounts, under such agreements, are included in net realized gains (losses) from transactions in investment securities presented in the Funds’ Statement of Operations. During the six months ended April 30, 2019, the Funds recaptured the following amounts of brokerage commissions:

Fund	Amount
Cognitive Value	$	—
Technology & Science		—
Large Cap Concentrated		—
U.S. Growth		—
Nationwide Fund		3,489
Mid Cap Growth		26,343
Long/Short Equity		478
All Cap Growth		441
Small Company Growth		3,002
U.S. Small Cap Value		—
Focused Small Cap		626
Equity Income		1,670

Amounts designated as “—” are zero or have been rounded to zero.

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11.  Reorganization

Effective December 9, 2017, Institutional Class and Investor Class shareholders of the Predecessor Fund received Class R6 and Institutional Service Class shares, respectively, of Long/Short Equity with an aggregate share net asset value equal to the aggregate share net asset value, $16,084 and $11,136,626, respectively, of their shares 1,139 and 792,321, respectively in the Predecessor Fund immediately prior to the reorganization. Long/Short Equity’s reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of Long/Short Equity reflects the historical basis of the assets of the Predecessor Fund as of the date of the reorganization. For financial reporting purposes, the Predecessor Fund’s operating history prior to the reorganization is reflected in Long/Short Equity’s financial statements and financial highlights.

12.  Federal Tax Information

As of April 30, 2019, the tax cost of investments (including derivative contracts and short positions) and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Nationwide Bailard Cognitive Value Fund	$	62,055,008	$	5,477,122	$	(1,900,280	)	$	3,576,842
Nationwide Bailard Technology & Science Fund		58,195,954		78,767,251		(1,662,784	)		77,104,467
Nationwide Diamond Hill Large Cap Concentrated Fund		22,304,243		2,331,669		(382,853	)		1,948,816
Nationwide Dynamic U.S. Growth Fund		209,847,428		25,312,608		(6,851,089	)		18,461,519
Nationwide Fund		895,312,603		168,005,709		(29,433,971	)		138,571,738
Nationwide Geneva Mid Cap Growth Fund		449,261,044		221,458,297		(3,947,815	)		217,510,482
Nationwide Long/Short Equity Fund		16,770,917		4,164,417		(826,774	)		3,337,643
Nationwide Loomis All Cap Growth Fund		288,305,167		51,972,109		(3,322,011	)		48,650,098
Nationwide Small Company Growth Fund		212,228,827		111,529,536		(4,962,001	)		106,567,535
Nationwide U.S. Small Cap Value Fund		173,708,788		34,678,542		(25,546,288	)		9,132,254
Nationwide WCM Focused Small Cap Fund		47,105,625		7,175,045		(3,286,695	)		3,888,350
Nationwide Ziegler Equity Income Fund		33,100,976		5,582,621		(742,595	)		4,840,026

13. Subsequent Events

Management has evaluated the impact of subsequent events on the Funds and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

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Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Emerging Markets Equity Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide Bond Fund

Nationwide Core Plus Bond Fund

Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide Large Cap Equity Fund)

Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund)

Nationwide Emerging Markets Debt Fund

Nationwide Fund

Nationwide Global Sustainable Equity Fund (formerly, Nationwide Global Equity Fund)

Nationwide Government Money Market Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Small Cap Fund

Nationwide Long/Short Equity Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Loomis Core Bond Fund (formerly, Nationwide HighMark Bond Fund)

Nationwide Loomis Short Term Bond Fund (formerly, Nationwide HighMark Short Term Bond Fund)

Nationwide Small Company Growth Fund

Nationwide U.S. Small Cap Value Fund

Nationwide WCM Focused Small Cap Fund (formerly, Nationwide HighMark Small Cap Core Fund)

Nationwide Ziegler Equity Income Fund

Continuation of Advisory (and Sub-Advisory) Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) and its Sub-Advisers (together, the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in

question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions

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and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the

Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers;

● The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis;

● The Adviser’s and Sub-Advisers’ personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s and Sub-Advisers’ investment processes; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser and the Adviser’s assessment of the financial condition and stability of the Sub-Advisers; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for the each of the Funds and the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods.

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Most of the Funds listed above were shown to pay actual management fees and to have total expense ratios at levels at or lower than their peer medians, or within the third quintile of their peer groups, and to have experienced three-year performance at or above their peer medians or within the third quintile of their peer groups. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each of these Funds was consistent with the continuation of the Fund’s advisory agreement.

The Trustees considered that certain Funds, including the Nationwide Amundi Global High Yield Fund, Nationwide Core Plus Bond Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund, and Nationwide Small Company Growth Fund, although paying relatively high advisory fees, had overall acceptable expense arrangements, particularly in light of their favorable levels of investment performance shown to be within the first or second quintiles of their peer groups. As to the Nationwide International Small Cap Fund, Nationwide Long/Short Equity Fund and Nationwide Loomis All Cap Growth Fund, the Trustees considered that the Funds had been in operation for relatively short periods of time and determined that it would be appropriate to continue the Funds’ advisory agreements in place to allow for further consideration of their comparative expenses and performance in the future. As to the Nationwide Bond Fund and Nationwide Loomis Core Bond Fund, the Trustees considered that, although each Fund had experienced unfavorable relative investment performance over the three-year period, its investment performance had improved substantially in the one-year period. As to the Nationwide Diamond Hill Large Cap Concentrated Fund, the Trustees considered that, effective November 2017, a new Sub-Adviser replaced the former Sub-Adviser to the Fund and that, in connection with the change in Sub-Adviser, the Fund’s investment strategy was changed in March 2018 to permit the Fund to operate as a “non-diversified” fund.

The Trustees reviewed with the Adviser throughout the course of the year the expense level and yield of the Nationwide Government Money Market Fund, in light of changes to regulation of money market funds and related changes in money market fund pricing generally, and determined that the expense and yield information was consistent with the continuation of the Fund’s advisory agreement.

Each of the Nationwide Bailard Emerging Markets Equity Fund, Nationwide Bailard International Equities Fund, Nationwide Loomis Short Term Bond Fund, and Nationwide U.S. Small Cap Value, while generally having acceptable expense arrangements, has experienced performance challenges. The Trustees considered that the sub-adviser to the Nationwide Loomis Short Term Bond Fund had been replaced in late 2017 and that each of the other Funds has been designated to be subject to heightened review by the Trustees in the coming year in light of its investment performance. The Trustees determined to continue the advisory arrangements for those Funds in light of the recent change in the Nationwide Loomis Short term Bond Fund and the continuing performance review for each of the other Funds.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund’s advisory fee rate schedule, with the exception of Nationwide Amundi Strategic Income Fund, Nationwide Emerging Markets Debt Fund and Nationwide Long/Short Equity, is subject to contractual advisory fee breakpoints. The Trustees determined to continue to monitor the fees paid by the Funds to determine whether breakpoints might become appropriate.

-        -         -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

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Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

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April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

173

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

174

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

175

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

176

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

177

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

178

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

179

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

180

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

181

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

182

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

183

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-CEQ  (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Equity Funds

Nationwide Multi-Cap Portfolio

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Equity Funds
Nationwide Multi-Cap Portfolio	3
Notes to Financial Statements	54
Supplemental Information	75
Management Information	76
Market Index Definitions	81

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Multi-Cap  Portfolio

Asset Allocation¹

Common Stocks	63.4%
Corporate Bonds	13.1%
Asset-Backed Securities	4.6%
Short-Term Investments	4.1%
Mortgage-Backed Securities	3.3%
Repurchase Agreements	2.2%
U.S. Treasury Obligations	2.0%
Collateralized Mortgage Obligations	1.9%
Commercial Mortgage-Backed Securities	1.7%
Exchange Traded Funds	1.3%
Foreign Government Securities	1.2%
Total Return Swaps	0.5%
Interest Rate Swaps†	0.0%
Futures Contracts†	0.0%
Purchased Options†	0.0%
Rights†	0.0%
Forward Currency Contracts†	(0.0)%
Written Options	(0.1)%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries²

Banks	7.2%
Software	4.5%
Oil, Gas & Consumable Fuels	4.3%
IT Services	3.5%
Interactive Media & Services	2.8%
Pharmaceuticals	2.8%
Semiconductors & Semiconductor Equipment	2.6%
Technology Hardware, Storage & Peripherals	2.5%
Equity Real Estate Investment Trusts (REITs)	2.4%
Capital Markets	2.4%
Other Industries#	65.0%
	100.0%

Top Holdings²

Microsoft Corp.	2.2%
Apple, Inc.	2.1%
Amazon.com, Inc.	1.7%
iShares Russell 3000 ETF	1.3%
Facebook, Inc., Class A	1.0%
FHLB Discount Notes, 2.41%, 7/19/2019	1.0%
Berkshire Hathaway, Inc., Class B	0.9%
JPMorgan Chase & Co.	0.9%
Johnson & Johnson	0.8%
Alphabet, Inc., Class C	0.8%
Other Holdings#	87.3%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Multi-Cap Portfolio

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (December 7, 2018, commencement of operations) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from December 7, 2018, commencement of operations, through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from December 7, 2018, commencement of operations, through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Multi-Cap Portfolio April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class R6 Shares	Actual	(a)		1,000.00		1,127.50		1.23		0.29
	Hypothetical	(b)(c)		1,000.00		1,023.36		1.45		0.29

(a) Actual expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from December 7, 2018 through April 30, 2019 to reflect the period from commencement of operations.

(b) Represents the hypothetical 5% return before expenses.

(c) Hypothetical expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from December 7, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio

Asset-Backed Securities 4.6%
	Principal Amount		Value
Automobiles 0.2%
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class A, 3.45%, 3/20/2023 (a)	$	1,560,000	$	1,578,975
Series 2017-2A, Class A, 2.97%, 3/20/2024 (a)		2,000,000		1,995,987
Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A, 4.06%, 11/15/2030		1,150,000		1,191,796
Hertz Vehicle Financing II LP, Series 2016-4A, Class A, 2.65%, 7/25/2022 (a)		1,200,000		1,185,439
				5,952,197
Home Equity 0.7%
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4, Class M2, 2.95%, 10/25/2035 (b)		2,330,000		2,189,378
Argent Securities Inc Asset-Backed Pass-Through Certificates, Series 2003-W5, Class M1, 3.53%, 10/25/2033 (b)		1,386,695		1,388,812
Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE7, Class M1, 3.38%, 8/25/2034 (b)		5,822,498		5,812,346
CWABS, Inc. Trust, Series 2004-6, Class 1A1, 3.02%, 12/25/2034 (b)		1,346,797		1,339,071
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-OP1, Class M1, 3.35%, 11/25/2034 (b)		1,288,544		1,290,402
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (a)(b)		3,723,615		3,804,975
RAAC Series Trust, Series 2005-SP3, Class M2, 3.28%, 12/25/2035 (b)		1,370,000		1,371,953
				17,196,937
Other 2.5%
AMMC CLO 21 Ltd., Series 2017-21A, Class A, 3.99%, 11/2/2030 (a)(b)		392,000		391,804
Apidos CLO XII, Series 2013-12A, Class AR, 3.68%, 4/15/2031 (a)(b)		1,750,000		1,735,535
Avery Point V CLO Ltd., Series 2014-5A, Class AR, 3.57%, 7/17/2026 (a)(b)		998,464		997,069
Babson CLO Ltd., Series 2015-IA, Class AR, 3.58%, 1/20/2031 (a)(b)		1,500,000		1,480,947

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, 3.84%, 1/20/2029 (a)(b)	$	1,385,000	$	1,385,000
BlueMountain CLO Ltd.
Series 2012-2A, Class AR2, 3.69%, 11/20/2028 (a)(b)		910,000		907,891
Series 2015-3A, Class A1R, 3.59%, 4/20/2031 (a)(b)		1,215,000		1,201,922
Burnham Park CLO Ltd., Series 2016-1A, Class A, 4.02%, 10/20/2029 (a)(b)		2,250,000		2,256,669
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A1, 3.73%, 5/15/2031 (a)(b)		2,710,000		2,677,965
Carlyle US CLO Ltd.
Series 2017-1A, Class A1B, 3.82%, 4/20/2031 (a)(b)		2,250,000		2,241,202
Series 2017-1A, Class A1A, 3.89%, 4/20/2031 (a)(b)		450,000		449,771
Catskill Park CLO Ltd., Series 2017-1A, Class A2, 4.29%, 4/20/2029 (a)(b)		1,300,000		1,291,599
CBAM Ltd., Series 2017-1A, Class A1, 3.84%, 7/20/2030 (a)(b)		300,000		299,459
Cumberland Park CLO Ltd., Series 2015-2A, Class BR, 3.99%, 7/20/2028 (a)(b)		510,000		508,390
Cutwater Ltd., Series 2014-1A, Class A1AR, 3.85%, 7/15/2026 (a)(b)		1,966,038		1,967,031
Dryden 71 CLO Ltd., Series 2018-71A, Class A, 3.84%, 1/15/2029 (a)(b)		2,500,000		2,507,913
Flatiron CLO 17 Ltd., Series 2017-1A, Class A, 3.93%, 5/15/2030 (a)(b)		3,340,000		3,335,504
Halcyon Loan Advisors Funding Ltd., Series 2017-2A, Class A2, 4.29%, 1/17/2030 (a)(b)		750,000		740,909
JFIN CLO 2014 Ltd., Series 2014-1A, Class AR, 3.54%, 4/21/2025 (a)(b)		1,481,271		1,477,643
LCM XXIV Ltd., Series 24A, Class A, 3.90%, 3/20/2030 (a)(b)		1,250,000		1,249,903
Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, 1/25/2059 (a)(c)		3,777,769		3,806,670
Midocean Credit CLO VII, Series 2017-7A, Class B, 4.50%, 7/15/2029 (a)(b)		1,000,000		993,705
Myers Park CLO Ltd., Series 2018-1A, Class B1, 4.19%, 10/20/2030 (a)(b)		510,000		502,999
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 3.82%, 4/19/2030 (a)(b)		2,400,000		2,395,819

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A1, 3.85%, 7/25/2030 (a)(b)	$	835,000	$	832,457
Parallel Ltd., Series 2018-2A, Class A2, 4.67%, 10/20/2031 (a)(b)		250,000		248,909
Shackleton 2013-III CLO Ltd., Series 2013-3A, Class BR, 4.15%, 7/15/2030 (a)(b)		750,000		736,810
Sofi Consumer Loan Program LLC, Series 2017-2, Class A, 3.28%, 2/25/2026 (a)		4,038,602		4,052,203
Sudbury Mill CLO Ltd., Series 2013-1A, Class A1R, 3.74%, 1/17/2026 (a)(b)		1,176,171		1,177,657
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A, 4.87%, 7/20/2048 (a)		2,477,043		2,542,243
Symphony CLO XVIII Ltd., Series 2016-18A, Class B, 4.39%, 1/23/2028 (a)(b)		750,000		748,075
TCI-Cent CLO Ltd., Series 2016-1A, Class A2, 4.78%, 12/21/2029 (a)		1,500,000		1,499,945
TCW CLO AMR Ltd., Series 2019-1A, Class A, 4.12%, 2/15/2029 (a)(b)		1,060,000		1,061,451
THL Credit Wind River CLO Ltd.
Series 2017-1A, Class A, 3.94%, 4/18/2029 (a)(b)		2,000,000		2,001,066
Series 2017-3A, Class A, 3.85%, 10/15/2030 (a)(b)		466,489		466,249
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, 3.50%, 5/25/2058 (a)(b)		6,600,000		6,613,464
Tryon Park CLO Ltd.
Series 2013-1A, Class A1SR, 3.49%, 4/15/2029 (a)(b)		1,425,000		1,417,382
Series 2013-1A, Class A2R, 4.10%, 4/15/2029 (a)(b)		1,500,000		1,475,575
Venture 31 CLO Ltd., Series 2018-31A, Class A1, 3.62%, 4/20/2031 (a)(b)		1,800,000		1,770,970
				63,447,775
Student Loan 1.2%
Brazos Higher Education Authority, Inc., Series 2005-1, Class 1A4, 2.75%, 3/26/2029 (b)		5,153,125		5,149,827
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 4.38%, 10/27/2031 (a)(b)		1,796,176		1,824,290
Navient Student Loan Trust
Series 2015-1, Class A2, 3.08%, 4/25/2040 (b)		955,582		953,176
Series 2017-3A, Class A2, 3.08%, 7/26/2066 (a)(b)		4,000,000		4,009,762
Nelnet Student Loan Trust
Series 2006-2, Class A6, 2.96%, 4/25/2031 (a)(b)		4,800,000		4,803,711

Asset-Backed Securities (continued)
	Principal Amount		Value
Student Loan (continued)
Nelnet Student Loan Trust (continued)
Series 2012-2A, Class A, 3.28%, 12/26/2033 (a)(b)	$	3,021,111	$	3,023,381
SLM Private Education Loan Trust
Series 2011-B, Class A2, 3.74%, 2/15/2029 (a)		1,148,830		1,149,515
Series 2010-A, Class 2A, 5.72%, 5/16/2044 (a)(b)		4,636,289		4,677,635
SLM Student Loan Trust, Series 2005-7, Class A4, 2.73%, 10/25/2029 (b)		645,671		640,785
SMB Private Education Loan Trust
Series 2015-C, Class A3, 4.42%, 8/16/2032 (a)(b)		3,220,000		3,331,050
Series 2017-A, Class B, 3.50%, 6/17/2041 (a)		1,000,000		964,434
				30,527,566
Total Asset-Backed Securities (cost $116,651,500)				117,124,475
Collateralized Mortgage Obligations 1.9%
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M1, 3.33%, 8/25/2031 (a)(b)		1,340,891		1,345,439
Series 2019-R03, Class 1M1, 3.23%, 9/25/2031 (a)(b)		3,050,000		3,053,786
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1B, 2.63%, 4/19/2047 (b)		1,440,863		1,301,179
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA2, Class M2, 5.93%, 10/25/2029 (b)		1,990,000		2,154,968
Series 2017-DNA3, Class M2, 4.98%, 3/25/2030 (b)		1,200,000		1,236,951
FNMA
Series 2014-C02, Class 1M2, 5.08%, 5/25/2024 (b)		2,215,000		2,322,488
Series 2014-C02, Class 2M2, 5.08%, 5/25/2024 (b)		1,581,981		1,650,931
Series 2014-C03, Class 1M2, 5.48%, 7/25/2024 (b)		1,362,418		1,455,912
Series 2016-C02, Class 1M2, 8.48%, 9/25/2028 (b)		1,696,930		1,928,866
Series 2016-C04, Class 1M2, 6.73%, 1/25/2029 (b)		1,680,000		1,848,668
Series 2017-C03, Class 1M1, 3.43%, 10/25/2029 (b)		2,990,184		2,994,676
Series , Class , 3.50%, 5/1/2049		1,800,000		1,815,711
GSMSC Resecuritization Trust, Series 2015-7R, Class A, 2.65%, 9/26/2037 (a)(b)		3,300,340		3,245,197
Morgan Stanley Mortgage Loan Trust, Series 2005-2AR, Class A, 2.74%, 4/25/2035 (b)		3,015,359		2,966,842
New Residential Mortgage Loan Trust
Series 2017-3A, Class A1, 4.00%, 4/25/2057 (a)(b)		6,082,259		6,229,824

6

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
New Residential Mortgage Loan Trust (continued)
Series 2019-2A, Class A1, 4.25%, 12/25/2057 (a)(b)	$	6,332,215	$	6,509,674
Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, 1/25/2056 (a)(b)		3,230,000		3,188,569
WaMu Mortgage Pass-Through Trust, Series 2004-AR9, Class A7, 4.18%, 8/25/2034 (b)		3,725,100		3,807,136
Total Collateralized Mortgage Obligations (cost $48,838,443)				49,056,817
Commercial Mortgage-Backed Securities 1.7%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 3.32%, 9/15/2034 (a)(b)		2,500,000		2,498,259
BANK
Series 2017-BNK8, Class A4, 3.49%, 11/15/2050		1,200,000		1,226,922
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054		1,406,400		1,441,039
Series 2017-BNK5, Class A5, 3.39%, 6/15/2060		2,000,000		2,031,154
BBCMS Mortgage Trust, Series 2017-DELC, Class A, 3.32%, 8/15/2036 (a)(b)		2,610,000		2,606,735
BX Trust, Series 2018-MCSF, Class A, 3.05%, 4/15/2035 (a)(b)		2,660,000		2,621,411
CHT Mortgage Trust, Series 2017-CSMO, Class A, 3.40%, 11/15/2036 (a)(b)		2,070,000		2,070,000
Citigroup Commercial Mortgage Trust, Series 2019-SST2, Class A, 3.39%, 12/15/2036 (a)(b)		2,350,000		2,353,164
Cloverleaf Cold Storage Trust, Series 2019-CHL2, Class A, 3.55%, 3/15/2036 (a)(b)		1,980,000		1,987,316
Cold Storage Trust, Series 2017-ICE3, Class A, 3.47%, 4/15/2036 (a)(b)		2,380,000		2,386,454
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class A, 3.72%, 1/15/2034 (a)(b)		3,700,000		3,710,360
Great Wolf Trust, Series 2017-WOLF, Class A, 3.32%, 9/15/2034 (a)(b)		3,650,000		3,646,530
GS Mortgage Securities Trust
Series 2015-GS1, Class A3, 3.73%, 11/10/2048		2,000,000		2,069,569
Series 2017-GS8, Class A4, 3.47%, 11/10/2050		1,250,000		1,269,573
Hospitality Mortgage Trust, Series 2017-HIT, Class A, 3.32%, 5/8/2030 (a)(b)		2,000,000		1,998,738
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5, 3.49%, 7/15/2050		2,000,000		2,039,661

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2018-H4, Class XA, IO, 1.04%, 12/15/2051 (b)	$	21,468,476	$	1,416,125
Morgan Stanley Capital I, Inc., Series 2019-BPR, Class A, 0.00%, 5/15/2036 (a)(b)		1,780,000		1,791,499
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, 3.42%, 6/15/2033 (a)(b)		2,400,000		2,399,246
Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5, 4.21%, 5/15/2051		2,000,000		2,143,792
Total Commercial Mortgage-Backed Securities (cost $43,043,845)				43,707,547
Common Stocks 63.4%
	Shares
Aerospace & Defense 1.5%
AAR Corp. (d)		1,705		57,578
Aerojet Rocketdyne Holdings, Inc.* (d)		4,396		148,849
Aerovironment, Inc.* (d)		1,085		74,388
Arconic, Inc. (d)		23,656		508,131
Astronics Corp.* (d)		1,181		39,375
Axon Enterprise, Inc.* (d)		3,231		205,168
Boeing Co. (The) (d)		29,313		11,071,227
BWX Technologies, Inc. (d)		5,450		278,495
Cubic Corp. (d)		1,604		91,075
Curtiss-Wright Corp. (d)		2,441		278,128
Ducommun, Inc.* (d)		485		19,681
General Dynamics Corp. (d)		13,740		2,455,613
Harris Corp. (d)		6,363		1,072,165
HEICO Corp. (d)		7,444		705,935
Hexcel Corp. (d)		4,692		331,771
Huntington Ingalls Industries, Inc. (d)		2,326		517,721
KeyW Holding Corp. (The)* (d)		3,059		34,689
Kratos Defense & Security Solutions, Inc.* (d)		4,552		72,286
L3 Technologies, Inc. (d)		4,266		932,462
Lockheed Martin Corp. (d)		13,453		4,484,288
Maxar Technologies, Inc. (d)(e)		3,153		15,544
Mercury Systems, Inc.* (d)		2,554		186,493
Moog, Inc., Class A (d)		1,645		154,038
National Presto Industries, Inc. (d)		227		24,175
Northrop Grumman Corp. (d)		8,599		2,492,936
Raytheon Co. (d)		15,650		2,779,284
Spirit AeroSystems Holdings, Inc., Class A (d)		5,690		494,461
Teledyne Technologies, Inc.* (d)		2,163		537,527
Textron, Inc. (d)		13,356		707,868
TransDigm Group, Inc.* (d)		2,515		1,213,538
Triumph Group, Inc. (d)		2,740		65,020
United Technologies Corp. (d)		44,416		6,334,166
Vectrus, Inc.* (d)		510		20,681
Wesco Aircraft Holdings, Inc.* (d)		3,185		26,881
				38,431,637

7

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.* (d)		3,072	$	72,284
Atlas Air Worldwide Holdings, Inc.* (d)		1,250		60,363
CH Robinson Worldwide, Inc. (d)		7,422		601,182
Echo Global Logistics, Inc.* (d)		1,622		37,209
Expeditors International of Washington, Inc. (d)		9,370		744,165
FedEx Corp. (d)		13,324		2,524,365
Forward Air Corp. (d)		1,780		112,710
Hub Group, Inc., Class A* (d)		1,716		71,334
Radiant Logistics, Inc.* (d)		1,791		11,713
United Parcel Service, Inc., Class B (d)		37,883		4,023,932
XPO Logistics, Inc.* (d)		6,902		469,888
				8,729,145
Airlines 0.3%
Alaska Air Group, Inc. (d)		6,568		406,559
Allegiant Travel Co. (d)		663		97,381
American Airlines Group, Inc. (d)		22,714		776,365
Copa Holdings SA, Class A (d)		1,807		150,451
Delta Air Lines, Inc. (d)		34,799		2,028,434
Hawaiian Holdings, Inc. (d)		2,547		71,851
JetBlue Airways Corp.* (d)		16,867		312,883
Mesa Air Group, Inc.* (d)		528		4,826
SkyWest, Inc. (d)		2,652		163,337
Southwest Airlines Co. (d)		27,689		1,501,574
Spirit Airlines, Inc.* (d)		3,831		208,330
United Continental Holdings, Inc.* (d)		13,684		1,215,960
				6,937,951
Auto Components 0.2%
Adient plc (d)		4,836		111,712
American Axle & Manufacturing Holdings, Inc.* (d)		5,715		84,296
Aptiv plc (d)		14,257		1,221,825
BorgWarner, Inc. (d)		11,733		490,087
Cooper Tire & Rubber Co. (d)		2,605		77,785
Cooper-Standard Holdings, Inc.* (d)		915		46,363
Dana, Inc. (d)		7,567		147,556
Dorman Products, Inc.* (d)		1,658		145,357
Fox Factory Holding Corp.* (d)		1,847		143,327
Garrett Motion, Inc.* (d)		3,991		75,031
Gentex Corp. (d)		14,485		333,590
Gentherm, Inc.* (d)		2,266		95,988
Goodyear Tire & Rubber Co. (The) (d)		12,973		249,211
LCI Industries (d)		1,278		112,272
Lear Corp. (d)		3,449		493,207
Modine Manufacturing Co.* (d)		3,457		51,129
Motorcar Parts of America, Inc.* (d)(e)		857		17,706
Shiloh Industries, Inc.* (d)		687		3,930
Standard Motor Products, Inc. (d)		1,115		55,717
Stoneridge, Inc.* (d)		1,535		48,245
Superior Industries International, Inc. (d)		1,123		5,559

Common Stocks (continued)
	Shares		Value
Auto Components (continued)
Tenneco, Inc., Class A (d)		2,651	$	58,110
Tower International, Inc. (d)		909		21,216
Visteon Corp.* (d)		1,508		99,558
				4,188,777
Automobiles 0.3%
Ford Motor Co. (d)		213,934		2,235,610
General Motors Co. (d)		72,245		2,813,943
Harley-Davidson, Inc. (d)		8,414		313,253
Tesla, Inc.* (d)(e)		7,481		1,785,640
Thor Industries, Inc. (d)		2,856		188,125
Winnebago Industries, Inc. (d)		1,661		58,749
				7,395,320
Banks 3.7%
1st Constitution Bancorp (d)		345		6,479
1st Source Corp. (d)		1,376		64,438
ACNB Corp. (d)		312		11,815
Allegiance Bancshares, Inc.* (d)		1,054		36,437
Amalgamated Bank, Class A (d)		536		9,085
American National Bankshares, Inc.		970		36,685
Ameris Bancorp (d)		2,508		91,442
Ames National Corp. (d)		395		11,159
Arrow Financial Corp. (d)		563		18,945
Associated Banc-Corp. (d)		8,560		194,226
Atlantic Capital Bancshares, Inc.* (d)		1,135		19,794
Auburn National Bancorporation, Inc. (d)		108		3,863
Banc of California, Inc. (d)		2,476		35,927
BancFirst Corp. (d)		1,189		67,060
Bancorp, Inc. (The)* (d)		2,304		23,524
BancorpSouth Bank (d)		4,949		150,846
Bank of America Corp. (d)		493,273		15,084,288
Bank of Commerce Holdings (d)		716		7,747
Bank of Hawaii Corp. (d)		2,096		172,668
Bank of Marin Bancorp (d)		625		26,469
Bank of NT Butterfield & Son Ltd. (The) (d)		2,848		113,977
Bank of Princeton (The) (d)		264		7,946
Bank OZK (d)		6,840		223,326
BankFinancial Corp. (d)		582		8,736
BankUnited, Inc. (d)		5,528		202,214
Bankwell Financial Group, Inc. (d)		283		8,629
Banner Corp. (d)		1,644		87,165
Bar Harbor Bankshares (d)		705		18,527
Baycom Corp.* (d)		469		10,810
BB&T Corp. (d)		42,338		2,167,706
BCB Bancorp, Inc. (d)		622		8,223
Berkshire Hills Bancorp, Inc. (d)		2,184		65,498
BOK Financial Corp. (d)		1,703		148,399
Boston Private Financial Holdings, Inc. (d)		3,828		43,831
Bridge Bancorp, Inc. (d)		1,323		41,000
Brookline Bancorp, Inc. (d)		4,429		66,656
Bryn Mawr Bank Corp. (d)		1,442		54,926
Business First Bancshares, Inc. (d)		489		12,445
Byline Bancorp, Inc.* (d)		748		14,975
C&F Financial Corp. (d)		152		7,372

8

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Cadence Bancorp (d)		6,093	$	138,616
Cambridge Bancorp (d)		172		14,422
Camden National Corp. (d)		1,091		47,982
Capital Bancorp, Inc.* (d)		295		3,354
Capital City Bank Group, Inc. (d)		535		12,273
Capstar Financial Holdings, Inc. (d)		375		5,809
Carolina Financial Corp. (d)		1,184		42,731
Cathay General Bancorp (d)		4,513		166,033
CB Financial Services, Inc. (d)		214		5,080
CBTX, Inc. (d)		822		26,057
CenterState Bank Corp. (d)		7,109		175,450
Central Pacific Financial Corp. (d)		1,300		39,013
Central Valley Community Bancorp (d)		528		10,803
Century Bancorp, Inc., Class A (d)		131		12,009
Chemical Financial Corp. (d)		4,150		182,309
Chemung Financial Corp. (d)		153		7,249
CIT Group, Inc. (d)		5,585		297,513
Citigroup, Inc. (d)		129,913		9,184,849
Citizens & Northern Corp. (d)		540		15,309
Citizens Financial Group, Inc. (d)		25,689		929,942
City Holding Co. (d)		871		69,140
Civista Bancshares, Inc. (d)		647		14,234
CNB Financial Corp. (d)		1,302		37,081
Coastal Financial Corp.* (d)		328		5,232
Codorus Valley Bancorp, Inc. (d)		418		8,845
Columbia Banking System, Inc. (d)		3,799		142,614
Comerica, Inc. (d)		8,805		691,985
Commerce Bancshares, Inc. (d)		5,152		311,335
Community Bank System, Inc. (d)		2,579		171,400
Community Bankers Trust Corp. (d)		975		7,683
Community Financial Corp. (The) (d)		222		6,798
Community Trust Bancorp, Inc. (d)		902		38,109
ConnectOne Bancorp, Inc. (d)		1,746		38,115
County Bancorp, Inc. (d)		234		4,196
Cullen/Frost Bankers, Inc. (d)		2,910		295,918
Customers Bancorp, Inc.* (d)		1,328		30,079
CVB Financial Corp. (d)		6,533		141,766
Eagle Bancorp, Inc.* (d)		1,650		91,179
East West Bancorp, Inc. (d)		7,994		411,531
Enterprise Bancorp, Inc. (d)		449		14,247
Enterprise Financial Services Corp. (d)		1,231		52,367
Equity Bancshares, Inc., Class A* (d)		615		16,150
Esquire Financial Holdings, Inc.* (d)		275		6,913
Evans Bancorp, Inc. (d)		212		7,789
Farmers & Merchants Bancorp, Inc. (d)		554		17,584
Farmers National Banc Corp. (d)		1,168		16,808
FB Financial Corp. (d)		745		27,371
Fidelity D&D Bancorp, Inc. (d)		128		7,680
Fidelity Southern Corp. (d)		1,252		36,446
Fifth Third Bancorp (d)		41,809		1,204,935
Financial Institutions, Inc. (d)		1,307		35,942
First Bancorp (d)		1,570		59,519
First Bancorp, Inc. (d)		473		12,681

Common Stocks (continued)
	Shares		Value
Banks (continued)
First Bancorp/PR (d)		11,039	$	124,741
First Bancshares, Inc. (The) (d)		1,115		34,431
First Bank (d)		748		8,535
First Busey Corp. (d)		3,011		77,804
First Business Financial Services, Inc. (d)		379		8,728
First Choice Bancorp (d)		415		8,823
First Citizens BancShares, Inc., Class A (d)		398		178,403
First Commonwealth Financial Corp. (d)		4,502		61,272
First Community Bankshares, Inc. (d)		720		25,027
First Community Corp. (d)		330		6,201
First Financial Bancorp (d)		5,037		126,429
First Financial Bankshares, Inc. (d)		3,341		205,538
First Financial Corp. (d)		957		39,400
First Financial Northwest, Inc. (d)		378		6,324
First Foundation, Inc. (d)		1,751		24,882
First Guaranty Bancshares, Inc. (d)		219		4,698
First Hawaiian, Inc. (d)		7,154		197,808
First Horizon National Corp. (d)		17,547		264,784
First Internet Bancorp (d)		449		9,829
First Interstate BancSystem, Inc., Class A (d)		2,053		86,760
First Merchants Corp. (d)		3,347		122,734
First Mid Bancshares, Inc. (d)		581		20,039
First Midwest Bancorp, Inc. (d)		5,502		118,128
First Northwest Bancorp (d)		425		6,919
First of Long Island Corp. (The) (d)		1,131		26,318
First Republic Bank (d)		8,855		935,265
First Savings Financial Group, Inc. (d)		83		4,822
First United Corp. (d)		321		6,073
Flushing Financial Corp. (d)		1,992		45,019
FNB Corp. (d)		18,255		221,433
Franklin Financial Network, Inc. (d)		596		16,479
Fulton Financial Corp. (d)		8,795		151,714
FVCBankcorp, Inc.* (d)		90		1,476
German American Bancorp, Inc. (d)		1,675		49,999
Glacier Bancorp, Inc. (d)		4,374		186,289
Great Southern Bancorp, Inc. (d)		832		48,214
Great Western Bancorp, Inc. (d)		2,632		92,567
Guaranty Bancshares, Inc. (d)		349		9,796
Hancock Whitney Corp. (d)		4,836		211,527
Hanmi Financial Corp. (d)		1,392		33,018
HarborOne Bancorp, Inc.* (d)		666		12,468
Heartland Financial USA, Inc. (d)		1,994		89,531
Heritage Commerce Corp. (d)		3,180		39,814
Heritage Financial Corp. (d)		2,028		61,388
Hilltop Holdings, Inc. (d)		3,843		80,818
Home BancShares, Inc. (d)		9,074		174,130
HomeTrust Bancshares, Inc. (d)		777		19,705
Hope Bancorp, Inc. (d)		6,129		86,174
Horizon Bancorp, Inc. (d)		2,704		43,994
Howard Bancorp, Inc.* (d)		589		8,853
Huntington Bancshares, Inc. (d)		56,657		788,665
IBERIABANK Corp. (d)		2,875		228,562
Independent Bank Corp. (d)		2,688		157,721

9

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Independent Bank Group, Inc. (d)		2,073	$	118,161
International Bancshares Corp. (d)		3,235		134,155
Investar Holding Corp. (d)		406		9,452
Investors Bancorp, Inc. (d)		12,346		145,065
JPMorgan Chase & Co. (d)		181,431		21,055,068
KeyCorp (d)		55,482		973,709
Lakeland Bancorp, Inc. (d)		3,635		60,196
Lakeland Financial Corp. (d)		1,846		88,147
LCNB Corp. (d)		412		7,004
LegacyTexas Financial Group, Inc. (d)		2,543		101,923
Level One Bancorp, Inc. (d)		241		5,970
Live Oak Bancshares, Inc. (d)		1,170		20,440
M&T Bank Corp. (d)		7,508		1,276,886
Macatawa Bank Corp. (d)		1,193		12,312
Malvern Bancorp, Inc.* (d)		346		7,332
Mercantile Bank Corp. (d)		1,249		42,216
Metropolitan Bank Holding Corp.* (d)		301		12,013
Mid Penn Bancorp, Inc. (d)		223		5,437
Middlefield Banc Corp. (d)		139		5,636
Midland States Bancorp, Inc. (d)		1,663		44,602
MidSouth Bancorp, Inc. (d)		687		8,155
MidWestOne Financial Group, Inc. (d)		516		14,541
MutualFirst Financial, Inc. (d)		268		8,011
MVB Financial Corp. (d)		393		6,520
National Bank Holdings Corp., Class A (d)		1,540		58,890
National Bankshares, Inc. (d)		311		13,152
NBT Bancorp, Inc. (d)		2,166		82,351
Nicolet Bankshares, Inc.* (d)		360		21,978
Northeast Bancorp (d)		351		7,694
Northrim Bancorp, Inc. (d)		311		11,037
Norwood Financial Corp. (d)		263		8,463
Oak Valley Bancorp (d)		326		6,249
OFG Bancorp (d)		2,385		48,129
Ohio Valley Banc Corp. (d)		186		6,990
Old Line Bancshares, Inc. (d)		1,347		33,675
Old National Bancorp (d)		8,001		136,657
Old Second Bancorp, Inc. (d)		2,564		33,973
Opus Bank (d)		900		19,683
Origin Bancorp, Inc. (d)		992		34,561
Orrstown Financial Services, Inc. (d)		340		7,052
Pacific City Financial Corp. (d)		543		9,948
Pacific Mercantile Bancorp* (d)		713		5,583
Pacific Premier Bancorp, Inc. (d)		3,075		89,390
PacWest Bancorp (d)		6,835		270,324
Park National Corp. (d)		840		82,051
Parke Bancorp, Inc. (d)		317		7,253
Peapack Gladstone Financial Corp. (d)		1,490		43,106
Penns Woods Bancorp, Inc. (d)		212		9,256
Peoples Bancorp of North Carolina, Inc. (d)		209		5,846
Peoples Bancorp, Inc. (d)		1,334		43,595
Peoples Financial Services Corp. (d)		316		13,746
People’s United Financial, Inc. (d)		19,913		344,296

Common Stocks (continued)
	Shares		Value
Banks (continued)
People’s Utah Bancorp (d)		709	$	20,171
Pinnacle Financial Partners, Inc. (d)		4,195		243,604
PNC Financial Services Group, Inc. (The) (d)		24,953		3,416,814
Popular, Inc. (d)		5,380		310,480
Preferred Bank (d)		792		38,958
Premier Financial Bancorp, Inc. (d)		547		9,069
Prosperity Bancshares, Inc. (d)		3,440		253,322
QCR Holdings, Inc. (d)		1,085		37,118
RBB Bancorp (d)		639		12,371
Regions Financial Corp. (d)		56,693		880,442
Reliant Bancorp, Inc. (d)		463		10,603
Renasant Corp. (d)		3,198		115,959
Republic Bancorp, Inc., Class A (d)		439		20,747
Republic First Bancorp, Inc.* (d)		2,015		10,317
S&T Bancorp, Inc. (d)		1,871		74,990
Sandy Spring Bancorp, Inc. (d)		1,864		65,035
SB One Bancorp (d)		327		7,766
Seacoast Banking Corp. of Florida* (d)		2,633		74,672
Select Bancorp, Inc.* (d)		710		8,719
ServisFirst Bancshares, Inc. (d)		3,008		102,092
Shore Bancshares, Inc.		1,675		26,515
Sierra Bancorp		1,329		35,165
Signature Bank (d)		2,850		376,400
Simmons First National Corp., Class A (d)		4,773		121,186
SmartFinancial, Inc.* (d)		520		10,811
South State Corp. (d)		2,102		159,037
Southern First Bancshares, Inc.*		806		29,669
Southern National Bancorp of Virginia, Inc. (d)		896		13,368
Southside Bancshares, Inc. (d)		1,766		62,040
Spirit of Texas Bancshares, Inc.* (d)		464		10,426
Sterling Bancorp (d)		11,112		238,019
Stock Yards Bancorp, Inc. (d)		1,121		38,506
Summit Financial Group, Inc. (d)		516		13,442
SunTrust Banks, Inc. (d)		24,503		1,604,456
SVB Financial Group* (d)		2,894		728,478
Synovus Financial Corp. (d)		8,848		326,137
TCF Financial Corp. (d)		8,269		182,993
Texas Capital Bancshares, Inc.* (d)		2,924		189,271
Tompkins Financial Corp. (d)		809		65,262
Towne Bank (d)		4,269		111,336
TriCo Bancshares (d)		1,616		64,495
TriState Capital Holdings, Inc.* (d)		1,912		44,473
Triumph Bancorp, Inc.* (d)		1,329		41,212
Trustmark Corp. (d)		3,352		120,538
UMB Financial Corp. (d)		2,353		164,381
Umpqua Holdings Corp. (d)		11,358		197,175
Union Bankshares Corp. (d)		4,472		163,228
Union Bankshares, Inc. (d)		179		7,072
United Bankshares, Inc. (d)		5,123		201,027
United Community Banks, Inc. (d)		3,601		101,116
United Security Bancshares (d)		602		6,321
Unity Bancorp, Inc. (d)		354		7,646
Univest Financial Corp. (d)		2,079		52,432
US Bancorp (d)		82,930		4,421,828
Valley National Bancorp (d)		16,508		173,004

10

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Veritex Holdings, Inc. (d)		2,427	$	64,340
Washington Trust Bancorp, Inc. (d)		743		38,495
Webster Financial Corp. (d)		4,715		250,508
Wells Fargo & Co. (d)		226,078		10,944,436
WesBanco, Inc. (d)		3,181		128,258
West Bancorporation, Inc. (d)		739		15,497
Westamerica Bancorp (d)		1,389		89,202
Western Alliance Bancorp* (d)		5,476		261,643
Wintrust Financial Corp. (d)		2,883		219,685
Zions Bancorp NA (d)		10,155		500,946
				94,288,405
Beverages 1.0%
Boston Beer Co., Inc. (The), Class A* (d)		420		130,204
Brown-Forman Corp., Class A (d)		18,023		957,815
Castle Brands, Inc.* (d)		4,236		2,709
Celsius Holdings, Inc.* (d)		1,048		4,339
Coca-Cola Co. (The) (d)		209,141		10,260,458
Coca-Cola Consolidated, Inc. (d)		246		79,957
Constellation Brands, Inc., Class A (d)		8,474		1,793,692
Craft Brew Alliance, Inc.*		1,664		23,479
Keurig Dr Pepper, Inc. (d)		9,927		288,578
MGP Ingredients, Inc. (d)(e)		729		64,057
Molson Coors Brewing Co., Class B (d)		9,502		609,933
Monster Beverage Corp.* (d)		21,936		1,307,386
National Beverage Corp. (d)		625		35,000
PepsiCo, Inc. (d)		77,303		9,898,649
Primo Water Corp.* (d)		1,533		24,145
				25,480,401
Biotechnology 1.7%
AbbVie, Inc. (d)		82,959		6,586,115
Abeona Therapeutics, Inc.* (d)		1,430		11,011
ACADIA Pharmaceuticals, Inc.* (d)		6,348		152,669
Acceleron Pharma, Inc.* (d)		2,599		105,857
Achillion Pharmaceuticals, Inc.* (d)		6,157		18,225
Acorda Therapeutics, Inc.* (d)		2,447		25,571
Adamas Pharmaceuticals, Inc.* (d)		1,013		6,402
ADMA Biologics, Inc.* (d)		887		4,107
Aduro Biotech, Inc.* (d)		2,944		12,041
Adverum Biotechnologies, Inc.* (d)		2,468		15,919
Aeglea BioTherapeutics, Inc.* (d)		874		5,987
Agenus, Inc.* (d)		4,233		10,879
AgeX Therapeutics, Inc.* (d)		418		1,906
Agios Pharmaceuticals, Inc.* (d)		3,012		168,431
Aimmune Therapeutics, Inc.* (d)(e)		2,300		46,322
Akcea Therapeutics, Inc.* (d)		617		15,480
Akebia Therapeutics, Inc.* (d)		4,619		27,899
Albireo Pharma, Inc.* (d)		415		14,284
Alder Biopharmaceuticals, Inc.* (d)		3,132		42,564
Aldeyra Therapeutics, Inc.* (d)		1,551		12,827
Alector, Inc.* (d)		254		5,044
Alexion Pharmaceuticals, Inc.* (d)		11,734		1,597,349
Alkermes plc* (d)		8,313		252,050
Allakos, Inc.* (d)(e)		651		25,526
Allena Pharmaceuticals, Inc.* (d)		524		3,233

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Allogene Therapeutics, Inc.* (d)(e)		1,220	$	36,539
Alnylam Pharmaceuticals, Inc.* (d)		5,057		451,792
AMAG Pharmaceuticals, Inc.* (d)		1,903		21,237
Amgen, Inc. (d)		34,383		6,165,560
Amicus Therapeutics, Inc.* (d)		9,892		131,959
AnaptysBio, Inc.* (d)		1,069		77,738
Anika Therapeutics, Inc.* (d)		636		20,257
Apellis Pharmaceuticals, Inc.* (d)		2,063		40,868
Aptinyx, Inc.* (d)		639		2,460
Arbutus Biopharma Corp.* (d)		1,627		4,377
Arcus Biosciences, Inc.* (d)		1,433		13,929
Ardelyx, Inc.* (d)		2,012		6,841
Arena Pharmaceuticals, Inc.* (d)		2,916		133,407
ArQule, Inc.* (d)		4,929		29,426
Array BioPharma, Inc.* (d)		11,535		260,806
Arrowhead Pharmaceuticals, Inc.* (d)		5,192		93,352
Assembly Biosciences, Inc.* (d)		1,201		18,952
Atara Biotherapeutics, Inc.* (d)		2,131		71,602
Athenex, Inc.* (d)(e)		3,326		32,861
Athersys, Inc.* (d)(e)		5,329		8,260
Audentes Therapeutics, Inc.* (d)		2,002		75,656
AVEO Pharmaceuticals, Inc.* (d)		5,014		4,627
Avid Bioservices, Inc.* (d)		2,323		11,127
Avrobio, Inc.* (d)		585		11,004
Bellicum Pharmaceuticals, Inc.* (d)		1,830		5,581
BioCryst Pharmaceuticals, Inc.* (d)		5,755		42,760
Biogen, Inc.* (d)		10,748		2,463,871
Biohaven Pharmaceutical Holding Co. Ltd.* (d)		1,623		97,136
BioMarin Pharmaceutical, Inc.* (d)		9,539		815,871
BioSpecifics Technologies Corp.* (d)		264		17,688
BioTime, Inc.* (d)		5,138		6,371
Bluebird Bio, Inc.* (d)		2,981		422,795
Blueprint Medicines Corp.* (d)		2,501		189,101
Calithera Biosciences, Inc.* (d)		1,506		9,277
Calyxt, Inc.* (d)		273		4,354
Cara Therapeutics, Inc.* (d)		1,480		28,238
CareDx, Inc.* (d)		1,834		49,903
CASI Pharmaceuticals, Inc.* (d)		2,276		7,420
Catalyst Biosciences, Inc.* (d)		553		4,822
Catalyst Pharmaceuticals, Inc.* (d)		4,413		25,331
Celcuity, Inc.* (d)		266		5,985
Celgene Corp.* (d)		38,644		3,658,041
Cellular Biomedicine Group, Inc.* (d)		539		9,314
ChemoCentryx, Inc.* (d)		1,026		13,615
Chimerix, Inc.* (d)		2,148		5,800
Clovis Oncology, Inc.* (d)		2,483		45,364
Cohbar, Inc. Reg. S* (d)		1,120		2,744
Coherus Biosciences, Inc.* (d)		3,029		48,222
Concert Pharmaceuticals, Inc.* (d)		975		10,023
Constellation Pharmaceuticals, Inc.* (d)		723		9,507
Corbus Pharmaceuticals Holdings, Inc.* (d)(e)		3,298		23,548
Corvus Pharmaceuticals, Inc.* (d)		635		2,686
Crinetics Pharmaceuticals, Inc.* (d)		386		10,017
CTI BioPharma Corp.* (d)		2,344		2,297

11

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Cue Biopharma, Inc.* (d)		826	$	7,013
Cyclerion Therapeutics, Inc.* (d)		851		12,961
Cytokinetics, Inc.* (d)		2,093		18,460
CytomX Therapeutics, Inc.* (d)		2,375		22,586
Deciphera Pharmaceuticals, Inc.* (d)		404		9,292
Denali Therapeutics, Inc.* (d)		2,422		59,266
Dicerna Pharmaceuticals, Inc.* (d)		2,915		37,778
Dynavax Technologies Corp.* (d)		3,487		23,188
Eagle Pharmaceuticals, Inc.* (d)		622		31,977
Editas Medicine, Inc.* (d)		2,421		59,920
Eidos Therapeutics, Inc.* (d)		746		19,553
Emergent BioSolutions, Inc.* (d)		2,328		120,311
Enanta Pharmaceuticals, Inc.* (d)		857		74,722
Epizyme, Inc.* (d)		3,421		42,455
Equillium, Inc.* (d)		239		1,491
Esperion Therapeutics, Inc.* (d)		1,177		50,729
Evelo Biosciences, Inc.* (d)		633		5,308
Exact Sciences Corp.* (d)		7,110		701,686
Exelixis, Inc.* (d)		15,983		314,226
Fate Therapeutics, Inc.* (d)		3,141		52,769
Fennec Pharmaceuticals, Inc.* (d)		561		2,496
FibroGen, Inc.* (d)		4,188		195,705
Five Prime Therapeutics, Inc.* (d)		1,531		16,963
Flexion Therapeutics, Inc.* (d)(e)		1,956		20,734
Fortress Biotech, Inc.* (d)		1,642		2,611
Forty Seven, Inc.* (d)		634		12,040
G1 Therapeutics, Inc.* (d)		1,259		26,943
Genomic Health, Inc.* (d)		1,089		70,055
Geron Corp.* (d)(e)		7,782		14,163
Gilead Sciences, Inc. (d)		70,223		4,567,304
Global Blood Therapeutics, Inc.* (d)		3,040		168,416
GlycoMimetics, Inc.* (d)		1,568		19,083
Gossamer Bio, Inc.* (d)		585		9,922
Gritstone Oncology, Inc.* (d)		319		3,353
GTx, Inc.* (d)		230		251
Halozyme Therapeutics, Inc.* (d)		7,707		124,314
Harpoon Therapeutics, Inc.* (d)		111		1,303
Heron Therapeutics, Inc.* (d)		3,543		76,812
Homology Medicines, Inc.* (d)		779		16,764
Hookipa Pharma, Inc.*		209		2,930
Idera Pharmaceuticals, Inc.* (d)		863		2,598
Immunic, Inc.* (d)		36		499
ImmunoGen, Inc.* (d)		7,794		18,628
Immunomedics, Inc.* (d)(e)		8,474		135,753
Incyte Corp.* (d)		9,422		723,610
Inovio Pharmaceuticals, Inc.* (d)(e)		3,951		14,856
Insmed, Inc.* (d)		3,977		121,060
Insys Therapeutics, Inc.* (d)		1,223		5,259
Intellia Therapeutics, Inc.* (d)		1,928		29,653
Intercept Pharmaceuticals, Inc.* (d)		1,334		114,964
Intrexon Corp.* (d)(e)		4,123		17,853
Invitae Corp.* (d)		3,805		89,874
Ionis Pharmaceuticals, Inc.* (d)		7,573		562,901
Iovance Biotherapeutics, Inc.* (d)		5,565		63,441
Ironwood Pharmaceuticals, Inc.* (d)		8,479		100,815
Jounce Therapeutics, Inc.* (d)		717		4,073

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Kadmon Holdings, Inc.* (d)		4,555	$	10,704
Karyopharm Therapeutics, Inc.* (d)		2,800		13,076
Kezar Life Sciences, Inc.* (d)		574		10,831
Kindred Biosciences, Inc.* (d)		1,637		14,553
Kiniksa Pharmaceuticals Ltd., Class A* (d)		754		11,257
Kodiak Sciences, Inc.* (d)		430		3,191
Kura Oncology, Inc.* (d)		1,294		19,591
La Jolla Pharmaceutical Co.* (d)		980		7,889
Lexicon Pharmaceuticals, Inc.* (d)(e)		1,952		11,322
Ligand Pharmaceuticals, Inc.* (d)		1,207		151,901
LogicBio Therapeutics, Inc.* (d)		363		4,940
MacroGenics, Inc.* (d)		1,825		30,605
Madrigal Pharmaceuticals, Inc.* (d)		378		40,098
Magenta Therapeutics, Inc.* (d)		656		9,453
MannKind Corp.* (d)(e)		7,400		11,396
MediciNova, Inc.* (d)(e)		2,449		27,429
MeiraGTx Holdings plc* (d)		557		10,878
Mersana Therapeutics, Inc.* (d)		580		2,854
Minerva Neurosciences, Inc.* (d)		1,399		10,311
Miragen Therapeutics, Inc.* (d)		1,188		3,481
Mirati Therapeutics, Inc.* (d)		1,145		68,116
Moderna, Inc.* (d)(e)		1,212		31,548
Molecular Templates, Inc.* (d)		559		4,109
Momenta Pharmaceuticals, Inc.* (d)		5,045		70,579
Mustang Bio, Inc.* (d)(e)		738		3,063
Myriad Genetics, Inc.* (d)		4,231		133,192
NantKwest, Inc.* (d)		1,317		1,475
Natera, Inc.* (d)		1,530		29,238
Neon Therapeutics, Inc.* (d)		679		4,183
Neurocrine Biosciences, Inc.* (d)		4,947		357,371
NewLink Genetics Corp.* (d)		1,328		2,271
Novavax, Inc.* (d)		20,468		10,875
Nymox Pharmaceutical Corp.* (d)(e)		1,486		2,719
OPKO Health, Inc.* (d)(e)		16,569		39,600
Organovo Holdings, Inc.* (d)		5,537		5,537
Ovid therapeutics, Inc.* (d)		591		1,206
Palatin Technologies, Inc.* (d)(e)		9,264		11,487
PDL BioPharma, Inc.* (d)		10,988		35,931
Pfenex, Inc.* (d)		1,300		7,527
Pieris Pharmaceuticals, Inc.* (d)		2,394		7,158
PolarityTE, Inc.* (d)		466		4,213
Portola Pharmaceuticals, Inc.* (d)		3,392		119,738
Precision BioSciences, Inc.*		755		9,815
Principia Biopharma, Inc.* (d)		263		7,866
Progenics Pharmaceuticals, Inc.* (d)		7,371		37,887
Proteostasis Therapeutics, Inc.* (d)		1,573		1,730
Prothena Corp. plc* (d)		2,359		24,534
PTC Therapeutics, Inc.* (d)		3,256		121,839
Puma Biotechnology, Inc.* (d)		1,435		46,092
Ra Pharmaceuticals, Inc.* (d)		859		19,070
Radius Health, Inc.* (d)		2,258		49,721
Recro Pharma, Inc.* (d)		827		7,220
Regeneron Pharmaceuticals, Inc.* (d)		4,388		1,505,698

12

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
REGENXBIO, Inc.* (d)		1,648	$	83,059
Repligen Corp.* (d)		2,022		136,242
Replimune Group, Inc.* (d)		522		8,754
Retrophin, Inc.* (d)		2,211		42,186
Rhythm Pharmaceuticals, Inc.* (d)		689		17,418
Rigel Pharmaceuticals, Inc.* (d)		7,705		17,182
Rocket Pharmaceuticals, Inc.* (d)		1,093		20,286
Rubius Therapeutics, Inc.* (d)		1,570		27,459
Sage Therapeutics, Inc.* (d)		2,650		445,809
Sangamo Therapeutics, Inc.* (d)		5,276		61,676
Sarepta Therapeutics, Inc.* (d)		3,637		425,311
Savara, Inc.* (d)		1,297		13,852
Scholar Rock Holding Corp.* (d)		697		14,832
Seattle Genetics, Inc.* (d)		5,605		379,907
Selecta Biosciences, Inc.* (d)		1,548		3,328
Seres Therapeutics, Inc.* (d)		949		6,206
Solid Biosciences, Inc.* (d)		560		5,085
Sorrento Therapeutics, Inc.* (d)(e)		5,263		19,210
Spark Therapeutics, Inc.* (d)		1,648		175,825
Spectrum Pharmaceuticals, Inc.* (d)		5,239		49,089
Spero Therapeutics, Inc.* (d)		363		4,058
Spring Bank Pharmaceuticals, Inc.* (d)		645		4,779
Stemline Therapeutics, Inc.* (d)		1,755		26,325
Surface Oncology, Inc.* (d)		520		2,434
Sutro Biopharma, Inc.* (d)		293		2,923
Syndax Pharmaceuticals, Inc.* (d)		684		4,891
Synlogic, Inc.* (d)		701		6,015
Synthorx, Inc.* (d)		335		5,125
Syros Pharmaceuticals, Inc.* (d)		1,152		8,329
T2 Biosystems, Inc.* (d)(e)		1,428		3,670
TG Therapeutics, Inc.* (d)		2,827		22,475
Tocagen, Inc.* (d)		937		9,258
Translate Bio, Inc.* (d)		1,344		13,037
Turning Point Therapeutics, Inc.*		233		8,108
Twist Bioscience Corp.* (d)		240		5,678
Tyme Technologies, Inc.* (d)(e)		4,866		7,348
Ultragenyx Pharmaceutical, Inc.* (d)		2,905		191,730
United Therapeutics Corp.* (d)		2,376		243,706
UNITY Biotechnology, Inc.* (d)		1,156		9,514
Unum Therapeutics, Inc.* (d)		888		2,877
Vanda Pharmaceuticals, Inc.* (d)		2,630		42,843
Veracyte, Inc.* (d)		1,287		29,434
Verastem, Inc.* (d)		3,160		6,731
Vericel Corp.* (d)		2,404		40,844
Vertex Pharmaceuticals, Inc.* (d)		13,881		2,345,611
Viking Therapeutics, Inc.* (d)(e)		2,798		21,908
Voyager Therapeutics, Inc.* (d)		1,400		29,540
X4 Pharmaceuticals, Inc.* (d)		38		775
Xencor, Inc.* (d)		2,400		73,704
XOMA Corp.* (d)		288		3,416
Y-mAbs Therapeutics, Inc.* (d)		315		7,251
Zafgen, Inc.* (d)		1,393		3,566
ZIOPHARM Oncology, Inc.* (d)(e)		5,983		26,445
				42,309,139

Common Stocks (continued)
	Shares		Value
Building Products 0.3%
AAON, Inc. (d)		2,112	$	106,044
Advanced Drainage Systems, Inc. (d)		1,934		54,249
Allegion plc (d)		5,134		509,447
American Woodmark Corp.* (d)		751		67,537
AO Smith Corp. (d)		7,812		410,677
Apogee Enterprises, Inc. (d)		1,437		57,911
Armstrong Flooring, Inc.* (d)		968		14,026
Armstrong World Industries, Inc. (d)		2,235		193,707
Builders FirstSource, Inc.* (d)		7,145		98,458
Caesarstone Ltd. (d)		1,048		15,856
Continental Building Products, Inc.* (d)		1,971		50,556
CSW Industrials, Inc.* (d)		817		48,979
Fortune Brands Home & Security, Inc. (d)		7,867		415,220
Gibraltar Industries, Inc.* (d)		1,662		65,932
Griffon Corp. (d)		2,928		57,447
Insteel Industries, Inc. (d)		836		17,506
JELD-WEN Holding, Inc.* (d)		3,562		70,350
Johnson Controls International plc (d)		49,584		1,859,400
Lennox International, Inc. (d)		1,980		537,471
Masco Corp. (d)		16,043		626,640
Masonite International Corp.* (d)		1,381		71,108
NCI Building Systems, Inc.* (d)		2,678		15,318
Owens Corning (d)		5,959		305,518
Patrick Industries, Inc.* (d)		1,279		63,784
PGT Innovations, Inc.* (d)		3,002		44,009
Quanex Building Products Corp. (d)		1,524		25,481
Resideo Technologies, Inc.* (d)		6,374		144,690
Simpson Manufacturing Co., Inc. (d)		2,113		134,556
Trex Co., Inc.* (d)		3,282		227,344
Universal Forest Products, Inc. (d)		3,099		114,508
				6,423,729
Capital Markets 1.6%
Affiliated Managers Group, Inc. (d)		2,934		325,439
Ameriprise Financial, Inc. (d)		7,446		1,092,849
Artisan Partners Asset Management, Inc., Class A (d)		2,557		72,465
Ashford, Inc.* (d)		30		1,662
Associated Capital Group, Inc., Class A (d)		106		4,379
B. Riley Financial, Inc. (d)		946		17,151
Bank of New York Mellon Corp. (The) (d)		48,528		2,409,900
BGC Partners, Inc., Class A (d)		14,349		77,485
BlackRock, Inc. (d)		6,626		3,215,200
Blucora, Inc.* (d)		2,454		85,890
BrightSphere Investment Group plc (d)		4,361		63,932
Cboe Global Markets, Inc. (d)		6,112		621,040
Charles Schwab Corp. (The) (d)		65,830		3,013,697
CME Group, Inc. (d)		19,458		3,481,036
Cohen & Steers, Inc. (d)		1,209		60,631
Cowen, Inc.* (d)		1,268		21,239

13

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Diamond Hill Investment Group, Inc. (d)		150	$	21,672
Donnelley Financial Solutions, Inc.* (d)		1,923		29,441
E*TRADE Financial Corp. (d)		13,620		689,989
Eaton Vance Corp. (d)		6,320		262,722
Evercore, Inc., Class A (d)		2,076		202,265
FactSet Research Systems, Inc. (d)		2,248		620,156
Federated Investors, Inc., Class B (d)		4,978		152,974
Focus Financial Partners, Inc., Class A* (d)		1,429		53,588
Franklin Resources, Inc. (d)		16,462		569,421
GAIN Capital Holdings, Inc. (d)		1,233		6,498
GAMCO Investors, Inc., Class A (d)		218		4,726
Goldman Sachs Group, Inc. (The) (d)		19,042		3,921,129
Greenhill & Co., Inc. (d)		1,034		21,414
Hamilton Lane, Inc., Class A (d)		941		45,977
Houlihan Lokey, Inc. (d)		2,148		105,939
Interactive Brokers Group, Inc., Class A (d)		4,115		223,198
Intercontinental Exchange, Inc. (d)		30,675		2,495,411
INTL. FCStone, Inc.* (d)		710		28,798
Invesco Ltd. (d)		22,131		486,218
Ladenburg Thalmann Financial Services, Inc. (d)		4,635		17,010
Lazard Ltd., Class A (d)		5,261		204,548
Legg Mason, Inc. (d)		5,081		169,959
LPL Financial Holdings, Inc. (d)		4,647		344,296
MarketAxess Holdings, Inc. (d)		2,210		615,109
Moelis & Co., Class A (d)		2,282		93,448
Moody’s Corp. (d)		9,109		1,791,012
Morgan Stanley (d)		66,425		3,205,006
Morningstar, Inc. (d)		934		133,982
MSCI, Inc. (d)		4,231		953,583
Nasdaq, Inc. (d)		6,300		580,860
Northern Trust Corp. (d)		11,058		1,089,766
Oppenheimer Holdings, Inc., Class A (d)		442		11,603
Piper Jaffray Cos. (d)		776		62,546
PJT Partners, Inc., Class A (d)		1,079		46,526
Pzena Investment Management, Inc., Class A (d)		792		7,880
Raymond James Financial, Inc. (d)		6,968		638,060
S&P Global, Inc. (d)		13,539		2,987,516
Safeguard Scientifics, Inc.* (d)		881		10,079
SEI Investments Co. (d)		7,211		392,639
Siebert Financial Corp.* (d)		340		3,560
Silvercrest Asset Management Group, Inc., Class A (d)		381		5,540
State Street Corp. (d)		20,556		1,390,819
Stifel Financial Corp. (d)		3,950		235,697
T. Rowe Price Group, Inc. (d)		12,683		1,363,423
TD Ameritrade Holding Corp. (d)		15,270		802,897
Tradeweb Markets, Inc., Class A*		271		10,908
Value Line, Inc. (d)		50		1,158
Virtu Financial, Inc., Class A (d)		2,142		52,650
Virtus Investment Partners, Inc. (d)		388		47,573

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Waddell & Reed Financial, Inc., Class A (d)(e)		3,916	$	73,347
Westwood Holdings Group, Inc. (d)		381		11,921
WisdomTree Investments, Inc. (d)		6,427		46,274
				41,906,726
Chemicals 1.3%
Advanced Emissions Solutions, Inc. (d)(e)		844		9,537
AdvanSix, Inc.* (d)		1,643		49,668
AgroFresh Solutions, Inc.* (d)		1,438		4,587
Air Products & Chemicals, Inc. (d)		11,907		2,450,342
Albemarle Corp. (d)		5,766		432,796
American Vanguard Corp. (d)		2,255		35,494
Amyris, Inc.* (d)(e)		1,522		6,819
Ashland Global Holdings, Inc. (d)		3,410		274,607
Axalta Coating Systems Ltd.* (d)		11,450		308,921
Balchem Corp. (d)		1,645		166,984
Cabot Corp. (d)		3,413		154,882
Celanese Corp. (d)		6,965		751,454
CF Industries Holdings, Inc. (d)		12,620		565,124
Chase Corp. (d)		398		37,281
Chemours Co. (The) (d)		9,436		339,790
Dow, Inc.* (d)		41,245		2,339,829
DowDuPont, Inc. (d)		123,819		4,760,841
Eastman Chemical Co. (d)		7,672		605,167
Ecolab, Inc. (d)		13,861		2,551,533
Element Solutions, Inc.* (d)		11,566		125,607
Ferro Corp.* (d)		4,302		76,877
Flotek Industries, Inc.* (d)		2,555		9,121
FMC Corp. (d)		7,323		578,956
FutureFuel Corp. (d)		1,528		22,446
GCP Applied Technologies, Inc.* (d)		3,757		108,164
Hawkins, Inc. (d)		445		16,425
HB Fuller Co. (d)		2,979		145,882
Huntsman Corp. (d)		12,235		272,106
Ingevity Corp.* (d)		2,315		266,248
Innophos Holdings, Inc. (d)		1,435		46,193
Innospec, Inc. (d)		1,470		124,685
International Flavors & Fragrances, Inc. (d)		5,488		756,192
Intrepid Potash, Inc.* (d)		4,355		16,201
Koppers Holdings, Inc.* (d)		915		24,467
Kraton Corp.* (d)		1,491		48,935
Kronos Worldwide, Inc. (d)		1,040		14,144
Linde plc (d)		30,144		5,433,757
Livent Corp.* (d)		7,571		81,615
LSB Industries, Inc.* (d)		987		5,774
LyondellBasell Industries NV, Class A (d)		16,773		1,479,882
Marrone Bio Innovations, Inc.* (d)		2,496		4,019
Minerals Technologies, Inc. (d)		2,161		135,646
Mosaic Co. (The) (d)		19,164		500,372
NewMarket Corp. (d)		387		162,377
Olin Corp. (d)		9,248		200,589
OMNOVA Solutions, Inc.* (d)		2,017		14,926
PolyOne Corp. (d)		4,696		129,797
PPG Industries, Inc. (d)		13,147		1,544,772

14

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
PQ Group Holdings, Inc.* (d)		2,745	$	43,398
Quaker Chemical Corp. (d)		753		168,536
Rayonier Advanced Materials, Inc. (d)		2,801		41,567
RPM International, Inc. (d)		7,020		425,763
Scotts Miracle-Gro Co. (The) (d)		2,093		177,947
Sensient Technologies Corp. (d)		2,172		152,301
Sherwin-Williams Co. (The) (d)		4,536		2,063,109
Stepan Co. (d)		1,035		95,779
Trecora Resources* (d)		950		8,882
Tredegar Corp. (d)		1,184		21,336
Trinseo SA (d)		2,556		114,892
Tronox Holdings plc, Class A (d)		5,126		72,482
Valhi, Inc. (d)		1,167		2,929
Valvoline, Inc. (d)		9,725		179,912
Westlake Chemical Corp. (d)		1,862		129,874
WR Grace & Co. (d)		3,610		272,844
				32,163,382
Commercial Services & Supplies 0.4%
ABM Industries, Inc. (d)		3,474		131,908
ACCO Brands Corp. (d)		5,659		51,723
ADT, Inc. (d)		5,867		38,663
Advanced Disposal Services, Inc.* (d)		4,368		141,261
Brady Corp., Class A (d)		2,835		138,320
BrightView Holdings, Inc.* (d)		1,378		22,103
Brink’s Co. (The) (d)		2,781		222,285
Casella Waste Systems, Inc., Class A* (d)		2,212		82,552
CECO Environmental Corp.* (d)		1,400		10,864
Charah Solutions, Inc.* (d)		396		2,788
Cimpress NV* (d)		1,125		101,700
Cintas Corp. (d)		4,679		1,015,998
Clean Harbors, Inc.* (d)		2,875		218,500
CompX International, Inc. (d)		75		1,168
Copart, Inc.* (d)		10,971		738,568
Covanta Holding Corp. (d)		6,154		111,203
Deluxe Corp. (d)		2,807		125,529
Ennis, Inc. (d)		1,170		23,611
Healthcare Services Group, Inc. (d)		4,480		151,648
Heritage-Crystal Clean, Inc.* (d)		677		19,450
Herman Miller, Inc. (d)		3,530		137,035
HNI Corp. (d)		2,270		83,332
Interface, Inc. (d)		3,167		50,799
KAR Auction Services, Inc. (d)		7,356		415,467
Kimball International, Inc., Class B (d)		1,643		25,729
Knoll, Inc. (d)		2,603		56,849
LSC Communications, Inc. (d)		1,500		10,485
Matthews International Corp., Class A (d)		1,661		66,540
McGrath RentCorp (d)		1,240		76,880
Mobile Mini, Inc. (d)		2,307		83,098
MSA Safety, Inc. (d)		1,753		192,672
Multi-Color Corp. (d)		636		31,736
NL Industries, Inc.* (d)		383		1,360
PICO Holdings, Inc.* (d)		897		10,253
Pitney Bowes, Inc. (d)		9,744		69,280

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Quad/Graphics, Inc. (d)		1,427	$	17,424
Republic Services, Inc. (d)		11,830		979,761
Rollins, Inc. (d)		7,570		292,732
RR Donnelley & Sons Co. (d)		3,231		14,927
SP Plus Corp.* (d)		1,347		46,498
Steelcase, Inc., Class A (d)		4,424		76,491
Stericycle, Inc.* (d)		4,622		269,878
Team, Inc.* (d)(e)		1,355		22,899
Tetra Tech, Inc. (d)		3,132		202,703
UniFirst Corp. (d)		911		144,056
US Ecology, Inc. (d)		1,164		71,016
Viad Corp. (d)		1,073		65,786
VSE Corp. (d)		391		11,953
Waste Management, Inc. (d)		23,453		2,517,445
				9,394,926
Communications Equipment 0.8%
Acacia Communications, Inc.* (d)		1,414		81,842
ADTRAN, Inc. (d)		2,196		37,639
Aerohive Networks, Inc.* (d)		1,525		5,154
Applied Optoelectronics, Inc.* (d)		875		10,955
Arista Networks, Inc.* (d)		3,091		965,288
CalAmp Corp.* (d)		2,826		41,288
Calix, Inc.* (d)		2,057		14,090
Casa Systems, Inc.* (d)		1,197		11,479
Ciena Corp.* (d)		7,861		301,548
Cisco Systems, Inc. (d)		248,473		13,902,064
Clearfield, Inc.* (d)		513		7,562
CommScope Holding Co., Inc.* (d)		10,557		261,602
Comtech Telecommunications Corp. (d)		1,294		30,448
DASAN Zhone Solutions, Inc.* (d)		269		3,083
Digi International, Inc.* (d)		1,255		16,152
EchoStar Corp., Class A* (d)		2,509		99,984
Extreme Networks, Inc.* (d)		6,437		51,496
F5 Networks, Inc.* (d)		3,250		509,925
Finisar Corp.* (d)		6,711		161,802
Harmonic, Inc.* (d)		5,057		28,623
Infinera Corp.* (d)		8,262		35,857
InterDigital, Inc. (d)		2,037		133,199
Juniper Networks, Inc. (d)		18,693		519,105
KVH Industries, Inc.* (d)		757		7,419
Lumentum Holdings, Inc.* (d)		4,186		259,406
Motorola Solutions, Inc. (d)		8,736		1,265,934
NETGEAR, Inc.* (d)		1,623		50,362
NetScout Systems, Inc.* (d)		3,882		114,131
Plantronics, Inc. (d)		1,723		88,700
Quantenna Communications, Inc.* (d)		2,351		57,247
Ribbon Communications, Inc.* (d)		2,475		13,266
Ubiquiti Networks, Inc. (d)		1,118		190,563
ViaSat, Inc.* (d)		3,062		278,091
Viavi Solutions, Inc.* (d)		11,729		155,996
				19,711,300
Construction & Engineering 0.1%
AECOM* (d)		8,666		293,777
Aegion Corp.* (d)		2,442		48,620
Ameresco, Inc., Class A* (d)		868		13,072

15

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering (continued)
Arcosa, Inc. (d)		2,509	$	78,105
Argan, Inc. (d)		813		38,878
Comfort Systems USA, Inc. (d)		1,883		101,870
Dycom Industries, Inc.* (d)		1,553		77,013
EMCOR Group, Inc. (d)		3,138		264,031
Fluor Corp. (d)		7,693		305,643
Granite Construction, Inc. (d)		2,626		117,881
Great Lakes Dredge & Dock Corp.* (d)		3,392		34,700
HC2 Holdings, Inc.* (d)(e)		1,952		4,177
IES Holdings, Inc.* (d)		381		6,671
Infrastructure and Energy Alternatives, Inc.* (d)		781		3,546
Jacobs Engineering Group, Inc. (d)		6,864		534,980
KBR, Inc. (d)		7,214		160,295
MasTec, Inc.* (d)		3,587		181,682
MYR Group, Inc.* (d)		927		33,511
Northwest Pipe Co.* (d)		439		10,523
NV5 Global, Inc.* (d)		429		27,173
Orion Group Holdings, Inc.* (d)		1,291		3,344
Primoris Services Corp. (d)		2,213		48,509
Quanta Services, Inc. (d)		8,057		327,114
Sterling Construction Co., Inc.* (d)		1,226		16,625
Tutor Perini Corp.* (d)		1,710		34,149
Valmont Industries, Inc. (d)		1,257		169,494
WillScot Corp.* (d)		1,770		23,842
				2,959,225
Construction Materials 0.1%
Eagle Materials, Inc. (d)		2,557		232,457
Forterra, Inc.* (d)		855		3,967
Martin Marietta Materials, Inc. (d)		3,444		764,223
Summit Materials, Inc., Class A* (d)		5,886		103,123
United States Lime & Minerals, Inc. (d)		91		7,364
US Concrete, Inc.* (d)(e)		900		42,417
Vulcan Materials Co. (d)		7,192		906,983
				2,060,534
Consumer Finance 0.5%
Ally Financial, Inc. (d)		22,386		665,088
American Express Co. (d)		38,228		4,481,468
Capital One Financial Corp. (d)		25,507		2,367,815
Credit Acceptance Corp.* (d)		714		354,301
Curo Group Holdings Corp.* (d)		532		7,086
Discover Financial Services (d)		18,001		1,466,901
Elevate Credit, Inc.* (d)		937		4,198
Encore Capital Group, Inc.* (d)(e)		1,417		40,044
Enova International, Inc.* (d)		1,849		50,718
EZCORP, Inc., Class A* (d)		2,329		25,316
FirstCash, Inc. (d)		2,203		215,189
Green Dot Corp., Class A* (d)		2,728		173,965
LendingClub Corp.* (d)		17,044		54,200
Navient Corp. (d)		12,768		172,496
Nelnet, Inc., Class A (d)		987		57,295
OneMain Holdings, Inc. (d)		3,973		134,963
PRA Group, Inc.* (d)		2,348		66,026
Regional Management Corp.*		1,066		26,405

Common Stocks (continued)
	Shares		Value
Consumer Finance (continued)
Santander Consumer USA Holdings, Inc. (d)		5,982	$	127,716
SLM Corp. (d)		22,791		231,557
Synchrony Financial (d)		39,309		1,362,843
World Acceptance Corp.* (d)		333		43,287
				12,128,877
Containers & Packaging 0.3%
AptarGroup, Inc. (d)		3,377		375,657
Ardagh Group SA (d)		848		11,770
Avery Dennison Corp. (d)		4,701		520,166
Ball Corp. (d)		17,916		1,073,885
Bemis Co., Inc. (d)		4,936		283,425
Berry Global Group, Inc.* (d)		7,120		418,656
Crown Holdings, Inc.* (d)		7,058		410,282
Graphic Packaging Holding Co. (d)		16,788		233,017
Greif, Inc., Class A (d)		1,942		82,262
International Paper Co. (d)		22,410		1,049,012
Myers Industries, Inc. (d)		1,976		35,351
Owens-Illinois, Inc. (d)		9,493		187,582
Packaging Corp. of America (d)		5,125		508,195
Sealed Air Corp. (d)		8,535		397,902
Silgan Holdings, Inc. (d)		3,967		118,772
Sonoco Products Co. (d)		5,037		317,633
UFP Technologies, Inc.* (d)		304		11,066
Westrock Co. (d)		13,804		529,797
				6,564,430
Distributors 0.1%
Core-Mark Holding Co., Inc. (d)		2,347		85,313
Funko, Inc., Class A* (d)		508		10,074
Genuine Parts Co. (d)		7,825		802,375
LKQ Corp.* (d)		17,568		528,797
Pool Corp. (d)		2,157		396,327
Weyco Group, Inc. (d)		280		9,607
				1,832,493
Diversified Consumer Services 0.1%
Adtalem Global Education, Inc.* (d)		2,954		145,691
American Public Education, Inc.* (d)		730		23,360
Bright Horizons Family Solutions, Inc.* (d)		3,166		405,723
Career Education Corp.* (d)		3,639		66,048
Carriage Services, Inc. (d)		808		14,180
Chegg, Inc.* (d)		5,975		213,009
frontdoor, Inc.* (d)		4,797		169,046
Graham Holdings Co., Class B (d)		210		156,120
Grand Canyon Education, Inc.* (d)		2,582		299,228
H&R Block, Inc. (d)		11,211		305,051
Houghton Mifflin Harcourt Co.* (d)		5,474		39,030
K12, Inc.* (d)		2,011		60,571
Laureate Education, Inc., Class A* (d)		4,812		75,741
Regis Corp.* (d)		1,758		32,910
Service Corp. International (d)		9,508		395,628
ServiceMaster Global Holdings, Inc.* (d)		7,436		364,587

16

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Diversified Consumer Services (continued)
Sotheby’s* (d)		1,769	$	74,617
Strategic Education, Inc. (d)		1,186		170,013
Weight Watchers International, Inc.* (d)		1,975		40,330
				3,050,883
Diversified Financial Services 1.0%
AXA Equitable Holdings, Inc. (d)		13,025		295,537
Banco Latinoamericano de Comercio Exterior SA, Class E (d)		1,406		30,412
Berkshire Hathaway, Inc., Class B* (d)		105,926		22,955,223
Cannae Holdings, Inc.* (d)		3,604		92,515
FGL Holdings (d)		7,938		67,711
Jefferies Financial Group, Inc. (d)		15,119		310,998
Marlin Business Services Corp. (d)		398		8,672
On Deck Capital, Inc.* (d)		3,304		18,040
Voya Financial, Inc. (d)		8,386		460,308
				24,239,416
Diversified Telecommunication Services 1.0%
AT&T, Inc. (d)		396,365		12,271,460
ATN International, Inc. (d)		568		34,676
CenturyLink, Inc. (d)		52,182		595,918
Cincinnati Bell, Inc.* (d)		2,107		18,752
Cogent Communications Holdings, Inc. (d)		2,207		121,893
Consolidated Communications Holdings, Inc. (d)		3,792		19,567
Frontier Communications Corp.* (d)(e)		4,721		13,455
Intelsat SA* (d)		2,845		57,583
Iridium Communications, Inc.* (d)		5,537		152,046
Ooma, Inc.* (d)		869		11,723
ORBCOMM, Inc.* (d)		3,342		24,196
pdvWireless, Inc.* (d)		431		17,154
Verizon Communications, Inc. (d)		225,796		12,913,273
Vonage Holdings Corp.* (d)		11,400		110,808
Zayo Group Holdings, Inc.* (d)		12,419		388,591
				26,751,095
Electric Utilities 1.1%
ALLETE, Inc. (d)		2,631		214,295
Alliant Energy Corp. (d)		12,778		603,505
American Electric Power Co., Inc. (d)		26,645		2,279,480
Avangrid, Inc. (d)		2,879		147,434
Duke Energy Corp. (d)		38,793		3,534,818
Edison International (d)		17,288		1,102,456
El Paso Electric Co. (d)		2,398		146,542
Entergy Corp. (d)		9,789		948,554
Evergy, Inc. (d)		14,229		822,721
Eversource Energy (d)		17,192		1,231,979
Exelon Corp. (d)		52,885		2,694,491
FirstEnergy Corp. (d)		26,528		1,114,972
Hawaiian Electric Industries, Inc. (d)		6,053		251,078
IDACORP, Inc. (d)		2,773		274,582

Common Stocks (continued)
	Shares		Value
Electric Utilities (continued)
MGE Energy, Inc. (d)		2,071	$	140,393
NextEra Energy, Inc. (d)		25,975		5,050,579
OGE Energy Corp. (d)		11,019		466,544
Otter Tail Corp. (d)		2,490		127,737
PG&E Corp.* (d)		28,168		634,343
Pinnacle West Capital Corp. (d)		6,017		573,240
PNM Resources, Inc. (d)		4,462		207,215
Portland General Electric Co. (d)		4,970		259,981
PPL Corp. (d)		39,218		1,223,994
Southern Co. (The) (d)		56,134		2,987,451
Spark Energy, Inc., Class A (d)		527		4,985
Xcel Energy, Inc. (d)		27,430		1,549,795
				28,593,164
Electrical Equipment 0.4%
Acuity Brands, Inc. (d)		2,184		319,585
Allied Motion Technologies, Inc. (d)		321		11,752
AMETEK, Inc. (d)		12,441		1,096,923
Atkore International Group, Inc.* (d)		2,101		52,021
AZZ, Inc. (d)		1,350		64,112
Babcock & Wilcox Enterprises, Inc.* (d)		1,416		494
Eaton Corp. plc (d)		23,842		1,974,594
Emerson Electric Co. (d)		33,321		2,365,458
Encore Wire Corp. (d)		1,077		63,855
Energous Corp.* (d)		1,098		5,567
EnerSys (d)		2,449		169,446
Enphase Energy, Inc.* (d)(e)		4,792		48,112
FuelCell Energy, Inc.* (d)		4,641		1,216
Generac Holdings, Inc.* (d)		3,091		169,974
GrafTech International Ltd. (d)		3,254		37,258
Hubbell, Inc. (d)		2,993		381,907
nVent Electric plc (d)		8,902		248,811
Plug Power, Inc.* (d)		9,676		24,093
Powell Industries, Inc. (d)		410		11,993
Preformed Line Products Co. (d)		140		7,895
Regal Beloit Corp. (d)		2,426		206,404
Rockwell Automation, Inc. (d)		6,544		1,182,566
Sensata Technologies Holding plc* (d)		8,886		443,767
Sunrun, Inc.* (d)		4,909		74,666
Thermon Group Holdings, Inc.* (d)		1,803		46,499
TPI Composites, Inc.* (d)		676		20,922
Vicor Corp.* (d)		938		35,184
Vivint Solar, Inc.* (d)		1,827		9,884
				9,074,958
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A (d)		16,269		1,619,742
Anixter International, Inc.* (d)		1,510		94,934
Arlo Technologies, Inc.* (d)		3,760		14,927
Arrow Electronics, Inc.* (d)		4,729		399,648
Avnet, Inc. (d)		5,938		288,646
AVX Corp. (d)		2,571		41,933
Badger Meter, Inc. (d)		1,764		97,867
Bel Fuse, Inc., Class B (d)		451		10,689
Belden, Inc. (d)		2,382		132,320

17

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Benchmark Electronics, Inc. (d)		2,324	$	62,818
CDW Corp. (d)		7,829		826,742
Cognex Corp. (d)		8,976		452,660
Coherent, Inc.* (d)		1,414		209,286
Control4 Corp.* (d)		1,520		26,463
Corning, Inc. (d)		43,179		1,375,251
CTS Corp. (d)		1,748		52,353
Daktronics, Inc. (d)		1,648		12,492
Dolby Laboratories, Inc., Class A (d)		3,446		222,922
ePlus, Inc.* (d)		715		67,417
Fabrinet* (d)		1,843		111,538
FARO Technologies, Inc.* (d)		938		52,762
Fitbit, Inc., Class A* (d)		11,326		59,801
FLIR Systems, Inc. (d)		7,358		389,533
II-VI, Inc.* (d)		3,215		128,086
Insight Enterprises, Inc.* (d)		1,808		102,297
IPG Photonics Corp.* (d)		1,961		342,646
Iteris, Inc.* (d)		1,179		5,117
Itron, Inc.* (d)		1,773		95,139
Jabil, Inc. (d)		7,858		237,390
KEMET Corp. (d)		2,966		53,002
Keysight Technologies, Inc.* (d)		9,875		859,421
Kimball Electronics, Inc.* (d)		1,160		17,551
Knowles Corp.* (d)		4,554		85,980
Littelfuse, Inc. (d)		1,325		266,391
Maxwell Technologies, Inc.* (d)(e)		1,871		8,214
Mesa Laboratories, Inc. (d)		186		44,024
Methode Electronics, Inc. (d)		1,938		57,190
MTS Systems Corp. (d)		971		53,386
Napco Security Technologies, Inc.* (d)		534		13,233
National Instruments Corp. (d)		6,015		283,306
nLight, Inc.* (d)		1,041		27,201
Novanta, Inc.* (d)		1,872		162,901
OSI Systems, Inc.* (d)		870		78,413
PAR Technology Corp.* (d)		523		12,400
Park Electrochemical Corp. (d)		882		14,509
PC Connection, Inc. (d)		522		19,398
Plexus Corp.* (d)		1,848		111,213
Rogers Corp.* (d)		948		158,809
Sanmina Corp.* (d)		3,508		118,991
ScanSource, Inc.* (d)		1,334		50,225
SYNNEX Corp. (d)		2,308		248,987
Tech Data Corp.* (d)		2,054		218,977
Trimble, Inc.* (d)		13,699		559,193
TTM Technologies, Inc.* (d)		4,975		65,869
Vishay Intertechnology, Inc. (d)		6,804		134,787
Vishay Precision Group, Inc.* (d)		469		17,761
Zebra Technologies Corp., Class A* (d)		3,093		653,056
				11,927,807
Energy Equipment & Services 0.3%
Apergy Corp.* (d)		4,399		174,596
Archrock, Inc. (d)		8,303		83,943
Baker Hughes a GE Co. (d)		27,812		668,044
Basic Energy Services, Inc.* (d)		880		2,218
Bristow Group, Inc.* (d)		1,524		770

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
C&J Energy Services, Inc.* (d)		3,390	$	47,629
Cactus, Inc., Class A* (d)		1,966		71,366
CARBO Ceramics, Inc.* (d)		944		2,568
Covia Holdings Corp.* (d)		1,429		6,873
Dawson Geophysical Co.* (d)		953		2,668
Diamond Offshore Drilling, Inc.* (d)		3,587		34,830
DMC Global, Inc. (d)		655		45,391
Dril-Quip, Inc.* (d)		1,906		83,025
Era Group, Inc.* (d)		917		8,840
Exterran Corp.* (d)		1,480		21,046
Forum Energy Technologies, Inc.* (d)		3,713		22,204
Frank’s International NV* (d)		3,334		19,471
FTS International, Inc.* (d)		1,483		15,349
Halliburton Co. (d)		47,821		1,354,769
Helix Energy Solutions Group, Inc.* (d)		7,461		58,345
Helmerich & Payne, Inc. (d)		5,838		341,640
Independence Contract Drilling, Inc.* (d)		2,222		6,288
ION Geophysical Corp.* (d)		487		6,229
Keane Group, Inc.* (d)		2,352		24,672
Key Energy Services, Inc.* (d)		470		1,965
KLX Energy Services Holdings, Inc.* (d)		915		25,666
Liberty Oilfield Services, Inc., Class A (d)(e)		2,463		36,723
Mammoth Energy Services, Inc. (d)		572		8,917
Matrix Service Co.* (d)		1,209		23,708
McDermott International, Inc.* (d)		9,042		73,150
Nabors Industries Ltd. (d)		18,385		64,347
National Oilwell Varco, Inc. (d)		21,136		552,495
Natural Gas Services Group, Inc.* (d)		573		9,208
NCS Multistage Holdings, Inc.* (d)		449		1,783
Newpark Resources, Inc.* (d)		4,833		35,281
Nine Energy Service, Inc.* (d)		922		18,560
Noble Corp. plc* (d)		13,271		34,903
Nuverra Environmental Solutions, Inc.* (d)		78		682
Oceaneering International, Inc.* (d)		5,109		98,093
Oil States International, Inc.* (d)		3,165		61,148
Patterson-UTI Energy, Inc. (d)		12,349		167,823
Pioneer Energy Services Corp.* (d)		3,444		5,993
Profire Energy, Inc.* (d)		1,094		1,729
ProPetro Holding Corp.* (d)		3,697		81,815
Quintana Energy Services, Inc.* (d)		286		1,361
RigNet, Inc.* (d)		644		6,047
RPC, Inc. (d)		2,615		26,908
Schlumberger Ltd. (d)		75,919		3,240,223
SEACOR Holdings, Inc.* (d)		949		42,268
SEACOR Marine Holdings, Inc.* (d)		765		10,389
Select Energy Services, Inc., Class A* (d)		2,110		24,307
Smart Sand, Inc.* (d)		1,015		3,989
Solaris Oilfield Infrastructure, Inc., Class A (d)		1,654		28,101
Superior Energy Services, Inc.* (d)		6,967		25,012
TETRA Technologies, Inc.* (d)		5,588		13,299
Tidewater, Inc.* (d)		2,062		46,395

18

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
Transocean Ltd.* (d)		28,688	$	225,488
Unit Corp.* (d)		2,771		37,575
US Silica Holdings, Inc. (d)		4,195		66,365
Weatherford International plc* (d)		49,043		27,135
				8,231,625
Entertainment 1.1%
Activision Blizzard, Inc. (d)		41,401		1,995,942
AMC Entertainment Holdings, Inc., Class A (d)(e)		2,846		43,145
Cinemark Holdings, Inc. (d)		5,865		246,623
Electronic Arts, Inc.* (d)		16,269		1,539,861
Eros International plc* (d)		2,208		19,165
Glu Mobile, Inc.* (d)		6,025		65,914
IMAX Corp.* (d)		2,813		68,581
Liberty Media Corp.-Liberty Braves, Class C* (d)		1,900		53,485
Liberty Media Corp.-Liberty Formula One, Class A* (d)		1,146		43,273
Liberty Media Corp-Liberty Braves, Class A* (d)		456		12,932
Liberty Media Corp-Liberty Formula One, Class C* (d)		11,022		427,764
Lions Gate Entertainment Corp., Class A (d)(e)		7,741		107,964
Live Nation Entertainment, Inc.* (d)		7,222		471,886
LiveXLive Media, Inc.* (d)		1,351		6,714
Madison Square Garden Co. (The), Class A* (d)		1,014		316,814
Marcus Corp. (The) (d)		1,082		40,705
Netflix, Inc.* (d)		22,774		8,438,678
Reading International, Inc., Class A* (d)		775		11,827
Rosetta Stone, Inc.* (d)		912		23,001
Take-Two Interactive Software, Inc.* (d)		6,134		593,955
Viacom, Inc., Class A (d)		19,893		577,747
Walt Disney Co. (The) (d)		95,523		13,083,785
World Wrestling Entertainment, Inc., Class A (d)		2,360		197,886
Zynga, Inc., Class A* (d)		42,320		239,531
				28,627,178
Equity Real Estate Investment Trusts (REITs) 2.4%
Acadia Realty Trust (d)		4,796		135,439
Agree Realty Corp. (d)		1,949		127,601
Alexander & Baldwin, Inc. (d)		3,617		85,434
Alexander’s, Inc. (d)		123		46,694
Alexandria Real Estate Equities, Inc. (d)		5,762		820,451
American Assets Trust, Inc. (d)		2,400		110,856
American Campus Communities, Inc. (d)		7,418		350,130
American Homes 4 Rent, Class A (d)		13,328		319,605
American Tower Corp. (d)		24,010		4,689,153
Americold Realty Trust (d)		7,976		255,312

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Investment & Management Co., Class A (d)		7,862	$	388,068
Apple Hospitality REIT, Inc. (d)		12,100		199,045
Armada Hoffler Properties, Inc. (d)		2,717		43,880
Ashford Hospitality Trust, Inc. (d)		3,995		22,012
AvalonBay Communities, Inc. (d)		7,453		1,497,531
Bluerock Residential Growth REIT, Inc. (d)		1,097		12,297
Boston Properties, Inc. (d)		8,388		1,154,357
Braemar Hotels & Resorts, Inc. (d)		1,339		18,612
Brandywine Realty Trust (d)		10,192		156,855
Brixmor Property Group, Inc. (d)		16,546		295,842
Brookfield Property REIT, Inc., Class A (d)		6,702		139,603
BRT Apartments Corp. (d)		447		6,271
Camden Property Trust (d)		4,850		488,153
CareTrust REIT, Inc. (d)		4,304		104,372
CatchMark Timber Trust, Inc., Class A (d)		2,245		22,450
CBL & Associates Properties, Inc. (d)		7,774		7,852
Cedar Realty Trust, Inc. (d)		4,060		12,464
Chatham Lodging Trust (d)		2,549		50,190
Chesapeake Lodging Trust (d)		3,735		106,448
City Office REIT, Inc. (d)		1,774		20,578
Clipper Realty, Inc. (d)		687		8,965
Colony Capital, Inc. (d)		28,028		144,064
Columbia Property Trust, Inc. (d)		7,015		159,311
Community Healthcare Trust, Inc. (d)		1,288		46,986
CoreCivic, Inc. (d)		6,061		126,129
CorEnergy Infrastructure Trust, Inc. (d)		546		20,633
CorePoint Lodging, Inc. (d)		1,887		23,588
CoreSite Realty Corp. (d)		1,874		205,034
Corporate Office Properties Trust (d)		5,377		149,911
Cousins Properties, Inc. (d)		21,740		208,052
Crown Castle International Corp. (d)		22,687		2,853,571
CubeSmart (d)		9,494		302,954
CyrusOne, Inc. (d)		5,459		304,012
DiamondRock Hospitality Co. (d)		12,358		134,208
Digital Realty Trust, Inc. (d)		11,201		1,318,470
Douglas Emmett, Inc. (d)		8,287		341,342
Duke Realty Corp. (d)		19,438		604,911
Easterly Government Properties, Inc. (d)		4,207		75,726
EastGroup Properties, Inc. (d)		1,787		204,308
Empire State Realty Trust, Inc., Class A (d)		8,492		131,286
EPR Properties (d)		4,055		319,777
Equinix, Inc. (d)		4,498		2,045,241
Equity Commonwealth (d)		6,011		191,150
Equity LifeStyle Properties, Inc. (d)		5,085		593,420
Equity Residential (d)		19,488		1,489,273
Essential Properties Realty Trust, Inc. (d)		2,519		52,093
Essex Property Trust, Inc. (d)		3,571		1,008,808
Extra Space Storage, Inc. (d)		6,616		686,013

19

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Farmland Partners, Inc. (d)		1,374	$	9,013
Federal Realty Investment Trust (d)		3,950		528,708
First Industrial Realty Trust, Inc. (d)		6,954		245,268
Four Corners Property Trust, Inc. (d)		3,538		100,621
Franklin Street Properties Corp. (d)		5,827		45,800
Front Yard Residential Corp. (d)		2,261		22,407
Gaming and Leisure Properties, Inc. (d)		10,890		439,738
GEO Group, Inc. (The) (d)		7,005		140,240
Getty Realty Corp. (d)		2,275		73,778
Gladstone Commercial Corp. (d)		2,259		49,133
Gladstone Land Corp. (d)		662		8,388
Global Medical REIT, Inc.		2,737		27,917
Global Net Lease, Inc. (d)		4,925		93,920
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (d)		3,065		81,498
HCP, Inc. (d)		26,058		776,007
Healthcare Realty Trust, Inc. (d)		6,899		213,041
Healthcare Trust of America, Inc., Class A (d)		10,547		290,886
Hersha Hospitality Trust (d)		1,625		30,176
Highwoods Properties, Inc. (d)		5,238		233,510
Hospitality Properties Trust (d)		8,343		216,918
Host Hotels & Resorts, Inc. (d)		40,010		769,792
Hudson Pacific Properties, Inc. (d)		8,602		299,866
Independence Realty Trust, Inc. (d)		6,532		69,174
Industrial Logistics Properties Trust (d)		4,052		80,432
InfraREIT, Inc. (d)		2,360		49,678
Innovative Industrial Properties, Inc. (d)		520		44,273
Investors Real Estate Trust (d)		834		50,274
Invitation Homes, Inc. (d)		18,215		452,825
Iron Mountain, Inc. (d)		15,426		501,036
iStar, Inc. (d)		2,980		25,837
JBG SMITH Properties (d)		6,188		263,299
Jernigan Capital, Inc. (d)		1,648		34,723
Kilroy Realty Corp. (d)		5,417		416,621
Kimco Realty Corp. (d)		22,336		388,423
Kite Realty Group Trust (d)		4,449		70,250
Lamar Advertising Co., Class A (d)		4,610		381,109
Lexington Realty Trust (d)		12,814		116,223
Liberty Property Trust (d)		8,036		398,907
Life Storage, Inc. (d)		2,333		222,312
LTC Properties, Inc. (d)		2,425		109,271
Macerich Co. (The) (d)		7,506		301,291
Mack-Cali Realty Corp. (d)		5,455		126,992
MedEquities Realty Trust, Inc. (d)		1,866		19,985
Medical Properties Trust, Inc. (d)		20,368		355,625
Mid-America Apartment Communities, Inc. (d)		6,135		671,230
Monmouth Real Estate Investment Corp. (d)		4,677		64,262
National Health Investors, Inc. (d)		2,090		157,649
National Retail Properties, Inc. (d)		7,710		405,700

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
National Storage Affiliates Trust (d)		2,966	$	86,785
New Senior Investment Group, Inc. (d)		3,419		19,112
NexPoint Residential Trust, Inc. (d)		1,044		39,148
NorthStar Realty Europe Corp. (d)		2,476		44,147
Office Properties Income Trust (d)		2,887		78,353
Omega Healthcare Investors, Inc. (d)		10,823		383,026
One Liberty Properties, Inc. (d)		1,299		36,762
Outfront Media, Inc. (d)		7,138		170,099
Paramount Group, Inc. (d)		10,887		157,753
Park Hotels & Resorts, Inc. (d)		11,062		354,869
Pebblebrook Hotel Trust (d)		6,658		216,784
Pennsylvania REIT (d)		3,155		18,993
Physicians Realty Trust (d)		10,212		184,429
Piedmont Office Realty Trust, Inc., Class A (d)		7,448		155,067
PotlatchDeltic Corp. (d)		3,868		149,537
Preferred Apartment Communities, Inc., Class A (d)		1,880		29,403
Prologis, Inc. (d)		34,421		2,639,058
PS Business Parks, Inc. (d)		1,016		156,078
Public Storage (d)		8,062		1,783,153
QTS Realty Trust, Inc., Class A (d)		2,618		118,726
Rayonier, Inc. (d)		6,563		208,638
Realty Income Corp. (d)		15,890		1,112,459
Regency Centers Corp. (d)		8,278		556,033
Retail Opportunity Investments Corp. (d)		7,131		125,149
Retail Properties of America, Inc., Class A (d)		12,501		153,637
Retail Value, Inc. (d)		1,231		41,239
Rexford Industrial Realty, Inc. (d)		4,734		179,371
RLJ Lodging Trust (d)		8,886		163,591
RPT Realty (d)		4,194		50,873
Ryman Hospitality Properties, Inc. (d)		2,281		181,568
Sabra Health Care REIT, Inc. (d)		9,967		194,955
Safehold, Inc. (d)		361		9,108
Saul Centers, Inc. (d)		546		29,129
SBA Communications Corp.* (d)		6,112		1,245,198
Senior Housing Properties Trust (d)		14,145		113,584
Seritage Growth Properties, Class A (d)		1,709		76,204
Simon Property Group, Inc. (d)		16,892		2,934,140
SITE Centers Corp. (d)		7,941		105,139
SL Green Realty Corp. (d)		4,443		392,495
Spirit MTA REIT (d)		1,964		13,237
Spirit Realty Capital, Inc. (d)		4,862		196,717
STAG Industrial, Inc. (d)		5,767		165,974
STORE Capital Corp. (d)		10,613		353,625
Summit Hotel Properties, Inc. (d)		6,951		80,701
Sun Communities, Inc. (d)		5,017		617,492
Sunstone Hotel Investors, Inc. (d)		11,685		168,264
Tanger Factory Outlet Centers, Inc. (d)		4,747		85,731
Taubman Centers, Inc. (d)		3,357		165,500
Terreno Realty Corp. (d)		3,559		158,909

20

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Tier REIT, Inc. (d)		3,530	$	100,040
UDR, Inc. (d)		14,896		669,575
UMH Properties, Inc. (d)		2,738		38,469
Uniti Group, Inc. (d)		8,940		98,251
Universal Health Realty Income Trust (d)		910		73,728
Urban Edge Properties (d)		6,704		124,493
Urstadt Biddle Properties, Inc., Class A (d)		2,166		47,500
Ventas, Inc. (d)		19,747		1,206,739
VEREIT, Inc. (d)		53,839		444,710
VICI Properties, Inc. (d)		24,591		560,675
Vornado Realty Trust (d)		9,383		648,741
Washington Prime Group, Inc. (d)		9,735		43,321
Washington REIT (d)		4,106		115,953
Weingarten Realty Investors (d)		6,129		177,373
Welltower, Inc. (d)		20,229		1,507,667
Weyerhaeuser Co. (d)		40,949		1,097,433
Whitestone REIT (d)		1,743		22,363
WP Carey, Inc. (d)		8,320		659,942
Xenia Hotels & Resorts, Inc. (d)		6,670		144,406
				60,392,138
Food & Staples Retailing 0.8%
Andersons, Inc. (The) (d)		1,465		47,905
BJ’s Wholesale Club Holdings, Inc.* (d)		7,192		203,893
Casey’s General Stores, Inc. (d)		1,999		264,568
Chefs’ Warehouse, Inc. (The)* (d)		1,179		38,530
Costco Wholesale Corp. (d)		23,809		5,845,824
Ingles Markets, Inc., Class A (d)		645		17,705
Kroger Co. (The) (d)		43,117		1,111,556
Natural Grocers by Vitamin Cottage, Inc.* (d)		413		5,113
Performance Food Group Co.* (d)		5,646		231,204
PriceSmart, Inc. (d)		1,155		69,081
Rite Aid Corp.* (d)(e)		2,818		25,813
Smart & Final Stores, Inc.* (d)		1,058		6,909
SpartanNash Co. (d)		1,931		31,224
Sprouts Farmers Market, Inc.* (d)		7,498		160,607
Sysco Corp. (d)		25,628		1,803,442
United Natural Foods, Inc.* (d)		2,863		36,990
US Foods Holding Corp.* (d)		11,781		430,596
Village Super Market, Inc., Class A (d)		376		11,047
Walgreens Boots Alliance, Inc. (d)		44,141		2,364,633
Walmart, Inc. (d)		76,712		7,889,062
Weis Markets, Inc. (d)		435		18,292
				20,613,994
Food Products 0.7%
Alico, Inc. (d)		136		3,778
Archer-Daniels-Midland Co. (d)		30,454		1,358,248
B&G Foods, Inc. (d)(e)		3,367		87,542
Bunge Ltd. (d)		7,727		404,972
Calavo Growers, Inc. (d)		823		78,852
Cal-Maine Foods, Inc. (d)		1,623		66,722
Campbell Soup Co. (d)		9,669		374,094
Conagra Brands, Inc. (d)		26,336		810,622

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Darling Ingredients, Inc.* (d)		9,168	$	199,954
Dean Foods Co. (d)		5,438		9,245
Farmer Brothers Co.*		1,203		24,253
Flowers Foods, Inc. (d)		10,308		224,096
Fresh Del Monte Produce, Inc. (d)		1,585		46,773
Freshpet, Inc.* (d)		1,399		62,479
General Mills, Inc. (d)		32,369		1,666,032
Hain Celestial Group, Inc. (The)* (d)		4,843		105,674
Hershey Co. (The) (d)		7,652		955,352
Hormel Foods Corp. (d)		14,824		592,071
Hostess Brands, Inc.* (d)		5,102		68,367
Ingredion, Inc. (d)		3,656		346,406
J&J Snack Foods Corp. (d)		770		121,029
JM Smucker Co. (The) (d)		6,008		736,761
John B Sanfilippo & Son, Inc. (d)		393		28,339
Kellogg Co. (d)		13,541		816,522
Kraft Heinz Co. (The) (d)		32,885		1,093,097
Lamb Weston Holdings, Inc. (d)		7,956		557,318
Lancaster Colony Corp. (d)		988		146,926
Landec Corp.* (d)		1,118		11,750
Limoneira Co. (d)		680		15,531
McCormick & Co., Inc. (Non-Voting) (d)		6,692		1,030,367
Mondelez International, Inc., Class A (d)		78,433		3,988,318
Pilgrim’s Pride Corp.* (d)		2,847		76,613
Post Holdings, Inc.* (d)		3,568		402,399
Sanderson Farms, Inc. (d)		1,151		174,526
Seaboard Corp. (d)		14		62,938
Seneca Foods Corp., Class A* (d)		327		8,093
Simply Good Foods Co. (The)* (d)		3,162		71,019
Tootsie Roll Industries, Inc. (d)		1,221		47,411
TreeHouse Foods, Inc.* (d)		3,048		204,155
Tyson Foods, Inc., Class A (d)		15,860		1,189,659
				18,268,303
Gas Utilities 0.1%
Atmos Energy Corp. (d)		6,213		635,838
Chesapeake Utilities Corp. (d)		948		87,823
National Fuel Gas Co. (d)		4,481		265,320
New Jersey Resources Corp. (d)		4,816		241,185
Northwest Natural Holding Co. (d)		1,719		114,984
ONE Gas, Inc. (d)		2,880		254,938
RGC Resources, Inc. (d)		335		9,279
South Jersey Industries, Inc. (d)		4,738		152,185
Southwest Gas Holdings, Inc. (d)		2,894		240,752
Spire, Inc. (d)		2,545		214,263
UGI Corp. (d)		9,429		513,975
				2,730,542
Health Care Equipment & Supplies 2.0%
Abbott Laboratories (d)		93,475		7,436,871
ABIOMED, Inc.* (d)		2,332		646,920
Accuray, Inc.* (d)		3,966		16,419
Align Technology, Inc.* (d)		4,314		1,400,670
AngioDynamics, Inc.* (d)		1,986		40,792
Antares Pharma, Inc.* (d)		8,475		22,798
AtriCure, Inc.* (d)		1,925		57,788

21

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
Atrion Corp. (d)		74	$	65,120
Avanos Medical, Inc.* (d)		2,806		117,712
Axogen, Inc.* (d)		1,788		41,982
Axonics Modulation Technologies, Inc.* (d)		321		6,484
Baxter International, Inc. (d)		27,541		2,101,378
Becton Dickinson and Co. (d)		14,514		3,494,100
Boston Scientific Corp.* (d)		75,184		2,790,830
Cantel Medical Corp. (d)		2,137		147,325
Cardiovascular Systems, Inc.* (d)		1,792		63,688
Cerus Corp.* (d)		7,349		45,049
CONMED Corp. (d)		1,526		122,126
Cooper Cos., Inc. (The) (d)		2,644		766,548
CryoLife, Inc.* (d)		1,904		58,377
CryoPort, Inc.* (d)		1,249		17,573
Cutera, Inc.* (d)		619		10,981
CytoSorbents Corp.* (d)(e)		1,361		9,799
Danaher Corp. (d)		34,345		4,548,652
Dentsply Sirona, Inc. (d)		11,942		610,594
DexCom, Inc.* (d)		4,676		566,123
Edwards Lifesciences Corp.* (d)		11,415		2,009,839
ElectroCore, Inc.* (d)		554		3,463
Endologix, Inc.* (d)		467		2,998
FONAR Corp.* (d)		292		5,793
GenMark Diagnostics, Inc.* (d)		2,365		17,123
Glaukos Corp.* (d)		1,935		139,572
Globus Medical, Inc., Class A* (d)		4,127		186,086
Haemonetics Corp.* (d)		2,802		244,559
Helius Medical Technologies, Inc.* (d)		814		1,994
Heska Corp.* (d)		503		39,063
Hill-Rom Holdings, Inc. (d)		3,630		368,155
Hologic, Inc.* (d)		14,576		676,035
ICU Medical, Inc.* (d)		801		182,228
IDEXX Laboratories, Inc.* (d)		4,687		1,087,384
Inogen, Inc.* (d)		909		79,356
Insulet Corp.* (d)		3,218		277,553
Integer Holdings Corp.* (d)		1,589		109,784
Integra LifeSciences Holdings Corp.* (d)		3,913		204,219
IntriCon Corp.* (d)		350		8,180
Intuitive Surgical, Inc.* (d)		6,188		3,159,778
Invacare Corp. (d)		1,493		11,048
iRadimed Corp.* (d)		167		4,177
iRhythm Technologies, Inc.* (d)		1,427		108,894
Lantheus Holdings, Inc.* (d)		2,065		49,890
LeMaitre Vascular, Inc. (d)		731		21,111
LivaNova plc* (d)		2,654		182,834
Masimo Corp.* (d)		2,544		331,102
Medtronic plc (d)		74,119		6,582,508
Meridian Bioscience, Inc. (d)		2,271		26,139
Merit Medical Systems, Inc.* (d)		2,984		167,641
Natus Medical, Inc.* (d)		1,703		45,572
Neogen Corp.* (d)		2,962		179,675
Neuronetics, Inc.* (d)		581		9,685
Nevro Corp.* (d)		1,497		92,380
Novocure Ltd.* (d)		4,088		180,158
NuVasive, Inc.* (d)		2,918		176,831
Nuvectra Corp.* (d)		784		7,401
OraSure Technologies, Inc.* (d)		3,348		31,672
Orthofix Medical, Inc.* (d)		922		50,516

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
OrthoPediatrics Corp.* (d)		362	$	14,748
Oxford Immunotec Global plc* (d)		1,184		19,216
Penumbra, Inc.* (d)		1,680		225,960
Pulse Biosciences, Inc.* (d)		494		7,914
Quidel Corp.* (d)		1,746		111,639
ResMed, Inc. (d)		7,652		799,711
Rockwell Medical, Inc.* (d)		2,168		10,428
RTI Surgical Holdings, Inc.* (d)		2,543		13,758
SeaSpine Holdings Corp.* (d)		680		10,016
Senseonics Holdings, Inc.* (d)(e)		3,911		9,113
SI-BONE, Inc.* (d)		380		6,460
Sientra, Inc.* (d)		1,074		9,043
Silk Road Medical, Inc.*		70		2,915
STAAR Surgical Co.* (d)		2,681		87,079
STERIS plc (d)		5,024		658,044
Stryker Corp. (d)		18,744		3,540,929
Surmodics, Inc.* (d)		722		31,364
Tactile Systems Technology, Inc.* (d)		930		46,277
Tandem Diabetes Care, Inc.* (d)		2,821		173,238
Teleflex, Inc. (d)		2,485		711,157
TransEnterix, Inc.* (d)(e)		7,528		15,056
Utah Medical Products, Inc. (d)		158		13,335
Vapotherm, Inc.* (d)		218		3,691
Varex Imaging Corp.* (d)		2,033		66,764
Varian Medical Systems, Inc.* (d)		4,991		679,624
ViewRay, Inc.* (d)(e)		3,407		23,713
West Pharmaceutical Services, Inc. (d)		3,986		493,427
Wright Medical Group NV* (d)		6,901		204,063
Zimmer Biomet Holdings, Inc. (d)		11,101		1,367,199
				51,624,976
Health Care Providers & Services 1.5%
AAC Holdings, Inc.* (d)		604		972
Acadia Healthcare Co., Inc.* (d)		4,969		159,107
Addus HomeCare Corp.* (d)		540		36,666
Amedisys, Inc.* (d)		1,494		190,963
American Renal Associates Holdings, Inc.* (d)		604		4,156
AmerisourceBergen Corp. (d)		8,410		628,732
AMN Healthcare Services, Inc.* (d)		2,373		123,538
Anthem, Inc. (d)		14,176		3,728,713
Apollo Medical Holdings, Inc.* (d)		160		3,096
BioScrip, Inc.* (d)		5,777		11,092
BioTelemetry, Inc.* (d)		1,927		104,829
Brookdale Senior Living, Inc.* (d)		9,708		59,995
Capital Senior Living Corp.* (d)		1,115		4,683
Cardinal Health, Inc. (d)		16,275		792,755
Centene Corp.* (d)		22,584		1,164,431
Chemed Corp. (d)		851		278,090
Cigna Corp. (d)		20,220		3,211,745
Community Health Systems, Inc.* (d)(e)		3,885		13,364
CorVel Corp.* (d)		405		29,079
Covetrus, Inc.* (d)		3,120		102,554
Cross Country Healthcare, Inc.* (d)		1,628		11,477
CVS Health Corp. (d)		70,387		3,827,645
DaVita, Inc.* (d)		7,097		392,038

22

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services (continued)
Diplomat Pharmacy, Inc.* (d)		3,064	$	17,097
Encompass Health Corp. (d)		5,502		354,604
Ensign Group, Inc. (The) (d)		2,868		147,759
Genesis Healthcare, Inc.* (d)		2,617		3,402
Guardant Health, Inc.* (d)(e)		756		49,526
HCA Healthcare, Inc. (d)		14,822		1,885,803
HealthEquity, Inc.* (d)		2,990		202,573
Henry Schein, Inc.* (d)		8,240		527,854
Humana, Inc. (d)		7,333		1,872,922
Laboratory Corp. of America Holdings* (d)		5,460		873,163
LHC Group, Inc.* (d)		1,645		182,776
Magellan Health, Inc.* (d)		1,108		77,560
McKesson Corp. (d)		10,477		1,249,382
MEDNAX, Inc.* (d)		4,498		125,809
Molina Healthcare, Inc.* (d)		3,361		435,686
National HealthCare Corp. (d)		648		48,879
National Research Corp. (d)		509		20,146
Owens & Minor, Inc. (d)		2,795		9,531
Patterson Cos., Inc. (d)		4,196		91,641
PetIQ, Inc.* (d)		933		25,630
Premier, Inc., Class A* (d)		2,684		89,189
Providence Service Corp. (The)* (d)		615		40,793
Quest Diagnostics, Inc. (d)		7,404		713,598
Quorum Health Corp.* (d)		1,349		2,766
R1 RCM, Inc.* (d)		5,489		57,470
RadNet, Inc.* (d)		1,836		22,234
Select Medical Holdings Corp.* (d)		5,576		80,127
Surgery Partners, Inc.* (d)		847		9,173
Tenet Healthcare Corp.* (d)		4,239		92,834
Tivity Health, Inc.* (d)		2,451		52,991
Triple-S Management Corp., Class B* (d)		991		22,516
UnitedHealth Group, Inc. (d)		52,358		12,203,079
Universal Health Services, Inc., Class B (d)		4,564		579,035
US Physical Therapy, Inc. (d)		805		93,774
WellCare Health Plans, Inc.* (d)		2,734		706,329
				37,847,371
Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc.* (d)		9,006		88,889
Castlight Health, Inc., Class B* (d)		3,609		13,462
Cerner Corp.* (d)		16,886		1,122,075
Computer Programs & Systems, Inc. (d)		529		16,076
Evolent Health, Inc., Class A* (d)		3,515		47,628
HealthStream, Inc.* (d)		1,186		31,049
HMS Holdings Corp.* (d)		4,753		144,634
Inovalon Holdings, Inc., Class A* (d)(e)		3,656		49,466
Inspire Medical Systems, Inc.* (d)		813		42,024
Medidata Solutions, Inc.* (d)		3,186		287,823
NantHealth, Inc.* (d)		980		676
NextGen Healthcare, Inc.* (d)		2,869		53,909
Omnicell, Inc.* (d)		2,173		174,622
Simulations Plus, Inc. (d)		531		11,963

Common Stocks (continued)
	Shares		Value
Health Care Technology (continued)
Tabula Rasa HealthCare, Inc.* (d)		906	$	48,254
Teladoc Health, Inc.* (d)(e)		3,707		210,854
Veeva Systems, Inc., Class A* (d)		6,592		922,023
Vocera Communications, Inc.* (d)		1,570		50,005
				3,315,432
Hotels, Restaurants & Leisure 1.3%
Aramark (d)		13,401		416,503
BBX Capital Corp. (d)		3,012		16,687
Biglari Holdings, Inc., Class A* (d)		39		7,227
BJ’s Restaurants, Inc. (d)		1,085		54,152
Bloomin’ Brands, Inc. (d)		4,268		85,317
Bluegreen Vacations Corp. (d)(e)		343		5,214
Boyd Gaming Corp. (d)		4,203		120,962
Brinker International, Inc. (d)		1,939		82,931
Caesars Entertainment Corp.* (d)		31,690		296,618
Carnival Corp. (d)		21,757		1,193,589
Carrols Restaurant Group, Inc.* (d)		1,588		15,578
Century Casinos, Inc.* (d)		1,236		11,248
Cheesecake Factory, Inc. (The) (d)		2,537		125,886
Chipotle Mexican Grill, Inc.* (d)		1,311		902,020
Choice Hotels International, Inc. (d)		1,766		146,649
Churchill Downs, Inc. (d)		1,805		182,034
Chuy’s Holdings, Inc.* (d)		768		15,276
Cracker Barrel Old Country Store, Inc. (d)(e)		972		164,015
Darden Restaurants, Inc. (d)		6,754		794,270
Dave & Buster’s Entertainment, Inc. (d)		1,996		113,453
Del Frisco’s Restaurant Group, Inc.* (d)(e)		1,519		10,177
Del Taco Restaurants, Inc.* (d)		1,398		14,050
Denny’s Corp.* (d)		3,206		59,696
Dine Brands Global, Inc. (d)		858		76,070
Domino’s Pizza, Inc. (d)		2,260		611,511
Drive Shack, Inc.* (d)		4,123		21,192
Dunkin’ Brands Group, Inc. (d)		4,580		341,805
El Pollo Loco Holdings, Inc.* (d)		990		12,652
Eldorado Resorts, Inc.* (d)		3,846		189,877
Empire Resorts, Inc.* (d)		172		2,396
Extended Stay America, Inc. (d)		10,620		190,204
Fiesta Restaurant Group, Inc.* (d)		1,438		18,205
Golden Entertainment, Inc.* (d)		1,165		18,325
Habit Restaurants, Inc. (The), Class A* (d)		932		9,935
Hilton Grand Vacations, Inc.* (d)		5,516		176,733
Hilton Worldwide Holdings, Inc. (d)		15,000		1,304,850
Hyatt Hotels Corp., Class A (d)		2,028		155,608
International Game Technology plc (d)(e)		5,085		74,394
International Speedway Corp., Class A (d)		1,232		54,356
J Alexander’s Holdings, Inc.* (d)		586		6,440
Jack in the Box, Inc. (d)		1,339		103,237
Las Vegas Sands Corp. (d)		19,609		1,314,783
Lindblad Expeditions Holdings, Inc.* (d)		978		15,853

23

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A (d)		15,594	$	2,127,334
Marriott Vacations Worldwide Corp. (d)		2,158		227,950
McDonald’s Corp. (d)		42,217		8,340,813
MGM Resorts International (d)		27,368		728,810
Monarch Casino & Resort, Inc.* (d)		524		22,370
Nathan’s Famous, Inc. (d)		132		9,115
Noodles & Co.* (d)		642		4,590
Norwegian Cruise Line Holdings Ltd.* (d)		11,993		676,285
Papa John’s International, Inc. (d)(e)		1,164		59,550
Penn National Gaming, Inc.* (d)		6,369		138,016
Planet Fitness, Inc., Class A* (d)		4,799		363,284
PlayAGS, Inc.* (d)		997		24,048
Potbelly Corp.* (d)		1,021		9,087
RCI Hospitality Holdings, Inc.		1,156		26,322
Red Lion Hotels Corp.* (d)		749		5,932
Red Robin Gourmet Burgers, Inc.* (d)		589		18,866
Red Rock Resorts, Inc., Class A (d)		3,570		96,319
Royal Caribbean Cruises Ltd. (d)		9,053		1,094,870
Ruth’s Hospitality Group, Inc. (d)		1,615		41,958
Scientific Games Corp.* (d)		2,976		68,835
SeaWorld Entertainment, Inc.* (d)		2,809		74,776
Shake Shack, Inc., Class A* (d)		1,274		78,096
Six Flags Entertainment Corp. (d)		4,032		214,059
Speedway Motorsports, Inc. (d)		523		9,597
Starbucks Corp. (d)		66,190		5,141,639
Texas Roadhouse, Inc. (d)		3,729		201,403
Town Sports International Holdings, Inc.* (d)		667		2,421
Vail Resorts, Inc. (d)		2,180		498,893
Wendy’s Co. (The) (d)		9,581		178,302
Wingstop, Inc. (d)		1,714		129,013
Wyndham Destinations, Inc. (d)		5,299		230,824
Wyndham Hotels & Resorts, Inc. (d)		5,433		302,727
Wynn Resorts Ltd. (d)		5,688		821,632
Yum China Holdings, Inc. (d)		19,796		941,102
Yum! Brands, Inc. (d)		16,725		1,745,923
				34,186,739
Household Durables 0.3%
Bassett Furniture Industries, Inc. (d)		464		8,241
Beazer Homes USA, Inc.* (d)		1,367		18,167
Cavco Industries, Inc.* (d)		442		55,148
Century Communities, Inc.* (d)		1,903		48,393
DR Horton, Inc. (d)		18,589		823,679
Ethan Allen Interiors, Inc. (d)		1,962		43,360
Flexsteel Industries, Inc. (d)		336		7,278
Garmin Ltd. (d)		6,076		520,956
GoPro, Inc., Class A* (d)		7,842		46,346
Green Brick Partners, Inc.* (d)		1,129		10,093
Hamilton Beach Brands Holding Co., Class A (d)		302		5,466
Helen of Troy Ltd.* (d)		1,461		210,384

Common Stocks (continued)
	Shares		Value
Household Durables (continued)
Hooker Furniture Corp. (d)		539	$	16,068
Hovnanian Enterprises, Inc., Class A* (d)		220		3,348
Installed Building Products, Inc.* (d)		1,196		57,444
iRobot Corp.* (d)(e)		1,508		156,138
KB Home (d)		5,211		135,017
La-Z-Boy, Inc. (d)		2,440		80,032
Legacy Housing Corp.* (d)		211		2,559
Leggett & Platt, Inc. (d)		7,168		282,133
Lennar Corp., Class A (d)		16,237		837,378
LGI Homes, Inc.* (d)		1,012		70,142
Lifetime Brands, Inc. (d)		540		5,108
Lovesac Co. (The)* (d)		259		10,203
M/I Homes, Inc.* (d)		1,239		34,903
MDC Holdings, Inc. (d)		2,520		77,011
Meritage Homes Corp.* (d)		2,030		103,835
Mohawk Industries, Inc.* (d)		3,399		463,114
New Home Co., Inc. (The)* (d)		577		2,660
Newell Brands, Inc. (d)		23,712		340,979
NVR, Inc.* (d)		163		513,854
PulteGroup, Inc. (d)		13,107		412,346
Purple Innovation, Inc.* (d)		200		1,152
Roku, Inc.* (d)		2,229		141,742
Skyline Champion Corp. (d)		1,907		40,257
Sonos, Inc.* (d)		734		8,015
Taylor Morrison Home Corp., Class A* (d)		7,027		136,043
Tempur Sealy International, Inc.* (d)		2,683		164,736
Toll Brothers, Inc. (d)		6,959		265,138
TopBuild Corp.* (d)		2,092		149,013
TRI Pointe Group, Inc.* (d)		8,807		114,931
Tupperware Brands Corp. (d)		2,509		59,714
Turtle Beach Corp.* (d)		374		3,830
Universal Electronics, Inc.* (d)		811		30,859
Vuzix Corp.* (d)		1,080		2,560
Whirlpool Corp. (d)		3,419		474,626
William Lyon Homes, Class A* (d)		1,463		24,666
ZAGG, Inc.* (d)		1,227		10,110
				7,029,175
Household Products 0.9%
Central Garden & Pet Co.* (d)		2,679		66,775
Church & Dwight Co., Inc. (d)		13,336		999,533
Clorox Co. (The) (d)		6,967		1,112,839
Colgate-Palmolive Co. (d)		46,535		3,387,283
Energizer Holdings, Inc. (d)		3,569		170,919
Kimberly-Clark Corp. (d)		18,716		2,402,760
Oil-Dri Corp. of America (d)		233		7,412
Procter & Gamble Co. (The) (d)		136,104		14,492,354
Spectrum Brands Holdings, Inc. (d)		2,244		138,163
WD-40 Co. (d)		801		134,768
				22,912,806
Independent Power and Renewable Electricity Producers 0.1%
AES Corp. (d)		36,206		619,847
Atlantic Power Corp.* (d)		4,896		11,310
Clearway Energy, Inc., Class A (d)		5,560		87,444

24

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (d)		15,842	$	652,215
Ormat Technologies, Inc. (d)		2,042		119,171
Pattern Energy Group, Inc., Class A (d)		4,229		97,774
TerraForm Power, Inc., Class A (d)		3,955		53,630
Vistra Energy Corp. (d)		21,562		587,564
				2,228,955
Industrial Conglomerates 0.8%
3M Co. (d)		30,522		5,784,224
Carlisle Cos., Inc. (d)		3,189		450,988
General Electric Co. (d)		473,765		4,818,190
Honeywell International, Inc. (d)		39,831		6,915,857
Raven Industries, Inc. (d)		1,853		72,100
Roper Technologies, Inc. (d)		5,517		1,984,465
				20,025,824
Insurance 1.7%
Aflac, Inc. (d)		40,995		2,065,328
Alleghany Corp.* (d)		787		516,965
Allstate Corp. (The) (d)		18,373		1,820,029
Ambac Financial Group, Inc.* (d)		2,396		44,805
American Equity Investment Life Holding Co. (d)		4,615		135,727
American Financial Group, Inc. (d)		3,702		383,268
American International Group, Inc. (d)		48,590		2,311,426
American National Insurance Co. (d)		383		43,390
AMERISAFE, Inc. (d)		875		51,818
Aon plc (d)		13,111		2,361,816
Arch Capital Group Ltd.* (d)		21,231		717,183
Argo Group International Holdings Ltd. (d)		1,940		151,456
Arthur J Gallagher & Co. (d)		9,855		824,075
Assurant, Inc. (d)		3,278		311,410
Assured Guaranty Ltd. (d)		5,748		274,180
Athene Holding Ltd., Class A* (d)		8,685		392,215
Axis Capital Holdings Ltd. (d)		4,572		259,918
Brighthouse Financial, Inc.* (d)		6,734		281,414
Brown & Brown, Inc. (d)		12,798		406,337
Chubb Ltd. (d)		25,211		3,660,637
Cincinnati Financial Corp. (d)		8,469		814,548
Citizens, Inc.* (d)(e)		2,277		15,393
CNA Financial Corp. (d)		1,488		68,939
CNO Financial Group, Inc. (d)		9,691		160,386
Crawford & Co., Class B (d)		514		4,534
Donegal Group, Inc., Class A (d)		432		5,832
eHealth, Inc.* (d)		1,179		71,612
EMC Insurance Group, Inc. (d)		426		13,679
Employers Holdings, Inc. (d)		1,476		63,350
Enstar Group Ltd.* (d)		734		130,109
Erie Indemnity Co., Class A (d)		1,592		301,397
Everest Re Group Ltd. (d)		2,214		521,397
FBL Financial Group, Inc., Class A (d)		693		43,292
FedNat Holding Co. (d)		526		8,558
Fidelity National Financial, Inc. (d)		14,281		570,526
First American Financial Corp. (d)		5,934		338,594

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Genworth Financial, Inc., Class A* (d)		25,934	$	98,290
Global Indemnity Ltd. (d)		555		17,094
Goosehead Insurance, Inc., Class A (d)		447		13,620
Greenlight Capital Re Ltd., Class A*		2,840		34,023
Hallmark Financial Services, Inc.* (d)		608		6,980
Hanover Insurance Group, Inc. (The) (d)		2,327		280,659
Hartford Financial Services Group, Inc. (The) (d)		19,481		1,019,051
HCI Group, Inc. (d)		330		14,065
Health Insurance Innovations, Inc., Class A* (d)		610		14,225
Heritage Insurance Holdings, Inc. (d)		921		12,562
Horace Mann Educators Corp. (d)		2,252		86,882
Independence Holding Co. (d)		214		8,192
Investors Title Co. (d)		63		10,642
James River Group Holdings Ltd. (d)		1,385		58,475
Kemper Corp. (d)		2,562		230,273
Kingstone Cos., Inc. (d)		437		5,074
Kinsale Capital Group, Inc. (d)		1,298		94,235
Lincoln National Corp. (d)		11,809		787,897
Loews Corp. (d)		15,251		782,224
Maiden Holdings Ltd. (d)		3,125		2,042
Markel Corp.* (d)		740		792,917
Marsh & McLennan Cos., Inc. (d)		27,663		2,608,344
MBIA, Inc.* (d)		4,825		46,658
Mercury General Corp. (d)		1,411		75,884
MetLife, Inc. (d)		44,447		2,050,340
National General Holdings Corp. (d)		3,335		82,208
National Western Life Group, Inc., Class A (d)		127		33,873
Navigators Group, Inc. (The) (d)		1,094		76,514
NI Holdings, Inc.* (d)		445		7,133
Old Republic International Corp. (d)		15,590		348,592
Palomar Holdings, Inc.*		681		13,606
Primerica, Inc. (d)		2,375		309,439
Principal Financial Group, Inc. (d)		15,121		864,316
ProAssurance Corp. (d)		2,776		104,183
Progressive Corp. (The) (d)		31,499		2,461,647
Protective Insurance Corp., Class B (d)		443		7,199
Prudential Financial, Inc. (d)		22,603		2,389,363
Reinsurance Group of America, Inc. (d)		3,220		487,862
RenaissanceRe Holdings Ltd. (d)		2,178		338,374
RLI Corp. (d)		2,062		167,702
Safety Insurance Group, Inc. (d)		760		70,619
Selective Insurance Group, Inc. (d)		2,915		207,869
State Auto Financial Corp. (d)		1,267		42,609
Stewart Information Services Corp. (d)		1,263		53,690
Third Point Reinsurance Ltd.* (d)		5,235		60,778

25

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Tiptree, Inc. (d)		1,217	$	6,937
Torchmark Corp. (d)		5,632		493,701
Travelers Cos., Inc. (The) (d)		14,445		2,076,469
Trupanion, Inc.* (d)(e)		1,437		47,134
United Fire Group, Inc. (d)		1,109		48,364
United Insurance Holdings Corp. (d)		945		14,477
Universal Insurance Holdings, Inc. (d)		1,631		48,588
Unum Group (d)		11,077		408,963
White Mountains Insurance Group Ltd. (d)		179		168,088
Willis Towers Watson plc (d)		7,232		1,333,147
WR Berkley Corp. (d)		7,367		451,597
				42,521,232
Interactive Media & Services 2.7%
Alphabet, Inc., Class A* (d)		32,956		39,338,549
Care.com, Inc.* (d)		912		15,276
Cargurus, Inc.* (d)		2,560		104,294
Cars.com, Inc.* (d)		3,594		74,791
Facebook, Inc., Class A* (d)		130,636		25,265,002
IAC/InterActiveCorp* (d)		3,990		897,112
Liberty TripAdvisor Holdings, Inc., Class A* (d)		3,726		54,921
Match Group, Inc. (d)		2,966		179,146
Meet Group, Inc. (The)* (d)		3,232		17,970
Pinterest, Inc., Class A*		260		8,055
QuinStreet, Inc.* (d)		2,390		34,105
Snap, Inc., Class A*		4,454		49,618
Travelzoo* (d)		216		3,795
TripAdvisor, Inc.* (d)		5,707		303,784
TrueCar, Inc.* (d)		5,026		32,367
Twitter, Inc.* (d)		39,092		1,560,162
Yelp, Inc.* (d)		4,627		185,358
Zillow Group, Inc., Class A* (d)		9,654		321,881
				68,446,186
Internet & Direct Marketing Retail 2.1%
1-800-Flowers.com, Inc., Class A* (d)		1,207		25,697
Amazon.com, Inc.* (d)		22,530		43,404,496
Booking Holdings, Inc.* (d)		2,549		4,728,369
Duluth Holdings, Inc., Class B* (d)		377		6,002
eBay, Inc. (d)		47,050		1,823,187
Etsy, Inc.* (d)		6,450		435,633
Expedia Group, Inc. (d)		6,450		837,468
Gaia, Inc.* (d)		479		5,068
Groupon, Inc.* (d)		23,161		81,527
GrubHub, Inc.* (d)		4,925		328,941
Lands’ End, Inc.* (d)		486		8,510
Leaf Group Ltd.* (d)		766		6,427
Liberty Expedia Holdings, Inc., Class A* (d)		2,814		130,626
Liquidity Services, Inc.* (d)		1,242		8,433
Overstock.com, Inc.* (d)(e)		1,081		14,248
PetMed Express, Inc. (d)(e)		913		19,949
Quotient Technology, Inc.* (d)		4,212		39,129
Qurate Retail, Inc.* (d)		22,641		386,029

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail (continued)
Remark Holdings, Inc.* (d)(e)		1,340	$	1,688
Shutterfly, Inc.* (d)		1,740		76,264
Shutterstock, Inc. (d)		1,051		42,513
Stamps.com, Inc.* (d)		895		76,791
Wayfair, Inc., Class A* (d)		3,074		498,449
				52,985,444
IT Services 3.2%
Accenture plc, Class A (d)		35,180		6,426,331
Akamai Technologies, Inc.* (d)		8,677		694,681
Alliance Data Systems Corp. (d)		2,612		418,181
Amdocs Ltd. (d)		7,522		414,312
Automatic Data Processing, Inc. (d)		23,772		3,907,879
Black Knight, Inc.* (d)		7,759		437,763
Booz Allen Hamilton Holding Corp. (d)		7,497		444,497
Brightcove, Inc.* (d)		1,647		16,519
Broadridge Financial Solutions, Inc. (d)		6,214		734,060
CACI International, Inc., Class A* (d)		1,344		261,999
Carbonite, Inc.* (d)		1,735		42,560
Cardtronics plc, Class A* (d)		2,035		72,772
Cass Information Systems, Inc. (d)		777		38,329
Cognizant Technology Solutions Corp., Class A (d)		31,710		2,313,562
Conduent, Inc.* (d)		11,025		141,451
CoreLogic, Inc.* (d)		4,620		187,618
CSG Systems International, Inc. (d)		1,717		76,664
DXC Technology Co. (d)		14,666		964,143
Endurance International Group Holdings, Inc.* (d)		3,222		17,818
EPAM Systems, Inc.* (d)		3,126		560,679
Euronet Worldwide, Inc.* (d)		2,696		404,103
Everi Holdings, Inc.* (d)		3,733		38,413
EVERTEC, Inc. (d)		3,132		98,063
Evo Payments, Inc., Class A* (d)		1,138		33,810
Exela Technologies, Inc.* (d)		2,188		7,199
ExlService Holdings, Inc.* (d)		2,016		119,750
Fidelity National Information Services, Inc. (d)		17,789		2,062,279
First Data Corp., Class A* (d)		29,724		768,663
Fiserv, Inc.* (d)		21,717		1,894,591
FleetCor Technologies, Inc.* (d)		4,672		1,219,158
Gartner, Inc.* (d)		4,730		751,928
Genpact Ltd. (d)		8,648		313,922
Global Payments, Inc. (d)		8,708		1,271,978
GoDaddy, Inc., Class A* (d)		8,961		730,321
GTT Communications, Inc.* (d)(e)		2,196		92,122
Hackett Group, Inc. (The) (d)		1,103		16,931
I3 Verticals, Inc., Class A* (d)		419		10,115
Information Services Group, Inc.* (d)		1,554		5,532
Internap Corp.* (d)		1,109		4,369
International Business Machines Corp. (d)		50,222		7,044,640
Jack Henry & Associates, Inc. (d)		4,199		625,903
Leidos Holdings, Inc. (d)		7,745		569,103
Limelight Networks, Inc.* (d)		5,051		15,001

26

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
IT Services (continued)
LiveRamp Holdings, Inc.* (d)		3,764	$	219,554
ManTech International Corp., Class A (d)		1,370		84,926
Mastercard, Inc., Class A (d)		49,763		12,651,745
MAXIMUS, Inc. (d)		3,498		257,628
MoneyGram International, Inc.* (d)		1,417		4,690
NIC, Inc. (d)		3,503		60,462
Okta, Inc.* (d)		5,264		547,614
Paychex, Inc. (d)		17,458		1,471,884
PayPal Holdings, Inc.* (d)		64,306		7,251,788
Perficient, Inc.* (d)		1,774		52,227
Perspecta, Inc. (d)		8,088		186,671
PFSweb, Inc.* (d)		718		3,317
Presidio, Inc. (d)		1,873		28,132
PRGX Global, Inc.* (d)		988		7,924
Sabre Corp. (d)		15,175		315,033
Science Applications International Corp. (d)		2,544		190,673
ServiceSource International, Inc.* (d)		3,636		3,854
Square, Inc., Class A* (d)		15,546		1,132,060
Switch, Inc., Class A (d)(e)		1,721		18,707
Sykes Enterprises, Inc.* (d)		2,099		58,247
Total System Services, Inc. (d)		9,835		1,005,530
Travelport Worldwide Ltd. (d)		6,484		101,669
TTEC Holdings, Inc. (d)		646		23,553
Tucows, Inc., Class A* (d)		536		47,270
Twilio, Inc., Class A* (d)		5,218		715,597
Unisys Corp.* (d)		2,316		25,962
VeriSign, Inc.* (d)		5,340		1,054,383
Virtusa Corp.* (d)		1,475		81,936
Visa, Inc., Class A (d)		96,384		15,848,421
Western Union Co. (The) (d)		23,997		466,502
WEX, Inc.* (d)		2,547		535,634
Worldpay, Inc., Class A* (d)		16,277		1,907,827
				82,631,132
Leisure Products 0.1%
Acushnet Holdings Corp. (d)		1,891		47,672
American Outdoor Brands Corp.* (d)		2,912		28,683
Brunswick Corp. (d)		4,811		246,371
Callaway Golf Co. (d)		4,856		85,271
Clarus Corp. (d)		951		12,763
Escalade, Inc. (d)		497		5,984
Hasbro, Inc. (d)		6,357		647,524
Johnson Outdoors, Inc., Class A (d)		224		17,174
Malibu Boats, Inc., Class A* (d)		1,134		47,197
Marine Products Corp. (d)		349		5,294
MasterCraft Boat Holdings, Inc.* (d)		842		20,831
Mattel, Inc.* (d)(e)		19,139		233,305
Nautilus, Inc.* (d)		1,340		7,169
Polaris Industries, Inc. (d)		3,232		311,565
Sturm Ruger & Co., Inc. (d)		900		50,391
Vista Outdoor, Inc.* (d)		3,098		26,736
YETI Holdings, Inc.* (d)(e)		782		27,902
				1,821,832

Common Stocks (continued)
	Shares		Value
Life Sciences Tools & Services 0.6%
Accelerate Diagnostics, Inc.* (d)(e)		1,197	$	23,341
Agilent Technologies, Inc. (d)		17,483		1,372,415
Bio-Rad Laboratories, Inc., Class A* (d)		1,155		347,574
Bio-Techne Corp. (d)		2,046		418,591
Bruker Corp. (d)		5,580		215,388
Cambrex Corp.* (d)		1,743		74,984
Charles River Laboratories International, Inc.* (d)		2,610		366,627
ChromaDex Corp.* (d)		1,746		7,770
Codexis, Inc.* (d)		2,709		53,367
Enzo Biochem, Inc.* (d)		2,038		7,072
Fluidigm Corp.* (d)		1,487		20,431
Harvard Bioscience, Inc.* (d)		1,662		6,432
Illumina, Inc.* (d)		7,900		2,464,800
IQVIA Holdings, Inc.* (d)		9,208		1,278,991
Luminex Corp. (d)		2,158		49,224
Medpace Holdings, Inc.* (d)		1,118		62,798
Mettler-Toledo International, Inc.* (d)		1,331		991,941
NanoString Technologies, Inc.* (d)		1,188		30,852
NeoGenomics, Inc.* (d)		4,256		88,652
Pacific Biosciences of California, Inc.* (d)		7,235		53,467
PerkinElmer, Inc. (d)		6,670		639,253
PRA Health Sciences, Inc.* (d)		3,207		310,502
QIAGEN NV* (d)		12,376		482,169
Quanterix Corp.* (d)		391		8,884
Syneos Health, Inc.* (d)		3,507		164,584
Thermo Fisher Scientific, Inc. (d)		21,955		6,091,415
Waters Corp.* (d)		4,097		874,873
				16,506,397
Machinery 1.2%
Actuant Corp., Class A (d)		3,892		99,557
AGCO Corp. (d)		3,622		256,365
Alamo Group, Inc. (d)		534		55,344
Albany International Corp., Class A (d)		1,484		109,771
Allison Transmission Holdings, Inc. (d)		5,984		280,410
Altra Industrial Motion Corp. (d)		3,633		136,201
Astec Industries, Inc. (d)		1,259		42,441
Barnes Group, Inc. (d)		2,445		135,991
Blue Bird Corp.* (d)		686		11,875
Briggs & Stratton Corp. (d)		1,877		22,899
Caterpillar, Inc. (d)		31,190		4,348,510
Chart Industries, Inc.* (d)		1,765		155,797
CIRCOR International, Inc.* (d)		742		25,020
Colfax Corp.* (d)		4,423		133,442
Columbus McKinnon Corp. (d)		1,514		59,591
Commercial Vehicle Group, Inc.* (d)		1,391		12,408
Crane Co. (d)		2,753		234,143
Cummins, Inc. (d)		8,037		1,336,473
Deere & Co. (d)		17,391		2,880,471
Donaldson Co., Inc. (d)		7,007		375,155
Douglas Dynamics, Inc. (d)		1,204		45,463
Dover Corp. (d)		7,889		773,438
Eastern Co. (The) (d)		250		7,165

27

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Energy Recovery, Inc.* (d)		1,643	$	15,986
EnPro Industries, Inc. (d)		1,309		97,285
ESCO Technologies, Inc. (d)		1,563		117,225
Evoqua Water Technologies Corp.* (d)		4,155		56,591
Federal Signal Corp. (d)		3,114		89,590
Flowserve Corp. (d)		7,192		352,624
Fortive Corp. (d)		15,971		1,378,936
Franklin Electric Co., Inc. (d)		2,760		134,854
FreightCar America, Inc.* (d)		542		3,751
Gardner Denver Holdings, Inc.* (d)		7,135		240,806
Gates Industrial Corp. plc* (d)		2,044		32,868
Gencor Industries, Inc.* (d)		403		4,864
Global Brass & Copper Holdings, Inc. (d)		998		43,303
Gorman-Rupp Co. (The) (d)		804		26,773
Graco, Inc. (d)		8,963		459,354
Graham Corp. (d)		439		9,087
Greenbrier Cos., Inc. (The) (d)		1,636		58,127
Harsco Corp.* (d)		4,127		93,435
Hillenbrand, Inc. (d)		3,610		155,302
Hurco Cos., Inc. (d)		293		11,524
Hyster-Yale Materials Handling, Inc. (d)		474		31,578
IDEX Corp. (d)		4,173		653,742
Illinois Tool Works, Inc. (d)		18,024		2,805,075
Ingersoll-Rand plc (d)		13,361		1,638,192
ITT, Inc. (d)		4,916		297,664
John Bean Technologies Corp. (d)		1,769		194,219
Kadant, Inc. (d)		590		57,873
Kennametal, Inc. (d)		4,175		169,923
LB Foster Co., Class A* (d)		462		9,928
Lincoln Electric Holdings, Inc. (d)		3,400		296,718
Lindsay Corp. (d)		561		47,685
Lydall, Inc.* (d)		776		19,097
Manitex International, Inc.* (d)		675		5,157
Manitowoc Co., Inc. (The)* (d)		1,619		28,915
Meritor, Inc.* (d)		4,137		100,364
Middleby Corp. (The)* (d)		2,995		395,729
Milacron Holdings Corp.* (d)		3,714		54,262
Miller Industries, Inc. (d)		506		16,738
Mueller Industries, Inc. (d)		2,951		86,081
Mueller Water Products, Inc., Class A (d)		9,724		104,339
Navistar International Corp.* (d)		2,549		87,023
NN, Inc. (d)		1,914		17,303
Nordson Corp. (d)		3,163		461,640
Omega Flex, Inc. (d)		133		11,260
Oshkosh Corp. (d)		3,811		314,750
PACCAR, Inc. (d)		18,344		1,314,714
Parker-Hannifin Corp. (d)		7,030		1,272,992
Park-Ohio Holdings Corp. (d)		411		15,055
Pentair plc (d)		8,611		335,743
Proto Labs, Inc.* (d)		1,543		169,406
RBC Bearings, Inc.* (d)		1,220		167,811
REV Group, Inc. (d)(e)		1,334		16,928
Rexnord Corp.* (d)		5,989		171,285
Snap-on, Inc. (d)		3,007		506,018
Spartan Motors, Inc. (d)		2,295		21,344
SPX Corp.* (d)		2,308		84,242

Common Stocks (continued)
	Shares		Value
Machinery (continued)
SPX FLOW, Inc.* (d)		2,691	$	96,715
Standex International Corp. (d)		674		44,531
Stanley Black & Decker, Inc. (d)		8,242		1,208,277
Sun Hydraulics Corp. (d)		1,507		78,876
Tennant Co. (d)		1,223		81,183
Terex Corp. (d)		3,942		131,387
Timken Co. (The) (d)		3,541		169,791
Titan International, Inc. (d)		2,305		15,974
Toro Co. (The) (d)		5,576		407,884
TriMas Corp.* (d)		2,954		91,367
Trinity Industries, Inc. (d)		8,206		176,921
Twin Disc, Inc.* (d)		442		8,371
Wabash National Corp. (d)		3,010		45,391
WABCO Holdings, Inc.* (d)		2,846		376,924
Wabtec Corp. (d)(e)		7,214		534,341
Watts Water Technologies, Inc., Class A (d)		1,659		141,994
Welbilt, Inc.* (d)		6,750		113,603
Woodward, Inc. (d)		2,897		315,483
Xylem, Inc. (d)		9,779		815,569
				31,755,590
Marine 0.0%†
Costamare, Inc. (d)		2,294		13,856
Eagle Bulk Shipping, Inc.* (d)		2,185		11,908
Genco Shipping & Trading Ltd.* (d)		443		4,474
Kirby Corp.* (d)		3,259		266,326
Matson, Inc. (d)		2,181		86,389
Safe Bulkers, Inc.* (d)		2,308		4,131
Scorpio Bulkers, Inc. (d)		2,499		13,445
				400,529
Media 0.9%
AMC Networks, Inc., Class A* (d)		2,247		131,247
Beasley Broadcast Group, Inc., Class A (d)		370		1,358
Boston Omaha Corp., Class A* (d)		231		5,440
Cable One, Inc. (d)		236		250,285
Cardlytics, Inc.* (d)		270		4,212
CBS Corp. (Non-Voting), Class B (d)		17,715		908,248
Central European Media Enterprises Ltd., Class A* (d)		3,995		15,820
Charter Communications, Inc., Class A* (d)		9,328		3,462,460
Clear Channel Outdoor Holdings, Inc., Class A* (d)		1,736		8,489
Comcast Corp., Class A (d)		245,857		10,702,155
Daily Journal Corp.* (d)		51		11,373
Discovery, Inc., Class A* (d)		27,228		801,811
DISH Network Corp., Class A* (d)		12,166		427,270
Emerald Expositions Events, Inc. (d)		1,139		16,003
Entercom Communications Corp., Class A (d)		6,914		47,568
Entravision Communications Corp., Class A (d)		2,935		8,424
EW Scripps Co. (The), Class A (d)		2,472		56,337
Fluent, Inc.* (d)		1,502		10,559
Fox Corp., Class A* (d)		27,943		1,085,120

28

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
Gannett Co., Inc. (d)		5,857	$	54,646
GCI Liberty, Inc., Class A* (d)		5,534		329,937
Gray Television, Inc.* (d)		4,115		96,414
Hemisphere Media Group, Inc.* (d)		829		12,112
Interpublic Group of Cos., Inc. (The) (d)		20,956		481,988
John Wiley & Sons, Inc., Class A (d)		2,285		105,521
Liberty Broadband Corp., Class A* (d)		7,016		692,130
Liberty Latin America Ltd., Class A* (d)		8,882		185,391
Liberty Media Corp-Liberty SiriusXM* (d)		13,900		557,173
Loral Space & Communications, Inc.* (d)		587		21,613
MDC Partners, Inc., Class A* (d)		2,566		5,389
Meredith Corp. (d)		2,036		120,124
MSG Networks, Inc., Class A* (d)		3,042		70,057
National CineMedia, Inc. (d)		4,357		30,412
New Media Investment Group, Inc. (d)		3,304		35,320
New York Times Co. (The), Class A (d)		7,207		238,912
News Corp., Class A (d)		26,985		335,591
Nexstar Media Group, Inc., Class A (d)		2,446		286,304
Omnicom Group, Inc. (d)		12,406		992,852
Saga Communications, Inc., Class A (d)		175		5,614
Scholastic Corp. (d)		1,887		75,254
Sinclair Broadcast Group, Inc., Class A (d)		3,925		179,726
Sirius XM Holdings, Inc. (d)(e)		90,933		528,321
TechTarget, Inc.* (d)		944		15,755
TEGNA, Inc. (d)		11,235		178,861
Tribune Media Co., Class A (d)		4,851		224,116
Tribune Publishing Co.* (d)		790		8,500
WideOpenWest, Inc.* (d)		1,355		10,826
				23,833,038
Metals & Mining 0.2%
AK Steel Holding Corp.* (d)(e)		16,984		41,101
Alcoa Corp.* (d)		10,357		276,325
Allegheny Technologies, Inc.* (d)		7,119		177,406
Carpenter Technology Corp. (d)		2,780		138,083
Century Aluminum Co.* (d)		2,945		24,767
Cleveland-Cliffs, Inc. (d)(e)		15,010		149,950
Coeur Mining, Inc.* (d)		10,394		37,522
Commercial Metals Co. (d)		6,053		104,656
Compass Minerals International, Inc. (d)		2,038		116,961
Freeport-McMoRan, Inc. (d)		78,762		969,560
Gold Resource Corp. (d)		2,445		8,949
Haynes International, Inc. (d)		1,070		34,572
Hecla Mining Co. (d)		23,973		50,343
Kaiser Aluminum Corp. (d)		810		79,704
Materion Corp. (d)		1,066		61,860
Newmont Goldcorp Corp. (d)		44,729		1,389,283
Nucor Corp. (d)		17,010		970,761

Common Stocks (continued)
	Shares		Value
Metals & Mining (continued)
Olympic Steel, Inc. (d)		420	$	6,812
Ramaco Resources, Inc.* (d)		273		1,835
Reliance Steel & Aluminum Co. (d)		3,515		323,239
Royal Gold, Inc. (d)		3,538		308,018
Ryerson Holding Corp.* (d)		724		6,263
Schnitzer Steel Industries, Inc., Class A (d)		1,459		34,608
Southern Copper Corp. (d)		4,610		177,116
Steel Dynamics, Inc. (d)		12,136		384,468
SunCoke Energy, Inc.* (d)		2,984		25,692
Synalloy Corp. (d)		391		6,901
TimkenSteel Corp.* (d)		3,279		33,249
United States Steel Corp. (d)		9,111		142,132
Universal Stainless & Alloy Products, Inc.* (d)		389		5,598
Warrior Met Coal, Inc. (d)		2,239		69,409
Worthington Industries, Inc. (d)		2,580		103,535
				6,260,678
Mortgage Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		2,905		49,705
AGNC Investment Corp. (d)		29,836		530,782
Annaly Capital Management, Inc. (d)		73,923		745,883
Anworth Mortgage Asset Corp. (d)		8,465		35,468
Apollo Commercial Real Estate Finance, Inc. (d)		6,352		119,037
Arbor Realty Trust, Inc. (d)		3,990		54,503
Ares Commercial Real Estate Corp. (d)		2,310		35,112
Arlington Asset Investment Corp., Class A (d)		1,364		10,707
ARMOUR Residential REIT, Inc. (d)		3,569		68,097
Blackstone Mortgage Trust, Inc., Class A (d)		5,768		205,283
Capstead Mortgage Corp. (d)		5,865		50,380
Cherry Hill Mortgage Investment Corp. (d)		744		12,841
Chimera Investment Corp. (d)		9,478		181,693
Colony Credit Real Estate, Inc. (d)		4,362		67,786
Dynex Capital, Inc. (d)		3,155		19,246
Exantas Capital Corp. (d)		1,391		15,231
Granite Point Mortgage Trust, Inc. (d)		2,436		46,844
Great Ajax Corp.		1,964		28,125
Invesco Mortgage Capital, Inc. (d)		7,911		129,108
KKR Real Estate Finance Trust, Inc. (d)		986		19,888
Ladder Capital Corp. (d)		4,784		83,242
MFA Financial, Inc. (d)		23,400		175,734
New Residential Investment Corp. (d)		21,525		361,835
New York Mortgage Trust, Inc. (d)		9,426		59,384
Orchid Island Capital, Inc.		4,685		30,780
PennyMac Mortgage Investment Trust (d)		3,057		64,197
Ready Capital Corp. (d)		1,353		20,444
Redwood Trust, Inc. (d)		5,811		95,068

29

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Starwood Property Trust, Inc. (d)		13,785	$	317,744
TPG RE Finance Trust, Inc. (d)		1,613		31,792
Two Harbors Investment Corp. (d)		12,535		173,735
Western Asset Mortgage Capital Corp. (d)		3,901		41,039
				3,880,713
Multiline Retail 0.3%
Big Lots, Inc. (d)		2,084		77,441
Dillard’s, Inc., Class A (d)		619		42,371
Dollar General Corp. (d)		14,507		1,829,188
Dollar Tree, Inc.* (d)		12,816		1,426,164
JC Penney Co., Inc.* (d)(e)		14,357		19,669
Kohl’s Corp. (d)		8,993		639,402
Macy’s, Inc. (d)		16,794		395,331
Nordstrom, Inc. (d)		6,485		266,015
Ollie’s Bargain Outlet Holdings, Inc.* (d)		2,739		261,958
Target Corp. (d)		28,773		2,227,606
				7,185,145
Multi-Utilities 0.6%
Ameren Corp. (d)		13,202		960,709
Avista Corp. (d)		3,338		144,001
Black Hills Corp. (d)		2,952		214,787
CenterPoint Energy, Inc. (d)		27,313		846,703
CMS Energy Corp. (d)		15,226		845,804
Consolidated Edison, Inc. (d)		16,833		1,450,331
Dominion Energy, Inc. (d)		41,264		3,213,228
DTE Energy Co. (d)		9,925		1,247,672
MDU Resources Group, Inc. (d)		10,892		284,826
NiSource, Inc. (d)		20,229		561,962
NorthWestern Corp. (d)		2,855		199,422
Public Service Enterprise Group, Inc. (d)		27,760		1,655,884
Sempra Energy (d)		14,887		1,904,792
Unitil Corp. (d)		813		46,268
WEC Energy Group, Inc. (d)		16,977		1,331,506
				14,907,895
Oil, Gas & Consumable Fuels 2.8%
Abraxas Petroleum Corp.* (d)		7,218		9,961
Adams Resources & Energy, Inc. (d)		100		3,615
Alta Mesa Resources, Inc., Class A* (d)		4,544		1,000
Anadarko Petroleum Corp. (d)		27,648		2,014,157
Antero Resources Corp.* (d)		12,404		89,929
Apache Corp. (d)		20,862		686,568
Approach Resources, Inc.* (d)		2,112		722
Arch Coal, Inc., Class A (d)		892		86,506
Ardmore Shipping Corp.* (d)		1,538		10,735
Berry Petroleum Corp. (d)		2,509		28,502
Bonanza Creek Energy, Inc.* (d)		1,595		38,392
Brigham Minerals, Inc., Class A*		1,023		20,982
Cabot Oil & Gas Corp. (d)		23,174		599,975
California Resources Corp.* (d)		2,395		50,487
Callon Petroleum Co.* (d)		11,774		88,423
Carrizo Oil & Gas, Inc.* (d)		4,536		58,152

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Centennial Resource Development, Inc., Class A* (d)		10,551	$	111,102
Cheniere Energy, Inc.* (d)		12,584		809,780
Chesapeake Energy Corp.* (d)		57,775		168,125
Chevron Corp. (d)		104,350		12,528,261
Cimarex Energy Co. (d)		5,421		372,206
Clean Energy Fuels Corp.* (d)		6,258		19,650
Cloud Peak Energy, Inc.* (d)		3,375		204
CNX Resources Corp.* (d)		10,186		91,267
Concho Resources, Inc. (d)		10,553		1,217,605
ConocoPhillips (d)		61,936		3,909,400
CONSOL Energy, Inc.* (d)		1,460		49,494
Continental Resources, Inc.* (d)		4,902		225,443
CVR Energy, Inc. (d)		836		38,130
Delek US Holdings, Inc. (d)		4,208		155,949
Denbury Resources, Inc.* (d)		24,163		53,884
Devon Energy Corp. (d)		25,563		821,595
DHT Holdings, Inc. (d)		4,210		22,439
Diamondback Energy, Inc. (d)		8,585		913,358
Dorian LPG Ltd.* (d)		1,272		10,201
Earthstone Energy, Inc., Class A* (d)		887		5,943
Energy Fuels, Inc.* (d)		3,895		11,685
EOG Resources, Inc. (d)		31,448		3,020,580
EP Energy Corp., Class A* (d)		1,879		534
EQT Corp. (d)		13,940		285,073
Equitrans Midstream Corp. (d)		11,782		245,419
Evolution Petroleum Corp. (d)		1,160		8,155
Extraction Oil & Gas, Inc.* (d)(e)		6,331		29,756
Exxon Mobil Corp. (d)		232,029		18,627,288
Frontline Ltd.* (d)		3,534		28,943
GasLog Ltd. (d)		2,211		34,558
Golar LNG Ltd. (d)		5,645		110,303
Goodrich Petroleum Corp.* (d)		417		5,709
Green Plains, Inc. (d)		2,772		48,150
Gulfport Energy Corp.* (d)		8,941		58,564
Halcon Resources Corp.* (d)		6,077		7,900
Hallador Energy Co. (d)		760		3,922
Hess Corp. (d)		14,267		914,800
HighPoint Resources Corp.* (d)		4,919		13,478
HollyFrontier Corp. (d)		8,798		419,929
International Seaways, Inc.* (d)		998		17,784
Isramco, Inc.* (d)		33		3,826
Jagged Peak Energy, Inc.* (d)(e)		2,930		30,970
Kinder Morgan, Inc. (d)		105,815		2,102,544
Kosmos Energy Ltd. (d)		13,523		90,469
Laredo Petroleum, Inc.* (d)		7,128		21,527
Lilis Energy, Inc.* (d)		2,041		2,612
Marathon Oil Corp. (d)		45,546		776,104
Marathon Petroleum Corp. (d)		36,903		2,246,286
Matador Resources Co.* (d)		6,286		123,771
Midstates Petroleum Co., Inc.* (d)		687		8,773
Montage Resources Corp.* (d)		269		2,991
Murphy Oil Corp. (d)		9,044		246,359
NACCO Industries, Inc., Class A (d)		172		7,033
NextDecade Corp.* (d)		362		2,009
Noble Energy, Inc. (d)		26,422		714,979
Nordic American Tankers Ltd. (d)		6,378		13,649
Northern Oil and Gas, Inc.* (d)		10,905		28,898
Oasis Petroleum, Inc.* (d)		13,925		84,943

30

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (d)		41,277	$	2,430,390
ONEOK, Inc. (d)		22,327		1,516,673
Overseas Shipholding Group, Inc., Class A* (d)		2,587		4,708
Panhandle Oil and Gas, Inc., Class A		1,736		26,040
Par Pacific Holdings, Inc.* (d)		1,467		28,665
Parsley Energy, Inc., Class A* (d)		14,766		294,729
PBF Energy, Inc., Class A (d)		6,634		222,770
PDC Energy, Inc.* (d)		3,995		173,743
Peabody Energy Corp. (d)		3,981		114,533
Penn Virginia Corp.* (d)		675		30,308
Phillips 66 (d)		22,460		2,117,304
Pioneer Natural Resources Co. (d)		9,265		1,542,252
QEP Resources, Inc.* (d)		12,253		92,143
Range Resources Corp. (d)		13,081		118,252
Renewable Energy Group, Inc.* (d)		1,949		47,010
REX American Resources Corp.* (d)		255		21,550
Ring Energy, Inc.* (d)		2,619		13,566
Rosehill Resources, Inc.* (d)		111		523
SandRidge Energy, Inc.* (d)		1,401		11,712
Scorpio Tankers, Inc. (d)		2,462		63,470
SemGroup Corp., Class A (d)		4,242		55,401
Ship Finance International Ltd. (d)		4,417		56,361
SilverBow Resources, Inc.* (d)		322		5,841
SM Energy Co. (d)		5,753		91,645
Southwestern Energy Co.* (d)		33,818		133,581
SRC Energy, Inc.* (d)		12,599		77,484
Talos Energy, Inc.* (d)		903		26,819
Targa Resources Corp. (d)		12,416		498,502
Teekay Corp. (d)(e)		3,145		13,083
Teekay Tankers Ltd., Class A* (d)		8,693		9,475
Tellurian, Inc.* (d)(e)		4,623		43,919
Ultra Petroleum Corp.* (d)		7,253		3,049
Uranium Energy Corp.* (d)(e)		7,938		11,193
Valero Energy Corp. (d)		23,088		2,093,158
W&T Offshore, Inc.* (d)		5,403		34,471
Whiting Petroleum Corp.* (d)		4,619		126,514
Williams Cos., Inc. (The) (d)		65,005		1,841,592
World Fuel Services Corp. (d)		3,718		114,700
WPX Energy, Inc.* (d)		22,440		311,692
Zion Oil & Gas, Inc.* (d)		2,470		1,379
				70,132,615
Paper & Forest Products 0.0%†
Boise Cascade Co. (d)		2,057		56,958
Clearwater Paper Corp.* (d)		952		19,202
Domtar Corp. (d)		3,217		157,311
Louisiana-Pacific Corp. (d)		7,443		186,447
Neenah, Inc. (d)		869		58,962
PH Glatfelter Co. (d)		1,998		31,528
Schweitzer-Mauduit International, Inc. (d)		1,671		59,438
Verso Corp., Class A* (d)		1,869		41,716
				611,562

Common Stocks (continued)
	Shares		Value
Personal Products 0.1%
Coty, Inc., Class A (e)		33,250	$	359,765
Edgewell Personal Care Co.* (d)		2,793		115,155
elf Beauty, Inc.* (d)		1,042		13,327
Estee Lauder Cos., Inc. (The), Class A (d)		11,666		2,004,336
Herbalife Nutrition Ltd.* (d)		5,922		312,978
Inter Parfums, Inc. (d)		913		66,183
Medifast, Inc. (d)		598		87,721
Natural Health Trends Corp. (d)		338		3,907
Nature’s Sunshine Products, Inc.* (d)		395		3,555
Nu Skin Enterprises, Inc., Class A (d)		3,346		170,211
Revlon, Inc., Class A* (d)(e)		374		7,985
USANA Health Sciences, Inc.* (d)		652		54,416
				3,199,539
Pharmaceuticals 2.5%
Aclaris Therapeutics, Inc.* (d)		1,618		10,193
Aerie Pharmaceuticals, Inc.* (d)		1,837		70,082
Akorn, Inc.* (d)		5,823		15,722
Allergan plc (d)		18,661		2,743,167
Amneal Pharmaceuticals, Inc.* (d)		4,492		57,812
Amphastar Pharmaceuticals, Inc.* (d)		1,931		41,690
Ampio Pharmaceuticals, Inc.* (d)		4,488		2,557
ANI Pharmaceuticals, Inc.* (d)		620		44,008
Aquestive Therapeutics, Inc.* (d)		516		2,946
Aratana Therapeutics, Inc.* (d)		2,118		9,955
Arvinas, Inc.* (d)		356		7,430
Assertio Therapeutics, Inc.* (d)		2,695		11,238
Bristol-Myers Squibb Co. (d)		89,984		4,177,957
Catalent, Inc.* (d)		7,948		356,229
Clearside Biomedical, Inc.* (d)(e)		1,283		1,591
Collegium Pharmaceutical, Inc.* (d)		1,343		18,708
Corcept Therapeutics, Inc.* (d)		5,002		61,925
Cymabay Therapeutics, Inc.* (d)		3,354		42,965
Dermira, Inc.* (d)		1,591		17,644
Dova Pharmaceuticals, Inc.* (d)		541		4,977
Durect Corp.* (d)		7,220		3,982
Elanco Animal Health, Inc.* (d)		18,377		578,876
Eli Lilly & Co. (d)		48,222		5,643,903
Eloxx Pharmaceuticals, Inc.* (d)		1,042		12,442
Endo International plc* (d)		11,466		85,995
Evolus, Inc.* (d)(e)		419		10,215
Horizon Pharma plc* (d)		9,856		251,624
Innovate Biopharmaceuticals, Inc.* (d)		939		1,512
Innoviva, Inc.* (d)		3,582		50,255
Intersect ENT, Inc.* (d)		1,583		51,432
Intra-Cellular Therapies, Inc.* (d)		2,545		33,518
Jazz Pharmaceuticals plc* (d)		3,237		420,066
Johnson & Johnson (d)		146,682		20,711,498
Kala Pharmaceuticals, Inc.* (d)		732		5,680
Lannett Co., Inc.* (d)(e)		1,352		10,397
Liquidia Technologies, Inc.* (d)		322		3,062
Mallinckrodt plc* (d)		4,249		65,690
Marinus Pharmaceuticals, Inc.* (d)(e)		2,170		10,720

31

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Medicines Co. (The)* (d)(e)		3,626	$	115,851
Melinta Therapeutics, Inc.* (d)		317		1,388
Menlo Therapeutics, Inc.* (d)		458		3,298
Merck & Co., Inc. (d)		142,207		11,193,113
Mylan NV* (d)		28,063		757,420
MyoKardia, Inc.* (d)		1,745		83,725
Nektar Therapeutics* (d)		8,527		273,035
Neos Therapeutics, Inc.* (d)(e)		2,177		5,247
NGM Biopharmaceuticals, Inc.*		73		1,164
Ocular Therapeutix, Inc.* (d)		1,623		6,086
Odonate Therapeutics, Inc.* (d)		310		6,095
Omeros Corp.* (d)(e)		2,556		48,155
Optinose, Inc.* (d)		871		8,675
Osmotica Pharmaceuticals plc* (d)		459		1,845
Pacira BioSciences, Inc.* (d)		2,046		81,472
Paratek Pharmaceuticals, Inc.* (d)		1,487		8,193
Perrigo Co. plc (d)		6,999		335,392
Pfizer, Inc. (d)		312,812		12,703,295
Phibro Animal Health Corp., Class A (d)		1,135		39,396
Prestige Consumer Healthcare, Inc.* (d)		2,698		79,375
Reata Pharmaceuticals, Inc., Class A* (d)		981		76,969
resTORbio, Inc.* (d)		352		2,834
Revance Therapeutics, Inc.* (d)		2,065		27,341
scPharmaceuticals, Inc.* (d)		311		1,011
Sienna Biopharmaceuticals, Inc.* (d)		721		1,341
SIGA Technologies, Inc.* (d)		2,407		12,613
Supernus Pharmaceuticals, Inc.* (d)		2,954		108,500
Teligent, Inc.* (d)(e)		1,868		1,830
Tetraphase Pharmaceuticals, Inc.* (d)		2,458		2,605
TherapeuticsMD, Inc.* (d)(e)		10,009		43,039
Theravance Biopharma, Inc.* (d)		2,245		53,543
Tricida, Inc.* (d)		821		28,127
Verrica Pharmaceuticals, Inc.* (d)		493		4,930
WaVe Life Sciences Ltd.* (d)(e)		1,062		28,175
Xeris Pharmaceuticals, Inc.* (d)		940		9,588
Zoetis, Inc. (d)		26,505		2,699,269
Zogenix, Inc.* (d)		2,154		83,984
Zomedica Pharmaceuticals Corp.* (d)		2,033		855
				64,588,437
Professional Services 0.3%
Acacia Research Corp.* (d)		2,215		7,044
ASGN, Inc.* (d)		2,605		164,219
Barrett Business Services, Inc. (d)		326		23,752
BG Staffing, Inc. (d)		383		8,951
CBIZ, Inc.* (d)		2,777		53,624
CoStar Group, Inc.* (d)		1,918		951,807
CRA International, Inc. (d)		358		18,645
Equifax, Inc. (d)		6,529		822,328
Exponent, Inc. (d)		2,970		168,161
Forrester Research, Inc. (d)		482		24,515
Franklin Covey Co.* (d)		455		12,972

Common Stocks (continued)
	Shares		Value
Professional Services (continued)
FTI Consulting, Inc.* (d)		2,269	$	192,820
GP Strategies Corp.* (d)		565		7,192
Heidrick & Struggles International, Inc. (d)		1,038		37,140
Huron Consulting Group, Inc.* (d)		1,159		56,014
ICF International, Inc. (d)		957		74,522
IHS Markit Ltd.* (d)		21,182		1,212,881
InnerWorkings, Inc.* (d)		1,958		6,618
Insperity, Inc. (d)		2,114		252,750
Kelly Services, Inc., Class A (d)		1,434		31,921
Kforce, Inc. (d)		1,286		46,322
Korn Ferry (d)		2,906		136,640
ManpowerGroup, Inc. (d)		3,432		329,609
Mistras Group, Inc.* (d)		802		10,995
Navigant Consulting, Inc. (d)		2,220		50,683
Nielsen Holdings plc (d)		19,562		499,418
Resources Connection, Inc. (d)		1,362		21,874
Robert Half International, Inc. (d)		6,501		403,647
TransUnion (d)		9,899		689,465
TriNet Group, Inc.* (d)		2,542		158,468
TrueBlue, Inc.* (d)		2,124		51,316
Upwork, Inc.* (d)		577		11,534
Verisk Analytics, Inc. (d)		8,773		1,238,221
WageWorks, Inc.* (d)		2,082		101,581
Willdan Group, Inc.* (d)		444		17,551
				7,895,200
Real Estate Management & Development 0.1%
Altisource Portfolio Solutions SA* (d)		451		10,675
American Realty Investors, Inc.* (d)		94		1,289
CBRE Group, Inc., Class A* (d)		17,342		902,998
Consolidated-Tomoka Land Co. (d)		172		10,664
Cushman & Wakefield plc* (d)		3,312		65,048
Forestar Group, Inc.* (d)		483		9,307
FRP Holdings, Inc.* (d)		324		16,424
Griffin Industrial Realty, Inc. (d)		38		1,387
HFF, Inc., Class A (d)		1,914		91,087
Howard Hughes Corp. (The)* (d)		2,171		240,981
Jones Lang LaSalle, Inc. (d)		2,478		383,024
Kennedy-Wilson Holdings, Inc. (d)		7,329		157,867
Marcus & Millichap, Inc.* (d)		1,095		47,194
Maui Land & Pineapple Co., Inc.* (d)		311		3,723
Newmark Group, Inc., Class A (d)		7,693		65,544
RE/MAX Holdings, Inc., Class A (d)		995		43,113
Realogy Holdings Corp. (d)(e)		6,139		79,930
Redfin Corp.* (d)(e)		4,101		84,809
RMR Group, Inc. (The), Class A (d)		324		18,740
St Joe Co. (The)* (d)		2,676		45,599
Stratus Properties, Inc.* (d)		270		7,231
Tejon Ranch Co.* (d)		963		16,612
Transcontinental Realty Investors, Inc.* (d)		77		2,502
Trinity Place Holdings, Inc.* (d)		815		3,195
				2,308,943

32

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Road & Rail 0.7%
AMERCO (d)		359	$	133,968
ArcBest Corp. (d)		1,373		41,959
Avis Budget Group, Inc.* (d)		3,372		119,875
Covenant Transportation Group, Inc., Class A* (d)		569		11,113
CSX Corp. (d)		42,378		3,374,560
Daseke, Inc.* (d)		1,877		9,685
Genesee & Wyoming, Inc., Class A* (d)		3,228		286,162
Heartland Express, Inc. (d)		2,514		49,476
Hertz Global Holdings, Inc.* (d)		2,983		54,231
JB Hunt Transport Services, Inc. (d)		4,771		450,764
Kansas City Southern (d)		5,484		675,300
Knight-Swift Transportation Holdings, Inc. (d)		7,026		234,317
Landstar System, Inc. (d)		2,062		224,676
Lyft, Inc., Class A* (e)		243		14,531
Marten Transport Ltd. (d)		2,267		44,841
Norfolk Southern Corp. (d)		14,581		2,974,816
Old Dominion Freight Line, Inc. (d)		3,616		539,796
PAM Transportation Services, Inc.* (d)		100		5,002
Ryder System, Inc. (d)		2,973		187,299
Saia, Inc.* (d)		1,350		86,926
Schneider National, Inc., Class B (d)		2,532		52,919
Union Pacific Corp. (d)		39,590		7,009,014
Universal Logistics Holdings, Inc. (d)		380		9,280
US Xpress Enterprises, Inc., Class A* (d)		1,038		6,996
USA Truck, Inc.* (d)		363		5,169
Werner Enterprises, Inc. (d)		2,965		99,327
YRC Worldwide, Inc.* (d)		1,545		10,521
				16,712,523
Semiconductors & Semiconductor Equipment 2.5%
ACM Research, Inc., Class A* (d)		383		6,599
Adesto Technologies Corp.* (d)		1,118		7,122
Advanced Energy Industries, Inc.* (d)		2,343		135,332
Advanced Micro Devices, Inc.* (d)		50,526		1,396,033
Alpha & Omega Semiconductor Ltd.* (d)		909		11,272
Ambarella, Inc.* (d)		1,615		80,944
Amkor Technology, Inc.* (d)		5,641		51,108
Analog Devices, Inc. (d)		20,099		2,336,308
Applied Materials, Inc. (d)		52,055		2,294,064
Aquantia Corp.* (d)		1,006		9,567
Axcelis Technologies, Inc.* (d)		1,481		31,531
AXT, Inc.* (d)		1,749		9,969
Broadcom, Inc. (d)		22,203		7,069,435
Brooks Automation, Inc. (d)		4,104		153,941
Cabot Microelectronics Corp. (d)		1,601		202,126
CEVA, Inc.* (d)		1,600		40,304
Cirrus Logic, Inc.* (d)		3,058		145,500
Cohu, Inc. (d)		2,205		32,700
Cree, Inc.* (d)		5,642		372,880

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cypress Semiconductor Corp. (d)		20,200	$	347,036
Diodes, Inc.* (d)		2,079		75,717
Entegris, Inc. (d)		7,836		320,179
First Solar, Inc.* (d)		4,519		278,054
FormFactor, Inc.* (d)		3,831		72,597
Ichor Holdings Ltd.* (d)		1,003		25,256
Impinj, Inc.* (d)		748		21,894
Inphi Corp.* (d)		2,253		102,872
Intel Corp. (d)		246,418		12,577,175
KLA-Tencor Corp. (d)		8,875		1,131,385
Kopin Corp.* (d)		2,689		3,361
Lam Research Corp. (d)		8,323		1,726,440
Lattice Semiconductor Corp.* (d)		5,822		75,395
MACOM Technology Solutions Holdings, Inc.* (d)		2,518		34,975
Marvell Technology Group Ltd. (d)		30,454		761,959
Maxim Integrated Products, Inc. (d)		14,879		892,740
MaxLinear, Inc.* (d)		3,264		87,834
Microchip Technology, Inc. (d)		12,777		1,276,295
Micron Technology, Inc.* (d)		61,000		2,565,660
MKS Instruments, Inc. (d)		2,733		248,730
Monolithic Power Systems, Inc. (d)		2,242		349,102
Nanometrics, Inc.* (d)		1,056		31,458
NeoPhotonics Corp.* (d)		1,634		11,160
NVE Corp. (d)		218		20,887
NVIDIA Corp. (d)		31,912		5,776,072
NXP Semiconductors NV (d)		18,499		1,953,864
ON Semiconductor Corp.* (d)		22,840		526,690
PDF Solutions, Inc.* (d)		1,266		16,433
Photronics, Inc.* (d)		2,977		27,805
Power Integrations, Inc. (d)		1,731		136,784
Qorvo, Inc.* (d)		6,712		507,494
QUALCOMM, Inc. (d)		66,312		5,711,453
Rambus, Inc.* (d)		6,764		77,515
Rudolph Technologies, Inc.* (d)		1,733		41,921
Semtech Corp.* (d)		3,621		195,063
Silicon Laboratories, Inc.* (d)		2,206		237,498
Skyworks Solutions, Inc. (d)		9,491		836,916
SMART Global Holdings, Inc.* (d)		596		12,957
SunPower Corp.* (d)		3,884		28,043
Synaptics, Inc.* (d)		1,797		67,693
Teradyne, Inc. (d)		9,853		482,797
Texas Instruments, Inc. (d)		52,720		6,211,998
Ultra Clean Holdings, Inc.* (d)		1,752		20,971
Universal Display Corp. (d)		2,304		367,718
Veeco Instruments, Inc.* (d)		2,212		26,942
Versum Materials, Inc. (d)		5,963		311,149
Xilinx, Inc. (d)		13,765		1,653,727
Xperi Corp. (d)		2,598		64,560
				62,718,959
Software 4.4%
2U, Inc.* (d)		3,081		186,400
8x8, Inc.* (d)		5,654		135,244
A10 Networks, Inc.* (d)		4,636		29,949
ACI Worldwide, Inc.* (d)		6,379		226,582
Adobe, Inc.* (d)		26,976		7,802,808
Agilysys, Inc.* (d)		711		13,601

33

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Alarm.com Holdings, Inc.* (d)		1,596	$	113,124
Altair Engineering, Inc., Class A* (d)		1,371		54,072
Alteryx, Inc., Class A* (d)		1,661		147,231
Amber Road, Inc.* (d)		1,096		9,908
American Software, Inc., Class A (d)		1,307		16,926
Anaplan, Inc.* (d)		1,053		41,457
ANSYS, Inc.* (d)		4,532		887,366
Appfolio, Inc., Class A* (d)		826		80,213
Aspen Technology, Inc.* (d)		3,822		465,940
Asure Software, Inc.* (d)		589		4,099
Atlassian Corp. plc, Class A* (d)		5,479		603,512
Autodesk, Inc.* (d)		11,905		2,121,590
Avalara, Inc.* (d)		1,448		85,244
Avaya Holdings Corp.* (d)		5,369		102,440
Benefitfocus, Inc.* (d)		1,429		58,203
Blackbaud, Inc. (d)		2,672		211,863
Blackline, Inc.* (d)		1,895		96,797
Bottomline Technologies DE, Inc.* (d)		2,154		108,928
Box, Inc., Class A* (d)		7,763		160,073
Cadence Design Systems, Inc.* (d)		14,801		1,026,893
Carbon Black, Inc.* (d)		1,747		24,004
CDK Global, Inc. (d)		6,793		409,754
Ceridian HCM Holding, Inc.* (d)		2,777		147,597
ChannelAdvisor Corp.* (d)		1,182		13,888
Cision Ltd.* (d)		3,621		43,669
Citrix Systems, Inc. (d)		7,607		768,003
Cloudera, Inc.* (d)		10,361		115,318
CommVault Systems, Inc.* (d)		2,058		108,251
Cornerstone OnDemand, Inc.* (d)		3,119		170,453
Coupa Software, Inc.* (d)		3,054		315,570
Digimarc Corp.* (d)(e)		516		15,372
DocuSign, Inc.* (d)		5,170		292,984
Domo, Inc., Class B* (d)		764		29,269
Ebix, Inc. (d)(e)		1,269		64,059
eGain Corp.* (d)		825		8,242
Elastic NV* (d)		369		31,568
Envestnet, Inc.* (d)		2,296		162,993
Everbridge, Inc.* (d)		1,718		126,943
Fair Isaac Corp.* (d)		1,572		439,767
FireEye, Inc.* (d)		11,407		182,740
Five9, Inc.* (d)		2,931		155,548
ForeScout Technologies, Inc.* (d)		1,654		69,534
Fortinet, Inc.* (d)		7,198		672,437
Guidewire Software, Inc.* (d)		4,466		475,629
HubSpot, Inc.* (d)		2,050		378,204
Instructure, Inc.* (d)		1,641		70,694
Intuit, Inc. (d)		13,360		3,354,162
j2 Global, Inc. (d)		2,398		210,113
LivePerson, Inc.* (d)		3,642		106,820
LogMeIn, Inc. (d)		2,800		230,720
Majesco* (d)		300		2,340
Manhattan Associates, Inc.* (d)		3,324		224,204
Microsoft Corp. (d)		414,547		54,139,838
MicroStrategy, Inc., Class A* (d)		454		67,964
Mitek Systems, Inc.* (d)		1,539		18,314
MobileIron, Inc.* (d)		3,404		20,186
Model N, Inc.* (d)		1,188		22,025

Common Stocks (continued)
	Shares		Value
Software (continued)
Monotype Imaging Holdings, Inc. (d)		2,288	$	39,445
New Relic, Inc.* (d)		2,480		260,995
Nuance Communications, Inc.* (d)		15,705		264,315
Nutanix, Inc., Class A* (d)		7,614		328,849
OneSpan, Inc.* (d)		1,442		26,735
Oracle Corp. (d)		132,091		7,308,595
Palo Alto Networks, Inc.* (d)		4,841		1,204,586
Park City Group, Inc.* (d)		621		4,800
Paycom Software, Inc.* (d)		2,919		591,185
Paylocity Holding Corp.* (d)		1,481		142,991
Pegasystems, Inc. (d)		1,951		146,344
Pluralsight, Inc., Class A* (d)		2,949		104,660
Progress Software Corp. (d)		2,305		105,131
Proofpoint, Inc.* (d)		2,778		348,417
PROS Holdings, Inc.* (d)		1,667		85,417
PTC, Inc.* (d)		6,374		576,656
Q2 Holdings, Inc.* (d)		2,183		164,642
QAD, Inc., Class A (d)		474		22,216
Qualys, Inc.* (d)		1,925		173,750
Rapid7, Inc.* (d)		1,911		103,844
RealPage, Inc.* (d)		3,989		260,123
Red Hat, Inc.* (d)		9,664		1,763,970
Rimini Street, Inc.* (d)		475		2,413
RingCentral, Inc., Class A* (d)		4,276		497,598
SailPoint Technologies Holding, Inc.* (d)		4,037		114,086
salesforce.com, Inc.* (d)		39,617		6,550,671
SecureWorks Corp., Class A* (d)		391		7,593
ServiceNow, Inc.* (d)		9,532		2,588,033
ShotSpotter, Inc.* (d)		337		17,760
SolarWinds Corp.* (d)		1,146		22,404
Splunk, Inc.* (d)		7,916		1,092,725
SPS Commerce, Inc.* (d)		890		92,329
SS&C Technologies Holdings, Inc. (d)		11,396		771,053
SVMK, Inc.* (d)		806		14,427
Symantec Corp. (d)		34,694		839,942
Synopsys, Inc.* (d)		7,832		948,299
Tableau Software, Inc., Class A* (d)		3,700		450,697
Telaria, Inc.* (d)		1,998		14,406
Telenav, Inc.* (d)		1,451		9,040
Tenable Holdings, Inc.* (d)		1,624		58,302
Teradata Corp.* (d)		6,541		297,419
TiVo Corp. (d)		6,430		60,249
Trade Desk, Inc. (The), Class A* (d)		2,068		458,021
Tyler Technologies, Inc.* (d)		2,085		483,532
Ultimate Software Group, Inc. (The)* (d)		1,661		549,210
Upland Software, Inc.* (d)		1,115		51,836
Varonis Systems, Inc.* (d)		1,478		105,160
Verint Systems, Inc.* (d)		3,688		222,718
Veritone, Inc.* (d)		385		2,383
VirnetX Holding Corp.* (d)(e)		2,699		17,220
VMware, Inc., Class A (d)		3,801		775,898
Workday, Inc., Class A* (d)		7,799		1,603,708
Workiva, Inc.* (d)		1,515		80,507
Yext, Inc.* (d)		4,671		102,342
Zendesk, Inc.* (d)		6,466		567,585
Zix Corp.* (d)		2,429		19,796

34

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Zoom Video Communications, Inc., Class A*		36	$	2,609
Zscaler, Inc.* (d)		3,331		227,541
				112,226,817
Specialty Retail 1.5%
Aaron’s, Inc. (d)		3,577		199,203
Abercrombie & Fitch Co., Class A (d)		3,403		101,716
Advance Auto Parts, Inc. (d)		3,832		637,338
American Eagle Outfitters, Inc. (d)		9,126		217,016
America’s Car-Mart, Inc.* (d)		263		26,050
Asbury Automotive Group, Inc.* (d)		1,013		81,222
Ascena Retail Group, Inc.* (d)		7,967		9,481
At Home Group, Inc.* (d)		2,424		56,940
AutoNation, Inc.* (d)		2,874		120,507
AutoZone, Inc.* (d)		1,381		1,420,096
Barnes & Noble Education, Inc.* (d)		1,778		7,645
Barnes & Noble, Inc. (d)		3,463		17,419
Bed Bath & Beyond, Inc. (d)(e)		6,821		113,979
Best Buy Co., Inc. (d)		12,622		939,203
Big 5 Sporting Goods Corp. (d)		921		2,422
Boot Barn Holdings, Inc.* (d)		1,913		55,075
Buckle, Inc. (The) (d)(e)		1,606		29,679
Burlington Stores, Inc.* (d)		3,641		615,001
Caleres, Inc. (d)		2,166		56,814
Camping World Holdings, Inc., Class A (d)(e)		1,878		28,020
CarMax, Inc.* (d)(e)		9,306		724,565
Carvana Co.* (d)(e)		1,700		121,652
Cato Corp. (The), Class A (d)		1,400		21,224
Chico’s FAS, Inc. (d)		6,754		23,639
Children’s Place, Inc. (The) (d)(e)		811		91,497
Citi Trends, Inc. (d)		548		10,144
Conn’s, Inc.* (d)		1,186		30,682
Container Store Group, Inc. (The)* (d)		733		6,333
Designer Brands, Inc. (d)		3,817		84,928
Dick’s Sporting Goods, Inc. (d)		3,702		136,974
Express, Inc.* (d)		4,109		15,121
Five Below, Inc.* (d)		2,986		437,121
Floor & Decor Holdings, Inc., Class A* (d)		3,360		161,347
Foot Locker, Inc. (d)		6,129		350,640
Francesca’s Holdings Corp.* (d)		1,596		1,104
GameStop Corp., Class A (d)(e)		5,204		45,015
Gap, Inc. (The) (d)		11,879		309,804
Genesco, Inc.* (d)		1,064		47,678
GNC Holdings, Inc., Class A* (d)		3,777		8,385
Group 1 Automotive, Inc. (d)		980		76,744
Guess?, Inc. (d)		2,987		60,845
Haverty Furniture Cos., Inc. (d)		1,582		37,683
Hibbett Sports, Inc.* (d)		1,184		24,509
Home Depot, Inc. (The) (d)		61,755		12,579,494
Hudson Ltd., Class A* (d)		2,208		33,871
J. Jill, Inc. (d)		751		4,213
Kirkland’s, Inc.* (d)		679		3,993

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
L Brands, Inc. (d)		12,517	$	320,936
Lithia Motors, Inc., Class A (d)		1,152		130,775
Lowe’s Cos., Inc. (d)		43,984		4,976,350
Lumber Liquidators Holdings, Inc.* (d)(e)		1,302		17,212
MarineMax, Inc.* (d)		1,299		22,460
Michaels Cos., Inc. (The)* (d)		4,952		55,661
Monro, Inc. (d)		1,633		136,894
Murphy USA, Inc.* (d)		1,535		131,196
National Vision Holdings, Inc.* (d)		3,207		86,589
Office Depot, Inc. (d)		28,174		67,618
O’Reilly Automotive, Inc.* (d)		4,213		1,594,915
Party City Holdco, Inc.* (d)		3,172		21,252
Penske Automotive Group, Inc. (d)		1,859		85,365
Pier 1 Imports, Inc.* (d)		3,715		3,369
Rent-A-Center, Inc.* (d)		2,386		59,483
RH* (d)(e)		980		104,576
Ross Stores, Inc. (d)		19,951		1,948,415
RTW RetailWinds, Inc.* (d)		1,354		3,141
Sally Beauty Holdings, Inc.* (d)		7,126		126,130
Shoe Carnival, Inc. (d)		460		16,404
Signet Jewelers Ltd. (d)		2,692		62,401
Sleep Number Corp.* (d)		1,699		59,125
Sonic Automotive, Inc., Class A (d)		1,096		22,172
Sportsman’s Warehouse Holdings, Inc.* (d)		1,716		7,653
Tailored Brands, Inc. (d)		2,763		22,518
Tiffany & Co. (d)		6,677		719,914
Tile Shop Holdings, Inc. (d)		1,826		8,874
Tilly’s, Inc., Class A (d)		941		11,066
TJX Cos., Inc. (The) (d)		68,070		3,735,682
Tractor Supply Co. (d)		6,627		685,895
Ulta Beauty, Inc.* (d)		3,091		1,078,697
Urban Outfitters, Inc.* (d)		3,842		114,223
Williams-Sonoma, Inc. (d)		4,431		253,320
Winmark Corp. (d)		215		39,678
Zumiez, Inc.* (d)		852		22,689
				36,936,679
Technology Hardware, Storage & Peripherals 2.3%
3D Systems Corp.* (d)(e)		5,619		59,786
Apple, Inc. (d)		260,031		52,180,421
Avid Technology, Inc.* (d)		1,261		9,584
Cray, Inc.* (d)		2,147		56,380
Dell Technologies, Inc., Class C* (d)		8,161		550,133
Diebold Nixdorf, Inc.* (d)		4,283		43,215
Eastman Kodak Co.* (d)		773		1,902
Electronics For Imaging, Inc.* (d)		2,438		90,669
Hewlett Packard Enterprise Co. (d)		76,615		1,211,283
HP, Inc. (d)		84,742		1,690,603
Immersion Corp.* (d)		1,790		16,916
NCR Corp.* (d)		6,695		193,820
NetApp, Inc. (d)		13,817		1,006,568
Pure Storage, Inc., Class A* (d)		8,489		194,059
Stratasys Ltd.* (d)		2,660		61,845
USA Technologies, Inc.* (d)(e)		2,615		14,827
Western Digital Corp. (d)		15,651		800,079
Xerox Corp. (d)		10,992		366,693
				58,548,783

35

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods 0.5%
Capri Holdings Ltd.* (d)		7,703	$	339,548
Carter’s, Inc. (d)		2,490		263,716
Columbia Sportswear Co. (d)		1,786		178,546
Crocs, Inc.* (d)		3,393		94,495
Culp, Inc. (d)		512		10,506
Deckers Outdoor Corp.* (d)		1,665		263,420
Fossil Group, Inc.* (d)(e)		2,471		32,296
G-III Apparel Group Ltd.* (d)		2,259		97,476
Hanesbrands, Inc. (d)		19,592		354,027
Lululemon Athletica, Inc.* (d)		5,102		899,738
Movado Group, Inc. (d)		718		25,597
NIKE, Inc., Class B (d)		67,615		5,938,625
Oxford Industries, Inc. (d)		886		73,591
PVH Corp. (d)		4,192		540,726
Ralph Lauren Corp. (d)		2,869		377,503
Rocky Brands, Inc. (d)		313		7,985
Skechers U.S.A., Inc., Class A* (d)		7,265		230,010
Steven Madden Ltd. (d)		4,510		163,939
Superior Group of Cos., Inc. (d)		415		6,947
Tapestry, Inc. (d)		15,790		509,543
Under Armour, Inc., Class A* (d)		20,619		449,947
Unifi, Inc.* (d)		714		14,423
Vera Bradley, Inc.* (d)		1,012		12,427
VF Corp. (d)		17,675		1,668,697
Wolverine World Wide, Inc. (d)		4,788		176,246
				12,729,974
Thrifts & Mortgage Finance 0.1%
Axos Financial, Inc.* (d)		3,029		99,109
Bank7 Corp.* (d)		157		2,719
Bridgewater Bancshares, Inc.* (d)		1,064		11,374
Capitol Federal Financial, Inc. (d)		6,933		95,675
Columbia Financial, Inc.* (d)		2,826		44,820
Dime Community Bancshares, Inc. (d)		1,444		29,097
Entegra Financial Corp.* (d)		308		9,086
ESSA Bancorp, Inc. (d)		436		6,675
Essent Group Ltd.* (d)		5,466		259,362
Federal Agricultural Mortgage Corp., Class C (d)		503		38,469
First Defiance Financial Corp. (d)		1,541		45,475
Flagstar Bancorp, Inc. (d)		1,601		57,236
FS Bancorp, Inc. (d)		176		9,097
Greene County Bancorp, Inc. (d)		139		4,298
Hingham Institution for Savings (d)		61		11,286
Home Bancorp, Inc. (d)		362		13,264
HomeStreet, Inc.* (d)		1,155		32,502
Impac Mortgage Holdings, Inc.* (d)		462		1,589
Kearny Financial Corp. (d)		5,486		76,804
LendingTree, Inc.* (d)		409		157,391
Luther Burbank Corp.		2,595		27,325
Merchants Bancorp (d)		749		18,111
Meridian Bancorp, Inc. (d)		3,492		60,132
Meta Financial Group, Inc. (d)		1,283		33,050
MGIC Investment Corp.* (d)		19,305		282,625
Mr. Cooper Group, Inc.* (d)		3,978		34,211
New York Community Bancorp, Inc. (d)		23,718		275,840
NMI Holdings, Inc., Class A* (d)		3,239		90,951

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Northfield Bancorp, Inc. (d)		2,012	$	30,180
Northwest Bancshares, Inc. (d)		5,177		90,235
OceanFirst Financial Corp. (d)		2,602		65,518
Oconee Federal Financial Corp. (d)		83		2,176
Ocwen Financial Corp.* (d)		5,394		9,116
OP Bancorp (d)		573		5,398
Oritani Financial Corp. (d)		2,753		47,765
PCSB Financial Corp. (d)		749		14,269
PDL Community Bancorp* (d)		401		5,803
PennyMac Financial Services, Inc. (d)		910		20,293
Provident Bancorp, Inc.* (d)		202		4,949
Provident Financial Services, Inc. (d)		3,236		85,819
Prudential Bancorp, Inc. (d)		402		7,019
Radian Group, Inc. (d)		11,859		277,738
Riverview Bancorp, Inc. (d)		981		7,279
SI Financial Group, Inc. (d)		509		7,289
Southern Missouri Bancorp, Inc. (d)		337		11,306
Sterling Bancorp, Inc. (d)		1,024		10,025
Territorial Bancorp, Inc. (d)		357		10,335
TFS Financial Corp. (d)		2,704		44,995
Timberland Bancorp, Inc. (d)		334		10,421
TrustCo Bank Corp. (d)		4,809		38,472
United Community Financial Corp. (d)		3,963		36,499
United Financial Bancorp, Inc. (d)		2,813		37,104
Walker & Dunlop, Inc. (d)		1,431		78,633
Washington Federal, Inc. (d)		4,308		142,767
Waterstone Financial, Inc. (d)		1,135		18,796
Western New England Bancorp, Inc. (d)		1,167		11,273
WSFS Financial Corp. (d)		2,634		113,736
				3,072,781
Tobacco 0.5%
22nd Century Group, Inc.* (d)		5,293		11,592
Altria Group, Inc. (d)		103,570		5,626,958
Philip Morris International, Inc. (d)		84,898		7,348,771
Pyxus International, Inc.* (d)		380		8,676
Turning Point Brands, Inc. (d)		368		15,739
Universal Corp. (d)		1,264		68,079
Vector Group Ltd. (d)		5,468		52,110
				13,131,925
Trading Companies & Distributors 0.2%
Air Lease Corp. (d)		5,493		211,810
Aircastle Ltd. (d)		2,882		57,409
Applied Industrial Technologies, Inc. (d)		2,263		135,644
Beacon Roofing Supply, Inc.* (d)		3,954		148,908
BlueLinx Holdings, Inc.* (d)		405		10,417
BMC Stock Holdings, Inc.* (d)		3,535		72,750
CAI International, Inc.* (d)		1,028		25,525
DXP Enterprises, Inc.* (d)		946		40,574
EVI Industries, Inc. (d)		176		6,424
Fastenal Co. (d)		15,664		1,105,095
Foundation Building Materials, Inc.* (d)		670		9,105

36

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors (continued)
GATX Corp. (d)		2,138	$	164,904
General Finance Corp.* (d)		503		4,678
GMS, Inc.* (d)		1,496		26,360
H&E Equipment Services, Inc. (d)		1,710		52,001
HD Supply Holdings, Inc.* (d)		9,703		443,330
Herc Holdings, Inc.* (d)		1,333		64,197
Kaman Corp. (d)		1,419		87,850
Lawson Products, Inc.* (d)		306		10,049
MRC Global, Inc.* (d)		4,452		77,153
MSC Industrial Direct Co., Inc., Class A (d)		2,255		188,631
NOW, Inc.* (d)		5,583		81,623
Rush Enterprises, Inc., Class A (d)		1,818		77,018
SiteOne Landscape Supply, Inc.* (d)		2,080		139,984
Systemax, Inc. (d)		560		12,718
Textainer Group Holdings Ltd.* (d)		1,250		11,988
Titan Machinery, Inc.* (d)		864		14,861
Triton International Ltd. (d)		2,658		87,581
United Rentals, Inc.* (d)		4,377		616,807
Univar, Inc.* (d)		7,157		159,816
Veritiv Corp.* (d)		528		14,726
Watsco, Inc. (d)		1,744		276,372
WESCO International, Inc.* (d)		2,610		149,396
Willis Lease Finance Corp.* (d)		139		6,911
WW Grainger, Inc. (d)		2,483		700,206
				5,292,821
Transportation Infrastructure 0.0%†
Macquarie Infrastructure Corp. (d)		4,682		189,668
Water Utilities 0.1%
American States Water Co. (d)		2,155		153,371
American Water Works Co., Inc. (d)		9,808		1,061,128
Aqua America, Inc. (d)		11,402		445,362
AquaVenture Holdings Ltd.* (d)		504		9,803
Artesian Resources Corp., Class A		792		28,734
Cadiz, Inc.* (d)		1,038		10,629
California Water Service Group (d)		2,834		142,805
Connecticut Water Service, Inc. (d)		658		45,119
Consolidated Water Co. Ltd.		1,941		24,573
Global Water Resources, Inc. (d)		493		4,807
Middlesex Water Co. (d)		856		49,640
Pure Cycle Corp.* (d)		784		7,879
SJW Group (d)		1,206		74,844
York Water Co. (The) (d)		1,081		36,786
				2,095,480
Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.* (d)		2,182		49,619
Gogo, Inc.* (d)		2,635		13,860
NII Holdings, Inc.* (d)		5,316		10,419
Shenandoah Telecommunications Co. (d)		2,742		113,327
Spok Holdings, Inc.		2,047		28,351
Sprint Corp.* (d)		36,230		202,163

Common Stocks (continued)
	Shares		Value
Wireless Telecommunication Services (continued)
Telephone & Data Systems, Inc. (d)		5,817	$	185,446
T-Mobile US, Inc.* (d)		16,676		1,217,181
United States Cellular Corp.* (d)		729		35,065
				1,855,431
Total Common Stocks (cost $1,487,487,632)				1,611,962,726
Corporate Bonds 13.1%
	Principal Amount
Aerospace & Defense 0.4%
General Dynamics Corp., (ICE LIBOR USD 3 Month + 0.38%), 3.08%, 5/11/2021 (f)	$	3,305,000		3,313,186
Northrop Grumman Corp., 2.08%, 10/15/2020		4,300,000		4,263,219
United Technologies Corp., 1.90%, 5/4/2020		500,000		495,821
(ICE LIBOR USD 3 Month + 0.65%),
3.33%, 8/16/2021 (f)		2,500,000		2,502,524
				10,574,750
Automobiles 0.2%
BMW US Capital LLC, 2.15%, 4/6/2020 (a)		2,500,000		2,488,187
Daimler Finance North America LLC, (ICE LIBOR USD 3 Month + 0.55%), 3.29%, 5/4/2021 (a)(f)		2,400,000		2,400,974
General Motors Co., (ICE LIBOR USD 3 Month + 0.90%), 3.50%, 9/10/2021 (f)		230,000		229,480
				5,118,641
Banks 3.5%
ABN AMRO Bank NV, (ICE LIBOR USD 3 Month + 0.57%), 3.21%, 8/27/2021 (a)(f)		3,000,000		3,010,530
Banco Santander Chile, 2.50%, 12/15/2020 (a)		1,880,000		1,862,422
Banco Santander SA, (ICE LIBOR USD 3 Month + 1.09%), 3.74%, 2/23/2023 (f)		4,400,000		4,384,281
Bank of America Corp., 2.63%, 10/19/2020		2,000,000		2,001,295
2.63%, 4/19/2021		4,000,000		3,991,386
3.30%, 1/11/2023		2,400,000		2,430,355
(ICE LIBOR USD 3 Month + 0.79%),
3.39%, 3/5/2024 (f)		2,000,000		2,003,084
Bank of Montreal, Series D, (ICE LIBOR USD 3 Month + 0.46%), 3.06%, 4/13/2021 (f)		3,000,000		3,013,397

37

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Bank of Nova Scotia (The),
2.45%, 9/19/2022	$	1,000,000	$	995,374
BNP Paribas SA,
2.38%, 5/21/2020		2,400,000		2,392,484
3.50%, 3/1/2023 (a)		2,000,000		2,017,998
Citigroup, Inc.,
2.70%, 3/30/2021		7,000,000		6,990,580
(ICE LIBOR USD 3 Month + 0.72%),
3.14%, 1/24/2023 (f)		1,500,000		1,505,871
Credit Agricole SA,
(ICE LIBOR USD 3 Month + 0.97%), 3.57%, 6/10/2020 (a)(f)		1,200,000		1,209,084
(ICE LIBOR USD 3 Month + 1.18%), 3.77%, 7/1/2021 (a)(f)		1,400,000		1,420,981
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/2020		500,000		501,308
HSBC Holdings plc, 3.60%, 5/25/2023		4,450,000		4,545,915
Intesa Sanpaolo SpA,
3.13%, 7/14/2022 (a)		2,000,000		1,959,154
3.38%, 1/12/2023 (a)		2,000,000		1,965,634
JPMorgan Chase & Co., (ICE LIBOR USD 3 Month + 1.00%), 4.02%, 12/5/2024 (f)		4,520,000		4,686,988
Lloyds Banking Group plc,
3.10%, 7/6/2021		2,000,000		2,005,205
3.90%, 3/12/2024		600,000		611,651
Manufacturers & Traders Trust Co., 2.05%, 8/17/2020		4,500,000		4,466,167
MUFG Bank Ltd., 2.30%, 3/5/2020 (a)		1,950,000		1,943,752
Nordea Bank Abp, 4.88%, 5/13/2021 (a)		500,000		513,332
Royal Bank of Canada, 2.13%, 3/2/2020		2,000,000		1,991,226
(ICE LIBOR USD 3 Month + 0.66%),
3.26%, 10/5/2023 (f)		5,400,000		5,389,156
Santander UK Group Holdings plc , 3.57%, 1/10/2023		500,000		501,718
Standard Chartered plc, 3.95%, 1/11/2023 (a)		4,000,000		4,019,062
Sumitomo Mitsui Financial Group, Inc., (ICE LIBOR USD 3 Month + 0.80%), 3.40%, 10/16/2023 (f)		2,500,000		2,507,320
Svenska Handelsbanken AB, (ICE LIBOR USD 3 Month + 0.47%), 3.12%, 5/24/2021 (f)		2,000,000		2,008,302
Toronto-Dominion Bank (The), 3.25%, 6/11/2021		2,000,000		2,024,067

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Wells Fargo & Co.,
Series N, 2.15%, 1/30/2020	$	2,000,000	$	1,991,971
Series N, (ICE LIBOR USD 3 Month + 0.68%), 3.26%, 1/30/2020 (f)		1,500,000		1,506,269
(ICE LIBOR USD 3 Month + 1.23%), 3.81%, 10/31/2023 (f)		4,000,000		4,077,958
				88,445,277
Beverages 0.4%
Anheuser-Busch InBev Finance, Inc., 2.65%, 2/1/2021		3,000,000		2,995,763
Anheuser-Busch InBev Worldwide, Inc., (ICE LIBOR USD 3 Month + 0.74%), 3.34%, 1/12/2024 (f)		1,500,000		1,501,029
Constellation Brands, Inc., (ICE LIBOR USD 3 Month + 0.70%), 3.38%, 11/15/2021 (f)		3,000,000		3,002,268
Molson Coors Brewing Co., 2.25%, 3/15/2020		1,554,000		1,545,979
				9,045,039
Biotechnology 0.4%
AbbVie, Inc., 2.90%, 11/6/2022		4,200,000		4,187,865
Amgen, Inc., 2.13%, 5/1/2020		1,000,000		994,430
Celgene Corp.,
2.88%, 8/15/2020		2,000,000		2,001,800
2.25%, 8/15/2021		1,845,000		1,818,094
Gilead Sciences, Inc., 2.55%, 9/1/2020		1,000,000		998,369
				10,000,558
Capital Markets 0.7%
Bank of New York Mellon Corp. (The), (ICE LIBOR USD 3 Month + 0.87%), 3.55%, 8/17/2020 (f)		4,000,000		4,045,206
Credit Suisse AG, 3.63%, 9/9/2024		2,830,000		2,898,406
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.36%), 3.94%, 4/23/2021 (f)		7,950,000		8,075,751
Morgan Stanley,
5.50%, 1/26/2020		1,200,000		1,223,764
(ICE LIBOR USD 3 Month + 1.40%),
3.99%, 4/21/2021 (f)		1,000,000		1,017,934
				17,261,061

38

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals 0.1%
Equate Petrochemical BV, 3.00%, 3/3/2022 (a)	$	1,990,000	$	1,967,692
Commercial Services & Supplies 0.1%
Republic Services, Inc., 5.25%, 11/15/2021		1,000,000		1,059,290
Consumer Finance 0.3%
AerCap Ireland Capital DAC, 4.50%, 5/15/2021		1,500,000		1,534,224
American Express Co., (ICE LIBOR USD 3 Month + 0.60%), 3.33%, 11/5/2021 (f)		2,500,000		2,511,331
American Express Credit Corp., Series F, 2.60%, 9/14/2020		2,000,000		1,997,240
General Motors Financial Co., Inc., 3.70%, 11/24/2020		1,500,000		1,514,786
				7,557,581
Diversified Financial Services 0.4%
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		2,500,000		2,472,959
Shell International Finance BV,
(ICE LIBOR USD 3 Month + 0.45%), 3.15%, 5/11/2020 (f)		3,457,000		3,471,397
(ICE LIBOR USD 3 Month + 0.40%), 3.09%, 11/13/2023 (f)		4,000,000		4,002,421
				9,946,777
Diversified Telecommunication Services 0.2%
AT&T, Inc., (ICE LIBOR USD 3 Month + 1.18%), 3.78%, 6/12/2024 (f)		6,000,000		6,025,920
Electric Utilities 0.5%
Duke Energy Carolinas LLC, 2.50%, 3/15/2023		1,000,000		993,056
Duke Energy Corp.,
3.55%, 9/15/2021		2,300,000		2,334,019
2.40%, 8/15/2022		1,000,000		987,389
FirstEnergy Corp.,
Series A, 2.85%, 7/15/2022		2,855,000		2,834,711
Series B, 4.25%, 3/15/2023		2,162,000		2,250,577
Georgia Power Co., Series C, 2.00%, 9/8/2020		1,700,000		1,685,288
Perusahaan Listrik Negara PT, 5.45%, 5/21/2028 (a)		1,830,000		1,954,155
				13,039,195
Energy Equipment & Services 0.0%†
Halliburton Co., 3.25%, 11/15/2021		767,000		773,858

Corporate Bonds (continued)
	Principal Amount		Value
Food & Staples Retailing 0.2%
Walmart, Inc., (ICE LIBOR USD 3 Month + 0.23%), 2.83%, 6/23/2021 (f)	$	5,080,000	$	5,096,408
Food Products 0.1%
JM Smucker Co. (The), 2.50%, 3/15/2020		1,000,000		997,463
Kraft Heinz Foods Co., 2.80%, 7/2/2020		1,000,000		998,623
Mondelez International Holdings Netherlands BV, 1.63%, 10/28/2019 (a)		225,000		223,721
Tyson Foods, Inc., 2.25%, 8/23/2021		1,000,000		989,095
				3,208,902
Health Care Equipment & Supplies 0.3%
Becton Dickinson and Co.,
2.40%, 6/5/2020		2,097,000		2,086,021
(ICE LIBOR USD 3 Month + 0.88%),
3.48%, 12/29/2020 (f)		683,000		683,128
3.36%, 6/6/2024		1,000,000		1,002,256
Medtronic, Inc., 3.13%, 3/15/2022		3,000,000		3,040,078
				6,811,483
Health Care Providers & Services 0.8%
Anthem, Inc., 2.50%, 11/21/2020		2,200,000		2,188,764
Cigna Corp.,
(ICE LIBOR USD 3 Month + 0.65%), 3.26%, 9/17/2021 (a)(f)		1,500,000		1,500,391
(ICE LIBOR USD 3 Month + 0.89%), 3.49%, 7/15/2023 (a)(f)		3,200,000		3,186,287
CVS Health Corp.,
2.25%, 8/12/2019		1,500,000		1,497,532
(ICE LIBOR USD 3 Month + 0.72%),
3.32%, 3/9/2021 (f)		4,000,000		4,016,150
3.70%, 3/9/2023		2,280,000		2,312,000
Humana, Inc.,
2.63%, 10/1/2019		1,200,000		1,198,675
2.50%, 12/15/2020		610,000		606,036
3.15%, 12/1/2022		1,500,000		1,507,366
UnitedHealth Group, Inc.,
(ICE LIBOR USD 3 Month + 0.07%),
2.67%, 10/15/2020 (f)		2,080,000		2,075,723
2.88%, 12/15/2021		1,000,000		1,005,357
				21,094,281
Industrial Conglomerates 0.5%
3M Co.,
2.25%, 3/15/2023		2,000,000		1,975,817

39

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Industrial Conglomerates (continued)
3M Co., (continued)
(ICE LIBOR USD 3 Month + 0.30%),
2.99%, 2/14/2024 (f)	$	2,600,000	$	2,598,094
General Electric Co., 3.15%, 9/7/2022		7,000,000		6,994,714
				11,568,625
Interactive Media & Services 0.1%
Tencent Holdings Ltd., Reg. S, 2.99%, 1/19/2023		1,980,000		1,965,984
Internet & Direct Marketing Retail 0.1%
Amazon.com, Inc., 1.90%, 8/21/2020		1,500,000		1,488,527
IT Services 0.2%
Visa, Inc., 2.20%, 12/14/2020		6,000,000		5,970,360
Media 0.5%
Charter Communications Operating LLC, (ICE LIBOR USD 3 Month + 1.65%), 4.39%, 2/1/2024 (f)		3,700,000		3,721,681
Comcast Corp.,
(ICE LIBOR USD 3 Month + 0.33%), 2.92%, 10/1/2020 (f)		1,650,000		1,653,099
(ICE LIBOR USD 3 Month + 0.63%), 3.23%, 4/15/2024 (f)		4,700,000		4,712,817
Time Warner Cable LLC, 5.00%, 2/1/2020		3,500,000		3,549,185
				13,636,782
Metals & Mining 0.3%
ArcelorMittal, 5.50%, 3/1/2021 (c)		1,000,000		1,044,664
Glencore Finance Canada Ltd., 4.25%, 10/25/2022 (a)(c)		1,000,000		1,032,000
Glencore Funding LLC,
3.00%, 10/27/2022 (a)		1,240,000		1,226,630
4.13%, 3/12/2024 (a)		2,000,000		2,028,056
Southern Copper Corp., 3.88%, 4/23/2025		1,860,000		1,880,503
Vale Overseas Ltd.,
4.38%, 1/11/2022		150,000		152,625
6.88%, 11/21/2036		520,000		603,460
				7,967,938
Multi-Utilities 0.1%
Consolidated Edison, Inc., 2.00%, 5/15/2021		1,100,000		1,083,856
Dominion Energy, Inc., 2.56%, 7/1/2020 (c)		1,200,000		1,194,998
				2,278,854
Oil, Gas & Consumable Fuels 1.5%
Anadarko Petroleum Corp., 4.85%, 3/15/2021		1,400,000		1,445,341
Apache Corp., 3.25%, 4/15/2022		1,000,000		1,005,057

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets America, Inc., (ICE LIBOR USD 3 Month + 0.65%), 3.28%, 9/19/2022 (f)	$	1,000,000	$	1,001,245
BP Capital Markets plc,
2.32%, 2/13/2020		1,200,000		1,196,276
3.56%, 11/1/2021		2,200,000		2,245,913
Chevron Corp.,
1.99%, 3/3/2020		700,000		696,640
2.10%, 5/16/2021		320,000		317,186
Cimarex Energy Co., 4.38%, 6/1/2024		2,300,000		2,390,760
CNOOC Finance 2015 USA LLC, 4.38%, 5/2/2028		1,840,000		1,950,089
Continental Resources, Inc., 3.80%, 6/1/2024		1,000,000		1,009,145
Devon Energy Corp., 3.25%, 5/15/2022		2,200,000		2,216,144
Ecopetrol SA, 5.88%, 9/18/2023		1,050,000		1,144,080
Enterprise Products Operating LLC, 2.80%, 2/15/2021		5,280,000		5,281,663
KazMunayGas National Co. JSC,
3.88%, 4/19/2022 (a)		4,160,000		4,201,600
4.75%, 4/24/2025 (a)		500,000		518,750
Lukoil International Finance BV, 4.75%, 11/2/2026 (a)		1,860,000		1,921,164
Occidental Petroleum Corp., Series 1, 4.10%, 2/1/2021		3,200,000		3,256,865
Petrobras Global Finance BV,
6.13%, 1/17/2022		1,510,000		1,603,273
5.30%, 1/27/2025		150,000		154,050
5.75%, 2/1/2029		300,000		300,750
Petroleos del Peru SA, 4.75%, 6/19/2032 (a)		1,970,000		2,004,475
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 4/10/2024 (a)		2,120,000		2,219,958
				38,080,424
Paper & Forest Products 0.1%
Suzano Austria GmbH, 5.75%, 7/14/2026 (a)		2,010,000		2,140,650
Pharmaceuticals 0.2%
AstraZeneca plc, (ICE LIBOR USD 3 Month + 0.67%), 3.35%, 8/17/2023 (f)		2,186,000		2,178,096
Elanco Animal Health, Inc., 3.91%, 8/27/2021 (a)		666,000		677,382
Eli Lilly & Co., 2.35%, 5/15/2022		400,000		397,884
GlaxoSmithKline Capital plc, (ICE LIBOR USD 3 Month + 0.35%), 3.04%, 5/14/2021 (f)		1,500,000		1,503,220
				4,756,582

40

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Road & Rail 0.0%†
Park Aerospace Holdings Ltd., 5.25%, 8/15/2022 (a)	$	185,000	$	192,585
Semiconductors & Semiconductor Equipment 0.1%
QUALCOMM, Inc., (ICE LIBOR USD 3 Month + 0.73%), 3.31%, 1/30/2023 (f)		2,700,000		2,712,285
Software 0.0%†
Microsoft Corp., 1.85%, 2/6/2020		1,000,000		994,882
Specialty Retail 0.1%
Home Depot, Inc. (The), (ICE LIBOR USD 3 Month + 0.31%), 2.94%, 3/1/2022 (f)		1,000,000		1,002,027
Lowe’s Cos., Inc., 3.12%, 4/15/2022		2,500,000		2,522,043
				3,524,070
Technology Hardware, Storage & Peripherals 0.2%
Apple, Inc.,
1.80%, 5/11/2020		1,500,000		1,488,737
1.55%, 8/4/2021		2,400,000		2,349,552
Dell International LLC, 4.42%, 6/15/2021 (a)		1,500,000		1,536,221
				5,374,510
Thrifts & Mortgage Finance 0.1%
BPCE SA, 3.00%, 5/22/2022 (a)		2,770,000		2,754,319
Tobacco 0.3%
Altria Group, Inc.,
3.49%, 2/14/2022		1,680,000		1,701,951
3.80%, 2/14/2024		1,200,000		1,222,380
BAT Capital Corp., 2.76%, 8/15/2022		3,500,000		3,450,363
Philip Morris International, Inc., 1.88%, 11/1/2019		1,000,000		995,878
Reynolds American, Inc., 3.25%, 6/12/2020		500,000		501,848
				7,872,420
Trading Companies & Distributors 0.1%
International Lease Finance Corp., 5.88%, 8/15/2022		2,600,000		2,801,037
Wireless Telecommunication Services 0.0%†
Vodafone Group plc, (ICE LIBOR USD 3 Month + 0.99%), 3.59%, 1/16/2024 (f)		600,000		596,645
Total Corporate Bonds (cost $330,420,487)				333,704,192

Exchange Traded Funds 1.3%
	Shares		Value
Equity Funds 1.3%
iShares Russell 3000 ETF		179,462	$	31,089,997
SPDR S&P 500 ETF Trust		2,170		638,023
Total Exchange Traded Funds (cost 30,406,675)				31,728,020
Foreign Government Securities 1.2%
	Principal Amount
ARGENTINA 0.1%
Provincia de Buenos Aires, 6.50%, 2/15/2023 (a)	$	1,200,000		879,000
Republic of Argentina, 5.63%, 1/26/2022		3,060,000		2,382,240
				3,261,240
COLOMBIA 0.1%
Republic of Colombia, 4.38%, 7/12/2021		3,070,000		3,159,061
ECUADOR 0.1%
Republic of Ecuador, 8.75%, 6/2/2023 (a)		1,560,000		1,653,600
EGYPT 0.1%
Arab Republic of Egypt, Reg. S, 6.59%, 2/21/2028		1,220,000		1,177,642
INDONESIA 0.1%
Republic of Indonesia,
3.75%, 4/25/2022 (a)		1,200,000		1,218,423
2.95%, 1/11/2023		2,490,000		2,468,666
				3,687,089
KUWAIT 0.1%
Kuwait Government Bond,
2.75%, 3/20/2022 (a)		900,000		897,858
3.50%, 3/20/2027 (a)		1,260,000		1,285,112
				2,182,970
MEXICO 0.2%
United Mexican States,
4.00%, 10/2/2023		3,060,000		3,144,150
8.00%, 11/7/2047		MXN 53,130,000		2,648,632
				5,792,782
QATAR 0.1%
Qatar Government Bond,
2.38%, 6/2/2021 (a)		500,000		494,097
Reg. S, 3.88%, 4/23/2023		2,220,000		2,291,821
3.38%, 3/14/2024 (a)		760,000		770,450
				3,556,368
SAUDI ARABIA 0.1%
Kingdom of Saudi Arabia, 4.50%, 4/17/2030 (a)		1,450,000		1,527,952

41

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
SENEGAL 0.1%
Republic of Senegal, 6.25%, 5/23/2033 (a)	$	1,260,000	$	1,213,007
UNITED ARAB EMIRATES 0.1%
Abu Dhabi Government Bond,
2.50%, 10/11/2022 (a)		1,400,000		1,386,000
4.13%, 10/11/2047 (a)		1,970,000		2,005,460
				3,391,460
Total Foreign Government Securities (cost $30,160,295)				30,603,171
Mortgage-Backed Securities 3.3%
FHLMC Gold Pool
Pool# G67701 3.00%, 10/1/2046		2,296,223		2,279,866
Pool# V85283 3.50%, 3/1/2049		798,867		808,848
FHLMC TBA
3.50%, 5/15/2048		10,100,000		10,199,619
3.00%, 5/15/2049		4,000,000		3,953,282
4.00%, 5/15/2049		4,100,000		4,210,499
FNMA Pool
Pool# AL3026 3.50%, 12/1/2042		80,548		81,913
Pool# BM4751 3.50%, 3/1/2043		953,232		969,375
Pool# BM4750 3.50%, 2/1/2045		97,365		99,014
Pool# BM4897 3.50%, 12/1/2046		1,341,932		1,364,664
Pool# MA3383 3.50%, 6/1/2048		3,053,134		3,084,109
Pool# 890876 3.50%, 2/1/2049		198,716		202,278
Pool# BN5424 3.50%, 4/1/2049		1,200,000		1,211,417
FNMA TBA
3.00%, 5/25/2049		7,700,000		7,609,314
3.50%, 5/25/2049		6,800,000		6,861,492
4.00%, 5/25/2049		10,600,000		10,877,836
4.50%, 5/25/2049		4,900,000		5,098,584
GNMA I Pool
Pool# AB2892 3.00%, 9/15/2042		133,561		133,660
Pool# AB9205 3.00%, 11/15/2042		76,466		76,522
GNMA II Pool
Pool# MA2678 3.50%, 3/20/2045		40,603		41,358
Pool# MA4195 3.00%, 1/20/2047		395,464		395,320
Pool# MA4320 3.00%, 3/20/2047		77,793		77,801
Pool# MA4901 4.00%, 12/20/2047		170,851		176,003
Pool# MA5529 4.50%, 10/20/2048		7,023,953		7,304,538

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA TBA
3.00%, 5/15/2048	$	3,300,000	$	3,291,943
4.00%, 5/15/2048		4,800,000		4,942,875
3.50%, 5/15/2049		7,500,000		7,623,633
4.50%, 5/15/2049		200,000		207,371
Total Mortgage-Backed Securities (cost $83,146,728)				83,183,134
Purchased Options 0.0%†
	Number of Contracts
Put Options 0.0%†
Future Equity Index Options 0.0%†
S&P 500 Index /3/2019 at USD 1,800.00, European Style, Notional Amount: USD 136,981,095 Exchange Traded*		465		4,650
S&P 500 Index 5/3/2019 at USD 1,700.00, European Style, Notional Amount: USD 7,659,158 Exchange Traded*		26		130
S&P 500 Index 5/10/2019 at USD 1,750.00, European Style, Notional Amount: USD 61,862,430 Exchange Traded*		210		2,100
S&P 500 Index 5/10/2019 at USD 1,800.00, European Style, Notional Amount: USD 29,458,300 Exchange Traded* (d)		100		1,000
S&P 500 Index 5/22/2019 at USD 1,900.00, European Style, Notional Amount: USD 3,829,579 Exchange Traded*		13		130
S&P 500 Index 5/28/2019 at USD 1,900.00, European Style, Notional Amount: USD 28,869,134 Exchange Traded*		98		980
S&P 500 Index 5/29/2019 at USD 1,950.00, European Style, Notional Amount: USD 3,829,579 Exchange Traded*		13		195
S&P 500 Index 5/29/2019 at USD 1,900.00, European Style, Notional Amount: USD 27,985,385 Exchange Traded*		95		950
S&P 500 Index 5/24/2019 at USD 1,900.00, European Style, Notional Amount: USD 16,202,065 Exchange Traded*		55		550

42

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Purchased Options (continued)
	Number of Contracts		Value
Put Options (continued)
S&P 500 Index 5/24/2019 at USD 1,950.00, European Style, Notional Amount: USD 8,248,324 Exchange Traded*		28	$	280
S&P 500 Index 5/24/2019 at USD 1,800.00, European Style, Notional Amount: USD 30,636,632 Exchange Traded*		104		1,040
S&P 500 Index 5/24/2019 at USD 1,850.00, European Style, Notional Amount: USD 86,312,819 Exchange Traded*		293		2,930
S&P 500 Index 5/1/2019 at USD 1,800.00, European Style, Notional Amount: USD 7,364,575 Exchange Traded*		25		250
S&P 500 Index 5/6/2019 at USD 1,800.00, European Style, Notional Amount: USD 7,953,741 Exchange Traded*		27		270
S&P 500 Index 5/8/2019 at USD 2,200.00, European Style, Notional Amount: USD 22,093,725 Exchange Traded*		75		375
S&P 500 Index 5/8/2019 at USD 1,800.00, European Style, Notional Amount: USD 7,659,158 Exchange Traded*		26		130
S&P 500 Index 5/13/2019 at USD 1,800.00, European Style, Notional Amount: USD 14,434,567 Exchange Traded*		49		735
S&P 500 Index 5/15/2019 at USD 2,000.00, European Style, Notional Amount: USD 20,620,810 Exchange Traded*		70		700
S&P 500 Index 5/15/2019 at USD 2,050.00, European Style, Notional Amount: USD 21,504,559 Exchange Traded*		73		730
S&P 500 Index 5/15/2019 at USD 1,800.00, European Style, Notional Amount: USD 23,566,640 Exchange Traded*		80		800
S&P 500 Index 5/17/2019 at USD 1,900.00, European Style, Notional Amount: USD 43,892,867 Exchange Traded*		149		745

Purchased Options (continued)
	Number of Contracts		Value
Put Options (continued)
S&P 500 Index 5/17/2019 at USD 1,825.00, European Style, Notional Amount: USD 29,458,300 Exchange Traded*		100	$	500
S&P 500 Index 5/17/2019 at USD 2,050.00, European Style, Notional Amount: USD 39,768,705 Exchange Traded*		135		675
Total Purchased Options (cost $35,808)				20,845
Rights 0.0%†
	Number of Rights
Metals & Mining 0.0%†
Pan American Silver Corp., 02/22/29*¥		9,275		5,859
Total Rights (cost $—)				5,859
U.S. Treasury Obligations 2.0%
	Principal Amount
U.S. Treasury Bonds
3.00%, 5/15/2045	$	3,000,000		3,044,297
3.38%, 11/15/2048		3,810,000		4,142,035
3.00%, 2/15/2049		1,280,000		1,295,900
U.S. Treasury Inflation Linked Bonds
1.38%, 2/15/2044 (g)		4,060,000		4,827,632
1.00%, 2/15/2049 (g)		6,760,000		6,891,741
U.S. Treasury Notes
2.50%, 1/31/2021		11,680,000		11,713,762
2.50%, 2/15/2022		9,550,000		9,616,029
2.25%, 11/15/2025		3,660,000		3,630,263
2.63%, 2/15/2029		5,180,000		5,232,812
Total U.S. Treasury Obligations (cost $50,001,360)				50,394,471
Short-Term Investments 4.1%
	Shares
Money Market Funds 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (h)(i)		358,299		358,299

43

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Short-Term Investment (continued)
	Principal Amount		Value
U.S. Government Agency Securities 4.1%
FHLB Discount Notes
2.37%, 5/3/2019	$	8,320,000	$	8,318,886
2.43%, 5/15/2019		7,670,000		7,662,812
2.42%, 5/20/2019		2,600,000		2,596,693
2.44%, 5/22/2019		4,900,000		4,893,112
2.43%, 6/12/2019		4,040,000		4,028,641
2.40%, 6/21/2019		12,890,000		12,845,991
2.41%, 7/5/2019		18,930,000		18,847,628
2.43%, 7/8/2019		9,520,000		9,476,663
2.41%, 7/19/2019		23,780,000		23,654,237
0.00%, 7/31/2019 (j)		3,150,000		3,130,810
2.41%, 8/1/2019		6,440,000		6,400,337
2.46%, 9/27/2019		2,390,000		2,366,259
				104,222,069
Total Short-Term Investments (cost $104,581,823)				104,580,368
Repurchase Agreements 2.2%
BNP Paribas Securities Corp. 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $5,236,220, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $5,344,333. (h)(k)		5,235,827		5,235,827
Goldman Sachs International 2.71%, dated 4/30/2019, due 5/1/2019, repurchase price $50,003,764, collateralized by U.S. Treasury Bond, 3.13%, maturing 8/15/2044; total market value $51,009,312. (k)		50,000,000		50,000,000
Royal Bank of Canada 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $768,378, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $783,688. (h)(k)		768,321		768,321
Total Repurchase Agreements (cost $56,004,148)				56,004,148
Total Investments (cost $2,380,778,744) — 98.8%				2,512,075,773
Other assets in excess of liabilities — 1.2%				29,623,015
NET ASSETS — 100.0%			$	2,541,698,788

* Denotes a non-income producing security.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $218,867,235 which represents 8.61% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(d) Security or a portion of the security was used as collateral for option contracts written.

(e) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $6,174,162, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $358,299 and $6,004,148, respectively, a total value of $6,362,447.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(g) Principal amounts are not adjusted for inflation.

(h) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $6,362,447.

(i) Represents 7-day effective yield as of April 30, 2019.

(j) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(k) Please refer to Note 2(i) for additional information on the joint repurchase agreement.

CLO Collateralized Loan Obligations

ETF Exchange Traded Fund

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

ICE Intercontinental Exchange

IO Interest only

LIBOR London Interbank Offered Rate

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

TBA To Be Announced; Security is subject to delayed delivery

Currency:

MXN Mexican Peso

USD United States Dollar

44

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Centrally Cleared Interest rate swap contracts outstanding as of April 30, 2019:

Floating Rate Index	Fixed Rate	Pay/Receive Floating Rate		Maturity Date		Notional Amount		Upfront Payments (Receipts) ($)			Unrealized Appreciation (Depreciation) ($)		Value ($)
3 Month LIBOR quarterly	2.25% semi-annually		Receive		12/31/2025		USD    27,032,000		159,228			32,437		191,665
3 Month LIBOR quarterly	2.50% semi-annually		Receive		1/31/2026		USD    43,567,000		(579,750	)		235,086		(344,664	)
									(420,522	)		267,523		(152,999	)

Currency:

USD United States Dollar

At April 30, 2019, the Fund has $1,388,000 segregated as collateral for interest rate swap contracts.

OTC Total return swap contracts outstanding as of April 30, 2019:

Reference Entity

Payments Made by Fund

Payments Received by Fund

Frequency of Payments Made/ Received

Counterparty

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

Vanguard Russell 3000 ETF

2.48% and increases in total return of index

1 month USD LIBOR decreases in total return of index

Monthly

Bank of America NA

3/11/2020

USD  316,038,069

—

4,890,672

4,890,672

Vanguard Russell 3000 ETF

2.48% and increases in total return of index

1 month USD LIBOR decreases in total return of index

Monthly

JPMorgan Chase Bank

12/17/2019

USD  565,009,343

—

8,733,130

8,733,130

—

13,623,802

13,623,802

Currency:

USD United States Dollar

* There are no upfront payments (receipts) on the swap contracts listed above.

At April 30, 2019, the Fund has $600,000 segregated as collateral for total return swap contracts.

Forward foreign currency contracts outstanding as of April 30, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	BRL	16,870,000		USD	4,323,258	JPMorgan Chase Bank**		7/17/2019		(47,545	)
	CAD	6,064,252		USD	4,553,285	JPMorgan Chase Bank		7/17/2019		(17,917	)
	Net unrealized depreciation									(65,462	)

** Non-deliverable forward.

Currency:

BRL Brazilian Real

CAD Canadian Dollar

USD United States Dollar

45

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		2			6/2019		USD		159,420			4,281
S&P 500 E-Mini Index		6			6/2019		USD		884,550			31,867
U.S. Treasury Ultra Bond		80			6/2019		USD		13,142,500			98,992
3 Month Eurodollar		785			12/2019		USD		191,461,500			578,064
3 Month Eurodollar		176			6/2020		USD		43,014,400			186,880
3 Month Eurodollar		147			12/2020		USD		35,956,200			170,741
												1,070,825
Short Contracts
U.S. Treasury 2 Year Note		(742	)		6/2019		USD		(158,051,797	)		(344,182	)
U.S. Treasury 5 Year Note		(1,951	)		6/2019		USD		(225,614,859	)		(451,085	)
U.S. Treasury 10 Year Note		(279	)		6/2019		USD		(34,504,453	)		(114,021	)
U.S. Treasury Long Bond		(17	)		6/2019		USD		(2,506,969	)		23,346
30 Day Federal Funds		(289	)		7/2019		USD		(117,572,197	)		5,473
												(880,469	)
												190,356

At April 30, 2019, the Fund had $2,327,901 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

Written Call Options Contracts as of April 30, 2019:

Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
CBOE Volatility Index		Exchange Traded		1,613		USD	2,116,256		USD    18.00		5/15/2019		(64,520	)
CBOE Volatility Index		Exchange Traded		1,240		USD	1,626,880		USD    18.00		5/22/2019		(68,200	)
CBOE Volatility Index		Exchange Traded		627		USD	822,624		USD    18.00		5/29/2019		(42,636	)
CBOE Volatility Index		Exchange Traded		1,678		USD	2,201,536		USD    19.00		5/22/2019		(75,510	)
CBOE Volatility Index		Exchange Traded		1,768		USD	2,319,616		USD    19.00		5/29/2019		(106,080	)
CBOE Volatility Index		Exchange Traded		1,534		USD	2,012,608		USD    20.00		5/1/2019		(24,544	)
CBOE Volatility Index		Exchange Traded		1,534		USD	2,012,608		USD    22.00		5/1/2019		(1,534	)
CBOE Volatility Index		Exchange Traded		1,454		USD	1,907,648		USD    22.00		5/8/2019		(14,540	)
U.S. Treasury 10 Year Note		Exchange Traded		84		USD	8,400,000		USD  124.50		5/24/2019		(13,125	)
U.S. Treasury 10 Year Note		Exchange Traded		134		USD	13,400,000		USD  125.50		6/21/2019		(25,125	)
													(435,814	)
Written Put Options Contracts as of April 30, 2019:
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,000.00		12/31/2019		(5,178	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,000.00		1/17/2020		(5,838	)
S&P 500 Index		Exchange Traded		26		USD	7,659,158		USD  2,050.00		9/30/2019		(12,376	)
S&P 500 Index		Exchange Traded		9		USD	2,651,247		USD  2,075.00		9/30/2019		(5,238	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,075.00		1/17/2020		(32,424	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,100.00		1/17/2020		(7,860	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,100.00		3/20/2020		(10,800	)

46

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Written Put Options Contracts as of April 30, 2019: (Continued)
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,140.00		6/28/2019		(1,625	)
S&P 500 Index		Exchange Traded		8		USD	2,356,664		USD  2,150.00		9/30/2019		(9,880	)
S&P 500 Index		Exchange Traded		4		USD	1,178,332		USD  2,150.00		12/20/2019		(5,060	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,150.00		1/17/2020		(9,180	)
S&P 500 Index		Exchange Traded		12		USD	3,534,996		USD  2,150.00		3/20/2020		(26,640	)
S&P 500 Index		Exchange Traded		53		USD	15,612,899		USD  2,160.00		6/28/2019		(7,155	)
S&P 500 Index		Exchange Traded		8		USD	2,356,664		USD  2,175.00		9/30/2019		(5,856	)
S&P 500 Index		Exchange Traded		9		USD	2,651,247		USD  2,175.00		12/20/2019		(12,240	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,175.00		1/17/2020		(10,320	)
S&P 500 Index		Exchange Traded		30		USD	8,837,490		USD  2,200.00		12/20/2019		(43,500	)
S&P 500 Index		Exchange Traded		31		USD	9,132,073		USD  2,225.00		7/31/2019		(11,160	)
S&P 500 Index		Exchange Traded		4		USD	1,178,332		USD  2,225.00		9/30/2019		(3,280	)
S&P 500 Index		Exchange Traded		10		USD	2,945,830		USD  2,250.00		12/20/2019		(18,050	)
S&P 500 Index		Exchange Traded		15		USD	4,418,745		USD  2,250.00		12/31/2019		(27,390	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,265.00		6/28/2019		(5,980	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,275.00		8/30/2019		(10,920	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,275.00		9/30/2019		(6,120	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,300.00		7/31/2019		(5,850	)
S&P 500 Index		Exchange Traded		15		USD	4,418,745		USD  2,300.00		12/20/2019		(30,900	)
S&P 500 Index		Exchange Traded		44		USD	12,961,652		USD  2,325.00		8/16/2019		(32,120	)
S&P 500 Index		Exchange Traded		29		USD	8,542,907		USD  2,325.00		9/30/2019		(32,335	)
S&P 500 Index		Exchange Traded		16		USD	4,713,328		USD  2,325.00		12/31/2019		(36,304	)
S&P 500 Index		Exchange Traded		36		USD	10,604,988		USD  2,350.00		9/20/2019		(43,200	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,350.00		12/31/2019		(57,776	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,360.00		5/17/2019		(525	)
S&P 500 Index		Exchange Traded		7		USD	2,062,081		USD  2,375.00		12/31/2019		(19,110	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,375.00		1/17/2020		(59,220	)
S&P 500 Index		Exchange Traded		76		USD	22,388,308		USD  2,400.00		5/31/2019		(7,524	)
S&P 500 Index		Exchange Traded		29		USD	8,542,907		USD  2,400.00		9/20/2019		(37,990	)
S&P 500 Index		Exchange Traded		29		USD	8,542,907		USD  2,410.00		9/30/2019		(45,530	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,420.00		5/17/2019		(735	)
S&P 500 Index		Exchange Traded		55		USD	16,202,065		USD  2,430.00		5/17/2019		(2,750	)
S&P 500 Index		Exchange Traded		29		USD	8,542,907		USD  2,430.00		9/30/2019		(52,635	)
S&P 500 Index		Exchange Traded		4		USD	1,178,332		USD  2,440.00		5/10/2019		(60	)
S&P 500 Index		Exchange Traded		46		USD	13,550,818		USD  2,440.00		6/21/2019		(12,650	)
S&P 500 Index		Exchange Traded		42		USD	12,372,486		USD  2,450.00		5/31/2019		(4,830	)
S&P 500 Index		Exchange Traded		46		USD	13,550,818		USD  2,450.00		6/21/2019		(13,800	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,450.00		10/18/2019		(26,000	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,455.00		6/28/2019		(11,730	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,460.00		5/17/2019		(945	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,460.00		5/31/2019		(3,150	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,460.00		9/30/2019		(25,792	)
S&P 500 Index		Exchange Traded		49		USD	14,434,567		USD  2,470.00		5/10/2019		(1,225	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,470.00		9/30/2019		(26,936	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,475.00		5/31/2019		(3,465	)
S&P 500 Index		Exchange Traded		8		USD	2,356,664		USD  2,475.00		6/21/2019		(2,800	)
S&P 500 Index		Exchange Traded		26		USD	7,659,158		USD  2,475.00		10/18/2019		(56,160	)
S&P 500 Index		Exchange Traded		96		USD	28,279,968		USD  2,480.00		5/31/2019		(16,320	)
S&P 500 Index		Exchange Traded		21		USD	6,186,243		USD  2,485.00		5/17/2019		(1,260	)
S&P 500 Index		Exchange Traded		15		USD	4,418,745		USD  2,505.00		6/21/2019		(5,850	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,505.00		6/28/2019		(13,570	)
S&P 500 Index		Exchange Traded		6		USD	1,767,498		USD  2,510.00		5/3/2019		(30	)
S&P 500 Index		Exchange Traded		43		USD	12,667,069		USD  2,510.00		6/21/2019		(16,899	)
S&P 500 Index		Exchange Traded		7		USD	2,062,081		USD  2,520.00		5/31/2019		(1,260	)
S&P 500 Index		Exchange Traded		15		USD	4,418,745		USD  2,520.00		6/21/2019		(5,850	)

47

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio (Continued)

Written Put Options Contracts as of April 30, 2019: (Continued)
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		24		USD	7,069,992		USD  2,540.00		6/28/2019		(15,600	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,545.00		6/28/2019		(14,398	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,545.00		7/19/2019		(23,184	)
S&P 500 Index		Exchange Traded		23		USD	6,775,409		USD  2,580.00		7/19/2019		(25,070	)
S&P 500 Index		Exchange Traded		46		USD	13,550,818		USD  2,585.00		6/28/2019		(35,420	)
S&P 500 Index		Exchange Traded		20		USD	5,891,660		USD  2,590.00		7/19/2019		(21,440	)
S&P 500 Index		Exchange Traded		46		USD	13,550,818		USD  2,595.00		7/19/2019		(51,428	)
S&P 500 Index		Exchange Traded		58		USD	17,085,814		USD  2,600.00		7/19/2019		(65,540	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,600.00		7/31/2019		(19,240	)
S&P 500 Index		Exchange Traded		13		USD	3,829,579		USD  2,610.00		7/19/2019		(15,210	)
S&P 500 Index		Exchange Traded		26		USD	7,659,158		USD  2,620.00		7/19/2019		(31,850	)
S&P 500 Index		Exchange Traded		26		USD	7,659,158		USD  2,620.00		7/31/2019		(39,520	)
U.S. Treasury 10 Year Note		Exchange Traded		88		USD	8,800,000		USD    123.00		5/24/2019		(16,500	)
U.S. Treasury 5 Year Note		Exchange Traded		104		USD	10,400,000		USD    115.00		5/24/2019		(7,313	)
U.S. Treasury 5 Year Note		Exchange Traded		318		USD	31,800,000		USD    115.25		5/24/2019		(39,750	)
													(1,430,619	)
Total Written Options Contracts (Premiums Received ($3,649,201))													(1,866,433	)

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

48

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Multi-Cap Portfolio
Assets:
Investment securities, at value* (cost $2,324,774,596)	$	2,456,071,625
Repurchase agreements, at value (cost $56,004,148)		56,004,148
Cash		89,797,234
Cash pledged for centrally cleared interest rate swap contracts		1,388,000
Restricted cash, collateral for open total return swap contracts		600,000
Deposits with broker for futures contracts		2,327,901
Interest and dividends receivable		4,936,187
Security lending income receivable		5,141
Receivable for investments sold		40,628,404
Receivable for capital shares issued		305,475
Swaps contracts, at value (Note 2)		13,623,802
Receivable for variation margin on futures contracts		851,594
Prepaid offering costs		40,425
Prepaid expenses		9,028
Total Assets		2,666,588,964
Liabilities:
Payable for investments purchased		114,676,419
Payable for capital shares redeemed		1,094,218
Payable for variation margin on centrally cleared interest rate swap contracts		66,993
Written options, at value (premiums $3,649,201)		1,866,433
Unrealized depreciation on forward foreign currency contracts (Note 2)		65,462
Payable upon return of securities loaned (Note 2)		6,362,447
Accrued expenses and other payables:
Investment advisory fees		475,253
Fund administration fees		106,066
Accounting and transfer agent fees		5,205
Trustee fees		19,258
Custodian fees		20,664
Compliance program costs (Note 3)		774
Offering costs		63,000
Professional fees		47,696
Printing fees		11,354
Other		8,934
Total Liabilities		124,890,176
Net Assets	$	2,541,698,788
Represented by:
Capital	$	2,326,141,092
Total distributable earnings (loss)		215,557,696
Net Assets	$	2,541,698,788

49

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Multi-Cap Portfolio
Net Assets:
Class R6 Shares	$	2,541,698,788
Total	$	2,541,698,788
Shares Outstanding (unlimited number of shares authorized):
Class R6 Shares		226,062,944
Total		226,062,944
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class):
Class R6 Shares	$	11.24

* Includes value of securities on loan of $6,174,162 (Note 2).

The accompanying notes are an integral part of these financial statements.

50

Statement of Operations

For the Period Ended April 30, 2019 (Unaudited)

	Nationwide Multi-Cap Portfolio (a)
INVESTMENT INCOME:
Dividend income	$	7,779,252
Interest income		7,646,633
Income from securities lending (Note 2)		30,285
Foreign tax withholding		(609	)
Total Income		15,455,561
EXPENSES:
Investment advisory fees		1,518,661
Fund administration fees		206,282
Professional fees		60,839
Printing fees		11,547
Trustee fees		34,542
Custodian fees		28,213
Offering costs		24,575
Accounting and transfer agent fees		5,733
Compliance program costs (Note 3)		3,739
Other		13,973
Total Expenses		1,908,104
NET INVESTMENT INCOME		13,547,457
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		5,986,696
Expiration or closing of futures contracts (Note 2)		(3,283,034	)
Settlement of forward foreign currency contracts (Note 2)		(142,359	)
Foreign currency transactions (Note 2)		5,641
Expiration or closing of option contracts written (Note 2)		1,781,623
Expiration or closing of swap contracts (Note 2)		55,073,210
Net realized gains		59,421,777
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		131,297,029
Futures contracts (Note 2)		190,356
Forward foreign currency contracts (Note 2)		(65,462	)
Translation of assets and liabilities denominated in foreign currencies		1,050
Options contracts written (Note 2)		1,782,768
Swap contracts (Note 2)		13,891,325
Net change in unrealized appreciation/depreciation		147,097,066
Net realized/unrealized gains		206,518,843
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	220,066,300

(a) For the period from December 7, 2018 (commencement of operations) through April 30, 2019.

The accompanying notes are an integral part of these financial statements.

51

Statements of Changes in Net Assets

	Nationwide Multi-Cap Portfolio
	Period Ended April 30, 2019 (a) (Unaudited)
Operations:
Net investment income	$	13,547,457
Net realized gains		59,421,777
Net change in unrealized appreciation/depreciation		147,097,066
Change in net assets resulting from operations		220,066,300
Distributions to Shareholders From:
Distributable earnings:
Class R6		(4,508,604	)
Change in net assets from shareholder distributions		(4,508,604	)
Change in net assets from capital transactions		2,326,141,092
Change in net assets		2,541,698,788
Net Assets:
Beginning of period		–
End of period	$	2,541,698,788
CAPITAL TRANSACTIONS:
Class R6 Shares
Proceeds from shares issued	$	2,400,790,702
Dividends reinvested		4,508,604
Cost of shares redeemed		(79,158,214	)
Total Class R6 Shares		2,326,141,092
Change in net assets from capital transactions	$	2,326,141,092
SHARE TRANSACTIONS:
Class R6 Shares
Issued		233,098,310
Reinvested		442,333
Redeemed		(7,477,699	)
Total Class R6 Shares		226,062,944
Total change in shares		226,062,944

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from December 7, 2018 (commencement of operations) through April 30, 2019.

The accompanying notes are an integral part of these financial statements.

52

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Multi-Cap Portfolio

			Operations						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)		Portfolio Turnover (b)
Class R6 Shares
Period Ended April 30, 2019 (d) (Unaudited)	$	10.00		0.09		1.18		1.27		(0.03	)		(0.03	)	$	11.24		12.75%	$	2,541,698,788		0.29%		2.03%		0.29%		28.65%

(a) Per share calculations were performed using average shares method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year, unless otherwise stated.

(d) For the period from December 7, 2018 (commencement of operations) through April 30, 2019. Total return is calculated based on inception date of December 6, 2018 through April 30, 2019.

The accompanying notes are an integral part of these financial statements.

53

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the Nationwide Multi-Cap Portfolio (the “Fund”), a series of the Trust. Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Fund. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

The Fund currently offers Class R6 shares.

The Fund is a diversified fund, as defined in the 1940 Act.

The Fund commenced operations on December 7, 2018.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the accounting and the preparation of its financial statements. The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Fund utilizes various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

54

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange-traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, and shares of exchange traded funds valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading;

55

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of April 30, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	117,124,475		$	—	$	117,124,475
Collateralized Mortgage Obligations		—			49,056,817			—		49,056,817
Commercial Mortgage-Backed Securities		—			43,707,547			—		43,707,547
Common Stocks		1,611,962,726			—			—		1,611,962,726
Corporate Bonds		—			333,704,192			—		333,704,192
Exchange Traded Funds		31,728,020			—			—		31,728,020
Foreign Government Securities		—			30,603,171			—		30,603,171
Futures Contracts		1,099,644			—			—		1,099,644
Interest Rate Swaps*		—			267,523			—		267,523
Mortgage-Backed Securities		—			83,183,134			—		83,183,134
Purchased Options		20,845			—			—		20,845
Repurchase Agreements		—			56,004,148			—		56,004,148
Right		—			5,859			—		5,859
Short-Term Investments		358,299			104,222,069			—		104,580,368
Total Return Swaps*		—			13,623,802			—		13,623,802
U.S. Treasury Obligations		—			50,394,471			—		50,394,471
Total Assets	$	1,645,169,534		$	881,897,208		$	—	$	2,527,066,743
Liabilities:
Forward Foreign Currency Contracts	$	—		$	(65,462	)	$	—	$	(65,462	)
Futures Contracts		(909,288	)		—			—		(909,288	)
Written Options		(1,866,433	)		—			—		(1,866,433	)
Total Liabilities	$	(2,775,721	)	$	(65,462	)	$	—	$	(2,841,183	)
Total	$	1,642,393,813		$	881,831,746		$	—	$	2,524,225,559

Amounts designated as “—” are zero or have been rounded to zero.

* Total return swap contracts are included in the table at value. Centrally cleared interest rate swap contracts are included in the table at unrealized appreciation/(depreciation).

56

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(b) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert foreign currency amounts into U.S. dollars at the current rate of exchange between the foreign currency and the U.S. dollar in order to determine the value of the Fund’s investments, assets, and liabilities.

Purchases and sales of securities, receipts of income, and payments of expenses are converted at the prevailing rate of exchange on the respective date of such transactions. The accounting records of a Fund do not differentiate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in the market prices of the relevant securities. Each portion contributes to the net realized gains or losses from transactions in investment securities and net change in unrealized appreciation/depreciation in the value of investment securities. Net currency gains or losses, realized and unrealized, that are a result of differences between the amount recorded on a Fund’s accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables and payables for investments sold or purchased, and foreign cash, are included in the Statement of Operations under “Net realized gains (losses) from foreign currency transactions” and “Net change in unrealized appreciation/depreciation in the value of translation of assets and liabilities denominated in foreign currencies,” if applicable.

(c) Options

The Fund purchased and wrote put and call options on futures contracts. Such option investments are utilized to gain exposure to and/or hedge against changes in interest rates. The purchase of put options serves as a short hedge and the purchase of call options serves as a long hedge. Writing put options serves as a limited long hedge because increases in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security depreciates to a price lower than the strike price of the put option, it can be expected that the put option will be exercised, and the Fund will be obligated to purchase the security at more than its market value. The Fund segregates liquid assets to cover its obligations under its option contracts. Writing call options serves as a limited short hedge because declines in the value of the hedged investment would be offset to the extent of the premium received for writing the option. However, if the security appreciates to a price higher than the exercise price of the call option, it can be expected that the call option will be exercised, and a Fund will be obligated to sell the security at less than its market value or will be obligated to purchase the security at a price greater than that at which the security must be sold under the option.

When a Fund writes an option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds from or offset against amounts paid on the underlying transaction to determine the realized gain or loss on such underlying transaction. When a Fund writes an option, it has no control over whether the option will be exercised, and as a result bears the risk of an unfavorable change in the price of the instrument underlying the written option. Writing options entails the risk that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are

57

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

A Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit a Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If a Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by a Fund could cause material losses because a Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by a Fund) expose a Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, a Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of a Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or a Fund’s ability to meet redemption requests or other current obligations.

The Fund’s options contracts written are disclosed in the Statement of Assets and Liabilities under “Written options, at value” and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of option contracts written” and “Net change in unrealized appreciation/depreciation in the value of option contracts written.”

The Fund’s purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value” and in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities” and “Net change in unrealized appreciation/depreciation in the value of investment securities.”

(d) Swap Contracts

Total Return Swap Contracts — The Fund entered into total return swap contracts to obtain exposure to a foreign market and/or foreign index without owning such securities or investing

58

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

directly in that foreign market and/or foreign index. Total return swap contracts are agreements in which the Fund and the counterparty each agree to pay the other party the difference between the relative investment performance that would have been achieved if the notional amount of the total return swap contract had been invested in the particular foreign market and/or foreign indices and the return for payments equal to the fixed or floating rate of interest. The counterparty to a total return swap contract is a financial institution. The Fund has segregated liquid assets to cover its obligations under the total return swap contract.

The Fund entered into total return swap contracts on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments are made at the conclusion of a total return swap contract or periodically during its term. Total return swap contracts normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to total return swap contracts is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the counterparty to a total return swap defaults, the Fund’s risk of loss consists of the net amount of payments that a Fund is contractually entitled to receive, if any. Total return swap contracts are marked-to-market daily based on valuations from an independent pricing service. An independent pricing service can utilize daily swap curves and models that incorporate a number of market data factors, such as, but not limited to, discounted cash flows, trades, and values of the underlying reference instruments, such as the foreign market and/or foreign index. Total return swap contracts are generally categorized as Level 2 investments within the hierarchy.

Interest Rate Swap Contracts — The Fund entered into interest rate swap contracts to hedge against investment risks, to manage portfolio duration, to obtain exposure to the investment characteristics of certain bonds or groups of bonds, and/or to otherwise increase returns. Interest rate swap contracts are swaps contracts in which the parties exchange their rights to receive payments on a security or other reference rate. For example, the parties might swap the right to receive floating rate payments for the right to receive fixed rate payments. The Fund has segregated liquid assets to cover its obligations under the interest rate swap contract.

Interest rate swap contracts are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swap contracts may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated. The use of interest rate swap contracts involves the risk that the investment adviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Fund. Interest rate swap contracts also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the Fund’s initial investment. Interest rate swap contracts are marked-to-market daily based on valuations from an independent pricing service. Interest rate swap contracts are generally categorized as Level 2 investments within the hierarchy.

The Fund’s swap agreements are disclosed in the Statement of Assets and Liabilities under “Swap contracts, at value” for OTC swaps and under “Variation margin receivable on centrally cleared interest rate swap contracts” for centrally cleared swaps and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of swap contracts” and “Net change in unrealized appreciation/depreciation in the value of swap contracts.”

59

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(e) Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency, to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency, or to enhance returns. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward foreign currency contract matures or at the time of delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

The Fund’s forward foreign currency contracts are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on forward foreign currency contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from settlement of forward foreign currency contracts” and “Net change in unrealized appreciation/depreciation in the value of forward foreign currency contracts.”

(f) Futures Contracts

The Fund is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to/hedge against changes in the value of equities/the value of fixed-income securities/interest rates/foreign currencies. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

60

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The Fund’s futures contracts are reflected in the Statement of Assets and Liabilities under “Receivable for variation margin on futures contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts” and “Net change in unrealized appreciation/depreciation in the value of futures contracts.”

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of April 30, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of April 30, 2019

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options
Equity risk	Investment securities, at value	$	20,845
Swap Contracts(a)
Equity risk	Swap contracts, at value		13,623,802
Interest rate risk	Unrealized appreciation on centrally cleared interest rate swap contracts		267,523
Futures Contracts(b)
Equity risk	Unrealized appreciation from futures contracts		36,148
Interest rate risk	Unrealized appreciation from futures contracts		1,063,496
Total		$	15,011,814
Liabilities:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(b)
Interest rate risk	Unrealized depreciation from futures contracts	$	(909,288	)
Written Options
Equity risk	Written options, at value		(1,764,620	)
Interest rate risk	Written options, at value		(101,813	)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		(65,462	)
Total		$	(2,841,183	)

(a) Swap contracts are included in the table at value, with the exception of centrally cleared interest rate swap contracts which are included in the table at unrealized appreciation/(depreciation). For centrally cleared interest rate swap contracts, only the variation margin on swap contracts is reported in the Statement of Assets and Liabilities.

(b) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

61

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the Period Ended April 30, 2019

Realized Gains (Losses):	Total
Purchased Options(a)
Equity risk	$	(47,730	)
Interest rate risk		(48,148	)
Written Options
Equity risk		1,402,040
Interest rate risk		379,583
Swap Contracts
Equity risk		54,831,386
Interest rate risk		241,824
Forward Foreign Currency Contracts
Currency risk		(142,359	)
Futures Contracts
Equity risk		9,311
Interest rate risk		(3,292,345	)
Total	$	53,333,562

(a) Realized gains (losses) from purchased options are included in “Net realized gains (losses) from transactions in investment securities.”

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Period Ended April 30, 2019.

Unrealized Appreciation/Depreciation:	Total
Purchased Options(a)
Equity risk	$	(14,963	)
Written Options
Equity risk		1,690,278
Interest rate risk		92,490
Swap Contracts
Equity risk		13,623,802
Interest rate risk		267,523
Forward Foreign Currency Contracts
Currency risk		(65,462	)
Futures Contracts(a)
Equity risk		36,148
Interest rate risk		154,208
Total	$	15,784,024

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

62

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following table provides a summary of the Fund’s average volume of derivative instruments held during the period ended April 30, 2019:

Options:
Average Value Purchased	$	10,695
Average Value Written	$	773,557
Average Number of Purchased Option Contracts		922
Average Number of Written Option Contracts		5,003
Centrally Cleared Interest Rate Swaps:
Average Notional Balance — Pays Fixed Rate	$	22,016,400
Average Notional Balance — Pays Float Rate	$	4,513,600
Total Return Swaps:
Average Notional Balance	$	647,117,960
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	7,198,821
Futures Contracts:
Average Notional Balance Long	$	213,542,857
Average Notional Balance Short	$	346,873,417

The Fund is required to disclose information about offsetting and related arrangements to enable users of the financial statements to understand the effect of those arrangements on the Fund’s financial position. In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with each of their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency contracts and typically contains, among other things, collateral posting items, if applicable, and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. The counterparty is a financial institution.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of Assets and Liabilities.”

At April 30, 2019, the centrally cleared interest rate swaps agreement does not provide for a netting arrangement.

At April 30, 2019, the Fund has entered into futures contracts. The futures contract agreement does not provide for netting arrangements.

63

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following tables set forth the Fund’s net exposure by counterparty for forward foreign currency contracts and OTC total return swap contracts that are subject to enforceable master netting arrangements or similar arrangements as of April 30, 2019:

Offsetting of Financial Assets, Derivative Assets and Collateral Received by Counterparty:

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Asset Derivatives		Derivatives Available for Offset		Collateral Received		Net Amount of Asset Derivatives
Bank of America NA		Swap Contracts	$	4,890,672	$	—	$	—	$	4,890,672
JPMorgan Chase Bank		Swap Contracts		8,733,130		—		—		8,733,130
Total			$	13,623,802	$	—	$	—	$	13,623,802

Amounts designated as “—” are zero.

Offsetting of Financial Liabilities, Derivative Liabilities and Collateral Pledged by Counterparty:

						Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Liability Derivatives			Derivatives Available for Offset		Collateral Pledged		Net Amount of Liability Derivatives
JPMorgan Chase Bank		Forward Foreign Currency Contracts	$	(65,462	)	$	—	$	—	$	(65,462	)
Total			$	(65,462	)	$	—	$	—	$	(65,462	)

Amounts designated as “—” are zero.

(g) TBA

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions. TBAs involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to the settlement date. TBAs are valued at the bid evaluation price as provided by an independent pricing service approved by the Board.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(h) Securities Lending

During the period ended April 30, 2019, the Fund entered into securities lending transactions. To generate additional income, the Fund lent its portfolio securities, up to 33 1/3% of the total assets of the Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Fund. Securities lending transactions are considered to be overnight and continuous and can be terminated by the Fund or the borrower at any time.

The Fund receives payments from BBH equivalent to any dividends while on loan, in lieu of income which is included as “Dividend income” on the Statement of Operations. The Fund also receives interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of cash, were as follows:

Amounts of Liabilities Presented in the

Statements of Assets and Liabilities

$6,362,447

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Fund and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to the Statement of Investments.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying

65

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Fund to enforce a netting arrangement.

(i) Joint Repurchase Agreement

During the period ended April 30, 2019, the Fund, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the Securities and Exchange Commission (“SEC”), transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Fund’s investment in the joint repos were subject to an enforceable netting arrangement. The Fund’s proportionate holding in the joint repos were as follows:

							Gross Amounts not Offset in the Statement of Assets  and Liabilities
Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
BNP Paribas Securities Corp.	$	5,235,827	$	—	$	5,235,827	$	(5,235,827	)	$	—
Royal Bank of Canada		768,321		—		768,321		(768,321	)		—
Total	$	6,004,148	$	—	$	6,004,148	$	(6,004,148	)	$	—

Amounts designated as “—” are zero.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for the Fund’s undivided interest in each joint repo and related collateral.

During the period ended April 30, 2019, the Fund, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC, transferred cash through a joint account at JPMorgan Chase Bank, N.A. (“JPMorgan”), the Fund’s custodian, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, JPMorgan takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At April 30, 2019, the joint repo on a gross basis was as follows:

Goldman Sachs International, 2.71%, dated 4/30/2019, due 5/1/2019, repurchase price $50,003,764, collateralized by U.S. Treasury Bond, 3.13%, maturing 8/15/2044; total market value $51,009,312.

At April 30, 2019, the Fund’s investment in the joint repo was subject to an enforceable netting arrangement. The Fund’s holding in the joint repo was as follows:

							Gross Amounts not Offset in the Statement of Assets  and Liabilities
Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Goldman Sachs International	$	50,000,000	$	—	$	50,000,000	$	(50,000,000	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repo. Please refer to the Statement of Investments for the Fund’s undivided interest in the joint repo and related collateral.

(j) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on the Fund’s Statement of Operations. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income on a Fund’s

67

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Statement of Operations. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on the Fund’s Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

Foreign income may be subject to foreign withholding taxes, a portion of which may be reclaimable, at various rates. Under applicable foreign law, a withholding tax may be imposed on interest and dividends paid by a foreign security. Foreign income subject to foreign withholding taxes is recorded net of the applicable withholding tax.

For certain securities, including a real estate investment trust (“REIT”), a Fund records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Fund will recharacterize the estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Fund.

A Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gains (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

(k) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(l) Federal Income Taxes

The Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the

68

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

relevant taxing authorities’ widely understood administrative practices and precedents. Each year, the Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionally among various or all series of the Trust.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Fund in accordance with policies and procedures established by the Board of Trustees. NFA has selected the subadvisers for the Fund as noted below, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadvisers.

Subadvisers

Allianz Global Investors U.S. LLC

Blackrock Investment Management, LLC

Western Asset Management Company, LLC

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets. During the period ended April 30, 2019, the Fund paid investment advisory fees to NFA according to the schedule below.

Fee Schedule	Advisory Fee (annual rate)
Up to $1.5 billion	0.23%
$1.5 billion up to $3 billion	0.21%
$3 billion and more	0.19%

For the period ended April 30, 2019, the Fund’s effective advisory fee rate was 0.23%.

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the unaffiliated subadvisers.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Fund and serves as Transfer and Dividend Disbursing Agent for the Fund. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Fund. NFM pays the service providers a fee for these services.

69

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and NVIT, a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the period ended April 30, 2019, NFM earned $206,282 in fees from the Fund under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Fund and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the period ended April 30, 2019, the Fund’s portion of such costs amounted to $3,739.

As of April 30, 2019, NFA or its affiliates directly held 100% of the shares outstanding of the Fund.

4.  Interfund Lending

Pursuant to an exemptive order issued by the SEC (the “Order”), the Fund may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the period ended April 30, 2019, the Fund did not engage in interfund lending.

5.  Investment Transactions

For the period ended April 30, 2019, the Fund had purchases of $2,618,819,712 and sales of $413,273,935 (excluding short-term securities).

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

6.  Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include foreign currency fluctuations, future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Risks Associated with Variable Rate Securities

Mortgage-Backed Securities — Mortgage-backed securities are fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. Such securities may be issued or guaranteed by U.S. government agencies or instrumentalities or may be issued by private issuers, generally originators in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Adjustable rate mortgage-backed securities are collateralized by or represent interests in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. The Fund will not benefit from increases in interest rates to the extent that interest rates rise to the point where they cause the current coupon of the underlying adjustable rate mortgages to exceed any maximum allowable annual or lifetime reset limits (or “cap rates”) for a particular mortgage. During periods of declining interest rates, income to the Fund derived from adjustable rate mortgage-backed securities which remain in a mortgage pool will decrease in contrast to the income on fixed rate mortgage-backed securities, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments.

Asset-Backed Securities — Asset-backed securities are fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets, such as credit card receivables or auto leases, which pay down over time and generate sufficient cash to pay holders of the securities. Almost any type of fixed-income assets may be used to create an asset-backed security, including other fixed-income securities or derivative instruments such as swaps. Payments or distributions of principal and interest on asset-backed securities may be supported by nongovernmental credit enhancements similar to those utilized in connection with mortgage-backed securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. To the extent a security interest exists, it may be more difficult for the issuer to enforce the security interest as compared to mortgage-backed securities.

Collateralized Mortgage Obligations (“CMOs”) and Multiclass Pass-Through Securities — CMOs are multi-class debt obligations which are collateralized by mortgage loans or pass-through certificates. Multiclass pass-through securities are interests in a trust composed of whole loans or private pass-throughs (referred to as “Mortgage Assets”). Often, CMOs are collateralized by Government National Mortgage Association Pass-Through Certificates (“Ginnie Maes”), Federal

71

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

National Mortgage Association Pass-Through Certificates (“Fannie Maes”), or Federal Home Loan Mortgage Corporation Pass-Through Certificates (“Freddie Macs”), but also may be collateralized by Mortgage Assets. Payments of principal and interest on the Mortgage Assets, and any reinvestment income thereon, provide the funds to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. In order to form a CMO, the issuer assembles a package of traditional mortgage-backed pass-through securities, or actual mortgage loans, and uses them as collateral for a multi-class security. Each class of CMOs, often referred to as a “tranche,” is issued at a specified fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. As market conditions change, and particularly during periods of rapid or unanticipated changes in market interest rates, the attractiveness of the CMO classes and the ability of the structure to provide the anticipated investment characteristics may be reduced significantly. Such changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Stripped Mortgage Securities — Stripped mortgage securities are derivative multiclass mortgage securities. Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have at least one class receiving only a small portion of the interest and a larger portion of the principal from the mortgage assets, while the other class will receive primarily interest and only a small portion of the principal. In the most extreme case, one class will receive all of the interest (“IO” or interest-only), while the other class will receive the entire principal (“PO” or principal-only class). The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by a nationally recognized statistical rating organization.

Collateralized Debt Obligations (“CDOs”) — CDOs are a type of asset-backed security and include, among other things, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

72

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Risks Associated with REIT and Real Estate Investments

Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

Risks Associated with Interest Rates

Prices of fixed-income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter term securities. To the extent a Fund invests a substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause the value of the Fund’s investments to decline significantly.

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

7.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year has been adopted by the Fund.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure

73

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Fund’s financial statements for the period ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Fund will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for a Fund with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

9.  Other

As of April 30, 2019, the Fund had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Fund. The Fund had 3 accounts holding 62.64% of the total outstanding shares of the Fund, all or a portion of which are the accounts of affiliated funds.

10.  Federal Tax Information

As of April 30, 2019, the tax cost of investments (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) for the Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Nationwide Multi-Cap Portfolio	$	2,377,397,988	$	167,479,374	$	(21,072,325	)	$	146,407,049

11.  Subsequent Events

Management has evaluated the impact of subsequent events on the Fund and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

74

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Multi-Cap Portfolio — Initial Approval of each of Nationwide Fund Advisors Investment Advisory Agreement and BlackRock, Allianz and WAMCO Sub-advisory Agreements

Summary of Factors Considered by the Board

At the September 12, 2018 meeting of the Board of Trustees, the Board, including the Independent Trustees, discussed and unanimously approved, on behalf of the Nationwide Multi-Cap Portfolio (the “Fund”), the Investment Advisory Agreement with Nationwide Fund Advisors (“NFA”) and the Sub-advisory Agreements with BlackRock Investment Management, LLC (“BlackRock”), Allianz Global Investors U.S. LLC (“Allianz”), and Western Asset Management Co. (“WAMCO”) (each, an “Advisory Agreement,” and together, the “Advisory Agreements”) for the Fund. The Board was provided with detailed materials relating to the Fund and BlackRock, Allianz, and WAMCO (the “Sub-advisers”) in advance of the meeting. The Independent Trustees met in executive session with their independent legal counsel prior to the meeting to discuss information relating to the Advisory Agreements.

In making their determinations, the Board considered the services proposed to be provided by NFA to the Fund, and the bases on which NFA determined to propose the Sub-advisers to serve as sub-advisers to the Fund. The Board also took into account information provided to them as to each of the Sub-advisers, including information relating to their investment strategies and processes. The Board also considered the experience of the investment personnel of the Sub-advisers that would be managing the Fund and the performance records of the Sub-advisers in managing strategies comparable to the strategies they would use in managing the Fund’s assets.

The Board considered the advisory fee that NFA proposed for the Fund and the sub-advisory fee proposed to be paid by NFA to each the Sub-advisors. The Board took into account NFA’s estimate of the Fund’s total expense ratio, the category of peer funds to which NFA expected the Fund to be assigned, and the Fund’s anticipated level of assets. The Board considered NFA’s statements that, at the anticipated asset level, the Fund’s contractual advisory fee and total expense ratios would rank favorably against the funds included in its expected Lipper expense category. The Board also considered that the non-compensatory terms of the proposed Advisory Agreements were substantially similar in all material respects to the terms of advisory and sub-advisory agreements that the Trust currently has in place for other Nationwide Funds.

The Board considered that the Fund’s proposed fee schedules to each of the Advisory Agreements included breakpoints, which would reduce the Fund’s advisory and sub-advisory fees as the Fund’s assets grow in excess of the same specified levels.

The Board determined to defer any review of profitability and potential fallout benefits of the Advisory Agreements, if any, until the Fund had been in operation for a reasonable period of time.

Based on these and other considerations, none of which was individually determinative of the outcome, and after discussion and consideration among themselves, and with NFA, Trust counsel, and independent legal counsel, the Board, including all of the Independent Trustees, voting separately, unanimously approved the Advisory Agreements for a two-year period commencing from the execution of the Advisory Agreements.

75

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

76

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

77

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

78

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

79

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

80

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

81

Market Index Definitions (cont.)

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

82

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-MCP (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Equity Funds

Nationwide Geneva Small Cap Growth Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Equity Funds
Nationwide Geneva Small Cap Growth Fund	3
Notes to Financial Statements	13
Supplemental Information	24
Management Information	27
Market Index Definitions	32
Glossary	36

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Geneva Small Cap Growth Fund

Asset Allocation¹

Common Stocks	97.4%
Repurchase Agreements	0.6%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	2.0%
	100.0%

Top Industries²

Software	20.0%
Health Care Equipment & Supplies	10.1%
Machinery	7.9%
Health Care Technology	7.0%
Auto Components	4.2%
Building Products	3.4%
Health Care Providers & Services	3.2%
Chemicals	3.1%
Semiconductors & Semiconductor Equipment	3.1%
Diversified Consumer Services	2.9%
Other Industries#	35.1%
	100.0%

Top Holdings²

Paycom Software, Inc.	3.0%
Fair Isaac Corp.	3.0%
Bright Horizons Family Solutions, Inc.	2.9%
MarketAxess Holdings, Inc.	2.9%
Bio-Techne Corp.	2.7%
Fox Factory Holding Corp.	2.6%
Medidata Solutions, Inc.	2.6%
Exponent, Inc.	2.6%
Masimo Corp.	2.5%
Omnicell, Inc.	2.5%
Other Holdings#	72.7%
	100.0%

† Amount rounds to less than 0.1%.

# For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Geneva Small Cap Growth Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Geneva Small Cap Growth Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,092.60		6.38		1.23
	Hypothetical	(a)(b)		1,000.00		1,018.70		6.16		1.23
Class C Shares	Actual	(a)		1,000.00		1,088.70		10.05		1.94
	Hypothetical	(a)(b)		1,000.00		1,015.17		9.69		1.94
Class R6 Shares	Actual	(a)		1,000.00		1,094.70		4.41		0.85
	Hypothetical	(a)(b)		1,000.00		1,020.58		4.26		0.85
Institutional Service Class Shares	Actual	(a)		1,000.00		1,094.10		5.04		0.97
	Hypothetical	(a)(b)		1,000.00		1,019.98		4.86		0.97

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Geneva Small Cap Growth Fund

Common Stocks 97.4%
	Shares		Value
Airlines 1.7%
Allegiant Travel Co.		124,162	$	18,236,915
Auto Components 4.1%
Dorman Products, Inc.*		193,299		16,946,523
Fox Factory Holding Corp.*		351,531		27,278,806
				44,225,329
Banks 2.6%
Pacific Premier Bancorp, Inc. (a)		436,064		12,676,381
Texas Capital Bancshares, Inc.*		225,944		14,625,355
				27,301,736
Biotechnology 1.1%
Ligand Pharmaceuticals, Inc.*		95,082		11,966,070
Building Products 3.3%
AAON, Inc.		366,072		18,380,475
Trex Co., Inc.*		240,912		16,687,974
				35,068,449
Capital Markets 2.9%
MarketAxess Holdings, Inc.		110,050		30,630,216
Chemicals 3.1%
Balchem Corp.		183,749		18,652,361
Sensient Technologies Corp.		200,285		14,043,984
				32,696,345
Commercial Services & Supplies 1.3%
Healthcare Services Group, Inc. (a)		406,556		13,761,921
Diversified Consumer Services 2.9%
Bright Horizons Family Solutions, Inc.*		239,629		30,708,456
Electronic Equipment, Instruments & Components 2.7%
ePlus, Inc.*		192,729		18,172,417
Novanta, Inc.*		120,598		10,494,438
				28,666,855
Food Products 1.9%
J&J Snack Foods Corp.		129,722		20,389,704
Health Care Equipment & Supplies 9.9%
Cantel Medical Corp.		257,162		17,728,749
Globus Medical, Inc., Class A*		341,980		15,419,878
LeMaitre Vascular, Inc.		304,632		8,797,772
Masimo Corp.*		201,995		26,289,649
Neogen Corp.*		305,630		18,539,516
Tactile Systems Technology, Inc.*		384,625		19,138,940
				105,914,504
Health Care Providers & Services 3.1%
HealthEquity, Inc.*		270,990		18,359,573
LHC Group, Inc.*		50,549		5,616,499
PetIQ, Inc.*		338,132		9,288,486
				33,264,558
Health Care Technology 6.9%
Medidata Solutions, Inc.*		301,353		27,224,230
Omnicell, Inc.*		325,302		26,141,269

Common Stocks (continued)
	Shares		Value
Health Care Technology (continued)
Tabula Rasa HealthCare, Inc.*		58,177	$	3,098,507
Vocera Communications, Inc.*		523,306		16,667,296
				73,131,302
Hotels, Restaurants & Leisure 1.5%
Texas Roadhouse, Inc.		303,064		16,368,487
Insurance 2.0%
Kinsale Capital Group, Inc.		288,666		20,957,152
IT Services 1.4%
ExlService Holdings, Inc.*		254,454		15,114,568
Life Sciences Tools & Services 2.7%
Bio-Techne Corp.		139,843		28,610,479
Machinery 7.8%
Barnes Group, Inc.		246,329		13,700,819
Donaldson Co., Inc.		383,748		20,545,868
Middleby Corp. (The)*		77,976		10,302,969
Proto Labs, Inc.*		135,709		14,899,491
RBC Bearings, Inc.*		170,349		23,431,505
				82,880,652
Multiline Retail 2.3%
Ollie’s Bargain Outlet Holdings, Inc.*		256,877		24,567,716
Pharmaceuticals 1.0%
Supernus Pharmaceuticals, Inc.*		295,936		10,869,729
Professional Services 2.5%
Exponent, Inc.		472,130		26,732,001
Road & Rail 2.5%
Genesee & Wyoming, Inc., Class A*		157,947		14,002,002
Marten Transport Ltd.		632,500		12,510,850
				26,512,852
Semiconductors & Semiconductor Equipment 3.0%
Inphi Corp.*		302,206		13,798,726
Monolithic Power Systems, Inc.		118,175		18,401,029
				32,199,755
Software 19.6%
Alarm.com Holdings, Inc.*		323,427		22,924,506
Blackbaud, Inc.		209,123		16,581,363
Blackline, Inc.*		233,414		11,922,787
Bottomline Technologies DE, Inc.*		384,318		19,434,961
Descartes Systems Group, Inc. (The)*		466,000		18,630,680
Envestnet, Inc.*		324,874		23,062,805
Fair Isaac Corp.*		110,762		30,985,669
Paycom Software, Inc.*		155,983		31,591,237
Q2 Holdings, Inc.*		192,587		14,524,912
Tyler Technologies, Inc.*		85,673		19,868,425
				209,527,345
Specialty Retail 1.1%
At Home Group, Inc.*		488,253		11,469,063

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Geneva Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance 1.1%
Axos Financial, Inc.*		358,516	$	11,730,643
Trading Companies & Distributors 1.4%
Beacon Roofing Supply, Inc.*		179,757		6,769,648
SiteOne Landscape Supply, Inc.*		127,156		8,557,599
				15,327,247
Total Common Stocks (cost $773,422,888)				1,038,830,049
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		407,373		407,373
Total Short-Term Investment (cost $407,373)				407,373
Repurchase Agreements 0.6%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $5,953,391, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $6,076,312. (c)(d)	$	5,952,944		5,952,944
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $873,617, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $891,024. (c)(d)		873,553		873,553
Total Repurchase Agreements (cost $6,826,497)				6,826,497
Total Investments (cost $780,656,758) — 98.0%				1,046,063,919
Other assets in excess of liabilities — 2.0%				21,395,767
NET ASSETS — 100.0%			$	1,067,459,686

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $7,801,645, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $407,373 and $6,826,497, respectively, and by $695,209 of collateral in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from 6/13/2019 - 2/15/2045; a total value of $7,929,079.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $7,233,870.

(d) Please refer to Note 2(c) for additional information on the joint repurchase agreement.

The accompanying notes are an integral part of these financial statements.

6

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Geneva Small Cap Growth Fund
Assets:
Investment securities, at value* (cost $773,830,261)	$	1,039,237,422
Repurchase agreements, at value (cost $6,826,497)		6,826,497
Cash		32,192,068
Interest and dividends receivable		150,581
Security lending income receivable		238
Receivable for capital shares issued		1,403,839
Prepaid expenses		56,144
Total Assets		1,079,866,789
Liabilities:
Payable for investments purchased		3,101,998
Payable for capital shares redeemed		1,032,204
Payable upon return of securities loaned (Note 2)		7,233,870
Accrued expenses and other payables:
Investment advisory fees		669,211
Fund administration fees		46,047
Distribution fees		52,679
Administrative servicing fees		212,942
Accounting and transfer agent fees		20,618
Trustee fees		2,080
Custodian fees		11,310
Compliance program costs (Note 3)		1,018
Professional fees		18,814
Printing fees		4,312
Total Liabilities		12,407,103
Net Assets	$	1,067,459,686
Represented by:
Capital	$	804,133,731
Total distributable earnings (loss)		263,325,955
Net Assets	$	1,067,459,686
Net Assets:
Class A Shares	$	81,609,103
Class C Shares		44,396,810
Class R6 Shares		190,799,946
Institutional Service Class Shares		750,653,827
Total	$	1,067,459,686
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,342,739
Class C Shares		790,781
Class R6 Shares		3,018,060
Institutional Service Class Shares		11,954,770
Total		17,106,350

7

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Geneva Small Cap Growth Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	60.78
Class C Shares (b)	$	56.14
Class R6 Shares	$	63.22
Institutional Service Class Shares	$	62.79
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	64.49
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $7,801,645 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

8

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Geneva Small Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	1,937,039
Interest income		391,868
Income from securities lending (Note 2)		22,801
Total Income		2,351,708
EXPENSES:
Investment advisory fees		3,785,454
Fund administration fees		162,668
Distribution fees Class A		96,925
Distribution fees Class C		210,663
Administrative servicing fees Class A		49,664
Administrative servicing fees Class C		18,960
Administrative servicing fees Institutional Service Class		414,104
Registration and filing fees		40,211
Professional fees		32,554
Printing fees		39,147
Trustee fees		16,003
Custodian fees		21,093
Accounting and transfer agent fees		36,651
Compliance program costs (Note 3)		2,301
Other		10,514
Total Expenses		4,936,912
NET INVESTMENT LOSS		(2,585,204	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		2,569,210
Net change in unrealized appreciation/depreciation in the value of investment securities		92,320,807
Net realized/unrealized gains		94,890,017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	92,304,813

The accompanying notes are an integral part of these financial statements.

9

Statements of Changes in Net Assets

	Nationwide Geneva Small Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment loss	$	(2,585,204	)	$	(5,156,138	)
Net realized gains		2,569,210			57,776,462
Net change in unrealized appreciation/depreciation		92,320,807			16,196,770
Change in net assets resulting from operations		92,304,813			68,817,094
Distributions to Shareholders From:
Distributable earnings:
Class A		(4,301,146	)		(4,739,681	)
Class C		(2,495,731	)		(2,117,954	)
Class R6		(7,777,675	)		(2,975,704	)
Institutional Service Class		(36,190,402	)		(22,757,130	)
Change in net assets from shareholder distributions		(50,764,954	)		(32,590,469	)
Change in net assets from capital transactions		48,997,706			216,803,062
Change in net assets		90,537,565			253,029,687
Net Assets:
Beginning of period		976,922,121			723,892,434
End of period	$	1,067,459,686		$	976,922,121
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	8,968,043		$	26,109,218
Dividends reinvested		4,148,874			4,618,954
Cost of shares redeemed		(15,587,542	)		(63,677,631	)
Total Class A Shares		(2,470,625	)		(32,949,459	)
Class C Shares
Proceeds from shares issued		1,828,390			4,705,947
Dividends reinvested		2,300,120			1,932,235
Cost of shares redeemed		(4,590,710	)		(8,639,599	)
Total Class C Shares		(462,200	)		(2,001,417	)
Class R6 Shares
Proceeds from shares issued		50,102,981			97,700,511
Dividends reinvested		7,599,636			2,814,821
Cost of shares redeemed		(21,653,989	)		(27,061,811	)
Total Class R6 Shares		36,048,628			73,453,521
Institutional Service Class Shares
Proceeds from shares issued		130,392,640			391,021,396
Dividends reinvested		33,468,865			20,985,049
Cost of shares redeemed		(147,979,602	)		(233,706,028	)
Total Institutional Service Class Shares		15,881,903			178,300,417
Change in net assets from capital transactions	$	48,997,706		$	216,803,062

10

Statements of Changes in Net Assets (Continued)

	Nationwide Geneva Small Cap Growth Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		160,705			438,727
Reinvested		81,671			84,488
Redeemed		(281,022	)		(1,075,754	)
Total Class A Shares		(38,646	)		(552,539	)
Class C Shares
Issued		37,154			85,119
Reinvested		48,887			37,717
Redeemed		(89,656	)		(153,544	)
Total Class C Shares		(3,615	)		(30,708	)
Class R6 Shares
Issued		883,111			1,633,265
Reinvested		144,014			49,864
Redeemed		(370,558	)		(443,760	)
Total Class R6 Shares		656,567			1,239,369
Institutional Service Class Shares
Issued		2,288,024			6,280,713
Reinvested		638,353			373,599
Redeemed		(2,584,671	)		(3,861,846	)
Total Institutional Service Class Shares		341,706			2,792,466
Total change in shares		956,012			3,448,588

The accompanying notes are an integral part of these financial statements.

11

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Geneva Small Cap Growth Fund

			Operations									Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income		Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Loss to Average Net Assets (e)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	59.11		(0.21	)		5.06			4.85			–		(3.18	)		(3.18	)	$	60.78		9.26%		$	81,609,103		1.23%		(0.74%	)		1.23%		8.06%
Year Ended October 31, 2018	$	56.05		(0.47	)		6.12			5.65			–		(2.59	)		(2.59	)	$	59.11		10.45%		$	81,648,828		1.24%		(0.79%	)		1.24%		19.60%
Year Ended October 31, 2017	$	42.70		(0.41	)		13.84			13.43			–		(0.08	)		(0.08	)	$	56.05		31.48%		$	108,399,265		1.27%		(0.82%	)		1.27%		22.48%
Year Ended October 31, 2016	$	44.80		(0.36	)		0.42			0.06			–		(2.16	)		(2.16	)	$	42.70		0.20%	(h)	$	79,769,181		1.31%		(0.86%	)		1.31%		15.18%
Year Ended October 31, 2015	$	42.54		(0.43	)		5.23			4.80			–		(2.54	)		(2.54	)	$	44.80		12.27%	(h)	$	58,860,727		1.43%		(1.00%	)		1.43%		31.89%
Period Ended October 31, 2014 (i)	$	39.92		(0.13	)		2.75			2.62			–		–			–		$	42.54		6.56%		$	32,021,519		1.62%		(1.29%	)		1.66%		7.48%
Year Ended July 31, 2014	$	40.05		(0.49	)		1.76			1.27			–		(1.40	)		(1.40	)	$	39.92		2.94%		$	27,931,521		1.59%		(1.15%	)		1.61%		27.16%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	55.05		(0.38	)		4.65			4.27			–		(3.18	)		(3.18	)	$	56.14		8.87%		$	44,396,810		1.94%		(1.46%	)		1.94%		8.06%
Year Ended October 31, 2018	$	52.73		(0.84	)		5.75			4.91			–		(2.59	)		(2.59	)	$	55.05		9.67%		$	43,731,100		1.95%		(1.50%	)		1.95%		19.60%
Year Ended October 31, 2017	$	40.46		(0.73	)		13.08			12.35			–		(0.08	)		(0.08	)	$	52.73		30.55%		$	43,511,654		1.98%		(1.54%	)		1.98%		22.48%
Year Ended October 31, 2016	$	42.88		(0.65	)		0.39			(0.26	)		–		(2.16	)		(2.16	)	$	40.46		(0.57%)		$	30,572,627		2.05%		(1.60%	)		2.05%		15.18%
Year Ended October 31, 2015	$	41.10		(0.71	)		5.03			4.32			–		(2.54	)		(2.54	)	$	42.88		11.49%		$	20,731,518		2.16%		(1.70%	)		2.16%		31.89%
Period Ended October 31, 2014 (i)	$	38.62		(0.19	)		2.67			2.48			–		–			–		$	41.10		6.42%		$	15,922,693		2.22%		(1.89%	)		2.36%		7.48%
Year Ended July 31, 2014	$	39.04		(0.73	)		1.71			0.98			–		(1.40	)		(1.40	)	$	38.62		2.26%		$	15,458,648		2.22%		(1.78%	)		2.26%		27.16%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	61.23		(0.11	)		5.28			5.17			–		(3.18	)		(3.18	)	$	63.22		9.47%		$	190,799,946		0.85%		(0.38%	)		0.85%		8.06%
Year Ended October 31, 2018	$	57.76		(0.26	)		6.32			6.06			–		(2.59	)		(2.59	)	$	61.23		10.86%		$	144,598,599		0.86%		(0.42%	)		0.86%		19.60%
Year Ended October 31, 2017	$	43.83		(0.23	)		14.24			14.01			–		(0.08	)		(0.08	)	$	57.76		31.99%		$	64,816,478		0.90%		(0.45%	)		0.90%		22.48%
Year Ended October 31, 2016	$	45.78		(0.21	)		0.42			0.21			–		(2.16	)		(2.16	)	$	43.83		0.54%	(h)	$	40,080,981		0.94%		(0.49%	)		0.94%		15.18%
Year Ended October 31, 2015	$	43.25		(0.32	)		5.39			5.07			–		(2.54	)		(2.54	)	$	45.78		12.72%		$	29,607,199		0.94%		(0.71%	)		0.94%		31.89%
Period Ended October 31, 2014 (i)	$	40.54		(0.09	)		2.80			2.71			–		–			–		$	43.25		6.68%		$	681,379		1.22%		(0.90%	)		1.28%		7.48%
Period Ended July 31, 2014 (k)	$	43.05		(0.28	)		(0.83	)		(1.11	)		–		(1.40	)		(1.40	)	$	40.54		(2.79%)		$	483,778		1.18%		(0.77%	)		1.18%		27.16%
Institutional Service Class Shares (I)
Six Months Ended April 30, 2019 (Unaudited)	$	60.87		(0.14	)		5.24			5.10			–		(3.18	)		(3.18	)	$	62.79		9.41%		$	750,653,827		0.97%		(0.49%	)		0.97%		8.06%
Year Ended October 31, 2018	$	57.50		(0.32	)		6.28			5.96			–		(2.59	)		(2.59	)	$	60.87		10.74%		$	706,943,594		0.96%		(0.52%	)		0.96%		19.60%
Year Ended October 31, 2017	$	43.68		(0.29	)		14.19			13.90			–		(0.08	)		(0.08	)	$	57.50		31.85%		$	507,165,037		1.00%		(0.56%	)		1.00%		22.48%
Year Ended October 31, 2016	$	45.67		(0.26	)		0.43			0.17			–		(2.16	)		(2.16	)	$	43.68		0.45%		$	300,779,497		1.04%		(0.59%	)		1.04%		15.18%
Year Ended October 31, 2015	$	43.19		(0.31	)		5.33			5.02			–		(2.54	)		(2.54	)	$	45.67		12.61%		$	166,949,030		1.16%		(0.71%	)		1.16%		31.89%
Period Ended October 31, 2014 (i)	$	40.50		(0.11	)		2.80			2.69			–		–			–		$	43.19		6.64%		$	109,266,656		1.37%		(1.04%	)		1.38%		7.48%
Year Ended July 31, 2014	$	40.51		(0.37	)		1.76			1.39			–		(1.40	)		(1.40	)	$	40.50		3.21%		$	97,340,606		1.30%		(0.86%	)		1.33%		27.16%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) For the period from August 1, 2014 through October 31, 2014.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

(l) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

12

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the Nationwide Geneva Small Cap Growth Fund (the “Fund”), a series of the Trust. Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Fund. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

The Fund currently offers Class A, Class C, Class R6 and Institutional Service Class shares. Each share class of the Fund represents interests in the same portfolio of investments of the Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

The Fund is a diversified fund, as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the accounting and the preparation of its financial statements. The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Fund utilizes various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to the Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

13

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

● Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange-traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid;

14

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of April 30, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

Small Cap Growth

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,038,830,049	$	—	$	—	$	1,038,830,049
Repurchase Agreements		—		6,826,497		—		6,826,497
Short-Term Investment		407,373		—		—		407,373
Total	$	1,039,237,422	$	6,826,497	$	—	$	1,046,063,919

Amounts designated as “—” are zero or have been rounded to zero.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

(b) Securities Lending

During the six months ended April 30, 2019, the Fund entered into securities lending transactions. To generate additional income, the Fund lent its portfolio securities, up to 33 1/3% of the total assets of the Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Fund. Securities lending transactions are considered to be overnight and continuous and can be terminated by the Fund or the borrower at any time.

The Fund receives payments from BBH equivalent to any dividends while on loan, in lieu of income which is included as “Dividend income” on the Statement of Operations. The Fund also receives interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to

15

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of repurchase agreements purchased with cash were as follows:

Amounts of Liabilities Presented in the

Statement of Assets and Liabilities

$7,233,870

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Fund and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to the Statement of Investments.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Fund to enforce a netting arrangement.

(c) Joint Repurchase Agreement

During the six months ended April 30, 2019, the Fund, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the Securities and Exchange Commission (“SEC”), transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos,

16

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Fund’s investment in the joint repos was subject to an enforceable netting arrangement. The Fund’s proportionate holding in the joint repos was as follows:

							Gross Amounts not Offset in the Statement of Assets  and Liabilities
Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
BNP Paribas Securities Corp.	$	5,952,944	$	—	$	5,952,944	$	(5,952,944	)	$	—
Royal Bank of Canada		873,553		—		873,553		(873,553	)		—
Total	$	6,826,497	$	—	$	6,826,497	$	(6,826,497	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for the Fund’s undivided interest in each joint repo and related collateral.

(d) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on the Fund’s Statement of Operations. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on the Fund’s Statement of Operations.

17

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(e) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(f) Federal Income Taxes

The Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, the Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(g) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionally among various or all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of the Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Fund in accordance with policies and procedures established by the Board of Trustees. NFA has selected Geneva Capital Management LLC (the “Subadviser”) as subadviser for the Fund, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadviser.

18

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets. During the six months ended April 30, 2019, the Fund paid investment advisory fees to NFA according to the schedule below.

Fee Schedule	Advisory Fee (annual rate)
Up to $250 million	0.84%
$250 million up to $500 million	0.79%
$500 million and more	0.74%

For the six months ended April 30, 2019, the Fund’s effective advisory fee rate was 0.78%.

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the unaffiliated subadvisers.

The Trust and NFA have entered into a written Expense Limitation Agreement that limits the Fund’s operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub-administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by the Fund in connection with any merger or reorganization, and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.22% for each share class until February 29, 2020.

NFA may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

As of April 30, 2019, the Fund had no cumulative potential reimbursements which could be reimbursed to NFA and therefore no amounts were reimbursed to NFA pursuant to the Expense Limitation Agreement.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Fund and serves as Transfer and Dividend Disbursing Agent for the Fund. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Fund. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net

19

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

assets of the Trust and Nationwide Variable Insurance Trust (“NVIT”), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM earned $162,668 in fees from the Fund under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Fund and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Fund’s portion of such costs amounted to $2,301.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of certain classes of shares of the Fund. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Fund at an annual rate of 0.25% for Class A shares and 1.00% for Class C shares of the Fund. For Class C Shares, 0.25% of the rate may be a service fee and 0.75% may be a distribution fee.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Fund in the continuous distribution of its shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Fund. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Fund. The Fund’s Class A sales charges range from 0.00% to 5.75% based on the amount of the purchase. During the six months ended April 30, 2019, the Fund imposed front-end sales charges of $36,161. From these fees, NFD retained a portion amounting to $4,929.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Class A and Class C CDSCs are 1.00%. During the six months ended April 30, 2019, the Fund imposed CDSCs of $126. NFD retained all of the CDSCs imposed by the Fund.

Under the terms of an Administrative Services Plan, the Fund pays fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions that agree to provide administrative

20

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Fund; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, and Institutional Service Class shares of the Fund. For the six months ended April 30, 2019, the effective rate for administrative services fees were 0.13%, 0.09%, and 0.12% for Class A, Class C, and Institutional Service Class shares, respectively, for a total amount of $482,728.

As of April 30, 2019, NFA or its affiliates directly held 0.16% of the shares outstanding of the Fund.

4.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan, The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, the Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held or owing to such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Fund had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Fund may participate in an interfund lending program among Funds managed by NFA. The program allows the participating Fund to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Fund as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, the Fund did not engage in interfund lending.

5.  Investment Transactions

For the six months ended April 30, 2019, the Fund had purchases of $85,161,609 and sales of $77,176,669 (excluding short-term securities).

21

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

6.  Portfolio Investment Risks

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

7.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year has been adopted by the Fund.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets

22

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Fund’s financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Fund will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, a Fund with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

9.  Other

As of April 30, 2019, the Fund had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Fund. The Fund had 2 accounts holding 31.61% of the total outstanding shares of the Fund.

10.  Recaptured Brokerage Commissions

The Fund has entered into agreements with brokers whereby the brokers will return a portion of the Fund’s brokerage commissions on the Fund’s behalf. Such amounts, under such agreements, are included in net realized gains (losses) from transactions in investment securities presented in the Fund’s Statement of Operations. During the six months ended April 30, 2019, the Fund recaptured $19,783 of brokerage commissions.

11.  Federal Tax Information

As of April 30, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Nationwide Geneva Small Cap Growth Fund	$	781,479,183	$	286,358,968	$	(21,774,232	)	$	264,584,736

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Fund and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

23

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Emerging Markets Equity Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide Bond Fund

Nationwide Core Plus Bond Fund

Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide Large Cap Equity Fund)

Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund)

Nationwide Emerging Markets Debt Fund

Nationwide Fund

Nationwide Global Sustainable Equity Fund (formerly, Nationwide Global Equity Fund)

Nationwide Government Money Market Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Small Cap Fund

Nationwide Long/Short Equity Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Loomis Core Bond Fund (formerly, Nationwide HighMark Bond Fund)

Nationwide Loomis Short Term Bond Fund (formerly, Nationwide HighMark Short Term Bond Fund)

Nationwide Small Company Growth Fund

Nationwide U.S. Small Cap Value Fund

Nationwide WCM Focused Small Cap Fund (formerly, Nationwide HighMark Small Cap Core Fund)

Nationwide Ziegler Equity Income Fund

Continuation of Advisory (and Sub-Advisory) Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) and its Sub-Advisers (together, the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in

question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions

24

Supplemental Information (Continued)

April 30, 2019 (Unaudited)

and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the

Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers;

● The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis;

● The Adviser’s and Sub-Advisers’ personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s and Sub-Advisers’ investment processes; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser and the Adviser’s assessment of the financial condition and stability of the Sub-Advisers; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for the each of the Funds and the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods.

25

Supplemental Information (Continued)

April 30, 2019 (Unaudited)

Most of the Funds listed above were shown to pay actual management fees and to have total expense ratios at levels at or lower than their peer medians, or within the third quintile of their peer groups, and to have experienced three-year performance at or above their peer medians or within the third quintile of their peer groups. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each of these Funds was consistent with the continuation of the Fund’s advisory agreement.

The Trustees considered that certain Funds, including the Nationwide Amundi Global High Yield Fund, Nationwide Core Plus Bond Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund, and Nationwide Small Company Growth Fund, although paying relatively high advisory fees, had overall acceptable expense arrangements, particularly in light of their favorable levels of investment performance shown to be within the first or second quintiles of their peer groups. As to the Nationwide International Small Cap Fund, Nationwide Long/Short Equity Fund and Nationwide Loomis All Cap Growth Fund, the Trustees considered that the Funds had been in operation for relatively short periods of time and determined that it would be appropriate to continue the Funds’ advisory agreements in place to allow for further consideration of their comparative expenses and performance in the future. As to the Nationwide Bond Fund and Nationwide Loomis Core Bond Fund, the Trustees considered that, although each Fund had experienced unfavorable relative investment performance over the three-year period, its investment performance had improved substantially in the one-year period. As to the Nationwide Diamond Hill Large Cap Concentrated Fund, the Trustees considered that, effective November 2017, a new Sub-Adviser replaced the former Sub-Adviser to the Fund and that, in connection with the change in Sub-Adviser, the Fund’s investment strategy was changed in March 2018 to permit the Fund to operate as a “non-diversified” fund.

The Trustees reviewed with the Adviser throughout the course of the year the expense level and yield of the Nationwide Government Money Market Fund, in light of changes to regulation of money market funds and related changes in money market fund pricing generally, and determined that the expense and yield information was consistent with the continuation of the Fund’s advisory agreement.

Each of the Nationwide Bailard Emerging Markets Equity Fund, Nationwide Bailard International Equities Fund, Nationwide Loomis Short Term Bond Fund, and Nationwide U.S. Small Cap Value, while generally having acceptable expense arrangements, has experienced performance challenges. The Trustees considered that the sub-adviser to the Nationwide Loomis Short Term Bond Fund had been replaced in late 2017 and that each of the other Funds has been designated to be subject to heightened review by the Trustees in the coming year in light of its investment performance. The Trustees determined to continue the advisory arrangements for those Funds in light of the recent change in the Nationwide Loomis Short term Bond Fund and the continuing performance review for each of the other Funds.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund’s advisory fee rate schedule, with the exception of Nationwide Amundi Strategic Income Fund, Nationwide Emerging Markets Debt Fund and Nationwide Long/Short Equity, is subject to contractual advisory fee breakpoints. The Trustees determined to continue to monitor the fees paid by the Funds to determine whether breakpoints might become appropriate.

-        -         -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

26

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

27

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

28

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

29

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

30

Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

31

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

32

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

33

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

34

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

35

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

36

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

37

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

38

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-SCG (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

International Funds

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Emerging Markets Equity Fund

Nationwide Bailard International Equities Fund

Nationwide Emerging Markets Debt Fund

Nationwide Global Sustainable Equity Fund

Nationwide International Small Cap Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
International Funds
Nationwide Amundi Global High Yield Fund	3
Nationwide Amundi Strategic Income Fund	18
Nationwide Bailard Emerging Markets Equity Fund	34
Nationwide Bailard International Equities Fund	47
Nationwide Emerging Markets Debt Fund	62
Nationwide Global Sustainable Equity Fund	77
Nationwide International Small Cap Fund	88
Notes to Financial Statements	104
Supplemental Information	142
Management Information	145
Market Index Definitions	150
Glossary	154

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Amundi Global High Yield Fund

Asset Allocation¹

Corporate Bonds	84.9%
Loan Participations	12.4%
Repurchase Agreements	0.7%
Forward Currency Contracts	0.1%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	1.9%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	8.5%
Hotels, Restaurants & Leisure	8.1%
Metals & Mining	6.5%
Energy Equipment & Services	4.9%
Diversified Telecommunication Services	4.2%
Commercial Services & Supplies	4.0%
Banks	3.8%
Electric Utilities	3.7%
Food Products	3.5%
Health Care Providers & Services	3.4%
Other Industries#	49.4%
	100.0%

Top Countries²

United States	66.1	%
Canada	6.5	%
Brazil	4.0	%
United Kingdom	2.2	%
Argentina	2.0	%
Italy	2.0	%
Mexico	1.9	%
Luxembourg	1.8	%
Chile	1.8	%
United Arab Emirates	1.7	%
Other Countries#	10.0	%
	100.0	%

Top Holdings²

Joseph T Ryerson & Son, Inc., 11.00%, 5/15/2022	1.3%
Enterprise Development Authority (The), 12.00%, 7/15/2024	1.3%
Aleris International, Inc., 1st Lien Term Loan, 7.23%, 2/27/2023	1.2%
Stoneway Capital Corp., 10.00%, 3/1/2027	1.2%
Light Servicos de Eletricidade SA, 7.25%, 5/3/2023	1.2%
Avation Capital SA, 6.50%, 5/15/2021	1.1%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022	1.1%
Freedom Mortgage Corp., 8.13%, 11/15/2024	1.1%
Societe Generale SA, 7.38%, 10/4/2023	1.1%
Crown European Holdings SA, 2.88%, 2/1/2026	1.0%
Other Holdings#	88.4%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Amundi Global High Yield Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Amundi Global High Yield Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,050.20		4.93		0.97
	Hypothetical	(a)(b)		1,000.00		1,019.98		4.86		0.97
Class C Shares	Actual	(a)		1,000.00		1,047.60		8.63		1.70
	Hypothetical	(a)(b)		1,000.00		1,016.36		8.50		1.70
Class R6 Shares	Actual	(a)		1,000.00		1,052.70		3.56		0.70
	Hypothetical	(a)(b)		1,000.00		1,021.32		3.51		0.70
Institutional Service Shares	Actual	(a)		1,000.00		1,052.10		4.12		0.81
	Hypothetical	(a)(b)		1,000.00		1,020.78		4.06		0.81

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund

Corporate Bonds 84.9%
	Principal Amount		Value
ARGENTINA 2.0%
Electric Utilities 2.0%
Pampa Energia SA, 7.50%, 1/24/2027 (a)	$	1,230,000	$	1,042,425
Stoneway Capital Corp., 10.00%, 3/1/2027 (a)		1,698,302		1,452,048
				2,494,473
AUSTRALIA 0.3%
Chemicals 0.3%
Nufarm Australia Ltd., 5.75%, 4/30/2026 (a)		410,000		381,300
BRAZIL 3.8%
Banks 0.3%
Banco BTG Pactual SA, 5.50%, 1/31/2023 (a)		400,000		403,250
Chemicals 0.7%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028 (a)		815,000		798,700
Electric Utilities 1.1%
Light Servicos de Eletricidade SA, 7.25%, 5/3/2023 (a)		1,420,000		1,441,300
Health Care Providers & Services 0.6%
Rede D’or Finance Sarl, 4.95%, 1/17/2028 (a)		770,000		723,800
Independent Power and Renewable Electricity Producers 0.7%
Cemig Geracao e Transmissao SA, 9.25%, 12/5/2024 (a)		860,000		946,000
Oil, Gas & Consumable Fuels 0.4%
Petrobras Global Finance BV, 8.75%, 5/23/2026		465,000		557,442
				4,870,492
CANADA 6.5%
Aerospace & Defense 2.1%
Bombardier, Inc.
6.00%, 10/15/2022 (a)(b)		840,000		840,525
6.13%, 1/15/2023 (a)		660,000		660,825
7.88%, 4/15/2027 (a)		1,085,000		1,091,781
				2,593,131
Chemicals 1.2%
NOVA Chemicals Corp.
4.88%, 6/1/2024 (a)		925,000		904,187
5.25%, 6/1/2027 (a)		585,000		574,763
				1,478,950
Commercial Services & Supplies 1.5%
GFL Environmental, Inc., 8.50%, 5/1/2027 (a)		705,000		734,441
Tervita Escrow Corp., 7.63%, 12/1/2021 (a)		1,121,000		1,135,013
				1,869,454
Energy Equipment & Services 1.0%
Calfrac Holdings LP, 8.50%, 6/15/2026 (a)		307,000		254,810

Corporate Bonds (continued)
	Principal Amount		Value
CANADA (continued)
Energy Equipment & Services (continued)
Ensign Drilling, Inc., 9.25%, 4/15/2024 (a)	$	935,000	$	936,552
				1,191,362
Metals & Mining 0.7%
Teck Resources Ltd., 5.20%, 3/1/2042		865,000		842,977
				7,975,874
CHILE 1.7%
Airlines 1.3%
Latam Finance Ltd.
6.88%, 4/11/2024 (a)		645,000		664,021
7.00%, 3/1/2026 (a)		935,000		957,206
				1,621,227
Independent Power and Renewable Electricity Producers 0.4%
AES Gener SA, (USD Swap Semi 5 Year + 4.64%), 7.13%, 3/26/2079 (a)(c)		495,000		518,512
				2,139,739
COLOMBIA 0.4%
Wireless Telecommunication Services 0.4%
Millicom International Cellular SA, 6.25%, 3/25/2029 (a)		440,000		455,400
FRANCE 1.8%
Banks 1.4%
BNP Paribas SA, (USD Swap Semi 5 Year + 4.15%), 6.63%, 3/25/2024 (a)(c)(d)		325,000		331,500
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023 (a)(c)(d)		1,325,000		1,348,188
				1,679,688
Construction & Engineering 0.4%
Novafives SAS, 5.00%, 6/15/2025 (a)		EUR   410,000		430,660
				2,110,348
GERMANY 1.5%
Machinery 0.6%
Platin 1426 GmbH, 5.38%, 6/15/2023 (a)		685,000		764,454
Pharmaceuticals 0.7%
Nidda BondCo GmbH, 5.00%, 9/30/2025 (a)		300,000		330,275
Nidda Healthcare Holding GmbH, 3.50%, 9/30/2024 (a)		490,000		561,565
				891,840
Textiles, Apparel & Luxury Goods 0.2%
Takko Luxembourg 2 SCA, 5.38%, 11/15/2023 (a)		315,000		294,126
				1,950,420

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
GREECE 0.2%
Hotels, Restaurants & Leisure 0.2%
Intralot Capital Luxembourg SA, 5.25%, 9/15/2024 (a)		EUR   440,000	$	248,685
ITALY 1.9%
Banks 0.4%
Intesa Sanpaolo SpA, 5.71%, 1/15/2026 (a)	$	555,000		542,114
Chemicals 0.3%
Fire BC SpA, (EURIBOR 3 Month + 4.75%, 4.75% Floor), 4.75%, 9/30/2024 (a)(c)		EUR   375,000		422,594
Household Durables 0.7%
International Design Group SpA, 6.50%, 11/15/2025 (a)		790,000		884,823
Pharmaceuticals 0.5%
Rossini Sarl, 6.75%, 10/30/2025 (a)		530,000		641,106
				2,490,637
KAZAKHSTAN 0.2%
Oil, Gas & Consumable Fuels 0.2%
Nostrum Oil & Gas Finance BV, 7.00%, 2/16/2025 (a)	$	405,000		271,958
LUXEMBOURG 1.7%
Chemicals 0.6%
INEOS Finance plc, 2.88%, 5/1/2026 (a)		EUR   710,000		792,354
Media 0.7%
Altice Luxembourg SA, 7.75%, 5/15/2022 (a)	$	900,000		916,875
Wireless Telecommunication Services 0.4%
Matterhorn Telecom SA, 4.00%, 11/15/2027 (a)		EUR   500,000		551,283
				2,260,512
MEXICO 1.9%
Consumer Finance 0.8%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026 (a)	$	890,000		962,758
Hotels, Restaurants & Leisure 1.1%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022 (a)		1,375,000		1,357,813
				2,320,571
NETHERLANDS 0.6%
Professional Services 0.6%
Intertrust Group BV, 3.38%, 11/15/2025 (a)		EUR   580,000		679,802
NIGERIA 0.5%
Oil, Gas & Consumable Fuels 0.5%
SEPLAT Petroleum Development Co. plc, 9.25%, 4/1/2023 (a)	$	650,000		676,000

Corporate Bonds (continued)
	Principal Amount		Value
SINGAPORE 1.1%
Consumer Finance 1.1%
Avation Capital SA, 6.50%, 5/15/2021 (a)	$	1,395,000	$	1,395,000
SWITZERLAND 1.7%
Auto Components 0.4%
Garrett LX I Sarl, 5.13%, 10/15/2026 (a)		EUR   535,000		586,555
Banks 0.6%
UBS Group Funding Switzerland AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (a)(c)(d)	$	665,000		693,243
Capital Markets 0.7%
Credit Suisse Group AG, (USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (a)(c)(d)		770,000		811,364
				2,091,162
UNITED ARAB EMIRATES 1.7%
Energy Equipment & Services 1.0%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025 (a)		1,240,000		1,215,200
Marine 0.7%
Topaz Marine SA, 9.13%, 7/26/2022 (a)		895,000		910,734
				2,125,934
UNITED KINGDOM 2.1%
Banks 1.1%
Barclays plc, (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (c)(d)		800,000		827,000
Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025 (c)(d)		530,000		550,007
				1,377,007
Oil, Gas & Consumable Fuels 0.5%
Neptune Energy Bondco plc, 6.63%, 5/15/2025 (a)		675,000		680,063
Road & Rail 0.5%
Ashtead Capital, Inc., 4.13%, 8/15/2025 (a)		590,000		585,575
				2,642,645
UNITED STATES 52.4%
Auto Components 1.2%
American Axle & Manufacturing, Inc., 6.25%, 3/15/2026		965,000		965,000
Panther BF Aggregator 2 LP, 4.38%, 5/15/2026 (a)	EUR	415,000		477,682
				1,442,682
Biotechnology 1.0%
Horizon Pharma USA, Inc., 6.63%, 5/1/2023	$	1,200,000		1,236,000

6

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Building Products 0.4%
Summit Materials LLC, 6.50%, 3/15/2027 (a)	$	526,000	$	543,753
Commercial Services & Supplies 1.8%
Covanta Holding Corp., 6.00%, 1/1/2027		1,025,000		1,042,937
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (a)		378,000		398,393
5.25%, 4/15/2024 (a)		220,000		220,550
5.75%, 4/15/2026 (a)		585,000		590,967
				2,252,847
Communications Equipment 0.0%†
Avaya, Inc., 7.00%, 4/1/2019^¥ (a)		2,135,000		0
Consumer Finance 0.6%
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		755,000		793,900
Containers & Packaging 1.7%
BWAY Holding Co., 4.75%, 4/15/2024 (a)		EUR   740,000		850,966
Crown European Holdings SA, 2.88%, 2/1/2026 (a)		1,095,000		1,283,640
				2,134,606
Diversified Financial Services 0.4%
Verscend Escrow Corp., 9.75%, 8/15/2026 (a)	$	478,000		505,485
Diversified Telecommunication Services 1.9%
Frontier Communications Corp.
7.13%, 1/15/2023		900,000		560,250
8.50%, 4/1/2026 (a)		1,170,000		1,102,725
Windstream Services LLC
8.75%, 12/15/2024 (a)		134,000		29,480
8.63%, 10/31/2025 (a)(e)		734,000		722,990
				2,415,445
Electric Utilities 0.5%
Vistra Operations Co. LLC, 5.63%, 2/15/2027 (a)		565,000		579,831
Electronic Equipment, Instruments & Components 1.4%
Belden, Inc.
2.88%, 9/15/2025 (a)	EUR	230,000		263,834
3.38%, 7/15/2027 (a)		780,000		896,684
3.88%, 3/15/2028 (a)		455,000		527,572
				1,688,090
Energy Equipment & Services 2.8%
Archrock Partners LP, 6.88%, 4/1/2027 (a)		615,000		640,369
Exterran Energy Solutions LP, 8.13%, 5/1/2025		945,000		978,075
FTS International, Inc., 6.25%, 5/1/2022	$	540,000		530,550
Transocean, Inc., 7.25%, 11/1/2025 (a)		1,144,000		1,132,560
USA Compression Partners LP, 6.88%, 9/1/2027 (a)		257,000		270,492
				3,552,046

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Entertainment 1.0%
Netflix, Inc.
4.88%, 4/15/2028	$	425,000	$	421,281
3.88%, 11/15/2029 (a)		EUR   400,000		459,313
5.38%, 11/15/2029 (a)	$	400,000		405,000
				1,285,594
Equity Real Estate Investment Trusts (REITs) 0.4%
Equinix, Inc., 2.88%, 2/1/2026		EUR   480,000		553,878
Food & Staples Retailing 0.6%
Albertsons Cos. LLC
5.75%, 3/15/2025		589,000		584,582
7.50%, 3/15/2026 (a)		135,000		143,100
				727,682
Food Products 3.4%
Darling Ingredients, Inc., 5.25%, 4/15/2027 (a)	$	585,000		595,237
JBS Investments II GmbH, 7.00%, 1/15/2026 (a)		1,035,000		1,076,918
JBS USA LUX SA
6.75%, 2/15/2028 (a)		460,000		486,450
6.50%, 4/15/2029 (a)		375,000		397,500
Pilgrim’s Pride Corp., 5.88%, 9/30/2027 (a)		902,000		931,315
Simmons Foods, Inc., 5.75%, 11/1/2024 (a)		870,000		800,400
				4,287,820
Health Care Providers & Services 1.7%
HCA, Inc., 5.63%, 9/1/2028		500,000		532,500
Surgery Center Holdings, Inc.
6.75%, 7/1/2025 (a)		735,000		683,550
10.00%, 4/15/2027 (a)		575,000		590,812
West Street Merger Sub, Inc., 6.38%, 9/1/2025 (a)		405,000		391,838
				2,198,700
Hotels, Restaurants & Leisure 6.5%
Caesars Resort Collection LLC, 5.25%, 10/15/2025 (a)		1,150,000		1,124,125
Enterprise Development Authority (The), 12.00%, 7/15/2024 (a)		1,550,000		1,588,750
Golden Nugget, Inc., 8.75%, 10/1/2025 (a)		1,215,000		1,272,712
International Game Technology plc, 6.25%, 1/15/2027 (a)		465,000		488,861
MGM Resorts International, 5.50%, 4/15/2027		655,000		675,469
Scientific Games International, Inc.
3.38%, 2/15/2026 (a)		EUR   625,000		689,917
8.25%, 3/15/2026 (a)	$	1,220,000		1,264,225
VOC Escrow Ltd., 5.00%, 2/15/2028 (a)		1,018,000		1,010,365
				8,114,424

7

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Household Durables 1.8%
KB Home, 6.88%, 6/15/2027	$	980,000	$	1,022,875
Lennar Corp., 5.00%, 6/15/2027		1,215,000		1,237,402
				2,260,277
Independent Power and Renewable Electricity Producers 0.9%
Clearway Energy Operating LLC, 5.75%, 10/15/2025 (a)		340,000		347,650
Talen Energy Supply LLC
9.50%, 7/15/2022 (a)		665,000		724,850
10.50%, 1/15/2026 (a)		15,000		15,600
				1,088,100
Machinery 2.1%
Cloud Crane LLC, 10.13%, 8/1/2024 (a)		1,000,000		1,075,000
EnPro Industries, Inc., 5.75%, 10/15/2026 (a)		905,000		929,888
Titan International, Inc., 6.50%, 11/30/2023		680,000		652,800
				2,657,688
Media 1.3%
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/2024 (a)		245,000		263,681
CSC Holdings LLC, 5.38%, 2/1/2028 (a)		460,000		467,475
MDC Partners, Inc., 6.50%, 5/1/2024 (a)		950,000		802,750
				1,533,906
Metals & Mining 3.1%
Cleveland-Cliffs, Inc., 5.75%, 3/1/2025		1,000,000		995,200
Commercial Metals Co., 5.75%, 4/15/2026		1,220,000		1,232,200
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/2022 (a)		1,550,000		1,643,000
				3,870,400
Multiline Retail 0.1%
JC Penney Corp., Inc., 8.63%, 3/15/2025 (a)		245,000		150,675
Oil, Gas & Consumable Fuels 6.3%
American Midstream Partners LP, 9.50%, 12/15/2021 (a)(e)		1,285,000		1,236,812
Blue Racer Midstream LLC, 6.63%, 7/15/2026 (a)		830,000		847,637
Calumet Specialty Products Partners LP, 6.50%, 4/15/2021		505,000		488,588
Centennial Resource Production LLC
5.38%, 1/15/2026 (a)		450,000		442,125
6.88%, 4/1/2027 (a)		125,000		129,531
Endeavor Energy Resources LP, 5.75%, 1/30/2028 (a)		410,000		436,650
EnLink Midstream LLC, 5.38%, 6/1/2029		70,000		70,265

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP
6.50%, 10/1/2025	$	830,000	$	833,901
6.25%, 5/15/2026		865,000		856,350
Halcon Resources Corp., 6.75%, 2/15/2025		460,000		295,550
Indigo Natural Resources LLC, 6.88%, 2/15/2026 (a)		880,000		816,200
PBF Holding Co. LLC, 7.25%, 6/15/2025		785,000		808,550
Targa Resources Partners LP
6.50%, 7/15/2027 (a)		35,000		37,494
5.00%, 1/15/2028		425,000		417,545
				7,717,198
Paper & Forest Products 0.9%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026 (a)		1,055,000		1,084,013
Pharmaceuticals 2.0%
Bausch Health Americas, Inc., 8.50%, 1/31/2027 (a)		85,000		92,597
Bausch Health Cos., Inc.
Reg. S, 4.50%, 5/15/2023		EUR   490,000		554,280
5.88%, 5/15/2023 (a)	$	445,000		448,426
9.00%, 12/15/2025 (a)		460,000		509,450
5.75%, 8/15/2027 (a)		65,000		67,730
Par Pharmaceutical, Inc., 7.50%, 4/1/2027 (a)		710,000		736,483
				2,408,966
Real Estate Management & Development 0.8%
Kennedy-Wilson, Inc., 5.88%, 4/1/2024		790,000		797,900
Realogy Group LLC, 9.38%, 4/1/2027 (a)		200,000		207,740
				1,005,640
Road & Rail 1.1%
Hertz Corp. (The)
7.38%, 1/15/2021		400,000		399,000
7.63%, 6/1/2022 (a)		947,000		977,186
				1,376,186
Software 0.6%
SS&C Technologies, Inc., 5.50%, 9/30/2027 (a)		745,000		764,091
Specialty Retail 0.5%
L Brands, Inc., 5.25%, 2/1/2028		760,000		679,250
Thrifts & Mortgage Finance 1.1%
Freedom Mortgage Corp., 8.13%, 11/15/2024 (a)		1,525,000		1,353,438
Trading Companies & Distributors 1.5%
H&E Equipment Services, Inc., 5.63%, 9/1/2025		590,000		598,850
United Rentals North America, Inc.
6.50%, 12/15/2026		645,000		690,150
5.25%, 1/15/2030		600,000		603,000
				1,892,000

8

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Wireless Telecommunication Services 1.0%
Sprint Corp.
7.63%, 2/15/2025	$	640,000	$	646,400
7.63%, 3/1/2026		545,000		545,000
				1,191,400
				65,346,011
ZAMBIA 0.9%
Metals & Mining 0.9%
First Quantum Minerals Ltd., 7.50%, 4/1/2025 (a)		1,140,000		1,101,525
Total Corporate Bonds (cost $106,667,174)				106,028,488
Loan Participations 12.4%
UNITED STATES 12.4%
Auto Components 0.7%
Trico Group LLC, Term Loan, (ICE LIBOR USD 6 Month + 7.00%), 9.60%, 12/31/2100 (c)		970,117		916,761
Building Products 0.2%
Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 2/12/2025 (c)		235,127		230,424
Commercial Services & Supplies 0.6%
West Corp., Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 6.63%, 10/10/2024 (c)		777,873		751,721
Communications Equipment 0.3%
CommScope, Inc., Term Loan B2, (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 4/6/2026 (c)		410,000		413,202
Construction & Engineering 0.4%
Interior Logic Group, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 5/21/2025 (c)		472,625		466,126
Consumer Services 0.7%
Intrawest Resorts Holdings, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 7/31/2024 (c)		874,830		878,111
Containers & Packaging 0.8%
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 6/30/2022 (c)		1,122,900		990,398
Diversified Telecommunication Services 2.1%
CenturyLink, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (c)		952,588		945,978
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 7/31/2025 (c)		1,146,600		1,105,758

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Diversified Telecommunication Services (continued)
Windstream Refinance, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 9.75%, 2/17/2024 (c)	$	620,000	$	627,750
				2,679,486
Health Care Providers & Services 0.9%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/16/2025 (c)		1,162,088		1,166,864
Hotels, Restaurants & Leisure 0.2%
SMG Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 1/23/2025 (c)		247,500		245,849
Machinery 0.3%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/19/2025 (c)		436,700		430,150
Metals & Mining 1.7%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 2/27/2023 (c)		1,473,863		1,476,324
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.60%, 8/23/2023 (c)		610,700		614,517
				2,090,841
Multiline Retail 0.7%
Neiman Marcus Group, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020 (c)		876,130		809,982
Oil, Gas & Consumable Fuels 0.4%
Delek US Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 3/31/2025 (c)		445,500		444,943
MEG Energy Corp., 2017 Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.99%, 12/31/2023 (c)		33,300		33,272
				478,215
Personal Products 0.8%
Alphabet Holding Company, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/26/2024 (c)		1,084,012		1,013,551
Software 0.3%
SS&C Technologies Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/16/2025 (c)		136,912		136,930

9

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Software (continued)
SS&C Technologies Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/16/2025 (c)	$	191,532	$	191,557
				328,487
Specialty Retail 0.6%
Camping World Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 11/8/2023 (c)		763,426		705,214
Wireless Telecommunication Services 0.7%
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/2/2024 (c)		892,763		878,255
Total Loan Participation (cost $15,707,025)				15,473,637
Short-Term Investment 0.0%†
	Shares
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (f)(g)		48,038		48,038
Total Short-Term Investment (cost $48,038)				48,038
Repurchase Agreements 0.7%
	Principal Amount
BNP Paribas Securities Corp. 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $702,027, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $716,522., (g)(h)	$	701,974		701,974
Royal Bank of Canada 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $103,017, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $105,070., (g)(h)		103,010		103,010
Total Repurchase Agreements (cost $804,984)				804,984
Total Investments (cost $123,227,221) — 98.0%				122,355,147
Other assets in excess of liabilities — 2.0%				2,502,085
NET ASSETS — 100.0%			$	124,857,232

¥ Fair valued security.

^ Value determined using significant unobservable inputs.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $79,951,584 which represents 64.03% of net assets.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $831,519, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $48,038 and $804,984, respectively, a total value of $853,022.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date reflects the next call date.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(f) Represents 7-day effective yield as of April 30, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $853,022.

(h) Please refer to Note 2(j) for additional information on the joint repurchase agreement.

EURIBOR Euro Interbank Offered Rate

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

Currency:

EUR Euro

USD United States Dollar

10

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund (Continued)

Forward foreign currency contracts outstanding as of April 30, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	EUR	420,000		USD	471,882	JPMorgan Chase Bank		5/23/2019		73
	USD	14,513,631		EUR	12,820,000	JPMorgan Chase Bank		5/23/2019		107,795
	Total unrealized appreciation									107,868
	USD	471,068		EUR	420,000	JPMorgan Chase Bank		5/3/2019		(4	)
	Total unrealized depreciation									(4	)
	Net unrealized appreciation									107,864

Currency:

EUR Euro

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

11

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Amundi Global High Yield Fund
Assets:
Investment securities, at value* (cost $122,422,237)	$	121,550,163
Repurchase agreements, at value (cost $804,984)		804,984
Cash		1,185,204
Foreign currencies, at value (cost $492,325)		491,968
Interest receivable		1,821,924
Security lending income receivable		258
Receivable for investments sold		1,813,739
Receivable for capital shares issued		11,520
Reclaims receivable		4,403
Unrealized appreciation on forward foreign currency contracts (Note 2)		107,868
Reimbursement from investment adviser (Note 3)		15,174
Prepaid expenses		35,814
Total Assets		127,843,019
Liabilities:
Payable for investments purchased		1,914,583
Payable for capital shares redeemed		89,590
Unrealized depreciation on forward foreign currency contracts (Note 2)		4
Payable upon return of securities loaned (Note 2)		853,022
Accrued expenses and other payables:
Investment advisory fees		65,439
Fund administration fees		21,557
Distribution fees		416
Administrative servicing fees		410
Accounting and transfer agent fees		1,826
Trustee fees		271
Custodian fees		1,186
Compliance program costs (Note 3)		109
Professional fees		19,286
Printing fees		12,169
Other		5,919
Total Liabilities		2,985,787
Net Assets	$	124,857,232
Represented by:
Capital	$	127,711,141
Total distributable earnings (loss)		(2,853,909	)
Net Assets	$	124,857,232
Net Assets:
Class A Shares	$	1,409,134
Class C Shares		137,969
Class R6 Shares		121,004,002
Institutional Service Shares		2,306,127
Total	$	124,857,232

12

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Amundi Global High Yield Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		145,232
Class C Shares		14,228
Class R6 Shares		12,459,839
Institutional Service Shares		237,596
Total		12,856,895
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.70
Class C Shares (b)	$	9.70
Class R6 Shares	$	9.71
Institutional Service Shares	$	9.71
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.92
Maximum Sales Charge:
Class A Shares		2.25	%

* Includes value of securities on loan of $831,519 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

13

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Amundi Global High Yield Fund
INVESTMENT INCOME:
Interest income	$	4,342,860
Income from securities lending (Note 2)		31,589
Total Income		4,374,449
EXPENSES:
Investment advisory fees		386,436
Fund administration fees		54,994
Distribution fees Class A		1,565
Distribution fees Class C		762
Administrative servicing fees Class A		125
Administrative servicing fees Institutional Service Class		919
Registration and filing fees		25,086
Professional fees		24,624
Printing fees		7,803
Trustee fees		2,054
Custodian fees		2,762
Accounting and transfer agent fees		3,977
Compliance program costs (Note 3)		293
Other		3,214
Total expenses before expenses reimbursed		514,614
Expenses reimbursed by adviser (Note 3)		(88,009	)
Net Expenses		426,605
NET INVESTMENT INCOME		3,947,844
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(2,886,507	)
Settlement of forward foreign currency contracts (Note 2)		155,866
Foreign currency transactions (Note 2)		173,372
Net realized losses		(2,557,269	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		4,571,314
Forward foreign currency contracts (Note 2)		30,323
Translation of assets and liabilities denominated in foreign currencies		2,084
Net change in unrealized appreciation/depreciation		4,603,721
Net realized/unrealized gains		2,046,452
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,994,296

The accompanying notes are an integral part of these financial statements.

14

Statements of Changes in Net Assets

	Nationwide Amundi Global High Yield Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,947,844		$	8,404,283
Net realized gains (losses)		(2,557,269	)		1,851,903
Net change in unrealized appreciation/depreciation		4,603,721			(8,874,008	)
Change in net assets resulting from operations		5,994,296			1,382,178
Distributions to Shareholders From:
Distributable earnings:
Class A		(72,162	)		(97,498	)
Class C		(8,484	)		(11,890	)
Class R6		(7,231,172	)		(13,181,019	)
Institutional Service		(92,824	)		(96,190	)
Change in net assets from shareholder distributions		(7,404,642	)		(13,386,597	)
Change in net assets from capital transactions		(2,792,971	)		(5,454,683	)
Change in net assets		(4,203,317	)		(17,459,102	)
Net Assets:
Beginning of period		129,060,549			146,519,651
End of period	$	124,857,232		$	129,060,549
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	326,429		$	425,809
Dividends reinvested		39,165			71,902
Cost of shares redeemed		(199,795	)		(125,861	)
Total Class A Shares		165,799			371,850
Class C Shares
Proceeds from shares issued		14,197			63,300
Dividends reinvested		8,363			11,475
Cost of shares redeemed		(36,404	)		(45,211	)
Total Class C Shares		(13,844	)		29,564
Class R6 Shares
Proceeds from shares issued		4,667,143			1,015,269
Dividends reinvested		7,231,172			13,181,019
Cost of shares redeemed		(15,671,999	)		(21,160,999	)
Total Class R6 Shares		(3,773,684	)		(6,964,711	)
Institutional Service Shares
Proceeds from shares issued		1,246,937			6,919,730
Dividends reinvested		90,306			95,276
Cost of shares redeemed		(508,485	)		(5,906,392	)
Total Institutional Service Shares		828,758			1,108,614
Change in net assets from capital transactions	$	(2,792,971	)	$	(5,454,683	)

15

Statements of Changes in Net Assets (Continued)

	Nationwide Amundi Global High Yield Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		34,671			42,152
Reinvested		4,222			7,135
Redeemed		(21,275	)		(12,426	)
Total Class A Shares		17,618			36,861
Class C Shares
Issued		1,464			6,365
Reinvested		904			1,139
Redeemed		(3,764	)		(4,546	)
Total Class C Shares		(1,396	)		2,958
Class R6 Shares
Issued		491,164			99,632
Reinvested		779,402			1,306,925
Redeemed		(1,666,427	)		(2,095,994	)
Total Class R6 Shares		(395,861	)		(689,437	)
Institutional Service Shares
Issued		131,660			688,285
Reinvested		9,707			9,502
Redeemed		(54,898	)		(588,601	)
Total Institutional Service Shares		86,469			109,186
Total change in shares		(293,170	)		(540,432	)

The accompanying notes are an integral part of these financial statements.

16

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Amundi Global High Yield Fund

			Operations							Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.81		0.30		0.16			0.46		(0.53	)		(0.04	)		(0.57	)	$	9.70		5.02%		$	1,409,134		0.97%		6.27%		1.12%		32.75%
Year Ended October 31, 2018	$	10.69		0.59		(0.51	)		0.08		(0.47	)		(0.49	)		(0.96	)	$	9.81		0.76%		$	1,251,332		0.97%		5.90%		1.11%		103.59%
Year Ended October 31, 2017	$	10.36		0.62		0.47			1.09		(0.71	)		(0.05	)		(0.76	)	$	10.69		10.89%		$	970,539		0.96%		5.89%		1.06%		126.89%
Period Ended October 31, 2016 (g)	$	10.00		0.58		0.27			0.85		(0.49	)		–			(0.49	)	$	10.36		8.83%		$	213,186		0.99%		5.83%		1.15%		96.27%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.80		0.26		0.18			0.44		(0.50	)		(0.04	)		(0.54	)	$	9.70		4.76%		$	137,969		1.70%		5.54%		1.85%		32.75%
Year Ended October 31, 2018	$	10.69		0.52		(0.52	)		–		(0.40	)		(0.49	)		(0.89	)	$	9.80		(0.08%	)	$	153,147		1.70%		5.16%		1.84%		103.59%
Year Ended October 31, 2017	$	10.35		0.54		0.48			1.02		(0.63	)		(0.05	)		(0.68	)	$	10.69		10.17%		$	135,407		1.70%		5.19%		1.80%		126.89%
Period Ended October 31, 2016 (g)	$	10.00		0.50		0.27			0.77		(0.42	)		–			(0.42	)	$	10.35		7.95%		$	107,982		1.75%		5.02%		1.91%		96.27%
Class R6 Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	9.81		0.31		0.17			0.48		(0.54	)		(0.04	)		(0.58	)	$	9.71		5.27%		$	121,004,002		0.70%		6.55%		0.85%		32.75%
Year Ended October 31, 2018	$	10.70		0.62		(0.52	)		0.10		(0.50	)		(0.49	)		(0.99	)	$	9.81		0.94%		$	126,173,486		0.70%		6.15%		0.84%		103.59%
Year Ended October 31, 2017	$	10.36		0.65		0.47			1.12		(0.73	)		(0.05	)		(0.78	)	$	10.70		11.26%		$	144,964,962		0.70%		6.21%		0.80%		126.89%
Period Ended October 31, 2016 (g)	$	10.00		0.60		0.28			0.88		(0.52	)		–			(0.52	)	$	10.36		9.11%		$	162,889,448		0.70%		6.08%		0.84%		96.27%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.81		0.30		0.18			0.48		(0.54	)		(0.04	)		(0.58	)	$	9.71		5.21%		$	2,306,127		0.81%		6.41%		0.96%		32.75%
Year Ended October 31, 2018	$	10.70		0.61		(0.52	)		0.09		(0.49	)		(0.49	)		(0.98	)	$	9.81		0.83%		$	1,482,584		0.82%		6.06%		0.96%		103.59%
Year Ended October 31, 2017	$	10.36		0.65		0.47			1.12		(0.73	)		(0.05	)		(0.78	)	$	10.70		11.26%		$	448,743		0.70%		6.14%		0.81%		126.89%
Period Ended October 31, 2016 (g)	$	10.00		0.60		0.28			0.88		(0.52	)		–			(0.52	)	$	10.36		9.09%		$	130,983		0.75%		6.07%		0.91%		96.27%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from November 3, 2015 (commencement of operations) through October 31, 2016. Total return is calculated based on inception date of November 2, 2015 through October 31, 2016.

(h) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

17

Fund Overview Nationwide Amundi Strategic Income Fund

Asset Allocation¹

Corporate Bonds	50.5%
Collateralized Mortgage Obligations	15.5%
Loan Participations	12.4%
Asset-Backed Securities	11.2%
Commercial Mortgage-Backed Securities	4.1%
Foreign Government Securities	2.6%
Short-Term Investment	0.6%
Forward Currency Contracts†	0.0%
Futures Contracts	(0.4)%
Credit Default Swaps	(0.5)%
Other assets in excess of liabilities	4.0%
	100.0%

Top Industries²

Banks	7.8%
Wireless Telecommunication Services	4.7%
Oil, Gas & Consumable Fuels	4.1%
Diversified Telecommunication Services	3.3%
Consumer Finance	3.2%
Hotels, Restaurants & Leisure	2.9%
Food Products	2.6%
Commercial Services & Supplies	2.4%
Household Durables	2.1%
Electric Utilities	2.1%
Other Industries	64.8%
	100.0%

Top Countries²

United States	74.0%
Canada	3.0%
Bermuda	2.8%
France	2.6%
Italy	2.3%
Mexico	2.0%
Singapore	1.8%
Switzerland	1.5%
Netherlands	1.4%
Argentina	1.1%
Other Countries	7.5%
	100.0%

Top Holdings²

FNMA, 6.48%, 5/25/2030	1.5%
FHLMC STACR Trust, 13.23%, 1/25/2049	1.4%
Westlake Automobile Receivables Trust, 4.53%, 5/15/2023	1.4%
BNP Paribas SA, 4.38%, 3/1/2033	1.4%
FNMA, 4.48%, 3/25/2031	1.4%
United Mexican States, 1.63%, 4/8/2026	1.3%
STACR Trust, 12.98%, 2/25/2047	1.2%
ING Groep NV, 3.55%, 4/9/2024	1.1%
Nationstar HECM Loan Trust, 4.70%, 2/25/2028	1.1%
JBS USA LLC, Term Loan B, 5/1/2026	1.1%
Other Holdings	87.1%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

18

Shareholder Expense Example Nationwide Amundi Strategic Income Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Amundi Strategic Income Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,033.50		4.99		0.99
	Hypothetical	(a)(b)		1,000.00		1,019.89		4.96		0.99
Class C Shares	Actual	(a)		1,000.00		1,029.00		8.75		1.74
	Hypothetical	(a)(b)		1,000.00		1,016.17		8.70		1.74
Class R6 Shares	Actual	(a)		1,000.00		1,034.90		3.38		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.47		3.36		0.67
Institutional Service Shares	Actual	(a)		1,000.00		1,033.80		3.38		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.47		3.36		0.67

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

19

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund

Asset-Backed Securities 11.2%
	Principal Amount		Value
CANADA 0.1%
Airlines 0.1%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/2021 (a)	$	60,633	$	62,016
UNITED STATES 11.1%
Automobiles 3.7%
CPS Auto Receivables Trust, Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		170,000		170,790
First Investors Auto Owner Trust, Series 2017-2A, Class E, 5.48%, 10/15/2024 (a)		350,000		356,342
Foursight Capital Automobile Receivables Trust
Series 2018-1, Class E, 5.56%, 1/16/2024 (a)		230,000		237,075
Series 2018-1, Class F, 6.82%, 4/15/2025 (a)		1,080,000		1,112,571
Tidewater Auto Receivables Trust, Series 2018-AA, Class E, 5.48%, 10/15/2026 (a)		750,000		760,260
Westlake Automobile Receivables Trust
Series 2018-1A, Class E, 4.53%, 5/15/2023 (a)		1,790,000		1,826,948
Series 2018-3A, Class E, 4.90%, 12/15/2023 (a)		490,000		499,662
				4,963,648
Home Equity 1.0%
Nationstar HECM Loan Trust, Series 2018-1A, Class M4, 4.70%, 2/25/2028 (a)(b)		1,400,000		1,399,720
Other 6.4%
BCC Funding XIV LLC, Series 2018-1A, Class E, 6.00%, 4/21/2025 (a)		750,000		761,391
Conn’s Receivables Funding LLC, Series 2018-A, Class C, 6.02%, 1/15/2023 (a)		1,220,691		1,230,074
Engs Commercial Finance Trust, Series 2018-1A, Class E, 6.10%, 8/22/2025 (a)		930,000		955,306
Progress Residential Trust
Series 2015-SFR2, Class F, 5.07%, 6/12/2032 (a)		1,200,000		1,200,863
Series 2017-SFR1, Class E, 4.26%, 8/17/2034 (a)		310,000		313,443
Series 2017-SFR1, Class F, 5.35%, 8/17/2034 (a)		1,200,000		1,220,375
Series 2018-SFR1, Class F, 4.78%, 3/17/2035 (a)		900,000		900,317
Series 2019-SFR2, Class E, 4.14%, 5/17/2036 (a)		1,000,000		1,001,097
Tricon American Homes Trust
Series 2016-SFR1, Class F, 5.77%, 11/17/2033 (a)		240,000		245,257
Series 2017-SFR2, Class D, 3.67%, 1/17/2036 (a)		150,000		149,719

Asset-Backed Securities (continued)
	Principal Amount		Value
UNITED STATES (continued)
Other (continued)
Series 2017-SFR2, Class E, 4.22%, 1/17/2036 (a)	$	475,000	$	475,853
Series 2017-SFR2, Class F, 5.10%, 1/17/2036 (a)		140,000		141,198
				8,594,893
Total Asset-Backed Securities (cost $14,878,133)				15,020,277
Collateralized Mortgage Obligations 15.5%
BERMUDA 2.0%
Bellemeade Re Ltd.
Series 2018-1A, Class M1B, 4.08%, 4/25/2028 (a)(b)		1,020,000		1,024,594
Series 2018-2A, Class B1, 5.13%, 8/25/2028 (a)(b)		460,000		460,850
Eagle RE Ltd., Series 2019-1, Class M1B, 4.28%, 4/25/2029 (a)(b)		1,190,000		1,190,984
				2,676,428
UNITED STATES 13.5%
Angel Oak Mortgage Trust LLC, Series 2017-1, Class B1, 6.27%, 1/25/2047 (a)(b)		470,000		476,766
COLT Mortgage Loan Trust, Series 2017-2, Class B1, 4.56%, 10/25/2047 (a)(b)		365,000		365,782
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, 4.88%, 4/25/2031 (a)(b)		640,000		653,320
Deephaven Residential Mortgage Trust
Series 2018-2A, Class M1, 4.38%, 4/25/2058 (a)(b)		350,000		356,736
Series 2018-2A, Class B2, 6.04%, 4/25/2058 (a)(b)		940,000		942,885
FHLMC REMICS
Series 4395, Class TI, IO, 4.00%, 5/15/2026		178,028		14,411
Series 3927, Class AI, IO, 4.50%, 8/15/2026		494,293		37,281
Series 4097, Class CI, IO, 3.00%, 8/15/2027		652,309		51,413
Series 4123, Class DI, IO, 3.00%, 10/15/2027		1,667,951		126,413
Series 4244, Class AI, IO, 4.50%, 8/15/2028		351,223		29,780
FHLMC STACR Trust
Series 2018-HQA2, Class B2, 13.48%, 10/25/2048 (a)(b)		1,090,000		1,166,871
Series 2019-DNA1, Class B2, 13.23%, 1/25/2049 (a)(b)		1,700,000		1,848,774
Series 2019-HQA1, Class B2, 14.73%, 2/25/2049 (a)(b)		600,000		642,731
Series 2019-HQA2, Class B1, 6.58%, 4/25/2049 (a)(b)		550,000		550,000
Series 2019-HQA2, Class B2, 13.73%, 4/25/2049 (a)(b)		510,000		510,000

20

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
UNITED STATES (continued)
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQ1, Class B, 13.23%, 3/25/2025 (b)	$	406,105	$	549,729
Series 2015-HQA1, Class B, 11.28%, 3/25/2028 (b)		566,692		699,716
Series 2017-HQA1, Class B1, 7.48%, 8/25/2029 (b)		1,000,000		1,111,404
FNMA
Series 2016-C04, Class 1B, 12.73%, 1/25/2029 (b)		199,666		268,879
Series 2017-C07, Class 1B1, 6.48%, 5/25/2030 (b)		1,800,000		1,889,774
Series 2018-C06, Class 1M2, 4.48%, 3/25/2031 (b)		1,750,000		1,759,845
Series 2018-C06, Class 1B1, 6.23%, 3/25/2031 (b)		600,000		603,465
FNMA REMICS
Series 2012-130, Class UI, IO, 3.00%, 12/25/2027		810,726		62,172
Series 2012-150, Class BI, IO, 3.00%, 1/25/2028		756,457		60,248
Series 2013-5, Class YI, IO, 3.00%, 2/25/2028		860,089		68,047
Series 2009-31, Class PI, IO, 5.00%, 11/25/2038		187,659		26,209
GNMA REMICS
Series 2011-167, Class , IO, 5.00%, 12/16/2020		16,179		385
Series 2013-84, Class SC, IO, 4.12%, 3/16/2040 (b)		150,735		21,441
Series 2011-135, Class QI, IO, 4.50%, 6/16/2041		178,866		24,929
Series 2012-140, Class IC, IO, 3.50%, 11/20/2042		218,276		38,394
Series 2016-5, Class CS, IO, 3.67%, 1/20/2046 (b)		299,872		50,903
Series 2016-17, Class JS, IO, 3.62%, 2/20/2046 (b)		286,606		42,678
Series 2016-20, Class SB, IO, 3.62%, 2/20/2046 (b)		326,128		50,664
Series 2016-81, Class , IO, 4.00%, 6/20/2046		181,206		34,065
Series 2016-88, Class SM, IO, 3.62%, 7/20/2046 (b)		291,084		50,689
Series 2016-108, Class QI, IO, 4.00%, 8/20/2046		138,304		29,458
Series 2016-118, Class DS, IO, 3.62%, 9/20/2046 (b)		294,581		50,865
Series 2016-145, Class UI, IO, 3.50%, 10/20/2046		206,351		39,504
STACR Trust
Series 2018-HRP2, Class B1, 6.68%, 2/25/2047 (a)(b)		1,310,000		1,355,458
Series 2018-HRP2, Class B2, 12.98%, 2/25/2047 (a)(b)		1,380,000		1,499,447
				18,161,531
Total Collateralized Mortgage Obligations (cost $19,954,241)				20,837,959

Commercial Mortgage-Backed Securities 4.1%
	Principal Amount		Value
UNITED STATES 4.1%
COMM Mortgage Trust, Series 2015-CR26, Class D, 3.63%, 10/10/2048 (b)	$	1,350,000	$	1,209,477
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D, 3.73%, 11/15/2048 (b)		250,000		235,168
GS Mortgage Securities Trust, Series 2016-GS4, Class D, 3.23%, 11/10/2049 (a)(b)		1,340,000		1,192,856
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16, Class D, 4.92%, 6/15/2047 (a)(b)		950,000		799,159
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.00%, 3/15/2049 (a)		785,000		690,765
UBS Commercial Mortgage Trust, Series 2017-C4, Class C, 4.60%, 10/15/2050 (b)		810,000		822,757
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class D, 5.04%, 1/15/2059 (b)		125,000		122,981
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class D, 4.56%, 3/15/2048 (a)(b)		445,000		421,746
Total Commercial Mortgage-Backed Securities (cost $5,312,464)				5,494,909
Corporate Bonds 50.5%
ARGENTINA 1.1%
Electric Utilities 1.1%
Pampa Energia SA, 7.50%, 1/24/2027 (a)		295,000		250,012
Stoneway Capital Corp., 10.00%, 3/1/2027 (a)		1,443,788		1,234,439
				1,484,451
BELGIUM 1.0%
Beverages 1.0%
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/2049		1,201,000		1,333,924
BERMUDA 0.7%
Beverages 0.7%
Bacardi Ltd., 5.30%, 5/15/2048 (a)		1,000,000		970,639
BRAZIL 0.6%
Chemicals 0.6%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028 (a)		885,000		867,300
CANADA 2.8%
Aerospace & Defense 0.6%
Bombardier, Inc., 7.88%, 4/15/2027 (a)		835,000		840,219

21

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
CANADA (continued)
Commercial Services & Supplies 1.1%
GFL Environmental, Inc., 8.50%, 5/1/2027 (a)	$	755,000	$	786,529
Tervita Escrow Corp., 7.63%, 12/1/2021 (a)		704,000		712,800
				1,499,329
Energy Equipment & Services 0.1%
Calfrac Holdings LP, 8.50%, 6/15/2026 (a)		269,000		223,270
Wireless Telecommunication Services 1.0%
Rogers Communications, Inc., 4.35%, 5/1/2049		1,320,000		1,330,230
				3,893,048
CHILE 0.7%
Airlines 0.7%
Latam Finance Ltd., 7.00%, 3/1/2026 (a)		895,000		916,256
COLOMBIA 0.4%
Wireless Telecommunication Services 0.4%
Millicom International Cellular SA, 6.25%, 3/25/2029 (a)		435,000		450,225
DENMARK 0.3%
Banks 0.3%
Danske Bank A/S, 5.38%, 1/12/2024 (a)		448,000		469,169
FRANCE 2.5%
Banks 2.5%
BNP Paribas SA
(USD Swap Semi 5 Year + 4.15%), 6.63%, 3/25/2024 (a)(c)(d)		320,000		326,400
(USD Swap Semi 5 Year + 1.48%), 4.38%, 3/1/2033 (a)(d)		1,825,000		1,818,403
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023 (a)(c)(d)		1,175,000		1,195,563
				3,340,366
IRELAND 1.1%
Banks 0.5%
AIB Group plc, (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a)(d)		620,000		626,336
Road & Rail 0.6%
Avolon Holdings Funding Ltd., 3.63%, 5/1/2022 (a)		800,000		801,640
				1,427,976
ITALY 2.2%
Banks 0.9%
UniCredit SpA, (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a)(d)		1,260,000		1,175,274

Corporate Bonds (continued)
	Principal Amount		Value
ITALY (continued)
Chemicals 0.3%
Fire BC SpA, (EURIBOR 3 Month + 4.75%, 4.75% Floor), 4.75%, 9/30/2024 (a)(d)	EUR	330,000	$	371,883
Household Durables 0.6%
International Design Group SpA, 6.50%, 11/15/2025 (a)		720,000		806,422
Pharmaceuticals 0.4%
Rossini Sarl, 6.75%, 10/30/2025 (a)		475,000		574,576
				2,928,155
LUXEMBOURG 0.6%
Chemicals 0.6%
INEOS Finance plc, 2.88%, 5/1/2026 (a)		725,000		809,094
MEXICO 0.7%
Consumer Finance 0.7%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026 (a)	$	850,000		919,488
NETHERLANDS 1.4%
Banks 1.1%
ING Groep NV, 3.55%, 4/9/2024		1,440,000		1,443,320
Professional Services 0.3%
Intertrust Group BV, 3.38%, 11/15/2025 (a)		EUR    300,000		351,622
				1,794,942
SINGAPORE 1.8%
Consumer Finance 0.9%
Avation Capital SA, 6.50%, 5/15/2021 (a)	$	1,205,000		1,205,000
Trading Companies & Distributors 0.9%
BOC Aviation Ltd., 3.50%, 10/10/2024 (a)		1,160,000		1,154,536
				2,359,536
SWITZERLAND 1.4%
Auto Components 0.4%
Garrett LX I Sarl, 5.13%, 10/15/2026 (a)		EUR    475,000		520,773
Banks 0.5%
UBS Group Funding Switzerland AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (a)(c)(d)	$	640,000		667,181
Capital Markets 0.5%
Credit Suisse Group AG, (USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (a)(c)(d)		675,000		711,261
				1,899,215
UNITED ARAB EMIRATES 0.4%
Energy Equipment & Services 0.4%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025 (a)		560,000		548,800

22

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED KINGDOM 0.9%
Banks 0.9%
Barclays plc, (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (c)(d)	$	800,000	$	827,000
Lloyds Banking Group plc, (USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025 (c)(d)		470,000		487,743
				1,314,743
UNITED STATES 29.9%
Auto Components 0.3%
Panther BF Aggregator 2 LP, 4.38%, 5/15/2026 (a)		EUR    325,000		374,088
Banks 0.8%
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (d)	$	1,070,000		1,075,447
Building Products 0.4%
Summit Materials LLC, 6.50%, 3/15/2027 (a)		505,000		522,044
Capital Markets 1.3%
BlackRock, Inc., 3.25%, 4/30/2029		570,000		572,145
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (d)		1,210,000		1,201,615
				1,773,760
Commercial Services & Supplies 1.1%
Covanta Holding Corp., 6.00%, 1/1/2027		910,000		925,925
Prime Security Services Borrower LLC 5.25%, 4/15/2024 (a)		220,000		220,550
5.75%, 4/15/2026 (a)		265,000		267,703
				1,414,178
Consumer Finance 1.5%
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		745,000		783,385
General Motors Financial Co., Inc., 3.55%, 7/8/2022		1,270,000		1,276,115
				2,059,500
Containers & Packaging 0.3%
BWAY Holding Co., 4.75%, 4/15/2024 (a)		EUR    310,000		356,486
Diversified Financial Services 0.3%
Verscend Escrow Corp., 9.75%, 8/15/2026 (a)	$	335,000		354,262
Diversified Telecommunication Services 1.3%
Frontier Communications Corp. 7.13%, 1/15/2023		750,000		466,875
8.50%, 4/1/2026 (a)		265,000		249,762
Windstream Services LLC, 8.63%, 10/31/2025 (a)(e)		1,000,000		985,000
				1,701,637

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Electric Utilities 0.9%
Southern California Edison Co., Series B, 4.88%, 3/1/2049	$	600,000	$	636,415
Vistra Operations Co. LLC, 5.63%, 2/15/2027 (a)		540,000		554,175
				1,190,590
Electronic Equipment, Instruments & Components 0.8%
Belden, Inc., 3.88%, 3/15/2028 (a)		EUR    905,000		1,049,346
Energy Equipment & Services 0.6%
Transocean, Inc., 7.25%, 11/1/2025 (a)	$	769,000		761,310
Entertainment 0.9%
Netflix, Inc. 3.88%, 11/15/2029 (a)		EUR    560,000		643,038
5.38%, 11/15/2029 (a)	$	555,000		561,938
				1,204,976
Equity Real Estate Investment Trusts (REITs) 0.4%
American Homes 4 Rent LP, 4.25%, 2/15/2028		125,000		124,389
Highwoods Realty LP, 4.20%, 4/15/2029		383,000		387,594
				511,983
Food Products 1.5%
Darling Ingredients, Inc., 5.25%, 4/15/2027 (a)		595,000		605,412
JBS Investments II GmbH, 7.00%, 1/15/2026 (a)		925,000		962,463
Simmons Foods, Inc., 5.75%, 11/1/2024 (a)		535,000		492,200
				2,060,075
Health Care Equipment & Supplies 0.3%
Medtronic Global Holdings SCA, 1.13%, 3/7/2027		EUR    315,000		363,581
Health Care Providers & Services 0.4%
Surgery Center Holdings, Inc., 10.00%, 4/15/2027 (a)	$	585,000		601,087
Hotels, Restaurants & Leisure 2.8%
Enterprise Development Authority (The), 12.00%, 7/15/2024 (a)		1,175,000		1,204,375
MGM Resorts International, 5.50%, 4/15/2027		665,000		685,781
Scientific Games International, Inc. 3.38%, 2/15/2026 (a)		EUR    135,000		149,022
8.25%, 3/15/2026 (a)	$	1,195,000		1,238,319
VOC Escrow Ltd., 5.00%, 2/15/2028 (a)		440,000		436,700
				3,714,197
Household Durables 1.4%
KB Home, 6.88%, 6/15/2027		935,000		975,906
Lennar Corp., 5.00%, 6/15/2027		910,000		926,778
				1,902,684

23

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Independent Power and Renewable Electricity Producers 0.2%
Clearway Energy Operating LLC, 5.75%, 10/15/2025 (a)	$	300,000	$	306,750
Insurance 1.3%
Farmers Exchange Capital III, (ICE LIBOR USD 3 Month + 3.45%), 5.45%, 10/15/2054 (a)(d)		830,000		826,606
Marsh & McLennan Cos., Inc., 1.98%, 3/21/2030		EUR    250,000		290,109
Protective Life Corp., 4.30%, 9/30/2028 (a)	$	600,000		606,498
				1,723,213
Machinery 0.6%
EnPro Industries, Inc., 5.75%, 10/15/2026 (a)		790,000		811,725
Media 0.7%
MDC Partners, Inc., 6.50%, 5/1/2024 (a)		1,100,000		929,500
Oil, Gas & Consumable Fuels 3.9%
Blue Racer Midstream LLC, 6.63%, 7/15/2026 (a)		715,000		730,194
EnLink Midstream LLC, 5.38%, 6/1/2029		75,000		75,284
EQT Corp., 3.90%, 10/1/2027		1,250,000		1,179,732
Genesis Energy LP 6.50%, 10/1/2025		880,000		884,136
6.25%, 5/15/2026		425,000		420,750
Midwest Connector Capital Co. LLC, 4.63%, 4/1/2029 (a)		587,000		608,838
MPLX LP, 4.50%, 4/15/2038		610,000		585,036
Noble Energy, Inc., 5.25%, 11/15/2043		690,000		725,068
				5,209,038
Paper & Forest Products 0.7%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026 (a)		940,000		965,850
Pharmaceuticals 1.2%
Allergan Funding SCS, 2.63%, 11/15/2028		EUR    250,000		301,697
Bausch Health Cos., Inc., 4.50%, 5/15/2023 (a)	$	495,000		559,936
Par Pharmaceutical, Inc., 7.50%, 4/1/2027 (a)		700,000		726,110
				1,587,743
Semiconductors & Semiconductor Equipment 0.6%
Broadcom, Inc. 3.63%, 10/15/2024 (a)		486,000		479,712
4.25%, 4/15/2026 (a)		384,000		379,569
				859,281
Technology Hardware, Storage & Peripherals 0.4%
Dell International LLC, 4.90%, 10/1/2026 (a)		560,000		573,595

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Thrifts & Mortgage Finance 1.1%
Freedom Mortgage Corp. 8.13%, 11/15/2024 (a)	$	1,175,000	$	1,042,812
8.25%, 4/15/2025 (a)		580,000		514,750
				1,557,562
Tobacco 0.3%
Altria Group, Inc., 2.20%, 6/15/2027	EUR	410,000		473,752
Wireless Telecommunication Services 1.6%
Sprint Corp., 7.63%, 3/1/2026	$	605,000		605,000
Sprint Spectrum Co. LLC, 5.15%, 3/20/2028 (a)		680,000		700,325
T-Mobile USA, Inc., 4.75%, 2/1/2028		955,000		963,356
				2,268,681
				40,257,921
Total Corporate Bonds (cost $67,619,699)			67,985,248
Foreign Government Securities 2.6%
MEXICO 1.3%
United Mexican States, 1.63%, 4/8/2026	EUR	1,500,000		1,684,019
OMAN 0.4%
Oman Government Bond, 4.13%, 1/17/2023 (a)	$	575,000		555,680
QATAR 0.9%
Qatar Government Bond, 4.82%, 3/14/2049 (a)		1,135,000		1,218,706
Total Foreign Government Securities (cost $3,384,946)				3,458,405
Loan Participations 12.4%
UNITED STATES 12.4%
Auto Components 0.4%
Trico Group LLC, Term Loan, (ICE LIBOR USD 6 Month + 7.00%), 9.60%, 12/31/2100 (d)		623,174		588,900
Building Products 0.3%
Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 2/12/2025 (d)		388,639		380,866
Commercial Services & Supplies 0.1%
West Corp., Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 6.63%, 10/10/2024 (d)		160,939		155,528
Communications Equipment 0.3%
CommScope, Inc., Term Loan B2, (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 4/6/2026 (d)		395,000		398,085

24

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Construction & Engineering 0.3%
Interior Logic Group, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 4.00%), 6.60%, 5/21/2025 (d)	$	412,925	$	407,247
Consumer Services 0.1%
Intrawest Resorts Holdings, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 1 Month + 3.00%), 5.48%, 7/31/2024 (d)		180,439		181,116
Containers & Packaging 0.3%
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 6.73%, 6/30/2022 (d)		453,100		399,634
Diversified Telecommunication Services 1.9%
CenturyLink, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 1/31/2025 (d)		1,206,944		1,198,568
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 7/31/2025 (d)		441,000		425,292
Windstream Corp., Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 10.50%, 3/29/2021 (d)		350,278		356,408
Windstream Refinance, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 9.75%, 2/17/2024 (d)		615,000		622,688
				2,602,956
Electronic Equipment, Instruments & Components 0.3%
ATS Consolidated, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 6.23%, 2/28/2025 (d)		346,500		347,692
Equity Real Estate Investment Trusts (REITs) 0.3%
Iron Mountain, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 1.75%), 4.23%, 1/2/2026 (d)		331,650		324,742
Food Products 1.0%
JBS USA LLC, Term Loan B, (ICE LIBOR USD 3 Month + 0.00%), 0.00%, 5/1/2026 (d)		1,380,000		1,381,725
Health Care Providers & Services 0.8%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 4.50%), 6.99%, 11/16/2025 (d)		1,062,338		1,066,704
Insurance 0.2%
Pre-Paid Legal Services, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.73%, 4/11/2025 (d)		321,125		318,983
Machinery 0.5%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 5.49%, 4/19/2025 (d)		669,938		659,888

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Metals & Mining 1.0%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 7.23%, 2/27/2023 (d)	$	1,240,625	$	1,242,697
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.60%, 8/23/2023 (d)		123,125		123,894
				1,366,591
Multiline Retail 0.8%
Neiman Marcus Group, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/2020 (d)		1,085,036		1,003,116
Oil, Gas & Consumable Fuels 0.1%
Prairie ECI Acquiror LP, Term Loan, (ICE LIBOR USD 6 Month + 4.75%), 7.37%, 3/7/2026 (d)		145,000		146,389
Personal Products 0.6%
Alphabet Holding Company, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.98%, 9/26/2024 (d)		895,313		837,118
Pharmaceuticals 0.3%
Bausch Health Companies, Inc., (ICE LIBOR USD 1 Month + 3.00%), 5.47%, 6/2/2025 (d)		407,000		408,612
Semiconductors & Semiconductor Equipment 0.4%
Microchip Technology, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 5/29/2025 (d)		533,871		532,702
Software 0.3%
SS&C Technologies Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/16/2025 (d)		189,571		189,595
SS&C Technologies Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.73%, 4/16/2025 (d)		265,198		265,233
				454,828
Specialty Retail 0.5%
Camping World Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 5.23%, 11/8/2023 (d)		657,164		607,055
Wireless Telecommunication Services 1.6%
SBA Senior Finance II LLC, 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 4.49%, 4/6/2025 (d)		1,324,988		1,316,150
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 5.50%, 2/2/2024 (d)		812,963		799,752
				2,115,902
Total Loan Participation (cost $16,750,143)				16,686,379

25

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

Short-Term Investment 0.6%
	Principal Amount		Value
U.S. Treasury Obligation 0.6%
U.S. Treasury Bills, 2.37% 5/9/2019	$	770,000	$	769,594
Total Short-Term Investment (cost $769,596)				769,594
Total Investments (cost $128,669,222) — 96.9%				130,252,771
Other assets in excess of liabilities — 3.1%				4,198,487
NET ASSETS — 100.0%			$	134,451,258

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $78,601,547 which represents 58.46% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 6 for further information. The interest rate shown was the current rate as of April 30, 2019.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date reflects the next call date.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

EURIBOR Euro Interbank Offered Rate

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

ICE Intercontinental Exchange

IO Interest only

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

Currency:

EUR Euro

USD United States Dollar

Centrally Cleared Credit default swap contracts outstanding — buy protection as of April 30, 2019⁽¹⁾:

Reference Obligation/Index	Financing Rate Paid/ (Received) by the Fund (%)		Frequency of Payments Made/ Received		Maturity Date		Implied Credit Spread  (%)(2)		Notional Amount(3)		Upfront Payments (Receipts)  ($)(4)			Unrealized Appreciation (Depreciation) ($)			Value ($)
Markit CDX North American High Yield Index Series 32-V1		5.00		Quarterly		6/20/2024		3.26		USD 26,300,000		(1,533,818	)		(618,546	)		(2,152,364	)
Markit CDX North American Investment Grade Index Series 32-V1		1.00		Quarterly		6/20/2024		0.56		USD 22,750,000		(365,517	)		(120,365	)		(485,882	)
												(1,899,335	)		(738,911	)		(2,638,246	)

1 The Fund, as a buyer of credit protection, pays periodic payments and any upfront premium to the protection seller, and is obligated to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of each individual swap contract.

2 Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make a payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

26

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Amundi Strategic Income Fund (Continued)

3 The notional amount is the maximum amount that a seller of a credit default swap would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

4 Upfront premiums generally related to payments received or paid at the initiation of the swap agreement to compensate for differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

At April 30, 2019, the Fund has $1,128,487 segregated as collateral for credit default swap contracts.

Currency:

USD United States Dollar

Forward foreign currency contracts outstanding as of April 30, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	USD	7,660,978		EUR	6,767,000	JPMorgan Chase Bank		5/23/2019		56,899
	Total unrealized appreciation									56,899
	USD	623,566		EUR	559,033	JPMorgan Chase Bank		5/23/2019		(4,620	)
	Total unrealized depreciation									(4,620	)
	Net unrealized appreciation									52,279

Currency:

EUR Euro

USD United States Dollar

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		23			6/2019		USD		3,030,969			16,900
												16,900
Short Contracts
Euro-Bobl		(22	)		6/2019		EUR		(3,280,074	)		(6,318	)
Euro-Bund		(118	)		6/2019		EUR		(21,878,579	)		(304,070	)
U.S. Treasury 5 Year Note		(192	)		6/2019		USD		(22,203,000	)		(115,101	)
U.S. Treasury 10 Year Note		(24	)		6/2019		USD		(2,968,125	)		(9,617	)
U.S. Treasury Long Bond		(39	)		6/2019		USD		(5,751,281	)		(70,247	)
U.S. Treasury Ultra Bond		(12	)		6/2019		USD		(1,971,375	)		(5,061	)
USD 10 Year Interest Rate Swap		(21	)		6/2019		USD		(2,191,875	)		(49,599	)
USD 5 Year Interest Rate Swap		(27	)		6/2019		USD		(2,786,274	)		(33,185	)
												(593,198	)
												(576,298	)

At April 30, 2019, the Fund had $770,000 segregated as collateral with the broker for open futures contracts.

Currency:

EUR Euro

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

27

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Amundi Strategic Income Fund
Assets:
Investment securities, at value (cost $128,669,222)	$	130,252,771
Cash		2,864,935
Cash pledged for centrally cleared credit default swap contracts		1,128,487
Deposits with broker for futures contracts		770,000
Foreign currencies, at value (cost $18,481)		18,481
Interest receivable		964,742
Receivable for investments sold		2,361,186
Receivable for capital shares issued		121,527
Reclaims receivable		524
Receivable for variation margin on centrally cleared credit default swap contracts		14,290
Unrealized appreciation on forward foreign currency contracts (Note 2)		56,899
Reimbursement from investment adviser (Note 3)		9,735
Prepaid expenses		36,504
Total Assets		138,600,081
Liabilities:
Payable for investments purchased		3,874,554
Payable for capital shares redeemed		96,070
Payable for variation margin on futures contracts		40,632
Unrealized depreciation on forward foreign currency contracts (Note 2)		4,620
Accrued expenses and other payables:
Investment advisory fees		60,642
Fund administration fees		21,746
Distribution fees		989
Administrative servicing fees		8,256
Accounting and transfer agent fees		3,744
Trustee fees		229
Custodian fees		1,077
Compliance program costs (Note 3)		90
Professional fees		20,147
Printing fees		11,775
Other		4,252
Total Liabilities		4,148,823
Net Assets	$	134,451,258
Represented by:
Capital	$	135,006,090
Total distributable earnings (loss)		(554,832	)
Net Assets	$	134,451,258
Net Assets:
Class A Shares	$	3,461,886
Class C Shares		464,746
Class R6 Shares		105,546,794
Institutional Service Shares		24,977,832
Total	$	134,451,258

28

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Amundi Strategic Income Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		336,529
Class C Shares		45,214
Class R6 Shares		10,259,017
Institutional Service Shares		2,428,582
Total		13,069,342
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.29
Class C Shares (b)	$	10.28
Class R6 Shares	$	10.29
Institutional Service Shares	$	10.28
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.53
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

29

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Amundi Strategic Income Fund
INVESTMENT INCOME:
Interest income	$	3,630,892
Income from securities lending (Note 2)		1,782
Total Income		3,632,674
EXPENSES:
Investment advisory fees		328,949
Fund administration fees		54,512
Distribution fees Class A		2,805
Distribution fees Class C		1,316
Administrative servicing fees Class A		748
Administrative servicing fees Class C		99
Registration and filing fees		24,841
Professional fees		25,190
Printing fees		7,617
Trustee fees		1,913
Custodian fees		2,505
Accounting and transfer agent fees		7,030
Compliance program costs (Note 3)		276
Other		2,657
Total expenses before and expenses reimbursed		460,458
Expenses reimbursed by adviser (Note 3)		(61,033	)
Net Expenses		399,425
NET INVESTMENT INCOME		3,233,249
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(336,664	)
Expiration or closing of futures contracts (Note 2)		(873,343	)
Settlement of forward foreign currency contracts (Note 2)		34,341
Foreign currency transactions (Note 2)		86,372
Expiration or closing of swap contracts (Note 2)		(316,980	)
Net realized losses		(1,406,274	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		3,805,025
Futures contracts (Note 2)		(799,774	)
Forward foreign currency contracts (Note 2)		31,538
Translation of assets and liabilities denominated in foreign currencies		(2,049	)
Swap contracts (Note 2)		(738,798	)
Net change in unrealized appreciation/depreciation		2,295,942
Net realized/unrealized gains		889,668
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,122,917

The accompanying notes are an integral part of these financial statements.

30

Statements of Changes in Net Assets

	Nationwide Amundi Strategic Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,233,249		$	4,375,192
Net realized losses		(1,406,274	)		(431,443	)
Net change in unrealized appreciation/depreciation		2,295,942			(2,820,614	)
Change in net assets resulting from operations		4,122,917			1,123,135
Distributions to Shareholders From:
Distributable earnings:
Class A		(61,595	)		(48,094	)
Class C		(5,479	)		(11,503	)
Class R6		(2,791,875	)		(2,828,759	)
Institutional Service		(266,909	)		(1,656,472	)
Change in net assets from shareholder distributions		(3,125,858	)		(4,544,828	)
Change in net assets from capital transactions		16,354,028			90,114,973
Change in net assets		17,351,087			86,693,280
Net Assets:
Beginning of period		117,100,171			30,406,891
End of period	$	134,451,258		$	117,100,171
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,076,213		$	1,967,348
Dividends reinvested		60,425			47,157
Cost of shares redeemed		(2,699,910	)		(414,154	)
Total Class A Shares		1,436,728			1,600,351
Class C Shares
Proceeds from shares issued		262,004			68,016
Dividends reinvested		5,479			11,503
Cost of shares redeemed		(8,718	)		(39,394	)
Total Class C Shares		258,765			40,125
Class R6 Shares
Proceeds from shares issued		5,699,458			114,216,141
Dividends reinvested		2,791,875			2,828,759
Cost of shares redeemed		(15,371,968	)		(2,982,220	)
Total Class R6 Shares		(6,880,635	)		114,062,680
Institutional Service Shares
Proceeds from shares issued		22,100,679			3,371,022
Dividends reinvested		264,209			1,653,599
Cost of shares redeemed		(825,718	)		(30,612,804	)
Total Institutional Service Shares		21,539,170			(25,588,183	)
Change in net assets from capital transactions	$	16,354,028		$	90,114,973

31

Statements of Changes in Net Assets (Continued)

	Nationwide Amundi Strategic Income Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		402,175			190,431
Reinvested		6,007			4,568
Redeemed		(267,877	)		(40,356	)
Total Class A Shares		140,305			154,643
Class C Shares
Issued		25,767			6,572
Reinvested		544			1,114
Redeemed		(854	)		(3,843	)
Total Class C Shares		25,457			3,843
Class R6 Shares
Issued		561,431			10,951,781
Reinvested		278,016			274,811
Redeemed		(1,528,103	)		(290,172	)
Total Class R6 Shares		(688,656	)		10,936,420
Institutional Service Shares
Issued		2,178,672			326,784
Reinvested		26,148			159,877
Redeemed		(81,632	)		(2,960,623	)
Total Institutional Service Shares		2,123,188			(2,473,962	)
Total change in shares		1,600,294			8,620,944

The accompanying notes are an integral part of these financial statements.

32

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Amundi Strategic Income Fund

			Operations							Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.21		0.26		0.07			0.33		(0.25	)		–			(0.25	)	$	10.29		3.35%	$	3,461,886		0.99%		5.16%		1.09%		48.52%
Year Ended October 31, 2018	$	10.68		0.47		(0.17	)		0.30		(0.37	)		(0.40	)		(0.77	)	$	10.21		2.91%	$	2,003,603		0.94%		4.52%		1.15%		135.53%
Year Ended October 31, 2017	$	10.37		0.55		0.49			1.04		(0.53	)		(0.20	)		(0.73	)	$	10.68		10.50%	$	444,015		0.93%		5.20%		1.52%		199.38%
Period Ended October 31, 2016 (g)	$	10.00		0.45		0.34			0.79		(0.42	)		–			(0.42	)	$	10.37		8.13%	$	132,789		0.97%		4.55%		1.97%		191.67%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.21		0.22		0.07			0.29		(0.22	)		–			(0.22	)	$	10.28		2.90%	$	464,746		1.74%		4.43%		1.84%		48.52%
Year Ended October 31, 2018	$	10.68		0.39		(0.16	)		0.23		(0.30	)		(0.40	)		(0.70	)	$	10.21		2.14%	$	201,674		1.72%		3.73%		1.96%		135.53%
Year Ended October 31, 2017	$	10.37		0.46		0.50			0.96		(0.45	)		(0.20	)		(0.65	)	$	10.68		9.69%	$	169,906		1.67%		4.41%		2.27%		199.38%
Period Ended October 31, 2016 (g)	$	10.00		0.38		0.34			0.72		(0.35	)		–			(0.35	)	$	10.37		7.35%	$	141,305		1.71%		3.85%		2.72%		191.67%
Class R6 Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	10.21		0.28		0.07			0.35		(0.27	)		–			(0.27	)	$	10.29		3.49%	$	105,546,794		0.67%		5.51%		0.78%		48.52%
Year Ended October 31, 2018	$	10.68		0.49		(0.16	)		0.33		(0.40	)		(0.40	)		(0.80	)	$	10.21		3.20%	$	111,777,775		0.67%		4.75%		0.79%		135.53%
Year Ended October 31, 2017	$	10.37		0.57		0.50			1.07		(0.56	)		(0.20	)		(0.76	)	$	10.68		10.80%	$	120,138		0.67%		5.41%		1.27%		199.38%
Period Ended October 31, 2016 (g)	$	10.00		0.48		0.34			0.82		(0.45	)		–			(0.45	)	$	10.37		8.47%	$	108,493		0.67%		4.84%		1.67%		191.67%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.21		0.28		0.06			0.34		(0.27	)		–			(0.27	)	$	10.28		3.38%	$	24,977,832		0.67%		5.47%		0.77%		48.52%
Year Ended October 31, 2018	$	10.68		0.48		(0.14	)		0.34		(0.41	)		(0.40	)		(0.81	)	$	10.21		3.22%	$	3,117,119		0.67%		4.55%		1.08%		135.53%
Year Ended October 31, 2017	$	10.37		0.57		0.50			1.07		(0.56	)		(0.20	)		(0.76	)	$	10.68		10.80%	$	29,672,832		0.67%		5.41%		1.27%		199.38%
Period Ended October 31, 2016 (g)	$	10.00		0.48		0.33			0.81		(0.44	)		–			(0.44	)	$	10.37		8.41%	$	26,796,866		0.72%		4.79%		1.73%		191.67%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from November 3, 2015 (commencement of operations) through October 31, 2016. Total return is calculated based on inception date of November 2, 2015 through October 31, 2016.

(h) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

33

Fund Overview Nationwide Bailard Emerging Markets Equity  Fund

Asset Allocation¹

Common Stocks	96.7%
Exchange Traded Fund	2.1%
Repurchase Agreements	0.5%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.7%
	100.0%

Top Industries²

Banks	19.9%
Oil, Gas & Consumable Fuels	10.5%
Internet & Direct Marketing Retail	6.1%
Interactive Media & Services	5.1%
Technology Hardware, Storage & Peripherals	5.0%
Metals & Mining	4.5%
IT Services	3.8%
Wireless Telecommunication Services	3.7%
Semiconductors & Semiconductor Equipment	3.4%
Food Products	3.2%
Other Industries#	34.8%
	100.0%

Top Countries²

China	31.5%
India	11.9%
South Korea	11.3%
Brazil	8.9%
Taiwan	6.5%
Russia	4.9%
Indonesia	4.5%
United States	3.5%
Mexico	3.2%
Colombia	2.7%
Other Countries#	11.1%
	100.0%

Top Holdings²

Tencent Holdings Ltd.	4.6%
Alibaba Group Holding Ltd., ADR	4.0%
Samsung Electronics Co. Ltd.	4.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	3.4%
Commercial International Bank Egypt SAE (Registered), GDR	2.2%
VanEck Vectors Vietnam ETF	2.1%
China Construction Bank Corp., Class H	1.9%
LUKOIL PJSC, ADR	1.8%
Petroleo Brasileiro SA, ADR	1.6%
Vale SA, ADR	1.6%
Other Holdings#	72.8%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

34

Shareholder Expense Example Nationwide Bailard Emerging Markets Equity Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bailard Emerging Markets Equity Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,118.40		7.35		1.40
	Hypothetical	(a)(b)		1,000.00		1,017.85		7.00		1.40
Class C Shares	Actual	(a)		1,000.00		1,113.30		11.84		2.26
	Hypothetical	(a)(b)		1,000.00		1,013.59		11.28		2.26
Class M Shares	Actual	(a)		1,000.00		1,120.70		5.78		1.10
	Hypothetical	(a)(b)		1,000.00		1,019.34		5.51		1.10
Class R6 Shares	Actual	(a)		1,000.00		1,120.50		5.78		1.10
	Hypothetical	(a)(b)		1,000.00		1,019.34		5.51		1.10
Institutional Service Class Shares	Actual	(a)		1,000.00		1,120.60		6.15		1.17
	Hypothetical	(a)(b)		1,000.00		1,018.99		5.86		1.17

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

35

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund

Common Stocks 96.7%
	Shares		Value
ARGENTINA 1.4%
Internet & Direct Marketing Retail 0.9%
MercadoLibre, Inc.*		600	$	290,484
Software 0.5%
Globant SA*		2,000		167,980
				458,464
BRAZIL 8.9%
Banks 2.6%
Banco Bradesco SA, ADR		12,000		108,720
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		50,000		311,391
Banco Santander Brasil SA, ADR (a)		25,000		286,250
Itau Unibanco Holding SA, ADR		12,000		103,800
				810,161
Capital Markets 0.4%
B3 SA — Brasil Bolsa Balcao*		15,000		131,787
Diversified Consumer Services 0.6%
Estacio Participacoes SA		30,000		207,952
Diversified Telecommunication Services 0.4%
Telefonica Brasil SA, ADR		10,000		119,000
Electric Utilities 0.3%
EDP — Energias do Brasil SA		25,000		111,640
Insurance 0.7%
IRB Brasil Resseguros S/A		10,000		239,474
Metals & Mining 1.6%
Vale SA, ADR		40,000		511,200
Oil, Gas & Consumable Fuels 1.6%
Petroleo Brasileiro SA, ADR*		35,000		533,050
Wireless Telecommunication Services 0.7%
TIM Participacoes SA, ADR*		15,000		222,150
				2,886,414
CHINA 31.4%
Auto Components 0.4%
Tianneng Power International Ltd.		150,000		140,744
Automobiles 0.4%
BAIC Motor Corp. Ltd., Class H Reg. S (b)		200,000		139,841
Banks 6.5%
Agricultural Bank of China Ltd., Class H		450,000		207,373
Bank of China Ltd., Class H		350,000		166,621
China CITIC Bank Corp. Ltd., Class H		440,000		282,258
China Construction Bank Corp., Class H		680,000		599,751
China Merchants Bank Co. Ltd., Class H		70,000		346,967
Industrial & Commercial Bank of China Ltd., Class H		680,000		510,849
				2,113,819
Construction & Engineering 0.3%
Sinopec Engineering Group Co. Ltd., Class H		110,000		106,417
Construction Materials 0.5%
China Resources Cement Holdings Ltd.		150,000		149,858
Diversified Consumer Services 0.4%
New Oriental Education & Technology Group, Inc., ADR*		1,300		124,098

Common Stocks (continued)
	Shares		Value
CHINA (continued)
Diversified Financial Services 0.4%
Far East Horizon Ltd.		125,000	$	138,850
Diversified Telecommunication Services 1.3%
China Communications Services Corp. Ltd., Class H		275,000		221,673
China Telecom Corp. Ltd., Class H		200,000		103,681
China Unicom Hong Kong Ltd.		90,000		106,457
				431,811
Electronic Equipment, Instruments & Components 0.5%
Kingboard Holdings Ltd.		50,000		162,932
Food Products 0.3%
Dali Foods Group Co. Ltd. Reg. S (b)		150,000		106,733
Gas Utilities 0.6%
China Resources Gas Group Ltd.		40,000		185,278
Health Care Providers & Services 0.3%
Sinopharm Group Co. Ltd., Class H		24,923		97,996
Health Care Technology 0.6%
Alibaba Health Information Technology Ltd.*		150,000		179,556
Hotels, Restaurants & Leisure 0.4%
Yum China Holdings, Inc.		2,500		118,850
Independent Power and Renewable Electricity Producers 0.3%
China Resources Power Holdings Co. Ltd.		60,000		83,941
Industrial Conglomerates 0.7%
CITIC Ltd.		150,000		218,079
Insurance 1.1%
Ping An Insurance Group Co. of China Ltd., Class H		30,000		361,475
Interactive Media & Services 5.1%
Baidu, Inc., ADR*		1,000		166,230
Tencent Holdings Ltd.		30,000		1,486,284
				1,652,514
Internet & Direct Marketing Retail 4.0%
Alibaba Group Holding Ltd., ADR*		7,000		1,298,990
Machinery 1.2%
Sinotruk Hong Kong Ltd.		70,000		151,638
Weichai Power Co. Ltd., Class H		150,000		245,340
				396,978
Oil, Gas & Consumable Fuels 1.9%
China Petroleum & Chemical Corp., Class H		300,000		229,995
China Shenhua Energy Co. Ltd., Class H		100,000		221,196
CNOOC Ltd.		90,000		162,828
				614,019
Pharmaceuticals 0.3%
China Resources Pharmaceutical Group Ltd. Reg. S (b)		80,000		113,691
Real Estate Management & Development 1.0%
China Overseas Land & Investment Ltd.		30,000		112,321
Guangzhou R&F Properties Co. Ltd., Class H		100,000		198,869
				311,190
Technology Hardware, Storage & Peripherals 1.0%
Lenovo Group Ltd.		350,000		324,520

36

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
CHINA (continued)
Textiles, Apparel & Luxury Goods 0.6%
Li Ning Co. Ltd.*		100,000	$	181,920
Wireless Telecommunication Services 1.3%
China Mobile Ltd.		45,000		428,373
				10,182,473
COLOMBIA 2.7%
Banks 1.7%
Bancolombia SA, ADR		5,500		278,960
Grupo Aval Acciones y Valores SA, ADR		35,000		275,100
				554,060
Oil, Gas & Consumable Fuels 1.0%
Ecopetrol SA, ADR		17,000		314,330
				868,390
EGYPT 2.2%
Banks 2.2%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S		162,500		711,059
HONG KONG 0.6%
Textiles, Apparel & Luxury Goods 0.6%
Bosideng International Holdings Ltd.		700,000		192,932
HUNGARY 2.5%
Banks 1.4%
OTP Bank Nyrt.		10,000		443,183
Oil, Gas & Consumable Fuels 0.6%
MOL Hungarian Oil & Gas plc		17,300		198,625
Pharmaceuticals 0.5%
Richter Gedeon Nyrt		8,000		158,300
				800,108
INDIA 11.8%
Airlines 0.6%
InterGlobe Aviation Ltd. Reg. S (b)		9,000		196,248
Banks 0.7%
ICICI Bank Ltd., ADR		20,000		229,000
Chemicals 0.5%
Asian Paints Ltd.		7,500		157,766
Consumer Finance 0.7%
Muthoot Finance Ltd.		25,000		214,645
Diversified Financial Services 0.6%
REC Ltd.		90,000		190,909
Food Products 1.0%
Nestle India Ltd.		2,000		313,953
Gas Utilities 0.8%
GAIL India Ltd.		50,000		256,511
Household Products 0.5%
Hindustan Unilever Ltd.		6,000		151,647
IT Services 3.2%
Infosys Ltd., ADR		36,000		387,359
Tata Consultancy Services Ltd.		10,000		325,017
Tech Mahindra Ltd.		14,000		168,684
Wipro Ltd.		46,666		200,661
				1,081,721

Common Stocks (continued)
	Shares		Value
INDIA (continued)
Metals & Mining 0.5%
Hindalco Industries Ltd.		50,000	$	148,642
Oil, Gas & Consumable Fuels 1.7%
Hindustan Petroleum Corp. Ltd.		40,000		167,624
Reliance Industries Ltd.		20,000		400,465
				568,089
Pharmaceuticals 1.0%
Dr Reddy’s Laboratories Ltd.		8,000		337,414
				3,846,545
INDONESIA 4.4%
Banks 1.6%
Bank Negara Indonesia Persero Tbk. PT*		320,000		215,571
Bank Rakyat Indonesia Persero Tbk. PT*		1,100,000		337,316
				552,887
Construction Materials 0.4%
Semen Indonesia Persero Tbk. PT		150,000		142,317
Diversified Telecommunication Services 0.6%
Telekomunikasi Indonesia Persero Tbk. PT		740,000		197,476
Food Products 0.5%
Indofood CBP Sukses Makmur Tbk. PT		220,000		150,188
Gas Utilities 0.5%
Perusahaan Gas Negara Persero Tbk.		900,000		146,624
Media 0.3%
Surya Citra Media Tbk. PT		800,000		104,467
Real Estate Management & Development 0.5%
Pakuwon Jati Tbk. PT		3,000,000		150,520
				1,444,479
MEXICO 3.1%
Food & Staples Retailing 0.9%
Wal-Mart de Mexico SAB de CV		96,000		282,109
Industrial Conglomerates 0.4%
Alfa SAB de CV, Class A		130,000		131,387
Metals & Mining 0.4%
Grupo Mexico SAB de CV Series B		40,000		117,292
Transportation Infrastructure 0.6%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		4,000		196,720
Wireless Telecommunication Services 0.8%
America Movil SAB de CV, Class L, ADR		20,000		295,401
				1,022,909
PAKISTAN 0.9%
Banks 0.3%
MCB Bank Ltd.		70,000		94,122
Chemicals 0.3%
Engro Fertilizers Ltd.		200,000		98,273
Oil, Gas & Consumable Fuels 0.3%
Oil & Gas Development Co. Ltd.		100,000		99,523
				291,918

37

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
RUSSIA 4.9%
Banks 1.3%
Sberbank of Russia PJSC, ADR		15,000	$	216,750
Sberbank of Russia PJSC, ADR		15,000		215,637
				432,387
Metals & Mining 0.7%
Severstal PJSC, GDR Reg. S		15,000		243,784
Oil, Gas & Consumable Fuels 2.9%
Gazprom PJSC, ADR		35,000		175,515
LUKOIL PJSC, ADR		7,000		598,500
Rosneft Oil Co. PJSC, GDR Reg. S		20,000		133,576
				907,591
				1,583,762
SINGAPORE 0.7%
Entertainment 0.7%
IGG, Inc.		170,000		216,074
SOUTH AFRICA 2.2%
Capital Markets 0.5%
Investec Ltd.		24,000		153,245
Internet & Direct Marketing Retail 1.1%
Naspers Ltd., Class N		1,500		383,147
Media 0.0%†
MultiChoice Group Ltd.*		1,500		13,469
Metals & Mining 0.6%
Kumba Iron Ore Ltd.		6,000		180,099
				729,960
SOUTH KOREA 11.2%
Automobiles 0.5%
Kia Motors Corp.		4,000		154,970
Banks 1.4%
Hana Financial Group, Inc.		10,000		315,065
KB Financial Group, Inc.		4,000		158,221
				473,286
Construction & Engineering 0.7%
Daewoo Engineering & Construction Co. Ltd.*		50,000		215,923
Electronic Equipment, Instruments & Components 0.6%
SFA Engineering Corp.		5,000		179,673
Household Durables 1.1%
LG Electronics, Inc.		6,000		389,515
IT Services 0.4%
Samsung SDS Co. Ltd.		700		129,974
Metals & Mining 0.8%
POSCO		1,200		262,062
Oil, Gas & Consumable Fuels 0.5%
SK Innovation Co. Ltd.		1,000		156,109
Technology Hardware, Storage & Peripherals 3.9%
Samsung Electronics Co. Ltd.		33,000		1,293,039
Textiles, Apparel & Luxury Goods 0.5%
LF Corp.		7,000		149,243

Common Stocks (continued)
	Shares		Value
SOUTH KOREA (continued)
Wireless Telecommunication Services 0.8%
SK Telecom Co. Ltd.		1,200	$	254,228
				3,658,022
TAIWAN 6.4%
Capital Markets 0.7%
Yuanta Financial Holding Co. Ltd.		400,000		231,502
Chemicals 0.4%
Grand Pacific Petrochemical		200,000		137,396
Diversified Financial Services 0.5%
Chailease Holding Co. Ltd.		40,000		169,974
Electronic Equipment, Instruments & Components 0.7%
Zhen Ding Technology Holding Ltd.		60,000		214,695
Semiconductors & Semiconductor Equipment 3.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		25,000		1,095,500
Textiles, Apparel & Luxury Goods 0.7%
Ruentex Industries Ltd.		100,000		238,846
				2,087,913
UNITED STATES 1.4%
Food Products 1.4%
JBS SA		90,000		453,776
Total Common Stocks (cost $27,388,162)				31,435,198
Exchange Traded Fund 2.1%
UNITED STATES 2.1%
VanEck Vectors Vietnam ETF		40,000		666,800
Total Exchange Traded Fund (cost $724,776)				666,800
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35%, (c)(d)		10,052		10,052
Total Short-Term Investment (cost $10,052)				10,052
Repurchase Agreements 0.5%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $146,903, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $149,937. (d)(e)	$	146,892		146,892

38

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard Emerging Markets Equity Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $21,557, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $21,987. (d)(e)	$	21,555	$	21,555
Total Repurchase Agreements (cost $168,447)				168,447
Total Investments (cost $28,291,437) — 99.3%				32,280,497
Other assets in excess of liabilities — 0.7%				239,932
NET ASSETS — 100.0%			$	32,520,429

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $171,750, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $10,052 and $168,447, respectively, a total value of $178,499.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $556,513 which represents 1.71% of net assets.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $178,499.

(e) Please refer to Note 2(j) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

ETF Exchange Traded Fund

GDR Global Depositary Receipt

Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

The accompanying notes are an integral part of these financial statements.

39

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bailard Emerging Markets Equity Fund
Assets:
Investment securities, at value* (cost $28,122,990)	$	32,112,050
Repurchase agreements, at value (cost $168,447)		168,447
Cash		347,210
Foreign currencies, at value (cost $638)		630
Interest and dividends receivable		56,767
Security lending income receivable		22
Reclaims receivable		9,169
Reimbursement from investment adviser (Note 3)		17,979
Prepaid expenses		60,350
Total Assets		32,772,624
Liabilities:
Payable for capital shares redeemed		5,002
Payable upon return of securities loaned (Note 2)		178,499
Accrued expenses and other payables:
Investment advisory fees		26,913
Fund administration fees		21,292
Distribution fees		287
Administrative servicing fees		328
Accounting and transfer agent fees		353
Trustee fees		210
Compliance program costs (Note 3)		82
Professional fees		13,885
Printing fees		5,311
Other		33
Total Liabilities		252,195
Net Assets	$	32,520,429
Represented by:
Capital	$	36,183,800
Total distributable earnings (loss)		(3,663,371	)
Net Assets	$	32,520,429
Net Assets:
Class A Shares	$	748,692
Class C Shares		159,177
Class M Shares		31,274,838
Class R6 Shares		178,949
Institutional Service Class Shares		158,773
Total	$	32,520,429

40

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bailard Emerging Markets Equity Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		80,158
Class C Shares		17,314
Class M Shares		3,365,601
Class R6 Shares		21,481
Institutional Service Class Shares		17,147
Total		3,501,701
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.34
Class C Shares (b)	$	9.19
Class M Shares	$	9.29
Class R6 Shares	$	8.33
Institutional Service Class Shares	$	9.26
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.91
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $171,750 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

41

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bailard Emerging Markets Equity Fund
INVESTMENT INCOME:
Dividend income	$	327,579
Interest income		3,953
Income from securities lending (Note 2)		335
Foreign tax withholding		(29,338	)
Total Income		302,529
EXPENSES:
Investment advisory fees		157,760
Fund administration fees		45,404
Distribution fees Class A		898
Distribution fees Class C		790
Administrative servicing fees Class A		185
Administrative servicing fees Class C		124
Administrative servicing fees Institutional Service Class		46
Registration and filing fees		32,253
Professional fees		21,390
Printing fees		8,665
Trustee fees		620
Custodian fees		5,000
Accounting and transfer agent fees		7,887
Compliance program costs (Note 3)		60
Other		3,267
Total expenses before and expenses reimbursed		284,349
Expenses reimbursed by adviser (Note 3)		(108,690	)
Net Expenses		175,659
NET INVESTMENT INCOME		126,870
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(297,330	)
Foreign currency transactions (Note 2)		2,902
Net realized losses		(294,428	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		3,674,005
Translation of assets and liabilities denominated in foreign currencies		(29	)
Net change in unrealized appreciation/depreciation		3,673,976
Net realized/unrealized gains		3,379,548
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,506,418

The accompanying notes are an integral part of these financial statements.

42

Statements of Changes in Net Assets

	Nationwide Bailard Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	126,870		$	2,800,174
Net realized gains (losses)		(294,428	)		14,851,807
Net change in unrealized appreciation/depreciation		3,673,976			(32,123,555	)
Change in net assets resulting from operations		3,506,418			(14,471,574	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(35,697	)		(33,835	)
Class C		(6,486	)		(7,211	)
Class M		(1,577,745	)		(1,329,822	)
Class R6		(925	)		(3,952,094	)
Institutional Service Class		(7,002	)		(9,925	)
Change in net assets from shareholder distributions		(1,627,855	)		(5,332,887	)
Change in net assets from capital transactions		(1,509,871	)		(112,041,997	)
Change in net assets		368,692			(131,846,458	)
Net Assets:
Beginning of period		32,151,737			163,998,195
End of period	$	32,520,429		$	32,151,737
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	42,769		$	218,019
Dividends reinvested		12,032			13,148
Cost of shares redeemed		(53,645	)		(366,434	)
Total Class A Shares		1,156			(135,267	)
Class C Shares
Proceeds from shares issued		–			22,418
Dividends reinvested		6,486			7,211
Cost of shares redeemed		(31,373	)		(57,643	)
Total Class C Shares		(24,887	)		(28,014	)
Class M Shares
Proceeds from shares issued		409,071			1,975,279
Dividends reinvested		1,236,347			1,059,315
Cost of shares redeemed		(3,318,976	)		(3,199,423	)
Total Class M Shares		(1,673,558	)		(164,829	)
Class R6 Shares
Proceeds from shares issued		174,117			2,587,139
Dividends reinvested		925			3,952,094
Cost of shares redeemed		(35	)		(118,068,623	)
Total Class R6 Shares		175,007			(111,529,390	)

43

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard Emerging Markets Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	45,850		$	114,190
Dividends reinvested		5,542			8,909
Cost of shares redeemed		(38,981	)		(307,596	)
Total Institutional Service Class Shares		12,411			(184,497	)
Change in net assets from capital transactions	$	(1,509,871	)	$	(112,041,997	)
SHARE TRANSACTIONS:
Class A Shares
Issued		4,765			19,747
Reinvested		1,450			1,252
Redeemed		(6,111	)		(35,251	)
Total Class A Shares		104			(14,252	)
Class C Shares
Issued		–			2,041
Reinvested		792			698
Redeemed		(3,651	)		(5,316	)
Total Class C Shares		(2,859	)		(2,577	)
Class M Shares
Issued		46,151			178,907
Reinvested		149,860			102,094
Redeemed		(390,559	)		(313,585	)
Total Class M Shares		(194,548	)		(32,584	)
Class R6 Shares
Issued		20,704			239,966
Reinvested		125			377,292
Redeemed		(4	)		(11,554,147	)
Total Class R6 Shares		20,825			(10,936,889	)
Institutional Service Class Shares
Issued		5,021			10,605
Reinvested		674			853
Redeemed		(4,322	)		(28,981	)
Total Institutional Service Class Shares		1,373			(17,523	)
Total change in shares		(175,105	)		(11,003,825	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

44

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard Emerging Markets Equity Fund

			Operations									Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.79		0.02			0.97			0.99			(0.44	)		(0.44	)	$	9.34		11.84%		$	748,692		1.40%		0.50%			2.09%		37.90%
Year Ended October 31, 2018	$	11.17		0.18			(2.21	)		(2.03	)		(0.35	)		(0.35	)	$	8.79		(18.65%	)	$	703,395		1.42%		1.68%			1.64%		78.11%
Year Ended October 31, 2017	$	9.06		0.24			2.03			2.27			(0.16	)		(0.16	)	$	11.17		25.44%		$	1,053,643		1.41%		2.33%			1.51%		89.22%
Year Ended October 31, 2016	$	8.53		0.12			0.48			0.60			(0.07	)		(0.07	)	$	9.06		7.18%		$	66,011		1.37%		1.44%			1.51%		96.21%
Year Ended October 31, 2015	$	10.56		0.19			(2.06	)		(1.87	)		(0.16	)		(0.16	)	$	8.53		(17.83%	)	$	45,353		1.37%		1.97%			1.67%		146.69%
Period Ended October 31, 2014 (g)	$	10.00		0.10			0.46			0.56			–			–		$	10.56		5.60%		$	22,922		1.60%		1.54%			2.63%		64.00%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.65		(0.02	)		0.95			0.93			(0.39	)		(0.39	)	$	9.19		11.33%		$	159,177		2.26%		(0.36%	)		2.95%		37.90%
Year Ended October 31, 2018	$	11.07		0.09			(2.19	)		(2.10	)		(0.32	)		(0.32	)	$	8.65		(19.39%	)	$	174,434		2.27%		0.83%			2.50%		78.11%
Year Ended October 31, 2017	$	9.00		0.15			2.03			2.18			(0.11	)		(0.11	)	$	11.07		24.62%		$	251,782		2.14%		1.50%			2.24%		89.22%
Year Ended October 31, 2016	$	8.52		0.07			0.46			0.53			(0.05	)		(0.05	)	$	9.00		6.37%		$	43,871		2.08%		0.86%			2.21%		96.21%
Year Ended October 31, 2015	$	10.52		0.03			(1.96	)		(1.93	)		(0.07	)		(0.07	)	$	8.52		(18.42%	)	$	16,183		2.09%		0.35%			2.51%		146.69%
Period Ended October 31, 2014 (g)	$	10.00		0.07			0.45			0.52			–			–		$	10.52		5.20%		$	10,518		2.34%		1.15%			3.38%		64.00%
Class M Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.74		0.04			0.96			1.00			(0.45	)		(0.45	)	$	9.29		12.07%		$	31,274,838		1.10%		0.82%			1.79%		37.90%
Year Ended October 31, 2018	$	11.10		0.22			(2.21	)		(1.99	)		(0.37	)		(0.37	)	$	8.74		(18.45%	)(h)	$	31,130,671		1.10%		2.11%			1.34%		78.11%
Year Ended October 31, 2017	$	9.00		0.22			2.06			2.28			(0.18	)		(0.18	)	$	11.10		25.75%	(h)	$	39,893,945		1.10%		2.19%			1.20%		89.22%
Year Ended October 31, 2016	$	8.47		0.15			0.47			0.62			(0.09	)		(0.09	)	$	9.00		7.49%		$	30,377,350		1.10%		1.81%			1.24%		96.21%
Year Ended October 31, 2015	$	10.59		0.15			(2.00	)		(1.85	)		(0.27	)		(0.27	)	$	8.47		(17.54%	)	$	27,536,136		1.10%		1.48%			1.56%		146.69%
Period Ended October 31, 2014 (g)	$	10.00		0.15			0.44			0.59			–			–		$	10.59		5.90%		$	33,826,891		1.10%		2.42%			1.92%		64.00%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	8.85		0.06			0.83			0.89			(1.41	)		(1.41	)	$	8.33		12.05%		$	178,949		1.10%		1.49%			1.78%		37.90%
Year Ended October 31, 2018	$	11.19		0.25			(2.22	)		(1.97	)		(0.37	)		(0.37	)	$	8.85		(18.11%	)	$	5,807		1.10%		2.27%			1.19%		78.11%
Year Ended October 31, 2017	$	9.07		0.23			2.07			2.30			(0.18	)		(0.18	)	$	11.19		25.77%		$	122,430,231		1.10%		2.31%			1.20%		89.22%
Year Ended October 31, 2016	$	8.54		0.15			0.47			0.62			(0.09	)		(0.09	)	$	9.07		7.44%		$	83,929,637		1.10%		1.83%			1.24%		96.21%
Year Ended October 31, 2015	$	10.59		0.26			(2.10	)		(1.84	)		(0.21	)		(0.21	)	$	8.54		(17.52%	)	$	84,183,900		1.10%		2.76%			1.21%		146.69%
Period Ended October 31, 2014 (g)	$	10.00		0.15			0.44			0.59			–			–		$	10.59		5.90%		$	1,017,059		1.10%		2.39%			2.14%		64.00%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from April 1, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 31, 2014 through October 31, 2014.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

45

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard Emerging Markets Equity Fund (Continued)

			Operations								Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	8.71		0.04		0.95			0.99			(0.44	)		(0.44	)	$	9.26		12.06%		$	158,773		1.17%		0.81%		1.86%		37.90%
Year Ended October 31, 2018	$	11.07		0.20		(2.21	)		(2.01	)		(0.35	)		(0.35	)	$	8.71		(18.60%	)	$	137,430		1.25%		1.88%		1.45%		78.11%
Year Ended October 31, 2017	$	8.97		0.21		2.06			2.27			(0.17	)		(0.17	)	$	11.07		25.71%		$	368,594		1.21%		2.16%		1.31%		89.22%
Year Ended October 31, 2016	$	8.45		0.14		0.47			0.61			(0.09	)		(0.09	)	$	8.97		7.41%		$	213,223		1.17%		1.61%		1.30%		96.21%
Year Ended October 31, 2015	$	10.58		0.17		(2.01	)		(1.84	)		(0.29	)		(0.29	)	$	8.45		(17.57%	)	$	23,011		1.06%		1.75%		1.46%		146.69%
Period Ended October 31, 2014 (g)	$	10.00		0.14		0.44			0.58			–			–		$	10.58		5.80%		$	20,328		1.35%		2.19%		2.25%		64.00%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from April 1, 2014 (commencement of operations) through October 31, 2014. Total return is calculated based on inception date of March 31, 2014 through October 31, 2014.

The accompanying notes are an integral part of these financial statements.

46

Fund Overview Nationwide Bailard International Equities Fund

Asset Allocation¹

Common Stocks	97.7%
Repurchase Agreements	2.8%
Exchange Traded Fund	0.9%
Short-Term Investment	0.2%
Liabilities in excess of other assets	(1.6)%
	100.0%

Top Industries²

Banks	9.1%
Oil, Gas & Consumable Fuels	6.6%
Pharmaceuticals	6.4%
Insurance	5.0%
Metals & Mining	4.1%
Capital Markets	4.1%
Food Products	4.1%
Automobiles	3.5%
Diversified Telecommunication Services	3.1%
Construction & Engineering	3.1%
Other Industries#	50.9%
	100.0%

Top Countries²

Japan	17.6%
United Kingdom	13.0%
France	9.5%
Switzerland	9.4%
Australia	6.8%
Hong Kong	6.5%
Netherlands	4.1%
Germany	4.0%
Israel	3.2%
Finland	3.0%
Other Countries#	22.9%
	100.0%

Top Holdings²

Nestle SA (Registered)	2.2%
3i Group plc	1.5%
Roche Holding AG	1.5%
Eiffage SA	1.4%
Toyota Motor Corp.	1.3%
GlaxoSmithKline plc	1.3%
Logitech International SA (Registered)	1.3%
Allianz SE (Registered)	1.3%
L’Oreal SA	1.2%
BHP Group Ltd.	1.1%
Other Holdings#	85.9%
	100.0%

^#   For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

47

Shareholder Expense Example Nationwide Bailard International Equities Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bailard International Equities Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,050.00		6.35		1.25
	Hypothetical	(a)(b)		1,000.00		1,018.60		6.26		1.25
Class C Shares	Actual	(a)		1,000.00		1,047.10		10.15		2.00
	Hypothetical	(a)(b)		1,000.00		1,014.88		9.99		2.00
Class M Shares	Actual	(a)		1,000.00		1,051.70		4.58		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.33		4.51		0.90
Class R6 Shares	Actual	(a)		1,000.00		1,051.70		4.58		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.33		4.51		0.90
Institutional Service Class Shares	Actual	(a)		1,000.00		1,051.70		4.93		0.97
	Hypothetical	(a)(b)		1,000.00		1,019.98		4.86		0.97

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

48

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund

Common Stocks 97.7%
	Shares		Value
ARGENTINA 0.7%
Internet & Direct Marketing Retail 0.3%
MercadoLibre, Inc.*		1,500	$	726,210
Software 0.4%
Globant SA*		10,000		839,900
				1,566,110
AUSTRALIA 6.9%
Banks 0.2%
Commonwealth Bank of Australia		10,000		525,354
Biotechnology 0.9%
CSL Ltd.		14,000		1,959,819
Capital Markets 1.6%
ASX Ltd.		45,000		2,363,447
Macquarie Group Ltd.		6,000		570,411
Magellan Financial Group Ltd.		25,000		786,234
				3,720,092
Containers & Packaging 0.2%
Amcor Ltd.		50,000		565,028
Equity Real Estate Investment Trusts (REITs) 1.1%
Goodman Group		265,000		2,458,504
Food Products 0.2%
Inghams Group Ltd. (a)		150,000		470,570
Health Care Equipment & Supplies 0.3%
Cochlear Ltd.		5,000		660,305
Metals & Mining 2.2%
BHP Group Ltd.		100,000		2,641,103
BHP Group plc		35,000		824,363
Rio Tinto plc		22,000		1,283,568
				4,749,034
Multiline Retail 0.2%
Wesfarmers Ltd.		21,000		533,113
				15,641,819
BRAZIL 1.8%
Banks 0.3%
Banco Bradesco SA, ADR		72,000		652,320
Diversified Telecommunication Services 0.3%
Telefonica Brasil SA, ADR		60,000		714,000
Metals & Mining 0.6%
Vale SA		111,000		1,418,250
Oil, Gas & Consumable Fuels 0.6%
Petroleo Brasileiro SA*		180,000		1,375,328
				4,159,898
CANADA 0.7%
Food & Staples Retailing 0.2%
Empire Co. Ltd., Class A		25,000		556,095
Software 0.3%
Open Text Corp.		15,000		576,621
Wireless Telecommunication Services 0.2%
Rogers Communications, Inc., Class B		10,000		503,471
				1,636,187

Common Stocks (Continued)
	Shares		Value
CHINA 0.3%
Banks 0.3%
BOC Hong Kong Holdings Ltd.		170,000	$	759,168
COLOMBIA 0.8%
Banks 0.6%
Bancolombia SA, ADR		12,000		608,640
Grupo Aval Acciones y Valores SA, ADR		80,000		628,800
				1,237,440
Oil, Gas & Consumable Fuels 0.2%
Ecopetrol SA, ADR		30,000		554,700
				1,792,140
DENMARK 0.3%
Pharmaceuticals 0.3%
Novo Nordisk A/S, Class B		15,000		733,995
EGYPT 1.1%
Banks 1.1%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S		550,000		2,406,661
FINLAND 3.0%
Insurance 0.4%
Sampo OYJ, Class A		20,000		915,957
IT Services 0.5%
Tieto OYJ		41,440		1,179,549
Machinery 0.7%
Metso OYJ (a)		20,000		747,988
Valmet OYJ		30,000		824,499
				1,572,487
Media 0.5%
Sanoma OYJ		110,883		1,130,792
Multiline Retail 0.2%
Tokmanni Group Corp.		55,000		482,449
Oil, Gas & Consumable Fuels 0.3%
Neste OYJ		18,000		593,618
Paper & Forest Products 0.2%
UPM-Kymmene OYJ		20,000		564,561
Trading Companies & Distributors 0.2%
Ramirent OYJ		70,000		491,649
				6,931,062
FRANCE 9.6%
Aerospace & Defense 0.3%
Thales SA		5,000		597,364
Auto Components 0.7%
Faurecia SA		31,500		1,613,885
Automobiles 1.0%
Peugeot SA		90,000		2,358,948
Construction & Engineering 2.1%
Bouygues SA (a)		15,000		566,239
Eiffage SA		30,000		3,139,943
Vinci SA		8,500		860,269
				4,566,451

49

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Food & Staples Retailing 0.3%
Carrefour SA		38,000	$	740,452
Food Products 0.3%
Danone SA		8,000		646,977
Media 0.8%
Lagardere SCA		70,000		1,906,025
Multi-Utilities 0.3%
Engie SA		46,000		681,400
Oil, Gas & Consumable Fuels 1.1%
TOTAL SA		45,000		2,511,258
Personal Products 1.2%
L’Oreal SA (a)		10,000		2,749,384
Pharmaceuticals 0.6%
Ipsen SA		4,000		467,971
Sanofi		11,100		964,858
				1,432,829
Textiles, Apparel & Luxury Goods 0.9%
Kering SA		2,320		1,372,771
LVMH Moet Hennessy Louis Vuitton SE		1,700		666,161
				2,038,932
				21,843,905
GERMANY 4.1%
Diversified Telecommunication Services 0.3%
Deutsche Telekom AG (Registered) REG		40,000		668,916
Insurance 1.2%
Allianz SE (Registered)		12,000		2,892,328
Multi-Utilities 0.3%
E.ON SE		60,000		643,837
Professional Services 0.7%
Amadeus Fire AG		11,536		1,538,691
Specialty Retail 0.3%
Hornbach Holding AG & Co. KGaA		11,000		596,657
Textiles, Apparel & Luxury Goods 0.6%
adidas AG		3,000		771,012
HUGO BOSS AG		8,000		558,966
				1,329,978
Transportation Infrastructure 0.7%
Hamburger Hafen und Logistik AG		63,628		1,600,915
				9,271,322
HONG KONG 6.6%
Banks 1.1%
Dah Sing Banking Group Ltd.		950,000		1,817,959
Hang Seng Bank Ltd.		23,000		603,255
				2,421,214
Consumer Finance 0.3%
Sun Hung Kai & Co. Ltd.		1,200,000		598,279
Diversified Telecommunication Services 0.5%
HKT Trust & HKT Ltd.		400,000		620,140
PCCW Ltd.		690,737		416,346
				1,036,486

Common Stocks (continued)
	Shares		Value
HONG KONG (continued)
Electric Utilities 0.4%
CLP Holdings Ltd.		90,000	$	1,021,598
Food Products 0.4%
WH Group Ltd. Reg. S (b)		850,000		1,009,288
Hotels, Restaurants & Leisure 0.1%
Cafe de Coral Holdings Ltd.		126,000		310,319
Industrial Conglomerates 1.2%
CK Hutchison Holdings Ltd.		200,000		2,097,615
NWS Holdings Ltd.		250,000		518,800
				2,616,415
Insurance 0.3%
AIA Group Ltd.		60,000		612,467
Real Estate Management & Development 2.3%
CK Asset Holdings Ltd.		250,000		2,009,254
New World Development Co. Ltd.		1,000,000		1,650,736
Sun Hung Kai Properties Ltd.		55,000		947,479
Swire Pacific Ltd., Class A		70,000		886,550
				5,494,019
				15,120,085
HUNGARY 1.1%
Banks 0.6%
OTP Bank Nyrt.		30,000		1,329,552
Oil, Gas & Consumable Fuels 0.3%
MOL Hungarian Oil & Gas plc		65,000		746,277
Pharmaceuticals 0.2%
Richter Gedeon Nyrt		26,000		514,475
				2,590,304
INDIA 0.5%
IT Services 0.5%
Infosys Ltd., ADR		100,000		1,076,000
INDONESIA 1.4%
Banks 0.6%
Bank Negara Indonesia Persero Tbk. PT*		800,000		538,927
Bank Rakyat Indonesia Persero Tbk. PT*		2,800,000		858,623
				1,397,550
Diversified Telecommunication Services 0.2%
Telekomunikasi Indonesia Persero Tbk. PT		2,000,000		533,720
Food Products 0.3%
Indofood CBP Sukses Makmur Tbk. PT		900,000		614,406
Gas Utilities 0.3%
Perusahaan Gas Negara Persero Tbk.		4,300,000		700,536
				3,246,212
ISRAEL 3.3%
Banks 1.0%
Bank Leumi Le-Israel BM		325,000		2,225,687
Chemicals 0.2%
Israel Chemicals Ltd.		100,000		530,488
Pharmaceuticals 0.5%
Teva Pharmaceutical Industries Ltd., ADR*		70,000		1,065,400

50

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
ISRAEL (continued)
Software 1.6%
Check Point Software Technologies Ltd.*		10,000	$	1,207,600
CyberArk Software Ltd.*		12,000		1,547,161
Nice Ltd., ADR*		6,000		827,160
				3,581,921
				7,403,496
ITALY 0.4%
Oil, Gas & Consumable Fuels 0.4%
Eni SpA		60,000		1,022,460
JAPAN 18.0%
Auto Components 0.7%
Bridgestone Corp.		20,900		829,426
Denso Corp.		15,000		655,993
				1,485,419
Automobiles 2.6%
Mazda Motor Corp.		64,000		759,336
Mitsubishi Motors Corp.		110,000		618,694
Suzuki Motor Corp.		12,800		580,578
Toyota Motor Corp.		50,000		3,107,746
Yamaha Motor Co. Ltd.		35,000		715,780
				5,782,134
Banks 2.1%
Aozora Bank Ltd.		30,000		732,521
Mizuho Financial Group, Inc.		700,000		1,094,426
Resona Holdings, Inc.		200,000		846,594
Sumitomo Mitsui Financial Group, Inc.		60,000		2,174,721
				4,848,262
Building Products 0.4%
AGC, Inc.		30,000		1,022,385
Chemicals 1.4%
Mitsui Chemicals, Inc.		60,000		1,471,452
Teijin Ltd.		100,000		1,717,281
				3,188,733
Commercial Services & Supplies 0.7%
Kokuyo Co. Ltd.		130,000		1,652,945
Construction & Engineering 0.8%
Obayashi Corp.		175,000		1,716,284
Diversified Financial Services 0.3%
ORIX Corp.		45,000		633,145
Diversified Telecommunication Services 0.9%
Nippon Telegraph & Telephone Corp.		50,000		2,075,998
Electric Utilities 0.3%
Kansai Electric Power Co., Inc. (The)		50,000		604,988
Electronic Equipment, Instruments & Components 1.1%
Hitachi Ltd.		75,000		2,497,941
Food & Staples Retailing 0.4%
Seven & i Holdings Co. Ltd.		25,000		867,386
Hotels, Restaurants & Leisure 0.3%
Round One Corp.		50,000		667,625

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Household Durables 1.0%
Haseko Corp.		130,000	$	1,572,372
Sony Corp.		15,000		759,833
				2,332,205
Insurance 0.3%
MS&AD Insurance Group Holdings, Inc.		20,000		618,835
Oil, Gas & Consumable Fuels 0.3%
JXTG Holdings, Inc.		130,000		629,259
Pharmaceuticals 0.8%
Astellas Pharma, Inc.		130,000		1,766,650
Real Estate Management & Development 0.3%
Nomura Real Estate Holdings, Inc.		30,000		636,548
Semiconductors & Semiconductor Equipment 0.4%
Advantest Corp.		35,000		993,183
Technology Hardware, Storage & Peripherals 0.9%
Canon, Inc.		75,000		2,086,019
Tobacco 0.4%
Japan Tobacco, Inc.		40,000		927,243
Trading Companies & Distributors 1.3%
Marubeni Corp.		250,000		1,791,778
Mitsubishi Corp.		20,000		550,459
Sumitomo Corp.		45,000		639,867
				2,982,104
Wireless Telecommunication Services 0.3%
NTT DOCOMO, Inc.		27,000		585,933
				40,601,224
NETHERLANDS 4.1%
Capital Markets 0.3%
Euronext NV Reg. S (b)		10,000		695,086
Chemicals 0.4%
Koninklijke DSM NV		7,000		802,136
Food & Staples Retailing 0.8%
Koninklijke Ahold Delhaize NV		80,000		1,924,519
Health Care Equipment & Supplies 0.4%
Koninklijke Philips NV		20,000		854,657
Insurance 0.4%
NN Group NV		20,000		871,050
Oil, Gas & Consumable Fuels 1.0%
Royal Dutch Shell plc, Class B		80,000		2,564,782
Professional Services 0.5%
Wolters Kluwer NV		15,000		1,047,779
Semiconductors & Semiconductor Equipment 0.3%
ASML Holding NV (Registered), NYRS		3,000		626,460
				9,386,469
NEW ZEALAND 0.7%
Diversified Telecommunication Services 0.3%
Spark New Zealand Ltd.		250,000		613,015
Health Care Equipment & Supplies 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		50,000		528,339

51

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
NEW ZEALAND (continued)
Independent Power and Renewable Electricity Producers 0.2%
Meridian Energy Ltd.		200,000	$	542,691
				1,684,045
NORWAY 2.6%
Banks 0.5%
DNB ASA* (a)		60,000		1,152,970
Diversified Telecommunication Services 0.4%
Telenor ASA		50,000		1,003,745
Food Products 0.7%
Mowi ASA		50,000		1,086,336
Salmar ASA		10,000		454,356
				1,540,692
Oil, Gas & Consumable Fuels 1.0%
Equinor ASA		100,000		2,227,208
				5,924,615
PAKISTAN 0.5%
Banks 0.1%
MCB Bank Ltd.		200,000		268,921
Chemicals 0.1%
Engro Fertilizers Ltd.		600,000		294,820
Oil, Gas & Consumable Fuels 0.3%
Oil & Gas Development Co. Ltd.		500,000		497,613
				1,061,354
PORTUGAL 0.7%
Electric Utilities 0.4%
EDP — Energias de Portugal SA*		230,000		872,226
Oil, Gas & Consumable Fuels 0.3%
Galp Energia SGPS SA		40,000		670,608
				1,542,834
RUSSIA 1.5%
Banks 0.4%
Sberbank of Russia PJSC, ADR		60,000		862,549
Metals & Mining 0.3%
Severstal PJSC, GDR Reg. S		40,000		650,089
Oil, Gas & Consumable Fuels 0.8%
LUKOIL PJSC, ADR		15,000		1,276,282
Rosneft Oil Co. PJSC, GDR Reg. S		80,000		534,305
				1,810,587
				3,323,225
SINGAPORE 0.5%
Real Estate Management & Development 0.2%
CapitaLand Ltd.		165,000		428,455
Road & Rail 0.3%
ComfortDelGro Corp. Ltd.		360,000		712,284
				1,140,739
SOUTH AFRICA 1.1%
Metals & Mining 1.1%
Anglo American plc		100,000		2,602,390

Common Stocks (continued)
	Shares		Value
SWEDEN 2.1%
Banks 0.4%
Skandinaviska Enskilda Banken AB, Class A		100,000	$	954,410
Commercial Services & Supplies 0.3%
Securitas AB, Class B		40,000		699,052
Communications Equipment 0.4%
Telefonaktiebolaget LM Ericsson, Class B		90,000		891,264
Construction & Engineering 0.4%
Skanska AB, Class B (a)		50,000		869,847
Specialty Retail 0.3%
Hennes & Mauritz AB, Class B		40,000		699,417
Tobacco 0.3%
Swedish Match AB		15,000		731,893
				4,845,883
SWITZERLAND 9.5%
Beverages 0.5%
Coca-Cola HBC AG*		30,000		1,073,103
Capital Markets 0.4%
Partners Group Holding AG		1,300		979,540
Construction Materials 0.7%
LafargeHolcim Ltd. (Registered)*		30,000		1,545,572
Food Products 2.2%
Nestle SA (Registered)		53,000		5,105,584
Health Care Equipment & Supplies 0.1%
Alcon, Inc.*		5,000		287,943
Insurance 1.6%
Baloise Holding AG (Registered)		8,000		1,372,934
Swiss Life Holding AG (Registered)*		5,000		2,351,349
				3,724,283
Machinery 0.3%
Schindler Holding AG		3,500		755,190
Pharmaceuticals 2.4%
Novartis AG (Registered)		22,000		1,796,920
Roche Holding AG		13,000		3,427,392
				5,224,312
Technology Hardware, Storage & Peripherals 1.3%
Logitech International SA (Registered)		75,000		2,938,140
				21,633,667
UNITED KINGDOM 13.3%
Beverages 2.1%
Diageo plc		60,000		2,530,251
Fevertree Drinks plc		60,000		2,470,295
				5,000,546
Capital Markets 1.8%
3i Group plc		250,000		3,500,910
Man Group plc		280,000		572,396
				4,073,306
Diversified Telecommunication Services 0.3%
BT Group plc		200,000		597,572

52

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Electronic Equipment, Instruments & Components 0.4%
Electrocomponents plc		100,000	$	843,246
Hotels, Restaurants & Leisure 1.4%
Compass Group plc		60,000		1,363,768
InterContinental Hotels Group plc		26,882		1,743,769
				3,107,537
Household Durables 0.5%
Persimmon plc		40,000		1,166,583
Insurance 0.8%
Direct Line Insurance Group plc		300,000		1,291,709
Hastings Group Holdings plc Reg. S (b)		250,000		620,416
				1,912,125
Interactive Media & Services 0.5%
Auto Trader Group plc Reg. S (b)		165,000		1,216,617
Media 0.3%
Pearson plc		60,000		649,663
Paper & Forest Products 0.3%
Mondi plc		30,000		658,350
Personal Products 0.8%
Unilever NV, CVA		17,000		1,030,181
Unilever plc		11,500		698,308
				1,728,489
Pharmaceuticals 1.8%
AstraZeneca plc, ADR		25,000		941,500
GlaxoSmithKline plc		150,000		3,076,407
				4,017,907
Professional Services 1.1%
Experian plc		25,000		725,515
Intertek Group plc		12,000		837,315
RELX plc		38,000		871,236
				2,434,066
Specialty Retail 0.9%
WH Smith plc		75,000		2,004,082
Tobacco 0.3%
Imperial Brands plc		21,000		668,623
				30,078,712
UNITED STATES 0.5%
Trading Companies & Distributors 0.5%
Ferguson plc		16,000		1,138,129
Total Common Stocks (cost $202,973,576)				222,164,110
Exchange Traded Fund 0.9%
UNITED STATES 0.9%
VanEck Vectors Vietnam ETF		120,000		2,000,400
Total Exchange Traded Fund (cost $2,217,415)				2,000,400

Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35%, (c)(d)		385,443	$	385,443
Total Short-Term Investment (cost $385,443)				385,443
Repurchase Agreements 2.8%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $5,632,914, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $5,749,218. (d)(e)	$	5,632,492		5,632,492
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $826,590, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $843,059. (d)(e)		826,529		826,529
Total Repurchase Agreements (cost $6,459,021)				6,459,021
Total Investments (cost $212,035,455) — 101.6%				231,008,974
Liabilities in excess of other assets — (1.6)%				(3,603,468	)
NET ASSETS — 100.0%			$	227,405,506

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $6,491,428, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $385,443 and $6,459,021, respectively, a total value of $6,844,464.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $3,541,407 which represents 1.56% of net assets.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $6,844,464.

(e) Please refer to Note 2(j) for additional information on the joint repurchase agreement.

53

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bailard International Equities Fund (Continued)

ADR American Depositary Receipt

CVA Dutch Certification

ETF Exchange Traded Fund

GDR Global Depositary Receipt

NYRS New York Registry Shares

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

54

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bailard International Equities Fund
Assets:
Investment securities, at value* (cost $205,576,434)	$	224,549,953
Repurchase agreements, at value (cost $6,459,021)		6,459,021
Cash		2,404,579
Foreign currencies, at value (cost $88,551)		88,958
Interest and dividends receivable		963,129
Security lending income receivable		2,629
Receivable for investments sold		1,204,026
Receivable for capital shares issued		57,652
Reclaims receivable		648,444
Prepaid expenses		58,780
Total Assets		236,437,171
Liabilities:
Payable for investments purchased		1,719,989
Payable for capital shares redeemed		215,766
Payable upon return of securities loaned (Note 2)		6,844,464
Accrued expenses and other payables:
Investment advisory fees		141,455
Fund administration fees		26,197
Distribution fees		5,320
Administrative servicing fees		38,640
Accounting and transfer agent fees		4,992
Trustee fees		795
Compliance program costs (Note 3)		402
Professional fees		16,026
Printing fees		7,250
Other		10,369
Total Liabilities		9,031,665
Net Assets	$	227,405,506
Represented by:
Capital	$	216,510,119
Total distributable earnings (loss)		10,895,387
Net Assets	$	227,405,506
Net Assets:
Class A Shares	$	7,359,804
Class C Shares		4,404,253
Class M Shares		160,759,378
Class R6 Shares		21,174,642
Institutional Service Class Shares		33,707,429
Total	$	227,405,506

55

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bailard International Equities Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		958,970
Class C Shares		582,860
Class M Shares		20,924,307
Class R6 Shares		2,756,095
Institutional Service Class Shares		4,392,298
Total		29,614,530
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	7.67
Class C Shares (b)	$	7.56
Class M Shares	$	7.68
Class R6 Shares	$	7.68
Institutional Service Class Shares	$	7.67
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.14
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $6,491,428 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

56

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bailard International Equities Fund
INVESTMENT INCOME:
Dividend income	$	3,940,989
Income from securities lending (Note 2)		61,922
Interest income		25,640
Foreign tax withholding		(322,263	)
Total Income		3,706,288
EXPENSES:
Investment advisory fees		933,645
Fund administration fees		70,333
Distribution fees Class A		9,823
Distribution fees Class C		23,756
Administrative servicing fees Class A		3,673
Administrative servicing fees Class C		2,221
Administrative servicing fees Institutional Service Class		15,581
Registration and filing fees		32,692
Professional fees		28,582
Printing fees		14,467
Trustee fees		4,750
Custodian fees		12,241
Accounting and transfer agent fees		15,108
Compliance program costs (Note 3)		600
Other		7,734
Total Expenses		1,175,206
NET INVESTMENT INCOME		2,531,082
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		1,006,925
Settlement of forward foreign currency contracts (Note 2)		(253,524	)
Foreign currency transactions (Note 2)		(142,903	)
Net realized gains		610,498
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		2,940,602
Forward foreign currency contracts (Note 2)		330,717
Translation of assets and liabilities denominated in foreign currencies		(1,937	)
Net change in unrealized appreciation/depreciation		3,269,382
Net realized/unrealized gains		3,879,880
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,410,962

The accompanying notes are an integral part of these financial statements.

57

Statements of Changes in Net Assets

	Nationwide Bailard International Equities Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,531,082		$	10,605,628
Net realized gains (losses)		610,498			(1,845,637	)
Net change in unrealized appreciation/depreciation		3,269,382			(65,057,682	)
Change in net assets resulting from operations		6,410,962			(56,297,691	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(342,372	)		(225,637	)
Class C		(204,554	)		(84,979	)
Class M		(5,563,104	)		(4,481,732	)
Class R6		(2,075,209	)		(4,403,408	)
Institutional Service Class		(2,251,329	)		(2,062,888	)
Change in net assets from shareholder distributions		(10,436,568	)		(11,258,644	)
Change in net assets from capital transactions		(156,854,499	)		(43,642,723	)
Change in net assets		(160,880,105	)		(111,199,058	)
Net Assets:
Beginning of period		388,285,611			499,484,669
End of period	$	227,405,506		$	388,285,611
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	542,421		$	5,449,953
Dividends reinvested		316,370			209,023
Cost of shares redeemed		(2,263,330	)		(13,192,102	)
Total Class A Shares		(1,404,539	)		(7,533,126	)
Class C Shares
Proceeds from shares issued		112,028			1,530,180
Dividends reinvested		183,159			73,657
Cost of shares redeemed		(1,288,911	)		(1,927,572	)
Total Class C Shares		(993,724	)		(323,735	)
Class M Shares
Proceeds from shares issued		28,009,569			10,035,884
Dividends reinvested		3,964,856			3,288,403
Cost of shares redeemed		(38,274,262	)		(12,008,899	)
Total Class M Shares		(6,299,837	)		1,315,388
Class R6 Shares
Proceeds from shares issued		931,639			28,608,517
Dividends reinvested		681,428			2,022,254
Cost of shares redeemed		(121,411,163	)		(63,903,466	)
Total Class R6 Shares		(119,798,096	)		(33,272,695	)

58

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard International Equities Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	4,094,937		$	50,247,449
Dividends reinvested		1,843,822			1,605,410
Cost of shares redeemed		(34,297,062	)		(55,681,414	)
Total Institutional Service Class Shares		(28,358,303	)		(3,828,555	)
Change in net assets from capital transactions	$	(156,854,499	)	$	(43,642,723	)
SHARE TRANSACTIONS:
Class A Shares
Issued		73,040			612,932
Reinvested		46,185			23,883
Redeemed		(313,909	)		(1,494,009	)
Total Class A Shares		(194,684	)		(857,194	)
Class C Shares
Issued		15,937			172,246
Reinvested		27,095			8,431
Redeemed		(179,858	)		(229,183	)
Total Class C Shares		(136,826	)		(48,506	)
Class M Shares
Issued		3,789,657			1,124,738
Reinvested		578,811			377,014
Redeemed		(5,305,592	)		(1,396,807	)
Total Class M Shares		(937,124	)		104,945
Class R6 Shares
Issued		126,710			3,293,348
Reinvested		99,479			231,303
Redeemed		(16,307,880	)		(7,423,686	)
Total Class R6 Shares		(16,081,691	)		(3,899,035	)
Institutional Service Class Shares
Issued		556,360			5,655,241
Reinvested		269,565			184,049
Redeemed		(4,775,939	)		(6,526,450	)
Total Institutional Service Class Shares		(3,950,014	)		(687,160	)
Total change in shares		(21,300,339	)		(5,386,950	)

The accompanying notes are an integral part of these financial statements.

59

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard International Equities Fund

			Operations								Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.63		0.07		0.27			0.34			(0.30	)		(0.30	)	$	7.67		5.00%	(h)	$	7,359,804		1.25%		1.86%		1.25%		35.09%
Year Ended October 31, 2018	$	8.87		0.16		(1.23	)		(1.07	)		(0.17	)		(0.17	)	$	7.63		(12.32%	)	$	8,802,111		1.21%		1.78%		1.21%		70.96%
Year Ended October 31, 2017	$	7.60		0.17		1.28			1.45			(0.18	)		(0.18	)	$	8.87		19.48%		$	17,840,518		1.21%		2.02%		1.21%		95.51%
Year Ended October 31, 2016	$	7.98		0.14		(0.36	)		(0.22	)		(0.16	)		(0.16	)	$	7.60		(2.73%	)	$	6,050,685		1.22%		1.87%		1.22%		84.41%
Year Ended October 31, 2015	$	8.22		0.13		(0.02	)		0.11			(0.35	)		(0.35	)	$	7.98		1.47%		$	6,691,049		1.17%		1.55%		1.17%		98.51%
Period Ended October 31, 2014 (i)	$	8.42		0.03		(0.23	)		(0.20	)		–			–		$	8.22		(2.38%	)	$	3,011,405		1.23%		1.31%		1.23%		31.09%
Year Ended July 31, 2014	$	7.41		0.14		1.03			1.17			(0.16	)		(0.16	)	$	8.42		15.92%		$	3,238,747		1.29%		1.69%		1.32%		83.79%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.54		0.04		0.28			0.32			(0.30	)		(0.30	)	$	7.56		4.71%	(h)	$	4,404,253		2.00%		1.08%		2.00%		35.09%
Year Ended October 31, 2018	$	8.77		0.10		(1.22	)		(1.12	)		(0.11	)		(0.11	)	$	7.54		(12.97%	) (h)	$	5,425,148		1.96%		1.14%		1.96%		70.96%
Year Ended October 31, 2017	$	7.52		0.09		1.29			1.38			(0.13	)		(0.13	)	$	8.77		18.68%		$	6,736,677		1.97%		1.10%		1.97%		95.51%
Year Ended October 31, 2016	$	7.93		0.09		(0.37	)		(0.28	)		(0.13	)		(0.13	)	$	7.52		(3.49%	)	$	4,320,265		1.97%		1.19%		1.97%		84.41%
Year Ended October 31, 2015	$	8.15		0.07		(0.02	)		0.05			(0.27	)		(0.27	)	$	7.93		0.70%		$	5,255,233		1.94%		0.90%		1.94%		98.51%
Period Ended October 31, 2014 (i)	$	8.37		0.01		(0.23	)		(0.22	)		–			–		$	8.15		(2.63%	)	$	2,056,325		2.03%		0.51%		2.03%		31.09%
Year Ended July 31, 2014	$	7.37		0.11		1.00			1.11			(0.11	)		(0.11	)	$	8.37		15.12%		$	2,088,816		1.93%		1.31%		1.94%		83.79%
Class M Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.63		0.08		0.28			0.36			(0.31	)		(0.31	)	$	7.68		5.17%	(h)	$	160,759,378		0.90%		2.29%		0.90%		35.09%
Year Ended October 31, 2018	$	8.87		0.19		(1.23	)		(1.04	)		(0.20	)		(0.20	)	$	7.63		(11.95%	) (h)	$	166,741,655		0.85%		2.22%		0.85%		70.96%
Year Ended October 31, 2017	$	7.60		0.18		1.29			1.47			(0.20	)		(0.20	)	$	8.87		19.87%		$	193,049,933		0.85%		2.28%		0.85%		95.51%
Year Ended October 31, 2016	$	7.97		0.17		(0.36	)		(0.19	)		(0.18	)		(0.18	)	$	7.60		(2.35%	)	$	161,881,871		0.86%		2.24%		0.86%		84.41%
Year Ended October 31, 2015	$	8.22		0.15		(0.02	)		0.13			(0.38	)		(0.38	)	$	7.97		1.82%		$	169,724,549		0.86%		1.89%		0.86%		98.51%
Period Ended October 31, 2014 (i)	$	8.42		0.03		(0.23	)		(0.20	)		–			–		$	8.22		(2.38%	)	$	169,784,066		0.94%		1.60%		0.94%		31.09%
Year Ended July 31, 2014	$	7.40		0.18		1.02			1.20			(0.18	)		(0.18	)	$	8.42		16.42%		$	172,401,379		0.90%		2.19%		0.90%		83.79%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	7.63		0.06		0.30			0.36			(0.31	)		(0.31	)	$	7.68		5.17%		$	21,174,642		0.90%		1.53%		0.90%		35.09%
Year Ended October 31, 2018	$	8.88		0.19		(1.24	)		(1.05	)		(0.20	)		(0.20	)	$	7.63		(12.05%	)	$	143,744,353		0.85%		2.20%		0.85%		70.96%
Year Ended October 31, 2017	$	7.60		0.18		1.30			1.48			(0.20	)		(0.20	)	$	8.88		20.00%		$	201,818,155		0.85%		2.28%		0.85%		95.51%
Year Ended October 31, 2016	$	7.97		0.18		(0.37	)		(0.19	)		(0.18	)		(0.18	)	$	7.60		(2.35%	)	$	145,180,828		0.86%		2.39%		0.86%		84.41%
Year Ended October 31, 2015	$	8.22		0.16		(0.03	)		0.13			(0.38	)		(0.38	)	$	7.97		1.82%		$	1,660,603		0.85%		2.01%		0.85%		98.51%
Period Ended October 31, 2014 (i)	$	8.41		0.03		(0.22	)		(0.19	)		–			–		$	8.22		(2.26%	)	$	488,602		0.94%		1.60%		0.94%		31.09%
Period Ended July 31, 2014 (k)	$	7.91		0.18		0.50			0.68			(0.18	)		(0.18	)	$	8.41		8.78%		$	565,549		0.86%		2.39%		0.86%		83.79%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) For the period from August 1, 2014 through October 31, 2014.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(k) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

60

Financial Highlights (Continued)

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bailard International Equities Fund (Continued)

			Operations								Distributions											Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (e)		Ratio of Net Investment Income to Average Net Assets (e)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(f)		Portfolio Turnover (d)(g)
Institutional Service Class Shares (l)
Six Months Ended April 30, 2019 (Unaudited)	$	7.62		0.07		0.29			0.36			(0.31	)		(0.31	)	$	7.67		5.17%		$	33,707,429		0.97%		1.83%		0.97%		35.09%
Year Ended October 31, 2018	$	8.86		0.19		(1.23	)		(1.04	)		(0.20	)		(0.20	)	$	7.62		(12.06%	) (h)	$	63,572,344		0.95%		2.18%		0.95%		70.96%
Year Ended October 31, 2017	$	7.59		0.17		1.30			1.47			(0.20	)		(0.20	)	$	8.86		19.77%	(h)	$	80,039,386		0.97%		2.10%		0.97%		95.51%
Year Ended October 31, 2016	$	7.96		0.16		(0.36	)		(0.20	)		(0.17	)		(0.17	)	$	7.59		(2.49%	)	$	48,822,689		0.98%		2.10%		0.98%		84.41%
Year Ended October 31, 2015	$	8.21		0.15		(0.02	)		0.13			(0.38	)		(0.38	)	$	7.96		1.74%		$	140,742,502		0.93%		1.80%		0.93%		98.51%
Period Ended October 31, 2014 (i)	$	8.41		0.03		(0.23	)		(0.20	)		–			–		$	8.21		(2.38%	)	$	87,137,595		0.97%		1.57%		0.97%		31.09%
Year Ended July 31, 2014	$	7.40		0.17		1.01			1.18			(0.17	)		(0.17	)	$	8.41		16.13%		$	85,990,498		1.02%		2.12%		1.04%		83.79%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) For the period from August 1, 2014 through October 31, 2014.

(l) Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

The accompanying notes are an integral part of these financial statements.

61

Fund Overview Nationwide Emerging Markets Debt Fund

Asset Allocation¹

Foreign Government Securities	65.4%
Corporate Bonds	27.0%
Asset-Backed Security	0.6%
Purchased Options	0.2%
Interest Rate Swaps	0.1%
Forward Currency Contracts†	0.0%
Other assets in excess of liabilities§	6.7%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	6.8%
Banks	6.0%
Consumer Finance	2.2%
Electric Utilities	2.2%
Metals & Mining	1.6%
Wireless Telecommunication Services	1.6%
Diversified Telecommunication Services	1.6%
Chemicals	1.0%
Automobiles	1.0%
Airlines	0.8%
Other Industries	75.2%
	100.0%

Top Countries²

Mexico	12.8%
Brazil	6.7%
Indonesia	5.7%
Saudi Arabia	5.4%
Colombia	4.1%
Argentina	3.8%
Thailand	3.6%
Russia	3.4%
Peru	3.1%
Philippines	2.7%
Other Countries	48.7%
	100.0%

Top Holdings²

Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2023	4.3%
Kingdom of Thailand, 1.25%, 3/12/2028	2.7%
Titulos de Tesoreria, 7.75%, 9/18/2030	2.7%
United Mexican States, 5.75%, 3/5/2026	2.7%
Qatar Government Bond, 4.50%, 4/23/2028	2.2%
Kingdom of Saudi Arabia, 3.63%, 3/4/2028	2.1%
Russian Federal Bond — OFZ, 7.10%, 10/16/2024	1.8%
Republic of Peru, 5.94%, 2/12/2029	1.7%
Commonwealth of the Bahamas, 6.00%, 11/21/2028	1.6%
United Mexican States, 8.50%, 5/31/2029	1.6%
Other Holdings	76.6%
	100.0%

† Amount rounds to less than 0.1%.

^§  Please refer to the Statement of Assets and Liabilities for additional details.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

62

Shareholder Expense Example Nationwide Emerging Markets Debt Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Emerging Markets Debt Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,071.30		5.91		1.15
	Hypothetical	(a)(b)		1,000.00		1,019.09		5.76		1.15
Class C Shares	Actual	(a)		1,000.00		1,066.80		9.74		1.90
	Hypothetical	(a)(b)		1,000.00		1,015.37		9.49		1.90
Class R6 Shares	Actual	(a)		1,000.00		1,072.60		4.63		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.33		4.51		0.90
Institutional Service Class Shares	Actual	(a)		1,000.00		1,072.60		4.63		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.33		4.51		0.90

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

63

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund

Asset-Backed Security 0.6%
	Principal Amount		Value
CHILE 0.6%
Airlines 0.6%
Latam Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 11/15/2027	$	471,519	$	467,228
Total Asset-Backed Securities (cost $454,695)				467,228
Corporate Bonds 27.0%
ARGENTINA 2.0%
Diversified Telecommunication Services 1.0%
Telecom Argentina SA, Reg. S, 6.50%, 6/15/2021		810,000		766,033
Oil, Gas & Consumable Fuels 1.0%
Transportadora de Gas del Sur SA, 6.75%, 5/2/2025 (a)		800,000		724,000
				1,490,033
BAHRAIN 0.8%
Oil, Gas & Consumable Fuels 0.8%
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/7/2024 (a)		580,000		630,750
BRAZIL 1.0%
Food Products 0.4%
MARB BondCo plc, Reg. S, 6.88%, 1/19/2025		332,000		329,676
Road & Rail 0.6%
Rumo Luxembourg Sarl, 5.88%, 1/18/2025 (a)		447,000		452,592
				782,268
CHINA 0.9%
Automobiles 0.9%
Geely Automobile Holdings Ltd., Reg. S, 3.63%, 1/25/2023		700,000		692,249
COLOMBIA 0.9%
Oil, Gas & Consumable Fuels 0.6%
Transportadora de Gas Internacional SA ESP, 5.55%, 11/1/2028 (a)		400,000		436,500
Wireless Telecommunication Services 0.3%
Millicom International Cellular SA, 6.63%, 10/15/2026 (a)		200,000		214,250
				650,750
CONGO, DEMOCRATIC REPUBLIC OF THE 0.5%
Machinery 0.5%
HTA Group Ltd., Reg. S, 9.13%, 3/8/2022		390,000		406,778

Corporate Bonds (continued)
	Principal Amount		Value
DOMINICAN REPUBLIC 0.5%
Electric Utilities 0.5%
AES Andres BV, Reg. S, 7.95%, 5/11/2026	$	340,000	$	361,675
GHANA 0.5%
Oil, Gas & Consumable Fuels 0.5%
Tullow Oil plc, Reg. S, 6.25%, 4/15/2022		367,000		369,752
INDIA 1.1%
Electric Utilities 0.6%
Adani Transmission Ltd., 4.00%, 8/3/2026 (a)		500,000		478,728
Metals & Mining 0.5%
Vedanta Resources Finance II plc, 9.25%, 4/23/2026 (a)		400,000		401,956
				880,684
INDONESIA 0.9%
Electric Utilities 0.9%
Perusahaan Listrik Negara PT, 6.25%, 1/25/2049 (a)		620,000		692,285
JAMAICA 0.2%
Wireless Telecommunication Services 0.2%
Digicel Group One Ltd., 8.25%, 12/30/2022 (a)		200,000		131,700
MAURITIUS 0.5%
Diversified Telecommunication Services 0.5%
Liquid Telecommunications Financing plc, Reg. S, 8.50%, 7/13/2022		365,000		368,251
MEXICO 4.4%
Banks 0.5%
BBVA Bancomer SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b)		420,000		397,950
Chemicals 0.6%
Mexichem SAB de CV, Reg. S, 5.50%, 1/15/2048		425,000		405,344
Consumer Finance 1.1%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026 (a)		370,000		400,247
Unifin Financiera SAB de CV SOFOM ENR
Reg. S, 7.00%, 1/15/2025		238,000		226,505
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.31%), 8.88%, 1/29/2025 (a)(b)(c)		259,000		233,747
				860,499

64

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
MEXICO (continued)
Equity Real Estate Investment Trusts (REITs) 0.5%
Trust F/1401, Reg. S, 6.95%, 1/30/2044	$	375,000	$	405,000
Oil, Gas & Consumable Fuels 0.7%
Petroleos Mexicanos, Reg. S, 7.19%, 9/12/2024	MXN	11,891,200		527,736
Wireless Telecommunication Services 1.0%
Sixsigma Networks Mexico SA de CV, 7.50%, 5/2/2025 (a)	$	800,000		791,000
				3,387,529
NIGERIA 0.5%
Communications Equipment 0.5%
IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		390,000		403,713
PANAMA 1.0%
Banks 1.0%
Global Bank Corp., (ICE LIBOR USD 3 Month + 3.30%), 5.25%, 4/16/2029 (a)(b)		770,000		782,512
POLAND 1.1%
Banks 1.1%
Powszechna Kasa Oszczednosci Bank Polski SA, Reg. S, 4.63%, 9/26/2022		800,000		831,381
RUSSIA 1.0%
Consumer Finance 1.0%
GTLK Europe DAC, Reg. S, 5.13%, 5/31/2024		740,000		729,041
SAUDI ARABIA 0.7%
Oil, Gas & Consumable Fuels 0.7%
Saudi Arabian Oil Co.
2.88%, 4/16/2024 (a)		363,000		357,488
4.25%, 4/16/2039 (a)		200,000		195,562
				553,050
SINGAPORE 1.1%
Oil, Gas & Consumable Fuels 1.1%
Puma International Financing SA, 5.00%, 1/24/2026 (a)		1,000,000		864,630
SOUTH AFRICA 0.4%
Chemicals 0.4%
SASOL Financing USA LLC, 5.88%, 3/27/2024		307,000		325,780
SPAIN 0.5%
Construction & Engineering 0.5%
International Airport Finance SA, 12.00%, 3/15/2033 (a)		357,000		383,240

Corporate Bonds (continued)
	Principal Amount		Value
THAILAND 0.8%
Oil, Gas & Consumable Fuels 0.8%
PTTEP Treasury Center Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 4.60%, 7/17/2022 (a)(b)(c)	$	600,000	$	597,635
TOGO 1.1%
Banks 1.1%
Ecobank Transnational, Inc., 9.50%, 4/18/2024 (a)		770,000		789,142
TUNISIA 0.9%
Banks 0.9%
Banque Centrale de Tunisie International Bond, 6.75%, 10/31/2023 (a)	EUR	608,000		683,979
TURKEY 1.0%
Banks 1.0%
Turkiye Garanti Bankasi A/S, Reg. S, 5.88%, 3/16/2023	$	800,000		747,400
UKRAINE 0.5%
Metals & Mining 0.5%
Metinvest BV, 8.50%, 4/23/2026 (a)		338,000		331,916
UNITED ARAB EMIRATES 1.5%
Airlines 0.7%
Zahidi Ltd., Reg. S, 4.50%, 3/22/2028		541,439		538,461
Diversified Financial Services 0.5%
ICD Sukuk Co. Ltd., Reg. S, 5.00%, 2/1/2027		370,000		375,343
Multi-Utilities 0.3%
Abu Dhabi National Energy Co. PJSC, 4.88%, 4/23/2030 (a)		200,000		213,250
				1,127,054
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.2%
Oil, Gas & Consumable Fuels 0.2%
Petroleos de Venezuela SA, Reg. S, 5.50%, 4/12/2037 (d)		560,000		117,600
ZAMBIA 0.5%
Metals & Mining 0.5%
First Quantum Minerals Ltd., Reg. S, 7.25%, 5/15/2022		400,000		404,500
Total Corporate Bonds (cost $20,429,877)				20,517,277
Foreign Government Securities 65.4%
ALBANIA 0.5%
Republic of Albania, 3.50%, 10/9/2025 (a)		EUR       304,000		361,550

65

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
ANGOLA 0.6%
Republic of Angola, Reg. S, 8.25%, 5/9/2028	$	400,000	$	418,214
ARGENTINA 1.6%
Provincia de Buenos Aires, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.83%, 15.00% Floor), 40.72%, 5/31/2022 (b)	ARS	12,960,000		226,829
Republic of Argentina
(ARLLMONP + 0.00%), 28.97%, 6/21/2020 (b)		27,498,470		622,683
7.50%, 4/22/2026	$	487,000		365,250
				1,214,762
ARMENIA 0.7%
Republic of Armenia, Reg. S, 7.15%, 3/26/2025		448,000		497,717
BAHAMAS 1.5%
Commonwealth of the Bahamas, 6.00%, 11/21/2028 (a)		1,098,000		1,163,880
BELIZE 0.5%
Republic of Belize, Reg. S, 4.94%, 2/20/2034 (e)		685,400		411,240
BRAZIL 5.3%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2023	BRL	11,194,000		3,014,575
Federative Republic of Brazil, 10.00%, 1/1/2025		3,606,000		974,859
				3,989,434
COLOMBIA 2.9%
Republic of Colombia, 7.50%, 8/26/2026	COP	1,053,700,000		347,191
Titulos de Tesoreria, 7.75%, 9/18/2030		5,680,800,000		1,880,289
				2,227,480
COSTA RICA 0.8%
Republic of Costa Rica
Reg. S, 10.35%, 6/19/2030	CRC	262,000,000		378,868
Reg. S, 7.00%, 4/4/2044	$	200,000		192,000
Reg. S, 7.16%, 3/12/2045		21,000		20,422
				591,290
CZECH REPUBLIC 0.9%
Czech Republic Government Bond
2.00%, 10/13/2033	CZK	13,300,000		556,331
Reg. S, 4.20%, 12/4/2036		2,380,000		128,097
				684,428

Foreign Government Securities (continued)
	Principal Amount		Value
DOMINICAN REPUBLIC 1.9%
Dominican Republic Bond
16.95%, 2/4/2022	DOP	29,700,000	$	691,461
Reg. S, 5.50%, 1/27/2025	$	705,000		727,912
				1,419,373
ECUADOR 1.1%
Republic of Ecuador, Reg. S, 10.75%, 3/28/2022		752,000		841,300
EGYPT 2.3%
Arab Republic of Egypt
6.13%, 1/31/2022		388,000		392,118
6.20%, 3/1/2024		212,000		213,378
7.60%, 3/1/2029		242,000		243,864
5.63%, 4/16/2030	EUR	668,000		708,995
8.70%, 3/1/2049	$	200,000		206,075
				1,764,430
EL SALVADOR 1.0%
Republic of El Salvador
Reg. S, 5.88%, 1/30/2025		626,000		609,567
Reg. S, 8.25%, 4/10/2032		119,000		128,520
				738,087
GABON 1.2%
Republic of Gabon, Reg. S, 6.38%, 12/12/2024		971,000		934,665
GEORGIA 1.3%
Republic of Georgia,Reg. S, 6.88%, 4/12/2021		911,000		962,244
GHANA 0.6%
Ghana Government Bond, 8.63%, 6/16/2049 (a)		467,000		448,516
INDONESIA 4.4%
Republic of Indonesia
8.38%, 3/15/2024	IDR	8,352,000,000		611,036
8.38%, 9/15/2026		11,666,000,000		855,906
6.63%, 5/15/2033		12,831,000,000		776,782
8.38%, 3/15/2034		15,714,000,000		1,113,764
				3,357,488
MALAYSIA 0.9%
Malaysia Government Bond
3.84%, 4/15/2033	MYR	1,507,000		351,354
4.64%, 11/7/2033		1,320,000		336,259
				687,613
MEXICO 7.4%
United Mexican States
10.00%, 12/5/2024	MXN	16,848,300		970,892
5.75%, 3/5/2026		40,426,600		1,875,262
7.50%, 6/3/2027		16,504,600		839,501
8.50%, 5/31/2029		20,750,300		1,120,572
8.50%, 11/18/2038		15,968,200		845,733
				5,651,960

66

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
NIGERIA 0.8%
Nigeria Government Bond
7.14%, 2/23/2030	$	297,000	$	295,563
7.63%, 11/28/2047		300,000		287,358
				582,921
PAPUA NEW GUINEA 1.1%
Papua New Guinea Government International Bond
8.38%, 10/4/2028		400,000		429,000
Reg. S, 8.38%, 10/4/2028		400,000		429,000
				858,000
PARAGUAY 1.3%
Republic of Paraguay, 5.40%, 3/30/2050 (a)		920,000		959,560
PERU 2.8%
Republic of Peru
Reg. S, 8.20%, 8/12/2026	PEN	2,066,000		752,090
Reg. S, 5.94%, 2/12/2029		3,664,000		1,170,236
Reg. S, 6.90%, 8/12/2037		713,000		240,555
				2,162,881
PHILIPPINES 2.5%
Republic of Philippines
6.25%, 3/22/2028	PHP	15,700,000		307,218
6.88%, 1/10/2029		36,000,000		736,325
6.25%, 1/14/2036		10,000,000		210,122
6.75%, 1/24/2039		31,000,000		643,839
				1,897,504
QATAR 2.1%
Qatar Government Bond, 4.50%, 4/23/2028 (a)		1,450,000		1,566,000
ROMANIA 0.8%
Romania Government Bond, 4.63%, 4/3/2049 (a)	EUR	530,000		643,490
RUSSIA 2.2%
Russian Federal Bond — OFZ
7.00%, 12/15/2021	RUB	24,728,000		377,638
7.10%, 10/16/2024		86,952,000		1,305,728
				1,683,366
SAUDI ARABIA 4.3%
Kingdom of Saudi Arabia
Reg. S, 3.63%, 3/4/2028	$	1,481,000		1,481,918
4.38%, 4/16/2029		443,000		464,667
Reg. S, 4.50%, 4/17/2030		356,000		375,139
Reg. S, 4.63%, 10/4/2047		957,000		961,651
				3,283,375
SENEGAL 1.3%
Republic of Senegal, 6.25%, 5/23/2033 (a)		380,000		365,828
Senegal Government Bond, Reg. S, 4.75%, 3/13/2028	EUR	573,000		634,756
				1,000,584

Foreign Government Securities (continued)
	Principal Amount		Value
SERBIA 0.8%
Republic of Serbia, Reg. S, 7.25%, 9/28/2021	$	534,000	$	580,618
SOUTH AFRICA 1.1%
Republic of South Africa
7.75%, 2/28/2023	ZAR	6,287,000		440,068
8.25%, 3/31/2032		2,475,000		158,646
6.25%, 3/31/2036		5,000,000		253,541
				852,255
THAILAND 2.5%
Kingdom of Thailand, Reg. S, 1.25%, 3/12/2028 (b)(f)	THB	65,677,086		1,932,139
TURKEY 1.1%
Republic of Turkey
7.10%, 3/8/2023	TRY	1,340,000		137,887
3.00%, 8/2/2023 (b)		4,201,581		690,629
				828,516
UKRAINE 1.4%
Ukraine Government Bond
Reg. S, 7.75%, 9/1/2023	$	515,000		497,078
Reg. S, 7.38%, 9/25/2032		600,000		528,636
				1,025,714
UZBEKISTAN 0.5%
Republic of Uzbekistan, Reg. S, 4.75%, 2/20/2024		382,000		387,333
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.2%
Bolivarian Republic of Venezuela, Reg. S, 11.75%, 10/21/2026 (d)		445,000		135,725
VIETNAM 1.2%
Socialist Republic of Vietnam
Reg. S, 6.75%, 1/29/2020		670,000		686,582
Reg. S, 4.80%, 11/19/2024		195,000		204,523
				891,105
Total Foreign Government Securities (cost $51,455,463)				49,636,757

67

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Purchased Options 0.2%
	Number of Contracts		Value
Call Options 0.2%
Foreign Exchange Currency Options 0.2%
Foreign Exchange KRW/USD, 7/22/2019 at USD 1,125.00, American Style, Notional Amount: USD 3,650,000, Over the counter*		3,650,000	$	119,033
Total Purchased Options (cost $84,862)				119,033
Total Investments (cost $72,424,897) — 93.2%				70,740,295
Other assets in excess of liabilities — 6.8%				5,185,389
NET ASSETS — 100.0%			$	75,925,684

* Denotes a non-income producing security.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $21,398,648 which represents 28.18% of net assets.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on April 30, 2019. The maturity date reflects the next call date.

(d) Security in default.

(e) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(f) Principal amounts are not adjusted for inflation.

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

Reg.S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

Currency:

ARS Argentina Peso

BRL Brazilian Real

COP Colombian Peso

CRC Costa Rica Colón

CZK Czech Republic Koruna

DOP Dominican Peso

EUR Euro

IDR Indonesian Rupiah

KRW Korean Won

MXN Mexican Peso

MYR Malaysia Ringgit

PEN Peru Nuevo Sol

PHP Philippines Peso

RUB Russia Ruble

THB Thailand Baht

TRY Turkish Lira

USD United States Dollar

ZAR South Africa Rand

68

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Forward foreign currency contracts outstanding as of April 30, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	EGP	14,324,836		USD	813,680	JPMorgan Chase Bank**		7/18/2019		2,456
	INR	113,500,000		USD	1,611,273	Deutsche Bank Securities, Inc.**		7/25/2019		3,223
	USD	1,027,168		BRL	4,035,000	Royal Bank of Canada**		7/25/2019		5,161
	USD	719,295		COP	2,280,000,000	Royal Bank of Canada**		7/25/2019		17,109
	USD	2,432,616		EUR	2,133,978	Deutsche Bank Securities, Inc.		7/25/2019		21,127
	USD	1,444,455		MXN	27,630,000	Barclays Bank plc		7/25/2019		7,321
	USD	1,103,193		PEN	3,650,000	Barclays Bank plc**		7/25/2019		3,463
	USD	1,816,159		PHP	94,700,000	JPMorgan Chase Bank**		7/25/2019		11,575
	USD	751,440		RUB	48,730,000	Barclays Bank plc**		7/25/2019		6,788
	USD	1,952,522		THB	62,000,000	HSBC Bank plc		7/25/2019		6,569
	USD	1,048,937		ZAR	14,780,000	Barclays Bank plc		7/25/2019		26,404
	Total unrealized appreciation									111,196
	TRY	9,460,000		USD	1,616,238	Barclays Bank plc		5/17/2019		(45,850	)
	BRL	290,000		USD	73,824	Royal Bank of Canada**		7/25/2019		(371	)
	CLP	200,000,000		USD	302,967	Royal Bank of Canada**		7/25/2019		(7,786	)
	CZK	56,357,057		USD	2,490,865	JPMorgan Chase Bank		7/25/2019		(19,136	)
	KZT	280,000,000		USD	726,612	JPMorgan Chase Bank**		7/25/2019		(3,072	)
	PLN	2,800,000		USD	743,413	Credit Lyonnais SA		7/25/2019		(8,820	)
	Total unrealized depreciation									(85,035	)
	Net unrealized appreciation									26,161

** Non-deliverable forward.

Currency:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Republic Koruna

EGP Egyptian Pound

EUR Euro

INR Indian Rupee

KZT Kazakhstani Tenge

MXN Mexican Peso

PEN Peru Nuevo Sol

PHP Philippines Peso

PLN Poland New Zloty

RUB Russia Ruble

THB Thailand Baht

TRY Turkish Lira

USD United States Dollar

ZAR South Africa Rand

69

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Emerging Markets Debt Fund (Continued)

Centrally Cleared Interest rate swap contracts outstanding as of April 30, 2019:

Floating Rate Index

Fixed Rate

Pay/ Receive Floating Rate

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

6 Month PRIBOR semi-annually

1.01 annually

Receive

5/4/2022

CZK 22,000,000

–

33,266

33,266

6 Month PRIBOR semi-annually

1.83 annually

Receive

6/28/2023

CZK 68,500,000

–

15,496

15,496

–

48,762

48,762

* There are no upfront payments (receipts) on the swap contracts listed above.

At April 30, 2019, the Fund had $60,816 segregated as collateral for interest rate swap contracts.

Currency:

CZK Czech Republic Koruna

The accompanying notes are an integral part of these financial statements.

70

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Emerging Markets Debt Fund
Assets:
Investment securities, at value (cost $72,424,897)	$	70,740,295
Cash		3,828,988
Foreign currencies, at value (cost $34,370)		18,753
Interest receivable		1,207,859
Reclaims receivable		25,789
Receivable for variation margin on centrally cleared credit default swap contracts		72,884
Unrealized appreciation on forward foreign currency contracts (Note 2)		111,196
Due from broker		97,588
Reimbursement from investment adviser (Note 3)		7,856
Receivable for capital gain country tax		27,826
Prepaid expenses		43,264
Total Assets		76,182,298
Liabilities:
Payable for capital shares redeemed		50,259
Unrealized depreciation on forward foreign currency contracts (Note 2)		85,035
Accrued expenses and other payables:
Investment advisory fees		43,883
Fund administration fees		21,689
Distribution fees		113
Administrative servicing fees		117
Accounting and transfer agent fees		2,058
Trustee fees		164
Deferred capital gain country tax		11,786
Custodian fees		696
Compliance program costs (Note 3)		58
Professional fees		20,533
Printing fees		10,532
Other		9,691
Total Liabilities		256,614
Net Assets	$	75,925,684
Represented by:
Capital	$	78,680,533
Total distributable earnings (loss)		(2,754,849	)
Net Assets	$	75,925,684
Net Assets:
Class A Shares	$	157,225
Class C Shares		98,406
Class R6 Shares		75,561,627
Institutional Service Class Shares		108,426
Total	$	75,925,684

71

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Emerging Markets Debt Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		16,490
Class C Shares		10,366
Class R6 Shares		7,925,073
Institutional Service Class Shares		11,372
Total		7,963,301
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.53
Class C Shares (b)	$	9.49
Class R6 Shares	$	9.53
Institutional Service Class Shares	$	9.53
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.75
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

72

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Emerging Markets Debt Fund
INVESTMENT INCOME:
Interest income	$	2,681,664
Foreign tax withholding		(15,341	)
Total Income		2,666,323
EXPENSES:
Investment advisory fees		264,868
Fund administration fees		49,480
Distribution fees Class A		187
Distribution fees Class C		473
Registration and filing fees		25,877
Professional fees		28,561
Printing fees		7,483
Trustee fees		1,284
Custodian fees		1,690
Accounting and transfer agent fees		5,004
Compliance program costs (Note 3)		185
Other		2,874
Total expenses before and expenses reimbursed		387,966
Expenses reimbursed by adviser (Note 3)		(46,478	)
Net Expenses		341,488
NET INVESTMENT INCOME		2,324,835
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities†		(2,073,905	)
Settlement of forward foreign currency contracts (Note 2)		90,403
Foreign currency transactions (Note 2)		6,694
Expiration or closing of swap contracts (Note 2)		32,461
Net realized losses		(1,944,347	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities††		5,092,850
Forward foreign currency contracts (Note 2)		(131,106	)
Translation of assets and liabilities denominated in foreign currencies		(3,672	)
Swap contracts (Note 2)		(30,184	)
Net change in unrealized appreciation/depreciation		4,927,888
Net realized/unrealized gains		2,983,541
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,308,376

† Net of capital gain country taxes of $1,232.

†† Net of increase in deferred capital gain country tax accrual on unrealized depreciation of $9,024.

The accompanying notes are an integral part of these financial statements.

73

Statements of Changes in Net Assets

	Nationwide Emerging Markets Debt Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,324,835		$	4,659,125
Net realized gains (losses)		(1,944,347	)		1,226,828
Net change in unrealized appreciation/depreciation		4,927,888			(9,315,251	)
Change in net assets resulting from operations		5,308,376			(3,429,298	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,649	)		(8,408	)
Class C		(5,897	)		(4,895	)
Class R6		(5,279,668	)		(4,623,698	)
Institutional Service Class		(6,281	)		(5,799	)
Change in net assets from shareholder distributions		(5,301,495	)		(4,642,800	)
Change in net assets from capital transactions		(4,796,321	)		(6,235,734	)
Change in net assets		(4,789,440	)		(14,307,832	)
Net Assets:
Beginning of period		80,715,124			95,022,956
End of period	$	75,925,684		$	80,715,124
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	978		$	4,550
Dividends reinvested		9,649			8,408
Cost of shares redeemed		(13	)		(30,008	)
Total Class A Shares		10,614			(17,050	)
Class C Shares
Proceeds from shares issued		–			–
Dividends reinvested		5,897			4,895
Cost of shares redeemed		–			(18,000	)
Total Class C Shares		5,897			(13,105	)
Class R6 Shares
Proceeds from shares issued		2,979,446			5,474,158
Dividends reinvested		5,279,668			4,623,698
Cost of shares redeemed		(13,086,727	)		(16,289,234	)
Total Class R6 Shares		(4,827,613	)		(6,191,378	)
Institutional Service Class Shares
Proceeds from shares issued		8,500			–
Dividends reinvested		6,281			5,799
Cost of shares redeemed		–			(20,000	)
Total Institutional Service Class Shares		14,781			(14,201	)
Change in net assets from capital transactions	$	(4,796,321	)	$	(6,235,734	)

74

Statements of Changes in Net Assets (Continued)

	Nationwide Emerging Markets Debt Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		102			443
Reinvested		1,074			824
Redeemed		(1	)		(3,113	)
Total Class A Shares		1,175			(1,846	)
Class C Shares
Issued		–			1
Reinvested		659			479
Redeemed		–			(1,869	)
Total Class C Shares		659			(1,389	)
Class R6 Shares
Issued		314,922			559,149
Reinvested		587,505			454,036
Redeemed		(1,420,790	)		(1,585,441	)
Total Class R6 Shares		(518,363	)		(572,256	)
Institutional Service Class Shares
Issued		895			–
Reinvested		699			569
Redeemed		–			(2,075	)
Total Institutional Service Class Shares		1,594			(1,506	)
Total change in shares		(514,935	)		(576,997	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

75

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Emerging Markets Debt Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.52		0.27		0.37			0.64			(0.54	)		(0.09	)		(0.63	)	$	9.53		7.13%		$	157,225		1.15%		5.84%		1.27%		37.65%
Year Ended October 31, 2018	$	10.49		0.52		(1.00	)		(0.48	)		(0.30	)		(0.19	)		(0.49	)	$	9.52		(4.87%	)(g)	$	145,814		1.15%		5.17%		1.25%		86.23%
Year Ended October 31, 2017	$	10.76		0.50		0.16			0.66			(0.50	)		(0.43	)		(0.93	)	$	10.49		6.73%		$	180,079		1.15%		4.80%		1.23%		106.38%
Period Ended October 31, 2016 (h)	$	10.00		0.30		0.74			1.04			(0.28	)		–			(0.28	)	$	10.76		10.44%	(g)	$	150,084		1.20%		4.29%		1.35%		99.02%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.50		0.24		0.36			0.60			(0.52	)		(0.09	)		(0.61	)	$	9.49		6.68%		$	98,406		1.90%		5.10%		2.02%		37.65%
Year Ended October 31, 2018	$	10.49		0.44		(0.99	)		(0.55	)		(0.25	)		(0.19	)		(0.44	)	$	9.50		(5.53%	)(g)	$	92,176		1.90%		4.42%		2.00%		86.23%
Year Ended October 31, 2017	$	10.76		0.42		0.16			0.58			(0.42	)		(0.43	)		(0.85	)	$	10.49		5.93%		$	116,449		1.90%		4.05%		1.97%		106.38%
Period Ended October 31, 2016 (h)	$	10.00		0.25		0.73			0.98			(0.22	)		–			(0.22	)	$	10.76		9.89%	(g)	$	114,103		1.96%		3.49%		2.11%		99.02%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	9.52		0.29		0.36			0.65			(0.55	)		(0.09	)		(0.64	)	$	9.53		7.26%		$	75,561,627		0.90%		6.15%		1.02%		37.65%
Year Ended October 31, 2018	$	10.49		0.55		(1.01	)		(0.46	)		(0.32	)		(0.19	)		(0.51	)	$	9.52		(4.63%	)(g)	$	80,384,035		0.90%		5.44%		1.00%		86.23%
Year Ended October 31, 2017	$	10.76		0.52		0.16			0.68			(0.52	)		(0.43	)		(0.95	)	$	10.49		7.00%		$	94,608,019		0.90%		5.04%		0.98%		106.38%
Period Ended October 31, 2016 (h)	$	10.00		0.32		0.74			1.06			(0.30	)		–			(0.30	)	$	10.76		10.67%	(g)	$	101,081,348		0.90%		4.53%		1.05%		99.02%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	9.52		0.28		0.37			0.65			(0.55	)		(0.09	)		(0.64	)	$	9.53		7.26%		$	108,426		0.90%		6.09%		1.02%		37.65%
Year Ended October 31, 2018	$	10.49		0.54		(1.00	)		(0.46	)		(0.32	)		(0.19	)		(0.51	)	$	9.52		(4.62%	)(g)	$	93,099		0.90%		5.42%		1.00%		86.23%
Year Ended October 31, 2017	$	10.76		0.52		0.16			0.68			(0.52	)		(0.43	)		(0.95	)	$	10.49		7.00%		$	118,409		0.90%		5.05%		0.98%		106.38%
Period Ended October 31, 2016 (h)	$	10.00		0.32		0.73			1.05			(0.29	)		–			(0.29	)	$	10.76		10.63%	(g)	$	110,648		0.96%		4.48%		1.11%		99.02%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) For the period from March 1, 2016 (commencement of operations) through October 31, 2016. Total return is calculated based on inception date of February 29, 2016 through October 31, 2016.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

76

Fund Overview Nationwide Global Sustainable Equity Fund

Asset Allocation¹

Common Stocks	98.2%
Repurchase Agreements	1.3%
Short-Term Investment	0.1%
Other assets in excess of liabilities	0.4%
	100.0%

Top Industries²

Pharmaceuticals	9.5%
Software	7.3%
Chemicals	7.3%
Machinery	6.9%
Banks	6.5%
Entertainment	5.8%
Insurance	5.4%
Internet & Direct Marketing Retail	5.0%
Personal Products	4.0%
Oil, Gas & Consumable Fuels	3.6%
Other Industries#	38.7%
	100.0%

Top Countries²

United States	51.9%
United Kingdom	11.5%
Japan	9.8%
Switzerland	5.2%
Germany	4.0%
China	3.3%
Netherlands	2.3%
India	2.0%
Australia	1.9%
Denmark	1.8%
Other Countries#	6.3%
	100.0%

Top Holdings²

Amazon.com, Inc.	3.5%
Microsoft Corp.	2.6%
Unilever NV, CVA	2.5%
TJX Cos., Inc. (The)	2.5%
Walt Disney Co. (The)	2.4%
Ecolab, Inc.	2.3%
Sage Group plc (The)	2.1%
Comcast Corp., Class A	2.1%
Marsh & McLennan Cos., Inc.	2.0%
Johnson & Johnson	2.0%
Other Holdings#	76.0%
	100.0%

^#   For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

77

Shareholder Expense Example Nationwide Global Sustainable Equity Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Global Sustainable Equity Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,105.00		6.79		1.30
	Hypothetical	(a)(b)		1,000.00		1,018.35		6.51		1.30
Class C Shares	Actual	(a)		1,000.00		1,100.00		10.93		2.10
	Hypothetical	(a)(b)		1,000.00		1,014.38		10.49		2.10
Class R6 Shares	Actual	(a)		1,000.00		1,106.70		4.96		0.95
	Hypothetical	(a)(b)		1,000.00		1,020.08		4.76		0.95
Institutional Service Class Shares	Actual	(a)		1,000.00		1,106.20		5.33		1.02
	Hypothetical	(a)(b)		1,000.00		1,019.74		5.11		1.02

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

78

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund

Common Stocks 98.2%
	Shares		Value
AUSTRALIA 1.9%
Commercial Services & Supplies 1.9%
Brambles Ltd.		123,856	$	1,053,107
CANADA 0.4%
Entertainment 0.4%
Entertainment One Ltd.		30,779		192,016
CHINA 3.3%
Chemicals 0.0%†
Tianhe Chemicals Group Ltd. Reg. S*^¥ (a)		2,702,000		0
Entertainment 0.8%
Tencent Music Entertainment Group, ADR* (b)		24,500		421,400
Insurance 1.6%
Ping An Insurance Group Co. of China Ltd., Class H		73,000		879,590
Wireless Telecommunication Services 0.9%
China Mobile Ltd.		50,000		475,970
				1,776,960
DENMARK 1.8%
Biotechnology 0.5%
Genmab A/S*		1,549		257,063
Energy Equipment & Services 0.1%
Drilling Co. of 1972 A/S (The)*		1,022		78,458
Marine 1.2%
AP Moller — Maersk A/S, Class B		495		644,792
				980,313
FINLAND 1.0%
Banks 1.0%
Nordea Bank Abp		68,818		541,889
GERMANY 4.0%
Auto Components 0.5%
Continental AG		1,798		297,141
Chemicals 0.8%
LANXESS AG		7,720		446,324
Machinery 1.6%
Jungheinrich AG (Preference)*		15,261		531,959
KION Group AG		4,319		296,204
				828,163
Software 1.1%
SAP SE		4,720		605,757
				2,177,385
INDIA 1.9%
Banks 1.9%
Axis Bank Ltd., GDR Reg. S*		19,502		1,058,736
INDONESIA 0.9%
Banks 0.9%
Bank Mandiri Persero Tbk. PT*		919,700		498,805

Common Stocks (continued)
	Shares		Value
JAPAN 9.8%
Banks 1.0%
Sumitomo Mitsui Financial Group, Inc.		14,800	$	536,431
Chemicals 1.1%
Shin-Etsu Chemical Co. Ltd.		6,100		574,099
Entertainment 1.2%
Nintendo Co. Ltd.		1,900		651,542
Household Durables 0.9%
Sony Corp.		10,100		511,621
Machinery 2.6%
Makita Corp.		21,300		777,901
MINEBEA MITSUMI, Inc.		16,000		281,420
Nabtesco Corp.		12,400		380,396
				1,439,717
Personal Products 1.6%
Kao Corp.		11,200		863,481
Pharmaceuticals 1.4%
Takeda Pharmaceutical Co. Ltd.		20,659		765,906
				5,342,797
NETHERLANDS 2.3%
Chemicals 1.1%
Koninklijke DSM NV		5,303		607,675
Semiconductors & Semiconductor Equipment 1.2%
NXP Semiconductors NV		6,184		653,154
				1,260,829
NORWAY 0.7%
Oil, Gas & Consumable Fuels 0.7%
Equinor ASA		17,094		380,719
SOUTH AFRICA 1.5%
Internet & Direct Marketing Retail 1.5%
Naspers Ltd., Class N		3,103		792,605
SWITZERLAND 5.2%
Health Care Equipment & Supplies 0.7%
Alcon, Inc.*		7,108		409,340
Insurance 1.9%
Zurich Insurance Group AG		3,163		1,011,068
Pharmaceuticals 1.4%
Novartis AG (Registered)		9,499		775,861
Textiles, Apparel & Luxury Goods 1.2%
Cie Financiere Richemont SA (Registered)		8,854		647,561
				2,843,830
TAIWAN 0.5%
Semiconductors & Semiconductor Equipment 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,700		293,594
UNITED KINGDOM 11.4%
Chemicals 1.9%
Linde plc		5,887		1,061,191

79

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Electronic Equipment, Instruments & Components 1.5%
Spectris plc		22,746	$	816,027
Multi-Utilities 1.1%
Centrica plc		420,532		582,959
Personal Products 2.4%
Unilever NV, CVA		22,328		1,353,051
Pharmaceuticals 1.0%
GlaxoSmithKline plc		25,810		529,347
Software 2.1%
Sage Group plc (The)		121,038		1,146,089
Trading Companies & Distributors 1.4%
Ashtead Group plc		27,519		762,963
				6,251,627
UNITED STATES 51.6%
Airlines 1.0%
Southwest Airlines Co.		10,389		563,395
Banks 1.7%
Investors Bancorp, Inc.		36,900		433,575
US Bancorp		9,285		495,076
				928,651
Biotechnology 1.4%
Cyclerion Therapeutics, Inc.*		2,021		30,780
Incyte Corp.*		6,446		495,053
Ironwood Pharmaceuticals, Inc.*		20,219		240,404
				766,237
Building Products 1.1%
Allegion plc		5,800		575,534
Capital Markets 2.9%
Ameriprise Financial, Inc.		3,973		583,117
T. Rowe Price Group, Inc.		9,210		990,075
				1,573,192
Chemicals 2.3%
Ecolab, Inc.		6,935		1,276,595
Commercial Services & Supplies 0.2%
MSA Safety, Inc.		1,172		128,815
Entertainment 3.4%
Electronic Arts, Inc.*		5,688		538,369
Walt Disney Co. (The)		9,628		1,318,747
				1,857,116
Equity Real Estate Investment Trusts (REITs) 1.5%
Simon Property Group, Inc.		4,624		803,189
Food & Staples Retailing 1.0%
Costco Wholesale Corp.		2,330		572,085
Health Care Equipment & Supplies 0.5%
LivaNova plc*		3,600		248,004
Health Care Providers & Services 2.4%
Laboratory Corp. of America Holdings*		1,731		276,822
UnitedHealth Group, Inc.		4,370		1,018,515
				1,295,337
Household Products 1.4%
Procter & Gamble Co. (The)		7,265		773,577

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Insurance 2.0%
Marsh & McLennan Cos., Inc.		11,484	$	1,082,826
Internet & Direct Marketing Retail 3.5%
Amazon.com, Inc.*		986		1,899,549
IT Services 1.6%
Visa, Inc., Class A		5,439		894,335
Life Sciences Tools & Services 1.6%
Bio-Rad Laboratories, Inc., Class A*		2,855		859,155
Machinery 2.7%
AGCO Corp.		10,696		757,063
Gardner Denver Holdings, Inc.*		21,689		732,004
				1,489,067
Media 2.1%
Comcast Corp., Class A		26,324		1,145,884
Oil, Gas & Consumable Fuels 2.9%
EOG Resources, Inc.		6,236		598,968
Hess Corp.		15,357		984,691
				1,583,659
Pharmaceuticals 5.6%
Allergan plc		6,099		896,552
Elanco Animal Health, Inc.*		8,450		266,175
Eli Lilly & Co.		5,016		587,073
Johnson & Johnson		7,553		1,066,483
Medicines Co. (The)* (b)		8,744		279,371
				3,095,654
Semiconductors & Semiconductor Equipment 1.1%
Micron Technology, Inc.*		14,427		606,800
Software 4.1%
Adobe, Inc.*		2,742		793,124
Microsoft Corp.		10,896		1,423,017
				2,216,141
Specialty Retail 2.4%
TJX Cos., Inc. (The)		24,364		1,337,096
Technology Hardware, Storage & Peripherals 1.2%
Western Digital Corp.		12,559		642,016
				28,213,909
Total Common Stocks (cost $45,250,164)				53,659,121
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		42,171		42,171
Total Short-Term Investment (cost $42,171)				42,171

80

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Global Sustainable Equity Fund (Continued)

Repurchase Agreements 1.3%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $616,295, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $629,020. (d)(e)	$	616,249	$	616,249
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $90,437, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $92,239. (d)(e)		90,430		90,430
Total Repurchase Agreements (cost $706,679)				706,679
Total Investments (cost $45,999,014) — 99.6%				54,407,971
Other assets in excess of liabilities — 0.4%				203,615
NET ASSETS — 100.0%			$	54,611,586

* Denotes a non-income producing security.

¥ Fair valued security.

^ Value determined using significant unobservable inputs.

† Amount rounds to less than 0.1%. Asset Types

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $0 which represents 0.0% of net assets.

(b) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $715,090, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $42,171 and $706,679, respectively, a total value of $748,850.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $748,850.

(e) Please refer to Note 2(j) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

CVA Dutch Certification

GDR Global Depositary Receipt

Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

Reg.S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

81

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Global Sustainable Equity Fund
Assets:
Investment securities, at value* (cost $45,292,335)	$	53,701,292
Repurchase agreements, at value (cost $706,679)		706,679
Foreign currencies, at value (cost $74,306)		73,562
Interest and dividends receivable		62,591
Security lending income receivable		3,745
Receivable for investments sold		1,532,842
Receivable for capital shares issued		961
Reclaims receivable		83,297
Reimbursement from investment adviser (Note 3)		11,864
Prepaid expenses		32,830
Total Assets		56,209,663
Liabilities:
Payable for investments purchased		69,918
Payable for capital shares redeemed		7,546
Cash overdraft (Note 2)		637,176
Payable upon return of securities loaned (Note 2)		748,850
Accrued expenses and other payables:
Investment advisory fees		33,887
Fund administration fees		21,268
Distribution fees		14,892
Administrative servicing fees		24,721
Accounting and transfer agent fees		2,229
Trustee fees		116
Compliance program costs (Note 3)		52
Professional fees		18,078
Printing fees		14,630
Other		4,714
Total Liabilities		1,598,077
Net Assets	$	54,611,586
Represented by:
Capital	$	44,314,992
Total distributable earnings (loss)		10,296,594
Net Assets	$	54,611,586
Net Assets:
Class A Shares	$	32,711,019
Class C Shares		10,172,076
Class R6 Shares		7,239,958
Institutional Service Class Shares		4,488,533
Total	$	54,611,586

82

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Global Sustainable Equity Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,810,956
Class C Shares		602,467
Class R6 Shares		387,775
Institutional Service Class Shares		240,271
Total		3,041,469
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	18.06
Class C Shares (b)	$	16.88
Class R6 Shares	$	18.67
Institutional Service Class Shares	$	18.68
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	19.16
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $715,090 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

83

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Global Sustainable Equity Fund
INVESTMENT INCOME:
Dividend income	$	534,755
Income from securities lending (Note 2)		13,801
Interest income		7,632
Foreign tax withholding		(37,941	)
Total Income		518,247
EXPENSES:
Investment advisory fees		194,722
Fund administration fees		46,809
Distribution fees Class A		38,592
Distribution fees Class C		48,504
Administrative servicing fees Class A		15,438
Administrative servicing fees Class C		7,358
Administrative servicing fees Institutional Service Class		1,475
Registration and filing fees		25,176
Professional fees		21,762
Printing fees		13,863
Trustee fees		876
Custodian fees		1,582
Accounting and transfer agent fees		10,105
Compliance program costs (Note 3)		125
Other		2,348
Total expenses before expenses reimbursed		428,735
Expenses reimbursed by adviser (Note 3)		(70,403	)
Net Expenses		358,332
NET INVESTMENT INCOME		159,915
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		1,825,051
Foreign currency transactions (Note 2)		5,140
Net realized gains		1,830,191
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		3,196,634
Translation of assets and liabilities denominated in foreign currencies		342
Net change in unrealized appreciation/depreciation		3,196,976
Net realized/unrealized gains		5,027,167
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,187,082

The accompanying notes are an integral part of these financial statements.

84

Statements of Changes in Net Assets

	Nationwide Global Sustainable Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	159,915		$	250,256
Net realized gains		1,830,191			5,150,014
Net change in unrealized appreciation/depreciation		3,196,976			(4,522,009	)
Change in net assets resulting from operations		5,187,082			878,261
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,154,384	)		(120,099	)
Class C		(1,046,918	)		–
Class R6		(730,117	)		(52,101	)
Institutional Service Class		(444,025	)		(14,887	)
Change in net assets from shareholder distributions		(5,375,444	)		(187,087	)
Change in net assets from capital transactions		1,790,613			(4,396,630	)
Change in net assets		1,602,251			(3,705,456	)
Net Assets:
Beginning of period		53,009,335			56,714,791
End of period	$	54,611,586		$	53,009,335
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	542,348		$	821,265
Dividends reinvested		2,988,343			114,563
Cost of shares redeemed		(2,950,054	)		(4,472,059	)
Total Class A Shares		580,637			(3,536,231	)
Class C Shares
Proceeds from shares issued		100,226			515,003
Dividends reinvested		1,025,467			–
Cost of shares redeemed		(916,148	)		(1,560,893	)
Total Class C Shares		209,545			(1,045,890	)
Class R6 Shares
Proceeds from shares issued		2,014			759,866
Dividends reinvested		660,517			48,620
Cost of shares redeemed		(821,830	)		(1,807,042	)
Total Class R6 Shares		(159,299	)		(998,556	)
Institutional Service Class Shares
Proceeds from shares issued		3,078,990			2,625,804
Dividends reinvested		264,828			12,755
Cost of shares redeemed		(2,184,088	)		(1,454,512	)
Total Institutional Service Class Shares		1,159,730			1,184,047
Change in net assets from capital transactions	$	1,790,613		$	(4,396,630	)

85

Statements of Changes in Net Assets (Continued)

	Nationwide Global Sustainable Equity Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		31,889			42,048
Reinvested		194,301			6,021
Redeemed		(174,955	)		(233,739	)
Total Class A Shares		51,235			(185,670	)
Class C Shares
Issued		6,456			27,776
Reinvested		71,114			–
Redeemed		(61,316	)		(86,032	)
Total Class C Shares		16,254			(58,256	)
Class R6 Shares
Issued		115			38,821
Reinvested		41,594			2,474
Redeemed		(46,612	)		(93,055	)
Total Class R6 Shares		(4,903	)		(51,760	)
Institutional Service Class Shares
Issued		174,066			129,872
Reinvested		16,666			645
Redeemed		(124,841	)		(74,753	)
Total Institutional Service Class Shares		65,891			55,764
Total change in shares		128,477			(239,922	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

86

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Global Sustainable Equity Fund

			Operations									Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	18.30		0.06			1.54			1.60			(0.06	)		(1.78	)		(1.84	)	$	18.06		10.50%		$	32,711,019		1.30%		0.69%			1.57%		23.79%
Year Ended October 31, 2018	$	18.09		0.10			0.17			0.27			(0.06	)		–			(0.06	)	$	18.30		1.50%		$	32,209,451		1.33%		0.53%			1.59%		34.22%
Year Ended October 31, 2017	$	14.42		0.11			3.77			3.88			(0.21	)		–			(0.21	)	$	18.09		27.11%		$	35,195,711		1.37%		0.68%			1.60%		37.98%
Year Ended October 31, 2016	$	14.98		0.14			(0.55	)		(0.41	)		(0.15	)		–			(0.15	)	$	14.42		(2.75%	)	$	33,122,348		1.37%		0.97%			1.63%		147.44%
Year Ended October 31, 2015	$	16.03		0.10			(0.89	)		(0.79	)		(0.26	)		–			(0.26	)	$	14.98		(4.97%	)	$	38,699,660		1.35%		0.62%			1.51%		37.86%
Year Ended October 31, 2014	$	15.38		0.12			0.84			0.96			(0.31	)		–			(0.31	)	$	16.03		6.30%		$	48,044,576		1.33%		0.76%			1.50%		49.77%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	17.25		(0.01	)		1.43			1.42			(0.01	)		(1.78	)		(1.79	)	$	16.88		10.00%		$	10,172,076		2.10%		(0.12%	)		2.37%		23.79%
Year Ended October 31, 2018	$	17.12		(0.05	)		0.18			0.13			–			–			–		$	17.25		0.76%		$	10,109,970		2.11%		(0.25%	)		2.37%		34.22%
Year Ended October 31, 2017	$	13.67		(0.02	)		3.57			3.55			(0.10	)		–			(0.10	)	$	17.12		26.14%		$	11,034,886		2.13%		(0.10%	)		2.36%		37.98%
Year Ended October 31, 2016	$	14.22		0.03			(0.53	)		(0.50	)		(0.05	)		–			(0.05	)	$	13.67		(3.52%		$	10,653,487		2.13%		0.22%			2.39%		147.44%
Year Ended October 31, 2015	$	15.18		(0.02	)		(0.84	)		(0.86	)		(0.10	)		–			(0.10	)	$	14.22		(5.67%	)	$	14,756,387		2.13%		(0.17%	)		2.30%		37.86%
Year Ended October 31, 2014	$	14.65		0.01			0.79			0.80			(0.27	)		–			(0.27	)	$	15.18		5.55%		$	17,561,149		2.04%		0.05%			2.20%		49.77%
Class R6 Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	18.85		0.09			1.59			1.68			(0.08	)		(1.78	)		(1.86	)	$	18.67		10.67%		$	7,239,958		0.95%		1.02%			1.22%		23.79%
Year Ended October 31, 2018	$	18.62		0.17			0.19			0.36			(0.13	)		–			(0.13	)	$	18.85		1.90%		$	7,401,742		0.95%		0.88%			1.21%		34.22%
Year Ended October 31, 2017	$	14.82		0.18			3.88			4.06			(0.26	)		–			(0.26	)	$	18.62		27.68%		$	8,275,044		0.95%		1.08%			1.19%		37.98%
Year Ended October 31, 2016	$	15.40		0.20			(0.57	)		(0.37	)		(0.21	)		–			(0.21	)	$	14.82		(2.39%	)	$	7,375,010		0.95%		1.38%			1.21%		147.44%
Year Ended October 31, 2015	$	16.52		0.17			(0.92	)		(0.75	)		(0.37	)		–			(0.37	)	$	15.40		(4.54%	)	$	8,783,188		0.95%		1.04%			1.11%		37.86%
Year Ended October 31, 2014	$	15.80		0.19			0.85			1.04			(0.32	)		–			(0.32	)	$	16.52		6.68%		$	15,135,663		0.95%		1.16%			1.12%		49.77%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	18.86		0.09			1.58			1.67			(0.07	)		(1.78	)		(1.85	)	$	18.68		10.62%		$	4,488,533		1.02%		1.07%			1.29%		23.79%
Year Ended October 31, 2018	$	18.62		0.16			0.19			0.35			(0.11	)		–			(0.11	)	$	18.86		1.86%		$	3,288,172		1.03%		0.83%			1.29%		34.22%
Year Ended October 31, 2017	$	14.82		0.16			3.89			4.05			(0.25	)		–			(0.25	)	$	18.62		27.56%		$	2,209,150		1.06%		0.96%			1.29%		37.98%
Year Ended October 31, 2016	$	15.40		0.18			(0.57	)		(0.39	)		(0.19	)		–			(0.19	)	$	14.82		(2.52%	)	$	1,505,046		1.07%		1.26%			1.33%		147.44%
Year Ended October 31, 2015	$	16.50		0.15			(0.92	)		(0.77	)		(0.33	)		–			(0.33	)	$	15.40		(4.70%	)	$	2,052,712		1.05%		0.91%			1.22%		37.86%
Year Ended October 31, 2014	$	15.79		0.08			0.95			1.03			(0.32	)		–			(0.32	)	$	16.50		6.60%		$	2,201,635		1.01%		0.47%			1.08%		49.77%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

87

Fund Overview Nationwide International Small Cap Fund

Asset Allocation¹

Common Stocks	89.1%
Repurchase Agreements	6.3%
Exchange Traded Fund	4.9%
Short-Term Investment	0.4%
Rights†	0.0%
Liabilities in excess of other assets	(0.7)%
	100.0%

Top Industries²

Equity Real Estate Investment Trusts (REITs)	6.9%
IT Services	5.6%
Machinery	5.4%
Hotels, Restaurants & Leisure	4.0%
Chemicals	3.6%
Capital Markets	2.9%
Health Care Equipment & Supplies	2.9%
Containers & Packaging	2.9%
Media	2.6%
Real Estate Management & Development	2.5%
Other Industries#	60.7%
	100.0%

Top Countries²

Japan	20.5%
United Kingdom	11.7%
Italy	6.9%
United States	5.8%
Australia	4.0%
Switzerland	3.9%
Sweden	3.7%
Netherlands	3.6%
Spain	2.9%
Ireland	2.7%
Other Countries#	34.3%
	100.0%

Top Holdings²

iShares MSCI EAFE Small-Cap ETF	4.8%
AltaGas Canada, Inc.	1.7%
Tecan Group AG (Registered)	1.5%
GMO Payment Gateway, Inc.	1.5%
DiaSorin SpA	1.2%
Cellnex Telecom SA	1.2%
Corbion NV	1.1%
Smurfit Kappa Group plc	1.1%
Halma plc	1.0%
Obic Co. Ltd.	1.0%
Other Holdings#	83.9%
	100.0%

† Amount rounds to less than 0.1%

^#  For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

88

Shareholder Expense Example Nationwide International Small Cap Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide International Small Cap Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,075.70		6.43		1.25
	Hypothetical	(a)(b)		1,000.00		1,018.60		6.26		1.25
Class R6 Shares	Actual	(a)		1,000.00		1,077.30		5.10		0.99
	Hypothetical	(a)(b)		1,000.00		1,019.89		4.96		0.99
Institutional Service Class Shares	Actual	(a)		1,000.00		1,076.10		5.30		1.03
	Hypothetical	(a)(b)		1,000.00		1,019.69		5.16		1.03

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

89

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund

Common Stocks 89.1%
	Shares		Value
AUSTRALIA 4.1%
Chemicals 0.3%
Nufarm Ltd.		358,942	$	1,280,392
Containers & Packaging 0.7%
Orora Ltd.		1,501,074		3,207,138
Equity Real Estate Investment Trusts (REITs) 0.2%
Charter Hall Education Trust		422,552		1,111,459
Insurance 0.7%
AUB Group Ltd.		341,424		3,042,583
IT Services 0.5%
NEXTDC Ltd.*		516,739		2,327,762
Oil, Gas & Consumable Fuels 0.4%
Beach Energy Ltd.		256,642		385,391
FAR Ltd.* (a)		1,771,629		69,792
Karoon Energy Ltd.*		362,829		244,211
Viva Energy Group Ltd. Reg. S (b)		129,758		202,321
Whitehaven Coal Ltd.		387,796		1,149,745
				2,051,460
Software 1.0%
Bravura Solutions Ltd.		916,669		3,729,715
WiseTech Global Ltd.		29,808		470,466
				4,200,181
Trading Companies & Distributors 0.1%
Seven Group Holdings Ltd.		21,776		301,239
Transportation Infrastructure 0.2%
Atlas Arteria Ltd.		118,903		586,521
Qube Holdings Ltd.		280,187		559,172
				1,145,693
				18,667,907
AUSTRIA 0.7%
Air Freight & Logistics 0.1%
Oesterreichische Post AG		6,668		260,329
Banks 0.4%
BAWAG Group AG Reg. S (b)		37,738		1,836,636
Construction Materials 0.1%
Wienerberger AG		24,147		554,154
Electrical Equipment 0.1%
Zumtobel Group AG*		62,535		452,614
				3,103,733
BELGIUM 1.7%
Biotechnology 0.8%
Galapagos NV*		32,621		3,751,556
Equity Real Estate Investment Trusts (REITs) 0.7%
Warehouses De Pauw CVA		21,688		3,255,084
Media 0.2%
Telenet Group Holding NV		19,287		1,025,122
				8,031,762
BRAZIL 1.1%
Chemicals 0.3%
Braskem SA (Preference), Class A		129,600		1,579,222
IT Services 0.6%
Pagseguro Digital Ltd., Class A*		60,117		1,566,648

Common Stocks (continued)
	Shares		Value
BRAZIL (continued)
IT Services (continued)
StoneCo Ltd., Class A*		42,387	$	1,220,322
				2,786,970
Water Utilities 0.2%
Cia de Saneamento do Parana		44,100		881,753
				5,247,945
CANADA 2.5%
Chemicals 0.2%
EcoSynthetix, Inc.*		529,289		884,980
Gas Utilities 1.6%
AltaGas Canada, Inc.		541,897		7,802,638
Metals & Mining 0.5%
ERO Copper Corp.*		162,336		2,225,955
Oil, Gas & Consumable Fuels 0.2%
Arrow Exploration Corp.*		16,126		3,551
Gran Tierra Energy, Inc.*		103,768		249,409
Parex Resources, Inc.*		27,319		465,342
				718,302
				11,631,875
CHINA 1.5%
Air Freight & Logistics 0.2%
Sinotrans Ltd., Class H		2,639,355		1,082,059
Containers & Packaging 0.3%
AMVIG Holdings Ltd.		5,188,203		1,256,595
Independent Power and Renewable Electricity Producers 0.4%
China Longyuan Power Group Corp. Ltd., Class H		1,505,245		1,034,694
Huaneng Renewables Corp. Ltd., Class H		1,700,000		489,921
				1,524,615
Interactive Media & Services 0.2%
Wise Talent Information Technology Co. Ltd.* (a)(b)		353,800		926,854
Internet & Direct Marketing Retail 0.0%†
Maoyan Entertainment Reg. S* (b)		110,254		226,622
Marine 0.2%
SITC International Holdings Co. Ltd.		1,075,000		1,141,998
Professional Services 0.1%
51job, Inc., ADR*		4,914		453,759
Software 0.1%
Kingdee International Software Group Co. Ltd.		190,000		232,979
				6,845,481
COLOMBIA 0.6%
Oil, Gas & Consumable Fuels 0.1%
Canacol Energy Ltd.*		135,567		404,768
Wireless Telecommunication Services 0.5%
Millicom International Cellular SA, SDR		40,653		2,382,189
				2,786,957
DENMARK 0.5%
Biotechnology 0.1%
Zealand Pharma A/S*		41,318		852,073

90

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
DENMARK (continued)
Building Products 0.1%
Rockwool International A/S, Class B		2,441	$	652,986
Construction & Engineering 0.1%
FLSmidth & Co. A/S		7,556		379,942
Machinery 0.1%
Nilfisk Holding A/S*		5,968		251,955
Marine 0.1%
Dfds A/S		6,198		294,444
				2,431,400
FINLAND 1.3%
Chemicals 0.3%
Kemira OYJ		83,103		1,177,038
Diversified Telecommunication Services 0.2%
DNA OYJ		38,938		926,713
Machinery 0.3%
Cargotec OYJ, Class B		26,264		1,078,786
Konecranes OYJ		12,326		514,376
				1,593,162
Real Estate Management & Development 0.5%
Kojamo OYJ		207,103		2,458,033
				6,154,946
FRANCE 2.0%
Airlines 0.1%
Air France-KLM*		33,304		385,469
Gas Utilities 0.0%†
Rubis SCA		97		5,309
Health Care Equipment & Supplies 0.5%
BioMerieux		35,893		2,848,641
Household Durables 0.5%
Kaufman & Broad SA		54,477		2,173,776
Road & Rail 0.1%
ALD SA Reg. S (b)		17,742		260,919
Semiconductors & Semiconductor Equipment 0.2%
SOITEC*		10,805		1,097,061
Specialty Retail 0.6%
Maisons du Monde SA Reg. S (b)		125,100		2,702,351
				9,473,526
GERMANY 2.6%
Biotechnology 0.2%
Affimed NV*		288,393		951,697
Electrical Equipment 0.0%†
SGL Carbon SE*		16,231		144,891
Health Care Equipment & Supplies 0.5%
Sartorius AG (Preference)		12,015		2,201,436
Industrial Conglomerates 0.6%
Rheinmetall AG		25,121		2,887,394
Internet & Direct Marketing Retail 0.6%
Delivery Hero SE Reg. S* (b)		71,847		3,310,795
Machinery 0.1%
Stabilus SA		4,548		253,702

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Metals & Mining 0.3%
Aurubis AG		25,104	$	1,222,043
Road & Rail 0.1%
Sixt SE		2,154		240,168
Semiconductors & Semiconductor Equipment 0.2%
Siltronic AG*		7,502		734,959
				11,947,085
GHANA 0.3%
Oil, Gas & Consumable Fuels 0.3%
Kosmos Energy Ltd.		52,010		347,947
Tullow Oil plc		368,291		1,078,546
				1,426,493
GREECE 0.4%
Diversified Telecommunication Services 0.4%
Hellenic Telecommunications Organization SA		145,567		2,020,936
HONG KONG 1.7%
Equity Real Estate Investment Trusts (REITs) 0.5%
Champion REIT		2,758,000		2,332,988
IT Services 0.5%
SUNeVision Holdings Ltd.		2,652,611		2,263,140
Machinery 0.4%
Singamas Container Holdings Ltd.		9,611,427		1,704,067
Marine 0.3%
Pacific Basin Shipping Ltd.		6,508,000		1,337,254
Transportation Infrastructure 0.0%†
Hutchison Port Holdings Trust		947,800		222,791
				7,860,240
INDIA 0.5%
Aerospace & Defense 0.3%
Bharat Electronics Ltd.		1,075,786		1,348,623
Capital Markets 0.2%
Edelweiss Financial Services Ltd.		466,546		997,985
				2,346,608
INDONESIA 0.2%
Diversified Telecommunication Services 0.2%
Link Net Tbk. PT*		3,414,235		1,042,484
IRELAND 2.7%
Containers & Packaging 1.1%
Smurfit Kappa Group plc		178,053		5,219,304
Equity Real Estate Investment Trusts (REITs) 0.4%
Irish Residential Properties REIT plc		984,413		1,743,449
Marine 0.3%
Irish Continental Group plc		266,019		1,500,639
				1,500,639
Media 0.9%
Tarsus Group plc		1,036,771		4,257,977
				12,721,369

91

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
ISRAEL 0.9%
IT Services 0.6%
Wix.com Ltd.*		17,941	$	2,406,964
Oil, Gas & Consumable Fuels 0.1%
Delek Group Ltd.		2,870		546,844
Paz Oil Co. Ltd.		534		77,819
				624,663
Pharmaceuticals 0.2%
MediWound Ltd.*		216,233		1,150,360
				4,181,987
ITALY 7.1%
Capital Markets 0.5%
Anima Holding SpA Reg. S* (b)		219,305		875,113
Banca Generali SpA		57,198		1,616,868
				2,491,981
Commercial Services & Supplies 0.4%
Fila SpA		133,169		2,067,049
Construction Materials 0.7%
Buzzi Unicem SpA (a)		149,516		3,335,181
Diversified Financial Services 1.1%
Banca Farmafactoring SpA Reg. S (b)		484,100		2,862,033
Cerved Group SpA		159,469		1,556,168
				4,418,201
Gas Utilities 0.8%
Italgas SpA		565,457		3,531,096
Health Care Equipment & Supplies 1.3%
DiaSorin SpA		56,625		5,531,276
Hotels, Restaurants & Leisure 0.4%
Autogrill SpA		212,921		2,069,477
Independent Power and Renewable Electricity Producers 0.0%†
ERG SpA		8,762		161,640
Machinery 1.0%
Gima TT SpA Reg. S (b)		247,611		1,968,016
Interpump Group SpA		62,307		2,339,344
				4,307,360
Textiles, Apparel & Luxury Goods 0.8%
OVS SpA Reg. S* (a)(b)		1,137,876		2,373,160
Salvatore Ferragamo SpA		61,314		1,389,076
				3,762,236
Transportation Infrastructure 0.1%
Enav SpA Reg. S (b)		60,454		330,444
Societa Iniziative Autostradali e Servizi SpA		18,135		298,959
				629,403
				32,304,900
JAPAN 20.7%
Banks 1.0%
Bank of Kyoto Ltd. (The)		78,416		3,365,940
San-In Godo Bank Ltd. (The)		163,343		1,073,687
				4,439,627
Capital Markets 0.4%
Jafco Co. Ltd.		47,800		1,805,110

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Chemicals 0.7%
Daicel Corp.		100,361	$	1,122,588
JSR Corp.		73,107		1,112,252
Tokyo Ohka Kogyo Co. Ltd.		27,030		863,271
				3,098,111
Commercial Services & Supplies 0.1%
Raksul, Inc.* (a)		9,674		388,088
Construction & Engineering 0.8%
JGC Corp.		98,900		1,418,602
SHO-BOND Holdings Co. Ltd.		30,777		2,104,396
				3,522,998
Construction Materials 0.4%
Sumitomo Osaka Cement Co. Ltd.		21,196		857,961
Taiheiyo Cement Corp.		30,809		991,972
				1,849,933
Consumer Finance 0.5%
Acom Co. Ltd.		704,000		2,477,850
Diversified Financial Services 0.5%
Tokyo Century Corp.		46,400		2,123,872
Electric Utilities 0.3%
Kyushu Electric Power Co., Inc.		159,600		1,540,519
Entertainment 0.7%
DeNA Co. Ltd.		41,000		640,317
Square Enix Holdings Co. Ltd.		32,477		1,122,220
Toei Co. Ltd.		11,890		1,544,391
				3,306,928
Equity Real Estate Investment Trusts (REITs) 2.2%
Comforia Residential REIT, Inc.		1,725		4,566,027
Ichigo Office REIT Investment		2,402		2,215,511
LaSalle Logiport REIT		164		175,844
Nippon Accommodations Fund, Inc.		673		3,442,528
				10,399,910
Food & Staples Retailing 0.7%
Create SD Holdings Co. Ltd.		70,200		1,620,421
Tsuruha Holdings, Inc.		17,800		1,518,630
				3,139,051
Food Products 1.2%
Ajinomoto Co., Inc.		259,430		4,186,787
Itoham Yonekyu Holdings, Inc.		196,700		1,228,177
				5,414,964
Gas Utilities 0.0%†
Nippon Gas Co. Ltd.		4,400		115,033
Hotels, Restaurants & Leisure 0.8%
Kyoritsu Maintenance Co. Ltd.		68,200		3,506,446
Internet & Direct Marketing Retail 1.0%
ASKUL Corp.		46,700		1,260,643
Yume No Machi Souzou Iinkai Co. Ltd. (a)		176,480		2,646,912
ZOZO, Inc.		30,900		547,573
				4,455,128
IT Services 2.8%
Argo Graphics, Inc.		10,502		214,583
GMO Payment Gateway, Inc.		86,230		6,789,799
NET One Systems Co. Ltd.		23,100		600,458

92

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
IT Services (continued)
Nihon Unisys Ltd.		15,800	$	404,819
Obic Co. Ltd.		40,170		4,661,342
TechMatrix Corp.		26,500		473,347
				13,144,348
Machinery 0.6%
Daifuku Co. Ltd.		3,774		231,280
Ebara Corp.		43,100		1,332,005
Fuji Corp.		51,374		773,061
Nabtesco Corp.		13,360		409,847
				2,746,193
Marine 0.3%
Nippon Yusen KK		89,836		1,536,104
Media 1.2%
Hakuhodo DY Holdings, Inc.		178,754		3,019,556
Nippon Television Holdings, Inc.		187,373		2,737,245
				5,756,801
Multiline Retail 0.3%
H2O Retailing Corp.		111,515		1,419,300
Oil, Gas & Consumable Fuels 0.4%
Idemitsu Kosan Co. Ltd.		50,800		1,640,226
Japan Petroleum Exploration Co. Ltd.		3,600		77,730
				1,717,956
Professional Services 1.4%
BayCurrent Consulting, Inc.		22,250		812,411
Outsourcing, Inc.		179,200		2,357,486
SMS Co. Ltd.		24,900		478,982
TechnoPro Holdings, Inc.		47,200		2,835,086
				6,483,965
Road & Rail 0.3%
Hitachi Transport System Ltd.		8,700		241,011
Nikkon Holdings Co. Ltd.		12,035		281,868
Sankyu, Inc.		11,600		556,050
Seino Holdings Co. Ltd.		29,645		403,220
				1,482,149
Semiconductors & Semiconductor Equipment 0.8%
Lasertec Corp.		26,160		1,189,586
SCREEN Holdings Co. Ltd.		22,651		1,092,688
SUMCO Corp.		49,403		643,582
Tazmo Co. Ltd.		56,000		452,713
Tri Chemical Laboratories, Inc.		1,700		89,152
Ulvac, Inc.		11,700		393,980
				3,861,701
Software 0.7%
Infomart Corp.		138,650		2,031,659
Money Forward, Inc.*		7,800		320,021
PKSHA Technology, Inc.*		4,650		263,328
Systena Corp.		38,050		456,616
				3,071,624
Specialty Retail 0.5%
Adastria Co. Ltd.		93,830		2,306,150
Transportation Infrastructure 0.1%
Mitsubishi Logistics Corp.		10,900		291,340
				95,401,199

Common Stocks (continued)
	Shares		Value
JERSEY 0.4%
Capital Markets 0.4%
Sanne Group plc		245,427	$	2,003,715
KAZAKHSTAN 1.3%
Metals & Mining 0.9%
KAZ Minerals plc		470,801		3,994,271
Oil, Gas & Consumable Fuels 0.4%
NAC Kazatomprom JSC, GDR Reg. S*		136,222		1,988,704
				5,982,975
MALAYSIA 0.9%
Electronic Equipment, Instruments & Components 0.2%
Inari Amertron Bhd.		2,603,155		1,088,970
Hotels, Restaurants & Leisure 0.4%
Genting Malaysia Bhd.		2,621,200		2,016,698
Semiconductors & Semiconductor Equipment 0.3%
Pentamaster International Ltd. Reg. S*		5,264,000		691,025
ViTrox Corp. Bhd.		274,300		475,823
				1,166,848
				4,272,516
MEXICO 0.7%
Chemicals 0.7%
Alpek SAB de CV		1,030,100		1,267,130
Mexichem SAB de CV		770,941		1,789,723
				3,056,853
NETHERLANDS 3.6%
Air Freight & Logistics 0.1%
PostNL NV (a)		92,130		239,619
Biotechnology 0.4%
Merus NV* (a)		134,577		2,077,869
Chemicals 1.1%
Corbion NV		164,550		5,263,107
Construction & Engineering 0.1%
Boskalis Westminster		15,905		436,910
Hotels, Restaurants & Leisure 0.4%
DP Eurasia NV Reg. S* (b)		1,462,815		1,725,528
IT Services 0.5%
InterXion Holding NV*		33,712		2,332,533
Trading Companies & Distributors 1.0%
IMCD NV		57,157		4,616,606
				16,692,172
NEW ZEALAND 1.0%
Airlines 0.0%†
Air New Zealand Ltd.		112,291		201,420
Health Care Equipment & Supplies 0.6%
Fisher & Paykel Healthcare Corp. Ltd.		250,498		2,646,955
Oil, Gas & Consumable Fuels 0.4%
New Zealand Refining Co. Ltd. (The)		1,225,108		1,702,678
Software 0.0%†
Xero Ltd.*		4,267		163,991
				4,715,044

93

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
NORWAY 0.8%
Banks 0.8%
SpareBank 1 SMN		314,275	$	3,408,176
Construction & Engineering 0.0%†
Veidekke ASA		19,830		221,683
				3,629,859
PORTUGAL 0.3%
Media 0.3%
NOS SGPS SA		239,130		1,607,096
RUSSIA 0.0%†
Interactive Media & Services 0.0%†
Mail.Ru Group Ltd., GDR Reg. S*		8,819		204,428
SINGAPORE 0.2%
Air Freight & Logistics 0.1%
Singapore Post Ltd.		309,840		236,966
Electronic Equipment, Instruments & Components 0.1%
Venture Corp. Ltd.		49,422		616,458
Machinery 0.0%†
Sembcorp Marine Ltd.*		162,800		204,781
				1,058,205
SOUTH AFRICA 0.6%
Construction Materials 0.3%
PPC Ltd.*		3,752,592		1,308,940
Containers & Packaging 0.3%
Nampak Ltd.*		2,099,436		1,541,047
				2,849,987
SOUTH KOREA 0.5%
Diversified Telecommunication Services 0.2%
LG Uplus Corp.		107,453		1,315,272
IT Services 0.1%
Cafe24 Corp.*		2,891		237,715
Software 0.2%
Douzone Bizon Co. Ltd.		14,263		699,101
				2,252,088
SPAIN 2.9%
Air Freight & Logistics 0.0%†
Cia de Distribucion Integral Logista Holdings SA		9,587		227,603
Banks 0.4%
Liberbank SA*		2,070,902		917,843
Unicaja Banco SA Reg. S (b)		722,901		832,828
				1,750,671
Commercial Services & Supplies 0.2%
Atento SA*		196,164		715,999
Construction & Engineering 0.0%†
Fomento de Construcciones y Contratas SA*		14,770		181,059
Diversified Telecommunication Services 1.1%
Cellnex Telecom SA Reg. S (b)		178,407		5,488,159
Equity Real Estate Investment Trusts (REITs) 0.5%
Arima Real Estate SOCIMI SA*		191,603		2,127,529

Common Stocks (continued)
	Shares		Value
SPAIN (continued)
Food Products 0.6%
Ebro Foods SA		51,694	$	1,091,875
Viscofan SA		25,199		1,516,878
				2,608,753
Machinery 0.1%
Zardoya Otis SA		35,219		284,442
				13,384,215
SWEDEN 3.7%
Aerospace & Defense 0.1%
Saab AB, Class B (a)		13,266		436,674
Capital Markets 0.6%
Vostok Emerging Finance Ltd., SDR*		11,397,195		2,882,488
Commercial Services & Supplies 0.1%
Bravida Holding AB Reg. S (b)		40,566		355,132
Construction & Engineering 0.1%
NCC AB, Class B (a)		15,769		260,657
Sweco AB, Class B		13,336		340,315
				600,972
Containers & Packaging 0.4%
BillerudKorsnas AB (a)		121,227		1,649,794
Hotels, Restaurants & Leisure 0.3%
SkiStar AB		96,885		1,171,113
Machinery 0.5%
Trelleborg AB, Class B		132,786		2,196,784
Oil, Gas & Consumable Fuels 0.0%†
Lundin Petroleum AB		4,057		132,236
Real Estate Management & Development 1.5%
Catena AB		125,889		3,237,390
Fastighets AB Balder, Class B*		130,898		4,137,171
				7,374,561
Trading Companies & Distributors 0.1%
Indutrade AB*		17,375		530,781
				17,330,535
SWITZERLAND 3.9%
Air Freight & Logistics 0.1%
Panalpina Welttransport Holding AG (Registered)		1,946		418,695
Commercial Services & Supplies 0.1%
IWG plc		126,810		562,730
Life Sciences Tools & Services 1.6%
Tecan Group AG (Registered)		31,425		7,098,867
Machinery 0.8%
Bucher Industries AG (Registered)		1,375		467,266
Conzzeta AG (Registered)		296		255,675
OC Oerlikon Corp. AG (Registered)		167,758		2,194,493
SFS Group AG*		3,482		321,624
VAT Group AG Reg. S* (b)		5,082		631,106
				3,870,164
Real Estate Management & Development 0.5%
PSP Swiss Property AG (Registered)		22,484		2,295,721
Software 0.5%
Temenos AG (Registered)*		14,506		2,412,292

94

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Specialty Retail 0.3%
Dufry AG (Registered)*		15,062	$	1,471,661
				18,130,130
TAIWAN 2.0%
Electronic Equipment, Instruments & Components 0.4%
Chroma ATE, Inc.		200,358		956,560
Kingpak Technology, Inc.		84,000		474,421
Walsin Technology Corp.		60,753		371,664
				1,802,645
Industrial Conglomerates 0.3%
Far Eastern New Century Corp.		1,393,115		1,518,163
Machinery 0.0%†
Airtac International Group		15,000		199,424
Semiconductors & Semiconductor Equipment 1.2%
Globalwafers Co. Ltd.		61,290		669,303
King Yuan Electronics Co. Ltd.		461,000		426,728
LandMark Optoelectronics Corp.		60,000		536,035
Novatek Microelectronics Corp.		163,000		1,062,982
Realtek Semiconductor Corp.		118,000		796,744
Sino-American Silicon Products, Inc.*		396,960		858,232
Vanguard International Semiconductor Corp.		299,000		662,930
				5,012,954
Technology Hardware, Storage & Peripherals 0.1%
Getac Technology Corp.		334,315		502,808
				9,035,994
THAILAND 0.3%
Marine 0.3%
Precious Shipping PCL*		4,762,500		1,239,743
UKRAINE 0.1%
Metals & Mining 0.1%
Ferrexpo plc		178,868		486,086
UNITED ARAB EMIRATES 0.1%
Health Care Providers & Services 0.1%
NMC Health plc		17,656		652,593
UNITED KINGDOM 11.8%
Aerospace & Defense 0.3%
Cobham plc*		449,869		676,896
QinetiQ Group plc		101,375		398,691
Ultra Electronics Holdings plc		12,904		268,001
				1,343,588
Airlines 0.0%†
Dart Group plc		18,265		221,769
Capital Markets 0.8%
Intermediate Capital Group plc		185,907		2,869,804
XPS Pensions Group plc Reg. S		503,635		1,051,263
				3,921,067
Commercial Services & Supplies 0.4%
Aggreko plc		49,634		552,743
Rentokil Initial plc		219,608		1,119,362
				1,672,105

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Construction & Engineering 0.2%
Balfour Beatty plc		123,601	$	405,202
John Laing Group plc Reg. S (b)		87,499		438,631
				843,833
Electronic Equipment, Instruments & Components 1.0%
Halma plc		199,994		4,693,795
Equity Real Estate Investment Trusts (REITs) 2.4%
Derwent London plc		75,692		3,132,097
Safestore Holdings plc		414,789		3,483,438
UNITE Group plc (The)		323,501		3,974,204
				10,589,739
Hotels, Restaurants & Leisure 1.4%
Domino’s Pizza Group plc (a)		564,703		1,969,830
Restaurant Group plc (The)		1,781,375		3,347,215
SSP Group plc		130,705		1,186,442
				6,503,487
Insurance 1.5%
Beazley plc		359,350		2,706,760
Hiscox Ltd.		121,276		2,652,809
Sabre Insurance Group plc Reg. S (b)		473,422		1,641,984
				7,001,553
Internet & Direct Marketing Retail 0.5%
Just Eat plc*		254,948		2,324,196
IT Services 0.1%
Endava plc, ADR*		12,900		426,603
Machinery 1.6%
IMI plc		51,156		701,939
Rotork plc		846,586		3,450,544
Spirax-Sarco Engineering plc		28,260		3,044,154
				7,196,637
Multiline Retail 0.7%
B&M European Value Retail SA		656,542		3,381,016
Oil, Gas & Consumable Fuels 0.1%
Cairn Energy plc*		177,842		396,225
Premier Oil plc*		74,252		96,646
				492,871
Professional Services 0.1%
Capita plc*		297,520		494,546
Road & Rail 0.3%
Firstgroup plc*		366,609		528,408
National Express Group plc		126,748		679,744
				1,208,152
Trading Companies & Distributors 0.3%
Grafton Group plc		48,172		554,619
Travis Perkins plc		46,989		857,009
				1,411,628
Transportation Infrastructure 0.1%
BBA Aviation plc		185,038		657,495
				54,384,080
UNITED STATES 0.6%
Biotechnology 0.5%
UroGen Pharma Ltd.* (a)		67,728		2,434,821

95

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Building Products 0.1%
Reliance Worldwide Corp. Ltd.		128,141	$	440,836
				2,875,657
URUGUAY 0.3%
Hotels, Restaurants & Leisure 0.3%
Arcos Dorados Holdings, Inc., Class A		208,607		1,456,077
Total Common Stocks (cost $390,675,396)				412,928,881
Exchange Traded Fund 4.9%
UNITED STATES 4.9%
iShares MSCI EAFE Small-Cap ETF (a)		379,203		22,490,530
Total Exchange Traded Fund (cost $21,626,050)				22,490,530
Rights 0.0%†
	Number of Rights
CANADA 0.0%†
Biotechnology 0.0%†
Clementia Pharmaceuticals, Inc., CVR*¥		16,268		17,407
Total Rights (cost $—)				17,407
Short-Term Investment 0.4%
	Shares
Money Market Fund 0.4%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		1,726,794		1,726,794
Total Short-Term Investment (cost $1,726,794)				1,726,794
Repurchase Agreements 6.3%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $25,235,566, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $25,756,610. (d)(e)	$	25,233,674		25,233,674

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $3,703,138, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $3,776,923. (d)(e)	$	3,702,865	$	3,702,865
Total Repurchase Agreements (cost $28,936,539)				28,936,539
Total Investments (cost $442,964,779) — 100.7%				466,100,151
Liabilities in excess of other assets — (0.7)%				(3,250,127	)
NET ASSETS — 100.0%			$	462,850,024

* Denotes a non-income producing security.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $35,850,563, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,726,794 and $28,936,539, respectively, and by $7,476,618 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from 6/13/2019 - 2/15/2045; a total value of $38,139,951.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $28,988,632 which represents 6.26% of net assets.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $30,663,333.

(e) Please refer to Note 2(j) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

CVA Dutch Certification

CVR Contingent Value Rights

ETF Exchange Traded Fund

GDR Global Depositary Receipt

96

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Small Cap Fund (Continued)

Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

SDR Swedish Depository Receipt

SOCIMI Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

97

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide International Small Cap Fund
Assets:
Investment securities, at value* (cost $414,028,240)	$	437,163,612
Repurchase agreements, at value (cost $28,936,539)		28,936,539
Cash		17,523,890
Foreign currencies, at value (cost $224,237)		223,569
Interest and dividends receivable		1,537,319
Security lending income receivable		32,214
Receivable for investments sold		19,902,147
Receivable for capital shares issued		2,864,491
Reclaims receivable		358,324
Reimbursement from investment adviser (Note 3)		13,616
Prepaid expenses		44,048
Total Assets		508,599,769
Liabilities:
Payable for investments purchased		14,614,108
Payable for capital shares redeemed		61,361
Payable upon return of securities loaned (Note 2)		30,663,333
Accrued expenses and other payables:
Investment advisory fees		355,467
Fund administration fees		29,017
Distribution fees		22
Administrative servicing fees		141
Accounting and transfer agent fees		2,169
Trustee fees		965
Deferred capital gain country tax		2,205
Custodian fees		4,404
Compliance program costs (Note 3)		423
Professional fees		4,137
Printing fees		11,993
Total Liabilities		45,749,745
Net Assets	$	462,850,024
Represented by:
Capital	$	459,727,398
Total distributable earnings (loss)		3,122,626
Net Assets	$	462,850,024
Net Assets:
Class A Shares	$	109,010
Class R6 Shares		457,444,253
Institutional Service Class Shares		5,296,761
Total	$	462,850,024

98

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide International Small Cap Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		11,489
Class R6 Shares		48,006,789
Institutional Service Class Shares		556,169
Total		48,574,447
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.49
Class R6 Shares	$	9.53
Institutional Service Class Shares	$	9.52
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.07
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $35,850,563 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

The accompanying notes are an integral part of these financial statements.

99

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide International Small Cap Fund
INVESTMENT INCOME:
Dividend income	$	4,795,391
Income from securities lending (Note 2)		294,376
Interest income		85,791
Foreign tax withholding		(469,118	)
Total Income		4,706,440
EXPENSES:
Investment advisory fees		1,951,782
Fund administration fees		86,234
Distribution fees Class A		126
Administrative servicing fees Class A		6
Administrative servicing fees Institutional Service Class		222
Registration and filing fees		21,533
Professional fees		23,692
Printing fees		7,692
Trustee fees		6,930
Custodian fees		9,838
Accounting and transfer agent fees		2,093
Compliance program costs (Note 3)		987
Other		7,161
Total expenses before expenses reimbursed		2,118,296
Expenses reimbursed by adviser (Note 3)		(80,145	)
Net Expenses		2,038,151
NET INVESTMENT INCOME		2,668,289
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities (Note 10)†		(19,245,595	)
Foreign currency transactions (Note 2)		26,882
Net realized losses		(19,218,713	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities††		49,534,111
Translation of assets and liabilities denominated in foreign currencies		29,164
Net change in unrealized appreciation/depreciation		49,563,275
Net realized/unrealized gains		30,344,562
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,012,851

† Net of capital gain country taxes of $932.

†† Net of increase in deferred capital gain country tax accrual on unrealized depreciation of $2,205.

The accompanying notes are an integral part of these financial statements.

100

Statements of Changes in Net Assets

	Nationwide International Small Cap Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,668,289		$	5,867,894
Net realized gains (losses)		(19,218,713	)		48,049,376
Net change in unrealized appreciation/depreciation		49,563,275			(92,702,823	)
Change in net assets resulting from operations		33,012,851			(38,785,553	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(12,959	)		(6,386	)
Class R6		(50,739,148	)		(55,168,342	)
Institutional Service Class		(1,976	)		(1,243	)
Change in net assets from shareholder distributions		(50,754,083	)		(55,175,971	)
Change in net assets from capital transactions		79,622,818			(71,635,159	)
Change in net assets		61,881,586			(165,596,683	)
Net Assets:
Beginning of period		400,968,438			566,565,121
End of period	$	462,850,024		$	400,968,438
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,243		$	71,883
Dividends reinvested		12,959			6,386
Cost of shares redeemed		(2,225	)		(19,565	)
Total Class A Shares		13,977			58,704
Class R6 Shares
Proceeds from shares issued		37,905,256			8,787,926
Dividends reinvested		50,739,148			55,168,342
Cost of shares redeemed		(14,166,917	)		(135,655,145	)
Total Class R6 Shares		74,477,487			(71,698,877	)
Institutional Service Class Shares
Proceeds from shares issued		5,130,458			6,771
Dividends reinvested		1,976			1,243
Cost of shares redeemed		(1,080	)		(3,000	)
Total Institutional Service Class Shares		5,131,354			5,014
Change in net assets from capital transactions	$	79,622,818		$	(71,635,159	)

101

Statements of Changes in Net Assets (Continued)

	Nationwide International Small Cap Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		332			6,027
Reinvested		1,575			551
Redeemed		(249	)		(1,708	)
Total Class A Shares		1,658			4,870
Class R6 Shares
Issued		4,259,622			746,794
Reinvested		6,142,754			4,756,875
Redeemed		(1,550,729	)		(11,272,850	)
Total Class R6 Shares		8,851,647			(5,769,181	)
Institutional Service Class Shares
Issued		554,629			571
Reinvested		239			107
Redeemed		(122	)		(255	)
Total Institutional Service Class Shares		554,746			423
Total change in shares		9,408,051			(5,763,888	)

The accompanying notes are an integral part of these financial statements.

102

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide International Small Cap Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.21		0.05		0.52			0.57			(0.27	)		(1.02	)		(1.29	)	$	9.49		7.57%	(g)	$	109,010		1.25%		1.01%		1.29%		37.75%
Year Ended October 31, 2018	$	12.57		0.14		(1.29	)		(1.15	)		(0.23	)		(0.98	)		(1.21	)	$	10.21		(10.29%	)(g)	$	100,332		1.27%		1.19%		1.31%		69.54%
Period Ended October 31, 2017 (h)	$	10.00		0.06		2.51			2.57			–			–			–		$	12.57		25.70%		$	62,358		1.39%		0.57%		1.46%		90.35%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	10.24		0.06		0.53			0.59			(0.28	)		(1.02	)		(1.30	)	$	9.53		7.73%		$	457,444,253		0.99%		1.29%		1.03%		37.75%
Year Ended October 31, 2018	$	12.61		0.14		(1.26	)		(1.12	)		(0.27	)		(0.98	)		(1.25	)	$	10.24		(10.06%	)	$	400,853,541		0.99%		1.18%		1.03%		69.54%
Period Ended October 31, 2017 (h)	$	10.00		0.12		2.49			2.61			–			–			–		$	12.61		26.10%		$	566,490,161		0.99%		1.28%		1.03%		90.35%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.24		0.14		0.44			0.58			(0.28	)		(1.02	)		(1.30	)	$	9.52		7.61%		$	5,296,761		1.03%		3.07%		1.07%		37.75%
Year Ended October 31, 2018	$	12.60		0.16		(1.28	)		(1.12	)		(0.26	)		(0.98	)		(1.24	)	$	10.24		(10.04%	)	$	14,565		0.99%		1.35%		1.03%		69.54%
Period Ended October 31, 2017 (h)	$	10.00		0.09		2.51			2.60			–			–			–		$	12.60		26.00%		$	12,602		1.08%		0.98%		1.17%		90.35%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) For the period from December 30, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 29, 2016 through October 31, 2017.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

103

Notes to Financial Statements

April 30, 2019 (Unaudited)

1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the seven (7) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Amundi Global High Yield Fund (“Global High Yield”)

- Nationwide Amundi Strategic Income Fund (“Strategic Income”)

- Nationwide Bailard Emerging Markets Equity Fund (“Emerging Markets Equity”)

- Nationwide Bailard International Equities Fund (“International Equities”)

- Nationwide Emerging Markets Debt Fund (“Emerging Markets Debt”)

- Nationwide Global Sustainable Equity Fund (“Global Sustainable Equity”)

- Nationwide International Small Cap Fund (“International Small Cap”)

The Funds, as applicable, currently offer Class A, Class C, Class M, Class R6 and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Each of the Funds, except Emerging Markets Debt, is a diversified fund as defined in the 1940 Act. Emerging Markets Debt is a non-diversified fund, as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA, assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair

104

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

Bank loans are valued using an average bid price provided by an independent pricing service. Evaluated quotes provided by the independent pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance and other market data. The

105

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

independent pricing service utilizes internal models and uses observable inputs such as issuer details, interest rates, tranche type, ratings, and other market data. Securities valued in this manner are generally categorized as Level 2 investments within the hierarchy, consistent with similar valuation techniques and inputs for debt securities.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

106

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At April 30, 2019, 100% of the market value of Emerging Markets Debt was determined based on Level 2 inputs.

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

Global High Yield

	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds
Aerospace & Defense	$	—	$	2,593,131	$	—	$	2,593,131
Airlines		—		1,621,227		—		1,621,227
Auto Components		—		2,029,237		—		2,029,237
Banks		—		4,695,302		—		4,695,302
Biotechnology		—		1,236,000		—		1,236,000
Building Products		—		543,753		—		543,753
Capital Markets		—		811,364		—		811,364
Chemicals		—		3,873,898		—		3,873,898
Commercial Services & Supplies		—		4,122,301		—		4,122,301
Communications Equipment		—		—		—		—
Construction & Engineering		—		430,660		—		430,660
Consumer Finance		—		3,151,658		—		3,151,658
Containers & Packaging		—		2,134,606		—		2,134,606
Diversified Financial Services		—		505,485		—		505,485
Diversified Telecommunication Services		—		2,415,445		—		2,415,445
Electric Utilities		—		4,515,604		—		4,515,604
Electronic Equipment, Instruments & Components		—		1,688,090		—		1,688,090
Energy Equipment & Services		—		5,958,608		—		5,958,608
Entertainment		—		1,285,594		—		1,285,594
Equity Real Estate Investment Trusts (REITs)		—		553,878		—		553,878
Food & Staples Retailing		—		727,682		—		727,682
Food Products		—		4,287,820		—		4,287,820
Health Care Providers & Services		—		2,922,500		—		2,922,500
Hotels, Restaurants & Leisure		—		9,720,922		—		9,720,922
Household Durables		—		3,145,100		—		3,145,100
Independent Power and Renewable Electricity Producers		—		2,552,612		—		2,552,612
Machinery		—		3,422,142		—		3,422,142
Marine		—		910,734		—		910,734
Media		—		2,450,781		—		2,450,781
Metals & Mining		—		5,814,902		—		5,814,902
Multiline Retail		—		150,675		—		150,675
Oil, Gas & Consumable Fuels		—		9,902,661		—		9,902,661
Paper & Forest Products		—		1,084,013		—		1,084,013
Pharmaceuticals		—		3,941,912		—		3,941,912
Professional Services		—		679,802		—		679,802
Real Estate Management & Development		—		1,005,640		—		1,005,640

107

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1			Level 2			Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Road & Rail	$	—		$	1,961,761		$	—	$	1,961,761
Software		—			764,091			—		764,091
Specialty Retail		—			679,250			—		679,250
Textiles, Apparel & Luxury Goods		—			294,126			—		294,126
Thrifts & Mortgage Finance		—			1,353,438			—		1,353,438
Trading Companies & Distributors		—			1,892,000			—		1,892,000
Wireless Telecommunication Services		—			2,198,083			—		2,198,083
Total Corporate Bonds	$	—		$	106,028,488		$	—	$	106,028,488
Forward Foreign Currency Contracts	$	—		$	107,868		$	—	$	107,868
Loan Participations		—			15,473,637			—		15,473,637
Repurchase Agreements		—			804,984			—		804,984
Short-Term Investment		48,038			—			—		48,038
Total Assets	$	48,038		$	122,414,977		$	—	$	122,463,015
Liabilities:
Forward Foreign Currency Contracts	$	—		$	(4	)	$	—	$	(4	)
Total Liabilities	$	—		$	(4	)	$	—	$	(4	)
Total	$	48,038		$	122,414,973		$	—	$	122,463,011
Strategic Income
	Level 1			Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	15,020,277		$	—	$	15,020,277
Collateralized Mortgage Obligations		—			20,837,959			—		20,837,959
Commercial Mortgage-Backed Securities		—			5,494,909			—		5,494,909
Corporate Bonds		—			67,985,248			—		67,985,248
Foreign Government Securities		—			3,458,405			—		3,458,405
Forward Foreign Currency Contracts		—			56,899			—		56,899
Futures Contracts		16,900			—			—		16,900
Loan Participations		—			16,686,379			—		16,686,379
Short-Term Investment		—			769,594			—		769,594
Total Assets	$	16,900		$	130,309,670		$	—	$	130,326,570
Liabilities:
Swap Contracts*	$	—		$	(738,911	)	$	—	$	(738,911	)
Forward Foreign Currency Contracts		—			(4,620	)		—		(4,620	)
Futures Contracts		(593,198	)		—			—		(593,198	)
Total Liabilities	$	(593,198	)	$	(743,531	)	$	—	$	(1,336,729	)
Total	$	(576,298	)	$	129,566,139		$	—	$	128,989,841
Emerging Markets Equity
	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks
Airlines	$	—		$	196,248		$	—	$	196,248
Auto Components		—			140,744			—		140,744
Automobiles		—			294,811			—		294,811
Banks		1,809,971			4,603,993			—		6,413,964

108

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Capital Markets	$	131,787	$	384,747	$	—	$	516,534
Chemicals		—		393,435		—		393,435
Construction & Engineering		—		322,340		—		322,340
Construction Materials		—		292,175		—		292,175
Consumer Finance		—		214,645		—		214,645
Diversified Consumer Services		332,050		—		—		332,050
Diversified Financial Services		—		499,733		—		499,733
Diversified Telecommunication Services		119,000		629,287		—		748,287
Electric Utilities		111,640		—		—		111,640
Electronic Equipment, Instruments & Components		—		557,300		—		557,300
Entertainment		—		216,074		—		216,074
Food & Staples Retailing		282,109		—		—		282,109
Food Products		453,776		570,874		—		1,024,650
Gas Utilities		—		588,413		—		588,413
Health Care Providers & Services		—		97,996		—		97,996
Health Care Technology		—		179,556		—		179,556
Hotels, Restaurants & Leisure		118,850		—		—		118,850
Household Durables		—		389,515		—		389,515
Household Products		—		151,647		—		151,647
Independent Power and Renewable Electricity Producers		—		83,941		—		83,941
Industrial Conglomerates		131,387		218,079		—		349,466
Insurance		239,474		361,475		—		600,949
Interactive Media & Services		166,230		1,486,284		—		1,652,514
Internet & Direct Marketing Retail		1,589,474		383,147		—		1,972,621
IT Services		387,359		824,336		—		1,211,695
Machinery		—		396,978		—		396,978
Media		13,469		104,467		—		117,936
Metals & Mining		628,492		834,587		—		1,463,079
Oil, Gas & Consumable Fuels		1,445,880		1,945,456		—		3,391,336
Pharmaceuticals		—		609,405		—		609,405
Real Estate Management & Development		—		461,710		—		461,710
Semiconductors & Semiconductor Equipment		1,095,500		—		—		1,095,500
Software		167,980		—		—		167,980
Technology Hardware, Storage & Peripherals		—		1,617,559		—		1,617,559
Textiles, Apparel & Luxury Goods		—		762,941		—		762,941
Transportation Infrastructure		196,720		—		—		196,720
Wireless Telecommunication Services		517,551		682,601		—		1,200,152
Total Common Stocks	$	9,938,699	$	21,496,499	$	—	$	31,435,198
Exchange Traded Fund	$	666,800	$	—	$	—	$	666,800
Repurchase Agreements		—		168,447		—		168,447
Short-Term Investment		10,052		—		—		10,052
Total	$	10,615,551	$	21,664,946	$	—	$	32,280,497

109

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

International Equities
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	597,364	$	—	$	597,364
Auto Components		—		3,099,304		—		3,099,304
Automobiles		—		8,141,082		—		8,141,082
Banks		1,889,760		19,152,298		—		21,042,058
Beverages		—		6,073,649		—		6,073,649
Biotechnology		—		1,959,819		—		1,959,819
Building Products		—		1,022,385		—		1,022,385
Capital Markets		—		9,468,024		—		9,468,024
Chemicals		—		4,816,177		—		4,816,177
Commercial Services & Supplies		—		2,351,997		—		2,351,997
Communications Equipment		—		891,264		—		891,264
Construction & Engineering		—		7,152,582		—		7,152,582
Construction Materials		—		1,545,572		—		1,545,572
Consumer Finance		—		598,279		—		598,279
Containers & Packaging		—		565,028		—		565,028
Diversified Financial Services		—		633,145		—		633,145
Diversified Telecommunication Services		714,000		6,529,452		—		7,243,452
Electric Utilities		—		2,498,812		—		2,498,812
Electronic Equipment, Instruments & Components		—		3,341,187		—		3,341,187
Equity Real Estate Investment Trusts (REITs)		—		2,458,504		—		2,458,504
Food & Staples Retailing		556,095		3,532,357		—		4,088,452
Food Products		—		9,387,517		—		9,387,517
Gas Utilities		—		700,536		—		700,536
Health Care Equipment & Supplies		287,943		2,043,301		—		2,331,244
Hotels, Restaurants & Leisure		—		4,085,481		—		4,085,481
Household Durables		—		3,498,788		—		3,498,788
Independent Power and Renewable Electricity Producers		—		542,691		—		542,691
Industrial Conglomerates		—		2,616,415		—		2,616,415
Insurance		—		11,547,045		—		11,547,045
Interactive Media & Services		—		1,216,617		—		1,216,617
Internet & Direct Marketing Retail		726,210		—		—		726,210
IT Services		1,076,000		1,179,549		—		2,255,549
Machinery		—		2,327,677		—		2,327,677
Media		—		3,686,480		—		3,686,480
Metals & Mining		1,418,250		8,001,513		—		9,419,763
Multiline Retail		—		1,015,562		—		1,015,562
Multi-Utilities		—		1,325,237		—		1,325,237
Oil, Gas & Consumable Fuels		1,930,028		13,273,670		—		15,203,698
Paper & Forest Products		—		1,222,911		—		1,222,911
Personal Products		—		4,477,873		—		4,477,873
Pharmaceuticals		2,006,900		12,748,668		—		14,755,568
Professional Services		—		5,020,536		—		5,020,536
Real Estate Management & Development		—		6,559,022		—		6,559,022
Road & Rail		—		712,284		—		712,284
Semiconductors & Semiconductor Equipment		626,460		993,183		—		1,619,643
Software		4,998,442		—		—		4,998,442
Specialty Retail		—		3,300,156		—		3,300,156

110

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Technology Hardware, Storage & Peripherals	$	—	$	5,024,159	$	—	$	5,024,159
Textiles, Apparel & Luxury Goods		—		3,368,910		—		3,368,910
Tobacco		—		2,327,759		—		2,327,759
Trading Companies & Distributors		—		4,611,882		—		4,611,882
Transportation Infrastructure		—		1,600,915		—		1,600,915
Wireless Telecommunication Services		503,471		585,933		—		1,089,404
Total Common Stocks	$	16,733,559	$	205,430,551	$	—	$	222,164,110
Exchange Traded Fund	$	2,000,400	$	—	$	—	$	2,000,400
Repurchase Agreements		—		6,459,021		—		6,459,021
Short-Term Investment		385,443		—		—		385,443
Total	$	19,119,402	$	211,889,572	$	—	$	231,008,974
Global Sustainable Equity
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Airlines	$	563,395	$	—	$	—	$	563,395
Auto Components		—		297,141		—		297,141
Banks		928,651		2,635,861		—		3,564,512
Biotechnology		766,237		257,063		—		1,023,300
Building Products		575,534		—		—		575,534
Capital Markets		1,573,192		—		—		1,573,192
Chemicals		2,337,786		1,628,098		—		3,965,884
Commercial Services & Supplies		128,815		1,053,107		—		1,181,922
Electronic Equipment, Instruments & Components		—		816,027		—		816,027
Energy Equipment & Services		78,458		—		—		78,458
Entertainment		2,278,516		843,558		—		3,122,074
Equity Real Estate Investment Trusts (REITs)		803,189		—		—		803,189
Food & Staples Retailing		572,085		—		—		572,085
Health Care Equipment & Supplies		657,344		—		—		657,344
Health Care Providers & Services		1,295,337		—		—		1,295,337
Household Durables		—		511,621		—		511,621
Household Products		773,577		—		—		773,577
Insurance		1,082,826		1,890,658		—		2,973,484
Internet & Direct Marketing Retail		1,899,549		792,605		—		2,692,154
IT Services		894,335		—		—		894,335
Life Sciences Tools & Services		859,155		—		—		859,155
Machinery		1,489,067		2,267,880		—		3,756,947
Marine		—		644,792		—		644,792
Media		1,145,884		—		—		1,145,884
Multi-Utilities		—		582,959		—		582,959
Oil, Gas & Consumable Fuels		1,583,659		380,719		—		1,964,378
Personal Products		—		2,216,532		—		2,216,532
Pharmaceuticals		3,095,654		2,071,114		—		5,166,768
Semiconductors & Semiconductor Equipment		1,553,548		—		—		1,553,548
Software		2,216,141		1,751,846		—		3,967,987
Specialty Retail		1,337,096		—		—		1,337,096
Technology Hardware, Storage & Peripherals		642,016		—		—		642,016

111

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Textiles, Apparel & Luxury Goods	$	—	$	647,561	$	—	$	647,561
Trading Companies & Distributors		—		762,963		—		762,963
Wireless Telecommunication Services		—		475,970		—		475,970
Total Common Stocks	$	31,131,046	$	22,528,075	$	—	$	53,659,121
Repurchase Agreements	$	—	$	706,679	$	—	$	706,679
Short-Term Investment		42,171		—		—		42,171
Total	$	31,173,217	$	23,234,754	$	—	$	54,407,971
International Small Cap
	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	3,128,885	$	—	$	3,128,885
Air Freight & Logistics		—		2,465,271		—		2,465,271
Airlines		—		808,658		—		808,658
Banks		—		11,435,110		—		11,435,110
Biotechnology		5,464,387		4,603,629		—		10,068,016
Building Products		—		1,093,822		—		1,093,822
Capital Markets		—		14,102,346		—		14,102,346
Chemicals		5,521,055		10,818,648		—		16,339,703
Commercial Services & Supplies		715,999		5,045,104		—		5,761,103
Construction & Engineering		—		6,187,397		—		6,187,397
Construction Materials		—		7,048,208		—		7,048,208
Consumer Finance		—		2,477,850		—		2,477,850
Containers & Packaging		—		12,873,878		—		12,873,878
Diversified Financial Services		—		6,542,073		—		6,542,073
Diversified Telecommunication Services		—		10,793,564		—		10,793,564
Electric Utilities		—		1,540,519		—		1,540,519
Electrical Equipment		—		597,505		—		597,505
Electronic Equipment, Instruments & Components		—		8,201,868		—		8,201,868
Entertainment		—		3,306,928		—		3,306,928
Equity Real Estate Investment Trusts (REITs)		2,127,529		29,432,629		—		31,560,158
Food & Staples Retailing		—		3,139,051		—		3,139,051
Food Products		—		8,023,717		—		8,023,717
Gas Utilities		7,802,638		3,651,438		—		11,454,076
Health Care Equipment & Supplies		—		13,228,308		—		13,228,308
Health Care Providers & Services		—		652,593		—		652,593
Hotels, Restaurants & Leisure		1,456,077		16,992,749		—		18,448,826
Household Durables		—		2,173,776		—		2,173,776
Independent Power and Renewable Electricity Producers		—		1,686,255		—		1,686,255
Industrial Conglomerates		—		4,405,557		—		4,405,557
Insurance		—		10,044,136		—		10,044,136
Interactive Media & Services		—		1,131,282		—		1,131,282
Internet & Direct Marketing Retail		—		10,316,741		—		10,316,741
IT Services		7,953,070		17,972,965		—		25,926,035
Life Sciences Tools & Services		—		7,098,867		—		7,098,867
Machinery		—		24,808,671		—		24,808,671

112

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Marine	$	—	$	7,050,182	$	—	$	7,050,182
Media		—		12,646,996		—		12,646,996
Metals & Mining		2,225,955		5,702,400		—		7,928,355
Multiline Retail		—		4,800,316		—		4,800,316
Oil, Gas & Consumable Fuels		1,471,017		9,789,114		—		11,260,131
Pharmaceuticals		1,150,360		—		—		1,150,360
Professional Services		453,759		6,978,511		—		7,432,270
Real Estate Management & Development		—		12,128,315		—		12,128,315
Road & Rail		—		3,191,388		—		3,191,388
Semiconductors & Semiconductor Equipment		—		11,873,523		—		11,873,523
Software		—		10,780,168		—		10,780,168
Specialty Retail		—		6,480,162		—		6,480,162
Technology Hardware, Storage & Peripherals		—		502,808		—		502,808
Textiles, Apparel & Luxury Goods		—		3,762,236		—		3,762,236
Trading Companies & Distributors		—		6,860,254		—		6,860,254
Transportation Infrastructure		—		2,946,722		—		2,946,722
Water Utilities		881,753		—		—		881,753
Wireless Telecommunication Services		—		2,382,189		—		2,382,189
Total Common Stocks	$	37,223,599	$	375,705,282	$	—	$	412,928,881
Exchange Traded Fund	$	22,490,530	$	—	$	—	$	22,490,530
Repurchase Agreements		—		28,936,539		—		28,936,539
Rights		—		17,407		—		17,407
Short-Term Investment		1,726,794		—		—		1,726,794
Total	$	61,440,923	$	404,659,228	$	—	$	466,100,151

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

* Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

During the six months ended April 30, 2019, Global High Yield held one corporate bond investment that was categorized as a Level 3 investment which was valued at $0. During the six months ended April 30, 2019, Global Sustainable Equity held one common stock investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

(b) Cash Overdraft

As of April 30, 2019, Global Sustainable Equity had an overdrawn balance of $637,176 with the Fund’s custodian bank, JPMorgan Chase Bank, N.A. (“JPMorgan”). To offset the overdraft, JPMorgan advanced an amount equal to the overdraft. Consistent with the Fund’s borrowing policy, the advance is deemed a temporary loan to the Fund. Such loan is payable upon demand and bears interest from the date of such advance to the date of payment at the rate agreed upon with JPMorgan under the custody agreement. This advance is separate from, and was not made pursuant to, the credit agreement discussed in Note 4. A Fund with an overdraft is subject to a lien by JPMorgan on the Fund’s account and JPMorgan may charge the Fund’s account for any amounts owed to JPMorgan. JPMorgan also has the right to set off as appropriate and

113

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

apply all deposits and credits held by or owing to JPMorgan against such amount, subject to the terms of the custody agreement.

(c) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. The Funds may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert foreign currency amounts into U.S. dollars at the current rate of exchange between the foreign currency and the U.S. dollar in order to determine the value of the Fund’s investments, assets, and liabilities.

Purchases and sales of securities, receipts of income, and payments of expenses are converted at the prevailing rate of exchange on the respective date of such transactions. The accounting records of a Fund do not differentiate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in the market prices of the relevant securities. Each portion contributes to the net realized gains or losses from transactions in investment securities and net change in unrealized appreciation/depreciation in the value of investment securities. Net currency gains or losses, realized and unrealized, that are a result of differences between the amount recorded on a Fund’s accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables and payables for investments sold or purchased, and foreign cash, are included in the Statement of Operations under “Net realized gains (losses) from foreign currency transactions” and “Net change in unrealized appreciation/depreciation in the value of translation of assets and liabilities denominated in foreign currencies.” if applicable.

(d) Options

Emerging Markets Debt has long positions in options on foreign currency futures contracts. Such option investments are utilized to manage currency exposures and/or hedge against movements in the values of the foreign currencies in which the portfolio securities are denominated. The purchase of put options serves as a short hedge and the purchase of call options serves as a long hedge.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

A Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit a Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If a Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase

114

Notes to Financial Statements (Continued)

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transaction for a covered call option written by a Fund could cause material losses because a Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by a Fund) expose a Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, a Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of a Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or a Fund’s ability to meet redemption requests or other current obligations.

Emerging Markets Debt’s purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value” and in the Statement of Operations under “Net realized gains (losses) from transactions in investment securities” and “Net change in unrealized appreciation/depreciation in the value of investment securities.”

(e) Swap Contracts

Credit Default Swaps — Strategic Income entered into credit default swap contracts during the six months ended April 30, 2019. Credit default swap contracts are either privately negotiated agreements between a Fund and a counterparty or traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty.

Strategic Income utilized credit default swap contracts to manage broad credit market spread exposure. Each Fund segregates liquid assets to cover its obligations under its credit default swap contracts. Upfront premiums received at the beginning of the initiation period are included in the Statement of Assets and Liabilities under “Receivable for variation margin on centrally cleared credit default swap contracts” for centrally cleared swaps. These upfront premiums are amortized and accreted daily and are recorded as realized gains or losses on the Statement of Operations upon maturity or termination of the credit default swap contract.

As the protection purchaser in a credit default swap contract, a Fund pays the counterparty a periodic stream of payments over the term of the contract, provided that no credit event or default (or similar event) occurs. However, a Fund is required to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty in the event of a default (or similar event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. If a credit event or default (or similar event) occurs, a Fund either (i) receives from the counterparty an amount equal to the notional amount of the swap and the counterparty takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receives from the counterparty a net settlement amount in the form of cash or securities to the notional amount of the swap and the recovery value of the referenced obligation or underlying securities comprising the referenced index. As the

115

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

purchaser in a credit default swap contract, a Fund’s investment would generate income only in the event of an actual default (or similar event) by the issuer of the underlying obligation.

Credit default swap contracts are marked-to-market daily based on valuations from independent pricing services. Credit default swap contracts are generally categorized as Level 2 investments within the hierarchy.

Implied credit spreads are utilized in determining the market value of credit default swap agreements on credit indices and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Implied credit spreads utilized in valuing a Fund’s investments as of April 30, 2019 are disclosed in the Statement of Investments. The implied credit spread of a particular referenced entity reflects the cost of selling protection on such entity’s debt, and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting value serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, such as credit derivatives. In a centrally cleared credit default swap contract, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and a Fund’s counterparty on the swap agreement becomes the CCP. A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap contract, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Statement of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash pledged for centrally cleared credit default swap contracts. The daily change in valuation of centrally cleared credit default swap contracts is recorded as a receivable or payable for variation margin on centrally cleared credit default swap contracts in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Interest Rate Swaps — Emerging Markets Debt entered into interest rate swap contracts to hedge against investment risks, to manage portfolio duration, to obtain exposure to the investment characteristics of certain bonds or groups of bonds, and/or to otherwise increase returns. Interest rate swap contracts are swaps contracts in which the parties exchange their rights to receive payments on a security or other reference rate. For example, the parties might swap the right to receive floating rate payments for the right to receive fixed rate payments. The Fund has segregated liquid assets to cover its obligations under the interest rate swap contract.

Interest rate swap contracts are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swap contracts may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated. The use of interest rate swap contracts involves the risk that the investment adviser will not accurately predict anticipated changes in interest rates, which may result in losses to the Fund. Interest rate swap contracts also involve the possible failure of a counterparty to perform in accordance with the terms of the swap agreement. If a counterparty defaults on its obligations under a swap agreement, the Fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of

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Notes to Financial Statements (Continued)

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the Fund’s initial investment. Interest rate swap contracts are marked-to-market daily based on valuations from an independent pricing service. Interest rate swap contracts are generally categorized as Level 2 investments within the hierarchy.

Strategic Income and Emerging Markets Debt’s swap agreements are disclosed in the Statement of Assets and Liabilities under “Receivable/Payable for variation margin on centrally cleared interest rate/credit default swap contracts” for centrally cleared swaps, in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of swap contracts” and “Net change in unrealized appreciation/depreciation in the value of swap contracts.”

(f) Forward Foreign Currency Contracts

The Funds are subject to foreign currency exchange risk in the normal course of pursuing their objective(s). Global High Yield entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency and/or to manage currency exposures and/or to express a view on a foreign currency vs the U.S. dollar or other foreign currency. Strategic Income and International Equities entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Emerging Markets Debt entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency, to express a view on a foreign currency vs the U.S. dollar or other foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward foreign currency contract matures or at the time of delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

Global High Yield, Strategic Income and Emerging Markets Debt Funds’ forward foreign currency contracts are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on forward foreign currency contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from settlement of forward foreign currency contracts” and “Net change in unrealized appreciation/depreciation in the value of forward foreign currency contracts.”

At April 30, 2019, International Equities had no open forward foreign currency contracts.

(g) Futures Contracts

Strategic Income is subject to interest rate risk in the normal course of pursuing its objective(s). Strategic Income entered into financial futures contracts (“futures contracts”) to gain exposure

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to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

Strategic Income’s futures contracts are reflected in the Statement of Assets and Liabilities under “Payable for variation margin on futures contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts” and “Net change in unrealized appreciation/depreciation in the value of futures contracts.”

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of April 30, 2019

Global High Yield

Assets:	Statement of Assets and Liabilities	Fair Value
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts	$	107,868
Total		$	107,868
Liabilities:
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts	$	(4	)
Total		$	(4	)

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Strategic Income

Assets:	Statement of Assets and Liabilities	Fair Value
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts	$	56,899
Futures Contracts(a)
Interest rate risk	Unrealized appreciation from futures contracts		16,900
Total		$	73,799
Liabilities:
Swap Contracts(b)
Interest rate risk	Unrealized depreciation on centrally cleared credit default swap contracts	$	(738,911	)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		(4,620	)
Futures Contracts(a)
Interest rate risk	Unrealized depreciation from futures contracts		(593,198	)
Total		$	(1,336,729	)

(a) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

(b) Swap contracts are included in the table at value, with the exception of centrally cleared credit default swap contracts and centrally cleared interest rate swap contracts which are included in the table at unrealized appreciation/(depreciation). For centrally cleared credit default swap contracts and centrally cleared interest rate swap contracts, only the variation margin on swap contracts is reported in the Statement of Assets and Liabilities.

Emerging Markets Debt

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options
Currency risk	Investment securities, at value	$	119,033
Swap Contracts(a)
Interest rate risk	Unrealized appreciation on centrally cleared interest rate swap contracts		48,762
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		111,196
Total		$	278,991
Liabilities:
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts	$	(85,035	)
Total		$	(85,035	)

(a) Swap contracts are included in the table at value, with the exception of centrally cleared credit default swap contracts and centrally cleared interest rate swap contracts which are

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Notes to Financial Statements (Continued)

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included in the table at unrealized appreciation/(depreciation). For centrally cleared credit default swap contracts and centrally cleared interest rate swap contracts, only the variation margin on swap contracts is reported in the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

Global High Yield

Realized Gains (Losses):	Total
Forward Foreign Currency Contracts
Currency risk	$	155,866
Total	$	155,866

Strategic Income

Realized Gains (Losses):	Total
Swap Contracts
Credit risk	$	(316,980	)
Forward Foreign Currency Contracts
Currency risk		34,341
Futures Contracts
Interest rate risk		(873,343	)
Total	$	(1,155,982	)

Bailard International Equities

Realized Gains (Losses):	Total
Forward Foreign Currency Contracts
Currency risk	$	(253,524	)
Total	$	(253,524	)

Emerging Markets Debt

Realized Gains (Losses):	Total
Purchased Options(a)
Currency risk	$	(33,615	)
Swap Contracts
Interest rate risk		32,461
Forward Foreign Currency Contracts
Currency risk		90,403
Total	$	89,249

(a) Realized gains (losses) from purchased options are included in “Net realized gains (losses) from transactions in investment securities.”

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Six Months Ended April 30, 2019

Global High Yield

Unrealized Appreciation/Depreciation:	Total
Forward Foreign Currency Contracts
Currency risk	$	30,323
Total	$	30,323

Strategic Income

Unrealized Appreciation/Depreciation:	Total
Swap Contracts
Credit risk	$	(738,798	)
Forward Foreign Currency Contracts
Currency risk		31,538
Futures Contracts
Interest rate risk		(799,774	)
Total	$	(1,507,034	)

Bailard International Equities

Unrealized Appreciation/Depreciation:	Total
Forward Foreign Currency Contracts
Currency risk	$	330,717
Total	$	330,717

Emerging Markets Debt

Unrealized Appreciation/Depreciation:	Total
Purchased Options(a)
Currency risk	$	16,601
Swap Contracts
Interest rate risk		(30,184	)
Forward Foreign Currency Contracts
Currency risk		(131,106	)
Total	$	(144,689	)

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

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The following tables provide a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

Global High Yield

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	67,412
Average Settlement Value Sold	$	14,553,258

Strategic Income

Centrally Cleared Credit Default Swaps:
Average Notional Balance — Sell Protection	$	48,050,000

Futures Contracts:
Average Notional Balance Long	$	5,709,819
Average Notional Balance Short	$	48,832,687

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Sold	$	5,388,244

Bailard International Equities

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	4,024,484

Emerging Markets Debt

Options:
Average Value Purchased	$	73,428
Average Number of Purchased Option Contracts		3,821,429

Centrally Cleared Interest Rate Swaps:
Average Notional Balance — Buy Protection	$	6,182,825

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	8,687,164
Average Settlement Value Sold	$	12,773,897

The Funds are required to disclose information about offsetting and related arrangements to enable users of the financial statements to understand the effect of those arrangements on the Funds’ financial position. In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with each of their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and forward foreign currency contracts and typically contains, among other things, collateral posting items, if applicable, and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. The counterparty is a financial institution. At April 30, 2019, Strategic Income has entered into futures contracts. The futures contract agreement does not provide for a netting arrangement.

For financial reporting purposes Global High Yield, Strategic Income, International Equities, and Emerging Markets Debt do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of Assets and Liabilities.”

The following tables set forth Global High Yield, Strategic Income, International Equities, and Emerging Markets Debt’s net exposure by counterparty for forward foreign currency contracts that are subject to enforceable master netting arrangements or similar arrangements as of April 30, 2019:

Global High Yield

Offsetting of Financial Assets, Derivative Assets and Collateral Received by Counterparty:

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Assets Derivative		Derivatives Available for Offset			Collateral Received		Net Amount of Assets Derivative
JPMorgan Chase Bank		Forward Foreign Currency Contracts	$	107,868	$	(4	)	$	—	$	107,864
Total			$	107,868	$	(4	)	$	—	$	107,864

Amounts designated as “—” are zero.

Offsetting of Financial Liabilities, Derivative Liabilities and Collateral Pledged by Counterparty:

						Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Liabilities Derivative			Derivatives Available for Offset		Collateral Pledged		Net Amount of Liabilities Derivative
JPMorgan Chase Bank		Forward Foreign Currency Contracts	$	(4	)	$	4	$	—	$	—
Total			$	(4	)	$	4	$	—	$	—

Amounts designated as “—” are zero.

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Notes to Financial Statements (Continued)

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Strategic Income

Offsetting of Financial Assets, Derivative Assets and Collateral Received by Counterparty:

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Assets Derivative		Derivatives Available for Offset			Collateral Received		Net Amount of Assets Derivative
JPMorgan Chase Bank		Forward Foreign Currency Contracts	$	56,899	$	(4,620	)	$	—	$	52,279
Total			$	56,899	$	(4,620	)	$	—	$	52,279

Amounts designated as “—” are zero.

Offsetting of Financial Liabilities, Derivative Liabilities and Collateral Pledged by Counterparty:

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Liabilities Derivative	Derivatives Available for Offset		Collateral Pledged		Net Amount of Liabilities Derivative
JPMorgan Chase Bank		Forward Foreign Currency Contracts	$(4,620)	$	4,620	$	—	$	—
Total			$(4,620)	$	4,620	$	—	$	—

Amounts designated as “—” are zero.

Emerging Markets Debt

Offsetting of Financial Assets, Derivative Assets and Collateral Received by Counterparty:

					Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Assets Derivative		Derivatives Available for Offset			Collateral Received		Net Amount of Assets Derivative
Barclays Bank plc		Forward Foreign Currency Contracts	$	43,976	$	(43,976	)	$	—	$	—
Deutsche Bank Securities, Inc.		Forward Foreign Currency Contracts		24,350		—			—		24,350
HSBC Bank plc		Forward Foreign Currency Contracts		6,569		—			—		6,569
JPMorgan Chase Bank		Forward Foreign Currency Contracts		14,031		(14,031	)		—		—
Royal Bank of Canada		Forward Foreign Currency Contracts		22,270		(8,157	)		—		14,114
Total			$	111,196	$	(66,164	)	$	—	$	103,039

Amounts designated as “—” are zero.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Offsetting of Financial Liabilities, Derivative Liabilities and Collateral Pledged by Counterparty:

						Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Description		Gross Amounts of Recognized Liabilities Derivative			Derivatives Available for Offset		Collateral Pledged		Net Amount of Liabilities Derivative
Barclays Bank plc		Forward Foreign Currency Contracts	$	(45,850	)	$	43,976	$	—	$	(1,874	)
JPMorgan Chase Bank		Forward Foreign Currency Contracts		(22,208	)		14,031		—		(8,177	)
Credit Lyonnais SA		Forward Foreign Currency Contracts		(8,820	)		—		—		(8,820	)
Royal Bank of Canada		Forward Foreign Currency Contracts		(8,157	)		8,157		—		—
Total			$	(85,035	)	$	66,164	$	—	$	(18,871	)

Amounts designated as “—” are zero.

(h) Unfunded Commitments

Each Fund may enter into commitments to buy and sell investments including commitments to buy Loan Participations to settle on future dates as part of its normal investment activities. Commitments are generally traded and priced as part of a related Loan Participations. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation (depreciation) from unfunded commitments is reported on the Statement of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner.

(i) Securities Lending

During the six months ended April 30, 2019, Global High Yield, Strategic Income, Emerging Markets Equity, International Equities, Global Sustainable Equity and International Small Cap entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33 1/3% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any dividends and interest while on loan, in lieu of income which is included as “Dividend income” and “Interest income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of repurchase agreements purchased with cash collateral, were as follows:

Fund	Amounts of Liabilities Presented in the Statements of Assets and Liabilities
Global High Yield	$	853,022
Emerging Markets Equity		178,499
International Equities		6,844,464
Global Sustainable Equity		748,850
International Small Cap		30,663,333

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to the Statement of Investments.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At April 30, 2019, Strategic Income did not have any portfolio securities on loan.

(j) Joint Repurchase Agreements

During the six months ended April 30, 2019, Global High Yield, Strategic Income, Emerging Markets Equity, International Equities, Global Sustainable Equity and International Small Cap,

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Notes to Financial Statements (Continued)

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along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC, transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the joint repo on a gross basis was as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Funds’ investment in the joint repos was subject to an enforceable netting arrangement. The Funds’ proportionate holding in the joint repos was as follows:

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Global High Yield	BNP Paribas Securities Corp.	$	701,974	$	—	$	701,974	$	(701,974	)	$	—
Global High Yield	Royal Bank of Canada		103,010		—		103,010		(103,010	)		—
Total		$	804,984	$	—	$	804,984	$	(804,984	)	$	—

127

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Emerging Markets Equity	BNP Paribas Securities Corp.	$	146,892	$	—	$	146,892	$	(146,892	)	$	—
Emerging Markets Equity	Royal Bank of Canada		21,555		—		21,555		(21,555	)		—
Total		$	168,447	$	—	$	168,447	$	(168,447	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
International Equities	BNP Paribas Securities Corp.	$	5,632,492	$	—	$	5,632,492	$	(5,632,492	)	$	—
International Equities	Royal Bank of Canada		826,529		—		826,529		(826,529	)		—
Total		$	6,459,021	$	—	$	6,459,021	$	(6,459,021	)	$	—

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Global Sustainable Equity	BNP Paribas Securities Corp.	$	616,249	$	—	$	616,249	$	(616,249	)	$	—
Global Sustainable Equity	Royal Bank of Canada		90,430		—		90,430		(90,430	)		—
Total		$	706,679	$	—	$	706,679	$	(706,679	)	$	—

128

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

								Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
International Small Cap	BNP Paribas Securities Corp.	$	25,233,674	$	—	$	25,233,674	$	(25,233,674	)	$	—
International Small Cap	Royal Bank of Canada		3,702,865		—		3,702,865		(3,702,865	)		—
Total		$	28,936,539	$	—	$	28,936,539	$	(28,936,539	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for each Fund’s undivided interest in the each joint repo and related collateral.

At April 30, 2019, Strategic Income did not invest in any repurchase agreements.

(k) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on a Fund’s Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

Foreign income and capital gains may be subject to foreign withholding taxes, a portion of which may be reclaimable, and capital gains taxes at various rates. Under applicable foreign law, a withholding tax may be imposed on interest and dividends paid by a foreign security and capital gains from the sale of a foreign security. Foreign income or capital gains subject to foreign withholding taxes are recorded net of the applicable withholding tax.

(l) Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid monthly for Global High Yield, Strategic Income, and Emerging Markets Debt, and are declared and paid quarterly for Emerging Markets Equity, International Equities, Global Sustainable Equity, and International Small Cap. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any

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distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(m) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(n) Allocation of Expenses, Income and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investments of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. NFA has selected the subadviser for each the Funds as noted below, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadvisers.

As of April 30, 2019, the subadviser for each Fund is as follows:

Fund	Subadviser
Global High Yield	Amundi Pioneer Institutional Asset Management, Inc. (“Amundi”)
Strategic Income	Amundi
Emerging Markets Equity	Bailard, Inc. (“Bailard”)
International Equities	Bailard
Emerging Markets Debt	Standard Life Investments (Corporate Funds) Limited
Global Sustainable Equity	UBS Asset Management (Americas) Inc.
International Small Cap	Wellington Management Company LLP

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Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. During the six months ended April 30, 2019, the Funds paid investment advisory fees to NFA according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
Global High Yield	$0 up to $500 million		0.64	%
	$500 million and more		0.62	%
Strategic Income	All Assets		0.56	%
Emerging Markets Equity	$0 up to $200 million		1.00	%
	$200 million and more		0.97	%
International Equities	$0 up to $1 billion		0.75	%
	$1 billion and more		0.70	%
Emerging Markets Debt	All Assets		0.70	%
Global Sustainable Equity	$0 up to $250 million		0.75	%
	$250 million up to $500 million		0.70	%
	$500 million up to $1 billion		0.68	%
	$1 billion and more		0.65	%
International Small Cap	$0 up to $500 million		0.95	%
	$500 million up to $1 billion		0.925	%
	$1 billion and more		0.90	%

For the six months ended April 30, 2019, the effective advisory fee rates before and after expense reimbursements, stemming from the expense limitation agreement described below, were as follows:

Fund	Effective Advisory Fee Rate Before Expense Reimbursements			Effective Advisory Fee Rate After Expense Reimbursements
Global High Yield		0.64	%		0.49	%
Strategic Income		0.56			0.46
Emerging Markets Equity		1.00			0.31
International Equities		0.75			0.75
Emerging Markets Debt		0.70			0.58
Global Sustainable Equity		0.75			0.48
International Small Cap		0.95			0.91

From these fees, pursuant to the subadvisory agreements, NFA pays fees to the unaffiliated subadvisers.

The Trust and NFA had entered into a written Expense Limitation Agreement that limits Funds’ operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization and other non-routine expenses not

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incurred in the ordinary course of the Funds’ business) from exceeding the amounts listed in the table below until February 29, 2020.

Fund	Classes	Amount (annual rate)
Global High Yield	All Classes		0.70	%
Strategic Income	All Classes		0.67
Emerging Markets Equity	All Classes		1.10
International Equities	All Classes		1.10
Emerging Markets Debt	All Classes		0.90
Global Sustainable Equity	All Classes		0.95
International Small Cap	All Classes		0.99

NFA may request and receive reimbursement from a Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by a Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

As of April 30, 2019, the cumulative potential reimbursements for the Funds, listed by the period in which NFA waived fees or reimbursed expenses to the Funds are:

Fund	Fiscal Year 2016 Amount			Fiscal Year 2017 Amount			Fiscal Year 2018 Amount		Six Months Ended April 30, 2019 Amount		Total
Global High Yield	$	113,729	(a)	$	154,808		$	185,412	$	88,009	$	541,958
Strategic Income		126,601	(a)		172,109			149,735		61,033		509,478
Emerging Markets Equity		76,722			144,942			173,169		108,690		503,523
International Equities(b)		—			—			—		—		—
Emerging Markets Debt		85,628	(c)		73,719			84,709		46,478		290,534
Global Sustainable Equity		72,000			128,621			151,155		70,403		422,179
International Small Cap		N/A			160,480	(d)		187,748		80,145		428,373

N/A — Not Applicable

Amounts designated as “—” are zero or have been rounded to zero.

(a) For the period from November 3, 2015 (commencement of operations) through October 31, 2016.

(b) NFA has agreed with the Board of Trustees, NFA will not seek recoupment of fees waived prior to April 1, 2016.

(c) For the period from March 1, 2016 (commencement of operations) through October 31, 2016.

(d) For the period from December 30, 2016 (commencement of operations) through October 31, 2017.

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During the six months ended April 30, 2019, no amounts were reimbursed to NFA pursuant to the Expense Limitation Agreement.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds and serves as Transfer and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and Nationwide Variable Insurance Trust (“NVIT”), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM earned $407,766 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Funds’ aggregate portion of such costs amounted to $2,526.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate as follows:

● 0.25% of the average daily net assets of Class A shares of each Fund (distribution or service fee)

● 1.00% of the average daily net assets of Class C shares of each Fund (0.75% of which may be a distribution fee and 0.25% service fee)

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Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. Emerging Markets Equity, International Equities, Global Sustainable Equity and International Small Cap Class A sales charges range from 0.00% to 5.75%, and Global High Yield, Strategic Income and Emerging Markets Debt Class A sales charges range from 0.00% to 2.25% based on the amount of the purchase. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $24,500. From these fees, NFD retained a portion amounting to $3,558.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions, and Class C shares made within 1 year of purchase. Applicable Class A CDSCs are 1.00% for Emerging Markets Equity, International Equities, Global Sustainable Equity and International Small Cap. Applicable Class A CDSCs are 0.75% for Global High Yield, Strategic Income and Emerging Markets Debt. Class C CDSCs are 1.00% for all Funds. During the six months ended April 30, 2019, the Funds imposed CDSCs of $0.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, and Institutional Service Class shares of each of the Funds.

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Institutional Service Class
Global High Yield		0.02	%		—	%		0.11	%
Strategic Income		0.07			0.08			—
Emerging Markets Equity		0.05			0.16			0.07
International Equities		0.09			0.09			0.07
Emerging Markets Debt		N/A			N/A			N/A
Global Sustainable Equity		0.10			0.15			0.07
International Small Cap		0.01			N/A			0.04

Amounts designated as “—” are zero or have been rounded to zero.

N/A — Not Applicable.

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For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Global High Yield	$	1,044
Strategic Income		847
Emerging Markets Equity		355
International Equities		21,475
Emerging Markets Debt		N/A
Global Sustainable Equity		24,271
International Small Cap		228

N/A — Not Applicable.

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Global High Yield		96.98	%
Strategic Income		78.52
Emerging Markets Equity		0.02
International Equities		—
Emerging Markets Debt		99.89
Global Sustainable Equity		—
International Small Cap		96.09

Amounts designated as “—” are zero or have been rounded to zero.

4.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan Chase Bank, N.A., The Bank of New York Mellon, and Wells Fargo Bank National Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement accrue interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held by or owing such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the six months ended April 30, 2019, the Funds had no borrowings under the line of credit.

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Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by the Advisor. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

5.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Global High Yield	$	39,087,529	$	43,911,945
Strategic Income		71,422,606		55,192,293
Emerging Markets Equity		11,892,153		14,963,920
International Equities		88,963,992		252,106,875
Emerging Markets Debt		27,288,437		35,196,634
Global Sustainable Equity		12,235,194		15,010,978
International Small Cap		168,550,096		153,954,127

* Includes purchases and sales of long-term U.S. Government securities, if any.

6.  Portfolio Investment Risks

Risks Associated with Credit and Emerging Markets

Investments in emerging market instruments are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involves risks not associated with higher-rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less-liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging market investments.

Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include foreign currency fluctuations, future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

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Risks Associated with Variable Rate Securities

Mortgage-Backed Securities — Mortgage-backed securities are fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. Such securities may be issued or guaranteed by U.S. government agencies or instrumentalities or may be issued by private issuers, generally originators in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Adjustable rate mortgage-backed securities are collateralized by or represent interests in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. The Fund will not benefit from increases in interest rates to the extent that interest rates rise to the point where they cause the current coupon of the underlying adjustable rate mortgages to exceed any maximum allowable annual or lifetime reset limits (or “cap rates”) for a particular mortgage. During periods of declining interest rates, income to the Fund derived from adjustable rate mortgage-backed securities which remain in a mortgage pool will decrease in contrast to the income on fixed rate mortgage-backed securities, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments.

Asset-Backed Securities — Asset-backed securities are fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets, such as credit card receivables or auto leases, which pay down over time and generate sufficient cash to pay holders of the securities. Almost any type of fixed-income assets may be used to create an asset-backed security, including other fixed-income securities or derivative instruments such as swaps. Payments or distributions of principal and interest on asset-backed securities may be supported by nongovernmental credit enhancements similar to those utilized in connection with mortgage-backed securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. To the extent a security interest exists, it may be more difficult for the issuer to enforce the security interest as compared to mortgage-backed securities.

Collateralized Mortgage Obligations (“CMOs”) and Multiclass Pass-Through Securities — CMOs are multi-class debt obligations which are collateralized by mortgage loans or pass-through certificates. Multiclass pass-through securities are interests in a trust composed of whole loans or private pass-throughs (referred to as “Mortgage Assets”). Often, CMOs are collateralized by Government National Mortgage Association Pass-Through Certificates (“Ginnie Maes”), Federal National Mortgage Association Pass-Through Certificates (“Fannie Maes”), or Federal Home Loan Mortgage Corporation Pass-Through Certificates (“Freddie Macs”), but also may be collateralized by Mortgage Assets. Payments of principal and interest on the Mortgage Assets, and any reinvestment income thereon, provide the funds to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. In order to form a CMO, the issuer assembles a package of traditional mortgage-backed pass-through securities, or actual mortgage loans, and uses them as collateral for a multi-class security. Each class of CMOs, often referred to as a “tranche,” is issued at a specified fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. As market conditions change, and particularly during periods of rapid or unanticipated changes in market interest rates,

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the attractiveness of the CMO classes and the ability of the structure to provide the anticipated investment characteristics may be reduced significantly. Such changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Stripped Mortgage Securities — Stripped mortgage securities are derivative multiclass mortgage securities. Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have at least one class receiving only a small portion of the interest and a larger portion of the principal from the mortgage assets, while the other class will receive primarily interest and only a small portion of the principal. In the most extreme case, one class will receive all of the interest (“IO” or interest-only), while the other class will receive the entire principal (“PO” or principal-only class). The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by a nationally recognized statistical rating organization.

Collateralized Debt Obligations (“CDOs”) — CDOs are a type of asset-backed security and include, among other things, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Risks Associated with REIT and Real Estate Investments

Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

Risks Associated with Bank Loans

The bank loans in which the Funds invest are subject to the risks that generally apply to fixed-income securities, such as interest rate risk, credit risk, liquidity risk, as well as, where applicable, foreign securities risk, emerging markets risk, and lower quality or high-yield risk. Although borrowers frequently provide collateral to secure repayment of these obligations, they do not always do so. If they do provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a default. Collateral may include security interests in receivables, goods, commodities, or real property. For trade finance loan transactions, the collateral itself may be the source of proceeds to repay the loan (i.e., the borrower’s ability to repay the loan will be dependent on the borrower’s ability to sell, and the purchaser’s ability to buy, the goods or

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commodities that are collateral for the loan). Interests in loan instruments may be tranched or tiered with respect to collateral rights. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a bank loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay. Unsecured loans expose the lenders, and thus the Funds, to increased credit risk.

Risks Associated with Interest Rates

Prices of fixed-income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter term securities. To the extent a Fund invests a substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause the value of the Fund’s investments to decline significantly.

Risks Associated with Low Quality/High Yield Securities

Lower quality securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy. There is more risk associated with these investments because of reduced creditworthiness and increased risk of default. Lower-quality securities are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default or to be in default, to be unlikely to have the capacity to make required interest payments and repay principal when due in the event of adverse business, financial or economic conditions, or to be in default or not current in the payment of interest or principal. They are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

7.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

8.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program

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requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

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April 30, 2019 (Unaudited)

9.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Global High Yield		89.04	%		4	(a)
Strategic Income		45.83			3	(a)
Emerging Markets Equity		71.10			1
International Equities		48.66			1
Emerging Markets Debt		85.28			3	(a)
Global Sustainable Equity		47.40			1
International Small Cap		60.98			4	(a)

(a) All or a portion of the accounts are the accounts of affiliated funds.

10.  Recaptured Brokerage Commissions

The Funds have entered into agreements with brokers whereby the brokers will return a portion of the Funds’ brokerage commissions on behalf of certain Funds. Such amounts, under such agreements, are included in net realized gains (losses) from transactions in investment securities presented in the Funds’ Statement of Operations. During the six months ended April 30, 2019, the Funds recaptured the following amounts of brokerage commissions:

Fund	Amount
International Small Cap	$	1,787

11.  Federal Tax Information

As of April 30, 2019, the tax cost of securities (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global High Yield	$	123,229,929	$	2,669,452	$	(3,436,370	)	$	(766,918	)
Strategic Income		126,769,888		3,023,831		(2,703,213	)		320,618
Emerging Markets Equity		28,357,415		5,224,448		(1,301,366	)		3,923,082
International Equities		212,441,756		27,574,852		(9,007,634	)		18,567,218
Emerging Markets Debt		72,484,461		2,085,451		(3,754,694	)		(1,669,243	)
Global Sustainable Equity		46,099,228		10,324,624		(2,015,881	)		8,308,743
International Small Cap		446,072,717		48,482,069		(28,454,635	)		20,027,434

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Funds and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

141

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income Fund

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Emerging Markets Equity Fund

Nationwide Bailard International Equities Fund

Nationwide Bailard Technology & Science Fund

Nationwide Bond Fund

Nationwide Core Plus Bond Fund

Nationwide Diamond Hill Large Cap Concentrated Fund (formerly, Nationwide Large Cap Equity Fund)

Nationwide Dynamic U.S. Growth Fund (formerly, Nationwide Growth Fund)

Nationwide Emerging Markets Debt Fund

Nationwide Fund

Nationwide Global Sustainable Equity Fund (formerly, Nationwide Global Equity Fund)

Nationwide Government Money Market Fund

Nationwide Geneva Mid Cap Growth Fund

Nationwide Geneva Small Cap Growth Fund

Nationwide Inflation-Protected Securities Fund

Nationwide International Small Cap Fund

Nationwide Long/Short Equity Fund

Nationwide Loomis All Cap Growth Fund

Nationwide Loomis Core Bond Fund (formerly, Nationwide HighMark Bond Fund)

Nationwide Loomis Short Term Bond Fund (formerly, Nationwide HighMark Short Term Bond Fund)

Nationwide Small Company Growth Fund

Nationwide U.S. Small Cap Value Fund

Nationwide WCM Focused Small Cap Fund (formerly, Nationwide HighMark Small Cap Core Fund)

Nationwide Ziegler Equity Income Fund

Continuation of Advisory (and Sub-Advisory) Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) and its Sub-Advisers (together, the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in

question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the

Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers;

● The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis;

● The Adviser’s and Sub-Advisers’ personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s and Sub-Advisers’ investment processes; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser and the Adviser’s assessment of the financial condition and stability of the Sub-Advisers; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for the each of the Funds and the total return investment performance of each of the Funds as well as the performance of peer groups of funds over various time periods.

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

Most of the Funds listed above were shown to pay actual management fees and to have total expense ratios at levels at or lower than their peer medians, or within the third quintile of their peer groups, and to have experienced three-year performance at or above their peer medians or within the third quintile of their peer groups. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each of these Funds was consistent with the continuation of the Fund’s advisory agreement.

The Trustees considered that certain Funds, including the Nationwide Amundi Global High Yield Fund, Nationwide Core Plus Bond Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund, and Nationwide Small Company Growth Fund, although paying relatively high advisory fees, had overall acceptable expense arrangements, particularly in light of their favorable levels of investment performance shown to be within the first or second quintiles of their peer groups. As to the Nationwide International Small Cap Fund, Nationwide Long/Short Equity Fund and Nationwide Loomis All Cap Growth Fund, the Trustees considered that the Funds had been in operation for relatively short periods of time and determined that it would be appropriate to continue the Funds’ advisory agreements in place to allow for further consideration of their comparative expenses and performance in the future. As to the Nationwide Bond Fund and Nationwide Loomis Core Bond Fund, the Trustees considered that, although each Fund had experienced unfavorable relative investment performance over the three-year period, its investment performance had improved substantially in the one-year period. As to the Nationwide Diamond Hill Large Cap Concentrated Fund, the Trustees considered that, effective November 2017, a new Sub-Adviser replaced the former Sub-Adviser to the Fund and that, in connection with the change in Sub-Adviser, the Fund’s investment strategy was changed in March 2018 to permit the Fund to operate as a “non-diversified” fund.

The Trustees reviewed with the Adviser throughout the course of the year the expense level and yield of the Nationwide Government Money Market Fund, in light of changes to regulation of money market funds and related changes in money market fund pricing generally, and determined that the expense and yield information was consistent with the continuation of the Fund’s advisory agreement.

Each of the Nationwide Bailard Emerging Markets Equity Fund, Nationwide Bailard International Equities Fund, Nationwide Loomis Short Term Bond Fund, and Nationwide U.S. Small Cap Value, while generally having acceptable expense arrangements, has experienced performance challenges. The Trustees considered that the sub-adviser to the Nationwide Loomis Short Term Bond Fund had been replaced in late 2017 and that each of the other Funds has been designated to be subject to heightened review by the Trustees in the coming year in light of its investment performance. The Trustees determined to continue the advisory arrangements for those Funds in light of the recent change in the Nationwide Loomis Short term Bond Fund and the continuing performance review for each of the other Funds.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund’s advisory fee rate schedule, with the exception of Nationwide Amundi Strategic Income Fund, Nationwide Emerging Markets Debt Fund and Nationwide Long/Short Equity, is subject to contractual advisory fee breakpoints. The Trustees determined to continue to monitor the fees paid by the Funds to determine whether breakpoints might become appropriate.

-        -         -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

144

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

145

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

146

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

147

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

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Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

149

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

150

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

151

Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

152

Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

153

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

154

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

155

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

156

P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-INT  (6/19)

Semiannual Report

April 30, 2019 (Unaudited)

Nationwide Mutual Funds

Index Funds

Nationwide Bond Index Fund

Nationwide International Index Fund

Nationwide Mid Cap Market Index Fund

Nationwide S&P 500 Index Fund

Nationwide Small Cap Index Fund

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

IMPORTANT INFORMATION

Beginning on January 1, 2021, as permitted by the Securities and Exchange Commission, Nationwide Mutual Funds will no longer mail paper copies of your Fund’s annual and semiannual reports, unless you specifically request paper copies of those reports. Instead, Nationwide Mutual Funds will post the reports on the Funds’ website, nationwide.com/mutualfundprospectuses, and will mail you a notice of availability each time a report is posted and provide you with the website link to access the reports.

If you already have elected to receive these reports electronically (known as eDelivery), you will not be affected by this change and you do not need to take any action. You may elect to receive reports and other fund documents via eDelivery by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling Shareholder Services at 800-848-0920.

You may elect to receive all future reports in paper via U.S. mail free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly in a Nationwide Mutual Fund, you can call Shareholder Services at 800-848-0920 to register your preference that you wish to continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all Funds held in your account.

Nationwide Funds®

Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions.

Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities in this report.

This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation.

Statement Regarding Availability of Quarterly Portfolio Holdings

The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the Nationwide Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors upon request without charge.

Statement Regarding Availability of Proxy Voting Record

Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec.gov.

Table of Contents

Message to Investors	1
Index Funds
Nationwide Bond Index Fund	3
Nationwide International Index Fund	44
Nationwide Mid Cap Market Index Fund	69
Nationwide S&P 500 Index Fund	83
Nationwide Small Cap Index Fund	98
Nationwide Ziegler NYSE Arca Tech 100 Index Fund	126
Notes to Financial Statements	136
Supplemental Information	164
Management Information	167
Market Index Definitions	172
Glossary	176

Message to Investors

Dear Investor,

The U.S. market faced significant volatility at the end of 2018, producing a negative return for the first time since the global financial crisis in 2008. The U.S. market rallied sharply during the first few months of 2019, however, reaching all-time highs and providing solid returns for investors.

Even though key indicators of economic health have weakened slightly, the U.S. economy remains in an expansionary phase with the chances of a recession occurring in the next 12 months likely to remain low. This ongoing strength in the U.S. economy and U.S. corporate earnings is likely to sustain the equity bull market despite rising risks.

The impact of higher tariffs on select companies and sectors is likely to prove challenging as the United States and China continue to hammer out a potential trade deal. In addition, Brexit still haunts the geopolitical landscape, and the yield curve remains extremely flat.

These risks combined with slowing growth indicate that we may be closer to the end of the expansion; however, opportunities for growth and return likely still exist for prudent investors.

Economic Review

During the semiannual reporting period ended April 30, 2019, equity markets were sharply higher amid a volatile period, as investors were encouraged by strong economic growth and a dovish Federal Reserve, which drove markets to all-time highs. Markets entered the period in an uncertain condition, with the weak performance from October 2018 continuing into November and December on worries about global economic growth and the U.S.–China trade war. Markets exploded higher following the bottom on Christmas Eve, as the Fed moved to the sidelines and economic data slowly improved. The January-through-April 2019 performance was the best start to a year for the S&P 500® Index (S&P 500) since 1987. Fixed-income returns were broadly higher on falling interest rates and tightening credit spreads as demand for yielding assets continued to be strong and expectations for federal funds hikes faded. Domestic equities rose, with the S&P 500

returning 9.76% for the reporting period. The MSCI EAFE® Index (MSCI EAFE) returned 7.45% for the reporting period, while the MSCI Emerging Markets® Index led, returning 13.76%.

Economic growth continues at an above-average rate for the current cycle, with the 2.9% gross domestic product (GDP) growth rate from 2018 equal to the best rate since 2005. Growth in the first quarter of 2019 surprised to the upside at 3.2%; Nationwide estimates full-year 2019 growth at 2.6%. Corporate profit growth decelerated from the 21% growth rate of 2018, with the first quarter’s growth coming in flat due to contracting profit margins and sluggish global revenues. For the full year of 2019, earnings are projected to grow at 4% on revenue growth of 5%. The economic and earnings environment provide a healthy backdrop for equity returns.

The Fed reversed course following a steady path of hikes to the federal funds rate. At the December meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018. By the March 2019 meeting, the FOMC signaled that it would not change rates for 2019 due to uncertain economic data and low inflation. This incremental “dovishness” led to a drastic drop in interest rates across the yield curve, with the 10-year yield falling from 3.15% to 2.50% during the reporting period, and the 2-year yield dropping from 2.88% to 2.27%.

The S&P 500 was positive in five of the six months during the reporting period.

Two distinct environments existed for equities during the six-month reporting period. The S&P 500 rallied briefly in November, returning 2.04%, but fell sharply in December 2018, registering -9.03%; this was a nearly 20% decline from the September 2018 high. Equity performance sharply reversed with an 8.0% return in January 2019 (the best month since October 2015) and a total return of 18.0% for the first four months of the year. The best-performing sectors for the reporting period were Communication Services, Information Technology and Real Estate, while Energy, Health Care and Materials lagged. Growth indexes outperformed value, while large-capitalization stocks beat small-cap stocks.

1

Message to Investors (cont.)

U.S. economic activity remains relatively supportive for equity market returns.

International stocks rallied sharply during the reporting period, reversing a trend from most of 2018, when developed and emerging market indexes steadily underperformed the S&P 500. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Like domestic indexes, global markets recovered on increased optimism of a trade deal and slightly improving economic data. It was a pro-growth environment, with manufacturing and commodity-producing markets performing the best.

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The 10-year Treasury yield fell by 0.65% during the period, while the 2-year yield dropped 0.61%. The yield curve was quite flat by historic standards, with the spread between the 10-year and 2-year yields at 0.23% at period end. The improving backdrop led to a substantial tightening of credit spreads, led by high yield.

Index	Semiannual Total Return (as of April 30, 2019)
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		2.52%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		8.43%
Bloomberg Barclays Emerging Markets USD Aggregate Bond		7.13%
Bloomberg Barclays Municipal Bond		5.68%
Bloomberg Barclays U.S. Aggregate Bond		5.49%
Bloomberg Barclays U.S. Corporate High Yield		5.54%
MSCI EAFE®		7.45%
MSCI Emerging Markets®		13.76%
MSCI World ex USA		7.61%
Russell 1000® Growth		12.09%
Russell 1000® Value		7.90%
Russell 2000®		6.06%
S&P 500®		9.76%

Source: Morningstar

As always, we feel that the best way for you to reach your financial goals is to adhere to a disciplined and patient investment strategy. We urge investors to seek investments based on a sound asset allocation strategy, a long-term perspective and regular conversations with a financial advisor.

At Nationwide, we continue to take a steady approach to seeking long-term growth. We remain confident in our ability to help investors navigate the markets for years to come. Thank you for investing with us. We deeply value your trust.

Sincerely,

Michael S. Spangler

President & CEO

Nationwide Funds

2

Fund Overview Nationwide Bond Index Fund

Asset Allocation¹

U.S. Treasury Obligations	38.4%
Mortgage-Backed Securities	27.5%
Corporate Bonds	25.7%
Commercial Mortgage-Backed Securities	2.2%
Foreign Government Securities	1.6%
U.S. Government Agency Securities	1.3%
Supranational	1.2%
Municipal Bonds	0.7%
Asset-Backed Securities	0.5%
Other assets in excess of liabilities	0.9%
	100.0%

Top Industries²

Banks	4.6%
Oil, Gas & Consumable Fuels	2.4%
Capital Markets	1.4%
Electric Utilities	1.2%
Health Care Providers & Services	1.0%
Diversified Telecommunication Services	1.0%
Pharmaceuticals	1.0%
Insurance	0.9%
Consumer Finance	0.9%
Beverages	0.7%
Other Industries	84.9%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.25%, 12/31/2023	1.4%
U.S. Treasury Notes, 2.25%, 11/15/2027	1.2%
U.S. Treasury Notes, 2.50%, 2/28/2021	1.2%
U.S. Treasury Notes, 1.75%, 12/31/2020	0.9%
U.S. Treasury Bonds, 3.00%, 11/15/2044	0.8%
U.S. Treasury Bonds, 5.50%, 8/15/2028	0.8%
U.S. Treasury Notes, 2.88%, 10/15/2021	0.8%
U.S. Treasury Notes, 2.00%, 2/15/2025	0.8%
U.S. Treasury Notes, 1.50%, 8/15/2026	0.7%
U.S. Treasury Notes, 2.25%, 2/15/2021	0.7%
Other Holdings	90.7%
	100.0%

¹   Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

3

Shareholder Expense Example Nationwide Bond Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Bond Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,050.70		3.36		0.66
	Hypothetical	(a)(b)		1,000.00		1,021.52		3.31		0.66
Class C Shares	Actual	(a)		1,000.00		1,048.10		6.86		1.35
	Hypothetical	(a)(b)		1,000.00		1,018.10		6.76		1.35
Class R6 Shares	Actual	(a)		1,000.00		1,053.90		1.27		0.25
	Hypothetical	(a)(b)		1,000.00		1,023.55		1.25		0.25
Institutional Service Class Shares	Actual	(a)		1,000.00		1,052.60		2.54		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.32		2.51		0.50

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

4

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund

Asset-Backed Securities 0.5%
	Principal Amount		Value
Airlines 0.0%†
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 1/15/2023	$	127,653	$	132,312
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/2025		194,392		201,590
				333,902
Credit Card 0.5%
BA Credit Card Trust, Series 2018-A3, Class A3, 3.10%, 12/15/2023		2,500,000		2,531,477
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/2024		625,000		616,591
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.92%, 4/7/2022		1,000,000		994,265
				4,142,333
Total Asset-Backed Securities (cost $4,449,532)				4,476,235
Commercial Mortgage-Backed Securities 2.2%
BBCMS Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 2/15/2050		450,000		464,255
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 6/15/2050		850,000		866,362
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class A4, 4.13%, 11/10/2046		650,000		683,428
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500,000		516,436
COMM Mortgage Trust
Series 2013-CR12, Class A4, 4.05%, 10/10/2046		300,000		313,769
Series 2014-CR16, Class A4, 4.05%, 4/10/2047		750,000		785,894
FHLMC Multifamily Structured Pass-Through Certificates REMICS
Series K713, Class A2, 2.31%, 3/25/2020		483,942		482,082
Series K020, Class A2, 2.37%, 5/25/2022		600,000		597,292
Series K026, Class A2, 2.51%, 11/25/2022		200,000		199,755
Series K031, Class A2, 3.30%, 4/25/2023 (a)		100,000		102,619
Series K033, Class A2, 3.06%, 7/25/2023 (a)		100,000		101,739
Series K038, Class A1, 2.60%, 10/25/2023		119,156		119,489
Series K037, Class A2, 3.49%, 1/25/2024		200,000		206,996
Series K038, Class A2, 3.39%, 3/25/2024		800,000		825,983

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Series K066, Class A2, 3.12%, 6/25/2027	$	750,000	$	760,391
FNMA ACES REMICS
Series 2014-M6, Class A2, 2.68%, 5/25/2021 (a)		112,406		112,474
Series 2014-M2, Class ASV2, 2.78%, 6/25/2021 (a)		302,518		302,935
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A4, 3.38%, 5/10/2050		750,000		765,437
GS Mortgage Securities Trust, Series 2015-GC28, Class A2, 2.90%, 2/10/2048		1,000,000		1,000,498
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3, 4.17%, 8/15/2046		341,082		349,559
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 9/15/2050		750,000		762,901
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C7, Class A4, 2.92%, 2/15/2046		1,300,000		1,306,784
Series 2013-C10, Class ASB, 3.91%, 7/15/2046 (a)		1,133,773		1,158,386
Series 2013-C10, Class A5, 4.22%, 7/15/2046 (a)		250,000		261,709
Series 2014-C17, Class A5, 3.74%, 8/15/2047		1,500,000		1,555,621
Morgan Stanley Capital I Trust
Series 2016-UBS9, Class A4, 3.59%, 3/15/2049		900,000		925,896
Series 2017-H1, Class A5, 3.53%, 6/15/2050		750,000		768,025
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.79%, 9/15/2048		1,700,000		1,765,247
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class A4, 3.04%, 3/15/2045		500,000		504,439
Series 2012-C7, Class A2, 3.43%, 6/15/2045		300,000		305,248
Total Commercial Mortgage-Backed Securities (cost $19,112,107)				18,871,649
Corporate Bonds 25.7%
Aerospace & Defense 0.5%
Boeing Co. (The),
3.20%, 3/1/2029		500,000		497,470
3.30%, 3/1/2035		65,000		60,380
General Dynamics Corp., 3.88%, 7/15/2021		150,000		154,072
Harris Corp.,
3.83%, 4/27/2025		250,000		257,279
4.85%, 4/27/2035		55,000		58,599
L3 Technologies, Inc., 4.95%, 2/15/2021		250,000		257,506

5

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Aerospace & Defense (continued)
Lockheed Martin Corp.,
3.55%, 1/15/2026	$	500,000	$	513,457
3.60%, 3/1/2035		55,000		54,440
4.07%, 12/15/2042		191,000		193,905
Northrop Grumman Corp., 4.75%, 6/1/2043		250,000		271,113
Raytheon Co.,
3.13%, 10/15/2020		250,000		252,044
3.15%, 12/15/2024		75,000		76,859
Rockwell Collins, Inc., 3.50%, 3/15/2027		150,000		148,643
Textron, Inc., 4.30%, 3/1/2024		250,000		260,818
United Technologies Corp.,
3.65%, 8/16/2023		200,000		205,000
4.13%, 11/16/2028		500,000		521,592
6.13%, 7/15/2038		150,000		184,204
4.50%, 6/1/2042		250,000		259,382
4.05%, 5/4/2047		100,000		96,712
				4,323,475
Air Freight & Logistics 0.1%
FedEx Corp.,
3.25%, 4/1/2026		45,000		45,161
3.30%, 3/15/2027		70,000		69,642
3.88%, 8/1/2042		50,000		44,350
4.55%, 4/1/2046		250,000		241,929
United Parcel Service, Inc., 6.20%, 1/15/2038		205,000		266,329
				667,411
Auto Components 0.0%†
Aptiv Corp., 4.15%, 3/15/2024		150,000		154,822
BorgWarner, Inc., 3.38%, 3/15/2025		70,000		69,661
				224,483
Automobiles 0.1%
Ford Motor Co.,
7.45%, 7/16/2031		250,000		290,160
5.29%, 12/8/2046		150,000		136,701
General Motors Co.,
4.20%, 10/1/2027		250,000		249,302
5.20%, 4/1/2045		250,000		234,390
Toyota Motor Corp., 3.42%, 7/20/2023		200,000		205,532
				1,116,085
Banks 4.6%
Banco Santander SA, 4.25%, 4/11/2027		200,000		202,639
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (b)		250,000		249,175
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (b)		500,000		501,471
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (b)		500,000		496,632

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
4.10%, 7/24/2023	$	250,000	$	261,380
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		271,000		269,894
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (b)		250,000		252,501
3.88%, 8/1/2025		250,000		258,774
4.45%, 3/3/2026		55,000		57,742
3.50%, 4/19/2026		145,000		146,314
4.25%, 10/22/2026		145,000		149,719
3.25%, 10/21/2027		250,000		245,189
Series L, 4.18%, 11/25/2027		100,000		102,249
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		281,000		275,946
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (b)		250,000		255,608
(ICE LIBOR USD 3 Month + 1.31%), 4.27%, 7/23/2029 (b)		500,000		522,589
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (b)		250,000		255,395
5.88%, 2/7/2042		250,000		313,096
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048 (b)		250,000		264,113
Bank of Montreal,
Series D, 3.10%, 4/13/2021		100,000		100,887
2.90%, 3/26/2022		750,000		751,327
Bank of Nova Scotia (The),
2.15%, 7/14/2020		600,000		596,980
2.70%, 3/7/2022		100,000		99,888
Barclays Bank plc, 5.14%, 10/14/2020		250,000		256,914
Barclays plc,
3.65%, 3/16/2025		200,000		196,219
4.34%, 1/10/2028		250,000		251,716
(ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029 (b)		250,000		262,283
BB&T Corp.,
2.75%, 4/1/2022		250,000		250,190
2.85%, 10/26/2024		250,000		249,657
BNP Paribas SA, 4.25%, 10/15/2024		250,000		258,122
Citibank NA, 3.65%, 1/23/2024		500,000		514,648
Citigroup, Inc.,
2.65%, 10/26/2020		250,000		249,641
3.88%, 10/25/2023		100,000		103,761
3.75%, 6/16/2024		300,000		308,837
3.30%, 4/27/2025		155,000		155,674
5.50%, 9/13/2025		250,000		275,959
3.70%, 1/12/2026		250,000		254,649
4.60%, 3/9/2026		105,000		110,474
3.40%, 5/1/2026		200,000		199,902
4.30%, 11/20/2026		200,000		206,051
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		250,000		250,685
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (b)		250,000		246,766
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (b)		350,000		356,407
6.63%, 6/15/2032		182,000		225,672
4.65%, 7/23/2048		250,000		269,735

6

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Compass Bank, 3.88%, 4/10/2025	$	250,000	$	250,478
Cooperatieve Rabobank UA,
5.25%, 5/24/2041		125,000		152,171
5.75%, 12/1/2043		250,000		300,682
Credit Suisse Group Funding Guernsey Ltd.,
3.13%, 12/10/2020		250,000		250,654
3.80%, 9/15/2022		250,000		255,183
4.55%, 4/17/2026		250,000		263,396
Discover Bank, 4.20%, 8/8/2023		250,000		260,065
Fifth Third Bancorp,
2.88%, 7/27/2020		250,000		250,490
3.50%, 3/15/2022		300,000		305,747
3.95%, 3/14/2028		250,000		259,654
HSBC Bank USA NA, 5.88%, 11/1/2034		498,000		601,422
HSBC Holdings plc,
3.60%, 5/25/2023		200,000		204,311
4.25%, 3/14/2024		250,000		257,780
4.30%, 3/8/2026		200,000		208,298
3.90%, 5/25/2026		250,000		254,903
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (b)		500,000		520,834
HSBC USA, Inc., 2.75%, 8/7/2020		250,000		250,053
Huntington Bancshares, Inc., 3.15%, 3/14/2021		250,000		251,562
JPMorgan Chase & Co.,
2.75%, 6/23/2020		250,000		250,122
2.55%, 3/1/2021		250,000		249,396
4.35%, 8/15/2021		1,000,000		1,034,685
3.38%, 5/1/2023		250,000		253,406
3.63%, 5/13/2024		350,000		359,742
3.13%, 1/23/2025		250,000		250,193
3.30%, 4/1/2026		250,000		249,953
4.13%, 12/15/2026		250,000		258,834
(ICE LIBOR USD 3 Month + 1.25%), 3.96%, 1/29/2027 (b)		250,000		258,252
(ICE LIBOR USD 3 Month + 1.36%), 3.88%, 7/24/2038 (b)		500,000		493,671
5.60%, 7/15/2041		200,000		243,558
4.85%, 2/1/2044		250,000		277,641
(ICE LIBOR USD 3 Month + 1.58%), 4.26%, 2/22/2048 (b)		250,000		256,441
KeyCorp, 5.10%, 3/24/2021		150,000		156,438
Korea Development Bank (The), 4.63%, 11/16/2021		200,000		208,941
Kreditanstalt fuer Wiederaufbau,
1.63%, 5/29/2020		405,000		401,545
2.75%, 9/8/2020		300,000		301,428
2.00%, 11/30/2021		1,000,000		991,850
2.13%, 3/7/2022		2,000,000		1,988,945
2.88%, 4/3/2028		200,000		204,617
Landwirtschaftliche Rentenbank, Series 36, 2.00%, 12/6/2021		500,000		495,680
Lloyds Banking Group plc,
4.50%, 11/4/2024		250,000		256,958

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
4.65%, 3/24/2026	$	250,000	$	255,703
4.34%, 1/9/2048		250,000		233,032
Mitsubishi UFJ Financial Group, Inc.,
3.46%, 3/2/2023		750,000		761,777
3.76%, 7/26/2023		200,000		205,493
3.85%, 3/1/2026		250,000		258,994
Mizuho Financial Group, Inc., 3.17%, 9/11/2027		250,000		246,808
MUFG Americas Holdings Corp., 3.00%, 2/10/2025		200,000		196,592
National Australia Bank Ltd., 3.38%, 1/14/2026		250,000		251,375
PNC Bank NA,
2.95%, 1/30/2023		350,000		349,584
3.30%, 10/30/2024		250,000		254,689
Royal Bank of Canada, 2.50%, 1/19/2021		250,000		249,669
Royal Bank of Scotland Group plc,
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (b)		200,000		199,869
4.80%, 4/5/2026		250,000		262,408
(ICE LIBOR USD 3 Month + 1.91%), 5.08%, 1/27/2030 (b)		250,000		267,279
Santander Holdings USA, Inc., 4.40%, 7/13/2027		200,000		203,170
Santander UK Group Holdings plc, 2.88%, 10/16/2020		105,000		104,768
Santander UK plc, 2.50%, 1/5/2021		500,000		497,465
Sumitomo Mitsui Financial Group, Inc.,
2.78%, 7/12/2022		750,000		748,280
3.78%, 3/9/2026		500,000		515,200
SunTrust Bank, 2.45%, 8/1/2022		500,000		494,270
Toronto-Dominion Bank (The), 1.80%, 7/13/2021		750,000		735,952
US Bancorp,
4.13%, 5/24/2021		100,000		102,898
3.38%, 2/5/2024		750,000		770,529
Series X, 3.15%, 4/27/2027		250,000		250,839
Wells Fargo & Co.,
3.00%, 1/22/2021		500,000		502,129
2.50%, 3/4/2021		240,000		238,820
2.63%, 7/22/2022		250,000		247,857
3.75%, 1/24/2024		750,000		771,783
3.00%, 2/19/2025		60,000		59,423
3.00%, 4/22/2026		250,000		244,259
4.30%, 7/22/2027		200,000		207,963
5.38%, 2/7/2035		118,000		138,010
5.61%, 1/15/2044		333,000		389,562
3.90%, 5/1/2045		150,000		148,304
4.90%, 11/17/2045		250,000		268,126
4.40%, 6/14/2046		100,000		100,420
Westpac Banking Corp., 2.10%, 5/13/2021		100,000		98,748
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (b)		250,000		250,932
				38,706,428

7

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Beverages 0.7%
Anheuser-Busch Cos. LLC,
3.65%, 2/1/2026 (c)	$	250,000	$	250,818
4.70%, 2/1/2036 (c)		350,000		355,616
4.90%, 2/1/2046 (c)		215,000		218,165
Anheuser-Busch InBev Worldwide, Inc.,
4.15%, 1/23/2025		500,000		522,174
4.00%, 4/13/2028		100,000		101,993
4.75%, 1/23/2029		350,000		374,748
4.38%, 4/15/2038		100,000		97,436
4.60%, 4/15/2048		150,000		146,401
4.44%, 10/6/2048		130,000		123,724
5.55%, 1/23/2049		350,000		388,737
4.75%, 4/15/2058		150,000		146,960
5.80%, 1/23/2059		50,000		56,873
Coca-Cola Co. (The),
3.15%, 11/15/2020		200,000		202,076
3.20%, 11/1/2023		400,000		408,716
2.90%, 5/25/2027		100,000		99,066
Constellation Brands, Inc., 3.50%, 5/9/2027		400,000		392,944
Diageo Investment Corp., 2.88%, 5/11/2022		500,000		503,434
Keurig Dr Pepper, Inc.,
3.20%, 11/15/2021		250,000		250,159
5.09%, 5/25/2048 (c)		250,000		257,029
Molson Coors Brewing Co.,
3.50%, 5/1/2022		250,000		253,742
3.00%, 7/15/2026		95,000		91,201
5.00%, 5/1/2042		150,000		150,065
PepsiCo, Inc.,
3.13%, 11/1/2020		200,000		201,770
3.60%, 3/1/2024		250,000		260,187
2.85%, 2/24/2026		175,000		174,420
3.45%, 10/6/2046		250,000		239,647
				6,268,101
Biotechnology 0.5%
AbbVie, Inc.,
2.90%, 11/6/2022		500,000		498,555
3.20%, 5/14/2026		185,000		179,491
4.50%, 5/14/2035		135,000		132,055
4.30%, 5/14/2036		250,000		239,009
AbbVie, Inc.,
4.40%, 11/6/2042		75,000		69,484
4.88%, 11/14/2048		150,000		148,111
Amgen, Inc.,
3.45%, 10/1/2020		200,000		202,037
2.70%, 5/1/2022		500,000		497,583
4.56%, 6/15/2048		187,000		187,564
4.66%, 6/15/2051		279,000		281,832
Baxalta, Inc., 4.00%, 6/23/2025		30,000		31,039
Biogen, Inc.,
3.63%, 9/15/2022		500,000		509,218
4.05%, 9/15/2025		95,000		97,685
Celgene Corp.,
3.25%, 8/15/2022		200,000		201,629
4.63%, 5/15/2044		150,000		151,383
5.00%, 8/15/2045		250,000		268,866

Corporate Bonds (continued)
	Principal Amount		Value
Biotechnology (continued)
Gilead Sciences, Inc.,
4.50%, 4/1/2021	$	100,000	$	103,010
3.70%, 4/1/2024		150,000		154,822
3.50%, 2/1/2025		145,000		147,765
3.65%, 3/1/2026		75,000		76,662
4.50%, 2/1/2045		250,000		250,160
4.75%, 3/1/2046		150,000		156,764
				4,584,724
Building Products 0.1%
Johnson Controls International plc,
4.25%, 3/1/2021		100,000		102,270
3.90%, 2/14/2026		125,000		127,803
4.50%, 2/15/2047		100,000		96,272
Masco Corp., 3.50%, 11/15/2027		100,000		95,751
Owens Corning, 4.30%, 7/15/2047		150,000		122,921
				545,017
Capital Markets 1.4%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		250,000		261,601
Bank of New York Mellon Corp. (The),
2.60%, 8/17/2020		200,000		200,052
2.95%, 1/29/2023		100,000		100,390
Series G, 3.00%, 2/24/2025		105,000		104,851
3.30%, 8/23/2029		250,000		246,450
Brookfield Finance, Inc., 4.25%, 6/2/2026		250,000		254,423
Charles Schwab Corp. (The), 4.00%, 2/1/2029		500,000		528,887
CME Group, Inc., 3.00%, 3/15/2025		250,000		251,563
Credit Suisse USA, Inc., 7.13%, 7/15/2032		195,000		263,825
Deutsche Bank AG, 4.10%, 1/13/2026		250,000		242,288
Franklin Resources, Inc., 2.80%, 9/15/2022		250,000		250,345
Goldman Sachs Group, Inc. (The),
Series D, 6.00%, 6/15/2020		500,000		517,121
2.63%, 4/25/2021		500,000		498,212
5.75%, 1/24/2022		250,000		268,138
3.20%, 2/23/2023		500,000		500,312
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (b)		500,000		495,951
3.63%, 2/20/2024		250,000		254,423
4.00%, 3/3/2024		250,000		258,454
3.75%, 2/25/2026		315,000		317,349
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		200,000		204,318
6.75%, 10/1/2037		100,000		123,413
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		250,000		242,584
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (b)		250,000		252,973
6.25%, 2/1/2041		250,000		313,592

8

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Capital Markets (continued)
Intercontinental Exchange, Inc., 3.45%, 9/21/2023	$	100,000	$	102,229
3.75%, 12/1/2025		80,000		83,413
Jefferies Group LLC,
6.88%, 4/15/2021		250,000		267,120
4.15%, 1/23/2030		100,000		93,115
Moody’s Corp., 4.50%, 9/1/2022		100,000		104,971
Morgan Stanley,
2.80%, 6/16/2020		230,000		230,350
5.50%, 7/28/2021		150,000		158,338
4.10%, 5/22/2023		350,000		361,923
4.00%, 7/23/2025		155,000		161,147
3.88%, 1/27/2026		250,000		256,202
3.13%, 7/27/2026		250,000		243,501
4.35%, 9/8/2026		250,000		259,453
3.63%, 1/20/2027		250,000		252,397
3.95%, 4/23/2027		250,000		252,443
7.25%, 4/1/2032		226,000		303,112
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (b)		250,000		260,328
Northern Trust Corp.,
3.38%, 8/23/2021		50,000		51,033
3.65%, 8/3/2028		50,000		52,207
S&P Global, Inc., 4.40%, 2/15/2026		250,000		268,966
State Street Corp.,
4.38%, 3/7/2021		300,000		309,771
3.30%, 12/16/2024		155,000		158,118
TD Ameritrade Holding Corp.,
2.95%, 4/1/2022		250,000		251,826
3.63%, 4/1/2025		250,000		258,639
				11,692,117
Chemicals 0.4%
Dow Chemical Co. (The),
4.13%, 11/15/2021		150,000		154,185
3.50%, 10/1/2024		250,000		253,607
4.25%, 10/1/2034		100,000		100,030
4.38%, 11/15/2042		150,000		145,195
DowDuPont, Inc., 4.73%, 11/15/2028		500,000		543,872
Eastman Chemical Co., 3.60%, 8/15/2022		250,000		254,650
Ecolab, Inc.,
4.35%, 12/8/2021		81,000		84,246
3.25%, 1/14/2023		250,000		253,485
Lubrizol Corp. (The), 6.50%, 10/1/2034		103,000		135,118
LyondellBasell Industries NV,
6.00%, 11/15/2021		400,000		426,157
4.63%, 2/26/2055		100,000		92,335
Mosaic Co. (The), 5.45%, 11/15/2033		150,000		162,158
Nutrien Ltd.,
3.15%, 10/1/2022		50,000		50,130
5.88%, 12/1/2036		125,000		140,974
6.13%, 1/15/2041		100,000		117,510

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals (continued)
Praxair, Inc.,
4.05%, 3/15/2021	$	150,000	$	154,309
3.20%, 1/30/2026		250,000		253,273
Sherwin-Williams Co. (The), 4.50%, 6/1/2047		150,000		148,788
				3,470,022
Commercial Services & Supplies 0.1%
CommonSpirit Health, 4.35%, 11/1/2042		50,000		48,008
Republic Services, Inc.,
5.25%, 11/15/2021		350,000		370,752
3.20%, 3/15/2025		100,000		100,898
Waste Management, Inc., 3.90%, 3/1/2035		90,000		89,120
				608,778
Communications Equipment 0.1%
Cisco Systems, Inc.,
2.50%, 9/20/2026		250,000		242,797
5.50%, 1/15/2040		250,000		312,379
Motorola Solutions, Inc.,
4.00%, 9/1/2024		150,000		153,111
7.50%, 5/15/2025		144,000		167,532
				875,819
Construction Materials 0.0%†
Vulcan Materials Co., 3.90%, 4/1/2027		100,000		99,213
Consumer Finance 0.9%
AerCap Ireland Capital DAC,
4.25%, 7/1/2020		600,000		608,050
3.65%, 7/21/2027		250,000		237,789
American Express Co.,
2.50%, 8/1/2022		1,000,000		988,747
3.63%, 12/5/2024		150,000		154,657
American Honda Finance Corp., 3.45%, 7/14/2023		100,000		102,734
Capital One Financial Corp.,
2.50%, 5/12/2020		500,000		498,526
3.75%, 4/24/2024		100,000		102,141
3.30%, 10/30/2024		100,000		99,883
3.75%, 3/9/2027		250,000		247,883
Caterpillar Financial Services Corp., 2.75%, 8/20/2021		500,000		500,997
Ford Motor Credit Co. LLC,
2.43%, 6/12/2020		500,000		495,628
3.34%, 3/18/2021		250,000		249,128
5.88%, 8/2/2021		250,000		261,606
3.66%, 9/8/2024		250,000		239,812
General Motors Financial Co., Inc.,
4.38%, 9/25/2021		100,000		102,455
4.15%, 6/19/2023		500,000		509,662
5.25%, 3/1/2026		350,000		370,403
4.00%, 10/6/2026		250,000		245,816
John Deere Capital Corp.,
2.65%, 1/6/2022		140,000		140,265
2.70%, 1/6/2023		200,000		199,720

9

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Consumer Finance (continued)
Synchrony Financial, 4.50%, 7/23/2025	$	190,000	$	193,226
Toyota Motor Credit Corp.,
2.95%, 4/13/2021		200,000		201,397
3.65%, 1/8/2029		500,000		517,888
				7,268,413
Containers & Packaging 0.0%†
International Paper Co., 4.80%, 6/15/2044		250,000		248,322
Diversified Consumer Services 0.1%
Massachusetts Institute of Technology, 4.68%, 7/1/2114		200,000		232,437
Northwestern University, Series 2017, 3.66%, 12/1/2057		12,000		11,993
President & Fellows of Harvard College,
3.15%, 7/15/2046		50,000		47,030
3.30%, 7/15/2056		100,000		91,501
Princeton University, 5.70%, 3/1/2039		200,000		260,394
University of Notre Dame du Lac, Series 2017, 3.39%, 2/15/2048		30,000		28,754
				672,109
Diversified Financial Services 0.4%
AXA Equitable Holdings, Inc.,
7.00%, 4/1/2028		92,000		105,765
5.00%, 4/20/2048		150,000		148,772
Bank One Corp., 8.00%, 4/29/2027		202,000		258,203
Berkshire Hathaway, Inc., 2.75%, 3/15/2023		200,000		200,537
GE Capital International Funding Co. Unlimited Co.,
2.34%, 11/15/2020		206,000		203,772
4.42%, 11/15/2035		582,000		545,117
National Rural Utilities Cooperative Finance Corp.,
3.40%, 2/7/2028		50,000		50,643
8.00%, 3/1/2032		61,000		85,353
Shell International Finance BV,
2.13%, 5/11/2020		500,000		497,545
4.13%, 5/11/2035		150,000		159,427
6.38%, 12/15/2038		250,000		333,369
4.00%, 5/10/2046		150,000		154,356
3.75%, 9/12/2046		150,000		147,923
Voya Financial, Inc., 3.65%, 6/15/2026		100,000		99,822
				2,990,604
Diversified Telecommunication Services 1.0%
AT&T, Inc.,
3.80%, 3/15/2022		500,000		513,156
3.95%, 1/15/2025		350,000		361,068
4.13%, 2/17/2026		250,000		258,225
4.25%, 3/1/2027		250,000		259,521
4.50%, 5/15/2035		310,000		311,254

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services (continued)
5.25%, 3/1/2037	$	250,000	$	267,756
5.35%, 9/1/2040		175,000		186,974
4.30%, 12/15/2042		267,000		251,986
4.80%, 6/15/2044		150,000		150,515
4.75%, 5/15/2046		250,000		248,222
5.45%, 3/1/2047		200,000		219,193
4.50%, 3/9/2048		160,000		153,553
4.55%, 3/9/2049		100,000		96,328
British Telecommunications plc, 9.63%, 12/15/2030 (d)		191,000		275,995
Deutsche Telekom International Finance BV, 8.75%, 6/15/2030 (d)		106,000		148,199
Orange SA,
9.00%, 3/1/2031 (d)		133,000		194,886
5.50%, 2/6/2044		100,000		117,758
Telefonica Emisiones SA,
5.46%, 2/16/2021		150,000		156,675
4.57%, 4/27/2023		200,000		211,710
4.10%, 3/8/2027		350,000		358,768
4.90%, 3/6/2048		150,000		148,254
5.52%, 3/1/2049		150,000		161,072
Verizon Communications, Inc.,
3.50%, 11/1/2024		400,000		409,672
4.13%, 3/16/2027		250,000		263,660
4.33%, 9/21/2028		254,000		271,663
4.02%, 12/3/2029 (c)		500,000		522,073
4.40%, 11/1/2034		300,000		317,734
4.81%, 3/15/2039		269,000		292,140
3.85%, 11/1/2042		250,000		238,832
6.55%, 9/15/2043		250,000		329,155
4.52%, 9/15/2048		250,000		260,722
5.01%, 4/15/2049		95,000		106,986
5.01%, 8/21/2054		150,000		167,613
				8,231,318
Electric Utilities 1.2%
Appalachian Power Co., Series Y, 4.50%, 3/1/2049		250,000		261,620
Arizona Public Service Co., 4.20%, 8/15/2048		50,000		50,822
Berkshire Hathaway Energy Co., 4.45%, 1/15/2049		250,000		265,522
CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/2048		150,000		152,464
Cleveland Electric Illuminating Co. (The), 5.50%, 8/15/2024		200,000		218,408
Connecticut Light & Power Co. (The), 4.00%, 4/1/2048		100,000		103,242
DTE Electric Co.,
3.65%, 3/15/2024		250,000		258,355
3.70%, 3/15/2045		80,000		78,018
Duke Energy Corp.,
3.05%, 8/15/2022		200,000		201,392
3.75%, 4/15/2024		150,000		154,826
3.75%, 9/1/2046		250,000		232,626
Duke Energy Florida LLC, 4.20%, 7/15/2048		50,000		52,422

10

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Duke Energy Indiana LLC,
3.75%, 7/15/2020	$	100,000	$	101,285
3.75%, 5/15/2046		250,000		243,069
Duke Energy Ohio, Inc.,
Series A, 5.40%, 6/15/2033		51,000		58,582
3.70%, 6/15/2046		100,000		96,201
Emera US Finance LP, 3.55%, 6/15/2026		250,000		247,187
Entergy Arkansas LLC,
3.50%, 4/1/2026		100,000		101,448
4.20%, 4/1/2049		250,000		259,931
Entergy Corp.,
5.13%, 9/15/2020		300,000		306,613
4.00%, 7/15/2022		200,000		206,112
Evergy, Inc., 4.85%, 6/1/2021		100,000		103,012
Eversource Energy, Series H, 3.15%, 1/15/2025		125,000		125,116
Exelon Corp.,
3.50%, 6/1/2022 (d)		250,000		253,510
5.63%, 6/15/2035		250,000		287,462
FirstEnergy Corp., Series B, 4.25%, 3/15/2023		500,000		520,485
Florida Power & Light Co.,
5.65%, 2/1/2037		200,000		243,589
4.05%, 10/1/2044		100,000		103,479
4.13%, 6/1/2048		250,000		262,884
Georgia Power Co., 4.30%, 3/15/2042		100,000		100,498
Hydro-Quebec,
Series HY, 8.40%, 1/15/2022		153,000		175,214
Series GF, 8.88%, 3/1/2026		109,000		148,003
Iberdrola International BV, 5.81%, 3/15/2025		82,000		90,751
Kansas City Power & Light Co.,
3.65%, 8/15/2025		100,000		103,394
Series 2019, 4.13%, 4/1/2049		250,000		256,777
MidAmerican Energy Co., 5.80%, 10/15/2036		200,000		243,999
Nevada Power Co., 5.45%, 5/15/2041		100,000		115,706
Northern States Power Co., 4.00%, 8/15/2045		85,000		86,237
Ohio Power Co., 4.15%, 4/1/2048		250,000		259,914
Oncor Electric Delivery Co. LLC, 5.30%, 6/1/2042		150,000		179,263
PacifiCorp, 5.25%, 6/15/2035		123,000		141,530
PPL Capital Funding, Inc., 5.00%, 3/15/2044		250,000		267,868
Progress Energy, Inc., 7.75%, 3/1/2031		164,000		224,367
Public Service Co. of Colorado, 3.60%, 9/15/2042		100,000		96,624
Public Service Electric & Gas Co., 3.95%, 5/1/2042		200,000		201,291
South Carolina Electric & Gas Co., 6.05%, 1/15/2038		200,000		247,534

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Southern California Edison Co.,
Series B, 2.40%, 2/1/2022	$	250,000	$	244,874
6.00%, 1/15/2034		123,000		143,279
4.00%, 4/1/2047		250,000		233,255
Southern Co. (The),
2.75%, 6/15/2020		300,000		299,804
3.25%, 7/1/2026		210,000		207,142
4.40%, 7/1/2046		250,000		251,362
Virginia Electric & Power Co., Series B, 4.20%, 5/15/2045		120,000		122,862
Wisconsin Electric Power Co.,
2.95%, 9/15/2021		250,000		251,342
5.63%, 5/15/2033		41,000		49,048
Xcel Energy, Inc., 6.50%, 7/1/2036		123,000		156,262
				10,447,882
Electrical Equipment 0.1%
ABB Finance USA, Inc., 4.38%, 5/8/2042		100,000		107,522
Eaton Corp., 2.75%, 11/2/2022		250,000		249,705
4.00%, 11/2/2032		150,000		156,494
				513,721
Electronic Equipment, Instruments & Components 0.1%
Arrow Electronics, Inc., 4.50%, 3/1/2023		100,000		103,619
Avnet, Inc., 5.88%, 6/15/2020		250,000		257,466
Corning, Inc.,
2.90%, 5/15/2022		365,000		366,287
5.35%, 11/15/2048		100,000		114,271
Tyco Electronics Group SA, 3.50%, 2/3/2022		150,000		152,300
				993,943
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC,
3.20%, 8/15/2021		250,000		252,094
3.34%, 12/15/2027		145,000		142,083
Halliburton Co.,
3.80%, 11/15/2025		100,000		102,297
6.70%, 9/15/2038		250,000		312,556
National Oilwell Varco, Inc., 3.95%, 12/1/2042		100,000		84,376
				893,406
Entertainment 0.2%
NBCUniversal Media LLC, 5.95%, 4/1/2041		100,000		123,405
TWDC Enterprises 18 Corp.,
3.00%, 2/13/2026		50,000		50,079
3.70%, 12/1/2042		100,000		98,423
3.00%, 7/30/2046		60,000		52,161
Viacom, Inc., 4.38%, 3/15/2043		200,000		181,582
Walt Disney Co. (The),
3.70%, 9/15/2024 (c)		100,000		104,245

11

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Entertainment (continued)
3.70%, 10/15/2025 (c)	$	100,000	$	104,298
7.28%, 6/30/2028 (c)		53,000		68,787
6.55%, 3/15/2033 (c)		450,000		591,032
Warner Media LLC,
3.60%, 7/15/2025		250,000		250,735
2.95%, 7/15/2026		250,000		239,752
4.65%, 6/1/2044		150,000		149,511
				2,014,010
Equity Real Estate Investment Trusts (REITs) 0.6%
American Tower Corp.,
2.80%, 6/1/2020		250,000		250,003
4.40%, 2/15/2026		25,000		26,212
3.95%, 3/15/2029		250,000		251,376
AvalonBay Communities, Inc., 3.45%, 6/1/2025		100,000		102,441
Boston Properties LP, 2.75%, 10/1/2026		150,000		142,678
Crown Castle International Corp., 3.70%, 6/15/2026		280,000		280,731
Digital Realty Trust LP, 5.25%, 3/15/2021		250,000		258,836
Duke Realty LP, 3.88%, 10/15/2022		250,000		257,221
ERP Operating LP, 2.85%, 11/1/2026		500,000		489,441
GLP Capital LP,
5.38%, 11/1/2023		50,000		52,576
5.30%, 1/15/2029		50,000		52,740
HCP, Inc., 3.40%, 2/1/2025		300,000		300,153
Hospitality Properties Trust, 4.38%, 2/15/2030		100,000		93,749
Host Hotels & Resorts LP,
Series D, 3.75%, 10/15/2023		100,000		100,365
Series E, 4.00%, 6/15/2025		190,000		189,419
Kimco Realty Corp., 4.45%, 9/1/2047		100,000		97,677
Omega Healthcare Investors, Inc., 4.50%, 4/1/2027		250,000		253,382
Realty Income Corp., 4.65%, 8/1/2023		250,000		267,722
Simon Property Group LP, 4.75%, 3/15/2042		250,000		277,465
Ventas Realty LP,
4.25%, 3/1/2022		250,000		257,915
4.88%, 4/15/2049		150,000		156,493
Welltower, Inc.,
5.25%, 1/15/2022		300,000		316,981
4.13%, 3/15/2029		250,000		256,407
Weyerhaeuser Co., 7.38%, 3/15/2032		100,000		134,105
				4,866,088
Food & Staples Retailing 0.4%
Costco Wholesale Corp.,
2.25%, 2/15/2022		85,000		84,307
2.75%, 5/18/2024		200,000		200,463

Corporate Bonds (continued)
	Principal Amount		Value
Food & Staples Retailing (continued)
Kroger Co. (The),
4.00%, 2/1/2024	$	350,000	$	361,011
7.50%, 4/1/2031		178,000		226,427
Sysco Corp.,
3.75%, 10/1/2025		75,000		77,401
3.30%, 7/15/2026		130,000		129,234
Walgreen Co., 3.10%, 9/15/2022		150,000		150,315
Walgreens Boots Alliance, Inc.,
3.45%, 6/1/2026		305,000		295,035
4.50%, 11/18/2034		155,000		150,619
Walmart, Inc., 3.40%, 6/26/2023		500,000		513,718
3.55%, 6/26/2025		100,000		103,819
7.55%, 2/15/2030		82,000		113,165
5.25%, 9/1/2035		92,000		110,708
6.20%, 4/15/2038		198,000		262,678
4.05%, 6/29/2048		250,000		262,986
				3,041,886
Food Products 0.5%
Archer-Daniels-Midland Co., 2.50%, 8/11/2026		500,000		482,756
Campbell Soup Co.,
4.25%, 4/15/2021		100,000		102,295
4.15%, 3/15/2028		150,000		150,642
4.80%, 3/15/2048		50,000		47,511
Conagra Brands, Inc.,
4.60%, 11/1/2025		350,000		369,891
7.00%, 10/1/2028		154,000		185,417
General Mills, Inc.,
3.15%, 12/15/2021		200,000		201,467
4.70%, 4/17/2048		150,000		152,977
JM Smucker Co. (The), 4.25%, 3/15/2035		200,000		193,666
Kellogg Co.,
3.25%, 4/1/2026		40,000		39,570
4.30%, 5/15/2028		250,000		260,709
Kraft Heinz Foods Co.,
3.00%, 6/1/2026		60,000		56,591
6.88%, 1/26/2039		138,000		159,295
5.20%, 7/15/2045		150,000		148,366
4.38%, 6/1/2046		250,000		221,173
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		110,000		116,003
Tyson Foods, Inc.,
4.50%, 6/15/2022		250,000		261,148
4.35%, 3/1/2029		250,000		261,207
4.55%, 6/2/2047		50,000		48,144
Unilever Capital Corp.,
2.00%, 7/28/2026		250,000		232,210
5.90%, 11/15/2032		144,000		179,824
				3,870,862
Gas Utilities 0.1%
Atmos Energy Corp., 4.13%, 10/15/2044		100,000		102,996
CenterPoint Energy Resources Corp., 4.50%, 1/15/2021		212,000		217,212

12

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Gas Utilities (continued)
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020	$	335,000	$	335,377
National Fuel Gas Co., 3.75%, 3/1/2023		250,000		251,396
				906,981
Health Care Equipment & Supplies 0.4%
Abbott Laboratories,
3.88%, 9/15/2025		45,000		47,147
3.75%, 11/30/2026		226,000		235,509
5.30%, 5/27/2040		250,000		290,424
Baxter International, Inc., 2.60%, 8/15/2026		230,000		220,701
Becton Dickinson and Co.,
3.13%, 11/8/2021		250,000		251,078
3.30%, 3/1/2023		250,000		248,158
4.67%, 6/6/2047		100,000		103,150
Boston Scientific Corp., 4.70%, 3/1/2049		250,000		262,867
Koninklijke Philips NV, 5.00%, 3/15/2042		100,000		111,242
Medtronic, Inc.,
3.15%, 3/15/2022		135,000		136,960
3.63%, 3/15/2024		200,000		207,105
4.38%, 3/15/2035		250,000		269,189
4.63%, 3/15/2045		250,000		280,131
Stryker Corp.,
3.38%, 11/1/2025		80,000		81,268
3.50%, 3/15/2026		35,000		35,465
4.63%, 3/15/2046		150,000		160,807
Zimmer Biomet Holdings, Inc., 3.38%, 11/30/2021		150,000		151,345
4.25%, 8/15/2035		48,000		43,762
				3,136,308
Health Care Providers & Services 1.0%
Advocate Health & Hospitals Corp., 4.27%, 8/15/2048		21,000		21,977
Aetna, Inc., 6.63%, 6/15/2036		250,000		296,936
AmerisourceBergen Corp., 4.25%, 3/1/2045		100,000		88,164
Anthem, Inc.,
3.50%, 8/15/2024		250,000		253,068
4.65%, 8/15/2044		250,000		253,029
Cardinal Health, Inc.,
3.20%, 6/15/2022		200,000		200,406
3.75%, 9/15/2025		170,000		170,724
Cigna Corp.,
3.40%, 9/17/2021 (c)		100,000		101,036
4.38%, 10/15/2028 (c)		200,000		206,300
4.90%, 12/15/2048 (c)		150,000		151,388
Cigna Holding Co.,
3.25%, 4/15/2025		250,000		247,601
3.05%, 10/15/2027		100,000		94,399
CVS Health Corp.,
3.50%, 7/20/2022		500,000		506,137
3.70%, 3/9/2023		250,000		253,509
4.10%, 3/25/2025		250,000		254,606

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
4.30%, 3/25/2028	$	500,000	$	505,538
4.88%, 7/20/2035		100,000		99,891
4.78%, 3/25/2038		250,000		243,193
5.05%, 3/25/2048		350,000		345,348
Duke University Health System, Inc., Series 2017, 3.92%, 6/1/2047		138,000		141,267
Express Scripts Holding Co.,
3.90%, 2/15/2022		250,000		256,115
4.50%, 2/25/2026		100,000		104,522
4.80%, 7/15/2046		150,000		148,840
HCA, Inc., 4.50%, 2/15/2027		500,000		513,205
Humana, Inc.,
3.15%, 12/1/2022		250,000		251,227
2.90%, 12/15/2022		250,000		248,090
Laboratory Corp. of America Holdings, 3.75%, 8/23/2022		200,000		204,165
McKesson Corp., 3.95%, 2/16/2028		200,000		199,292
Northwell Healthcare, Inc., 4.26%, 11/1/2047		20,000		20,019
Providence St Joseph Health Obligated Group, Series A, 3.93%, 10/1/2048		15,000		14,948
Quest Diagnostics, Inc., 4.20%, 6/30/2029		50,000		51,249
Stanford Health Care, Series 2018, 3.80%, 11/15/2048		12,000		11,989
Sutter Health, Series 2018, 4.09%, 8/15/2048		36,000		36,240
UnitedHealth Group, Inc.,
2.88%, 12/15/2021		500,000		502,678
3.70%, 12/15/2025		250,000		259,014
3.45%, 1/15/2027		250,000		253,431
3.38%, 4/15/2027		250,000		251,713
4.63%, 7/15/2035		25,000		27,276
5.80%, 3/15/2036		417,000		509,044
				8,297,574
Hotels, Restaurants & Leisure 0.2%
Hyatt Hotels Corp., 5.38%, 8/15/2021		100,000		104,336
Marriott International, Inc., Series N, 3.13%, 10/15/2021		250,000		250,922
McDonald’s Corp.,
3.70%, 1/30/2026		250,000		257,144
4.88%, 7/15/2040		50,000		53,307
4.88%, 12/9/2045		250,000		269,766
Sands China Ltd., 5.40%, 8/8/2028		200,000		211,623
Starbucks Corp.,
3.80%, 8/15/2025		100,000		103,698
4.00%, 11/15/2028		250,000		260,731
				1,511,527
Household Durables 0.1%
Newell Brands, Inc., 4.20%, 4/1/2026		280,000		266,456

13

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Household Durables (continued)
Whirlpool Corp., 3.70%, 5/1/2025	$	250,000	$	252,669
				519,125
Household Products 0.0%†
Colgate-Palmolive Co., 2.45%, 11/15/2021		100,000		100,409
Kimberly-Clark Corp., 3.20%, 7/30/2046		210,000		188,387
Procter & Gamble Co. (The), 3.50%, 10/25/2047		100,000		99,135
				387,931
Independent Power and Renewable Electricity Producers 0.1%
Exelon Generation Co. LLC,
5.75%, 10/1/2041		150,000		161,466
5.60%, 6/15/2042		200,000		212,403
Southern Power Co., 4.15%, 12/1/2025		250,000		260,178
				634,047
Industrial Conglomerates 0.3%
3M Co.,
3.00%, 8/7/2025		250,000		252,803
3.38%, 3/1/2029		250,000		255,205
5.70%, 3/15/2037		50,000		62,150
General Electric Co.,
5.30%, 2/11/2021		72,000		74,560
2.70%, 10/9/2022		250,000		247,029
3.38%, 3/11/2024		150,000		150,560
6.75%, 3/15/2032		106,000		123,975
6.15%, 8/7/2037		144,000		158,539
6.88%, 1/10/2039		100,000		118,310
4.50%, 3/11/2044		100,000		92,761
Honeywell International, Inc., 1.85%, 11/1/2021		500,000		492,532
Ingersoll-Rand Global Holding Co. Ltd., 5.75%, 6/15/2043		50,000		58,708
Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/1/2024		250,000		255,582
				2,342,714
Insurance 0.9%
Aflac, Inc., 3.63%, 11/15/2024		250,000		259,159
Alleghany Corp., 4.95%, 6/27/2022		250,000		264,750
Allstate Corp. (The),
(ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057 (b)		145,000		159,500
American International Group, Inc.,
3.30%, 3/1/2021		445,000		448,178
3.90%, 4/1/2026		140,000		141,636
4.25%, 3/15/2029		250,000		254,807
4.80%, 7/10/2045		100,000		101,840
4.75%, 4/1/2048		150,000		152,142
Aon Corp., 5.00%, 9/30/2020		400,000		412,808

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Aon plc, 3.88%, 12/15/2025	$	100,000	$	103,390
Arch Capital Finance LLC, 4.01%, 12/15/2026		250,000		260,212
Berkshire Hathaway Finance Corp.,
4.40%, 5/15/2042		150,000		159,909
4.25%, 1/15/2049		250,000		261,593
Brighthouse Financial, Inc., 3.70%, 6/22/2027		250,000		231,148
Chubb INA Holdings, Inc.,
2.70%, 3/13/2023		250,000		249,164
3.35%, 5/3/2026		45,000		45,801
4.35%, 11/3/2045		250,000		272,117
CNA Financial Corp., 5.75%, 8/15/2021		250,000		266,084
Hartford Financial Services Group, Inc. (The), 6.10%, 10/1/2041		100,000		121,397
Lincoln National Corp.,
4.85%, 6/24/2021		50,000		51,988
6.15%, 4/7/2036		160,000		192,019
Loews Corp., 4.13%, 5/15/2043		100,000		97,952
Manulife Financial Corp., 4.15%, 3/4/2026		100,000		105,321
Marsh & McLennan Cos., Inc.,
4.80%, 7/15/2021		300,000		311,639
4.90%, 3/15/2049		250,000		275,895
MetLife, Inc.,
3.05%, 12/15/2022 (d)		250,000		254,178
5.70%, 6/15/2035		86,000		105,589
6.40%, 12/15/2036		200,000		221,324
4.60%, 5/13/2046		85,000		92,554
Nationwide Financial Services, Inc., 6.75%, 5/15/2037 (e)		75,000		79,500
Principal Financial Group, Inc., 3.30%, 9/15/2022		250,000		253,026
Progressive Corp. (The),
3.75%, 8/23/2021		150,000		152,617
6.25%, 12/1/2032		113,000		143,863
Prudential Financial, Inc.,
5.38%, 6/21/2020		250,000		257,591
6.63%, 6/21/2040		100,000		129,993
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		150,000		157,125
3.91%, 12/7/2047		130,000		126,658
Reinsurance Group of America, Inc., 5.00%, 6/1/2021		100,000		104,110
Travelers Cos., Inc. (The), 4.00%, 5/30/2047		150,000		152,808
Travelers Property Casualty Corp., 6.38%, 3/15/2033		133,000		172,049
Willis Towers Watson plc, 5.75%, 3/15/2021		100,000		104,888
XLIT Ltd., 4.45%, 3/31/2025		150,000		155,630
				7,863,952

14

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Interactive Media & Services 0.0%†
Alphabet, Inc., 3.63%, 5/19/2021	$	100,000	$	102,346
Internet & Direct Marketing Retail 0.2%
Alibaba Group Holding Ltd.,
3.13%, 11/28/2021		200,000		201,248
4.20%, 12/6/2047		250,000		245,721
Amazon.com, Inc.,
3.30%, 12/5/2021		250,000		255,448
2.80%, 8/22/2024		150,000		150,198
3.15%, 8/22/2027		250,000		251,688
4.80%, 12/5/2034		100,000		115,403
3.88%, 8/22/2037		100,000		103,029
4.05%, 8/22/2047		200,000		208,350
eBay, Inc.,
3.25%, 10/15/2020		100,000		100,573
3.80%, 3/9/2022		140,000		143,403
Expedia Group, Inc., 5.95%, 8/15/2020		150,000		155,682
QVC, Inc., 4.38%, 3/15/2023		100,000		101,132
				2,031,875
IT Services 0.3%
Broadridge Financial Solutions, Inc., 3.40%, 6/27/2026		80,000		79,013
DXC Technology Co., 4.45%, 9/18/2022		100,000		104,145
Fidelity National Information Services, Inc., 5.00%, 10/15/2025		250,000		272,090
Fiserv, Inc., 4.75%, 6/15/2021		200,000		207,476
International Business Machines Corp.,
2.90%, 11/1/2021		150,000		150,556
3.45%, 2/19/2026		250,000		254,421
5.88%, 11/29/2032		250,000		307,943
Mastercard, Inc., 3.95%, 2/26/2048		150,000		156,158
Visa, Inc.,
3.15%, 12/14/2025		195,000		197,866
4.15%, 12/14/2035		150,000		160,650
4.30%, 12/14/2045		200,000		218,173
Western Union Co. (The), 6.20%, 11/17/2036		100,000		106,535
				2,215,026
Life Sciences Tools & Services 0.1%
Bio-Rad Laboratories, Inc., 4.88%, 12/15/2020		100,000		103,033
PerkinElmer, Inc., 5.00%, 11/15/2021		100,000		103,982
Thermo Fisher Scientific, Inc., 3.60%, 8/15/2021		250,000		254,250
3.20%, 8/15/2027		250,000		245,008
				706,273
Machinery 0.2%
Caterpillar, Inc.,
2.60%, 6/26/2022		250,000		249,312

Corporate Bonds (continued)
	Principal Amount		Value
Machinery (continued)
6.05%, 8/15/2036	$	123,000	$	156,737
3.80%, 8/15/2042		97,000		98,401
Deere & Co., 3.90%, 6/9/2042		100,000		103,321
Dover Corp., 5.38%, 3/1/2041		50,000		56,249
IDEX Corp., 4.20%, 12/15/2021		200,000		205,199
Illinois Tool Works, Inc., 4.88%, 9/15/2041		200,000		229,085
Parker-Hannifin Corp., 4.20%, 11/21/2034		250,000		259,726
Stanley Black & Decker, Inc., 2.90%, 11/1/2022		150,000		150,560
				1,508,590
Media 0.7%
CBS Corp.,
2.50%, 2/15/2023		250,000		244,683
3.70%, 8/15/2024		250,000		255,353
5.50%, 5/15/2033		82,000		90,223
Charter Communications Operating LLC,
3.75%, 2/15/2028		500,000		485,496
5.05%, 3/30/2029		250,000		264,729
6.83%, 10/23/2055		250,000		281,969
Comcast Corp.,
3.45%, 10/1/2021		250,000		254,601
3.00%, 2/1/2024		250,000		251,233
3.15%, 3/1/2026		250,000		250,804
4.25%, 1/15/2033		100,000		106,337
7.05%, 3/15/2033		105,000		140,293
4.20%, 8/15/2034		150,000		156,918
6.50%, 11/15/2035		70,000		88,551
4.60%, 10/15/2038		250,000		269,035
4.00%, 8/15/2047		250,000		243,626
3.97%, 11/1/2047		296,000		287,518
4.70%, 10/15/2048		500,000		543,193
Discovery Communications LLC,
3.45%, 3/15/2025		135,000		133,840
4.90%, 3/11/2026		50,000		53,180
5.00%, 9/20/2037		250,000		249,049
Fox Corp., 5.48%, 1/25/2039 (c)		150,000		167,029
Grupo Televisa SAB, 5.00%, 5/13/2045		250,000		246,099
Omnicom Group, Inc.,
3.63%, 5/1/2022		50,000		50,977
3.60%, 4/15/2026		250,000		249,479
Time Warner Cable LLC,
6.75%, 6/15/2039		150,000		167,311
5.50%, 9/1/2041		100,000		99,724
4.50%, 9/15/2042		250,000		222,991
WPP Finance 2010,
4.75%, 11/21/2021		100,000		103,576
3.75%, 9/19/2024		250,000		250,204
				6,208,021

15

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Metals & Mining 0.2%
ArcelorMittal, 6.75%, 3/1/2041 (d)	$	200,000	$	224,888
Barrick Gold Corp., 5.25%, 4/1/2042		200,000		216,672
BHP Billiton Finance USA Ltd.,
6.42%, 3/1/2026		55,000		64,727
5.00%, 9/30/2043		150,000		174,057
Newmont Goldcorp Corp., 5.88%, 4/1/2035		164,000		187,357
Nucor Corp., 4.00%, 8/1/2023		250,000		261,389
Rio Tinto Alcan, Inc., 5.75%, 6/1/2035		144,000		170,296
Rio Tinto Finance USA plc, 4.13%, 8/21/2042		50,000		51,672
Southern Copper Corp.,
6.75%, 4/16/2040		100,000		120,518
5.88%, 4/23/2045		50,000		56,203
Teck Resources Ltd., 5.20%, 3/1/2042		150,000		146,181
Vale Overseas Ltd., 6.88%, 11/21/2036		306,000		355,113
				2,029,073
Multiline Retail 0.1%
Dollar Tree, Inc., 3.70%, 5/15/2023		200,000		203,306
Kohl’s Corp., 3.25%, 2/1/2023		150,000		149,092
Nordstrom, Inc., 4.00%, 10/15/2021		250,000		255,715
Target Corp.,
2.50%, 4/15/2026		250,000		243,097
3.90%, 11/15/2047		100,000		99,390
				950,600
Multi-Utilities 0.4%
Ameren Corp., 3.65%, 2/15/2026		250,000		253,383
Ameren Illinois Co., 2.70%, 9/1/2022		350,000		350,153
Berkshire Hathaway Energy Co., 3.50%, 2/1/2025		250,000		256,651
CenterPoint Energy, Inc., 2.50%, 9/1/2022		100,000		98,266
CMS Energy Corp., 3.00%, 5/15/2026		250,000		243,232
Consolidated Edison Co. of New York, Inc.,
5.70%, 6/15/2040		150,000		181,724
3.95%, 3/1/2043		250,000		247,405
Dominion Energy, Inc.,
4.25%, 6/1/2028		500,000		524,954
Series B, 5.95%, 6/15/2035		174,000		202,073
Series C, 4.90%, 8/1/2041		100,000		106,734
NiSource, Inc., 5.95%, 6/15/2041		150,000		177,271
Puget Energy, Inc., 3.65%, 5/15/2025		250,000		249,511

Corporate Bonds (continued)
	Principal Amount		Value
Multi-Utilities (continued)
Sempra Energy,
4.05%, 12/1/2023	$	200,000	$	206,527
6.00%, 10/15/2039		100,000		118,586
4.00%, 2/1/2048		150,000		138,020
Southern Co. Gas Capital Corp., 4.40%, 6/1/2043		100,000		99,940
WEC Energy Group, Inc., 3.55%, 6/15/2025		100,000		102,169
				3,556,599
Oil, Gas & Consumable Fuels 2.4%
Anadarko Petroleum Corp.,
5.55%, 3/15/2026		250,000		281,247
6.45%, 9/15/2036		269,000		335,766
Apache Corp.,
3.63%, 2/1/2021		154,000		155,820
4.75%, 4/15/2043		250,000		239,539
BP Capital Markets America, Inc.,
4.50%, 10/1/2020		100,000		102,486
3.41%, 2/11/2026		250,000		254,615
BP Capital Markets plc,
3.56%, 11/1/2021		250,000		255,218
3.06%, 3/17/2022		210,000		212,107
3.51%, 3/17/2025		250,000		255,851
Buckeye Partners LP, 4.15%, 7/1/2023		250,000		255,139
Canadian Natural Resources Ltd., 6.25%, 3/15/2038		210,000		252,210
Cenovus Energy, Inc., 5.40%, 6/15/2047		250,000		262,066
Chevron Corp.,
2.36%, 12/5/2022		250,000		247,120
2.95%, 5/16/2026		250,000		249,655
Columbia Pipeline Group, Inc., 3.30%, 6/1/2020		350,000		351,533
Concho Resources, Inc., 4.30%, 8/15/2028		250,000		260,517
ConocoPhillips,
5.90%, 10/15/2032		123,000		152,256
6.50%, 2/1/2039		200,000		267,410
Devon Energy Corp., 5.00%, 6/15/2045		200,000		207,371
Ecopetrol SA, 5.88%, 5/28/2045		125,000		128,912
El Paso Natural Gas Co. LLC, 8.38%, 6/15/2032 (d)		50,000		65,425
Enable Midstream Partners LP, 5.00%, 5/15/2044 (d)		50,000		45,250
Enbridge Energy Partners LP, 5.88%, 10/15/2025		250,000		283,267
Enbridge, Inc., 5.50%, 12/1/2046		150,000		179,171
Encana Corp., 6.50%, 2/1/2038		150,000		177,727
Energy Transfer Operating LP,
4.65%, 6/1/2021		100,000		103,435
5.20%, 2/1/2022		250,000		262,765
5.25%, 4/15/2029		250,000		269,139
6.05%, 6/1/2041		100,000		106,922
6.50%, 2/1/2042		250,000		282,053

16

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC,
6.13%, 10/15/2039	$	215,000	$	257,908
4.85%, 8/15/2042		150,000		158,996
4.95%, 10/15/2054		250,000		260,493
EOG Resources, Inc., 4.10%, 2/1/2021		200,000		204,734
EQM Midstream Partners LP, 6.50%, 7/15/2048		150,000		154,546
Equinor ASA,
2.75%, 11/10/2021		500,000		502,218
2.45%, 1/17/2023		250,000		247,802
3.95%, 5/15/2043		150,000		153,877
Exxon Mobil Corp.,
3.18%, 3/15/2024		200,000		204,828
2.71%, 3/6/2025		250,000		248,887
3.04%, 3/1/2026		75,000		75,377
4.11%, 3/1/2046		100,000		106,450
Hess Corp.,
4.30%, 4/1/2027		250,000		252,169
7.30%, 8/15/2031		127,000		153,996
Husky Energy, Inc., 3.95%, 4/15/2022		200,000		204,670
Kinder Morgan Energy Partners LP,
5.80%, 3/15/2035		144,000		159,539
6.38%, 3/1/2041		100,000		116,097
Kinder Morgan, Inc.,
4.30%, 6/1/2025		85,000		89,112
5.30%, 12/1/2034		200,000		218,138
5.05%, 2/15/2046		250,000		257,166
Magellan Midstream Partners LP, 4.25%, 9/15/2046		100,000		97,877
Marathon Oil Corp., 6.80%, 3/15/2032		82,000		99,667
Marathon Petroleum Corp.,
5.13%, 3/1/2021		300,000		311,401
6.50%, 3/1/2041		100,000		121,571
MPLX LP,
4.50%, 7/15/2023		150,000		157,280
4.13%, 3/1/2027		250,000		252,719
4.00%, 3/15/2028		250,000		250,293
4.70%, 4/15/2048		150,000		144,637
Nexen, Inc.,
5.88%, 3/10/2035		92,000		109,493
6.40%, 5/15/2037		250,000		318,417
Noble Energy, Inc.,
3.90%, 11/15/2024		250,000		255,212
6.00%, 3/1/2041		150,000		169,280
Occidental Petroleum Corp.,
3.13%, 2/15/2022		200,000		201,120
3.40%, 4/15/2026		140,000		139,932
3.00%, 2/15/2027		50,000		48,487
4.20%, 3/15/2048		150,000		146,276
ONEOK, Inc., 4.95%, 7/13/2047		250,000		249,532
Petro-Canada, 5.95%, 5/15/2035		189,000		225,603
Petroleos Mexicanos,
6.38%, 2/4/2021		500,000		517,450
4.50%, 1/23/2026		250,000		233,900
6.50%, 3/13/2027		250,000		253,225

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
6.63%, 6/15/2035	$	201,000	$	193,382
5.50%, 6/27/2044		80,000		65,480
6.38%, 1/23/2045		250,000		222,975
5.63%, 1/23/2046		100,000		83,400
6.75%, 9/21/2047		359,000		330,998
Phillips 66, 5.88%, 5/1/2042		150,000		179,768
Phillips 66 Partners LP, 3.75%, 3/1/2028		250,000		247,461
Pioneer Natural Resources Co., 3.95%, 7/15/2022		50,000		51,575
Plains All American Pipeline LP, 4.70%, 6/15/2044		200,000		188,401
Sabine Pass Liquefaction LLC, 6.25%, 3/15/2022		250,000		269,085
5.00%, 3/15/2027		250,000		266,245
Spectra Energy Partners LP, 3.50%, 3/15/2025		250,000		250,857
Suncor Energy, Inc., 3.60%, 12/1/2024		120,000		122,594
Sunoco Logistics Partners Operations LP, 5.35%, 5/15/2045		150,000		148,601
Total Capital International SA, 3.70%, 1/15/2024		500,000		519,240
TransCanada PipeLines Ltd.,
3.80%, 10/1/2020		250,000		253,577
4.25%, 5/15/2028		250,000		260,524
4.63%, 3/1/2034		250,000		259,705
5.85%, 3/15/2036		150,000		169,706
Valero Energy Corp.,
3.65%, 3/15/2025		205,000		208,217
7.50%, 4/15/2032		82,000		106,851
6.63%, 6/15/2037		100,000		122,578
Western Midstream Operating LP, 5.30%, 3/1/2048		150,000		152,829
Williams Cos., Inc. (The),
3.90%, 1/15/2025		250,000		254,959
5.40%, 3/4/2044		250,000		266,093
4.85%, 3/1/2048		250,000		250,490
				20,277,958
Paper & Forest Products 0.0%†
Georgia-Pacific LLC, 8.88%, 5/15/2031		100,000		149,152
Pharmaceuticals 1.0%
Allergan Finance LLC, 3.25%, 10/1/2022		200,000		199,719
Allergan Funding SCS,
3.45%, 3/15/2022		155,000		155,785
3.85%, 6/15/2024		40,000		40,631
4.55%, 3/15/2035		100,000		98,419
4.75%, 3/15/2045		84,000		82,073
AstraZeneca plc,
3.38%, 11/16/2025		250,000		252,834
6.45%, 9/15/2037		140,000		177,763
4.38%, 8/17/2048		250,000		258,057
Bristol-Myers Squibb Co., 2.00%, 8/1/2022		350,000		342,247

17

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Pharmaceuticals (continued)
Eli Lilly & Co.,
2.75%, 6/1/2025	$	45,000	$	44,901
3.10%, 5/15/2027		200,000		201,672
3.88%, 3/15/2039		250,000		254,682
GlaxoSmithKline Capital plc,
2.85%, 5/8/2022		250,000		250,630
3.38%, 6/1/2029		250,000		250,787
GlaxoSmithKline Capital, Inc., 5.38%, 4/15/2034		139,000		166,236
Johnson & Johnson,
2.95%, 9/1/2020		100,000		100,675
2.45%, 12/5/2021		250,000		249,926
2.45%, 3/1/2026		75,000		72,995
4.95%, 5/15/2033		287,000		338,232
3.63%, 3/3/2037		250,000		251,798
Merck & Co., Inc.,
2.75%, 2/10/2025		220,000		219,390
4.15%, 5/18/2043		250,000		263,122
Mylan NV,
3.15%, 6/15/2021		750,000		749,947
3.95%, 6/15/2026		100,000		96,297
Mylan, Inc., 4.55%, 4/15/2028		150,000		146,582
Novartis Capital Corp.,
3.40%, 5/6/2024		500,000		514,615
3.00%, 11/20/2025		250,000		251,789
Pfizer, Inc.,
3.00%, 12/15/2026		250,000		250,114
7.20%, 3/15/2039		375,000		540,411
Pharmacia LLC, 6.60%, 12/1/2028 (d)		123,000		155,108
Shire Acquisitions Investments Ireland DAC,
2.40%, 9/23/2021		750,000		741,116
3.20%, 9/23/2026		190,000		184,914
Zoetis, Inc.,
3.25%, 2/1/2023		50,000		50,408
4.50%, 11/13/2025		115,000		122,562
				8,076,437
Professional Services 0.0%†
Thomson Reuters Corp., 3.35%, 5/15/2026		140,000		136,985
Road & Rail 0.3%
Burlington Northern Santa Fe LLC,
7.95%, 8/15/2030		144,000		201,196
5.05%, 3/1/2041		350,000		403,423
4.70%, 9/1/2045		150,000		168,522
Canadian National Railway Co.,
6.90%, 7/15/2028		168,000		215,570
6.20%, 6/1/2036		64,000		83,357
Canadian Pacific Railway Co.,
2.90%, 2/1/2025		100,000		99,429
4.80%, 8/1/2045		150,000		165,566
CSX Corp.,
5.50%, 4/15/2041		100,000		115,442
3.95%, 5/1/2050		250,000		241,682
Norfolk Southern Corp.,
2.90%, 2/15/2023		92,000		92,214

Corporate Bonds (continued)
	Principal Amount		Value
Road & Rail (continued)
5.59%, 5/17/2025	$	59,000	$	66,469
4.84%, 10/1/2041		15,000		16,417
4.45%, 6/15/2045		50,000		52,338
4.05%, 8/15/2052		132,000		128,664
Ryder System, Inc., 2.50%, 5/11/2020		105,000		104,425
Union Pacific Corp.,
3.25%, 8/15/2025		250,000		253,161
3.60%, 9/15/2037		250,000		239,276
4.05%, 3/1/2046		105,000		102,996
4.50%, 9/10/2048		150,000		158,988
				2,909,135
Semiconductors & Semiconductor Equipment 0.4%
Applied Materials, Inc.,
4.30%, 6/15/2021		300,000		310,764
4.35%, 4/1/2047		100,000		104,425
Broadcom Corp., 3.63%, 1/15/2024		750,000		744,613
Intel Corp.,
1.70%, 5/19/2021		500,000		491,090
2.70%, 12/15/2022		250,000		250,747
3.70%, 7/29/2025		150,000		156,666
4.10%, 5/11/2047		100,000		102,895
3.73%, 12/8/2047		207,000		202,137
KLA-Tencor Corp., 4.65%, 11/1/2024		215,000		229,712
Lam Research Corp., 3.80%, 3/15/2025		145,000		149,726
QUALCOMM, Inc.,
2.60%, 1/30/2023		70,000		69,466
3.25%, 5/20/2027		250,000		248,586
4.65%, 5/20/2035		250,000		270,633
Texas Instruments, Inc., 1.75%, 5/1/2020		250,000		247,881
				3,579,341
Software 0.6%
Adobe, Inc., 3.25%, 2/1/2025		70,000		71,716
CA, Inc., 4.50%, 8/15/2023		240,000		241,869
Microsoft Corp.,
3.00%, 10/1/2020		350,000		352,684
2.00%, 8/8/2023		250,000		244,149
2.88%, 2/6/2024		185,000		186,801
2.40%, 8/8/2026		215,000		208,161
3.30%, 2/6/2027		250,000		256,284
3.50%, 2/12/2035		65,000		65,387
3.45%, 8/8/2036		250,000		248,504
4.45%, 11/3/2045		75,000		83,736
3.70%, 8/8/2046		500,000		501,287
4.25%, 2/6/2047		250,000		273,758
4.50%, 2/6/2057		150,000		168,619
Oracle Corp.,
1.90%, 9/15/2021		500,000		491,663
2.40%, 9/15/2023		100,000		98,477
2.65%, 7/15/2026		145,000		140,639
3.25%, 5/15/2030		300,000		295,703
4.30%, 7/8/2034		350,000		372,903

18

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Software (continued)
4.13%, 5/15/2045	$	150,000	$	151,629
4.00%, 7/15/2046		100,000		99,312
4.00%, 11/15/2047		250,000		247,937
				4,801,218
Specialty Retail 0.3%
AutoZone, Inc.,
4.00%, 11/15/2020		200,000		203,398
3.25%, 4/15/2025		165,000		164,236
Home Depot, Inc. (The),
1.80%, 6/5/2020		750,000		743,411
3.35%, 9/15/2025		45,000		46,242
5.88%, 12/16/2036		230,000		290,514
5.95%, 4/1/2041		100,000		127,937
4.40%, 3/15/2045		200,000		214,702
Lowe’s Cos., Inc.,
6.50%, 3/15/2029		164,000		198,732
4.25%, 9/15/2044		250,000		241,714
				2,230,886
Technology Hardware, Storage & Peripherals 0.5%
Apple, Inc.,
2.30%, 5/11/2022		750,000		744,267
3.45%, 5/6/2024		300,000		309,366
2.50%, 2/9/2025		170,000		166,622
3.25%, 2/23/2026		95,000		96,394
2.45%, 8/4/2026		190,000		183,038
3.00%, 11/13/2027		350,000		347,020
3.85%, 5/4/2043		250,000		248,738
4.38%, 5/13/2045		145,000		155,245
4.65%, 2/23/2046		230,000		255,488
Dell International LLC,
4.42%, 6/15/2021 (c)		500,000		512,074
6.02%, 6/15/2026 (c)		240,000		260,032
8.35%, 7/15/2046 (c)		150,000		184,617
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 (d)		500,000		533,485
NetApp, Inc., 3.38%, 6/15/2021		150,000		151,255
Seagate HDD Cayman, 4.75%, 1/1/2025		200,000		195,532
				4,343,173
Textiles, Apparel & Luxury Goods 0.1%
Cintas Corp. No. 2, 4.30%, 6/1/2021		100,000		102,927
NIKE, Inc., 3.38%, 11/1/2046		100,000		93,245
VF Corp., 3.50%, 9/1/2021		200,000		203,290
				399,462
Thrifts & Mortgage Finance 0.0%†
BPCE SA, 4.00%, 4/15/2024		250,000		260,107
Tobacco 0.3%
Altria Group, Inc.,
2.85%, 8/9/2022		250,000		248,620

Corporate Bonds (continued)
	Principal Amount		Value
Tobacco (continued)
4.25%, 8/9/2042	$	100,000	$	88,507
5.38%, 1/31/2044		100,000		101,775
5.95%, 2/14/2049		250,000		270,251
BAT Capital Corp.,
2.30%, 8/14/2020		150,000		148,851
2.76%, 8/15/2022		150,000		147,872
3.22%, 8/15/2024		150,000		146,793
4.39%, 8/15/2037		250,000		227,128
4.54%, 8/15/2047		150,000		133,922
Philip Morris International, Inc.,
3.60%, 11/15/2023		500,000		512,932
3.25%, 11/10/2024		350,000		354,811
4.88%, 11/15/2043		150,000		159,889
Reynolds American, Inc.,
4.45%, 6/12/2025		250,000		257,891
5.70%, 8/15/2035		75,000		79,240
				2,878,482
Trading Companies & Distributors 0.1%
Air Lease Corp., 3.63%, 12/1/2027		250,000		239,100
Aircastle Ltd.,
5.00%, 4/1/2023		50,000		51,992
4.13%, 5/1/2024		100,000		100,249
				391,341
Water Utilities 0.0%†
American Water Capital Corp., 4.30%, 9/1/2045		150,000		153,969
Wireless Telecommunication Services 0.2%
America Movil SAB de CV,
3.13%, 7/16/2022		250,000		251,280
6.38%, 3/1/2035		123,000		151,844
Rogers Communications, Inc., 5.00%, 3/15/2044		250,000		274,883
Vodafone Group plc,
2.95%, 2/19/2023		250,000		248,479
7.88%, 2/15/2030		144,000		185,204
6.15%, 2/27/2037		75,000		85,209
5.25%, 5/30/2048		250,000		255,737
				1,452,636
Total Corporate Bonds (cost $211,172,422)				216,183,081
Foreign Government Securities 1.6%
CANADA 0.3%
Export Development Canada, 2.50%, 1/24/2023		500,000		502,522
Province of Alberta Canada, 3.30%, 3/15/2028		100,000		103,116
Province of British Columbia Canada, 2.00%, 10/23/2022		500,000		493,118
Province of New Brunswick Canada, 3.63%, 2/24/2028		100,000		104,830
Province of Ontario, 2.20%, 10/3/2022		500,000		495,444

19

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
CANADA (continued)
Province of Quebec, 2.50%, 4/20/2026	$	200,000	$	197,013
7.50%, 9/15/2029		200,000		280,907
				2,176,950
CHILE 0.1%
Republic of Chile, 3.24%, 2/6/2028		500,000		502,755
COLOMBIA 0.1%
Republic of Colombia,
7.38%, 9/18/2037		250,000		325,625
5.00%, 6/15/2045		350,000		366,278
				691,903
HUNGARY 0.1%
Hungary Government Bond, 5.38%, 3/25/2024		500,000		549,738
INDONESIA 0.0%†
Republic of Indonesia, 4.35%, 1/11/2048		250,000		246,073
ISRAEL 0.0%†
Israel Government Bond, 3.15%, 6/30/2023		250,000		253,250
ITALY 0.0%†
Republic of Italy, 5.38%, 6/15/2033		184,000		194,727
JAPAN 0.2%
Japan Bank for International Cooperation,
3.38%, 10/31/2023		1,000,000		1,031,480
2.88%, 6/1/2027		500,000		499,491
				1,530,971
MEXICO 0.2%
United Mexican States,
3.63%, 3/15/2022		500,000		508,750
4.13%, 1/21/2026		250,000		254,203
6.75%, 9/27/2034		373,000		455,418
5.55%, 1/21/2045		200,000		219,250
4.60%, 1/23/2046		250,000		240,750
5.75%, 10/12/2110		200,000		205,250
				1,883,621
PANAMA 0.1%
Republic of Panama,
3.88%, 3/17/2028		200,000		207,102
6.70%, 1/26/2036		250,000		325,000
				532,102
PERU 0.0%†
Republic of Peru, 5.63%, 11/18/2050		200,000		255,500

Foreign Government Securities (continued)
	Principal Amount		Value
PHILIPPINES 0.1%
Republic of Philippines,
7.75%, 1/14/2031	$	250,000	$	350,783
6.38%, 10/23/2034		250,000		330,446
3.95%, 1/20/2040		250,000		261,394
				942,623
POLAND 0.1%
Republic of Poland,
5.13%, 4/21/2021		125,000		130,916
3.00%, 3/17/2023		500,000		504,280
4.00%, 1/22/2024		250,000		262,500
				897,696
SOUTH KOREA 0.1%
Export-Import Bank of Korea,
4.00%, 1/29/2021		350,000		357,036
2.88%, 1/21/2025		350,000		347,218
Republic of Korea, 5.63%, 11/3/2025		200,000		232,592
				936,846
SWEDEN 0.1%
Svensk Exportkredit AB,
3.13%, 11/8/2021		500,000		508,655
2.88%, 3/14/2023		200,000		203,195
				711,850
URUGUAY 0.1%
Oriental Republic of Uruguay, 4.50%, 8/14/2024		350,000		364,875
4.38%, 10/27/2027		250,000		260,625
5.10%, 6/18/2050		150,000		157,500
				783,000
Total Foreign Government Securities (cost $12,781,510)				13,089,605
Mortgage-Backed Securities 27.7%
FHLMC Gold Pool
Pool# G18007 6.00%, 7/1/2019		95		95
Pool# B16087 6.00%, 8/1/2019		906		906
Pool# G18022 5.50%, 11/1/2019		703		704
Pool# B14288 5.50%, 12/1/2019		890		891
Pool# J00935 5.00%, 12/1/2020		2,550		2,588
Pool# J00854 5.00%, 1/1/2021		3,101		3,147
Pool# J00855 5.50%, 1/1/2021		3,062		3,089
Pool# J01279 5.50%, 2/1/2021		937		947
Pool# J01570 5.50%, 4/1/2021		1,634		1,653

20

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# J06015 5.00%, 5/1/2021	$	5,085	$	5,160
Pool# J01771 5.00%, 5/1/2021		2,965		3,008
Pool# J05950 5.50%, 5/1/2021		13,848		13,990
Pool# G18122 5.00%, 6/1/2021		2,924		2,970
Pool# J01980 6.00%, 6/1/2021		3,677		3,686
Pool# J03074 5.00%, 7/1/2021		1,749		1,776
Pool# J03028 5.50%, 7/1/2021		678		679
Pool# C00351 8.00%, 7/1/2024		207		222
Pool# D60780 8.00%, 6/1/2025		993		1,064
Pool# G30267 5.00%, 8/1/2025		108,155		114,093
Pool# J13883 3.50%, 12/1/2025		331,689		339,954
Pool# J18702 3.00%, 3/1/2027		173,937		175,320
Pool# J18127 3.00%, 3/1/2027		164,080		165,386
Pool# J19106 3.00%, 5/1/2027		72,261		72,836
Pool# J20471 3.00%, 9/1/2027		314,351		316,853
Pool# D82854 7.00%, 10/1/2027		739		784
Pool# G14609 3.00%, 11/1/2027		426,288		429,679
Pool# C00566 7.50%, 12/1/2027		721		809
Pool# G15100 2.50%, 7/1/2028		132,780		132,131
Pool# C18271 7.00%, 11/1/2028		1,555		1,680
Pool# C00678 7.00%, 11/1/2028		938		1,054
Pool# C00836 7.00%, 7/1/2029		453		511
Pool# C31285 7.00%, 9/1/2029		1,018		1,105
Pool# C31282 7.00%, 9/1/2029		47		48
Pool# C32914 8.00%, 11/1/2029		724		738
Pool# G18536 2.50%, 1/1/2030		1,582,413		1,573,707
Pool# C37436 8.00%, 1/1/2030		1,426		1,649
Pool# C36429 7.00%, 2/1/2030		459		468
Pool# C36306 7.00%, 2/1/2030		457		468
Pool# C00921 7.50%, 2/1/2030		828		953

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# G01108 7.00%, 4/1/2030	$	346	$	391
Pool# C37703 7.50%, 4/1/2030		507		528
Pool# G18552 3.00%, 5/1/2030		713,348		718,298
Pool# J32243 3.00%, 7/1/2030		649,943		654,724
Pool# J32257 3.00%, 7/1/2030		44,161		44,499
Pool# J32255 3.00%, 7/1/2030		39,426		39,716
Pool# C41561 8.00%, 8/1/2030		1,407		1,454
Pool# C01051 8.00%, 9/1/2030		1,561		1,816
Pool# C43550 7.00%, 10/1/2030		2,279		2,398
Pool# C44017 7.50%, 10/1/2030		330		334
Pool# C43967 8.00%, 10/1/2030		3,606		3,613
Pool# C44957 8.00%, 11/1/2030		1,199		1,257
Pool# C01106 7.00%, 12/1/2030		6,698		7,623
Pool# C01103 7.50%, 12/1/2030		724		857
Pool# C46932 7.50%, 1/1/2031		478		490
Pool# C01116 7.50%, 1/1/2031		468		534
Pool# C47287 7.50%, 2/1/2031		1,027		1,064
Pool# G01217 7.00%, 3/1/2031		6,694		7,671
Pool# C48206 7.50%, 3/1/2031		1,265		1,267
Pool# C91366 4.50%, 4/1/2031		108,574		114,080
Pool# G18601 3.00%, 5/1/2031		41,114		41,348
Pool# G18605 3.00%, 6/1/2031		21,855		21,979
Pool# C91377 4.50%, 6/1/2031		55,907		58,742
Pool# C53324 7.00%, 6/1/2031		1,164		1,212
Pool# C01209 8.00%, 6/1/2031		494		550
Pool# C54792 7.00%, 7/1/2031		1,675		1,727
Pool# C55071 7.50%, 7/1/2031		452		460
Pool# J35107 2.50%, 8/1/2031		45,750		45,301
Pool# G01309 7.00%, 8/1/2031		1,080		1,222
Pool# G01311 7.00%, 9/1/2031		7,016		8,005

21

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# C01222 7.00%, 9/1/2031	$	829	$	947
Pool# G01315 7.00%, 9/1/2031		244		279
Pool# J35522 2.50%, 10/1/2031		226,416		224,106
Pool# C58694 7.00%, 10/1/2031		3,197		3,384
Pool# C58647 7.00%, 10/1/2031		167		168
Pool# C60012 7.00%, 11/1/2031		545		557
Pool# C61298 8.00%, 11/1/2031		1,883		1,922
Pool# J35957 2.50%, 12/1/2031		392,588		388,582
Pool# C61105 7.00%, 12/1/2031		3,991		4,189
Pool# C01305 7.50%, 12/1/2031		561		617
Pool# C63171 7.00%, 1/1/2032		4,405		4,904
Pool# V61548 2.50%, 2/1/2032		417,182		413,082
Pool# C64121 7.50%, 2/1/2032		1,421		1,452
Pool# G01391 7.00%, 4/1/2032		12,133		13,904
Pool# C01345 7.00%, 4/1/2032		4,027		4,567
Pool# C01370 8.00%, 4/1/2032		1,232		1,363
Pool# G16285 3.50%, 5/1/2032		34,104		34,913
Pool# C66916 7.00%, 5/1/2032		8,397		8,748
Pool# C01381 8.00%, 5/1/2032		10,557		12,136
Pool# C68300 7.00%, 6/1/2032		2,596		2,695
Pool# C68290 7.00%, 6/1/2032		1,716		1,818
Pool# G01449 7.00%, 7/1/2032		7,686		8,797
Pool# C69908 7.00%, 8/1/2032		18,062		19,824
Pool# C91558 3.50%, 9/1/2032		122,699		125,745
Pool# G16407 2.50%, 1/1/2033		156,939		155,530
Pool# G16408 2.50%, 1/1/2033		92,986		92,096
Pool# G01536 7.00%, 3/1/2033		9,961		11,300
Pool# G30646 3.00%, 5/1/2033		189,325		190,200
Pool# G30642 3.00%, 5/1/2033		82,038		82,418
Pool# K90535 3.00%, 5/1/2033		34,755		34,916

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# G18696 3.50%, 7/1/2033	$	41,136	$	42,075
Pool# A16419 6.50%, 11/1/2033		11,251		12,409
Pool# A16522 6.50%, 12/1/2033		20,067		22,779
Pool# C01806 7.00%, 1/1/2034		8,872		9,210
Pool# A21356 6.50%, 4/1/2034		35,411		39,580
Pool# C01851 6.50%, 4/1/2034		19,686		22,312
Pool# A22067 6.50%, 5/1/2034		24,101		27,067
Pool# A24301 6.50%, 5/1/2034		20,526		22,638
Pool# A24988 6.50%, 7/1/2034		8,229		9,076
Pool# G01741 6.50%, 10/1/2034		8,704		9,951
Pool# G08023 6.50%, 11/1/2034		17,433		19,661
Pool# A33137 6.50%, 1/1/2035		2,765		3,050
Pool# G08064 6.50%, 4/1/2035		8,414		9,565
Pool# G01947 7.00%, 5/1/2035		8,574		9,830
Pool# G08088 6.50%, 10/1/2035		78,241		89,170
Pool# A39759 5.50%, 11/1/2035		7,687		8,425
Pool# A40376 5.50%, 12/1/2035		6,568		7,197
Pool# A42305 5.50%, 1/1/2036		18,928		20,673
Pool# A41548 7.00%, 1/1/2036		12,223		13,510
Pool# G08111 5.50%, 2/1/2036		22,861		25,058
Pool# A43886 5.50%, 3/1/2036		286,810		317,755
Pool# A43861 5.50%, 3/1/2036		48,138		51,433
Pool# G08116 5.50%, 3/1/2036		24,775		27,177
Pool# A43534 6.50%, 3/1/2036		1,627		1,794
Pool# A48735 5.50%, 5/1/2036		5,226		5,583
Pool# G08136 6.50%, 6/1/2036		10,613		11,965
Pool# A53039 6.50%, 10/1/2036		33,314		36,742
Pool# A53219 6.50%, 10/1/2036		901		994
Pool# A57803 6.50%, 2/1/2037		36,099		39,814
Pool# G04251 6.50%, 4/1/2038		4,880		5,635

22

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# A79540 6.50%, 7/1/2038	$	1,247	$	1,375
Pool# G04569 6.50%, 8/1/2038		6,443		7,288
Pool# C92013 3.50%, 9/1/2038		478,059		485,952
Pool# A84252 6.50%, 1/1/2039		19,098		21,408
Pool# A84287 6.50%, 1/1/2039		10,763		12,238
Pool# G05535 4.50%, 7/1/2039		839,626		892,878
Pool# A91165 5.00%, 2/1/2040		1,410,252		1,518,993
Pool# G60342 4.50%, 5/1/2042		173,428		184,429
Pool# G60195 4.00%, 6/1/2042		422,815		437,915
Pool# G07158 3.50%, 10/1/2042		261,705		266,359
Pool# Q12051 3.50%, 10/1/2042		162,933		165,831
Pool# G07163 3.50%, 10/1/2042		140,992		143,499
Pool# Q11532 3.50%, 10/1/2042		111,719		113,705
Pool# Q12052 3.50%, 10/1/2042		71,925		73,204
Pool# C09020 3.50%, 11/1/2042		599,464		610,125
Pool# G07264 3.50%, 12/1/2042		283,046		288,076
Pool# Q14292 3.50%, 1/1/2043		56,909		57,921
Pool# Q14881 3.50%, 1/1/2043		52,661		53,585
Pool# Q15884 3.00%, 2/1/2043		576,741		572,991
Pool# V80002 2.50%, 4/1/2043		303,449		293,169
Pool# Q16915 3.00%, 4/1/2043		542,012		538,488
Pool# Q17675 3.50%, 4/1/2043		263,900		268,591
Pool# Q18523 3.50%, 5/1/2043		723,876		736,225
Pool# Q18751 3.50%, 6/1/2043		1,100,778		1,120,062
Pool# G07410 3.50%, 7/1/2043		102,601		104,663
Pool# Q20332 3.50%, 7/1/2043		25,441		25,884
Pool# G07459 3.50%, 8/1/2043		527,793		537,177
Pool# G60038 3.50%, 1/1/2044		782,088		795,987
Pool# Q26869 4.00%, 6/1/2044		805,538		837,849
Pool# G07946 4.00%, 7/1/2044		143,653		148,514

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# Q28607 3.50%, 9/1/2044	$	149,936	$	152,485
Pool# G61231 3.50%, 9/1/2044		25,366		25,817
Pool# G08609 3.50%, 10/1/2044		81,237		82,430
Pool# Q30833 4.00%, 1/1/2045		14,038		14,470
Pool# G60400 4.50%, 1/1/2045		137,853		145,399
Pool# Q34165 4.00%, 6/1/2045		262,252		270,327
Pool# V81873 4.00%, 8/1/2045		36,314		37,433
Pool# G08669 4.00%, 9/1/2045		207,272		213,655
Pool# Q38357 4.00%, 1/1/2046		13,190		13,595
Pool# G61365 4.50%, 1/1/2046		142,069		149,423
Pool# Q39434 3.50%, 3/1/2046		59,145		60,023
Pool# Q39440 4.00%, 3/1/2046		18,152		18,707
Pool# G08704 4.50%, 4/1/2046		27,456		28,850
Pool# Q40097 4.50%, 4/1/2046		1,783		1,861
Pool# G60582 3.50%, 5/1/2046		157,274		159,688
Pool# Q40718 3.50%, 5/1/2046		58,460		59,156
Pool# G08707 4.00%, 5/1/2046		258,174		266,058
Pool# G08708 4.50%, 5/1/2046		19,671		20,663
Pool# Q40728 4.50%, 5/1/2046		2,915		3,057
Pool# Q41548 3.00%, 7/1/2046		42,932		42,493
Pool# Q41903 3.50%, 7/1/2046		284,017		287,719
Pool# Q41491 3.50%, 7/1/2046		39,997		40,515
Pool# Q41935 3.50%, 7/1/2046		19,305		19,628
Pool# G61791 4.00%, 7/1/2046		25,668		26,474
Pool# Q41947 4.50%, 7/1/2046		14,415		15,116
Pool# G08715 3.00%, 8/1/2046		379,117		375,242
Pool# Q42596 3.50%, 8/1/2046		259,502		262,859
Pool# Q42393 3.50%, 8/1/2046		50,890		51,538
Pool# Q42203 3.50%, 8/1/2046		38,348		38,909
Pool# G61323 3.00%, 9/1/2046		343,337		341,106

23

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# G08721 3.00%, 9/1/2046	$	282,605	$	279,716
Pool# V82617 3.50%, 9/1/2046		159,161		161,558
Pool# G08722 3.50%, 9/1/2046		46,852		47,453
Pool# G60733 4.50%, 9/1/2046		53,943		57,308
Pool# G60722 3.00%, 10/1/2046		490,875		486,238
Pool# Q44035 3.00%, 10/1/2046		343,300		339,791
Pool# G61815 4.00%, 10/1/2046		24,388		25,136
Pool# G61257 3.00%, 11/1/2046		644,319		637,543
Pool# Q44452 3.00%, 11/1/2046		137,623		136,174
Pool# G08732 3.00%, 11/1/2046		44,144		43,645
Pool# Q44473 3.50%, 11/1/2046		37,819		38,289
Pool# Q44223 3.50%, 11/1/2046		31,498		31,888
Pool# G08734 4.00%, 11/1/2046		358,665		369,507
Pool# V82849 3.00%, 12/1/2046		1,765,231		1,749,376
Pool# G08737 3.00%, 12/1/2046		1,531,988		1,514,679
Pool# G60989 3.00%, 12/1/2046		201,467		199,408
Pool# Q45878 3.00%, 12/1/2046		52,256		51,666
Pool# G08738 3.50%, 12/1/2046		1,272,709		1,288,647
Pool# Q45024 3.50%, 12/1/2046		75,237		76,453
Pool# G61862 3.50%, 12/1/2046		52,047		52,726
Pool# G08741 3.00%, 1/1/2047		358,994		354,938
Pool# G08747 3.00%, 2/1/2047		559,935		553,609
Pool# G08748 3.50%, 2/1/2047		75,301		76,236
Pool# G08749 4.00%, 2/1/2047		638,841		658,102
Pool# G08751 3.50%, 3/1/2047		347,713		352,032
Pool# Q47592 3.50%, 4/1/2047		169,940		172,042
Pool# Q47484 3.50%, 4/1/2047		69,771		70,768
Pool# G60988 3.00%, 5/1/2047		1,070,956		1,060,837
Pool# Q48098 3.50%, 5/1/2047		259,879		263,792
Pool# G61390 3.00%, 6/1/2047		300,146		296,993

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# V83270 3.50%, 7/1/2047	$	130,327	$	131,899
Pool# G61339 3.00%, 8/1/2047		122,192		120,906
Pool# G08774 3.50%, 8/1/2047		197,663		200,057
Pool# Q49917 3.50%, 8/1/2047		86,022		87,054
Pool# Q53085 3.00%, 9/1/2047		96,175		95,236
Pool# G08779 3.50%, 9/1/2047		315,901		319,710
Pool# G61295 3.50%, 9/1/2047		187,253		190,406
Pool# G61622 3.00%, 10/1/2047		286,128		283,214
Pool# G08785 4.00%, 10/1/2047		21,539		22,188
Pool# Q52075 4.00%, 11/1/2047		392,821		405,706
Pool# V83598 3.50%, 12/1/2047		114,743		116,109
Pool# G67707 3.50%, 1/1/2048		221,560		226,208
Pool# T65458 3.50%, 2/1/2048		560,027		560,114
Pool# G61311 3.50%, 2/1/2048		415,626		420,571
Pool# G08800 3.50%, 2/1/2048		52,239		52,860
Pool# Q54460 4.00%, 2/1/2048		183,775		190,087
Pool# G08801 4.00%, 2/1/2048		142,811		147,074
Pool# G61298 4.00%, 2/1/2048		23,401		24,349
Pool# G61929 3.50%, 3/1/2048		129,000		130,547
Pool# Q54727 3.50%, 3/1/2048		94,738		95,865
Pool# Q55401 5.00%, 4/1/2048		30,139		31,832
Pool# V84237 3.50%, 5/1/2048		418,183		423,159
Pool# G08820 4.50%, 5/1/2048		616,950		644,482
Pool# G08816 3.50%, 6/1/2048		131,326		132,889
Pool# G08817 4.00%, 6/1/2048		49,116		50,575
Pool# G67713 4.00%, 6/1/2048		46,735		48,658
Pool# G67712 4.00%, 6/1/2048		22,961		24,040
Pool# G08824 4.00%, 7/1/2048		2,865,899		2,950,232
Pool# G08827 4.50%, 7/1/2048		333,969		348,632
Pool# Q57401 4.50%, 7/1/2048		71,889		75,499

24

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# Q57402 4.50%, 7/1/2048	$	25,283	$	26,566
Pool# G08831 4.00%, 8/1/2048		448,629		460,853
Pool# G08836 4.00%, 9/1/2048		1,687,967		1,734,091
Pool# G67716 4.50%, 10/1/2048		183,621		195,189
Pool# G08843 4.50%, 10/1/2048		89,553		93,393
Pool# G08852 4.00%, 12/1/2048		390,496		401,136
Pool# V85044 4.00%, 12/1/2048		124,556		128,982
Pool# V85082 4.50%, 12/1/2048		1,019,552		1,063,305
Pool# G61846 4.00%, 1/1/2049		174,718		179,756
Pool# V85279 3.50%, 4/1/2049		82,735		84,024
Pool# G08882 4.00%, 5/1/2049		467,000		479,850
FHLMC Non Gold Pool
Pool# 1B8478 4.61%, 7/1/2041 (a)		78,779		82,125
Pool# 2B0108 4.86%, 1/1/2042 (a)		3,590		3,730
FHLMC TBA		1,382,000		1,367,478
2.50%, 5/15/2033
3.00%, 5/15/2033		2,346,000		2,358,825
3.50%, 5/15/2033		654,000		668,401
4.00%, 5/15/2033		25,000		25,787
3.50%, 5/15/2048		5,424,000		5,477,498
3.00%, 5/15/2049		2,621,000		2,590,388
4.00%, 5/15/2049		3,499,754		3,594,076
4.50%, 5/15/2049		2,181,000		2,272,827
FNMA Pool
Pool# 969977 5.00%, 5/1/2023		103,619		105,624
Pool# AA2549 4.00%, 4/1/2024		56,972		58,660
Pool# 935348 5.50%, 6/1/2024		10,363		10,379
Pool# AC1374 4.00%, 8/1/2024		72,490		74,934
Pool# AC1529 4.50%, 9/1/2024		29,898		30,781
Pool# AD0244 4.50%, 10/1/2024		23,750		24,453
Pool# AD4089 4.50%, 5/1/2025		234,596		241,522
Pool# 890216 4.50%, 7/1/2025		41,223		42,439
Pool# AH1361 3.50%, 12/1/2025		155,258		158,928
Pool# AH1518 3.50%, 12/1/2025		77,378		79,027
Pool# AE6384 4.00%, 1/1/2026		14,566		14,999
Pool# AL0298 4.00%, 5/1/2026		222,517		230,367

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AB4277 3.00%, 1/1/2027	$	672,313	$	678,400
Pool# AP4746 3.00%, 8/1/2027		107,937		108,913
Pool# AP7855 3.00%, 9/1/2027		681,784		687,947
Pool# AP4640 3.00%, 9/1/2027		70,029		70,662
Pool# AQ5096 3.00%, 11/1/2027		145,748		147,065
Pool# AB6887 3.00%, 11/1/2027		117,282		118,346
Pool# AQ4532 3.00%, 11/1/2027		98,526		99,417
Pool# AQ7406 3.00%, 11/1/2027		73,899		74,570
Pool# AQ3758 3.00%, 11/1/2027		73,487		74,151
Pool# AB6886 3.00%, 11/1/2027		57,920		58,445
Pool# AQ2884 3.00%, 12/1/2027		68,479		69,098
Pool# AS0487 2.50%, 9/1/2028		277,223		275,864
Pool# 930998 4.50%, 4/1/2029		32,770		34,165
Pool# MA0243 5.00%, 11/1/2029		18,748		19,765
Pool# BM1507 2.50%, 12/1/2029		105,685		105,042
Pool# AL8077 3.50%, 12/1/2029		22,902		23,412
Pool# MA0268 5.00%, 12/1/2029		16,188		17,068
Pool# AX7727 2.50%, 3/1/2030		444,015		439,920
Pool# AD5655 5.00%, 5/1/2030		36,835		38,840
Pool# MA0443 5.00%, 5/1/2030		23,003		24,255
Pool# AB1038 5.00%, 5/1/2030		22,790		24,031
Pool# AS5412 2.50%, 7/1/2030		62,605		62,028
Pool# AS5420 3.00%, 7/1/2030		89,996		90,618
Pool# AL7152 3.50%, 7/1/2030		564,441		576,961
Pool# AS5702 2.50%, 8/1/2030		475,064		470,682
Pool# AZ4898 2.50%, 8/1/2030		324,107		321,116
Pool# AY8448 3.00%, 8/1/2030		292,338		293,997
Pool# AZ5718 3.00%, 9/1/2030		363,951		366,015
Pool# AZ2953 3.00%, 9/1/2030		358,853		360,894
Pool# MA0559 5.00%, 9/1/2030		7,846		8,274

25

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AS6060 3.00%, 10/1/2030	$	401,050	$	403,153
Pool# AZ9234 3.50%, 10/1/2030		26,352		26,920
Pool# AS6272 2.50%, 12/1/2030		90,388		89,555
Pool# AH1515 4.00%, 12/1/2030		346,402		359,297
Pool# AD0716 6.50%, 12/1/2030		227,090		253,516
Pool# BA6532 2.50%, 1/1/2031		82,143		81,385
Pool# MA0641 4.00%, 2/1/2031		350,945		364,048
Pool# 560868 7.50%, 2/1/2031		488		493
Pool# BC0774 3.00%, 3/1/2031		63,978		64,558
Pool# AS6919 3.50%, 3/1/2031		71,455		72,994
Pool# BC5968 2.50%, 4/1/2031		107,998		106,935
Pool# BC4430 3.00%, 4/1/2031		29,675		29,863
Pool# AL8566 3.00%, 6/1/2031		82,807		83,379
Pool# AL8565 3.00%, 6/1/2031		69,833		70,337
Pool# AL8561 3.50%, 6/1/2031		55,090		56,385
Pool# AS8028 2.50%, 9/1/2031		268,433		265,955
Pool# BM1888 2.50%, 10/1/2031		782,714		778,777
Pool# MA2775 2.50%, 10/1/2031		545,164		540,134
Pool# AS8038 2.50%, 10/1/2031		296,324		293,589
Pool# BC4777 2.50%, 10/1/2031		180,920		179,250
Pool# AS8612 3.00%, 10/1/2031		121,545		122,235
Pool# 607212 7.50%, 10/1/2031		2,603		2,650
Pool# 607632 6.50%, 11/1/2031		68		75
Pool# MA2830 2.50%, 12/1/2031		203,525		201,646
Pool# BM3814 2.50%, 12/1/2031		137,072		136,039
Pool# AS8609 3.00%, 1/1/2032		103,845		104,436
Pool# AL9786 3.00%, 1/1/2032		73,027		73,598
Pool# AL9585 3.50%, 1/1/2032		26,456		27,079
Pool# BM1036 2.50%, 2/1/2032		881,486		873,351
Pool# BM4624 3.00%, 2/1/2032		96,550		97,334

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AS8767 3.00%, 2/1/2032	$	92,466	$	93,134
Pool# AL9740 3.00%, 2/1/2032		46,512		46,848
Pool# AL9871 3.00%, 2/1/2032		36,910		37,199
Pool# BM1007 2.50%, 3/1/2032		227,571		225,251
Pool# AL9899 3.00%, 3/1/2032		141,260		142,281
Pool# BM3269 2.50%, 4/1/2032		223,566		221,288
Pool# MA1029 3.50%, 4/1/2032		306,602		313,960
Pool# AS9695 3.50%, 5/1/2032		126,301		129,233
Pool# BM4088 3.00%, 6/1/2032		87,704		88,277
Pool# 890786 3.50%, 6/1/2032		87,397		89,455
Pool# MA1107 3.50%, 7/1/2032		83,947		85,962
Pool# BH6610 3.50%, 7/1/2032		28,623		29,244
Pool# BM1669 3.00%, 8/1/2032		44,532		44,936
Pool# BH5355 3.50%, 8/1/2032		37,672		38,523
Pool# MA1166 3.50%, 9/1/2032		483,473		495,058
Pool# BM5167 3.50%, 9/1/2032		25,235		25,772
Pool# CA0586 2.50%, 10/1/2032		22,681		22,478
Pool# BH9391 3.50%, 10/1/2032		28,548		29,192
Pool# BM3389 3.00%, 11/1/2032		88,508		89,201
Pool# BM3977 3.00%, 12/1/2032		202,550		203,826
Pool# CA0951 3.00%, 12/1/2032		132,891		133,730
Pool# BM4338 2.50%, 1/1/2033		214,282		212,305
Pool# BM3919 3.00%, 2/1/2033		43,625		43,967
Pool# 656559 6.50%, 2/1/2033		24,900		27,417
Pool# 694846 6.50%, 4/1/2033		7,914		8,714
Pool# AB9402 3.00%, 5/1/2033		218,246		218,423
Pool# AB9403 3.00%, 5/1/2033		89,613		89,686
Pool# AB9300 3.00%, 5/1/2033		79,972		80,037
Pool# MA3372 4.00%, 5/1/2033		66,615		68,631
Pool# 254767 5.50%, 6/1/2033		530,495		580,908

26

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# MA1527 3.00%, 8/1/2033	$	444,682	$	445,045
Pool# 750229 6.50%, 10/1/2033		20,778		22,878
Pool# 725228 6.00%, 3/1/2034		553,098		618,537
Pool# MA3632 3.50%, 4/1/2034		497,719		508,321
Pool# 725424 5.50%, 4/1/2034		606,420		667,655
Pool# 788027 6.50%, 9/1/2034		17,028		18,749
Pool# 735141 5.50%, 1/1/2035		309,152		340,400
Pool# 735227 5.50%, 2/1/2035		341,450		375,859
Pool# AL4260 5.50%, 9/1/2036		43,944		48,303
Pool# 310104 5.50%, 8/1/2037		331,398		364,907
Pool# 955194 7.00%, 11/1/2037		208,676		241,396
Pool# MA3464 3.50%, 9/1/2038		233,645		237,310
Pool# AC9890 4.59%, 4/1/2040 (a)		414,549		430,050
Pool# AB1735 3.50%, 11/1/2040		8,384		8,461
Pool# AB2067 3.50%, 1/1/2041		407,491		414,347
Pool# AB2068 3.50%, 1/1/2041		238,637		242,683
Pool# 932888 3.50%, 1/1/2041		132,311		134,881
Pool# 932891 3.50%, 1/1/2041		26,687		27,197
Pool# AL6521 5.00%, 4/1/2041		830,915		893,314
Pool# AL5863 4.50%, 6/1/2041		530,204		562,771
Pool# AI9920 4.00%, 9/1/2041		13,999		14,371
Pool# AI9851 4.50%, 9/1/2041		56,134		59,387
Pool# AJ1249 4.57%, 9/1/2041 (a)		104,197		108,985
Pool# AL0761 5.00%, 9/1/2041		607,014		652,911
Pool# AJ5431 4.50%, 10/1/2041		108,709		114,686
Pool# AL0933 5.00%, 10/1/2041		117,490		126,373
Pool# AJ4861 4.00%, 12/1/2041		220,613		228,340
Pool# AX5316 4.50%, 1/1/2042		20,523		21,737
Pool# AL2499 4.50%, 1/1/2042		9,403		9,950
Pool# AL1437 4.82%, 1/1/2042 (a)		44,944		47,305

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AX5297 5.00%, 1/1/2042	$	26,704	$	28,708
Pool# AW8167 3.50%, 2/1/2042		549,850		559,167
Pool# AK0714 4.92%, 2/1/2042 (a)		9,983		10,405
Pool# AB5185 3.50%, 5/1/2042		382,298		388,782
Pool# AO3575 4.50%, 5/1/2042		61,117		63,983
Pool# 890621 5.00%, 5/1/2042		81,118		87,206
Pool# AO4647 3.50%, 6/1/2042		639,949		650,805
Pool# AO8036 4.50%, 7/1/2042		913,245		965,860
Pool# AP1961 2.45%, 8/1/2042 (a)		106,377		110,630
Pool# AP2092 4.50%, 8/1/2042		32,896		34,234
Pool# AP6579 3.50%, 9/1/2042		711,759		723,831
Pool# AP7489 4.00%, 9/1/2042		491,325		508,532
Pool# AP6756 4.00%, 9/1/2042		14,874		15,381
Pool# AL2782 4.50%, 9/1/2042		87,761		92,762
Pool# AB6524 3.50%, 10/1/2042		1,225,361		1,246,146
Pool# AB7074 3.00%, 11/1/2042		1,024,325		1,017,565
Pool# AP8785 3.00%, 11/1/2042		137,206		136,299
Pool# AB6786 3.50%, 11/1/2042		415,866		422,920
Pool# AL2677 3.50%, 11/1/2042		186,844		190,013
Pool# AB7362 3.00%, 12/1/2042		555,659		551,988
Pool# MA1273 3.50%, 12/1/2042		297,710		303,173
Pool# AR4210 3.50%, 1/1/2043		258,397		262,779
Pool# AR8213 3.50%, 4/1/2043		250,143		254,385
Pool# AB9238 3.00%, 5/1/2043		699,078		694,459
Pool# AB9237 3.00%, 5/1/2043		488,640		485,412
Pool# AB9236 3.00%, 5/1/2043		114,060		113,307
Pool# AB9362 3.50%, 5/1/2043		501,995		511,283
Pool# AT4145 3.00%, 6/1/2043		239,789		238,208
Pool# AB9814 3.00%, 7/1/2043		655,891		651,557
Pool# AS0203 3.00%, 8/1/2043		292,773		290,838

27

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AS0255 4.50%, 8/1/2043	$	223,307	$	235,004
Pool# AS0516 3.00%, 9/1/2043		303,867		301,859
Pool# AL6951 3.50%, 10/1/2043		447,938		455,531
Pool# BM4222 3.00%, 1/1/2044		420,543		417,778
Pool# AS2276 4.50%, 4/1/2044		379,125		398,985
Pool# AW1006 4.00%, 5/1/2044		165,301		172,667
Pool# AL7767 4.50%, 6/1/2044		13,208		13,991
Pool# AS3161 4.00%, 8/1/2044		473,385		488,592
Pool# BM4650 3.00%, 10/1/2044		773,821		768,844
Pool# CA0688 3.50%, 10/1/2044		258,735		263,628
Pool# BC5090 4.00%, 10/1/2044		68,530		70,762
Pool# AS3946 4.00%, 12/1/2044		597,217		621,804
Pool# AL8303 3.00%, 1/1/2045		138,773		137,856
Pool# BM4384 4.00%, 1/1/2045		167,664		173,182
Pool# BM3611 4.00%, 1/1/2045		115,542		119,546
Pool# BM3804 3.50%, 2/1/2045		47,050		47,854
Pool# AL9555 4.00%, 2/1/2045		1,483,530		1,535,398
Pool# AX9524 4.00%, 2/1/2045		459,233		479,695
Pool# AS4418 4.00%, 2/1/2045		330,050		344,754
Pool# AS4375 4.00%, 2/1/2045		230,430		240,696
Pool# AL6889 4.50%, 2/1/2045		98,124		103,783
Pool# BM3931 3.00%, 3/1/2045		94,609		93,933
Pool# AY1312 3.50%, 3/1/2045		954,952		972,621
Pool# AS4578 4.00%, 3/1/2045		155,668		162,604
Pool# BM3664 3.00%, 5/1/2045		423,069		420,274
Pool# AS4921 3.50%, 5/1/2045		666,492		677,279
Pool# AS5012 4.00%, 5/1/2045		607,602		634,674
Pool# BM5562 4.00%, 6/1/2045		147,713		152,676
Pool# AL7207 4.50%, 8/1/2045		120,172		127,094
Pool# AZ2947 4.00%, 9/1/2045		387,243		399,598

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# BA2164 3.00%, 11/1/2045	$	94,155	$	93,241
Pool# AS6213 4.00%, 11/1/2045		40,095		41,373
Pool# AS6282 3.50%, 12/1/2045		1,123,952		1,142,144
Pool# AS6311 3.50%, 12/1/2045		868,598		879,837
Pool# BC0326 3.50%, 12/1/2045		202,563		205,185
Pool# AS6362 4.50%, 12/1/2045		25,617		27,041
Pool# AS6474 3.50%, 1/1/2046		147,885		150,936
Pool# AS6539 3.50%, 1/1/2046		131,183		133,888
Pool# AS6527 4.00%, 1/1/2046		134,724		139,009
Pool# BC2667 4.00%, 2/1/2046		43,450		44,829
Pool# AL9781 4.50%, 2/1/2046		203,897		215,996
Pool# BM4621 3.50%, 3/1/2046		121,743		123,918
Pool# BA6972 4.00%, 3/1/2046		48,437		49,976
Pool# BC0823 3.50%, 4/1/2046		206,068		208,615
Pool# AS7026 4.00%, 4/1/2046		259,181		267,381
Pool# AS7251 4.00%, 5/1/2046		327,967		338,321
Pool# AL8833 4.00%, 6/1/2046		163,839		171,138
Pool# AS7593 3.50%, 7/1/2046		791,855		803,128
Pool# AS7594 3.50%, 7/1/2046		729,171		739,552
Pool# AS7545 3.50%, 7/1/2046		323,646		327,533
Pool# AL8824 3.50%, 7/1/2046		94,109		96,034
Pool# BC1452 4.00%, 7/1/2046		917,792		947,105
Pool# MA2705 3.00%, 8/1/2046		540,563		534,982
Pool# BC1489 3.00%, 8/1/2046		47,396		46,977
Pool# BD4890 3.50%, 8/1/2046		668,315		676,264
Pool# AS7760 4.00%, 8/1/2046		211,795		219,645
Pool# AS7648 4.00%, 8/1/2046		187,863		193,760
Pool# AS7795 4.00%, 8/1/2046		140,148		144,547
Pool# BD3911 4.00%, 8/1/2046		23,705		24,448
Pool# BD3923 4.00%, 8/1/2046		16,978		17,508

28

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AS7770 4.50%, 8/1/2046	$	25,434	$	26,625
Pool# AL8947 3.50%, 9/1/2046		29,673		30,149
Pool# AL9263 3.00%, 10/1/2046		102,610		101,630
Pool# BM3932 3.50%, 10/1/2046		212,095		214,670
Pool# AL9234 3.50%, 10/1/2046		53,297		54,378
Pool# BC4766 4.50%, 10/1/2046		36,423		38,113
Pool# AS8154 4.50%, 10/1/2046		23,977		25,075
Pool# BC9003 3.00%, 11/1/2046		143,285		141,806
Pool# MA2806 3.00%, 11/1/2046		115,469		114,213
Pool# AS8369 3.50%, 11/1/2046		586,895		595,250
Pool# BE5067 3.50%, 11/1/2046		441,706		447,420
Pool# BE5038 4.00%, 11/1/2046		24,598		25,763
Pool# MA2833 3.00%, 12/1/2046		2,772,295		2,743,671
Pool# AS8483 3.00%, 12/1/2046		730,396		722,855
Pool# BC9067 3.00%, 12/1/2046		134,503		133,114
Pool# AS8488 3.00%, 12/1/2046		132,179		130,978
Pool# AS8509 3.00%, 12/1/2046		27,319		27,092
Pool# BM1121 3.50%, 12/1/2046		492,275		501,200
Pool# AS8572 3.50%, 12/1/2046		427,250		432,085
Pool# AS8417 3.50%, 12/1/2046		198,360		200,605
Pool# AS8492 3.50%, 12/1/2046		112,235		114,499
Pool# AS8650 3.00%, 1/1/2047		936,616		926,873
Pool# AL9697 3.00%, 1/1/2047		348,200		345,035
Pool# AS8647 3.00%, 1/1/2047		257,471		255,012
Pool# BE5775 3.00%, 1/1/2047		204,434		202,323
Pool# AS8692 3.50%, 1/1/2047		289,358		292,884
Pool# BM3204 3.50%, 1/1/2047		201,737		205,817
Pool# BD2440 3.50%, 1/1/2047		71,007		71,819
Pool# AL9774 3.50%, 1/1/2047		68,074		69,535
Pool# BE7115 4.50%, 1/1/2047		15,834		16,513
Pool# MA2895 3.00%, 2/1/2047		3,624,228		3,586,801

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# BF0203 3.00%, 2/1/2047	$	426,013	$	416,818
Pool# BM3688 3.50%, 2/1/2047		460,270		466,220
Pool# BD5046 3.50%, 2/1/2047		82,519		83,453
Pool# BF0206 4.00%, 2/1/2047		97,282		100,352
Pool# AL9859 3.00%, 3/1/2047		616,416		610,050
Pool# AL9848 3.00%, 3/1/2047		363,543		359,789
Pool# AS8966 4.00%, 3/1/2047		77,548		79,972
Pool# AS8979 4.50%, 3/1/2047		48,481		51,170
Pool# AS9463 3.50%, 4/1/2047		377,819		384,670
Pool# AS9451 3.50%, 4/1/2047		370,242		374,303
Pool# BD7122 4.00%, 4/1/2047		686,773		708,241
Pool# AS9467 4.00%, 4/1/2047		20,899		21,704
Pool# AS9470 4.50%, 4/1/2047		167,365		176,506
Pool# BH0304 4.50%, 4/1/2047		29,447		30,886
Pool# AS9562 3.00%, 5/1/2047		66,030		65,338
Pool# BM3237 3.50%, 5/1/2047		253,968		260,067
Pool# AS9577 3.50%, 5/1/2047		204,623		207,764
Pool# AS9586 4.00%, 5/1/2047		1,146,462		1,193,613
Pool# BM1268 4.00%, 5/1/2047		338,538		351,626
Pool# BE3670 3.50%, 6/1/2047		467,363		472,326
Pool# AS9794 3.50%, 6/1/2047		210,376		214,346
Pool# BM3549 4.00%, 6/1/2047		285,833		294,958
Pool# BE3702 4.00%, 6/1/2047		189,214		195,129
Pool# BM1295 4.50%, 6/1/2047		163,145		171,670
Pool# BE9624 4.50%, 6/1/2047		97,640		102,081
Pool# BM3801 3.00%, 7/1/2047		323,240		319,903
Pool# BM1551 3.50%, 7/1/2047		276,016		281,021
Pool# AS9909 3.50%, 7/1/2047		152,200		154,809
Pool# AS9973 4.00%, 7/1/2047		24,252		25,010
Pool# 890673 3.00%, 8/1/2047		259,908		257,272

29

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# MA3087 3.50%, 8/1/2047	$	561,247	$	567,272
Pool# BM1658 3.50%, 8/1/2047		266,034		269,969
Pool# BH7375 3.50%, 8/1/2047		159,030		160,737
Pool# CA0123 4.00%, 8/1/2047		344,016		358,505
Pool# BH2597 4.00%, 8/1/2047		243,982		251,609
Pool# CA0148 4.50%, 8/1/2047		186,485		194,967
Pool# CA0407 3.50%, 9/1/2047		442,258		446,801
Pool# CA0265 4.00%, 9/1/2047		773,095		797,262
Pool# CA0392 4.00%, 9/1/2047		123,780		127,503
Pool# BM3556 4.00%, 9/1/2047		46,605		48,804
Pool# CA0487 3.50%, 10/1/2047		801,136		809,272
Pool# BM1959 3.50%, 10/1/2047		279,368		285,004
Pool# CA0493 4.00%, 10/1/2047		566,589		584,301
Pool# CA0549 4.00%, 10/1/2047		155,468		160,328
Pool# CA0496 4.50%, 10/1/2047		176,651		187,443
Pool# CA0623 4.50%, 10/1/2047		45,872		47,953
Pool# CA0693 3.50%, 11/1/2047		641,893		648,412
Pool# BM3358 3.50%, 11/1/2047		71,709		73,582
Pool# CA0696 4.00%, 11/1/2047		538,751		555,316
Pool# CA0808 4.00%, 11/1/2047		167,709		172,909
Pool# BM3191 4.00%, 11/1/2047		69,545		71,737
Pool# BM3379 3.00%, 12/1/2047		435,375		432,045
Pool# BJ1699 4.00%, 12/1/2047		197,436		204,456
Pool# BH7040 4.50%, 12/1/2047		51,814		54,143
Pool# CA1015 4.00%, 1/1/2048		307,138		316,420
Pool# CA1025 4.50%, 1/1/2048		1,077,646		1,126,494
Pool# CA1242 3.50%, 2/1/2048		120,561		122,902
Pool# MA3277 4.00%, 2/1/2048		419,551		432,313
Pool# BK1972 4.50%, 3/1/2048		50,070		52,625
Pool# CA1510 3.50%, 4/1/2048		165,669		167,351

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# CA1531 3.50%, 4/1/2048	$	49,130	$	50,084
Pool# CA1551 4.00%, 4/1/2048		2,765,234		2,847,217
Pool# CA1560 4.50%, 4/1/2048		110,951		116,805
Pool# BJ2681 5.00%, 4/1/2048		36,942		38,931
Pool# BM4024 3.50%, 5/1/2048		25,015		25,498
Pool# MA3358 4.50%, 5/1/2048		594,199		620,841
Pool# MA3384 4.00%, 6/1/2048		98,222		101,060
Pool# CA1898 4.50%, 6/1/2048		169,031		179,457
Pool# CA1951 4.00%, 7/1/2048		167,143		172,013
Pool# CA1988 4.50%, 7/1/2048		138,077		144,254
Pool# BK6577 4.50%, 7/1/2048		41,958		43,785
Pool# CA2065 5.00%, 7/1/2048		90,000		95,797
Pool# CA2376 4.00%, 9/1/2048		362,576		372,862
Pool# BM4664 4.50%, 10/1/2048		123,967		130,832
Pool# MA3536 4.00%, 12/1/2048		479,638		492,925
Pool# CA2779 4.50%, 12/1/2048		147,896		156,200
Pool# BN3944 4.00%, 1/1/2049		100,860		104,406
Pool# BN6135 4.00%, 2/1/2049		238,391		244,831
Pool# BF0200 3.50%, 11/1/2051		442,994		449,010
FNMA TBA
4.00%, 5/25/2033		450,000		463,339
3.00%, 5/25/2034		429,598		431,754
3.50%, 5/25/2034		287,000		293,066
5.00%, 5/25/2047		147,000		154,933
5.50%, 5/25/2047		23,000		24,568
2.50%, 5/25/2048		300,000		288,477
3.50%, 5/25/2049		817,000		824,388
4.00%, 5/25/2049		3,098,750		3,179,971
4.50%, 5/25/2049		2,564,000		2,667,912
GNMA I Pool
Pool# 279461 9.00%, 11/15/2019		13		13
Pool# 376510 7.00%, 5/15/2024		597		624
Pool# 457801 7.00%, 8/15/2028		1,748		1,861
Pool# 486936 6.50%, 2/15/2029		919		1,029
Pool# 502969 6.00%, 3/15/2029		2,519		2,722
Pool# 487053 7.00%, 3/15/2029		1,289		1,388

30

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 781014 6.00%, 4/15/2029	$	2,102	$	2,332
Pool# 509099 7.00%, 6/15/2029		2,289		2,328
Pool# 470643 7.00%, 7/15/2029		8,943		9,314
Pool# 434505 7.50%, 8/15/2029		39		39
Pool# 416538 7.00%, 10/15/2029		104		104
Pool# 524269 8.00%, 11/15/2029		4,101		4,109
Pool# 781124 7.00%, 12/15/2029		6,416		7,333
Pool# 507396 7.50%, 9/15/2030		29,983		30,894
Pool# 531352 7.50%, 9/15/2030		1,853		1,894
Pool# 536334 7.50%, 10/15/2030		129		131
Pool# 540659 7.00%, 1/15/2031		592		597
Pool# 486019 7.50%, 1/15/2031		666		685
Pool# 535388 7.50%, 1/15/2031		406		412
Pool# 537406 7.50%, 2/15/2031		254		255
Pool# 528589 6.50%, 3/15/2031		23,852		25,994
Pool# 508473 7.50%, 4/15/2031		2,868		3,019
Pool# 544470 8.00%, 4/15/2031		1,826		1,830
Pool# 781287 7.00%, 5/15/2031		3,076		3,502
Pool# 781319 7.00%, 7/15/2031		933		1,085
Pool# 485879 7.00%, 8/15/2031		5,313		5,827
Pool# 572554 6.50%, 9/15/2031		32,028		34,903
Pool# 781328 7.00%, 9/15/2031		3,026		3,495
Pool# 555125 7.00%, 9/15/2031		466		469
Pool# 550991 6.50%, 10/15/2031		554		604
Pool# 571267 7.00%, 10/15/2031		780		866
Pool# 574837 7.50%, 11/15/2031		1,439		1,461
Pool# 555171 6.50%, 12/15/2031		926		1,009
Pool# 781380 7.50%, 12/15/2031		928		1,092
Pool# 781481 7.50%, 1/15/2032		4,454		5,208
Pool# 580972 6.50%, 2/15/2032		135		147

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 781401 7.50%, 2/15/2032	$	2,772	$	3,280
Pool# 781916 6.50%, 3/15/2032		44,705		49,891
Pool# 552474 7.00%, 3/15/2032		3,474		3,886
Pool# 781478 7.50%, 3/15/2032		1,725		2,032
Pool# 781429 8.00%, 3/15/2032		3,015		3,609
Pool# 781431 7.00%, 4/15/2032		11,168		13,035
Pool# 552616 7.00%, 6/15/2032		28,591		31,755
Pool# 570022 7.00%, 7/15/2032		10,637		12,090
Pool# 595077 6.00%, 10/15/2032		6,058		6,828
Pool# 596657 7.00%, 10/15/2032		2,896		2,947
Pool# 552903 6.50%, 11/15/2032		88,435		96,771
Pool# 552952 6.00%, 12/15/2032		3,973		4,345
Pool# 602102 6.00%, 2/15/2033		10,934		11,813
Pool# 588192 6.00%, 2/15/2033		3,860		4,181
Pool# 553144 5.50%, 4/15/2033		17,841		19,702
Pool# 604243 6.00%, 4/15/2033		8,127		9,111
Pool# 611526 6.00%, 5/15/2033		6,149		6,643
Pool# 553320 6.00%, 6/15/2033		22,415		25,252
Pool# 573916 6.00%, 11/15/2033		24,675		26,659
Pool# 604788 6.50%, 11/15/2033		56,107		61,770
Pool# 781688 6.00%, 12/15/2033		28,199		31,775
Pool# 604875 6.00%, 12/15/2033		22,458		25,303
Pool# 781690 6.00%, 12/15/2033		11,356		12,797
Pool# 781699 7.00%, 12/15/2033		4,207		4,749
Pool# 621856 6.00%, 1/15/2034		24,272		26,224
Pool# 564799 6.00%, 3/15/2034		35,386		38,691
Pool# 630038 6.50%, 8/15/2034		46,889		51,098
Pool# 781804 6.00%, 9/15/2034		31,477		35,440
Pool# 781847 6.00%, 12/15/2034		24,897		28,068
Pool# 486921 5.50%, 2/15/2035		8,951		9,891

31

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 781902 6.00%, 2/15/2035	$	26,603	$	29,499
Pool# 649513 5.50%, 10/15/2035		212,911		231,944
Pool# 649510 5.50%, 10/15/2035		117,668		128,755
Pool# 652207 5.50%, 3/15/2036		31,575		33,657
Pool# 655519 5.00%, 5/15/2036		14,722		15,356
Pool# 652539 5.00%, 5/15/2036		12,463		13,308
Pool# 606308 5.50%, 5/15/2036		19,845		21,915
Pool# 606314 5.50%, 5/15/2036		5,198		5,542
Pool# 656666 6.00%, 6/15/2036		26,345		29,147
Pool# 657912 6.50%, 8/15/2036		3,454		3,764
Pool# 704630 5.50%, 7/15/2039		34,959		37,896
Pool# 757039 4.00%, 12/15/2040		260,455		270,870
Pool# 757038 4.00%, 12/15/2040		205,823		214,583
Pool# 755656 4.00%, 12/15/2040		83,318		86,829
Pool# 757044 4.00%, 12/15/2040		83,021		85,978
Pool# 742235 4.00%, 12/15/2040		76,468		79,323
Pool# 755655 4.00%, 12/15/2040		54,129		56,293
Pool# 757043 4.00%, 12/15/2040		38,920		40,574
Pool# 756631 4.00%, 12/15/2040		22,943		23,915
Pool# 755959 4.00%, 1/15/2041		185,832		193,733
Pool# 742244 4.00%, 1/15/2041		181,196		188,452
Pool# 753826 4.00%, 1/15/2041		78,431		81,578
Pool# 690662 4.00%, 1/15/2041		65,615		68,251
Pool# 719486 4.00%, 1/15/2041		25,230		26,019
Pool# 757557 4.00%, 2/15/2041		42,796		44,488
Pool# 757555 4.00%, 2/15/2041		40,460		42,119
Pool# AD6012 3.50%, 4/15/2043		343,452		350,894
Pool# AD7471 3.50%, 4/15/2043		324,643		331,674
Pool# AA6307 3.50%, 4/15/2043		212,210		216,806
Pool# AD9472 3.50%, 4/15/2043		192,859		197,038

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# AD7472 3.50%, 4/15/2043	$	153,434	$	156,755
Pool# AB3946 3.50%, 4/15/2043		97,495		99,593
Pool# AA6403 3.00%, 5/15/2043		749,559		751,273
Pool# 783781 3.50%, 6/15/2043		103,412		105,666
Pool# 784015 3.00%, 7/15/2043		41,550		41,581
Pool# 784714 3.00%, 1/15/2044		155,000		155,139
Pool# 784459 3.00%, 12/15/2046		110,312		110,141
Pool# 784355 4.00%, 12/15/2046		89,044		91,935
Pool# 784500 3.00%, 2/15/2047		159,913		159,732
Pool# 784458 3.50%, 12/15/2047		279,393		285,176
GNMA II Pool
Pool# 3851 5.50%, 5/20/2036		164,465		180,145
Pool# 4559 5.00%, 10/20/2039		259,005		276,842
Pool# 4715 5.00%, 6/20/2040		261,922		283,121
Pool# 4747 5.00%, 7/20/2040		145,032		155,527
Pool# 4771 4.50%, 8/20/2040		440,110		462,805
Pool# 4834 4.50%, 10/20/2040		1,159,162		1,218,922
Pool# 737727 4.00%, 12/20/2040		862,902		894,436
Pool# 737730 4.00%, 12/20/2040		274,116		284,167
Pool# 4923 4.50%, 1/20/2041		168,008		176,687
Pool# 4978 4.50%, 3/20/2041		25,338		26,646
Pool# 5017 4.50%, 4/20/2041		274,314		288,456
Pool# 5082 4.50%, 6/20/2041		459,178		482,859
Pool# 5175 4.50%, 9/20/2041		332,770		349,893
Pool# 675523 3.50%, 3/20/2042		331,922		337,754
Pool# MA0392 3.50%, 9/20/2042		1,222,131		1,246,776
Pool# MA0534 3.50%, 11/20/2042		1,675,552		1,709,358
Pool# MA0698 3.00%, 1/20/2043		407,223		407,075
Pool# MA0852 3.50%, 3/20/2043		749,503		767,847
Pool# MA0934 3.50%, 4/20/2043		879,568		897,299
Pool# AF1001 3.50%, 6/20/2043		255,215		259,952

32

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# MA1376 4.00%, 10/20/2043	$	750,132	$	778,295
Pool# AJ9335 3.50%, 10/20/2044		24,329		24,757
Pool# MA2754 3.50%, 4/20/2045		352,352		358,899
Pool# MA2824 2.50%, 5/20/2045		376,349		367,420
Pool# MA2825 3.00%, 5/20/2045		715,251		714,991
Pool# MA2891 3.00%, 6/20/2045		1,887,169		1,886,484
Pool# AO1103 3.50%, 9/20/2045		562,684		572,598
Pool# AO1099 3.50%, 9/20/2045		19,367		19,710
Pool# MA3106 4.00%, 9/20/2045		104,958		108,584
Pool# MA3172 3.00%, 10/20/2045		205,570		205,496
Pool# MA3173 3.50%, 10/20/2045		13,289		13,536
Pool# MA3174 4.00%, 10/20/2045		19,570		20,226
Pool# MA3243 3.00%, 11/20/2045		179,578		179,513
Pool# MA3244 3.50%, 11/20/2045		244,537		249,389
Pool# MA3309 3.00%, 12/20/2045		360,857		360,726
Pool# MA3310 3.50%, 12/20/2045		99,750		101,606
Pool# MA3377 4.00%, 1/20/2046		53,884		55,704
Pool# 784119 3.00%, 2/20/2046		716,185		717,696
Pool# MA3521 3.50%, 3/20/2046		590,611		601,594
Pool# MA3522 4.00%, 3/20/2046		561,889		581,551
Pool# MA3596 3.00%, 4/20/2046		336,637		336,514
Pool# MA3597 3.50%, 4/20/2046		106,335		108,312
Pool# MA3662 3.00%, 5/20/2046		610,036		610,002
Pool# MA3735 3.00%, 6/20/2046		697,696		697,229
Pool# MA3736 3.50%, 6/20/2046		2,047,606		2,085,670
Pool# MA3802 3.00%, 7/20/2046		1,225,506		1,225,062
Pool# MA3804 4.00%, 7/20/2046		51,147		52,902
Pool# MA3873 3.00%, 8/20/2046		1,214,762		1,214,322
Pool# MA3876 4.50%, 8/20/2046		19,437		20,316
Pool# MA3936 3.00%, 9/20/2046		1,069,177		1,069,446

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# MA3939 4.50%, 9/20/2046	$	11,338	$	11,890
Pool# MA4004 3.50%, 10/20/2046		1,090,159		1,110,422
Pool# MA4126 3.00%, 12/20/2046		2,273,663		2,272,838
Pool# MA4127 3.50%, 12/20/2046		509,104		518,571
Pool# MA4194 2.50%, 1/20/2047		417,453		406,507
Pool# MA4196 3.50%, 1/20/2047		69,712		71,002
Pool# MA4261 3.00%, 2/20/2047		527,912		527,640
Pool# MA4262 3.50%, 2/20/2047		3,668,789		3,736,700
Pool# MA4264 4.50%, 2/20/2047		25,028		26,319
Pool# MA4321 3.50%, 3/20/2047		1,676,035		1,706,909
Pool# MA4382 3.50%, 4/20/2047		551,363		561,399
Pool# AZ1974 3.50%, 4/20/2047		224,775		228,695
Pool# MA4384 4.50%, 4/20/2047		26,434		27,613
Pool# MA4512 4.50%, 6/20/2047		77,124		80,568
Pool# MA4585 3.00%, 7/20/2047		41,817		41,764
Pool# MA4587 4.00%, 7/20/2047		116,781		120,371
Pool# BC1888 3.50%, 8/20/2047		331,058		336,880
Pool# MA4652 3.50%, 8/20/2047		298,450		303,728
Pool# 784471 3.50%, 8/20/2047		259,541		263,892
Pool# MA4653 4.00%, 8/20/2047		43,135		44,436
Pool# 784408 3.50%, 10/20/2047		146,996		149,704
Pool# MA4836 3.00%, 11/20/2047		433,389		432,510
Pool# MA4837 3.50%, 11/20/2047		627,967		638,879
Pool# MA4838 4.00%, 11/20/2047		1,960,730		2,019,859
Pool# MA4899 3.00%, 12/20/2047		442,476		441,556
Pool# MA4900 3.50%, 12/20/2047		682,934		694,764
Pool# 784421 3.50%, 12/20/2047		281,595		287,278
Pool# MA4962 3.50%, 1/20/2048		669,675		681,228
Pool# MA5078 4.00%, 3/20/2048		1,184,074		1,219,782
Pool# 784480 3.50%, 4/20/2048		115,305		117,472

33

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
Pool# 784479 3.50%, 4/20/2048	$	72,865	$	74,344
Pool# 784481 3.50%, 4/20/2048		25,624		25,982
Pool# MA5137 4.00%, 4/20/2048		487,455		502,155
Pool# BD4034 4.00%, 4/20/2048		71,490		73,837
Pool# MA5139 5.00%, 4/20/2048		130,330		136,387
Pool# MA5192 4.00%, 5/20/2048		1,758,799		1,811,839
Pool# MA5194 5.00%, 5/20/2048		65,082		67,934
Pool# MA5265 4.50%, 6/20/2048		1,006,774		1,048,581
Pool# MA5331 4.50%, 7/20/2048		368,473		383,310
Pool# MA5398 4.00%, 8/20/2048		1,075,481		1,107,914
Pool# MA5399 4.50%, 8/20/2048		813,899		846,459
Pool# BJ2692 4.00%, 11/20/2048		49,636		51,141
Pool# MA5597 5.00%, 11/20/2048		102,253		107,003
Pool# 784656 4.50%, 12/20/2048		355,491		370,039
Pool# BK2856 4.50%, 12/20/2048		55,246		57,507
Pool# MA5711 4.50%, 1/20/2049		157,217		163,529
Pool# MA5764 4.50%, 2/20/2049		249,953		259,922
Pool# MA5818 4.50%, 3/20/2049		249,512		259,464
Pool# MA5878 5.00%, 4/20/2049		83,966		88,057
GNMA TBA
2.50%, 5/15/2048		35,000		34,078
3.00%, 5/15/2048		41,000		40,900
4.00%, 5/15/2048		3,424,500		3,526,432
3.50%, 5/15/2049		1,307,000		1,328,545
4.50%, 5/15/2049		1,604,000		1,663,116
5.00%, 5/15/2049		952,000		993,371
Total Mortgage-Backed Securities (cost $234,150,669)				233,614,351
Municipal Bonds 0.7%
California 0.3%
Bay Area Toll Authority, RB
Series F-2, 6.26%, 4/1/2049		150,000		214,536
Series S-3, 6.91%, 10/1/2050		100,000		151,455
California State, GO, 7.60%, 11/1/2040		100,000		155,915
East Bay Municipal Utility District, RB, 5.87%, 6/1/2040		100,000		130,524
Los Angeles Community College District, GO, 6.75%, 8/1/2049		100,000		149,080

Municipal Bonds (continued)
	Principal Amount		Value
California (continued)
Los Angeles Unified School District, GO, Series RY, 6.76%, 7/1/2034	$	100,000	$	133,999
Los Angeles, Department of Water & Power, RB, Series D, 6.57%, 7/1/2045		210,000		302,696
San Diego County Water Authority, RB, Series B, 6.14%, 5/1/2049		125,000		170,818
Santa Clara Valley Transportation Authority, RB, Series A, 5.88%, 4/1/2032		200,000		238,584
State of California, GO 7.55%, 4/1/2039		125,000		191,025
7.63%, 3/1/2040		220,000		334,862
University of California, RB
Series AX, 3.06%, 7/1/2025		50,000		50,949
Series R, 5.77%, 5/15/2043		50,000		62,902
Series AD, 4.86%, 5/15/2112		200,000		218,688
				2,506,033
Connecticut 0.0%†
State of Connecticut, GO, Series D, 5.09%, 10/1/2030		200,000		219,308
Georgia 0.0%†
Municipal Electric Authority of Georgia, Refunding, RB, Series A, 6.66%, 4/1/2057		149,000		180,397
Illinois 0.1%
State of Illinois, GO, 5.10%, 6/1/2033		435,000		427,575
Massachusetts 0.0%†
Commonwealth of Massachusetts, RB, Series A, 5.73%, 6/1/2040		150,000		185,855
New Jersey 0.1%
New Jersey Economic Development Authority, RB, NATL-RE Insured, Series A, 7.43%, 2/15/2029		150,000		185,391
New Jersey Turnpike Authority, RB, Series F, 7.41%, 1/1/2040		165,000		247,576
Rutgers-State University of New Jersey, RB, Series H, 5.67%, 5/1/2040		250,000		304,582
				737,549
New York 0.1%
Metropolitan Transportation Authority, RB, Series C, 7.34%, 11/15/2039		140,000		206,325
New York City Municipal Water Finance Authority, Water and Sewer System Revenue Taxable, Second General Resolution, RB, 5.88%, 6/15/2044		100,000		133,804
New York City Transitional Finance Authority, Future Tax Secured, RB, Series B, 5.57%, 11/1/2038		100,000		120,658

34

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

Municipal Bonds (continued)
	Principal Amount		Value
New York (continued)
Port Authority of New York & New Jersey, RB 6.04%, 12/1/2029	$	300,000	$	375,897
4.46%, 10/1/2062		100,000		112,950
				949,634
Oregon 0.0%†
Oregon School Boards Association, Limited Tax Pension, GO, AGM Insured, 5.53%, 6/30/2028		200,000		229,272
Texas 0.1%
Dallas Independent School District, Texas School Building, GO, PSF-GTD, Series C, 6.45%, 2/15/2035		150,000		159,469
Texas State Taxable Build America Bond, GO, 5.52%, 4/1/2039		50,000		63,112
Texas Transportation Commission, RB, Series B, 5.18%, 4/1/2030		100,000		116,221
				338,802
Wisconsin 0.0%†
State of Wisconsin Bond, RB, Series C, 3.15%, 5/1/2027		20,000		20,193
Total Municipal Bonds (cost $5,007,963)				5,794,618
Supranational 1.2%
Asian Development Bank 1.75%, 6/8/2021		500,000		494,045
2.50%, 11/2/2027		500,000		495,985
2.75%, 1/19/2028		200,000		202,245
European Bank for Reconstruction & Development, 2.75%, 3/7/2023		250,000		253,710
European Investment Bank 1.38%, 6/15/2020		500,000		494,269
1.63%, 6/15/2021		500,000		492,605
1.38%, 9/15/2021		750,000		733,480
2.25%, 3/15/2022		750,000		748,059
2.63%, 3/15/2024		500,000		505,276
2.50%, 10/15/2024		500,000		502,171
Inter-American Development Bank 1.63%, 5/12/2020		250,000		247,887
1.88%, 3/15/2021		250,000		247,892
2.13%, 1/18/2022		500,000		497,269
1.75%, 9/14/2022		250,000		245,298
2.63%, 1/16/2024		500,000		504,817
2.00%, 6/2/2026		200,000		193,602
International Bank for Reconstruction & Development
2.75%, 7/23/2021		1,250,000		1,261,430
7.63%, 1/19/2023		677,000		802,315
3.00%, 9/27/2023		250,000		257,018
2.50%, 3/19/2024		500,000		502,862

Supranational (continued)
	Principal Amount		Value
2.50%, 7/29/2025	$	250,000	$	250,440
International Finance Corp., 2.25%, 1/25/2021		500,000		498,865
Total Supranational (cost $10,351,757)				10,431,540
U.S. Government Agency Securities 1.3%
FFCB, 2.85%, 9/20/2021		745,000		753,838
FHLB
3.63%, 6/11/2021		1,200,000		1,232,246
3.13%, 6/13/2025		1,075,000		1,105,649
5.50%, 7/15/2036		300,000		397,241
FHLMC
2.38%, 2/16/2021		2,000,000		2,001,080
1.13%, 8/12/2021		1,137,000		1,107,809
2.38%, 1/13/2022		1,650,000		1,653,439
6.75%, 9/15/2029		388,000		525,675
6.75%, 3/15/2031		400,000		556,829
6.25%, 7/15/2032		365,000		503,421
FNMA
2.63%, 1/11/2022		355,000		357,852
6.25%, 5/15/2029		500,000		651,745
Tennessee Valley Authority, 4.88%, 1/15/2048		300,000		375,836
Total U.S. Government Agency Securities (cost $10,735,726)				11,222,660
U.S. Treasury Obligations 38.4%
U.S. Treasury Bonds
8.13%, 8/15/2021		1,800,000		2,032,875
7.13%, 2/15/2023		1,000,000		1,175,156
6.25%, 8/15/2023		869,000		1,008,923
6.00%, 2/15/2026		1,444,500		1,768,440
5.50%, 8/15/2028		5,300,000		6,614,648
5.25%, 11/15/2028		2,500,000		3,079,785
4.50%, 5/15/2038		500,000		632,344
4.50%, 8/15/2039		185,000		234,784
4.38%, 11/15/2039		1,080,000		1,349,452
3.88%, 8/15/2040		600,000		701,719
4.25%, 11/15/2040		500,000		615,195
3.75%, 8/15/2041		2,900,000		3,328,316
3.13%, 11/15/2041		2,000,000		2,086,406
3.13%, 2/15/2042		2,650,000		2,760,555
3.13%, 2/15/2043		1,250,000		1,298,437
3.63%, 8/15/2043		2,000,000		2,251,328
3.75%, 11/15/2043		1,850,000		2,124,537
3.63%, 2/15/2044		800,000		900,937
3.38%, 5/15/2044		1,700,000		1,839,652
3.13%, 8/15/2044		2,400,000		2,488,313
3.00%, 11/15/2044		7,000,000		7,101,719
3.00%, 5/15/2045		800,000		811,812
2.88%, 8/15/2045		2,500,000		2,477,051
3.00%, 11/15/2045		3,200,000		3,246,625
2.50%, 2/15/2046		3,250,000		2,987,715
2.50%, 5/15/2046		2,950,000		2,709,967
2.25%, 8/15/2046		6,000,000		5,224,688
2.88%, 11/15/2046		2,700,000		2,671,840

35

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

U.S. Treasury Obligations (continued)
	Principal Amount		Value
3.00%, 2/15/2047	$	400,000	$	405,734
3.00%, 5/15/2047		1,600,000		1,620,688
2.75%, 8/15/2047		1,000,000		963,008
3.00%, 8/15/2048		1,250,000		1,264,014
U.S. Treasury Notes
1.50%, 5/15/2020		2,500,000		2,477,344
3.50%, 5/15/2020		2,000,000		2,022,109
1.50%, 5/31/2020		4,500,000		4,457,285
2.50%, 5/31/2020		3,000,000		3,003,633
1.50%, 7/15/2020		3,500,000		3,464,453
1.38%, 8/31/2020		1,000,000		987,148
2.13%, 8/31/2020		2,000,000		1,994,141
2.63%, 8/31/2020		4,500,000		4,515,996
1.75%, 10/31/2020		5,500,000		5,453,809
2.63%, 11/15/2020		2,360,000		2,370,417
1.63%, 11/30/2020		2,000,000		1,978,359
2.00%, 11/30/2020		2,000,000		1,989,922
1.75%, 12/31/2020		8,000,000		7,926,250
2.38%, 12/31/2020		3,000,000		3,003,047
2.13%, 1/31/2021		3,000,000		2,990,508
2.25%, 2/15/2021		6,000,000		5,994,844
3.63%, 2/15/2021		2,500,000		2,557,617
2.50%, 2/28/2021		10,000,000		10,036,719
2.25%, 3/31/2021		3,000,000		2,998,242
2.25%, 4/30/2021		2,000,000		1,999,062
3.13%, 5/15/2021		1,250,000		1,270,850
1.38%, 5/31/2021		2,000,000		1,963,516
1.13%, 6/30/2021		2,000,000		1,952,578
2.13%, 6/30/2021		3,500,000		3,489,746
2.88%, 10/15/2021		6,500,000		6,595,469
1.75%, 11/30/2021		2,000,000		1,975,000
2.00%, 12/31/2021		2,000,000		1,988,047
1.50%, 1/31/2022		2,000,000		1,960,391
1.75%, 2/28/2022		3,000,000		2,959,453
1.75%, 3/31/2022		1,000,000		986,211
1.75%, 4/30/2022		2,000,000		1,971,250
1.88%, 4/30/2022		2,000,000		1,978,203
1.75%, 5/15/2022		1,700,000		1,675,230
1.75%, 5/31/2022		2,000,000		1,970,313
1.75%, 6/30/2022		1,000,000		985,273
2.13%, 6/30/2022		500,000		498,203
1.88%, 7/31/2022		4,000,000		3,953,438
2.00%, 7/31/2022		4,500,000		4,464,844
1.63%, 8/15/2022		5,200,000		5,097,828
1.63%, 8/31/2022		5,000,000		4,899,609
1.88%, 8/31/2022		3,500,000		3,457,891
1.75%, 9/30/2022		2,000,000		1,967,109
1.88%, 9/30/2022		2,500,000		2,469,824
2.00%, 11/30/2022		1,400,000		1,387,641
2.13%, 12/31/2022		5,500,000		5,475,078
1.50%, 2/28/2023		1,000,000		972,109
1.50%, 3/31/2023		2,500,000		2,428,711
1.63%, 4/30/2023		2,000,000		1,951,094
1.63%, 5/31/2023		2,000,000		1,949,687
1.38%, 6/30/2023		2,700,000		2,604,445
2.50%, 8/15/2023		3,800,000		3,835,180
1.38%, 8/31/2023		3,700,000		3,563,273
2.75%, 8/31/2023		2,000,000		2,038,906
2.13%, 11/30/2023		3,900,000		3,874,102
2.25%, 12/31/2023		11,500,000		11,482,930
2.25%, 1/31/2024		1,000,000		998,398

U.S. Treasury Obligations (continued)
	Principal Amount			Value
2.75%, 2/15/2024	$	4,500,000		$	4,594,219
2.13%, 3/31/2024		1,000,000			992,578
2.00%, 4/30/2024		2,000,000			1,972,422
2.25%, 4/30/2024		2,700,000			2,695,887
2.50%, 5/15/2024		1,700,000			1,716,535
2.00%, 5/31/2024		3,500,000			3,450,645
2.00%, 6/30/2024		1,500,000			1,478,086
2.13%, 7/31/2024		1,500,000			1,486,816
1.88%, 8/31/2024		1,000,000			978,555
2.13%, 9/30/2024		2,000,000			1,980,703
2.25%, 10/31/2024		1,000,000			996,445
2.25%, 11/15/2024		3,160,000			3,147,656
2.13%, 11/30/2024		1,200,000			1,187,672
2.50%, 1/31/2025		1,500,000			1,513,594
2.00%, 2/15/2025		6,500,000			6,379,648
2.75%, 2/28/2025		1,500,000			1,533,281
2.13%, 5/15/2025		1,600,000			1,578,688
2.00%, 8/15/2025		2,000,000			1,956,250
3.00%, 10/31/2025		500,000			518,457
2.25%, 11/15/2025		1,500,000			1,487,813
1.63%, 2/15/2026		1,500,000			1,427,871
1.63%, 5/15/2026		2,000,000			1,899,297
1.50%, 8/15/2026		6,400,000			6,008,500
2.00%, 11/15/2026		2,700,000			2,620,793
2.25%, 2/15/2027		5,300,000			5,228,574
2.38%, 5/15/2027		4,000,000			3,979,062
2.25%, 8/15/2027		3,500,000			3,444,355
2.25%, 11/15/2027		10,370,000			10,192,576
2.63%, 2/15/2029		1,657,000			1,673,894
Total U.S. Treasury Obligations (cost $322,461,780)					323,210,270
Total Investments before TBA Sale Commitments (cost $830,223,466) — 99.3%					836,894,009
TBA Sale Commitments (0.2)%
Mortgage-Backed Securities (0.2)%
FNMA TBA 2.50%, 5/25/2033		(36,000	)		(35,622	)
3.00%, 5/25/2049		(1,623,000	)		(1,603,885	)
Total TBA Sale Commitments (cost $(1,640,601))					(1,639,507	)
Other assets in excess of liabilities — 0.9%					7,222,465
NET ASSETS — 100.0%				$	842,476,967

† Amount rounds to less than 0.1%.

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. See Note 7 for further information. The interest rate shown was the current rate as of April 30, 2019.

36

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund (Continued)

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2019.

(c) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $4,054,539 which represents 0.48% of net assets.

(d) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at April 30, 2019.

(e) Investment in affiliate.

ACES Alternative Credit Enhancement Services

AGM Assured Guaranty Municipal Corp.

FFCB Federal Farm Credit Bank

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corp.

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General Obligation

ICE Intercontinental Exchange

LIBOR London Interbank Offered Rate

NATL National Public Finance Guarantee Corp.

PSF-GTD Permanent School Fund Guaranteed

RB Revenue Bond

RE Reinsured

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

TBA To Be Announced; Security is subject to delayed delivery

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

37

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Bond Index Fund
Assets:
Investment securities of affiliated issuers, at value (cost $43,859)	$	79,500
Investment securities of unaffiliated issuers, at value (cost $830,179,607)		836,814,509
Cash		38,397,273
Interest receivable		5,340,273
Security lending income receivable		21
Receivable for investments sold		7,423,797
Receivable for capital shares issued		209,143
Reclaims receivable		630
Prepaid expenses		43,873
Total Assets		888,309,019
Liabilities:
Payable for investments purchased		43,007,545
Distributions payable		74,915
Payable for capital shares redeemed		805,559
TBA Sale Commitments, at value (proceeds $1,640,601)		1,639,507
Accrued expenses and other payables:
Investment advisory fees		114,242
Fund administration fees		40,848
Distribution fees		46,712
Administrative servicing fees		32,622
Accounting and transfer agent fees		10,119
Trustee fees		2,091
Custodian fees		9,179
Compliance program costs (Note 3)		653
Professional fees		30,055
Printing fees		13,327
Other		4,678
Total Liabilities		45,832,052
Net Assets	$	842,476,967
Represented by:
Capital	$	846,781,049
Total distributable earnings (loss)		(4,304,082	)
Net Assets	$	842,476,967
Net Assets:
Class A Shares	$	223,614,218
Class C Shares		1,236,546
Class R6 Shares		610,828,381
Institutional Service Class Shares		6,797,822
Total	$	842,476,967
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		20,492,134
Class C Shares		113,323
Class R6 Shares		56,089,500
Institutional Service Class Shares		624,325
Total		77,319,282

38

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Bond Index Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.91
Class C Shares (b)	$	10.91
Class R6 Shares	$	10.89
Institutional Service Class Shares	$	10.89
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.16
Maximum Sales Charge:
Class A Shares		2.25	%

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $500,000, a contingent deferred sales charge of 0.75% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

39

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Bond Index Fund
INVESTMENT INCOME:
Interest income from unaffiliated issuers	$	11,902,289
Interest income from affiliated issuers		2,528
Income from securities lending (Note 2)		620
Dividend income from unaffiliated issuers		38
Total Income		11,905,475
EXPENSES:
Investment advisory fees		730,548
Fund administration fees		135,829
Distribution fees Class A		259,630
Distribution fees Class C		5,956
Administrative servicing fees Class A		169,963
Administrative servicing fees Class C		596
Administrative servicing fees Institutional Service Class		5,807
Registration and filing fees		26,866
Professional fees		38,986
Printing fees		10,348
Trustee fees		13,219
Custodian fees		17,863
Accounting and transfer agent fees		24,448
Compliance program costs (Note 3)		1,909
Other		11,111
Total expenses before fees waived		1,453,079
Investment advisory fees waived (Note 3)		(27,914	)
Net Expenses		1,425,165
NET INVESTMENT INCOME		10,480,310
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities of unaffiliated issuers		(13,623	)
Closed short positions in securities (Note 2)		(58,589	)
Net realized losses		(72,212	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		(751	)
Investment securities of unaffiliated issuers		30,680,410
Short positions in securities (Note 2)		1,094
Net change in unrealized appreciation/depreciation		30,680,753
Net realized/unrealized gains		30,608,541
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,088,851

The accompanying notes are an integral part of these financial statements.

40

Statements of Changes in Net Assets

	Nationwide Bond Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	10,480,310		$	21,170,642
Net realized losses		(72,212	)		(8,282,249	)
Net change in unrealized appreciation/depreciation		30,680,753			(36,393,047	)
Change in net assets resulting from operations		41,088,851			(23,504,654	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,540,137	)		(4,656,012	)
Class C		(10,466	)		(20,737	)
Class R6		(8,250,939	)		(17,478,413	)
Institutional Service Class		(60,941	)		(53,505	)
Change in net assets from shareholder distributions		(10,862,483	)		(22,208,667	)
Change in net assets from capital transactions		38,586,986			(216,123,536	)
Change in net assets		68,813,354			(261,836,857	)
Net Assets:
Beginning of period		773,663,613			1,035,500,470
End of period	$	842,476,967		$	773,663,613
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	54,941,613		$	47,221,453
Dividends reinvested		2,126,045			3,957,341
Cost of shares redeemed		(30,341,309	)		(64,942,779	)
Total Class A Shares		26,726,349			(13,763,985	)
Class C Shares
Proceeds from shares issued		117,263			113,333
Dividends reinvested		10,366			20,330
Cost of shares redeemed		(85,912	)		(853,891	)
Total Class C Shares		41,717			(720,228	)
Class R6 Shares
Proceeds from shares issued		98,513,078			70,111,403
Dividends reinvested		8,250,939			17,478,115
Cost of shares redeemed		(98,421,170	)		(292,336,337	)
Total Class R6 Shares		8,342,847			(204,746,819	)
Institutional Service Class Shares
Proceeds from shares issued		4,204,913			5,707,865
Dividends reinvested		60,941			53,452
Cost of shares redeemed		(789,781	)		(2,653,821	)
Total Institutional Service Class Shares		3,476,073			3,107,496
Change in net assets from capital transactions	$	38,586,986		$	(216,123,536	)

41

Statements of Changes in Net Assets (Continued)

	Nationwide Bond Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		5,154,188			4,365,202
Reinvested		197,285			368,178
Redeemed		(2,840,149	)		(6,041,484	)
Total Class A Shares		2,511,324			(1,308,104	)
Class C Shares
Issued		10,991			10,557
Reinvested		962			1,890
Redeemed		(8,028	)		(78,676	)
Total Class C Shares		3,925			(66,229	)
Class R6 Shares
Issued		9,136,904			6,487,899
Reinvested		767,249			1,627,283
Redeemed		(9,176,714	)		(27,179,247	)
Total Class R6 Shares		727,439			(19,064,065	)
Institutional Service Class Shares
Issued		391,720			530,941
Reinvested		5,652			5,002
Redeemed		(74,210	)		(250,343	)
Total Institutional Service Class Shares		323,162			285,600
Total change in shares		3,565,850			(20,152,798	)

The accompanying notes are an integral part of these financial statements.

42

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bond Index Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)		Portfolio Turnover (c)(e)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.51		0.12		0.41			0.53			(0.13	)		–			(0.13	)	$	10.91		5.07%		$	223,614,218		0.66%		2.35%		0.67%		48.25%
Year Ended October 31, 2018	$	11.04		0.22		(0.51	)		(0.29	)		(0.24	)		–			(0.24	)	$	10.51		(2.68%	)	$	188,895,228		0.67%		2.08%		0.67%		163.27%
Year Ended October 31, 2017	$	11.25		0.20		(0.19	)		0.01			(0.21	)		(0.01	)		(0.22	)	$	11.04		0.17%		$	213,022,268		0.67%		1.77%		0.67%		213.42%
Year Ended October 31, 2016	$	11.14		0.20		0.20			0.40			(0.23	)		(0.06	)		(0.29	)	$	11.25		3.63%		$	185,557,723		0.67%		1.81%		0.67%		147.02%
Year Ended October 31, 2015	$	11.31		0.18		(0.03	)		0.15			(0.20	)		(0.12	)		(0.32	)	$	11.14		1.36%		$	206,342,539		0.66%		1.64%		0.66%		297.27%
Year Ended October 31, 2014	$	11.34		0.22		0.18			0.40			(0.24	)		(0.19	)		(0.43	)	$	11.31		3.64%		$	206,721,780		0.66%		1.96%		0.66%		227.55%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.50		0.09		0.41			0.50			(0.09	)		–			(0.09	)	$	10.91		4.81%		$	1,236,546		1.35%		1.66%		1.36%		48.25%
Year Ended October 31, 2018	$	11.04		0.15		(0.53	)		(0.38	)		(0.16	)		–			(0.16	)	$	10.50		(3.43%	)	$	1,149,194		1.35%		1.38%		1.35%		163.27%
Year Ended October 31, 2017	$	11.25		0.12		(0.18	)		(0.06	)		(0.14	)		(0.01	)		(0.15	)	$	11.04		(0.51%	)	$	1,938,975		1.35%		1.09%		1.35%		213.42%
Year Ended October 31, 2016	$	11.14		0.13		0.19			0.32			(0.15	)		(0.06	)		(0.21	)	$	11.25		2.95%		$	2,264,316		1.33%		1.13%		1.33%		147.02%
Year Ended October 31, 2015	$	11.31		0.11		(0.04	)		0.07			(0.12	)		(0.12	)		(0.24	)	$	11.14		0.68%		$	1,603,592		1.34%		0.95%		1.34%		297.27%
Year Ended October 31, 2014	$	11.35		0.15		0.16			0.31			(0.16	)		(0.19	)		(0.35	)	$	11.31		2.89%		$	623,307		1.31%		1.31%		1.31%		227.55%
Class R6 Shares (f)
Six Months Ended April 30, 2019 (Unaudited)	$	10.48		0.15		0.41			0.56			(0.15	)		–			(0.15	)	$	10.89		5.39%		$	610,828,381		0.25%		2.77%		0.26%		48.25%
Year Ended October 31, 2018	$	11.02		0.27		(0.53	)		(0.26	)		(0.28	)		–			(0.28	)	$	10.48		(2.38%	)	$	580,461,810		0.26%		2.48%		0.26%		163.27%
Year Ended October 31, 2017	$	11.23		0.24		(0.18	)		0.06			(0.26	)		(0.01	)		(0.27	)	$	11.02		0.58%		$	820,367,755		0.26%		2.19%		0.26%		213.42%
Year Ended October 31, 2016	$	11.11		0.25		0.20			0.45			(0.27	)		(0.06	)		(0.33	)	$	11.23		4.16%		$	712,093,601		0.26%		2.22%		0.26%		147.02%
Year Ended October 31, 2015	$	11.29		0.23		(0.04	)		0.19			(0.25	)		(0.12	)		(0.37	)	$	11.11		1.69%		$	803,043,994		0.25%		2.05%		0.25%		297.27%
Year Ended October 31, 2014	$	11.32		0.26		0.18			0.44			(0.28	)		(0.19	)		(0.47	)	$	11.29		4.06%		$	668,902,036		0.26%		2.37%		0.26%		227.55%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	10.48		0.13		0.42			0.55			(0.14	)		–			(0.14	)	$	10.89		5.26%		$	6,797,822		0.50%		2.52%		0.50%		48.25%
Year Ended October 31, 2018	$	11.02		0.25		(0.53	)		(0.28	)		(0.26	)		–			(0.26	)	$	10.48		(2.59%	)	$	3,157,381		0.50%		2.31%		0.50%		163.27%
Period Ended October 31, 2017 (g)	$	10.92		0.23		0.10			0.33			(0.22	)		(0.01	)		(0.23	)	$	11.02		3.07%		$	171,472		0.45%		2.27%		0.45%		213.42%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(g) For the period from December 7, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 6, 2016 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

43

Fund Overview Nationwide International Index Fund

Asset Allocation¹

Common Stocks	98.0%
Repurchase Agreements	3.2%
Short-Term Investment	0.2%
Preferred Stock†	0.0%
Futures Contracts†	0.0%
Liabilities in excess of other assets	(1.4)%
	100.0%

Top Industries²

Banks	10.3%
Pharmaceuticals	7.4%
Insurance	5.5%
Oil, Gas & Consumable Fuels	5.3%
Food Products	3.5%
Chemicals	3.4%
Automobiles	3.2%
Metals & Mining	2.9%
Machinery	2.6%
Textiles, Apparel & Luxury Goods	2.4%
Other Industries#	53.5%
	100.0%

Top Countries²

Japan	23.0%
United Kingdom	13.8%
France	10.8%
Switzerland	8.9%
Germany	8.6%
Australia	7.5%
Netherlands	4.7%
Hong Kong	3.5%
Spain	2.9%
Sweden	2.4%
Other Countries#	13.9%
	100.0%

Top Holdings²

Nestle SA (Registered)	2.0%
Roche Holding AG	1.3%
Novartis AG (Registered)	1.2%
HSBC Holdings plc	1.2%
BP plc	1.0%
Royal Dutch Shell plc. Class A	1.0%
Toyota Motor Corp.	1.0%
TOTAL SA	0.9%
SAP SE	0.9%
AIA Group Ltd.	0.9%
Other Holdings#	88.6%
	100.0%

† Amount rounds to less than 0.1%.

^# For purposes of listing top industries, top holdings and top countries, the repurchase agreement is included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

44

Shareholder Expense Example Nationwide International Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide International Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,074.50		3.75		0.73
	Hypothetical	(a)(b)		1,000.00		1,021.17		3.66		0.73
Class C Shares	Actual	(a)		1,000.00		1,070.30		7.14		1.39
	Hypothetical	(a)(b)		1,000.00		1,017.90		6.95		1.39
Class R Shares	Actual	(a)		1,000.00		1,074.40		5.30		1.03
	Hypothetical	(a)(b)		1,000.00		1,019.69		5.16		1.03
Class R6 Shares	Actual	(a)		1,000.00		1,077.80		1.60		0.31
	Hypothetical	(a)(b)		1,000.00		1,023.26		1.56		0.31
Institutional Service Class Shares	Actual	(a)		1,000.00		1,076.30		2.47		0.48
	Hypothetical	(a)(b)		1,000.00		1,022.41		2.41		0.48

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

45

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide International Index Fund

Common Stocks 98.0%
	Shares		Value
AUSTRALIA 7.6%
Banks 1.9%
Australia & New Zealand Banking Group Ltd.		275,837	$	5,289,424
Bank of Queensland Ltd.		40,530		264,870
Bendigo & Adelaide Bank Ltd.		46,113		334,843
Commonwealth Bank of Australia		170,268		8,945,105
National Australia Bank Ltd.		262,808		4,696,712
Westpac Banking Corp.		330,370		6,407,339
				25,938,293
Beverages 0.1%
Coca-Cola Amatil Ltd.		47,888		297,121
Treasury Wine Estates Ltd.		69,773		846,797
				1,143,918
Biotechnology 0.4%
CSL Ltd.		43,567		6,098,818
Capital Markets 0.3%
ASX Ltd.		18,679		981,040
Macquarie Group Ltd.		30,870		2,934,766
				3,915,806
Chemicals 0.1%
Incitec Pivot Ltd.		161,079		382,693
Orica Ltd.		38,356		502,945
				885,638
Commercial Services & Supplies 0.1%
Brambles Ltd.		154,562		1,314,190
Construction & Engineering 0.0%†
CIMIC Group Ltd.		8,551		304,972
Construction Materials 0.0%†
Boral Ltd.		103,823		354,984
Containers & Packaging 0.1%
Amcor Ltd.		112,440		1,270,634
Diversified Financial Services 0.1%
AMP Ltd.		277,480		444,534
Challenger Ltd.		47,382		274,581
				719,115
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.		398,216		948,856
TPG Telecom Ltd.		32,780		155,723
				1,104,579
Electric Utilities 0.0%†
AusNet Services		181,656		227,310
Energy Equipment & Services 0.0%†
WorleyParsons Ltd.		28,634		289,654
Equity Real Estate Investment Trusts (REITs) 0.5%
Dexus		98,757		870,014
Goodman Group		158,493		1,470,399
GPT Group (The)		172,557		697,034
Mirvac Group		344,412		687,128
Scentre Group		516,209		1,390,148
Stockland		236,355		628,174
Vicinity Centres		313,997		562,251
				6,305,148
Food & Staples Retailing 0.3%
Coles Group Ltd.*		108,861		968,129

Common Stocks (continued)
	Shares		Value
AUSTRALIA (continued)
Food & Staples Retailing (continued)
Woolworths Group Ltd.		127,506	$	2,862,926
				3,831,055
Gas Utilities 0.1%
APA Group		111,013		752,864
Health Care Equipment & Supplies 0.1%
Cochlear Ltd.		5,463		721,450
Health Care Providers & Services 0.1%
Ramsay Health Care Ltd.		13,102		603,327
Sonic Healthcare Ltd.		42,425		767,143
				1,370,470
Hotels, Restaurants & Leisure 0.2%
Aristocrat Leisure Ltd.		55,795		1,025,852
Crown Resorts Ltd.		35,525		332,835
Domino’s Pizza Enterprises Ltd.		5,159		156,460
Flight Centre Travel Group Ltd.		6,025		163,043
Tabcorp Holdings Ltd.		176,350		595,708
				2,273,898
Insurance 0.3%
Insurance Australia Group Ltd.		224,338		1,246,242
Medibank Pvt Ltd.		251,759		507,606
QBE Insurance Group Ltd.		124,313		1,133,176
Suncorp Group Ltd.		126,067		1,180,092
				4,067,116
Interactive Media & Services 0.0%†
REA Group Ltd.		5,289		297,918
IT Services 0.0%†
Computershare Ltd.		43,467		546,411
Metals & Mining 1.9%
Alumina Ltd.		250,230		395,604
BHP Group Ltd.		283,342		7,483,354
BHP Group plc		200,895		4,731,728
BlueScope Steel Ltd.		52,360		497,503
Fortescue Metals Group Ltd.		146,704		739,486
Newcrest Mining Ltd.		74,537		1,314,381
Rio Tinto Ltd.		36,086		2,426,205
Rio Tinto plc		110,238		6,431,726
South32 Ltd.		497,010		1,171,339
				25,191,326
Multiline Retail 0.2%
Harvey Norman Holdings Ltd.		59,475		174,805
Wesfarmers Ltd.		110,081		2,794,554
				2,969,359
Multi-Utilities 0.1%
AGL Energy Ltd.		63,672		998,842
Oil, Gas & Consumable Fuels 0.4%
Caltex Australia Ltd.		25,321		485,705
Oil Search Ltd.		133,132		730,206
Origin Energy Ltd.		170,818		887,531
Santos Ltd.		168,889		856,079
Washington H Soul Pattinson & Co. Ltd.		11,597		187,926
Woodside Petroleum Ltd.		88,816		2,215,904
				5,363,351

46

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
AUSTRALIA (continued)
Professional Services 0.0%†
SEEK Ltd.		31,885	$	409,333
Real Estate Management & Development 0.0%†
Lendlease Group		55,377		519,235
Road & Rail 0.0%†
Aurizon Holdings Ltd.		192,301		645,307
Transportation Infrastructure 0.2%
Sydney Airport		106,608		572,681
Transurban Group		254,039		2,406,943
				2,979,624
				102,810,618
AUSTRIA 0.2%
Banks 0.1%
Erste Group Bank AG*		29,209		1,170,369
Raiffeisen Bank International AG		14,875		396,704
				1,567,073
Electric Utilities 0.0%†
Verbund AG*		6,001		297,653
Machinery 0.0%†
ANDRITZ AG		6,555		313,497
Metals & Mining 0.0%†
voestalpine AG		10,207		329,162
Oil, Gas & Consumable Fuels 0.1%
OMV AG		13,902		747,448
				3,254,833
BELGIUM 1.0%
Banks 0.1%
KBC Group NV		24,227		1,796,597
Beverages 0.5%
Anheuser-Busch InBev SA/NV		72,691		6,464,735
Chemicals 0.1%
Solvay SA		7,172		865,078
Umicore SA (a)		20,334		790,371
				1,655,449
Diversified Financial Services 0.1%
Groupe Bruxelles Lambert SA		7,833		748,857
Diversified Telecommunication Services 0.0%†
Proximus SADP		13,940		390,176
Food & Staples Retailing 0.0%†
Colruyt SA		5,305		382,372
Insurance 0.1%
Ageas		17,521		924,507
Media 0.0%†
Telenet Group Holding NV		4,656		247,471
Pharmaceuticals 0.1%
UCB SA		12,163		964,890
				13,575,054
CHILE 0.0%†
Metals & Mining 0.0%†
Antofagasta plc		39,306		466,265

Common Stocks (continued)
	Shares		Value
CHINA 0.2%
Auto Components 0.0%†
Minth Group Ltd. (a)		76,000	$	240,355
Banks 0.1%
BOC Hong Kong Holdings Ltd.		347,100		1,550,042
Biotechnology 0.1%
BeiGene Ltd., ADR*		3,032		376,666
Machinery 0.0%†
Yangzijiang Shipbuilding Holdings Ltd.		239,666		276,776
				2,443,839
COLOMBIA 0.0%†
Wireless Telecommunication Services 0.0%†
Millicom International Cellular SA, SDR		6,049		354,460
DENMARK 1.7%
Banks 0.1%
Danske Bank A/S		69,588		1,233,937
Beverages 0.1%
Carlsberg A/S, Class B		10,385		1,342,731
Biotechnology 0.1%
Genmab A/S*		5,769		957,389
Chemicals 0.2%
Chr Hansen Holding A/S		9,569		977,341
Novozymes A/S, Class B		21,255		991,610
				1,968,951
Commercial Services & Supplies 0.0%†
ISS A/S		15,223		473,990
Electric Utilities 0.1%
Orsted A/S Reg. S (b)		17,652		1,351,273
Electrical Equipment 0.1%
Vestas Wind Systems A/S		18,380		1,665,539
Health Care Equipment & Supplies 0.1%
Coloplast A/S, Class B		11,534		1,244,391
Demant A/S*		9,564		302,192
				1,546,583
Insurance 0.0%†
Tryg A/S		10,895		333,123
Marine 0.1%
AP Moller—Maersk A/S, Class A		343		418,712
AP Moller—Maersk A/S, Class B		635		827,157
				1,245,869
Pharmaceuticals 0.7%
H Lundbeck A/S		7,229		304,507
Novo Nordisk A/S, Class B		173,336		8,481,854
				8,786,361
Road & Rail 0.1%
DSV A/S		18,252		1,688,177
Textiles, Apparel & Luxury Goods 0.0%†
Pandora A/S		10,637		446,743
				23,040,666
FINLAND 1.1%
Auto Components 0.0%†
Nokian Renkaat OYJ		11,788		395,024

47

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FINLAND (continued)
Banks 0.2%
Nordea Bank Abp		288,839	$	2,274,387
Communications Equipment 0.2%
Nokia OYJ		538,500		2,827,160
Diversified Telecommunication Services 0.0%†
Elisa OYJ		13,148		557,906
Electric Utilities 0.1%
Fortum OYJ		42,872		909,652
Insurance 0.1%
Sampo OYJ, Class A		41,889		1,918,426
Machinery 0.2%
Kone OYJ, Class B		32,903		1,803,349
Metso OYJ (a)		8,768		327,918
Wartsila OYJ Abp		42,969		685,433
				2,816,700
Oil, Gas & Consumable Fuels 0.1%
Neste OYJ		37,341		1,231,460
Paper & Forest Products 0.2%
Stora Enso OYJ, Class R		51,166		636,053
UPM-Kymmene OYJ		51,819		1,462,749
				2,098,802
Pharmaceuticals 0.0%†
Orion OYJ, Class B		9,760		324,568
				15,354,085
FRANCE 11.0%
Aerospace & Defense 1.0%
Airbus SE		55,549		7,600,712
Dassault Aviation SA		257		389,126
Safran SA		31,669		4,614,950
Thales SA		10,323		1,233,317
				13,838,105
Air Freight & Logistics 0.0%†
Bollore SA		81,557		388,606
Auto Components 0.3%
Cie Generale des Etablissements Michelin SCA		16,508		2,134,224
Faurecia SA		6,859		351,417
Valeo SA		23,722		866,793
				3,352,434
Automobiles 0.2%
Peugeot SA		57,100		1,496,621
Renault SA		18,662		1,273,384
				2,770,005
Banks 0.7%
BNP Paribas SA		107,200		5,710,755
Credit Agricole SA		107,408		1,473,858
Societe Generale SA		72,820		2,307,085
				9,491,698
Beverages 0.3%
Pernod Ricard SA		20,332		3,547,076
Remy Cointreau SA		2,184		291,048
				3,838,124

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Building Products 0.1%
Cie de Saint-Gobain		46,981	$	1,921,861
Capital Markets 0.1%
Amundi SA Reg. S (b)		5,500		395,483
Natixis SA		94,702		560,015
				955,498
Chemicals 0.5%
Air Liquide SA		40,794		5,425,020
Arkema SA		6,503		669,977
				6,094,997
Commercial Services & Supplies 0.1%
Edenred		23,230		1,096,825
Societe BIC SA		2,723		235,045
				1,331,870
Construction & Engineering 0.5%
Bouygues SA (a)		21,834		824,218
Eiffage SA		7,612		796,708
Vinci SA		48,285		4,886,835
				6,507,761
Construction Materials 0.0%†
Imerys SA		3,788		201,951
Diversified Financial Services 0.1%
Eurazeo SE*		4,116		323,084
Wendel SA		2,490		344,681
				667,765
Diversified Telecommunication Services 0.2%
Iliad SA		2,730		277,790
Orange SA		190,629		2,986,494
				3,264,284
Electric Utilities 0.1%
Electricite de France SA		58,451		841,888
Electrical Equipment 0.5%
Legrand SA		25,168		1,850,854
Schneider Electric SE		52,211		4,420,045
				6,270,899
Electronic Equipment, Instruments & Components 0.0%†
Ingenico Group SA		5,574		470,377
Entertainment 0.3%
Ubisoft Entertainment SA*		8,126		775,549
Vivendi SA		99,528		2,892,793
				3,668,342
Equity Real Estate Investment Trusts (REITs) 0.3%
Covivio		4,179		452,328
Gecina SA		4,285		639,754
ICADE		3,124		267,557
Klepierre SA		18,847		669,518
Unibail—Rodamco-Westfield		13,109		2,253,313
				4,282,470
Food & Staples Retailing 0.1%
Carrefour SA		57,469		1,119,817
Casino Guichard Perrachon SA		4,862		199,394
				1,319,211

48

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Food Products 0.4%
Danone SA		58,591	$	4,738,376
Health Care Equipment & Supplies 0.0%†
BioMerieux		3,645		289,285
Hotels, Restaurants & Leisure 0.1%
Accor SA		18,060		760,949
Sodexo SA		8,273		948,827
				1,709,776
Household Durables 0.0%†
SEB SA		2,138		392,467
Insurance 0.4%
AXA SA (a)		184,520		4,915,462
CNP Assurances		15,763		372,054
SCOR SE (a)		15,727		641,479
				5,928,995
IT Services 0.2%
Atos SE (a)		9,320		962,070
Capgemini SE		15,145		1,836,815
				2,798,885
Life Sciences Tools & Services 0.0%†
Sartorius Stedim Biotech		2,447		332,638
Machinery 0.1%
Alstom SA		14,465		636,353
Media 0.1%
Eutelsat Communications SA		15,743		284,137
JCDecaux SA		7,695		252,218
Publicis Groupe SA		20,556		1,220,164
				1,756,519
Multi-Utilities 0.3%
Engie SA		173,740		2,573,617
Suez		37,163		522,138
Veolia Environnement SA		51,960		1,231,440
				4,327,195
Oil, Gas & Consumable Fuels 1.0%
TOTAL SA		230,371		12,856,021
Personal Products 0.5%
L’Oreal SA (a)		24,055		6,613,646
Pharmaceuticals 0.7%
Ipsen SA		3,462		405,029
Sanofi		107,497		9,344,087
				9,749,116
Professional Services 0.1%
Bureau Veritas SA		25,162		639,412
Teleperformance*		5,587		1,073,678
				1,713,090
Software 0.1%
Dassault Systemes SE		12,347		1,959,766
Textiles, Apparel & Luxury Goods 1.5%
EssilorLuxottica SA*		27,549		3,353,415
Hermes International		2,997		2,109,585
Kering SA		7,274		4,304,109
LVMH Moet Hennessy Louis Vuitton SE		26,499		10,383,880
				20,150,989

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Trading Companies & Distributors 0.0%†
Rexel SA		28,437	$	382,155
Transportation Infrastructure 0.1%
Aeroports de Paris		2,930		596,851
Getlink SE		45,388		732,033
				1,328,884
				149,142,302
GERMANY 8.7%
Aerospace & Defense 0.1%
MTU Aero Engines AG		5,048		1,187,537
Air Freight & Logistics 0.2%
Deutsche Post AG (Registered)*		94,324		3,274,108
Airlines 0.0%†
Deutsche Lufthansa AG (Registered)		21,700		523,731
Auto Components 0.1%
Continental AG		10,370		1,713,768
Automobiles 1.0%
Bayerische Motoren Werke AG		31,526		2,689,703
Bayerische Motoren Werke AG (Preference)		4,895		361,400
Daimler AG (Registered)*		86,660		5,682,204
Porsche Automobil Holding SE (Preference)		14,719		1,022,758
Volkswagen AG		3,212		574,348
Volkswagen AG (Preference)		17,741		3,083,654
				13,414,067
Banks 0.1%
Commerzbank AG*		92,549		831,541
Capital Markets 0.3%
Deutsche Bank AG (Registered)		184,414		1,523,975
Deutsche Boerse AG		18,222		2,428,652
				3,952,627
Chemicals 0.8%
BASF SE		87,623		7,126,562
Covestro AG Reg. S (b)		18,677		1,021,077
Evonik Industries AG		15,952		475,161
Fuchs Petrolub SE (Preference)		6,531		284,049
LANXESS AG		8,441		488,008
Symrise AG		11,973		1,151,714
				10,546,571
Construction & Engineering 0.0%†
Hochtief AG		2,534		377,980
Construction Materials 0.1%
HeidelbergCement AG		14,448		1,167,136
Diversified Telecommunication Services 0.4%
Deutsche Telekom AG (Registered)		317,411		5,308,035
Telefonica Deutschland Holding AG		65,177		211,626
United Internet AG (Registered)		11,075		443,773
				5,963,434
Electrical Equipment 0.0%†
OSRAM Licht AG		8,829		301,485
Food & Staples Retailing 0.0%†
METRO AG		18,069		306,008

49

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Health Care Equipment & Supplies 0.1%
Sartorius AG (Preference)		3,337	$	611,418
Siemens Healthineers AG Reg. S (b)		14,275		609,265
				1,220,683
Health Care Providers & Services 0.3%
Fresenius Medical Care AG & Co. KGaA		20,321		1,710,534
Fresenius SE & Co. KGaA		39,541		2,242,901
				3,953,435
Hotels, Restaurants & Leisure 0.0%†
TUI AG		39,770		443,335
Household Products 0.2%
Henkel AG & Co. KGaA		9,903		944,269
Henkel AG & Co. KGaA (Preference)		16,761		1,697,002
				2,641,271
Independent Power and Renewable Electricity Producers 0.1%
Uniper SE		19,541		592,406
Industrial Conglomerates 0.6%
Siemens AG (Registered)		72,981		8,753,523
Insurance 1.1%
Allianz SE (Registered)		40,493		9,759,921
Hannover Rueck SE		5,742		866,440
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		14,321		3,587,224
				14,213,585
Internet & Direct Marketing Retail 0.1%
Delivery Hero SE Reg. S* (b)		9,371		431,827
Zalando SE Reg. S* (b)		10,983		516,178
				948,005
IT Services 0.1%
Wirecard AG		11,397		1,705,864
Machinery 0.1%
GEA Group AG		16,466		460,193
KION Group AG		6,376		437,276
				897,469
Media 0.1%
Axel Springer SE		5,054		286,045
ProSiebenSat.1 Media SE		21,302		335,038
				621,083
Metals & Mining 0.0%†
thyssenkrupp AG		41,747		587,182
Multi-Utilities 0.3%
E.ON SE		208,815		2,240,715
Innogy SE*		12,771		554,321
Innogy SE Reg. S* (b)		24		1,114
RWE AG*		48,231		1,231,622
				4,027,772
Personal Products 0.1%
Beiersdorf AG		9,786		1,069,266
Pharmaceuticals 0.5%
Bayer AG (Registered)		88,929		5,910,455
Merck KGaA		12,548		1,336,892
				7,247,347

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Real Estate Management & Development 0.3%
Aroundtown SA		75,065	$	608,530
Deutsche Wohnen SE		33,477		1,506,873
Vonovia SE		46,770		2,333,743
				4,449,146
Semiconductors & Semiconductor Equipment 0.2%
Infineon Technologies AG		108,111		2,547,497
Software 0.9%
SAP SE		93,760		12,032,996
Textiles, Apparel & Luxury Goods 0.4%
adidas AG		17,143		4,405,816
HUGO BOSS AG		6,042		422,159
Puma SE		842		520,790
				5,348,765
Trading Companies & Distributors 0.1%
Brenntag AG		15,000		808,658
Transportation Infrastructure 0.0%†
Fraport AG Frankfurt Airport Services Worldwide		4,070		337,610
Wireless Telecommunication Services 0.0%†
1&1 Drillisch AG		5,496		204,984
				118,211,875
HONG KONG 3.5%
Banks 0.2%
Bank of East Asia Ltd. (The)		130,350		411,396
Hang Seng Bank Ltd.		72,100		1,891,073
				2,302,469
Capital Markets 0.3%
Hong Kong Exchanges & Clearing Ltd.		113,000		3,923,385
Diversified Telecommunication Services 0.0%†
HKT Trust & HKT Ltd.		380,420		589,784
PCCW Ltd.		449,000		270,638
				860,422
Electric Utilities 0.2%
CK Infrastructure Holdings Ltd.		59,500		483,289
CLP Holdings Ltd.		154,500		1,753,744
HK Electric Investments & HK Electric Investments Ltd. Reg. S		277,000		271,706
Power Assets Holdings Ltd.		131,800		919,202
				3,427,941
Equity Real Estate Investment Trusts (REITs) 0.2%
Link REIT		200,551		2,336,619
Food & Staples Retailing 0.0%†
Dairy Farm International Holdings Ltd.		35,400		277,222
Food Products 0.1%
WH Group Ltd. Reg. S (b)		834,000		990,290
Gas Utilities 0.1%
Hong Kong & China Gas Co. Ltd.		873,483		2,082,780
Hotels, Restaurants & Leisure 0.0%†
Melco Resorts & Entertainment Ltd., ADR		23,006		577,451
Shangri-La Asia Ltd.		123,333		174,566
				752,017

50

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
HONG KONG (continued)
Household Durables 0.1%
Techtronic Industries Co. Ltd.		131,500	$	951,749
Industrial Conglomerates 0.4%
CK Hutchison Holdings Ltd.		256,886		2,694,239
Jardine Matheson Holdings Ltd.		21,000		1,377,600
Jardine Matheson Holdings Ltd.		400		26,325
Jardine Strategic Holdings Ltd.		19,800		746,658
Jardine Strategic Holdings Ltd.		1,700		64,307
NWS Holdings Ltd.		151,645		314,694
				5,223,823
Insurance 0.9%
AIA Group Ltd.		1,152,200		11,761,417
Real Estate Management & Development 0.9%
CK Asset Holdings Ltd.		244,886		1,968,152
Hang Lung Group Ltd.		84,000		249,641
Hang Lung Properties Ltd.		184,000		431,753
Henderson Land Development Co. Ltd.		123,957		763,859
Hongkong Land Holdings Ltd.		104,700		726,618
Hongkong Land Holdings Ltd.		8,700		60,653
Hysan Development Co. Ltd.		63,673		355,847
Kerry Properties Ltd.		61,000		260,193
New World Development Co. Ltd.		593,829		980,255
Sino Land Co. Ltd.		318,200		558,751
Sun Hung Kai Properties Ltd.		151,200		2,604,706
Swire Pacific Ltd., Class A		46,500		588,923
Swire Properties Ltd.		104,400		423,372
Wharf Holdings Ltd. (The)		125,270		359,457
Wharf Real Estate Investment Co. Ltd.		116,270		889,492
Wheelock & Co. Ltd.		82,000		584,205
				11,805,877
Road & Rail 0.1%
MTR Corp. Ltd.		147,714		880,567
Semiconductors & Semiconductor Equipment 0.0%†
ASM Pacific Technology Ltd.		26,900		311,700
Textiles, Apparel & Luxury Goods 0.0%†
Yue Yuen Industrial Holdings Ltd.		63,000		203,483
				48,091,761
IRELAND 0.6%
Airlines 0.0%†
Ryanair Holdings plc*		14,664		196,510
Banks 0.1%
AIB Group plc		80,348		374,302
Bank of Ireland Group plc*		94,265		603,998
				978,300
Building Products 0.1%
Kingspan Group plc		14,869		781,935
Construction Materials 0.2%
CRH plc		78,610		2,642,919
James Hardie Industries plc CHDI		43,819		595,589
				3,238,508
Containers & Packaging 0.0%†
Smurfit Kappa Group plc		21,037		616,662
Food Products 0.1%
Kerry Group plc, Class A		14,916		1,670,905

Common Stocks (continued)
	Shares		Value
IRELAND (continued)
Hotels, Restaurants & Leisure 0.1%
Paddy Power Betfair plc		7,362	$	616,674
Trading Companies & Distributors 0.0%†
AerCap Holdings NV*		12,082		599,750
				8,699,244
ISRAEL 0.5%
Aerospace & Defense 0.0%†
Elbit Systems Ltd.		2,177		303,008
Banks 0.2%
Bank Hapoalim BM		100,195		737,852
Bank Leumi Le-Israel BM		142,064		972,892
Mizrahi Tefahot Bank Ltd.		14,257		308,705
				2,019,449
Chemicals 0.0%†
Israel Chemicals Ltd.		72,254		383,299
Diversified Telecommunication Services 0.0%†
Bezeq The Israeli Telecommunication Corp. Ltd.		173,442		118,582
IT Services 0.0%†
Wix.com Ltd.*		4,145		556,093
Pharmaceuticals 0.1%
Teva Pharmaceutical Industries Ltd., ADR*		93,937		1,429,721
Real Estate Management & Development 0.0%†
Azrieli Group Ltd.		4,017		228,914
Software 0.2%
Check Point Software Technologies Ltd.*		12,133		1,465,181
Nice Ltd.*		5,910		815,726
				2,280,907
				7,319,973
ITALY 2.0%
Aerospace & Defense 0.0%†
Leonardo SpA		37,717		435,616
Auto Components 0.0%†
Pirelli & C SpA Reg. S* (b)		39,668		290,447
Automobiles 0.1%
Ferrari NV (a)		11,905		1,617,506
Banks 0.5%
Intesa Sanpaolo SpA		1,426,123		3,737,417
Mediobanca Banca di Credito Finanziario SpA		58,006		614,719
UniCredit SpA		190,983		2,640,646
				6,992,782
Beverages 0.1%
Davide Campari-Milano SpA		53,307		537,156
Diversified Telecommunication Services 0.1%
Telecom Italia SpA*		1,640,535		895,979
Electric Utilities 0.4%
Enel SpA		773,343		4,897,753
Terna Rete Elettrica Nazionale SpA		135,250		810,792
				5,708,545

51

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
ITALY (continued)
Electrical Equipment 0.0%†
Prysmian SpA		21,810	$	420,441
Insurance 0.2%
Assicurazioni Generali SpA		111,177		2,157,461
Poste Italiane SpA Reg. S (b)		47,782		509,609
				2,667,070
Oil, Gas & Consumable Fuels 0.4%
Eni SpA		244,261		4,162,450
Snam SpA (a)		218,918		1,113,903
				5,276,353
Pharmaceuticals 0.0%†
Recordati SpA		9,593		387,275
Textiles, Apparel & Luxury Goods 0.1%
Moncler SpA		17,102		701,589
Transportation Infrastructure 0.1%
Atlantia SpA		48,103		1,312,298
				27,243,057
JAPAN 23.3%
Air Freight & Logistics 0.1%
SG Holdings Co. Ltd.		10,100		270,431
Yamato Holdings Co. Ltd.		29,100		632,361
				902,792
Airlines 0.1%
ANA Holdings, Inc.		11,500		400,663
Japan Airlines Co. Ltd.		11,074		371,213
				771,876
Auto Components 0.6%
Aisin Seiki Co. Ltd.		15,300		588,833
Bridgestone Corp.		57,700		2,289,850
Denso Corp.		40,900		1,788,674
Koito Manufacturing Co. Ltd.		10,400		621,104
NGK Spark Plug Co. Ltd.		13,700		263,863
Stanley Electric Co. Ltd.		12,400		336,377
Sumitomo Electric Industries Ltd.		73,200		965,291
Sumitomo Rubber Industries Ltd.		14,100		172,416
Toyoda Gosei Co. Ltd.		6,700		138,322
Toyota Industries Corp.		14,100		794,598
Yokohama Rubber Co. Ltd. (The)		11,300		211,451
				8,170,779
Automobiles 1.8%
Honda Motor Co. Ltd.		154,700		4,310,210
Isuzu Motors Ltd.		51,700		737,137
Mazda Motor Corp.		52,160		618,858
Mitsubishi Motors Corp.		60,099		338,026
Nissan Motor Co. Ltd.		219,000		1,751,692
Subaru Corp.		59,700		1,452,477
Suzuki Motor Corp.		33,400		1,514,946
Toyota Motor Corp.		217,920		13,544,800
Yamaha Motor Co. Ltd.		26,000		531,722
				24,799,868
Banks 1.4%
Aozora Bank Ltd.		10,200		249,057
Bank of Kyoto Ltd. (The)		5,300		227,498
Chiba Bank Ltd. (The)		52,700		275,934
Concordia Financial Group Ltd.		98,700		384,711

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Banks (continued)
Fukuoka Financial Group, Inc.		16,720	$	388,706
Japan Post Bank Co. Ltd.		37,800		414,139
Mebuki Financial Group, Inc.		80,630		204,125
Mitsubishi UFJ Financial Group, Inc.		1,119,784		5,611,020
Mizuho Financial Group, Inc.		2,310,419		3,612,261
Resona Holdings, Inc.		199,601		844,905
Seven Bank Ltd.		64,100		174,450
Shinsei Bank Ltd.		16,800		233,757
Shizuoka Bank Ltd. (The)		37,800		287,505
Sumitomo Mitsui Financial Group, Inc.		126,205		4,574,344
Sumitomo Mitsui Trust Holdings, Inc.		32,176		1,119,878
Yamaguchi Financial Group, Inc.		21,000		154,037
				18,756,327
Beverages 0.3%
Asahi Group Holdings Ltd.		33,900		1,464,912
Coca-Cola Bottlers Japan Holdings, Inc.		14,000		345,007
Kirin Holdings Co. Ltd.		77,500		1,747,207
Suntory Beverage & Food Ltd.		13,900		612,336
				4,169,462
Building Products 0.3%
AGC, Inc.		17,020		580,033
Daikin Industries Ltd.		23,700		3,014,061
LIXIL Group Corp.		24,100		311,712
TOTO Ltd.		13,700		579,024
				4,484,830
Capital Markets 0.2%
Daiwa Securities Group, Inc.		156,700		728,048
Japan Exchange Group, Inc.		49,500		806,596
Nomura Holdings, Inc.		336,100		1,281,318
SBI Holdings, Inc.		23,770		504,169
				3,320,131
Chemicals 0.9%
Air Water, Inc.		13,400		204,321
Asahi Kasei Corp.		122,600		1,251,519
Daicel Corp.		22,800		255,030
Hitachi Chemical Co. Ltd.		9,700		258,068
JSR Corp.		16,800		255,596
Kaneka Corp.		4,700		181,252
Kansai Paint Co. Ltd.		17,800		339,113
Kuraray Co. Ltd.		31,600		423,400
Mitsubishi Chemical Holdings Corp.		123,100		875,087
Mitsubishi Gas Chemical Co., Inc.		14,500		217,084
Mitsui Chemicals, Inc.		16,820		412,497
Nippon Paint Holdings Co. Ltd.		14,500		546,826
Nissan Chemical Corp.		12,700		560,631
Nitto Denko Corp.		15,810		846,935
Shin-Etsu Chemical Co. Ltd.		34,700		3,265,779
Showa Denko KK		12,600		428,885
Sumitomo Chemical Co. Ltd.		139,000		692,049
Taiyo Nippon Sanso Corp.		13,700		228,404
Teijin Ltd.		17,760		304,989
Toray Industries, Inc.		133,000		901,675
Tosoh Corp.		24,900		401,008
				12,850,148
Commercial Services & Supplies 0.2%
Dai Nippon Printing Co. Ltd.		22,050		523,035
Park24 Co. Ltd.		9,900		208,359

52

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Commercial Services & Supplies (continued)
Secom Co. Ltd.		20,400	$	1,715,664
Sohgo Security Services Co. Ltd.		6,400		283,887
Toppan Printing Co. Ltd.		25,000		405,737
				3,136,682
Construction & Engineering 0.2%
JGC Corp.		18,900		271,098
Kajima Corp.		41,200		610,851
Obayashi Corp.		61,000		598,247
Shimizu Corp.		53,300		455,568
Taisei Corp.		20,400		895,560
				2,831,324
Construction Materials 0.0%†
Taiheiyo Cement Corp.		10,700		344,513
Consumer Finance 0.0%†
Acom Co. Ltd.		38,600		135,860
AEON Financial Service Co. Ltd.		9,600		197,386
Credit Saison Co. Ltd.		17,000		216,953
				550,199
Containers & Packaging 0.0%†
Toyo Seikan Group Holdings Ltd.		14,700		291,637
Diversified Consumer Services 0.0%†
Benesse Holdings, Inc.		6,900		189,297
Diversified Financial Services 0.2%
Mitsubishi UFJ Lease & Finance Co. Ltd.		37,300		189,661
ORIX Corp.		124,800		1,755,922
Tokyo Century Corp.		4,500		205,979
				2,151,562
Diversified Telecommunication Services 0.2%
Nippon Telegraph & Telephone Corp.		62,008		2,574,570
Electric Utilities 0.3%
Chubu Electric Power Co., Inc.		57,200		831,477
Chugoku Electric Power Co., Inc. (The)		28,100		334,321
Kansai Electric Power Co., Inc. (The)		67,600		817,944
Kyushu Electric Power Co., Inc.		34,400		332,042
Tohoku Electric Power Co., Inc.		42,600		487,316
Tokyo Electric Power Co. Holdings, Inc.*		140,400		793,601
				3,596,701
Electrical Equipment 0.4%
Fuji Electric Co. Ltd.		12,240		428,847
Mitsubishi Electric Corp.		173,200		2,473,487
Nidec Corp.		21,300		3,040,074
				5,942,408
Electronic Equipment, Instruments & Components 1.4%
Alps Alpine Co. Ltd.		21,500		455,200
Hamamatsu Photonics KK		13,100		527,664
Hirose Electric Co. Ltd.		2,765		320,767
Hitachi High-Technologies Corp.		6,100		272,650
Hitachi Ltd.		92,160		3,069,470
Keyence Corp.		9,236		5,756,047
Kyocera Corp.		30,300		1,948,699
Murata Manufacturing Co. Ltd.		51,400		2,767,357
Nippon Electric Glass Co. Ltd.		8,000		218,076
Omron Corp.		18,600		999,387
Shimadzu Corp.		20,700		550,184
TDK Corp.		12,400		1,086,056

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Electronic Equipment, Instruments & Components (continued)
Yaskawa Electric Corp.		23,700	$	865,655
Yokogawa Electric Corp.		21,300		441,338
				19,278,550
Entertainment 0.4%
DeNA Co. Ltd.		11,700		182,725
Konami Holdings Corp.		8,800		401,070
Nexon Co. Ltd.*		40,900		584,109
Nintendo Co. Ltd.		10,800		3,703,500
Toho Co. Ltd.		11,100		464,901
				5,336,305
Equity Real Estate Investment Trusts (REITs) 0.3%
Daiwa House REIT Investment Corp.		173		397,216
Japan Prime Realty Investment Corp.		86		344,103
Japan Real Estate Investment Corp.		121		670,633
Japan Retail Fund Investment Corp.		262		501,428
Nippon Building Fund, Inc.		127		818,009
Nippon Prologis REIT, Inc.		159		341,732
Nomura Real Estate Master Fund, Inc.		360		527,799
United Urban Investment Corp.		293		468,256
				4,069,176
Food & Staples Retailing 0.4%
Aeon Co. Ltd.		59,300		1,099,053
FamilyMart UNY Holdings Co. Ltd.		24,800		662,674
Lawson, Inc.		4,600		213,981
Seven & i Holdings Co. Ltd.		71,800		2,491,134
Sundrug Co. Ltd.		6,000		161,353
Tsuruha Holdings, Inc.		3,700		315,670
Welcia Holdings Co. Ltd.		5,100		202,308
				5,146,173
Food Products 0.4%
Ajinomoto Co., Inc.		43,600		703,635
Calbee, Inc.		6,800		187,294
Kikkoman Corp.		13,500		627,523
MEIJI Holdings Co. Ltd.		11,798		928,240
NH Foods Ltd.		8,500		343,428
Nisshin Seifun Group, Inc.		19,952		461,453
Nissin Foods Holdings Co. Ltd.		5,900		386,811
Toyo Suisan Kaisha Ltd.		7,700		293,235
Yakult Honsha Co. Ltd.		11,600		788,740
Yamazaki Baking Co. Ltd.		12,500		186,024
				4,906,383
Gas Utilities 0.1%
Osaka Gas Co. Ltd.		35,880		660,418
Toho Gas Co. Ltd.		7,200		296,712
Tokyo Gas Co. Ltd.		37,280		947,735
				1,904,865
Health Care Equipment & Supplies 0.5%
Asahi Intecc Co. Ltd.		9,100		461,772
Hoya Corp.		36,200		2,550,442
Olympus Corp.		113,200		1,270,872
Sysmex Corp.		16,000		916,021
Terumo Corp.		57,100		1,722,890
				6,921,997
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		18,100		504,541
Medipal Holdings Corp.		16,200		361,827

53

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Health Care Providers & Services (continued)
Suzuken Co. Ltd.		7,180	$	413,746
				1,280,114
Health Care Technology 0.1%
M3, Inc.		39,900		709,839
Hotels, Restaurants & Leisure 0.2%
McDonald’s Holdings Co. Japan Ltd.		5,824		269,845
Oriental Land Co. Ltd.		18,900		2,092,550
				2,362,395
Household Durables 0.8%
Casio Computer Co. Ltd.		19,300		243,863
Iida Group Holdings Co. Ltd.		12,400		209,738
Nikon Corp.		30,800		426,578
Panasonic Corp.		208,402		1,918,731
Rinnai Corp.		3,500		234,464
Sekisui Chemical Co. Ltd.		35,900		576,290
Sekisui House Ltd.		60,400		974,793
Sharp Corp.*		19,700		219,798
Sony Corp.		121,000		6,129,318
				10,933,573
Household Products 0.2%
Lion Corp.		20,700		426,545
Pigeon Corp.		10,800		459,668
Unicharm Corp.		39,200		1,289,056
				2,175,269
Independent Power and Renewable Electricity Producers 0.0%†
Electric Power Development Co. Ltd.		13,000		301,927
Industrial Conglomerates 0.2%
Keihan Holdings Co. Ltd.		8,500		359,820
Toshiba Corp.		61,570		2,054,551
				2,414,371
Insurance 0.7%
Dai-ichi Life Holdings, Inc.		104,700		1,507,160
Japan Post Holdings Co. Ltd., ADR		152,900		1,709,469
MS&AD Insurance Group Holdings, Inc.		46,055		1,425,022
Sompo Holdings, Inc.		30,425		1,133,086
Sony Financial Holdings, Inc.		16,800		343,064
T&D Holdings, Inc.		51,100		546,514
Tokio Marine Holdings, Inc.		62,300		3,142,790
				9,807,105
Interactive Media & Services 0.1%
Kakaku.com, Inc.		11,900		244,761
LINE Corp.* (a)		7,500		250,305
Yahoo Japan Corp.		276,600		739,101
				1,234,167
Internet & Direct Marketing Retail 0.1%
Rakuten, Inc.		83,600		931,669
ZOZO, Inc.		18,200		322,519
				1,254,188
IT Services 0.3%
Fujitsu Ltd.		19,110		1,400,001
Nomura Research Institute Ltd.		11,318		553,687
NTT Data Corp.		58,300		675,107
Obic Co. Ltd.		6,400		742,658

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
IT Services (continued)
Otsuka Corp.		9,700	$	379,113
				3,750,566
Leisure Products 0.2%
Bandai Namco Holdings, Inc.		19,349		924,056
Sankyo Co. Ltd.		3,500		138,202
Sega Sammy Holdings, Inc.		18,200		230,229
Shimano, Inc.		7,200		1,049,029
Yamaha Corp.		13,000		673,530
				3,015,046
Machinery 1.3%
Amada Holdings Co. Ltd.		34,300		379,019
Daifuku Co. Ltd.		9,300		569,928
FANUC Corp.		18,500		3,467,404
Hino Motors Ltd.		27,500		257,780
Hitachi Construction Machinery Co. Ltd.		9,400		247,699
Hoshizaki Corp.		5,000		325,430
IHI Corp.		14,600		347,633
JTEKT Corp.		21,800		281,235
Kawasaki Heavy Industries Ltd.		14,320		334,263
Komatsu Ltd.		87,500		2,276,464
Kubota Corp.		95,800		1,441,762
Kurita Water Industries Ltd.		9,400		244,691
Makita Corp.		21,600		788,857
MINEBEA MITSUMI, Inc.		35,700		627,918
MISUMI Group, Inc.		27,500		706,671
Mitsubishi Heavy Industries Ltd.		29,520		1,228,508
Nabtesco Corp.		9,900		303,704
NGK Insulators Ltd.		24,200		355,928
NSK Ltd.		33,500		347,384
SMC Corp.		5,400		2,244,424
Sumitomo Heavy Industries Ltd.		10,900		385,986
THK Co. Ltd.		10,600		274,971
				17,437,659
Marine 0.0%†
Mitsui OSK Lines Ltd.		10,000		252,048
Nippon Yusen KK		15,140		258,879
				510,927
Media 0.1%
CyberAgent, Inc.		9,100		363,900
Dentsu, Inc.		20,761		841,938
Hakuhodo DY Holdings, Inc.		22,100		373,319
				1,579,157
Metals & Mining 0.3%
Hitachi Metals Ltd.		22,500		257,835
JFE Holdings, Inc.		46,800		804,052
Kobe Steel Ltd.		26,700		204,441
Maruichi Steel Tube Ltd.		5,800		160,330
Mitsubishi Materials Corp.		9,400		242,642
Nippon Steel Corp.		76,106		1,358,807
Sumitomo Metal Mining Co. Ltd.		22,000		694,140
				3,722,247
Multiline Retail 0.2%
Isetan Mitsukoshi Holdings Ltd.		29,378		279,949
J Front Retailing Co. Ltd.		22,600		274,057
Marui Group Co. Ltd.		16,900		341,583
Pan Pacific International Holdings Corp.		11,100		716,966

54

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Multiline Retail (continued)
Ryohin Keikaku Co. Ltd.		2,200	$	415,976
Takashimaya Co. Ltd.		15,000		168,646
				2,197,177
Oil, Gas & Consumable Fuels 0.2%
Idemitsu Kosan Co. Ltd.		18,044		582,603
Inpex Corp.		98,600		964,550
JXTG Holdings, Inc.		305,217		1,477,388
				3,024,541
Paper & Forest Products 0.0%†
Oji Holdings Corp.		83,200		499,714
Personal Products 0.6%
Kao Corp.		46,300		3,569,568
Kobayashi Pharmaceutical Co. Ltd.		5,000		399,403
Kose Corp.		2,700		503,240
Pola Orbis Holdings, Inc.		9,600		302,599
Shiseido Co. Ltd.		36,100		2,840,041
				7,614,851
Pharmaceuticals 1.4%
Astellas Pharma, Inc.		178,800		2,429,823
Chugai Pharmaceutical Co. Ltd.		21,700		1,368,226
Daiichi Sankyo Co. Ltd.		53,900		2,639,752
Eisai Co. Ltd.		23,700		1,381,605
Hisamitsu Pharmaceutical Co., Inc.		5,300		223,105
Kyowa Hakko Kirin Co. Ltd.		24,400		473,643
Mitsubishi Tanabe Pharma Corp.		24,400		307,074
Ono Pharmaceutical Co. Ltd.		36,700		688,182
Otsuka Holdings Co. Ltd.		37,900		1,357,152
Santen Pharmaceutical Co. Ltd.		35,300		538,903
Shionogi & Co. Ltd.		26,700		1,558,171
Sumitomo Dainippon Pharma Co. Ltd.		15,300		337,777
Taisho Pharmaceutical Holdings Co. Ltd.		3,270		303,156
Takeda Pharmaceutical Co. Ltd.		141,197		5,234,701
				18,841,270
Professional Services 0.3%
Persol Holdings Co. Ltd.		18,400		342,152
Recruit Holdings Co. Ltd.		105,300		3,164,482
				3,506,634
Real Estate Management & Development 0.6%
Aeon Mall Co. Ltd.		11,250		171,721
Daito Trust Construction Co. Ltd.		6,800		908,878
Daiwa House Industry Co. Ltd.		53,100		1,489,247
Hulic Co. Ltd.		26,500		227,321
Mitsubishi Estate Co. Ltd.		111,500		1,872,117
Mitsui Fudosan Co. Ltd.		84,300		1,948,908
Nomura Real Estate Holdings, Inc.		13,000		275,837
Sumitomo Realty & Development Co. Ltd.		34,700		1,281,346
Tokyu Fudosan Holdings Corp.		58,600		328,338
				8,503,713
Road & Rail 1.0%
Central Japan Railway Co.		13,700		2,946,251
East Japan Railway Co.		29,090		2,738,478
Hankyu Hanshin Holdings, Inc.		21,700		810,745
Keikyu Corp.		22,000		375,472
Keio Corp.		9,980		601,756
Keisei Electric Railway Co. Ltd.		11,800		411,039
Kintetsu Group Holdings Co. Ltd.		16,650		736,122

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Road & Rail (continued)
Kyushu Railway Co.		14,700	$	478,757
Nagoya Railroad Co. Ltd.		16,600		449,594
Nippon Express Co. Ltd.		6,750		370,832
Odakyu Electric Railway Co. Ltd.		27,250		637,710
Seibu Holdings, Inc.		21,300		346,591
Tobu Railway Co. Ltd.		19,100		536,953
Tokyu Corp.		47,650		773,044
West Japan Railway Co.		15,900		1,183,088
				13,396,432
Semiconductors & Semiconductor Equipment 0.3%
Disco Corp.		2,900		494,132
Renesas Electronics Corp.*		77,900		411,612
Rohm Co. Ltd.		9,400		688,218
SUMCO Corp.		24,300		316,561
Tokyo Electron Ltd.		14,800		2,359,867
				4,270,390
Software 0.1%
Oracle Corp. Japan		3,200		218,742
Trend Micro, Inc.		11,900		596,256
				814,998
Specialty Retail 0.4%
ABC-Mart, Inc.		3,500		217,962
Fast Retailing Co. Ltd.		5,600		3,243,149
Hikari Tsushin, Inc.		1,900		351,785
Nitori Holdings Co. Ltd.		7,800		930,087
Shimamura Co. Ltd.		2,400		179,301
USS Co. Ltd.		20,400		390,677
Yamada Denki Co. Ltd. (a)		63,600		301,256
				5,614,217
Technology Hardware, Storage & Peripherals 0.5%
Brother Industries Ltd.		20,300		400,095
Canon, Inc.		95,200		2,647,854
FUJIFILM Holdings Corp.		36,300		1,693,976
Konica Minolta, Inc.		43,100		431,110
NEC Corp.		24,800		833,904
Ricoh Co. Ltd.		62,000		623,104
Seiko Epson Corp.		28,400		455,126
				7,085,169
Textiles, Apparel & Luxury Goods 0.0%†
Asics Corp.		13,900		171,225
Tobacco 0.2%
Japan Tobacco, Inc.		104,500		2,422,421
Trading Companies & Distributors 0.9%
ITOCHU Corp.		129,800		2,338,688
Marubeni Corp.		151,900		1,088,685
Mitsubishi Corp.		129,400		3,561,467
Mitsui & Co. Ltd.		157,300		2,542,332
MonotaRO Co. Ltd.		13,000		300,789
Sumitomo Corp.		105,500		1,500,133
Toyota Tsusho Corp.		19,400		643,432
				11,975,526
Transportation Infrastructure 0.0%†
Japan Airport Terminal Co. Ltd.		3,900		163,335
Kamigumi Co. Ltd.		9,600		229,285
				392,620

55

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Wireless Telecommunication Services 1.2%
KDDI Corp.		169,800	$	3,881,459
NTT DOCOMO, Inc.		128,500		2,788,608
Softbank Corp.		158,200		1,860,364
SoftBank Group Corp.		78,800		8,226,243
				16,756,674
				316,974,677
LUXEMBOURG 0.3%
Energy Equipment & Services 0.1%
Tenaris SA		44,355		614,522
Life Sciences Tools & Services 0.0%†
Eurofins Scientific SE (a)		1,055		484,673
Media 0.1%
RTL Group SA		3,311		186,046
SES SA, FDR		34,353		584,627
				770,673
Metals & Mining 0.1%
ArcelorMittal		64,488		1,405,587
				3,275,455
MACAU 0.3%
Hotels, Restaurants & Leisure 0.3%
Galaxy Entertainment Group Ltd.		231,000		1,729,536
MGM China Holdings Ltd. (a)		94,000		193,998
Sands China Ltd.		235,100		1,291,671
SJM Holdings Ltd.		177,000		213,966
Wynn Macau Ltd.		143,600		412,629
				3,841,800
MALTA 0.0%†
Capital Markets 0.0%†
BGP Holdings plc*^¥		1,554,139		0
MEXICO 0.0%†
Metals & Mining 0.0%†
Fresnillo plc		22,841		223,638
NETHERLANDS 4.7%
Banks 0.4%
ABN AMRO Group NV, CVA Reg. S (a)(b)		40,950		963,394
ING Groep NV (a)		370,320		4,718,352
				5,681,746
Beverages 0.3%
Heineken Holding NV		11,186		1,137,922
Heineken NV		24,695		2,669,728
				3,807,650
Chemicals 0.3%
Akzo Nobel NV		21,204		1,805,110
Koninklijke DSM NV		17,150		1,965,232
				3,770,342
Diversified Financial Services 0.0%†
EXOR NV		10,788		719,509
Diversified Telecommunication Services 0.1%
Koninklijke KPN NV		322,494		989,586

Common Stocks (continued)
	Shares		Value
NETHERLANDS (continued)
Food & Staples Retailing 0.2%
Koninklijke Ahold Delhaize NV		111,627	$	2,685,354
Health Care Equipment & Supplies 0.3%
Koninklijke Philips NV		88,945		3,800,872
Insurance 0.2%
Aegon NV		172,940		903,413
NN Group NV		29,577		1,288,152
				2,191,565
IT Services 0.0%†
Adyen NV Reg. S* (b)		995		809,990
Oil, Gas & Consumable Fuels 1.9%
Koninklijke Vopak NV		6,967		311,751
Royal Dutch Shell plc, Class A		429,895		13,701,213
Royal Dutch Shell plc, Class B		357,320		11,455,604
				25,468,568
Professional Services 0.2%
Randstad NV		11,567		660,867
Wolters Kluwer NV		26,944		1,882,090
				2,542,957
Semiconductors & Semiconductor Equipment 0.8%
ASML Holding NV		39,104		8,174,869
NXP Semiconductors NV		32,850		3,469,617
				11,644,486
				64,112,625
NEW ZEALAND 0.2%
Construction Materials 0.0%†
Fletcher Building Ltd.		80,227		276,321
Diversified Telecommunication Services 0.0%†
Spark New Zealand Ltd.		175,830		431,146
Food Products 0.1%
a2 Milk Co. Ltd.*		69,521		779,450
Health Care Equipment & Supplies 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		56,363		595,575
Health Care Providers & Services 0.0%†
Ryman Healthcare Ltd.		34,475		279,704
Independent Power and Renewable Electricity Producers 0.0%†
Meridian Energy Ltd.		121,902		330,775
Transportation Infrastructure 0.0%†
Auckland International Airport Ltd.		89,442		476,246
				3,169,217
NORWAY 0.7%
Banks 0.1%
DNB ASA* (a)		93,457		1,795,885
Chemicals 0.1%
Yara International ASA		16,618		749,447
Diversified Telecommunication Services 0.1%
Telenor ASA		71,429		1,433,930
Food Products 0.1%
Mowi ASA		42,907		932,228
Orkla ASA (a)		75,201		589,573
				1,521,801

56

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
NORWAY (continued)
Insurance 0.0%†
Gjensidige Forsikring ASA		19,306	$	375,160
Media 0.0%†
Schibsted ASA, Class B		8,471		202,652
Metals & Mining 0.1%
Norsk Hydro ASA		123,820		530,983
Oil, Gas & Consumable Fuels 0.2%
Aker BP ASA		9,479		312,564
Equinor ASA		111,191		2,476,456
				2,789,020
				9,398,878
PORTUGAL 0.2%
Electric Utilities 0.1%
EDP—Energias de Portugal SA*		247,505		938,609
Food & Staples Retailing 0.0%†
Jeronimo Martins SGPS SA		26,204		427,276
Oil, Gas & Consumable Fuels 0.1%
Galp Energia SGPS SA		47,164		790,714
				2,156,599
SINGAPORE 1.3%
Aerospace & Defense 0.0%†
Singapore Technologies Engineering Ltd.		141,200		411,243
Airlines 0.0%†
Singapore Airlines Ltd.		48,913		348,248
Banks 0.7%
DBS Group Holdings Ltd.		171,250		3,559,248
Oversea-Chinese Banking Corp. Ltd.		305,389		2,718,285
United Overseas Bank Ltd.		130,562		2,672,975
				8,950,508
Capital Markets 0.1%
Singapore Exchange Ltd.		83,700		454,280
Distributors 0.0%†
Jardine Cycle & Carriage Ltd.		8,726		227,972
Diversified Telecommunication Services 0.1%
Singapore Telecommunications Ltd.		769,803		1,794,831
Electronic Equipment, Instruments & Components 0.0%†
Venture Corp. Ltd.		24,800		309,339
Equity Real Estate Investment Trusts (REITs) 0.1%
Ascendas REIT		258,275		569,801
CapitaLand Commercial Trust		259,886		370,786
CapitaLand Mall Trust		262,400		466,980
Suntec REIT		211,000		287,062
				1,694,629
Food Products 0.1%
Golden Agri-Resources Ltd.		492,571		105,128
Wilmar International Ltd.		174,758		467,936
				573,064
Hotels, Restaurants & Leisure 0.0%†
Genting Singapore Ltd.		569,417		412,616
Industrial Conglomerates 0.1%
Keppel Corp. Ltd.		141,400		704,237
Sembcorp Industries Ltd.		103,843		203,221
				907,458

Common Stocks (continued)
	Shares		Value
SINGAPORE (continued)
Media 0.0%†
Singapore Press Holdings Ltd.		135,400	$	249,987
Real Estate Management & Development 0.1%
CapitaLand Ltd.		252,745		656,302
City Developments Ltd.		35,499		233,477
UOL Group Ltd.		52,313		291,736
				1,181,515
Road & Rail 0.0%†
ComfortDelGro Corp. Ltd.		199,720		395,159
Transportation Infrastructure 0.0%†
SATS Ltd.		57,200		220,028
				18,130,877
SOUTH AFRICA 0.2%
Capital Markets 0.0%†
Investec plc		65,733		416,243
Metals & Mining 0.2%
Anglo American plc		100,510		2,615,662
				3,031,905
SPAIN 3.0%
Banks 1.1%
Banco Bilbao Vizcaya Argentaria SA		630,750		3,844,420
Banco de Sabadell SA		546,302		637,554
Banco Santander SA (a)		1,548,971		7,873,859
Bankia SA		107,396		297,866
Bankinter SA		65,090		519,777
CaixaBank SA		348,430		1,112,805
				14,286,281
Biotechnology 0.1%
Grifols SA		28,573		792,979
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA		23,581		1,082,775
Ferrovial SA		47,259		1,164,188
				2,246,963
Diversified Telecommunication Services 0.3%
Telefonica SA		447,805		3,741,774
Electric Utilities 0.5%
Endesa SA		30,837		768,454
Iberdrola SA		591,503		5,376,902
Red Electrica Corp. SA		42,025		871,353
				7,016,709
Electrical Equipment 0.0%†
Siemens Gamesa Renewable Energy SA		23,792		427,726
Gas Utilities 0.1%
Naturgy Energy Group SA		34,004		966,259
Insurance 0.0%†
Mapfre SA		108,882		326,718
IT Services 0.2%
Amadeus IT Group SA		41,922		3,335,555
Oil, Gas & Consumable Fuels 0.2%
Enagas SA		21,065		600,340
Repsol SA		132,354		2,242,999
				2,843,339

57

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SPAIN (continued)
Specialty Retail 0.2%
Industria de Diseno Textil SA (a)		104,183	$	3,157,080
Transportation Infrastructure 0.1%
Aena SME SA Reg. S (b)		6,553		1,218,227
				40,359,610
SWEDEN 2.5%
Banks 0.3%
Skandinaviska Enskilda Banken AB, Class A		152,535		1,455,809
Svenska Handelsbanken AB, Class A		143,518		1,566,851
Swedbank AB, Class A		87,922		1,426,749
				4,449,409
Building Products 0.2%
Assa Abloy AB, Class B		94,936		2,026,197
Commercial Services & Supplies 0.0%†
Securitas AB, Class B		29,567		516,722
Communications Equipment 0.2%
Telefonaktiebolaget LM Ericsson, Class B		292,960		2,901,163
Construction & Engineering 0.0%†
Skanska AB, Class B (a)		31,852		554,127
Diversified Financial Services 0.2%
Industrivarden AB, Class C		14,961		336,419
Investor AB, Class B		43,077		2,052,845
Kinnevik AB, Class B		24,215		705,172
L E Lundbergforetagen AB, Class B		6,536		223,356
				3,317,792
Diversified Telecommunication Services 0.1%
Telia Co. AB		273,255		1,163,932
Electronic Equipment, Instruments & Components 0.1%
Hexagon AB, Class B		25,099		1,368,590
Food & Staples Retailing 0.0%†
ICA Gruppen AB (a)		7,862		284,352
Household Durables 0.1%
Electrolux AB Series B		22,422		550,660
Husqvarna AB, Class B		41,324		377,188
				927,848
Household Products 0.1%
Essity AB, Class B		58,868		1,747,923
Machinery 0.7%
Alfa Laval AB		27,317		633,777
Atlas Copco AB, Class A (a)		65,195		2,025,662
Atlas Copco AB, Class B		37,885		1,078,863
Epiroc AB, Class A*		63,981		661,824
Epiroc AB, Class B*		35,206		348,374
Sandvik AB (a)		106,745		1,975,218
SKF AB, Class B		35,088		649,070
Volvo AB, Class B		152,361		2,440,219
				9,813,007
Metals & Mining 0.1%
Boliden AB*		26,033		776,336
Oil, Gas & Consumable Fuels 0.1%
Lundin Petroleum AB		18,331		597,491

Common Stocks (continued)
	Shares		Value
SWEDEN (continued)
Specialty Retail 0.1%
Hennes & Mauritz AB, Class B (a)		82,061	$	1,434,871
Tobacco 0.1%
Swedish Match AB		17,082		833,480
Wireless Telecommunication Services 0.1%
Tele2 AB, Class B		47,371		632,188
				33,345,428
SWITZERLAND 9.0%
Beverages 0.0%†
Coca-Cola HBC AG*		19,126		684,139
Building Products 0.1%
Geberit AG (Registered)		3,596		1,510,300
Capital Markets 0.8%
Credit Suisse Group AG (Registered)*		244,092		3,265,352
Julius Baer Group Ltd.*		21,348		1,032,053
Partners Group Holding AG		1,685		1,269,635
UBS Group AG (Registered)*		366,609		4,926,485
				10,493,525
Chemicals 0.4%
Clariant AG (Registered)*		17,775		365,368
EMS-Chemie Holding AG (Registered)		764		463,415
Givaudan SA (Registered)		875		2,271,885
Sika AG (Registered) (a)		12,106		1,856,098
				4,956,766
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered)*		46,111		2,375,595
Diversified Financial Services 0.0%†
Pargesa Holding SA		3,702		291,777
Diversified Telecommunication Services 0.1%
Swisscom AG (Registered) (a)		2,515		1,173,640
Electrical Equipment 0.3%
ABB Ltd. (Registered)*		176,325		3,629,594
Food Products 2.2%
Barry Callebaut AG (Registered)		199		365,774
Chocoladefabriken Lindt & Spruengli AG		107		711,506
Chocoladefabriken Lindt & Spruengli AG (Registered)		10		758,691
Nestle SA (Registered)		292,210		28,149,109
				29,985,080
Health Care Equipment & Supplies 0.3%
Alcon, Inc.*		41,606		2,396,035
Sonova Holding AG (Registered)		5,391		1,090,017
Straumann Holding AG (Registered)		1,002		810,308
				4,296,360
Insurance 0.7%
Baloise Holding AG (Registered)		4,738		813,120
Swiss Life Holding AG (Registered)*		3,323		1,562,707
Swiss Re AG (a)		29,032		2,794,335
Zurich Insurance Group AG		14,377		4,595,672
				9,765,834
Life Sciences Tools & Services 0.2%
Lonza Group AG (Registered)*		7,053		2,178,810

58

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Machinery 0.1%
Schindler Holding AG		3,825	$	825,315
Schindler Holding AG (Registered)		1,853		393,622
				1,218,937
Marine 0.0%†
Kuehne + Nagel International AG (Registered)		5,107		743,342
Metals & Mining 0.3%
Glencore plc*		1,070,140		4,271,629
Pharmaceuticals 2.6%
Novartis AG (Registered)		206,830		16,893,497
Roche Holding AG		67,025		17,670,843
Vifor Pharma AG		4,162		544,228
				35,108,568
Professional Services 0.2%
Adecco Group AG (Registered)		15,184		872,362
SGS SA (Registered)		519		1,371,552
				2,243,914
Real Estate Management & Development 0.0%†
Swiss Prime Site AG (Registered)*		7,373		592,277
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV		66,302		1,227,701
Software 0.1%
Temenos AG (Registered)*		5,784		961,857
Specialty Retail 0.0%†
Dufry AG (Registered)*		2,804		273,970
Textiles, Apparel & Luxury Goods 0.3%
Cie Financiere Richemont SA (Registered)		50,026		3,658,788
Swatch Group AG (The) (a)		2,898		885,336
Swatch Group AG (The) (Registered)		4,961		291,228
				4,835,352
				122,818,967
UNITED ARAB EMIRATES 0.0%†
Health Care Providers & Services 0.0%†
NMC Health plc (a)		10,900		402,881
UNITED KINGDOM 14.0%
Aerospace & Defense 0.3%
BAE Systems plc		301,738		1,946,490
Meggitt plc		70,516		501,205
Rolls-Royce Holdings plc*		163,362		1,951,604
				4,399,299
Air Freight & Logistics 0.0%†
Royal Mail plc		78,552		258,978
Airlines 0.0%†
easyJet plc		16,834		255,535
Automobiles 0.1%
Fiat Chrysler Automobiles NV		101,985		1,571,471
Banks 2.2%
Barclays plc		1,640,409		3,517,444
HSBC Holdings plc		1,911,263		16,648,257
Lloyds Banking Group plc		6,781,148		5,534,196
Royal Bank of Scotland Group plc		452,036		1,413,350

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Banks (continued)
Standard Chartered plc		266,498	$	2,436,663
				29,549,910
Beverages 0.8%
Coca-Cola European Partners plc		20,149		1,079,785
Diageo plc		231,542		9,764,318
				10,844,103
Capital Markets 0.4%
3i Group plc		90,676		1,269,794
Hargreaves Lansdown plc		27,836		820,264
London Stock Exchange Group plc		29,581		1,939,524
Schroders plc		11,841		489,797
St James’s Place plc		49,900		730,947
				5,250,326
Chemicals 0.1%
Croda International plc		12,434		841,156
Johnson Matthey plc		18,789		818,953
				1,660,109
Commercial Services & Supplies 0.0%†
Babcock International Group plc		27,134		186,078
G4S plc		144,899		409,527
				595,605
Diversified Financial Services 0.1%
Standard Life Aberdeen plc		243,239		884,736
Diversified Telecommunication Services 0.2%
BT Group plc		800,700		2,392,380
Electric Utilities 0.1%
SSE plc		98,563		1,471,224
Electrical Equipment 0.1%
Melrose Industries plc		471,671		1,250,217
Energy Equipment & Services 0.0%†
John Wood Group plc		61,198		374,517
Equity Real Estate Investment Trusts (REITs) 0.2%
British Land Co. plc (The)		85,605		663,359
Hammerson plc		75,922		318,817
Land Securities Group plc		71,986		866,646
Segro plc		105,425		932,887
				2,781,709
Food & Staples Retailing 0.3%
J Sainsbury plc		170,907		496,548
Tesco plc		934,081		3,049,359
Wm Morrison Supermarkets plc		209,513		590,786
				4,136,693
Food Products 0.1%
Associated British Foods plc		34,482		1,151,421
Health Care Equipment & Supplies 0.1%
ConvaTec Group plc Reg. S (b)		143,788		260,274
Smith & Nephew plc		82,190		1,586,891
				1,847,165
Hotels, Restaurants & Leisure 0.5%
Compass Group plc		151,777		3,449,811
GVC Holdings plc		49,656		422,726
InterContinental Hotels Group plc		16,707		1,083,742

59

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Hotels, Restaurants & Leisure (continued)
Merlin Entertainments plc Reg. S (b)		66,868	$	319,389
Whitbread plc		17,828		1,037,653
				6,313,321
Household Durables 0.2%
Barratt Developments plc		95,300		748,183
Berkeley Group Holdings plc		12,135		594,474
Persimmon plc		30,266		882,695
Taylor Wimpey plc		321,092		762,179
				2,987,531
Household Products 0.4%
Reckitt Benckiser Group plc		63,932		5,179,768
Industrial Conglomerates 0.1%
DCC plc		9,538		852,807
Smiths Group plc		36,586		727,296
				1,580,103
Insurance 0.9%
Admiral Group plc		18,519		532,699
Aviva plc		370,564		2,078,015
Direct Line Insurance Group plc		130,580		562,238
Legal & General Group plc		564,481		2,050,065
Prudential plc		247,005		5,597,376
RSA Insurance Group plc		101,203		715,466
				11,535,859
Interactive Media & Services 0.1%
Auto Trader Group plc Reg. S (b)		91,815		676,992
Machinery 0.1%
CNH Industrial NV		98,172		1,064,745
Weir Group plc (The)		24,631		533,228
				1,597,973
Media 0.3%
Informa plc		121,514		1,236,583
ITV plc		348,268		620,730
Pearson plc		75,147		813,671
WPP plc		118,102		1,474,789
				4,145,773
Multiline Retail 0.1%
Marks & Spencer Group plc		157,746		588,643
Next plc		13,407		1,009,111
				1,597,754
Multi-Utilities 0.3%
Centrica plc		547,801		759,384
National Grid plc		325,319		3,553,722
				4,313,106
Oil, Gas & Consumable Fuels 1.0%
BP plc		1,913,400		13,912,538
Paper & Forest Products 0.1%
Mondi plc		35,654		782,427
Personal Products 1.1%
Unilever NV, CVA		147,227		8,921,791
Unilever plc		105,864		6,428,321
				15,350,112

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Pharmaceuticals 1.4%
AstraZeneca plc		120,854	$	8,999,049
GlaxoSmithKline plc		473,298		9,707,049
				18,706,098
Professional Services 0.6%
Experian plc		86,603		2,513,270
Intertek Group plc		15,669		1,093,323
RELX plc		186,651		4,281,966
				7,888,559
Software 0.1%
Micro Focus International plc		32,909		834,868
Sage Group plc (The)		105,303		997,097
				1,831,965
Specialty Retail 0.1%
Kingfisher plc		210,264		724,862
Textiles, Apparel & Luxury Goods 0.1%
Burberry Group plc		39,801		1,048,239
Tobacco 0.8%
British American Tobacco plc		218,826		8,583,241
Imperial Brands plc		91,037		2,898,542
				11,481,783
Trading Companies & Distributors 0.2%
Ashtead Group plc		45,241		1,254,305
Bunzl plc		32,651		984,061
				2,238,366
Water Utilities 0.1%
Severn Trent plc		23,015		611,303
United Utilities Group plc		63,225		683,400
				1,294,703
Wireless Telecommunication Services 0.3%
Vodafone Group plc		2,539,021		4,705,861
				190,569,091
UNITED STATES 0.2%
Hotels, Restaurants & Leisure 0.0%†
Carnival plc		15,822		838,081
Life Sciences Tools & Services 0.1%
QIAGEN NV*		22,552		870,575
Trading Companies & Distributors 0.1%
Ferguson plc		21,747		1,546,930
				3,255,586
Total Common Stocks (cost $1,135,936,100)				1,335,075,266
Preferred Stock 0.0%†
UNITED KINGDOM 0.0%†
Aerospace & Defense 0.0%†
Rolls-Royce Holdings plc*¥		11,598,702		15,125
Total Preferred Stock (cost $14,954)				15,125

60

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Short-Term Investment 0.2%
	Shares		Value
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (c)(d)		2,581,976	$	2,581,976
Total Short-Term Investment (cost $2,581,976)				2,581,976
Repurchase Agreements 3.2%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $37,733,297, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $38,512,383. (d)(e)	$	37,730,467		37,730,467
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $5,537,090, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $5,647,416. (d)(e)		5,536,683		5,536,683
Total Repurchase Agreements (cost $43,267,150)				43,267,150
Total Investments (cost $1,181,800,180) — 101.4%				1,380,939,517
Liabilities in excess of other assets — (1.4)%				(19,074,824	)
NET ASSETS — 100.0%			$	1,361,864,693

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $45,041,549, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $2,581,976 and $43,267,150, respectively, and by $5,338,057 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 4.38%, and maturity dates ranging from 6/13/2019 – 2/15/2045; a total value of $51,187,183.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at April 30, 2019 was $10,364,829 which represents 0.76% of net assets.

(c) Represents 7-day effective yield as of April 30, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $45,849,126.

(e) Please refer to Note 2(f) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

CDI CREST Depository Interest

CHDI Clearing House Electronic Subregister System (CHESS) Depository Interest

CVA Dutch Certification

FDR Fiduciary Depositary Receipt

Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

Reg. S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

SDR Swedish Depository Receipt

61

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide International Index Fund (Continued)

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		271		6/2019		EUR		10,492,478		57,887
FTSE 100 Index		63		6/2019		GBP		6,055,835		(44,040	)
SGX Nikkei 225 Index		60		6/2019		JPY		6,012,388		3,012
SPI 200 Index		26		6/2019		AUD		2,888,603		(14,588	)
										2,271

At April 30, 2019 the fund had $1,305,817 segregated in foreign currency as collateral with the broker for open futures contract.

Currency:

AUD Australian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

The accompanying notes are an integral part of these financial statements.

62

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide International Index Fund
Assets:
Investment securities, at value* (cost $1,138,533,030)	$	1,337,672,367
Repurchase agreements, at value (cost $43,267,150)		43,267,150
Cash		557,596
Deposits with broker for futures contracts		1,305,817
Foreign currencies, at value (cost $21,631,198)		21,710,304
Interest and dividends receivable		5,942,673
Security lending income receivable		71,237
Receivable for investments sold		310,871
Receivable for capital shares issued		307,545
Reclaims receivable		2,358,015
Receivable for variation margin on futures contracts		7,044
Due from custodian		54,342
Prepaid expenses		54,173
Total Assets		1,413,619,134
Liabilities:
Payable for investments purchased		4,149,866
Payable for capital shares redeemed		936,942
Payable upon return of securities loaned (Note 2)		45,849,126
Accrued expenses and other payables:
Investment advisory fees		272,685
Fund administration fees		61,971
Distribution fees		46,413
Administrative servicing fees		47,913
Accounting and transfer agent fees		7,916
Trustee fees		2,427
Due to custodian		304,828
Custodian fees		11,205
Compliance program costs (Note 3)		1,246
Professional fees		8,569
Printing fees		19,282
Other		34,052
Total Liabilities		51,754,441
Net Assets	$	1,361,864,693
Represented by:
Capital	$	1,232,203,048
Total distributable earnings (loss)		129,661,645
Net Assets	$	1,361,864,693
Net Assets:
Class A Shares	$	195,840,729
Class C Shares		3,370,120
Class R Shares		9,120,970
Class R6 Shares		1,146,247,311
Institutional Service Class Shares		7,285,563
Total	$	1,361,864,693

63

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide International Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		25,166,790
Class C Shares		463,891
Class R Shares		1,174,176
Class R6 Shares		146,375,185
Institutional Service Class Shares		931,516
Total		174,111,558
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	7.78
Class C Shares (b)	$	7.26
Class R Shares	$	7.77
Class R6 Shares	$	7.83
Institutional Service Class Shares	$	7.82
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.25
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $45,041,549 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

64

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide International Index Fund
INVESTMENT INCOME:
Dividend income	$	24,101,924
Income from securities lending (Note 2)		221,200
Foreign tax withholding		(1,971,971	)
Total Income		22,351,153
EXPENSES:
Investment advisory fees		1,678,780
Fund administration fees		219,343
Distribution fees Class A		233,677
Distribution fees Class C		16,836
Distribution fees Class R		19,826
Administrative servicing fees Class A		158,899
Administrative servicing fees Class C		1,179
Administrative servicing fees Class R		8,612
Administrative servicing fees Institutional Service Class		5,435
Registration and filing fees		31,570
Professional fees		58,403
Printing fees		10,586
Trustee fees		23,416
Custodian fees		32,983
Accounting and transfer agent fees		16,744
Compliance program costs (Note 3)		3,364
Other		78,305
Total Expenses		2,597,958
NET INVESTMENT INCOME		19,753,195
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		37,742,218
Expiration or closing of futures contracts (Note 2)		822,451
Foreign currency transactions (Note 2)		(208,468	)
Net realized gains		38,356,201
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		42,144,116
Futures contracts (Note 2)		496,109
Translation of assets and liabilities denominated in foreign currencies		97,903
Net change in unrealized appreciation/depreciation		42,738,128
Net realized/unrealized gains		81,094,329
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	100,847,524

The accompanying notes are an integral part of these financial statements.

65

Statements of Changes in Net Assets

	Nationwide International Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	19,753,195		$	42,026,476
Net realized gains		38,356,201			35,694,631
Net change in unrealized appreciation/depreciation		42,738,128			(188,874,630	)
Change in net assets resulting from operations		100,847,524			(111,153,523	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(7,739,836	)		(14,185,717	)
Class C		(140,632	)		(377,392	)
Class R		(323,360	)		(399,261	)
Class R6		(54,518,839	)		(85,510,721	)
Institutional Service Class		(263,675	)		(149,056	)
Change in net assets from shareholder distributions		(62,986,342	)		(100,622,147	)
Change in net assets from capital transactions		(126,295,380	)		112,689,180
Change in net assets		(88,434,198	)		(99,086,490	)
Net Assets:
Beginning of period		1,450,298,891			1,549,385,381
End of period	$	1,361,864,693		$	1,450,298,891
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	28,370,858		$	80,367,851
Dividends reinvested		7,348,345			13,453,800
Cost of shares redeemed		(44,513,290	)		(55,730,072	)
Total Class A Shares		(8,794,087	)		38,091,579
Class C Shares
Proceeds from shares issued		350,719			819,743
Dividends reinvested		127,020			335,506
Cost of shares redeemed		(1,062,489	)		(2,672,526	)
Total Class C Shares		(584,750	)		(1,517,277	)
Class R Shares
Proceeds from shares issued		2,639,059			7,010,781
Dividends reinvested		259,678			244,934
Cost of shares redeemed		(1,453,339	)		(4,502,543	)
Total Class R Shares		1,445,398			2,753,172
Class R6 Shares
Proceeds from shares issued		56,844,336			168,432,878
Dividends reinvested		54,518,839			85,500,338
Cost of shares redeemed		(230,614,759	)		(186,133,363	)
Total Class R6 Shares		(119,251,584	)		67,799,853

66

Statements of Changes in Net Assets (Continued)

	Nationwide International Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	1,907,745		$	8,268,312
Dividends reinvested		228,805			122,115
Cost of shares redeemed		(1,246,907	)		(2,828,574	)
Total Institutional Service Class Shares		889,643			5,561,853
Change in net assets from capital transactions	$	(126,295,380	)	$	112,689,180
SHARE TRANSACTIONS:
Class A Shares
Issued		3,752,131			9,382,406
Reinvested		1,061,692			1,599,040
Redeemed		(5,890,022	)		(6,644,414	)
Total Class A Shares		(1,076,199	)		4,337,032
Class C Shares
Issued		49,859			101,849
Reinvested		19,602			42,454
Redeemed		(153,947	)		(343,846	)
Total Class C Shares		(84,486	)		(199,543	)
Class R Shares
Issued		356,879			838,096
Reinvested		37,526			29,136
Redeemed		(201,707	)		(543,753	)
Total Class R Shares		192,698			323,479
Class R6 Shares
Issued		7,659,048			20,021,176
Reinvested		7,821,431			10,102,281
Redeemed		(31,017,932	)		(21,703,012	)
Total Class R6 Shares		(15,537,453	)		8,420,445
Institutional Service Class Shares
Issued		260,838			981,631
Reinvested		32,830			14,478
Redeemed		(165,181	)		(338,583	)
Total Institutional Service Class Shares		128,487			657,526
Total change in shares		(16,376,953	)		13,538,939

The accompanying notes are an integral part of these financial statements.

67

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide International Index Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)		Portfolio Turnover (c)(e)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.57		0.10		0.42			0.52			(0.14	)		(0.17	)		(0.31	)	$	7.78		7.45%		$	195,840,729		0.73%		2.62%		0.73%		2.12%
Year Ended October 31, 2018	$	8.72		0.20		(0.82	)		(0.62	)		(0.22	)		(0.31	)		(0.53	)	$	7.57		(7.62%	)	$	198,583,745		0.71%		2.39%		0.71%		9.38%
Year Ended October 31, 2017	$	7.25		0.18		1.48			1.66			(0.17	)		(0.02	)		(0.19	)	$	8.72		23.17%		$	190,918,580		0.71%		2.29%		0.71%		6.07%
Year Ended October 31, 2016	$	7.75		0.18		(0.42	)		(0.24	)		(0.19	)		(0.07	)		(0.26	)	$	7.25		(3.13%	)	$	154,817,735		0.72%		2.55%		0.72%		6.09%
Year Ended October 31, 2015	$	8.14		0.20		(0.34	)		(0.14	)		(0.22	)		(0.03	)		(0.25	)	$	7.75		(1.78%	)	$	170,696,771		0.70%		2.50%		0.70%		6.69%
Year Ended October 31, 2014	$	8.41		0.25		(0.27	)		(0.02	)		(0.25	)		–			(0.25	)	$	8.14		(0.35%	)	$	197,704,418		0.70%		2.92%		0.70%		5.68%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.08		0.07		0.39			0.46			(0.11	)		(0.17	)		(0.28	)	$	7.26		7.03%		$	3,370,120		1.39%		1.90%		1.39%		2.12%
Year Ended October 31, 2018	$	8.21		0.13		(0.75	)		(0.62	)		(0.20	)		(0.31	)		(0.51	)	$	7.08		(8.18%	)	$	3,880,028		1.38%		1.70%		1.38%		9.38%
Year Ended October 31, 2017	$	6.84		0.11		1.40			1.51			(0.12	)		(0.02	)		(0.14	)	$	8.21		22.36%		$	6,139,114		1.39%		1.53%		1.39%		6.07%
Year Ended October 31, 2016	$	7.34		0.13		(0.41	)		(0.28	)		(0.15	)		(0.07	)		(0.22	)	$	6.84		(3.83%	)	$	5,729,070		1.39%		1.92%		1.39%		6.09%
Year Ended October 31, 2015	$	7.73		0.15		(0.33	)		(0.18	)		(0.18	)		(0.03	)		(0.21	)	$	7.34		(2.41%	)	$	5,592,927		1.38%		1.98%		1.38%		6.69%
Year Ended October 31, 2014	$	8.01		0.15		(0.23	)		(0.08	)		(0.20	)		–			(0.20	)	$	7.73		(1.04%	)	$	2,174,848		1.38%		1.92%		1.38%		5.68%
Class R Shares (f)
Six Months Ended April 30, 2019 (Unaudited)	$	7.55		0.09		0.43			0.52			(0.13	)		(0.17	)		(0.30	)	$	7.77		7.44%		$	9,120,970		1.03%		2.38%		1.03%		2.12%
Year Ended October 31, 2018	$	8.71		0.18		(0.82	)		(0.64	)		(0.21	)		(0.31	)		(0.52	)	$	7.55		(7.88%	)	$	7,413,682		1.02%		2.11%		1.02%		9.38%
Year Ended October 31, 2017	$	7.25		0.14		1.49			1.63			(0.15	)		(0.02	)		(0.17	)	$	8.71		22.78%		$	5,734,302		0.99%		1.72%		0.99%		6.07%
Year Ended October 31, 2016	$	7.75		0.16		(0.42	)		(0.26	)		(0.17	)		(0.07	)		(0.24	)	$	7.25		(3.37%	)	$	3,019,089		1.00%		2.27%		1.00%		6.09%
Year Ended October 31, 2015	$	8.15		0.19		(0.36	)		(0.17	)		(0.20	)		(0.03	)		(0.23	)	$	7.75		(2.11%	)	$	3,422,400		0.95%		2.33%		0.95%		6.69%
Year Ended October 31, 2014	$	8.42		0.24		(0.27	)		(0.03	)		(0.24	)		–			(0.24	)	$	8.15		(0.42%	)	$	1,115,530		0.80%		2.80%		0.80%		5.68%
Class R6 Shares (g)
Six Months Ended April 30, 2019 (Unaudited)	$	7.62		0.11		0.44			0.55			(0.17	)		(0.17	)		(0.34	)	$	7.83		7.78%		$	1,146,247,311		0.31%		2.93%		0.31%		2.12%
Year Ended October 31, 2018	$	8.76		0.23		(0.81	)		(0.58	)		(0.25	)		(0.31	)		(0.56	)	$	7.62		(7.22%	)	$	1,234,310,025		0.31%		2.74%		0.31%		9.38%
Year Ended October 31, 2017	$	7.29		0.21		1.48			1.69			(0.20	)		(0.02	)		(0.22	)	$	8.76		23.51%		$	1,345,318,673		0.31%		2.64%		0.31%		6.07%
Year Ended October 31, 2016	$	7.79		0.22		(0.43	)		(0.21	)		(0.22	)		(0.07	)		(0.29	)	$	7.29		(2.71%	)	$	1,578,665,493		0.31%		2.98%		0.31%		6.09%
Year Ended October 31, 2015	$	8.18		0.23		(0.34	)		(0.11	)		(0.25	)		(0.03	)		(0.28	)	$	7.79		(1.36%	)	$	1,581,115,104		0.30%		2.90%		0.30%		6.69%
Year Ended October 31, 2014	$	8.45		0.28		(0.27	)		0.01			(0.28	)		–			(0.28	)	$	8.18		0.05%		$	1,562,224,101		0.30%		3.31%		0.30%		5.68%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	7.61		0.11		0.43			0.54			(0.16	)		(0.17	)		(0.33	)	$	7.82		7.63%		$	7,285,563		0.48%		3.08%		0.48%		2.12%
Year Ended October 31, 2018	$	8.76		0.22		(0.82	)		(0.60	)		(0.24	)		(0.31	)		(0.55	)	$	7.61		(7.40%	)	$	6,111,411		0.47%		2.61%		0.47%		9.38%
Period Ended October 31, 2017 (h)	$	7.26		0.14		1.58			1.72			(0.20	)		(0.02	)		(0.22	)	$	8.76		23.97%		$	1,274,712		0.40%		1.80%		0.40%		6.07%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(g) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(h) For the period from December 7, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 6, 2016 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

68

Fund Overview Nationwide Mid Cap Market Index Fund

Asset Allocation¹

Common Stocks	98.6%
Repurchase Agreements	1.6%
Short-Term Investment	0.1%
Futures Contracts	0.1%
Liabilities in excess of other assets	(0.4)%
	100.0%

Top Industries²

Equity Real Estate Investment Trusts (REITs)	9.2%
Banks	7.3%
Machinery	5.0%
Insurance	4.9%
Electronic Equipment, Instruments & Components	4.2%
Software	4.1%
Hotels, Restaurants & Leisure	4.1%
Semiconductors & Semiconductor Equipment	3.5%
Health Care Equipment & Supplies	3.5%
Capital Markets	3.1%
Other Industries#	51.1%
	100.0%

Top Holdings²

IDEX Corp.	0.7%
Zebra Technologies Corp., Class A	0.6%
Domino’s Pizza, Inc.	0.6%
STERIS plc	0.6%
Leidos Holdings, Inc.	0.6%
NVR, Inc.	0.6%
FactSet Research Systems, Inc.	0.6%
MarketAxess Holdings, Inc.	0.6%
Ultimate Software Group, Inc. (The)	0.6%
Trimble, Inc.	0.6%
Other Holdings#	93.9%
	100.0%

^#   For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

69

Shareholder Expense Example Nationwide Mid Cap Market Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Mid Cap Market Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,085.70		3.46		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.47		3.36		0.67
Class C Shares	Actual	(a)		1,000.00		1,081.70		6.97		1.35
	Hypothetical	(a)(b)		1,000.00		1,018.10		6.76		1.35
Class R Shares	Actual	(a)		1,000.00		1,084.60		5.12		0.99
	Hypothetical	(a)(b)		1,000.00		1,019.89		4.96		0.99
Class R6 Shares	Actual	(a)		1,000.00		1,087.70		1.40		0.27
	Hypothetical	(a)(b)		1,000.00		1,023.46		1.35		0.27
Institutional Service Class Shares	Actual	(a)		1,000.00		1,086.90		2.69		0.52
	Hypothetical	(a)(b)		1,000.00		1,022.22		2.61		0.52

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

70

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund

Common Stocks 98.6%
	Shares		Value
Aerospace & Defense 0.8%
Curtiss-Wright Corp.		21,749	$	2,478,081
Teledyne Technologies, Inc.*		18,404		4,573,578
				7,051,659
Air Freight & Logistics 0.4%
XPO Logistics, Inc.* (a)		55,502		3,778,576
Airlines 0.3%
JetBlue Airways Corp.*		155,806		2,890,201
Auto Components 1.1%
Adient plc		44,144		1,019,726
Dana, Inc.		72,871		1,420,984
Delphi Technologies plc		44,974		995,275
Gentex Corp.		131,763		3,034,502
Goodyear Tire & Rubber Co. (The)		118,022		2,267,203
Visteon Corp.*		14,356		947,783
				9,685,473
Automobiles 0.2%
Thor Industries, Inc.		26,588		1,751,352
Banks 7.3%
Associated Banc-Corp.		83,531		1,895,318
BancorpSouth Bank		46,099		1,405,098
Bank of Hawaii Corp.		20,947		1,725,614
Bank OZK		61,438		2,005,951
Cathay General Bancorp		38,872		1,430,101
Chemical Financial Corp.		36,311		1,595,142
Commerce Bancshares, Inc.		50,169		3,031,713
Cullen/Frost Bankers, Inc.		32,018		3,255,911
East West Bancorp, Inc.		73,673		3,792,686
First Financial Bankshares, Inc.		34,468		2,120,471
First Horizon National Corp.		161,754		2,440,868
FNB Corp.		164,817		1,999,230
Fulton Financial Corp.		86,349		1,489,520
Hancock Whitney Corp.		43,553		1,905,008
Home BancShares, Inc.		78,886		1,513,822
International Bancshares Corp.		27,683		1,148,014
PacWest Bancorp		61,401		2,428,410
Pinnacle Financial Partners, Inc.		37,044		2,151,145
Prosperity Bancshares, Inc.		33,720		2,483,141
Signature Bank		28,004		3,698,488
Sterling Bancorp		108,114		2,315,802
Synovus Financial Corp.		80,891		2,981,642
TCF Financial Corp.		83,349		1,844,513
Texas Capital Bancshares, Inc.*		25,504		1,650,874
Trustmark Corp.		33,130		1,191,355
UMB Financial Corp.		22,440		1,567,658
Umpqua Holdings Corp.		111,933		1,943,157
United Bankshares, Inc.		51,898		2,036,478
Valley National Bancorp		169,290		1,774,159
Webster Financial Corp.		46,878		2,490,628
Wintrust Financial Corp.		28,779		2,192,960
				65,504,877
Beverages 0.2%
Boston Beer Co., Inc. (The), Class A*		4,426		1,372,104

Common Stocks (continued)
	Shares		Value
Biotechnology 0.7%
Exelixis, Inc.*		152,551	$	2,999,153
Ligand Pharmaceuticals, Inc.*		10,392		1,307,833
United Therapeutics Corp.*		22,228		2,279,926
				6,586,912
Building Products 0.9%
Lennox International, Inc.		18,240		4,951,248
Resideo Technologies, Inc.*		62,496		1,418,659
Trex Co., Inc.*		29,971		2,076,091
				8,445,998
Capital Markets 3.1%
Eaton Vance Corp.		58,536		2,433,342
Evercore, Inc., Class A		20,837		2,030,149
FactSet Research Systems, Inc.		19,332		5,333,119
Federated Investors, Inc., Class B		48,803		1,499,716
Interactive Brokers Group, Inc., Class A		38,160		2,069,798
Janus Henderson Group plc		83,860		2,102,370
Legg Mason, Inc.		43,468		1,454,005
MarketAxess Holdings, Inc.		19,155		5,331,411
SEI Investments Co.		65,619		3,572,955
Stifel Financial Corp.		36,599		2,183,862
				28,010,727
Chemicals 2.7%
Ashland Global Holdings, Inc.		31,866		2,566,169
Cabot Corp.		30,253		1,372,881
Chemours Co. (The)		84,902		3,057,321
Ingevity Corp.*		21,154		2,432,922
Minerals Technologies, Inc.		17,921		1,124,901
NewMarket Corp.		4,433		1,859,998
Olin Corp.		83,810		1,817,839
PolyOne Corp.		39,505		1,091,918
RPM International, Inc.		66,913		4,058,274
Scotts Miracle-Gro Co. (The)		19,964		1,697,339
Sensient Technologies Corp.		21,485		1,506,528
Valvoline, Inc.		95,630		1,769,155
				24,355,245
Commercial Services & Supplies 1.4%
Brink’s Co. (The)		25,234		2,016,954
Clean Harbors, Inc.*		25,902		1,968,552
Deluxe Corp.		22,200		992,784
Healthcare Services Group, Inc. (a)		37,506		1,269,578
Herman Miller, Inc.		30,156		1,170,656
HNI Corp.		22,271		817,568
MSA Safety, Inc.		17,790		1,955,299
Stericycle, Inc.*		43,281		2,527,178
				12,718,569
Communications Equipment 1.2%
Ciena Corp.*		73,106		2,804,346
InterDigital, Inc.		16,579		1,084,101
Lumentum Holdings, Inc.*		38,680		2,397,000
NetScout Systems, Inc.*		35,543		1,044,964
Plantronics, Inc.		16,791		864,401
ViaSat, Inc.* (a)		28,897		2,624,425
				10,819,237

71

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering 1.3%
AECOM*		79,463	$	2,693,796
Dycom Industries, Inc.* (a)		15,906		788,778
EMCOR Group, Inc.		28,463		2,394,877
Granite Construction, Inc.		23,835		1,069,953
KBR, Inc.		71,599		1,590,930
MasTec, Inc.*		31,301		1,585,396
Valmont Industries, Inc.		11,153		1,503,870
				11,627,600
Construction Materials 0.2%
Eagle Materials, Inc.		23,330		2,120,930
Consumer Finance 0.6%
Green Dot Corp., Class A*		24,207		1,543,681
Navient Corp.		110,608		1,494,314
SLM Corp.		222,214		2,257,694
				5,295,689
Containers & Packaging 1.4%
AptarGroup, Inc.		32,007		3,560,459
Bemis Co., Inc.		46,419		2,665,379
Greif, Inc., Class A		13,394		529,331
Owens-Illinois, Inc.		78,084		1,542,940
Silgan Holdings, Inc.		39,354		1,178,259
Sonoco Products Co.		50,726		3,198,781
				12,675,149
Distributors 0.4%
Pool Corp.		20,022		3,678,842
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc.*		29,369		1,448,479
Graham Holdings Co., Class B		2,218		1,648,928
Service Corp. International		92,180		3,835,610
Sotheby’s*		16,712		704,912
Weight Watchers International, Inc.*		19,702		402,315
				8,040,244
Electric Utilities 1.5%
ALLETE, Inc.		26,238		2,137,085
Hawaiian Electric Industries, Inc.		55,336		2,295,337
IDACORP, Inc.		25,611		2,536,001
OGE Energy Corp.		101,510		4,297,934
PNM Resources, Inc.		40,483		1,880,031
				13,146,388
Electrical Equipment 1.4%
Acuity Brands, Inc.		20,276		2,966,987
EnerSys		21,881		1,513,946
Hubbell, Inc.		27,804		3,547,791
nVent Electric plc		81,973		2,291,145
Regal Beloit Corp.		21,748		1,850,320
				12,170,189
Electronic Equipment, Instruments & Components 4.2%
Arrow Electronics, Inc.*		43,162		3,647,621
Avnet, Inc.		55,112		2,678,994
Belden, Inc.		20,026		1,112,444
Cognex Corp.		86,831		4,378,888
Coherent, Inc.* (a)		12,390		1,833,844

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jabil, Inc.		71,562	$	2,161,888
Littelfuse, Inc.		12,558		2,524,786
National Instruments Corp.		57,211		2,694,638
SYNNEX Corp.		21,151		2,281,770
Tech Data Corp.*		18,966		2,021,965
Trimble, Inc.*		127,860		5,219,245
Vishay Intertechnology, Inc.		67,557		1,338,304
Zebra Technologies Corp., Class A*		27,345		5,773,623
				37,668,010
Energy Equipment & Services 1.1%
Apergy Corp.*		39,307		1,560,095
Core Laboratories NV		22,596		1,432,360
Ensco Rowan plc, Class A (a)		99,935		1,396,092
McDermott International, Inc.*		91,778		742,484
Oceaneering International, Inc.*		50,078		961,497
Patterson-UTI Energy, Inc.		108,596		1,475,820
Transocean Ltd.*		258,116		2,028,792
				9,597,140
Entertainment 1.0%
Cinemark Holdings, Inc.		54,245		2,281,002
Live Nation Entertainment, Inc.*		70,288		4,592,618
World Wrestling Entertainment, Inc., Class A		22,232		1,864,153
				8,737,773
Equity Real Estate Investment Trusts (REITs) 9.2%
Alexander & Baldwin, Inc.		34,410		812,764
American Campus Communities, Inc.		69,643		3,287,150
Brixmor Property Group, Inc.		151,792		2,714,041
Camden Property Trust		49,117		4,943,626
CoreCivic, Inc.		60,317		1,255,197
CoreSite Realty Corp.		18,652		2,040,715
Corporate Office Properties Trust		56,044		1,562,507
Cousins Properties, Inc.		213,652		2,044,650
CyrusOne, Inc.		55,026		3,064,398
Douglas Emmett, Inc.		82,262		3,388,372
EPR Properties		38,073		3,002,437
First Industrial Realty Trust, Inc.		64,438		2,272,728
GEO Group, Inc. (The)		61,361		1,228,447
Healthcare Realty Trust, Inc.		63,916		1,973,726
Highwoods Properties, Inc.		52,596		2,344,730
Hospitality Properties Trust		83,575		2,172,950
JBG SMITH Properties		60,595		2,578,317
Kilroy Realty Corp.		51,318		3,946,867
Lamar Advertising Co., Class A		43,351		3,583,827
Liberty Property Trust		75,301		3,737,942
Life Storage, Inc.		23,684		2,256,848
Mack-Cali Realty Corp.		45,903		1,068,622
Medical Properties Trust, Inc.		193,696		3,381,932
National Retail Properties, Inc.		82,148		4,322,628
Omega Healthcare Investors, Inc.		103,806		3,673,694
Pebblebrook Hotel Trust		66,340		2,160,030
PotlatchDeltic Corp.		34,572		1,336,553
PS Business Parks, Inc.		10,138		1,557,400
Rayonier, Inc.		65,800		2,091,782
Sabra Health Care REIT, Inc.		90,610		1,772,332
Senior Housing Properties Trust		120,822		970,201
Tanger Factory Outlet Centers, Inc.		47,726		861,932

72

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Taubman Centers, Inc.		31,035	$	1,530,025
Uniti Group, Inc.		90,964		999,694
Urban Edge Properties		58,094		1,078,806
Weingarten Realty Investors		60,965		1,764,327
				82,782,197
Food & Staples Retailing 0.4%
Casey’s General Stores, Inc.		18,604		2,462,239
Sprouts Farmers Market, Inc.*		63,090		1,351,388
				3,813,627
Food Products 1.7%
Flowers Foods, Inc.		93,250		2,027,255
Hain Celestial Group, Inc. (The)*		45,484		992,461
Ingredion, Inc.		33,886		3,210,699
Lancaster Colony Corp.		9,975		1,483,382
Post Holdings, Inc.*		33,798		3,811,739
Sanderson Farms, Inc.		9,910		1,502,653
Tootsie Roll Industries, Inc. (a)		9,704		376,806
TreeHouse Foods, Inc.*		28,459		1,906,184
				15,311,179
Gas Utilities 1.8%
National Fuel Gas Co.		43,854		2,596,595
New Jersey Resources Corp.		45,150		2,261,112
ONE Gas, Inc.		26,695		2,363,041
Southwest Gas Holdings, Inc.		26,936		2,240,806
Spire, Inc.		25,856		2,176,817
UGI Corp.		88,355		4,816,231
				16,454,602
Health Care Equipment & Supplies 3.5%
Avanos Medical, Inc.*		24,104		1,011,163
Cantel Medical Corp.		18,447		1,271,736
Globus Medical, Inc., Class A*		38,636		1,742,097
Haemonetics Corp.*		25,926		2,262,821
Hill-Rom Holdings, Inc.		33,884		3,436,515
ICU Medical, Inc.*		8,435		1,918,963
Inogen, Inc.*		9,092		793,732
Integra LifeSciences Holdings Corp.*		35,932		1,875,291
LivaNova plc*		24,743		1,704,545
Masimo Corp.*		24,864		3,236,050
NuVasive, Inc.*		26,279		1,592,507
STERIS plc		43,016		5,634,236
West Pharmaceutical Services, Inc.		37,733		4,670,968
				31,150,624
Health Care Providers & Services 2.2%
Acadia Healthcare Co., Inc.*		44,854		1,436,225
Amedisys, Inc.*		14,806		1,892,503
Chemed Corp.		8,138		2,659,336
Covetrus, Inc.*		48,803		1,604,155
Encompass Health Corp.		50,278		3,240,417
HealthEquity, Inc.*		27,586		1,868,951
MEDNAX, Inc.*		44,688		1,249,923
Molina Healthcare, Inc.*		31,708		4,110,308
Patterson Cos., Inc.		41,985		916,952
Tenet Healthcare Corp.*		42,195		924,071
				19,902,841

Common Stocks (continued)
	Shares		Value
Health Care Technology 0.4%
Allscripts Healthcare Solutions, Inc.*		87,085	$	859,529
Medidata Solutions, Inc.*		31,654		2,859,622
				3,719,151
Hotels, Restaurants & Leisure 4.1%
Boyd Gaming Corp.		40,613		1,168,842
Brinker International, Inc.		19,061		815,239
Caesars Entertainment Corp.*		296,339		2,773,733
Cheesecake Factory, Inc. (The) (a)		21,197		1,051,795
Churchill Downs, Inc.		18,019		1,817,216
Cracker Barrel Old Country Store, Inc. (a)		12,215		2,061,159
Domino’s Pizza, Inc.		20,860		5,644,299
Dunkin’ Brands Group, Inc.		41,978		3,132,818
Eldorado Resorts, Inc.*		33,039		1,631,136
International Speedway Corp., Class A		12,085		533,190
Jack in the Box, Inc.		13,193		1,017,180
Marriott Vacations Worldwide Corp.		19,992		2,111,755
Papa John’s International, Inc. (a)		11,382		582,303
Penn National Gaming, Inc.*		54,043		1,171,112
Scientific Games Corp.*		28,318		654,995
Six Flags Entertainment Corp.		36,469		1,936,139
Texas Roadhouse, Inc.		33,961		1,834,234
Wendy’s Co. (The)		92,447		1,720,439
Wyndham Destinations, Inc.		48,014		2,091,490
Wyndham Hotels & Resorts, Inc.		49,755		2,772,349
				36,521,423
Household Durables 1.6%
Helen of Troy Ltd.*		13,010		1,873,440
KB Home		43,012		1,114,441
NVR, Inc.*		1,727		5,444,333
Tempur Sealy International, Inc.*		23,414		1,437,620
Toll Brothers, Inc.		68,193		2,598,153
TRI Pointe Group, Inc.*		72,272		943,150
Tupperware Brands Corp.		24,994		594,857
				14,005,994
Household Products 0.2%
Energizer Holdings, Inc.		32,361		1,549,768
Industrial Conglomerates 0.5%
Carlisle Cos., Inc.		29,113		4,117,160
Insurance 4.9%
Alleghany Corp.*		7,353		4,830,039
American Financial Group, Inc.		35,283		3,652,849
Brighthouse Financial, Inc.*		44,167		1,845,739
Brown & Brown, Inc.		117,999		3,746,468
CNO Financial Group, Inc.		81,689		1,351,953
First American Financial Corp.		55,172		3,148,114
Genworth Financial, Inc., Class A*		254,501		964,559
Hanover Insurance Group, Inc. (The)		20,623		2,487,340
Kemper Corp.		30,026		2,698,737
Mercury General Corp.		13,948		750,123
Old Republic International Corp.		144,990		3,241,976
Primerica, Inc.		21,644		2,819,997
Reinsurance Group of America, Inc.		31,904		4,833,775
RenaissanceRe Holdings Ltd.		21,453		3,332,938
WR Berkley Corp.		73,549		4,508,554
				44,213,161

73

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Interactive Media & Services 0.2%
Cars.com, Inc.* (a)		31,515	$	655,827
Yelp, Inc.*		38,357		1,536,582
				2,192,409
IT Services 2.8%
CACI International, Inc., Class A*		12,629		2,461,897
CoreLogic, Inc.*		40,709		1,653,192
Leidos Holdings, Inc.		74,291		5,458,903
LiveRamp Holdings, Inc.*		34,709		2,024,576
MAXIMUS, Inc.		32,427		2,388,248
Perspecta, Inc.		71,885		1,659,106
Sabre Corp.		140,320		2,913,043
Science Applications International Corp.		25,847		1,937,233
WEX, Inc.*		21,906		4,606,832
				25,103,030
Leisure Products 0.6%
Brunswick Corp.		44,246		2,265,838
Polaris Industries, Inc.		29,126		2,807,746
				5,073,584
Life Sciences Tools & Services 1.6%
Bio-Rad Laboratories, Inc., Class A*		10,234		3,079,718
Bio-Techne Corp.		19,194		3,926,900
Charles River Laboratories International, Inc.*		24,512		3,443,201
PRA Health Sciences, Inc.*		29,978		2,902,470
Syneos Health, Inc.*		30,953		1,452,624
				14,804,913
Machinery 5.0%
AGCO Corp.		32,667		2,312,170
Colfax Corp.*		48,311		1,457,543
Crane Co.		25,824		2,196,331
Donaldson Co., Inc.		64,998		3,479,993
Graco, Inc.		84,019		4,305,974
IDEX Corp.		38,524		6,035,170
ITT, Inc.		44,521		2,695,746
Kennametal, Inc.		41,727		1,698,289
Lincoln Electric Holdings, Inc.		32,143		2,805,120
Nordson Corp.		26,224		3,827,393
Oshkosh Corp.		35,604		2,940,534
Terex Corp.		31,489		1,049,528
Timken Co. (The)		34,660		1,661,947
Toro Co. (The)		53,945		3,946,077
Trinity Industries, Inc.		67,761		1,460,927
Woodward, Inc.		28,400		3,092,760
				44,965,502
Marine 0.2%
Kirby Corp.*		27,383		2,237,739
Media 1.2%
AMC Networks, Inc., Class A*		22,736		1,328,010
Cable One, Inc.		2,522		2,674,657
John Wiley & Sons, Inc., Class A		22,989		1,061,632
Meredith Corp. (a)		20,415		1,204,485
New York Times Co. (The), Class A		72,175		2,392,601
TEGNA, Inc.		110,000		1,751,200
				10,412,585

Common Stocks (continued)
	Shares		Value
Metals & Mining 1.9%
Allegheny Technologies, Inc.*		63,877	$	1,591,815
Carpenter Technology Corp.		24,075		1,195,805
Commercial Metals Co.		59,784		1,033,665
Compass Minerals International, Inc.		17,205		987,395
Reliance Steel & Aluminum Co.		34,095		3,135,376
Royal Gold, Inc.		33,294		2,898,576
Steel Dynamics, Inc.		116,666		3,695,979
United States Steel Corp.		88,046		1,373,518
Worthington Industries, Inc.		19,956		800,834
				16,712,963
Multiline Retail 0.3%
Dillard’s, Inc., Class A (a)		9,391		642,814
Ollie’s Bargain Outlet Holdings, Inc.*		26,206		2,506,342
				3,149,156
Multi-Utilities 0.7%
Black Hills Corp.		27,433		1,996,025
MDU Resources Group, Inc.		99,944		2,613,535
NorthWestern Corp.		25,575		1,786,414
				6,395,974
Oil, Gas & Consumable Fuels 2.4%
Callon Petroleum Co.*		115,664		868,637
Chesapeake Energy Corp.*		530,126		1,542,667
CNX Resources Corp.*		100,810		903,258
EQT Corp.		129,760		2,653,592
Equitrans Midstream Corp.		103,382		2,153,447
Matador Resources Co.*		52,621		1,036,107
Murphy Oil Corp.		82,675		2,252,067
Oasis Petroleum, Inc.*		137,522		838,884
PBF Energy, Inc., Class A		60,932		2,046,097
QEP Resources, Inc.*		120,335		904,919
Range Resources Corp.		106,108		959,216
SM Energy Co.		52,435		835,289
Southwestern Energy Co.*		275,143		1,086,815
World Fuel Services Corp.		34,169		1,054,114
WPX Energy, Inc.*		200,789		2,788,959
				21,924,068
Paper & Forest Products 0.3%
Domtar Corp.		31,969		1,563,284
Louisiana-Pacific Corp.		62,705		1,570,760
				3,134,044
Personal Products 0.3%
Edgewell Personal Care Co.*		27,465		1,132,382
Nu Skin Enterprises, Inc., Class A		28,232		1,436,162
				2,568,544
Pharmaceuticals 0.5%
Catalent, Inc.*		74,086		3,320,535
Mallinckrodt plc*		42,342		654,607
Prestige Consumer Healthcare, Inc.* (a)		26,295		773,599
				4,748,741
Professional Services 0.8%
ASGN, Inc.*		26,808		1,689,976
Insperity, Inc.		18,935		2,263,869

74

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Professional Services (continued)
ManpowerGroup, Inc.		30,692	$	2,947,660
				6,901,505
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc.		23,212		3,587,879
Realogy Holdings Corp. (a)		57,683		751,033
				4,338,912
Road & Rail 1.7%
Avis Budget Group, Inc.* (a)		32,350		1,150,042
Genesee & Wyoming, Inc., Class A*		28,610		2,536,277
Knight-Swift Transportation Holdings, Inc. (a)		63,315		2,111,555
Landstar System, Inc.		20,391		2,221,803
Old Dominion Freight Line, Inc.		32,997		4,925,792
Ryder System, Inc.		26,981		1,699,803
Werner Enterprises, Inc.		22,433		751,506
				15,396,778
Semiconductors & Semiconductor Equipment 3.5%
Cirrus Logic, Inc.*		30,061		1,430,302
Cree, Inc.*		52,467		3,467,544
Cypress Semiconductor Corp.		184,953		3,177,493
First Solar, Inc.*		38,355		2,359,983
MKS Instruments, Inc.		27,548		2,507,144
Monolithic Power Systems, Inc.		20,068		3,124,788
Semtech Corp.*		33,400		1,799,258
Silicon Laboratories, Inc.*		21,929		2,360,876
Synaptics, Inc.*		17,594		662,766
Teradyne, Inc.		88,253		4,324,397
Universal Display Corp.		21,544		3,438,422
Versum Materials, Inc.		55,589		2,900,634
				31,553,607
Software 4.1%
ACI Worldwide, Inc.*		59,205		2,102,962
Blackbaud, Inc.		24,684		1,957,194
CDK Global, Inc.		63,389		3,823,625
CommVault Systems, Inc.*		19,596		1,030,750
Fair Isaac Corp.*		14,776		4,133,586
j2 Global, Inc.		23,543		2,062,838
LogMeIn, Inc.		25,841		2,129,298
Manhattan Associates, Inc.* (a)		33,048		2,229,088
PTC, Inc.*		54,283		4,910,983
Teradata Corp.*		59,622		2,711,012
Tyler Technologies, Inc.*		19,464		4,513,896
Ultimate Software Group, Inc. (The)*		16,102		5,324,126
				36,929,358
Specialty Retail 2.1%
Aaron’s, Inc.		34,158		1,902,259
American Eagle Outfitters, Inc.		85,194		2,025,913
AutoNation, Inc.*		29,496		1,236,767
Bed Bath & Beyond, Inc. (a)		70,162		1,172,407
Dick’s Sporting Goods, Inc. (a)		37,488		1,387,056
Five Below, Inc.*		28,339		4,148,546
Michaels Cos., Inc. (The)*		45,683		513,477
Murphy USA, Inc.*		15,239		1,302,477
Sally Beauty Holdings, Inc.*		61,531		1,089,099
Signet Jewelers Ltd.		26,383		611,558

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Urban Outfitters, Inc.* (a)		38,295	$	1,138,511
Williams-Sonoma, Inc. (a)		40,737		2,328,934
				18,857,004
Technology Hardware, Storage & Peripherals 0.2%
NCR Corp.*		60,457		1,750,230
Textiles, Apparel & Luxury Goods 0.8%
Carter’s, Inc.		23,140		2,450,757
Deckers Outdoor Corp.*		14,801		2,341,666
Skechers U.S.A., Inc., Class A*		68,042		2,154,210
				6,946,633
Thrifts & Mortgage Finance 0.6%
LendingTree, Inc.* (a)		3,781		1,455,004
New York Community Bancorp, Inc.		237,538		2,762,567
Washington Federal, Inc.		41,418		1,372,593
				5,590,164
Trading Companies & Distributors 0.8%
GATX Corp.		18,603		1,434,849
MSC Industrial Direct Co., Inc., Class A		22,947		1,919,517
NOW, Inc.*		55,103		805,606
Watsco, Inc.		16,384		2,596,372
				6,756,344
Water Utilities 0.5%
Aqua America, Inc.		107,167		4,185,943
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		47,654		1,519,210
Total Common Stocks (cost $735,286,402)				885,419,551
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		855,781		855,781
Total Short-Term Investment (cost $855,781)				855,781
Repurchase Agreements 1.6%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $12,506,483, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $12,764,706. (c)(d)	$	12,505,545		12,505,545

75

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Mid Cap Market Index Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $1,835,236, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $1,871,803. (c)(d)	$	1,835,101	$	1,835,101
Total Repurchase Agreements (cost $14,340,646)				14,340,646
Total Investments (cost $750,482,829) — 100.3%				900,615,978
Liabilities in excess of other assets — (0.3)%				(2,479,185	)
NET ASSETS — 100.0%			$	898,136,793

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $23,809,718, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $855,781 and $14,340,646, respectively, and by $9,284,449 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 4.38%, and maturity dates ranging from 6/13/2019 – 2/15/2045; a total value of $24,480,876.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $15,196,427.

(d) Please refer to Note 2(f) for additional information on the joint repurchase agreement.

REIT Real Estate Investment Trust

Futures contracts outstanding as of April 30, 2019:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 E-Mini Index		71		6/2019		USD		14,011,140		542,612
										542,612

At April 30, 2019, the Fund had $609,800 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

76

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Mid Cap Market Index Fund
Assets:
Investment securities, at value* (cost $736,142,183)	$	886,275,332
Repurchase agreements, at value (cost $14,340,646)		14,340,646
Cash		13,375,135
Deposits with broker for futures contracts		609,800
Interest and dividends receivable		439,690
Security lending income receivable		3,855
Receivable for capital shares issued		173,707
Prepaid expenses		52,505
Total Assets		915,270,670
Liabilities:
Payable for investments purchased		31,154
Payable for capital shares redeemed		1,403,033
Payable for variation margin on futures contracts		24,852
Payable upon return of securities loaned (Note 2)		15,196,427
Accrued expenses and other payables:
Investment advisory fees		135,775
Fund administration fees		54,104
Distribution fees		84,621
Administrative servicing fees		104,703
Accounting and transfer agent fees		8,107
Trustee fees		2,873
Custodian fees		12,066
Compliance program costs (Note 3)		1,384
Professional fees		26,738
Printing fees		20,094
Other		27,946
Total Liabilities		17,133,877
Net Assets	$	898,136,793
Represented by:
Capital	$	616,718,413
Total distributable earnings (loss)		281,418,380
Net Assets	$	898,136,793
Net Assets:
Class A Shares	$	295,556,182
Class C Shares		17,490,626
Class R Shares		24,093,091
Class R6 Shares		536,945,688
Institutional Service Class Shares		24,051,206
Total	$	898,136,793
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		19,294,499
Class C Shares		1,264,436
Class R Shares		1,600,135
Class R6 Shares		34,346,154
Institutional Service Class Shares		1,538,959
Total		58,044,183

77

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Mid Cap Market Index Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	15.32
Class C Shares (b)	$	13.83
Class R Shares	$	15.06
Class R6 Shares	$	15.63
Institutional Service Class Shares	$	15.63
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	16.25
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $23,809,718 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

78

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Mid Cap Market Index Fund
INVESTMENT INCOME:
Dividend income	$	8,120,444
Interest income		319,793
Income from securities lending (Note 2)		51,619
Foreign tax withholding		(3,718	)
Total Income		8,488,138
EXPENSES:
Investment advisory fees		907,578
Fund administration fees		166,668
Distribution fees Class A		352,127
Distribution fees Class C		88,697
Distribution fees Class R		58,023
Administrative servicing fees Class A		213,742
Administrative servicing fees Class C		7,252
Administrative servicing fees Class R		25,530
Administrative servicing fees Institutional Service Class		27,179
Registration and filing fees		33,236
Professional fees		37,215
Printing fees		14,542
Trustee fees		16,830
Custodian fees		22,508
Accounting and transfer agent fees		16,433
Compliance program costs (Note 3)		2,238
Other		81,534
Total expenses before fees waived		2,071,332
Investment advisory fees waived (Note 3)		(46,547	)
Net Expenses		2,024,785
NET INVESTMENT INCOME		6,463,353
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		20,136,070
Redemptions in-kind by affiliated issuers (Note 3)		118,004,982
Expiration or closing of futures contracts (Note 2)		(3,170,352	)
Net realized gains		134,970,700
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(79,550,704	)
Futures contracts (Note 2)		4,977,858
Net change in unrealized appreciation/depreciation		(74,572,846	)
Net realized/unrealized gains		60,397,854
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	66,861,207

The accompanying notes are an integral part of these financial statements.

79

Statements of Changes in Net Assets

	Nationwide Mid Cap Market Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	6,463,353		$	16,202,313
Net realized gains		134,970,700			130,294,578
Net change in unrealized appreciation/depreciation		(74,572,846	)		(131,658,376	)
Change in net assets resulting from operations		66,861,207			14,838,515
Distributions to Shareholders From:
Distributable earnings:
Class A		(46,267,929	)		(42,390,385	)
Class C		(3,323,253	)		(2,719,793	)
Class R		(3,839,169	)		(3,173,750	)
Class R6		(76,632,792	)		(105,933,110	)
Institutional Service Class		(3,505,237	)		(314,947	)
Change in net assets from shareholder distributions		(133,568,380	)		(154,531,985	)
Change in net assets from capital transactions		(275,405,322	)		122,031,312
Change in net assets		(342,112,495	)		(17,662,158	)
Net Assets:
Beginning of period		1,240,249,288			1,257,911,446
End of period	$	898,136,793		$	1,240,249,288
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	26,287,174		$	41,077,204
Dividends reinvested		42,218,577			38,842,505
Cost of shares redeemed		(39,372,641	)		(103,743,687	)
Total Class A Shares		29,133,110			(23,823,978	)
Class C Shares
Proceeds from shares issued		1,575,055			4,057,466
Dividends reinvested		3,266,681			2,644,535
Cost of shares redeemed		(4,449,256	)		(6,277,019	)
Total Class C Shares		392,480			424,982
Class R Shares
Proceeds from shares issued		6,177,429			13,547,055
Dividends reinvested		2,057,783			1,153,196
Cost of shares redeemed		(6,816,083	)		(12,760,293	)
Total Class R Shares		1,419,129			1,939,958
Class R6 Shares
Proceeds from shares issued		63,126,364			207,880,918
Dividends reinvested		76,210,432			105,916,347
Cost of shares redeemed		(449,128,606	)(a)		(191,956,659	)
Total Class R6 Shares		(309,791,810	)		121,840,606

80

Statements of Changes in Net Assets (Continued)

	Nationwide Mid Cap Market Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	2,907,145		$	24,040,700
Dividends reinvested		3,505,237			314,947
Cost of shares redeemed		(2,970,613	)		(2,705,903	)
Total Institutional Service Class Shares		3,441,769			21,649,744
Change in net assets from capital transactions	$	(275,405,322	)	$	122,031,312
SHARE TRANSACTIONS:
Class A Shares
Issued		1,726,295			2,256,064
Reinvested		3,215,429			2,180,652
Redeemed		(2,570,648	)		(5,676,757	)
Total Class A Shares		2,371,076			(1,240,041	)
Class C Shares
Issued		117,179			239,048
Reinvested		274,973			160,978
Redeemed		(347,503	)		(371,551	)
Total Class C Shares		44,649			28,475
Class R Shares
Issued		438,472			754,456
Reinvested		159,271			65,604
Redeemed		(460,134	)		(704,298	)
Total Class R Shares		137,609			115,762
Class R6 Shares
Issued		4,545,400			11,637,019
Reinvested		5,688,676			5,841,641
Redeemed		(26,813,391	)(a)		(10,331,159	)
Total Class R6 Shares		(16,579,315	)		7,147,501
Institutional Service Class Shares
Issued		196,102			1,302,612
Reinvested		261,746			17,272
Redeemed		(198,762	)		(146,212	)
Total Institutional Service Class Shares		259,086			1,173,672
Total change in shares		(13,766,895	)		7,225,369

(a) Amount includes in-kind redemptions. (See Note 3)

The accompanying notes are an integral part of these financial statements.

81

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Mid Cap Market Index Fund

			Operations							Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	17.09		0.08		0.92			1.00		(0.14	)		(2.63	)		(2.77	)	$	15.32		8.57%		$	295,556,182		0.67%		1.14%		0.68%		8.66%	(g)
Year Ended October 31, 2018	$	19.31		0.17		(0.01	)		0.16		(0.19	)		(2.19	)		(2.38	)	$	17.09		0.38%		$	289,155,394		0.67%		0.95%		0.68%		21.84%
Year Ended October 31, 2017	$	17.24		0.17		3.55			3.72		(0.15	)		(1.50	)		(1.65	)	$	19.31		22.61%		$	350,705,458		0.68%		0.91%		0.69%		17.86%
Year Ended October 31, 2016	$	18.60		0.16		0.67			0.83		(0.14	)		(2.05	)		(2.19	)	$	17.24		5.54%		$	300,822,709		0.69%		0.94%		0.69%		18.89%
Year Ended October 31, 2015	$	19.62		0.16		0.31			0.47		(0.19	)		(1.30	)		(1.49	)	$	18.60		2.77%		$	299,007,777		0.68%		0.82%		0.68%		18.60%
Year Ended October 31, 2014	$	18.58		0.15		1.81			1.96		(0.13	)		(0.79	)		(0.92	)	$	19.62		10.98%		$	318,463,597		0.68%		0.79%		0.68%		13.82%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	15.74		0.03		0.81			0.84		(0.12	)		(2.63	)		(2.75	)	$	13.83		8.17%		$	17,490,626		1.35%		0.47%		1.36%		8.66%	(g)
Year Ended October 31, 2018	$	17.99		0.04		0.01			0.05		(0.11	)		(2.19	)		(2.30	)	$	15.74		(0.28%	)	$	19,195,288		1.35%		0.26%		1.36%		21.84%
Year Ended October 31, 2017	$	16.21		–		3.38			3.38		(0.10	)		(1.50	)		(1.60	)	$	17.99		21.79%		$	21,434,484		1.36%		0.22%		1.37%		17.86%
Year Ended October 31, 2016	$	17.66		0.04		0.62			0.66		(0.06	)		(2.05	)		(2.11	)	$	16.21		4.78%		$	12,418,406		1.37%		0.26%		1.37%		18.89%
Year Ended October 31, 2015	$	18.72		0.02		0.32			0.34		(0.10	)		(1.30	)		(1.40	)	$	17.66		2.11%		$	12,090,140		1.35%		0.13%		1.35%		18.60%
Year Ended October 31, 2014	$	17.83		0.02		1.73			1.75		(0.07	)		(0.79	)		(0.86	)	$	18.72		10.20%		$	6,350,081		1.34%		0.12%		1.34%		13.82%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	16.85		0.06		0.91			0.97		(0.13	)		(2.63	)		(2.76	)	$	15.06		8.46%		$	24,093,091		0.99%		0.83%		1.00%		8.66%	(g)
Year Ended October 31, 2018	$	19.09		0.12		(0.02	)		0.10		(0.15	)		(2.19	)		(2.34	)	$	16.85		0.03%		$	24,648,569		0.97%		0.64%		0.98%		21.84%
Year Ended October 31, 2017	$	17.07		0.11		3.53			3.64		(0.12	)		(1.50	)		(1.62	)	$	19.09		22.31%		$	25,705,173		0.96%		0.62%		0.97%		17.86%
Year Ended October 31, 2016	$	18.45		0.11		0.66			0.77		(0.10	)		(2.05	)		(2.15	)	$	17.07		5.22%		$	15,066,654		0.96%		0.65%		0.97%		18.89%
Year Ended October 31, 2015	$	19.45		0.11		0.31			0.42		(0.12	)		(1.30	)		(1.42	)	$	18.45		2.48%		$	10,748,707		0.95%		0.57%		0.95%		18.60%
Year Ended October 31, 2014	$	18.45		0.11		1.80			1.91		(0.12	)		(0.79	)		(0.91	)	$	19.45		10.74%		$	17,210,020		0.86%		0.61%		0.86%		13.82%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	17.38		0.12		0.94			1.06		(0.18	)		(2.63	)		(2.81	)	$	15.63		8.77%		$	536,945,688		0.27%		1.56%		0.28%		8.66%	(g)
Year Ended October 31, 2018	$	19.60		0.25		(0.01	)		0.24		(0.27	)		(2.19	)		(2.46	)	$	17.38		0.78%		$	885,016,786		0.26%		1.36%		0.27%		21.84%
Year Ended October 31, 2017	$	17.47		0.25		3.61			3.86		(0.23	)		(1.50	)		(1.73	)	$	19.60		23.15%		$	857,985,640		0.26%		1.34%		0.27%		17.86%
Year Ended October 31, 2016	$	18.82		0.23		0.68			0.91		(0.21	)		(2.05	)		(2.26	)	$	17.47		5.96%		$	888,878,007		0.27%		1.35%		0.27%		18.89%
Year Ended October 31, 2015	$	19.83		0.24		0.32			0.56		(0.27	)		(1.30	)		(1.57	)	$	18.82		3.21%		$	880,952,284		0.27%		1.24%		0.27%		18.60%
Year Ended October 31, 2014	$	18.78		0.23		1.82			2.05		(0.21	)		(0.79	)		(1.00	)	$	19.83		11.36%		$	947,104,285		0.28%		1.19%		0.28%		13.82%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	17.37		0.10		0.95			1.05		(0.16	)		(2.63	)		(2.79	)	$	15.63		8.69%		$	24,051,206		0.52%		1.29%		0.53%		8.66%	(g)
Year Ended October 31, 2018	$	19.59		0.20		–			0.20		(0.23	)		(2.19	)		(2.42	)	$	17.37		0.58%		$	22,233,251		0.48%		1.10%		0.49%		21.84%
Period Ended October 31, 2017 (j)	$	19.23		0.22		1.86			2.08		(0.22	)		(1.50	)		(1.72	)	$	19.59		11.76%		$	2,080,691		0.41%		1.31%		0.43%		17.86%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from December 7, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 6, 2016 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

82

Fund Overview Nationwide S&P 500 Index Fund

Asset Allocation¹

Common Stocks	98.6%
Repurchase Agreements	0.1%
Futures Contracts	0.1%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	1.2%
	100.0%

Top Industries²

Software	6.7%
Banks	5.7%
IT Services	5.2%
Interactive Media & Services	5.0%
Oil, Gas & Consumable Fuels	4.7%
Pharmaceuticals	4.5%
Technology Hardware, Storage & Peripherals	4.1%
Semiconductors & Semiconductor Equipment	4.0%
Internet & Direct Marketing Retail	3.8%
Health Care Equipment & Supplies	3.3%
Other Industries#	53.0%
	100.0%

Top Holdings²

Microsoft Corp.	4.1%
Apple, Inc.	3.7%
Amazon.com, Inc.	3.2%
Facebook, Inc., Class A	1.9%
Berkshire Hathaway, Inc., Class B	1.7%
JPMorgan Chase & Co.	1.5%
Johnson & Johnson	1.5%
Alphabet, Inc., Class C	1.5%
Alphabet, Inc., Class A	1.5%
Exxon Mobil Corp.	1.4%
Other Holdings#	78.0%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

83

Shareholder Expense Example Nationwide S&P 500 Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During

Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide S&P 500 Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,094.80		3.32		0.64
	Hypothetical	(a)(b)		1,000.00		1,021.62		3.21		0.64
Class C Shares	Actual	(a)		1,000.00		1,090.90		6.58		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.50		6.36		1.27
Class R Shares	Actual	(a)		1,000.00		1,093.80		4.05		0.78
	Hypothetical	(a)(b)		1,000.00		1,020.93		3.91		0.78
Class R6 Shares	Actual	(a)		1,000.00		1,096.40		0.99		0.19
	Hypothetical	(a)(b)		1,000.00		1,023.85		0.95		0.19
Institutional Service Class Shares	Actual	(a)		1,000.00		1,096.00		2.34		0.45
	Hypothetical	(a)(b)		1,000.00		1,022.56		2.26		0.45
Service Class Shares	Actual	(a)		1,000.00		1,094.30		3.12		0.60
	Hypothetical	(a)(b)		1,000.00		1,021.82		3.01		0.60

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

84

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund

Common Stocks 98.6%
	Shares		Value
Aerospace & Defense 2.5%
Arconic, Inc.		18,432	$	395,919
Boeing Co. (The)		22,622		8,544,103
General Dynamics Corp.		11,505		2,056,174
Harris Corp.		5,063		853,115
Huntington Ingalls Industries, Inc.		1,788		397,973
L3 Technologies, Inc.		3,415		746,451
Lockheed Martin Corp.		10,584		3,527,965
Northrop Grumman Corp.		7,249		2,101,558
Raytheon Co.		12,152		2,158,074
Textron, Inc.		9,911		525,283
TransDigm Group, Inc.*		2,093		1,009,914
United Technologies Corp.		34,899		4,976,946
				27,293,475
Air Freight & Logistics 0.6%
CH Robinson Worldwide, Inc.		5,881		476,361
Expeditors International of Washington, Inc.		7,425		589,694
FedEx Corp.		10,340		1,959,016
United Parcel Service, Inc., Class B		29,965		3,182,882
				6,207,953
Airlines 0.4%
Alaska Air Group, Inc.		5,264		325,842
American Airlines Group, Inc.		17,531		599,209
Delta Air Lines, Inc.		26,601		1,550,572
Southwest Airlines Co.		21,305		1,155,370
United Continental Holdings, Inc.*		9,574		850,746
				4,481,739
Auto Components 0.1%
Aptiv plc		11,309		969,181
BorgWarner, Inc.		9,085		379,481
				1,348,662
Automobiles 0.4%
Ford Motor Co.		167,917		1,754,733
General Motors Co.		56,436		2,198,182
Harley-Davidson, Inc.		7,037		261,987
				4,214,902
Banks 5.6%
Bank of America Corp.		385,448		11,787,000
BB&T Corp.		32,879		1,683,405
Citigroup, Inc.		101,243		7,157,880
Citizens Financial Group, Inc.		19,637		710,859
Comerica, Inc.		6,957		546,751
Fifth Third Bancorp		33,301		959,735
First Republic Bank		7,095		749,374
Huntington Bancshares, Inc.		45,625		635,100
JPMorgan Chase & Co.		140,602		16,316,862
KeyCorp		43,042		755,387
M&T Bank Corp.		5,964		1,014,297
People’s United Financial, Inc.		16,344		282,588
PNC Financial Services Group, Inc. (The)		19,448		2,663,015
Regions Financial Corp.		43,817		680,478
SunTrust Banks, Inc.		19,084		1,249,620
SVB Financial Group*		2,266		570,397
US Bancorp		64,809		3,455,616

Common Stocks (continued)
	Shares		Value
Banks (continued)
Wells Fargo & Co.		176,285	$	8,533,957
Zions Bancorp NA		8,209		404,950
				60,157,271
Beverages 1.8%
Brown-Forman Corp., Class B		7,268		387,312
Coca-Cola Co. (The)		165,664		8,127,476
Constellation Brands, Inc., Class A		7,171		1,517,885
Molson Coors Brewing Co., Class B		8,126		521,608
Monster Beverage Corp.*		16,746		998,062
PepsiCo, Inc.		60,478		7,744,208
				19,296,551
Biotechnology 2.1%
AbbVie, Inc.		63,047		5,005,301
Alexion Pharmaceuticals, Inc.*		9,621		1,309,707
Amgen, Inc.		26,512		4,754,132
Biogen, Inc.*		8,382		1,921,490
Celgene Corp.*		30,239		2,862,424
Gilead Sciences, Inc.		54,728		3,559,509
Incyte Corp.*		7,599		583,603
Regeneron Pharmaceuticals, Inc.*		3,374		1,157,754
Vertex Pharmaceuticals, Inc.*		11,007		1,859,963
				23,013,883
Building Products 0.3%
Allegion plc		4,153		412,102
AO Smith Corp.		6,286		330,455
Fortune Brands Home & Security, Inc.		5,999		316,628
Johnson Controls International plc		39,296		1,473,600
Masco Corp.		12,486		487,703
				3,020,488
Capital Markets 2.7%
Affiliated Managers Group, Inc.		2,277		252,565
Ameriprise Financial, Inc.		5,755		844,661
Bank of New York Mellon Corp. (The)		37,053		1,840,052
BlackRock, Inc.		5,240		2,542,658
Cboe Global Markets, Inc.		4,817		489,455
Charles Schwab Corp. (The)		50,999		2,334,734
CME Group, Inc.		15,404		2,755,776
E*TRADE Financial Corp.		10,320		522,811
Franklin Resources, Inc.		12,738		440,607
Goldman Sachs Group, Inc. (The)		14,754		3,038,144
Intercontinental Exchange, Inc.		24,487		1,992,018
Invesco Ltd.		17,505		384,585
Moody’s Corp.		7,172		1,410,159
Morgan Stanley		55,914		2,697,851
MSCI, Inc.		3,519		793,112
Nasdaq, Inc.		4,987		459,801
Northern Trust Corp.		9,404		926,764
Raymond James Financial, Inc.		5,541		507,389
S&P Global, Inc.		10,703		2,361,724
State Street Corp.		16,321		1,104,279
T. Rowe Price Group, Inc.		10,118		1,087,685
				28,786,830
Chemicals 2.0%
Air Products & Chemicals, Inc.		9,456		1,945,950
Albemarle Corp.		4,614		346,327

85

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
Celanese Corp.		5,372	$	579,585
CF Industries Holdings, Inc.		9,431		422,320
Dow, Inc.*		32,188		1,826,025
DowDuPont, Inc.		96,566		3,712,963
Eastman Chemical Co.		6,025		475,252
Ecolab, Inc.		10,934		2,012,731
FMC Corp.		5,794		458,074
International Flavors & Fragrances, Inc. (a)		4,330		596,631
Linde plc		23,725		4,276,668
LyondellBasell Industries NV, Class A		12,851		1,133,844
Mosaic Co. (The)		15,130		395,044
PPG Industries, Inc.		10,101		1,186,867
Sherwin-Williams Co. (The)		3,513		1,597,818
				20,966,099
Commercial Services & Supplies 0.4%
Cintas Corp.		3,646		791,693
Copart, Inc.*		8,646		582,049
Republic Services, Inc.		9,342		773,704
Rollins, Inc.		6,469		250,156
Waste Management, Inc.		16,865		1,810,289
				4,207,891
Communications Equipment 1.2%
Arista Networks, Inc.*		2,246		701,403
Cisco Systems, Inc.		187,689		10,501,200
F5 Networks, Inc.*		2,607		409,038
Juniper Networks, Inc.		14,858		412,607
Motorola Solutions, Inc.		7,024		1,017,848
				13,042,096
Construction & Engineering 0.1%
Fluor Corp.		6,028		239,493
Jacobs Engineering Group, Inc.		5,046		393,285
Quanta Services, Inc.		5,872		238,403
				871,181
Construction Materials 0.1%
Martin Marietta Materials, Inc.		2,683		595,358
Vulcan Materials Co.		5,666		714,539
				1,309,897
Consumer Finance 0.7%
American Express Co.		29,766		3,489,468
Capital One Financial Corp.		20,144		1,869,968
Discover Financial Services		14,012		1,141,838
Synchrony Financial		28,350		982,894
				7,484,168
Containers & Packaging 0.3%
Avery Dennison Corp.		3,541		391,812
Ball Corp.		14,395		862,836
International Paper Co.		17,342		811,779
Packaging Corp. of America		4,037		400,309
Sealed Air Corp.		6,656		310,303
Westrock Co.		10,867		417,075
				3,194,114

Common Stocks (continued)
	Shares		Value
Distributors 0.1%
Genuine Parts Co.		6,314	$	647,438
LKQ Corp.*		13,855		417,035
				1,064,473
Diversified Consumer Services 0.0%†
H&R Block, Inc.		8,864		241,190
Diversified Financial Services 1.7%
Berkshire Hathaway, Inc., Class B*		83,721		18,143,178
Jefferies Financial Group, Inc.		11,439		235,300
				18,378,478
Diversified Telecommunication Services 1.9%
AT&T, Inc.		313,633		9,710,078
CenturyLink, Inc.		40,688		464,657
Verizon Communications, Inc.		177,901		10,174,158
				20,348,893
Electric Utilities 1.9%
Alliant Energy Corp.		10,053		474,803
American Electric Power Co., Inc.		21,238		1,816,911
Duke Energy Corp.		31,301		2,852,147
Edison International		14,012		893,545
Entergy Corp.		8,162		790,898
Evergy, Inc.		10,746		621,334
Eversource Energy		13,626		976,439
Exelon Corp.		41,752		2,127,264
FirstEnergy Corp.		21,684		911,379
NextEra Energy, Inc.		20,587		4,002,936
Pinnacle West Capital Corp.		4,814		458,630
PPL Corp.		30,960		966,262
Southern Co. (The)		44,542		2,370,525
Xcel Energy, Inc.		22,098		1,248,537
				20,511,610
Electrical Equipment 0.5%
AMETEK, Inc.		9,636		849,606
Eaton Corp. plc		18,059		1,495,647
Emerson Electric Co.		26,283		1,865,830
Rockwell Automation, Inc.		5,193		938,427
				5,149,510
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		12,834		1,277,753
Corning, Inc.		33,670		1,072,389
FLIR Systems, Inc.		6,040		319,758
IPG Photonics Corp.*		1,567		273,802
Keysight Technologies, Inc.*		8,029		698,764
TE Connectivity Ltd.		14,589		1,395,438
				5,037,904
Energy Equipment & Services 0.5%
Baker Hughes a GE Co.		22,072		530,169
Halliburton Co.		37,656		1,066,795
Helmerich & Payne, Inc.		4,782		279,843
National Oilwell Varco, Inc.		16,582		433,453
Schlumberger Ltd.		59,672		2,546,801
TechnipFMC plc		18,235		448,399
				5,305,460

86

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment 2.0%
Activision Blizzard, Inc.		32,886	$	1,585,434
Electronic Arts, Inc.*		12,993		1,229,787
Netflix, Inc.*		18,797		6,965,040
Take-Two Interactive Software, Inc.*		4,955		479,793
Viacom, Inc., Class B		15,160		438,276
Walt Disney Co. (The)		75,267		10,309,321
				21,007,651
Equity Real Estate Investment Trusts (REITs) 2.9%
Alexandria Real Estate Equities, Inc.		4,853		691,019
American Tower Corp.		18,993		3,709,333
Apartment Investment & Management Co., Class A		7,281		359,390
AvalonBay Communities, Inc.		5,949		1,195,332
Boston Properties, Inc.		6,645		914,485
Crown Castle International Corp.		17,892		2,250,456
Digital Realty Trust, Inc.		8,948		1,053,269
Duke Realty Corp.		15,383		478,719
Equinix, Inc.		3,587		1,631,009
Equity Residential		15,928		1,217,218
Essex Property Trust, Inc.		2,847		804,277
Extra Space Storage, Inc.		5,444		564,488
Federal Realty Investment Trust		3,222		431,265
HCP, Inc.		20,439		608,673
Host Hotels & Resorts, Inc.		31,686		609,639
Iron Mountain, Inc.		12,278		398,789
Kimco Realty Corp.		17,928		311,768
Macerich Co. (The)		4,578		183,761
Mid-America Apartment Communities, Inc.		4,900		536,109
Prologis, Inc.		27,139		2,080,747
Public Storage		6,452		1,427,053
Realty Income Corp.		13,080		915,731
Regency Centers Corp.		7,288		489,535
SBA Communications Corp.*		4,879		993,999
Simon Property Group, Inc.		13,302		2,310,557
SL Green Realty Corp.		3,706		327,388
UDR, Inc.		11,848		532,568
Ventas, Inc.		15,326		936,572
Vornado Realty Trust		7,515		519,587
Welltower, Inc.		16,634		1,239,732
Weyerhaeuser Co.		32,117		860,736
				30,583,204
Food & Staples Retailing 1.4%
Costco Wholesale Corp.		18,965		4,656,477
Kroger Co. (The)		34,303		884,331
Sysco Corp.		20,338		1,431,185
Walgreens Boots Alliance, Inc.		34,556		1,851,165
Walmart, Inc.		61,291		6,303,166
				15,126,324
Food Products 1.1%
Archer-Daniels-Midland Co.		24,102		1,074,949
Campbell Soup Co.		8,424		325,925
Conagra Brands, Inc.		20,877		642,594
General Mills, Inc.		25,632		1,319,279
Hershey Co. (The)		6,034		753,345
Hormel Foods Corp. (a)		11,784		470,653
JM Smucker Co. (The)		4,897		600,519

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Kellogg Co.		10,862	$	654,979
Kraft Heinz Co. (The)		26,737		888,738
Lamb Weston Holdings, Inc.		6,285		440,264
McCormick & Co., Inc. (Non-Voting)		5,284		813,577
Mondelez International, Inc., Class A		62,178		3,161,751
Tyson Foods, Inc., Class A		12,688		951,727
				12,098,300
Gas Utilities 0.0%†
Atmos Energy Corp.		4,989		510,574
Health Care Equipment & Supplies 3.2%
Abbott Laboratories		75,618		6,016,168
ABIOMED, Inc.*		1,931		535,679
Align Technology, Inc.*		3,135		1,017,872
Baxter International, Inc.		20,046		1,529,510
Becton Dickinson and Co.		11,584		2,788,732
Boston Scientific Corp.*		59,672		2,215,025
Cooper Cos., Inc. (The)		2,119		614,341
Danaher Corp.		27,051		3,582,634
Dentsply Sirona, Inc.		9,539		487,729
Edwards Lifesciences Corp.*		8,992		1,583,221
Hologic, Inc.*		11,585		537,312
IDEXX Laboratories, Inc.*		3,714		861,648
Intuitive Surgical, Inc.*		4,929		2,516,895
Medtronic plc		57,742		5,128,067
ResMed, Inc.		6,131		640,751
Stryker Corp.		13,355		2,522,893
Teleflex, Inc.		1,984		567,781
Varian Medical Systems, Inc.*		3,924		534,331
Zimmer Biomet Holdings, Inc.		8,773		1,080,483
				34,761,072
Health Care Providers & Services 2.5%
AmerisourceBergen Corp.		6,812		509,265
Anthem, Inc.		11,065		2,910,427
Cardinal Health, Inc.		12,752		621,150
Centene Corp.*		17,789		917,201
Cigna Corp.		16,363		2,599,099
CVS Health Corp.		55,845		3,036,851
DaVita, Inc.*		5,514		304,593
HCA Healthcare, Inc.		11,545		1,468,870
Henry Schein, Inc.*		6,641		425,423
Humana, Inc.		5,834		1,490,062
Laboratory Corp. of America Holdings*		4,209		673,103
McKesson Corp.		8,207		978,685
Quest Diagnostics, Inc.		5,856		564,401
UnitedHealth Group, Inc.		41,312		9,628,588
Universal Health Services, Inc., Class B		3,595		456,098
WellCare Health Plans, Inc.*		2,144		553,902
				27,137,718
Health Care Technology 0.1%
Cerner Corp.*		13,965		927,974
Hotels, Restaurants & Leisure 1.8%
Carnival Corp.		17,218		944,579
Chipotle Mexican Grill, Inc.*		1,053		724,506
Darden Restaurants, Inc.		5,309		624,338
Hilton Worldwide Holdings, Inc.		12,608		1,096,770

87

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A		12,176	$	1,661,050
McDonald’s Corp.		32,950		6,509,932
MGM Resorts International		21,961		584,821
Norwegian Cruise Line Holdings Ltd.*		9,464		533,675
Royal Caribbean Cruises Ltd.		7,371		891,449
Starbucks Corp.		53,542		4,159,143
Wynn Resorts Ltd.		4,213		608,568
Yum! Brands, Inc.		13,110		1,368,553
				19,707,384
Household Durables 0.3%
DR Horton, Inc.		14,654		649,319
Garmin Ltd.		5,141		440,789
Leggett & Platt, Inc.		5,730		225,533
Lennar Corp., Class A		12,194		634,454
Mohawk Industries, Inc.*		2,702		368,147
Newell Brands, Inc.		15,489		222,732
PulteGroup, Inc.		10,971		345,147
Whirlpool Corp.		2,785		386,614
				3,272,735
Household Products 1.7%
Church & Dwight Co., Inc.		10,541		790,048
Clorox Co. (The)		5,518		881,390
Colgate-Palmolive Co.		37,099		2,700,436
Kimberly-Clark Corp.		14,893		1,911,964
Procter & Gamble Co. (The)		107,704		11,468,322
				17,752,160
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		28,616		489,906
NRG Energy, Inc.		11,927		491,035
				980,941
Industrial Conglomerates 1.5%
3M Co.		24,788		4,697,574
General Electric Co.		374,791		3,811,624
Honeywell International, Inc.		31,292		5,433,230
Roper Technologies, Inc.		4,461		1,604,622
				15,547,050
Insurance 2.4%
Aflac, Inc.		32,183		1,621,380
Allstate Corp. (The)		13,982		1,385,057
American International Group, Inc.		37,250		1,771,982
Aon plc		10,356		1,865,530
Arthur J Gallagher & Co.		7,948		664,612
Assurant, Inc.		2,295		218,025
Chubb Ltd.		19,735		2,865,522
Cincinnati Financial Corp.		6,568		631,710
Everest Re Group Ltd.		1,766		415,893
Hartford Financial Services Group, Inc. (The)		15,529		812,322
Lincoln National Corp.		8,552		570,589
Loews Corp.		11,871		608,864
Marsh & McLennan Cos., Inc.		21,747		2,050,525
MetLife, Inc.		40,517		1,869,049
Principal Financial Group, Inc.		11,276		644,536
Progressive Corp. (The)		25,139		1,964,613
Prudential Financial, Inc.		17,609		1,861,447

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Torchmark Corp.		4,368	$	382,899
Travelers Cos., Inc. (The)		11,392		1,637,600
Unum Group		9,287		342,876
Willis Towers Watson plc		5,592		1,030,829
				25,215,860
Interactive Media & Services 4.9%
Alphabet, Inc., Class A*		12,889		15,453,396
Alphabet, Inc., Class C*		13,234		15,728,344
Facebook, Inc., Class A*		102,707		19,863,534
TripAdvisor, Inc.*		4,428		235,702
Twitter, Inc.*		31,364		1,251,737
				52,532,713
Internet & Direct Marketing Retail 3.7%
Amazon.com, Inc.*		17,765		34,224,628
Booking Holdings, Inc.*		1,916		3,554,161
eBay, Inc.		35,740		1,384,925
Expedia Group, Inc.		5,069		658,159
				39,821,873
IT Services 5.1%
Accenture plc, Class A		27,445		5,013,378
Akamai Technologies, Inc.*		7,073		566,264
Alliance Data Systems Corp.		1,929		308,833
Automatic Data Processing, Inc.		18,820		3,093,820
Broadridge Financial Solutions, Inc.		5,050		596,557
Cognizant Technology Solutions Corp., Class A		24,892		1,816,120
DXC Technology Co.		11,219		737,537
Fidelity National Information Services, Inc.		13,881		1,609,224
Fiserv, Inc.*		16,775		1,463,451
FleetCor Technologies, Inc.*		3,637		949,075
Gartner, Inc.*		3,862		613,942
Global Payments, Inc.		6,806		994,152
International Business Machines Corp.		38,029		5,334,328
Jack Henry & Associates, Inc.		3,347		498,904
Mastercard, Inc., Class A		38,864		9,880,783
Paychex, Inc.		13,742		1,158,588
PayPal Holdings, Inc.*		50,512		5,696,238
Total System Services, Inc.		6,902		705,661
VeriSign, Inc.*		4,581		904,519
Visa, Inc., Class A		75,353		12,390,294
Western Union Co. (The)		19,071		370,740
				54,702,408
Leisure Products 0.1%
Hasbro, Inc.		5,003		509,605
Mattel, Inc.* (a)		14,715		179,376
				688,981
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.		13,707		1,076,000
Illumina, Inc.*		6,329		1,974,648
IQVIA Holdings, Inc.*		6,796		943,964
Mettler-Toledo International, Inc.*		1,068		795,938
PerkinElmer, Inc.		4,779		458,019
Thermo Fisher Scientific, Inc.		17,333		4,809,041
Waters Corp.*		2,963		632,719
				10,690,329

88

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery 1.6%
Caterpillar, Inc.		24,497	$	3,415,372
Cummins, Inc.		6,187		1,028,836
Deere & Co.		13,712		2,271,119
Dover Corp.		6,298		617,456
Flowserve Corp.		5,676		278,294
Fortive Corp.		12,639		1,091,251
Illinois Tool Works, Inc.		12,996		2,022,567
Ingersoll-Rand plc		10,426		1,278,332
PACCAR, Inc.		15,025		1,076,842
Parker-Hannifin Corp.		5,521		999,743
Pentair plc		6,880		268,251
Snap-on, Inc.		2,386		401,516
Stanley Black & Decker, Inc.		6,487		950,994
Wabtec Corp. (a)		5,745		425,532
Xylem, Inc.		7,800		650,520
				16,776,625
Media 1.4%
CBS Corp. (Non-Voting), Class B		14,969		767,461
Charter Communications, Inc., Class A*		7,441		2,762,025
Comcast Corp., Class A		194,455		8,464,626
Discovery, Inc., Class A*		6,660		205,794
Discovery, Inc., Class C*		15,603		448,742
DISH Network Corp., Class A*		9,793		343,930
Fox Corp., Class A*		15,182		591,946
Fox Corp., Class B*		6,988		269,038
Interpublic Group of Cos., Inc. (The)		16,523		380,029
News Corp., Class A		16,723		207,700
News Corp., Class B		5,527		69,032
Omnicom Group, Inc.		9,625		770,289
				15,280,612
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		62,716		772,034
Newmont Goldcorp Corp.		35,158		1,092,007
Nucor Corp.		12,955		739,342
				2,603,383
Multiline Retail 0.5%
Dollar General Corp.		11,306		1,425,573
Dollar Tree, Inc.*		10,237		1,139,173
Kohl’s Corp.		7,100		504,810
Macy’s, Inc.		13,177		310,187
Nordstrom, Inc.		4,999		205,059
Target Corp.		22,433		1,736,763
				5,321,565
Multi-Utilities 1.1%
Ameren Corp.		10,577		769,688
CenterPoint Energy, Inc.		21,667		671,677
CMS Energy Corp.		12,143		674,543
Consolidated Edison, Inc.		13,824		1,191,076
Dominion Energy, Inc.		34,414		2,679,818
DTE Energy Co.		7,818		982,801
NiSource, Inc.		16,037		445,508
Public Service Enterprise Group, Inc.		21,729		1,296,135
Sempra Energy		11,799		1,509,682
WEC Energy Group, Inc.		13,567		1,064,060
				11,284,988

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels 4.6%
Anadarko Petroleum Corp.		21,667	$	1,578,441
Apache Corp.		16,222		533,866
Cabot Oil & Gas Corp.		18,228		471,923
Chevron Corp.		81,806		9,821,628
Cimarex Energy Co.		4,368		299,907
Concho Resources, Inc.		8,603		992,614
ConocoPhillips		48,667		3,071,861
Devon Energy Corp.		17,973		577,652
Diamondback Energy, Inc.		6,624		704,727
EOG Resources, Inc.		24,974		2,398,753
Exxon Mobil Corp.		182,421		14,644,758
Hess Corp.		10,959		702,691
HollyFrontier Corp.		6,825		325,757
Kinder Morgan, Inc.		83,816		1,665,424
Marathon Oil Corp.		35,734		608,907
Marathon Petroleum Corp.		28,660		1,744,534
Noble Energy, Inc.		20,466		553,810
Occidental Petroleum Corp.		32,271		1,900,117
ONEOK, Inc.		17,687		1,201,478
Phillips 66		18,062		1,702,705
Pioneer Natural Resources Co.		7,249		1,206,669
Valero Energy Corp.		17,931		1,625,624
Williams Cos., Inc. (The)		52,032		1,474,067
				49,807,913
Personal Products 0.2%
Coty, Inc., Class A		19,251		208,296
Estee Lauder Cos., Inc. (The), Class A		9,461		1,625,494
				1,833,790
Pharmaceuticals 4.4%
Allergan plc		13,441		1,975,827
Bristol-Myers Squibb Co.		70,294		3,263,750
Eli Lilly & Co.		37,184		4,352,015
Johnson & Johnson		114,660		16,189,992
Merck & Co., Inc.		111,133		8,747,279
Mylan NV*		22,298		601,823
Nektar Therapeutics*		7,491		239,862
Perrigo Co. plc		5,488		262,985
Pfizer, Inc.		239,029		9,706,968
Zoetis, Inc.		20,656		2,103,607
				47,444,108
Professional Services 0.3%
Equifax, Inc.		5,236		659,474
IHS Markit Ltd.*		15,648		896,004
Nielsen Holdings plc		15,195		387,928
Robert Half International, Inc.		5,186		321,999
Verisk Analytics, Inc.		7,061		996,590
				3,261,995
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		13,554		705,757
Road & Rail 1.1%
CSX Corp.		32,648		2,599,760
JB Hunt Transport Services, Inc.		3,750		354,300
Kansas City Southern		4,372		538,368
Norfolk Southern Corp.		11,462		2,338,477
Union Pacific Corp.		30,947		5,478,857
				11,309,762

89

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment 3.9%
Advanced Micro Devices, Inc.*		37,804	$	1,044,525
Analog Devices, Inc.		15,917		1,850,192
Applied Materials, Inc.		40,056		1,765,268
Broadcom, Inc.		17,054		5,429,994
Intel Corp.		193,132		9,857,457
KLA-Tencor Corp.		7,193		916,964
Lam Research Corp.		6,536		1,355,762
Maxim Integrated Products, Inc.		11,771		706,260
Microchip Technology, Inc.		10,170		1,015,881
Micron Technology, Inc.*		48,266		2,030,068
NVIDIA Corp.		26,091		4,722,471
Qorvo, Inc.*		5,332		403,153
QUALCOMM, Inc.		52,109		4,488,148
Skyworks Solutions, Inc.		7,591		669,374
Texas Instruments, Inc.		39,993		4,712,375
Xilinx, Inc.		10,883		1,307,484
				42,275,376
Software 6.6%
Adobe, Inc.*		20,999		6,073,961
ANSYS, Inc.*		3,600		704,880
Autodesk, Inc.*		9,421		1,678,916
Cadence Design Systems, Inc.*		12,082		838,249
Citrix Systems, Inc.		5,388		543,973
Fortinet, Inc.*		6,232		582,193
Intuit, Inc.		11,154		2,800,323
Microsoft Corp.		330,322		43,140,053
Oracle Corp.		109,708		6,070,144
Red Hat, Inc.*		7,605		1,388,141
salesforce.com, Inc.*		32,937		5,446,133
Symantec Corp.		27,466		664,952
Synopsys, Inc.*		6,468		783,145
				70,715,063
Specialty Retail 2.3%
Advance Auto Parts, Inc.		3,142		522,577
AutoZone, Inc.*		1,075		1,105,433
Best Buy Co., Inc.		10,070		749,309
CarMax, Inc.*		7,175		558,645
Foot Locker, Inc.		4,912		281,016
Gap, Inc. (The)		9,174		239,258
Home Depot, Inc. (The)		48,631		9,906,135
L Brands, Inc.		9,730		249,477
Lowe’s Cos., Inc.		34,486		3,901,746
O’Reilly Automotive, Inc.*		3,347		1,267,074
Ross Stores, Inc.		16,052		1,567,638
Tiffany & Co.		4,652		501,579
TJX Cos., Inc. (The)		53,281		2,924,061
Tractor Supply Co.		5,255		543,893
Ulta Beauty, Inc.*		2,416		843,136
				25,160,977
Technology Hardware, Storage & Peripherals 4.0%
Apple, Inc.		192,862		38,701,618
Hewlett Packard Enterprise Co.		58,189		919,968
HP, Inc.		64,830		1,293,359
NetApp, Inc.		10,633		774,614
Seagate Technology plc		11,201		541,232
Western Digital Corp.		12,447		636,291
Xerox Corp.		8,918		297,504
				43,164,586

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods 0.8%
Capri Holdings Ltd.*		6,538	$	288,195
Hanesbrands, Inc.		15,706		283,807
NIKE, Inc., Class B		54,150		4,755,994
PVH Corp.		3,241		418,057
Ralph Lauren Corp.		2,271		298,818
Tapestry, Inc.		12,436		401,310
Under Armour, Inc., Class A* (a)		7,994		184,582
Under Armour, Inc., Class C*		8,313		172,245
VF Corp.		13,990		1,320,796
				8,123,804
Tobacco 1.0%
Altria Group, Inc.		80,702		4,384,540
Philip Morris International, Inc.		66,929		5,793,374
				10,177,914
Trading Companies & Distributors 0.2%
Fastenal Co.		12,274		865,931
United Rentals, Inc.*		3,483		490,824
WW Grainger, Inc.		1,942		547,644
				1,904,399
Water Utilities 0.1%
American Water Works Co., Inc.		7,823		846,370
Total Common Stocks (cost $876,432,347)				1,055,998,956
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		87,649		87,649
Total Short-Term Investment (cost $87,649)				87,649
Repurchase Agreements 0.1%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $1,280,907, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $1,307,354. (c)(d)	$	1,280,811		1,280,811

90

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide S&P 500 Index Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $187,964, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $191,709. (c)(d)	$	187,950	$	187,950
Total Repurchase Agreements (cost $1,468,761)				1,468,761
Total Investments (cost $877,988,757) — 98.7%				1,057,555,366
Other assets in excess of liabilities — 1.3%				14,467,570
NET ASSETS — 100.0%			$	1,072,022,936

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $1,528,555, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $87,649 and $1,468,761, respectively, a total value of $1,556,410.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $1,556,410.

(d) Please refer to Note 2(f) for additional information on the joint repurchase agreement.

REIT Real Estate Investment Trust

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		126		6/2019		USD		18,575,550		560,474
										560,474

At April 30, 2019, the Fund had $770,200 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

91

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide S&P 500 Index Fund
Assets:
Investment securities, at value* (cost $876,519,996)	$	1,056,086,605
Repurchase agreements, at value (cost $1,468,761)		1,468,761
Cash		16,404,324
Deposits with broker for futures contracts		770,200
Interest and dividends receivable		938,869
Security lending income receivable		173
Receivable for investments sold		739,379
Receivable for capital shares issued		614,704
Receivable for variation margin on futures contracts		36,619
Prepaid expenses		71,717
Total Assets		1,077,131,351
Liabilities:
Payable for capital shares redeemed		2,795,489
Payable upon return of securities loaned (Note 2)		1,556,410
Accrued expenses and other payables:
Investment advisory fees		104,779
Fund administration fees		88,415
Distribution fees		136,853
Administrative servicing fees		304,938
Accounting and transfer agent fees		16,336
Trustee fees		4,177
Custodian fees		24,292
Compliance program costs (Note 3)		2,709
Professional fees		44,943
Printing fees		8,726
Other		20,348
Total Liabilities		5,108,415
Net Assets	$	1,072,022,936
Represented by:
Capital	$	(124,472,377	)
Total distributable earnings (loss)		1,196,495,313
Net Assets	$	1,072,022,936
Net Assets:
Class A Shares	$	139,945,908
Class C Shares		51,641,384
Class R Shares		82,616,976
Class R6 Shares		157,623,264
Institutional Service Class Shares		367,041,638
Service Class Shares		273,153,766
Total	$	1,072,022,936

92

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide S&P 500 Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		9,137,084
Class C Shares		3,461,732
Class R Shares		5,415,291
Class R6 Shares		10,188,356
Institutional Service Class Shares		23,794,436
Service Class Shares		17,814,811
Total		69,811,710
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	15.32
Class C Shares (b)	$	14.92
Class R Shares	$	15.26
Class R6 Shares	$	15.47
Institutional Service Class Shares	$	15.43
Service Class Shares	$	15.33
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	16.25
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $1,528,555 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

93

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)                

	Nationwide S&P 500 Index Fund
INVESTMENT INCOME:
Dividend income	$	20,038,747
Interest income		175,620
Income from securities lending (Note 2)		27,390
Total Income		20,241,757
EXPENSES:
Investment advisory fees		1,059,990
Fund administration fees		301,497
Distribution fees Class A		162,596
Distribution fees Class C		233,059
Distribution fees Class R		183,985
Distribution fees Service Class		194,370
Administrative servicing fees Class A		123,574
Administrative servicing fees Class C		16,314
Administrative servicing fees Class R		29,470
Administrative servicing fees Institutional Service Class		407,952
Administrative servicing fees Service Class		323,949
Registration and filing fees		40,329
Professional fees		63,339
Printing fees		13,081
Trustee fees		35,790
Custodian fees		47,643
Accounting and transfer agent fees		32,709
Compliance program costs (Note 3)		4,696
Other		84,914
Total Expenses		3,359,257
NET INVESTMENT INCOME		16,882,500
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		64,050,176
Redemptions in-kind by affiliated issuers (Note 3)		998,351,148
Expiration or closing of futures contracts (Note 2)		(409,225	)
Net realized gains		1,061,992,099
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(939,418,072	)
Futures contracts (Note 2)		2,159,401
Net change in unrealized appreciation/depreciation		(937,258,671	)
Net realized/unrealized gains		124,733,428
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	141,615,928

The accompanying notes are an integral part of these financial statements.

94

Statements of Changes in Net Assets

	Nationwide S&P 500 Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	16,882,500		$	49,876,447
Net realized gains		1,061,992,099			240,183,835
Net change in unrealized appreciation/depreciation		(937,258,671	)		(78,205,775	)
Change in net assets resulting from operations		141,615,928			211,854,507
Distributions to Shareholders From:
Distributable earnings:
Class A		(17,531,508	)		(8,304,507	)
Class C		(6,192,810	)		(2,447,207	)
Class R		(9,852,892	)		(3,753,107	)
Class R6		(143,492,060	)		(139,963,734	)
Institutional Service Class		(42,557,236	)		(22,264,898	)
Service Class		(35,117,140	)		(20,114,200	)
Change in net assets from shareholder distributions		(254,743,646	)		(196,847,653	)
Change in net assets from capital transactions		(1,712,616,234	)		(2,891,867	)
Change in net assets		(1,825,743,952	)		12,114,987
Net Assets:
Beginning of period		2,897,766,888			2,885,651,901
End of period	$	1,072,022,936		$	2,897,766,888
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	25,332,416		$	42,550,661
Dividends reinvested		15,882,394			7,508,044
Cost of shares redeemed		(27,922,828	)		(40,954,131	)
Total Class A Shares		13,291,982			9,104,574
Class C Shares
Proceeds from shares issued		8,637,028			11,711,307
Dividends reinvested		5,906,945			2,296,749
Cost of shares redeemed		(7,072,505	)		(7,266,492	)
Total Class C Shares		7,471,468			6,741,564
Class R Shares
Proceeds from shares issued		17,466,207			38,554,587
Dividends reinvested		9,662,000			3,642,352
Cost of shares redeemed		(13,132,729	)		(23,654,693	)
Total Class R Shares		13,995,478			18,542,246
Class R6 Shares
Proceeds from shares issued		40,801,712			339,062,741
Dividends reinvested		143,344,283			139,930,307
Cost of shares redeemed		(1,993,189,817	)(a)		(479,026,396	)
Total Class R6 Shares		(1,809,043,822	)		(33,348	)

95

Statements of Changes in Net Assets (Continued)

	Nationwide S&P 500 Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	33,261,251		$	44,576,249
Dividends reinvested		42,474,636			22,201,215
Cost of shares redeemed		(26,991,719	)		(65,621,495	)
Total Institutional Service Class Shares		48,744,168			1,155,969
Service Class Shares
Proceeds from shares issued		10,336,330			21,095,768
Dividends reinvested		35,117,140			20,114,200
Cost of shares redeemed		(32,528,978	)		(79,612,840	)
Total Service Shares		12,924,492			(38,402,872	)
Change in net assets from capital transactions	$	(1,712,616,234	)	$	(2,891,867	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,709,119			2,589,662
Reinvested		1,202,003			463,138
Redeemed		(1,886,029	)		(2,474,424	)
Total Class A Shares		1,025,093			578,376
Class C Shares
Issued		616,702			727,809
Reinvested		458,869			145,229
Redeemed		(511,469	)		(449,586	)
Total Class C Shares		564,102			423,452
Class R Shares
Issued		1,198,644			2,338,297
Reinvested		734,152			225,381
Redeemed		(926,439	)		(1,432,467	)
Total Class R Shares		1,006,357			1,131,211
Class R6 Shares
Issued		2,700,490			20,706,590
Reinvested		10,737,795			8,546,029
Redeemed		(127,868,211	)(a)		(28,509,742	)
Total Class R6 Shares		(114,429,926	)		742,877
Institutional Service Class Shares
Issued		2,274,266			2,694,590
Reinvested		3,191,763			1,361,176
Redeemed		(1,763,346	)		(3,927,295	)
Total Institutional Service Class Shares		3,702,683			128,471
Service Class Shares
Issued		703,342			1,275,285
Reinvested		2,655,663			1,240,667
Redeemed		(2,212,715	)		(4,809,667	)
Total Service Shares		1,146,290			(2,293,715	)
Total change in shares		(106,985,401	)		710,672

(a) Amount includes in-kind redemptions. (See Note 3)

The accompanying notes are an integral part of these financial statements.

96

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide S&P 500 Index Fund

			Operations							Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)			Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)		Portfolio Turnover (c)(e)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	16.28		0.11			1.08		1.19		(0.15	)		(2.00	)		(2.15	)	$	15.32		9.48%		$	139,945,908		0.64%		1.51%			0.64%		2.27%	(f)
Year Ended October 31, 2018	$	16.29		0.22			0.85		1.07		(0.25	)		(0.83	)		(1.08	)	$	16.28		6.67%		$	132,086,189		0.59%		1.33%			0.59%		9.63%
Year Ended October 31, 2017	$	14.22		0.22			2.88		3.10		(0.22	)		(0.81	)		(1.03	)	$	16.29		22.90%		$	122,699,246		0.59%		1.45%			0.59%		12.07%
Year Ended October 31, 2016	$	15.27		0.23			0.28		0.51		(0.22	)		(1.34	)		(1.56	)	$	14.22		3.88%		$	103,686,629		0.60%		1.64%			0.60%		7.87%
Year Ended October 31, 2015	$	15.45		0.24	(g)		0.42		0.66		(0.26	)		(0.58	)		(0.84	)	$	15.27		4.64%		$	118,892,195		0.60%		1.59%	(g)		0.60%		9.70%
Year Ended October 31, 2014	$	14.50		0.21			2.03		2.24		(0.22	)		(1.07	)		(1.29	)	$	15.45		16.51%	(h)	$	124,089,880		0.57%		1.44%			0.57%		3.76%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	15.92		0.06			1.05		1.11		(0.11	)		(2.00	)		(2.11	)	$	14.92		9.09%		$	51,641,384		1.27%		0.87%			1.27%		2.27%	(f)
Year Ended October 31, 2018	$	15.95		0.11			0.84		0.95		(0.15	)		(0.83	)		(0.98	)	$	15.92		6.04%		$	46,120,304		1.24%		0.68%			1.24%		9.63%
Year Ended October 31, 2017	$	13.95		0.12			2.83		2.95		(0.14	)		(0.81	)		(0.95	)	$	15.95		22.11%		$	39,459,765		1.24%		0.80%			1.24%		12.07%
Year Ended October 31, 2016	$	15.02		0.13			0.28		0.41		(0.14	)		(1.34	)		(1.48	)	$	13.95		3.20%		$	28,618,578		1.24%		0.97%			1.24%		7.87%
Year Ended October 31, 2015	$	15.22		0.14	(g)		0.41		0.55		(0.17	)		(0.58	)		(0.75	)	$	15.02		3.94%		$	23,616,808		1.23%		0.93%	(g)		1.23%		9.70%
Year Ended October 31, 2014	$	14.30		0.12			2.00		2.12		(0.13	)		(1.07	)		(1.20	)	$	15.22		15.84%		$	13,434,014		1.22%		0.81%			1.22%		3.76%
Class R Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	16.23		0.10			1.07		1.17		(0.14	)		(2.00	)		(2.14	)	$	15.26		9.38%		$	82,616,976		0.78%		1.35%			0.78%		2.27%	(f)
Year Ended October 31, 2018	$	16.24		0.19			0.86		1.05		(0.23	)		(0.83	)		(1.06	)	$	16.23		6.53%		$	71,548,247		0.76%		1.16%			0.76%		9.63%
Year Ended October 31, 2017	$	14.20		0.16			2.90		3.06		(0.21	)		(0.81	)		(1.02	)	$	16.24		22.58%		$	53,224,497		0.88%		1.07%			0.88%		12.07%
Year Ended October 31, 2016	$	15.25		0.20			0.28		0.48		(0.19	)		(1.34	)		(1.53	)	$	14.20		3.69%		$	4,552,978		0.81%		1.41%			0.81%		7.87%
Year Ended October 31, 2015	$	15.41		0.20	(g)		0.41		0.61		(0.19	)		(0.58	)		(0.77	)	$	15.25		4.26%		$	2,257,699		0.90%		1.31%	(g)		0.90%		9.70%
Year Ended October 31, 2014	$	14.46		0.16			2.03		2.19		(0.17	)		(1.07	)		(1.24	)	$	15.41		16.18%		$	2,555,336		0.92%		1.09%			0.92%		3.76%
Class R6 Shares (j)
Six Months Ended April 30, 2019 (Unaudited)	$	16.43		0.17			1.06		1.23		(0.19	)		(2.00	)		(2.19	)	$	15.47		9.64%		$	157,623,264		0.19%		2.29%			0.19%		2.27%	(f)
Year Ended October 31, 2018	$	16.42		0.29			0.87		1.16		(0.32	)		(0.83	)		(1.15	)	$	16.43		7.19%		$	2,047,162,422		0.17%		1.76%			0.17%		9.63%
Year Ended October 31, 2017	$	14.33		0.28			2.91		3.19		(0.29	)		(0.81	)		(1.10	)	$	16.42		23.36%		$	2,034,151,407		0.17%		1.85%			0.17%		12.07%
Year Ended October 31, 2016	$	15.37		0.29			0.29		0.58		(0.28	)		(1.34	)		(1.62	)	$	14.33		4.38%		$	1,650,693,124		0.17%		2.05%			0.17%		7.87%
Year Ended October 31, 2015	$	15.55		0.31	(g)		0.42		0.73		(0.33	)		(0.58	)		(0.91	)	$	15.37		5.06%		$	1,755,329,648		0.17%		2.03%	(g)		0.17%		9.70%
Year Ended October 31, 2014	$	14.58		0.27			2.05		2.32		(0.28	)		(1.07	)		(1.35	)	$	15.55		17.03%		$	1,936,643,234		0.17%		1.85%			0.17%		3.76%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	16.38		0.12			1.10		1.22		(0.17	)		(2.00	)		(2.17	)	$	15.43		9.60%		$	367,041,638		0.45%		1.69%			0.45%		2.27%	(f)
Year Ended October 31, 2018	$	16.38		0.25			0.86		1.11		(0.28	)		(0.83	)		(1.11	)	$	16.38		6.88%		$	329,181,300		0.42%		1.51%			0.42%		9.63%
Year Ended October 31, 2017	$	14.29		0.25			2.90		3.15		(0.25	)		(0.81	)		(1.06	)	$	16.38		23.12%		$	327,009,809		0.42%		1.62%			0.42%		12.07%
Year Ended October 31, 2016	$	15.34		0.25			0.28		0.53		(0.24	)		(1.34	)		(1.58	)	$	14.29		4.06%		$	275,979,416		0.42%		1.79%			0.42%		7.87%
Year Ended October 31, 2015	$	15.52		0.27	(g)		0.42		0.69		(0.29	)		(0.58	)		(0.87	)	$	15.34		4.81%		$	248,015,509		0.42%		1.77%	(g)		0.42%		9.70%
Year Ended October 31, 2014	$	14.55		0.23			2.05		2.28		(0.24	)		(1.07	)		(1.31	)	$	15.52		16.77%		$	220,404,555		0.42%		1.59%			0.42%		3.76%
Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	16.30		0.11			1.07		1.18		(0.15	)		(2.00	)		(2.15	)	$	15.33		9.43%		$	273,153,766		0.60%		1.56%			0.60%		2.27%	(f)
Year Ended October 31, 2018	$	16.30		0.23			0.86		1.09		(0.26	)		(0.83	)		(1.09	)	$	16.30		6.75%		$	271,668,426		0.57%		1.37%			0.57%		9.63%
Year Ended October 31, 2017	$	14.23		0.22			2.89		3.11		(0.23	)		(0.81	)		(1.04	)	$	16.30		22.89%		$	309,107,177		0.57%		1.47%			0.57%		12.07%
Year Ended October 31, 2016	$	15.28		0.23			0.28		0.51		(0.22	)		(1.34	)		(1.56	)	$	14.23		3.92%		$	297,628,822		0.57%		1.65%			0.57%		7.87%
Year Ended October 31, 2015	$	15.46		0.25	(g)		0.42		0.67		(0.27	)		(0.58	)		(0.85	)	$	15.28		4.67%		$	349,006,306		0.57%		1.63%	(g)		0.57%		9.70%
Year Ended October 31, 2014	$	14.50		0.21			2.04		2.25		(0.22	)		(1.07	)		(1.29	)	$	15.46		16.58%		$	390,807,747		0.57%		1.45%			0.57%		3.76%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes received or delivered in-kind.

(g) During the year ended October 31, 2015, the Fund received a large special dividend distribution from Mylan NV. Had the Fund not received this special dividend distribution, the net investment income per share and ratio of net investment income to average net assets would have been $0.02 and 0.12% lower, respectively.

(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(i) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(j) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

The accompanying notes are an integral part of these financial statements.

97

Fund overview Nationwide Small Cap Index Fund

Asset Allocation¹

Common Stocks	97.3%
Repurchase Agreements	4.7%
Short-Term Investment	0.3%
Futures Contracts†	0.0%
Rights†	0.0%
Liabilities in excess of other assets	(2.3)%
	100.0%

Top Industries²

Banks	8.8%
Equity Real Estate Investment Trusts (REITs)	6.5%
Biotechnology	6.1%
Software	5.7%
Machinery	3.7%
Health Care Equipment & Supplies	3.1%
Specialty Retail	2.9%
Hotels, Restaurants & Leisure	2.8%
Semiconductors & Semiconductor Equipment	2.6%
Insurance	2.6%
Other Industries#	55.2%
	100.0%

Top Holdings²

Etsy, Inc.	0.4%
Five Below, Inc.	0.4%
Trade Desk, Inc. (The), Class A	0.3%
Cree, Inc.	0.3%
HubSpot, Inc.	0.3%
Planet Fitness, Inc., Class A	0.3%
Fidelity Investments Money Market Government Portfolio — Institutional Class	0.3%
Woodward, Inc.	0.3%
Entegris, Inc.	0.3%
Coupa Software, Inc.	0.3%
Other Holdings#	96.8%
	100.0%

† Amount rounds to less than 0.1%.

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

98

Shareholder Expense Example Nationwide Small Cap Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Small Cap Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,058.10		3.57		0.70
	Hypothetical	(a)(b)		1,000.00		1,021.32		3.51		0.70
Class C Shares	Actual	(a)		1,000.00		1,053.60		6.98		1.37
	Hypothetical	(a)(b)		1,000.00		1,018.00		6.85		1.37
Class R Shares	Actual	(a)		1,000.00		1,056.00		5.10		1.00
	Hypothetical	(a)(b)		1,000.00		1,019.84		5.01		1.00
Class R6 Shares	Actual	(a)		1,000.00		1,059.20		1.43		0.28
	Hypothetical	(a)(b)		1,000.00		1,023.41		1.40		0.28
Institutional Service Class Shares	Actual	(a)		1,000.00		1,058.70		2.71		0.53
	Hypothetical	(a)(b)		1,000.00		1,022.17		2.66		0.53

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

99

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund

Common Stocks 97.3%
	Shares		Value
Aerospace & Defense 1.1%
AAR Corp.		5,240	$	176,955
Aerojet Rocketdyne Holdings, Inc.*		11,400		386,004
Aerovironment, Inc.*		3,345		229,333
Astronics Corp.*		3,426		114,223
Axon Enterprise, Inc.*		9,058		575,183
Cubic Corp.		4,795		272,260
Ducommun, Inc.*		1,694		68,743
KeyW Holding Corp. (The)*		7,753		87,919
Kratos Defense & Security Solutions, Inc.*		13,897		220,684
Maxar Technologies, Inc. (a)		8,625		42,521
Mercury Systems, Inc.*		7,352		536,843
Moog, Inc., Class A		5,061		473,912
National Presto Industries, Inc.		769		81,898
Triumph Group, Inc.		7,466		177,168
Vectrus, Inc.*		1,856		75,261
Wesco Aircraft Holdings, Inc.*		8,506		71,791
				3,590,698
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		9,202		216,523
Atlas Air Worldwide Holdings, Inc.*		3,749		181,039
Echo Global Logistics, Inc.*		4,317		99,032
Forward Air Corp.		4,236		268,224
Hub Group, Inc., Class A*		5,143		213,794
Radiant Logistics, Inc.*		6,585		43,066
				1,021,678
Airlines 0.5%
Allegiant Travel Co.		2,036		299,048
Hawaiian Holdings, Inc.		7,757		218,825
Mesa Air Group, Inc.*		1,550		14,167
SkyWest, Inc.		8,048		495,676
Spirit Airlines, Inc.*		10,810		587,848
				1,615,564
Auto Components 1.0%
American Axle & Manufacturing Holdings, Inc.*		17,573		259,202
Cooper Tire & Rubber Co.		8,014		239,298
Cooper-Standard Holdings, Inc.*		2,761		139,900
Dana, Inc.		22,737		443,372
Dorman Products, Inc.*		4,244		372,071
Fox Factory Holding Corp.*		5,601		434,638
Gentherm, Inc.*		5,548		235,013
LCI Industries		3,868		339,804
Modine Manufacturing Co.*		7,552		111,694
Motorcar Parts of America, Inc.* (a)		2,996		61,897
Shiloh Industries, Inc.*		2,083		11,915
Standard Motor Products, Inc.		3,387		169,248
Stoneridge, Inc.*		4,187		131,597
Superior Industries International, Inc.		3,847		19,043
Tenneco, Inc., Class A		7,868		172,467
Tower International, Inc.		3,033		70,790
				3,211,949
Automobiles 0.1%
Winnebago Industries, Inc.		4,945		174,905

Common Stocks (continued)
	Shares		Value
Banks 9.0%
1st Constitution Bancorp		999	$	18,761
1st Source Corp.		2,541		118,995
ACNB Corp.		1,115		42,225
Allegiance Bancshares, Inc.*		1,856		64,162
Amalgamated Bank, Class A		1,683		28,527
American National Bankshares, Inc.		1,351		51,095
Ameris Bancorp		6,663		242,933
Ames National Corp.		1,259		35,567
Arrow Financial Corp.		1,961		65,988
Atlantic Capital Bancshares, Inc.*		3,996		69,690
Auburn National Bancorporation, Inc. (a)		339		12,126
Banc of California, Inc.		6,699		97,202
BancFirst Corp.		2,817		158,879
Bancorp, Inc. (The)*		7,794		79,577
BancorpSouth Bank		14,755		449,732
Bank of Commerce Holdings		2,281		24,680
Bank of Marin Bancorp		2,111		89,401
Bank of NT Butterfield & Son Ltd. (The)		8,746		350,015
Bank of Princeton (The)		845		25,434
BankFinancial Corp.		2,092		31,401
Bankwell Financial Group, Inc.		876		26,709
Banner Corp.		5,045		267,486
Bar Harbor Bankshares		2,404		63,177
Baycom Corp.*		1,466		33,791
BCB Bancorp, Inc.		2,013		26,612
Berkshire Hills Bancorp, Inc.		6,373		191,126
Boston Private Financial Holdings, Inc.		11,959		136,931
Bridge Bancorp, Inc.		2,664		82,557
Brookline Bancorp, Inc.		12,183		183,354
Bryn Mawr Bank Corp.		3,163		120,479
Business First Bancshares, Inc.		1,762		44,843
Byline Bancorp, Inc.*		2,631		52,673
C&F Financial Corp.		570		27,645
Cadence Bancorp		18,679		424,947
Cambridge Bancorp		577		48,381
Camden National Corp.		2,414		106,168
Capital Bancorp, Inc.*		850		9,664
Capital City Bank Group, Inc.		1,887		43,288
Capstar Financial Holdings, Inc.		1,250		19,362
Carolina Financial Corp.		3,346		120,757
Cathay General Bancorp		11,994		441,259
CB Financial Services, Inc.		657		15,597
CBTX, Inc.		2,886		91,486
CenterState Bank Corp.		19,265		475,460
Central Pacific Financial Corp.		3,816		114,518
Central Valley Community Bancorp		1,742		35,641
Century Bancorp, Inc., Class A		431		39,510
Chemical Financial Corp.		11,159		490,215
Chemung Financial Corp.		476		22,553
Citizens & Northern Corp.		1,979		56,105
City Holding Co.		2,496		198,132
Civista Bancshares, Inc.		2,337		51,414
CNB Financial Corp.		2,357		67,127
Coastal Financial Corp.*		1,176		18,757
Codorus Valley Bancorp, Inc.		1,310		27,720
Columbia Banking System, Inc.		11,506		431,935
Community Bank System, Inc.		7,902		525,167
Community Bankers Trust Corp.		3,160		24,901
Community Financial Corp. (The)		755		23,118
Community Trust Bancorp, Inc.		2,462		104,019

100

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
ConnectOne Bancorp, Inc.		4,689	$	102,361
County Bancorp, Inc.		694		12,443
Customers Bancorp, Inc.*		4,516		102,287
CVB Financial Corp.		17,481		379,338
Eagle Bancorp, Inc.*		5,045		278,787
Enterprise Bancorp, Inc.		1,568		49,753
Enterprise Financial Services Corp.		3,545		150,804
Equity Bancshares, Inc., Class A*		2,075		54,489
Esquire Financial Holdings, Inc.*		1,025		25,768
Evans Bancorp, Inc.		674		24,763
Farmers & Merchants Bancorp, Inc.		1,440		45,706
Farmers National Banc Corp.		3,728		53,646
FB Financial Corp.		2,597		95,414
Fidelity D&D Bancorp, Inc.		446		26,760
Fidelity Southern Corp.		3,458		100,662
Financial Institutions, Inc.		2,483		68,282
First Bancorp		4,652		176,357
First Bancorp, Inc.		1,722		46,167
First Bancorp/PR		33,512		378,686
First Bancshares, Inc. (The)		1,928		59,537
First Bank		2,463		28,103
First Busey Corp.		6,936		179,226
First Business Financial Services, Inc.		1,185		27,291
First Choice Bancorp		1,404		29,849
First Commonwealth Financial Corp.		14,934		203,252
First Community Bankshares, Inc.		2,549		88,603
First Community Corp.		1,003		18,846
First Financial Bancorp		15,023		377,077
First Financial Bankshares, Inc.		10,225		629,042
First Financial Corp.		1,962		80,776
First Financial Northwest, Inc.		1,086		18,169
First Foundation, Inc.		5,779		82,120
First Guaranty Bancshares, Inc.		765		16,409
First Internet Bancorp		1,484		32,485
First Interstate BancSystem, Inc., Class A		5,280		223,133
First Merchants Corp.		7,765		284,743
First Mid Bancshares, Inc.		2,130		73,464
First Midwest Bancorp, Inc.		16,635		357,153
First Northwest Bancorp		1,431		23,297
First of Long Island Corp. (The)		3,857		89,752
First Savings Financial Group, Inc.		316		18,360
First United Corp.		962		18,201
Flushing Financial Corp.		4,306		97,316
Franklin Financial Network, Inc.		2,040		56,406
Fulton Financial Corp.		26,260		452,985
FVCBankcorp, Inc.*		449		7,364
German American Bancorp, Inc.		3,582		106,923
Glacier Bancorp, Inc.		13,360		569,002
Great Southern Bancorp, Inc.		1,765		102,282
Great Western Bancorp, Inc.		8,907		313,259
Guaranty Bancshares, Inc.		1,113		31,242
Hancock Whitney Corp.		13,327		582,923
Hanmi Financial Corp.		4,459		105,767
HarborOne Bancorp, Inc.*		2,305		43,150
Heartland Financial USA, Inc.		4,623		207,573
Heritage Commerce Corp.		6,194		77,549
Heritage Financial Corp.		5,754		174,174
Hilltop Holdings, Inc.		11,123		233,917
Home BancShares, Inc.		24,876		477,370
HomeTrust Bancshares, Inc.		2,701		68,497

Common Stocks (continued)
	Shares		Value
Banks (continued)
Hope Bancorp, Inc.		19,010	$	267,281
Horizon Bancorp, Inc.		5,737		93,341
Howard Bancorp, Inc.*		1,867		28,061
IBERIABANK Corp.		8,647		687,436
Independent Bank Corp.		8,615		486,847
Independent Bank Group, Inc.		5,136		292,752
International Bancshares Corp.		8,600		356,642
Investar Holding Corp.		1,443		33,593
Investors Bancorp, Inc.		37,368		439,074
Lakeland Bancorp, Inc.		7,103		117,626
Lakeland Financial Corp.		3,671		175,290
LCNB Corp.		1,322		22,474
LegacyTexas Financial Group, Inc.		7,459		298,957
Level One Bancorp, Inc.		716		17,735
Live Oak Bancshares, Inc. (a)		3,928		68,622
Macatawa Bank Corp.		3,902		40,269
Malvern Bancorp, Inc.*		1,309		27,738
MBT Financial Corp.		2,608		26,184
Mercantile Bank Corp.		2,560		86,528
Metropolitan Bank Holding Corp.*		953		38,034
Mid Penn Bancorp, Inc.		744		18,139
Middlefield Banc Corp.		516		20,924
Midland States Bancorp, Inc.		3,237		86,816
MidSouth Bancorp, Inc.		2,088		24,785
MidWestOne Financial Group, Inc.		1,813		51,090
MutualFirst Financial, Inc.		909		27,170
MVB Financial Corp.		1,134		18,813
National Bank Holdings Corp., Class A		4,441		169,824
National Bankshares, Inc.		988		41,783
NBT Bancorp, Inc.		6,577		250,058
Nicolet Bankshares, Inc.*		1,293		78,938
Northeast Bancorp		1,065		23,345
Northrim Bancorp, Inc.		1,142		40,530
Norwood Financial Corp.		849		27,321
Oak Valley Bancorp		1,110		21,279
OFG Bancorp		6,731		135,832
Ohio Valley Banc Corp.		601		22,586
Old Line Bancshares, Inc.		2,429		60,725
Old National Bancorp		23,773		406,043
Old Second Bancorp, Inc.		4,607		61,043
Opus Bank		3,114		68,103
Origin Bancorp, Inc.		2,859		99,608
Orrstown Financial Services, Inc.		1,034		21,445
Pacific City Financial Corp.		2,002		36,677
Pacific Mercantile Bancorp*		2,330		18,244
Pacific Premier Bancorp, Inc.		7,055		205,089
Park National Corp.		2,127		207,765
Parke Bancorp, Inc.		1,114		25,488
Peapack Gladstone Financial Corp.		2,893		83,694
Penns Woods Bancorp, Inc.		675		29,470
Peoples Bancorp of North Carolina, Inc.		660		18,460
Peoples Bancorp, Inc.		2,768		90,458
Peoples Financial Services Corp.		1,151		50,068
People’s Utah Bancorp		2,384		67,825
Preferred Bank		2,167		106,595
Premier Financial Bancorp, Inc.		1,744		28,916
QCR Holdings, Inc.		2,036		69,652
RBB Bancorp		2,024		39,185
Reliant Bancorp, Inc.		1,428		32,701
Renasant Corp.		7,560		274,126
Republic Bancorp, Inc., Class A		1,562		73,820

101

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Republic First Bancorp, Inc.*		7,086	$	36,280
S&T Bancorp, Inc.		5,314		212,985
Sandy Spring Bancorp, Inc.		5,341		186,347
SB One Bancorp		1,005		23,869
Seacoast Banking Corp. of Florida*		7,092		201,129
Select Bancorp, Inc.*		2,482		30,479
ServisFirst Bancshares, Inc.		7,351		249,493
Shore Bancshares, Inc.		1,824		28,874
Sierra Bancorp		2,273		60,144
Simmons First National Corp., Class A		14,241		361,579
SmartFinancial, Inc.*		1,611		33,493
South State Corp.		5,603		423,923
Southern First Bancshares, Inc.*		1,119		41,190
Southern National Bancorp of Virginia, Inc.		3,072		45,834
Southside Bancshares, Inc.		5,022		176,423
Spirit of Texas Bancshares, Inc.*		1,718		38,603
Stock Yards Bancorp, Inc.		3,289		112,977
Summit Financial Group, Inc.		1,841		47,958
Tompkins Financial Corp.		2,345		189,171
Towne Bank		10,347		269,850
TriCo Bancshares		4,047		161,516
TriState Capital Holdings, Inc.*		3,793		88,225
Triumph Bancorp, Inc.*		3,931		121,900
Trustmark Corp.		10,394		373,768
UMB Financial Corp.		7,076		494,329
Union Bankshares Corp.		12,019		438,694
Union Bankshares, Inc.		575		22,718
United Bankshares, Inc.		15,411		604,728
United Community Banks, Inc.		11,254		316,012
United Security Bancshares		1,817		19,078
Unity Bancorp, Inc.		1,135		24,516
Univest Financial Corp.		4,491		113,263
Valley National Bancorp		50,956		534,019
Veritex Holdings, Inc.		6,921		183,476
Washington Trust Bancorp, Inc.		2,409		124,810
WesBanco, Inc.		8,303		334,777
West Bancorporation, Inc.		2,589		54,291
Westamerica Bancorp		3,979		255,531
				30,055,203
Beverages 0.3%
Boston Beer Co., Inc. (The), Class A*		1,299		402,703
Castle Brands, Inc.*		11,492		7,350
Celsius Holdings, Inc.* (a)		3,263		13,509
Coca-Cola Consolidated, Inc.		720		234,022
Craft Brew Alliance, Inc.*		1,837		25,920
MGP Ingredients, Inc. (a)		2,110		185,406
National Beverage Corp. (a)		1,894		106,064
Primo Water Corp.*		5,279		83,144
				1,058,118
Biotechnology 6.2%
Abeona Therapeutics, Inc.*		4,932		37,976
ACADIA Pharmaceuticals, Inc.*		17,726		426,310
Acceleron Pharma, Inc.*		6,820		277,779
Achillion Pharmaceuticals, Inc.*		21,109		62,483
Acorda Therapeutics, Inc.*		6,833		71,405
Adamas Pharmaceuticals, Inc.*		3,481		22,000
ADMA Biologics, Inc.* (a)		2,715		12,570

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Aduro Biotech, Inc.*		9,225	$	37,730
Adverum Biotechnologies, Inc.*		7,815		50,407
Aeglea BioTherapeutics, Inc.*		3,305		22,639
Agenus, Inc.*		15,071		38,733
AgeX Therapeutics, Inc.*		1,767		8,058
Aimmune Therapeutics, Inc.* (a)		6,965		140,275
Akcea Therapeutics, Inc.* (a)		2,083		52,263
Akebia Therapeutics, Inc.*		13,710		82,808
Albireo Pharma, Inc.*		1,316		45,297
Alder Biopharmaceuticals, Inc.*		9,367		127,298
Aldeyra Therapeutics, Inc.*		3,309		27,365
Alector, Inc.*		847		16,821
Allakos, Inc.* (a)		2,213		86,772
Allena Pharmaceuticals, Inc.*		1,678		10,353
Allogene Therapeutics, Inc.* (a)		3,554		106,442
AMAG Pharmaceuticals, Inc.*		5,332		59,505
Amicus Therapeutics, Inc.*		29,594		394,784
AnaptysBio, Inc.*		3,352		243,757
Anika Therapeutics, Inc.*		2,236		71,217
Apellis Pharmaceuticals, Inc.*		5,574		110,421
Aptinyx, Inc.*		1,948		7,500
Arbutus Biopharma Corp.*		5,065		13,625
Arcus Biosciences, Inc.* (a)		4,818		46,831
Ardelyx, Inc.*		7,431		25,265
Arena Pharmaceuticals, Inc.*		7,851		359,183
ArQule, Inc.*		16,240		96,953
Array BioPharma, Inc.*		32,996		746,040
Arrowhead Pharmaceuticals, Inc.*		14,601		262,526
Assembly Biosciences, Inc.*		3,453		54,488
Atara Biotherapeutics, Inc.*		6,534		219,542
Athenex, Inc.* (a)		7,168		70,820
Athersys, Inc.* (a)		16,904		26,201
Audentes Therapeutics, Inc.*		5,734		216,688
AVEO Pharmaceuticals, Inc.* (a)		19,450		17,950
Avid Bioservices, Inc.*		7,464		35,753
Avrobio, Inc.*		2,024		38,071
Bellicum Pharmaceuticals, Inc.*		5,726		17,464
BioCryst Pharmaceuticals, Inc.*		17,388		129,193
Biohaven Pharmaceutical Holding Co. Ltd.*		4,874		291,709
BioSpecifics Technologies Corp.*		825		55,275
BioTime, Inc.* (a)		19,955		24,744
Blueprint Medicines Corp.*		7,046		532,748
Calithera Biosciences, Inc.*		5,640		34,742
Calyxt, Inc.*		1,119		17,848
Cara Therapeutics, Inc.* (a)		5,323		101,563
CareDx, Inc.*		5,409		147,179
CASI Pharmaceuticals, Inc.* (a)		7,158		23,335
Catalyst Biosciences, Inc.*		1,713		14,937
Catalyst Pharmaceuticals, Inc.*		14,127		81,089
Celcuity, Inc.*		842		18,945
Cellular Biomedicine Group, Inc.*		1,813		31,329
ChemoCentryx, Inc.*		3,633		48,210
Chimerix, Inc.*		6,687		18,055
Clovis Oncology, Inc.*		7,549		137,920
Cohbar, Inc. Reg. S*		3,191		7,818
Coherus Biosciences, Inc.* (a)		8,246		131,276
Concert Pharmaceuticals, Inc.*		3,532		36,309
Constellation Pharmaceuticals, Inc.*		2,508		32,980
Corbus Pharmaceuticals Holdings, Inc.* (a)		8,028		57,320

102

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Corvus Pharmaceuticals, Inc.*		1,993	$	8,430
Crinetics Pharmaceuticals, Inc.*		1,341		34,799
CTI BioPharma Corp.*		7,293		7,146
Cue Biopharma, Inc.*		2,546		21,616
Cyclerion Therapeutics, Inc.*		2,227		33,917
Cytokinetics, Inc.*		6,727		59,332
CytomX Therapeutics, Inc.*		7,216		68,624
Deciphera Pharmaceuticals, Inc.*		1,462		33,626
Denali Therapeutics, Inc.*		7,244		177,261
Dicerna Pharmaceuticals, Inc.*		8,210		106,402
Dynavax Technologies Corp.* (a)		9,533		63,394
Eagle Pharmaceuticals, Inc.*		1,604		82,462
Editas Medicine, Inc.*		7,078		175,181
Eidos Therapeutics, Inc.* (a)		2,565		67,229
Emergent BioSolutions, Inc.*		7,165		370,287
Enanta Pharmaceuticals, Inc.*		2,650		231,054
Epizyme, Inc.*		9,549		118,503
Equillium, Inc.*		805		5,023
Esperion Therapeutics, Inc.* (a)		3,644		157,056
Evelo Biosciences, Inc.* (a)		2,092		17,541
Fate Therapeutics, Inc.*		9,675		162,540
Fennec Pharmaceuticals, Inc.*		1,624		7,227
FibroGen, Inc.*		11,850		553,751
Five Prime Therapeutics, Inc.*		5,474		60,652
Flexion Therapeutics, Inc.* (a)		5,172		54,823
Fortress Biotech, Inc.*		4,468		7,104
Forty Seven, Inc.*		2,198		41,740
G1 Therapeutics, Inc.*		3,660		78,324
Genomic Health, Inc.*		3,308		212,804
Geron Corp.* (a)		24,620		44,808
Global Blood Therapeutics, Inc.*		8,377		464,086
GlycoMimetics, Inc.*		5,284		64,306
Gossamer Bio, Inc.*		1,729		29,324
Gritstone Oncology, Inc.* (a)		1,045		10,983
GTx, Inc.*		667		727
Halozyme Therapeutics, Inc.*		19,375		312,519
Harpoon Therapeutics, Inc.*		680		7,983
Heron Therapeutics, Inc.*		10,733		232,691
Homology Medicines, Inc.*		2,639		56,791
Idera Pharmaceuticals, Inc.*		2,528		7,609
Immunic, Inc.*		109		1,513
ImmunoGen, Inc.*		23,043		55,073
Immunomedics, Inc.* (a)		23,249		372,449
Inovio Pharmaceuticals, Inc.* (a)		13,032		49,000
Insmed, Inc.*		12,086		367,898
Insys Therapeutics, Inc.* (a)		4,267		18,348
Intellia Therapeutics, Inc.* (a)		5,083		78,177
Intercept Pharmaceuticals, Inc.* (a)		3,391		292,236
Intrexon Corp.* (a)		11,392		49,327
Invitae Corp.*		11,050		261,001
Iovance Biotherapeutics, Inc.*		16,850		192,090
Ironwood Pharmaceuticals, Inc.*		22,275		264,850
Jounce Therapeutics, Inc.*		2,080		11,814
Kadmon Holdings, Inc.*		14,427		33,903
Karyopharm Therapeutics, Inc.*		7,426		34,679
Kezar Life Sciences, Inc.*		1,962		37,023
Kindred Biosciences, Inc.*		5,740		51,029
Kiniksa Pharmaceuticals Ltd., Class A*		1,815		27,098
Kodiak Sciences, Inc.*		1,437		10,663
Kura Oncology, Inc.*		4,550		68,887
La Jolla Pharmaceutical Co.*		3,397		27,346

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Lexicon Pharmaceuticals, Inc.* (a)		6,828	$	39,602
Ligand Pharmaceuticals, Inc.*		3,308		416,312
LogicBio Therapeutics, Inc.*		1,264		17,203
MacroGenics, Inc.*		6,039		101,274
Madrigal Pharmaceuticals, Inc.* (a)		1,107		117,431
Magenta Therapeutics, Inc.*		2,300		33,143
MannKind Corp.* (a)		26,129		40,239
MediciNova, Inc.* (a)		6,056		67,827
MeiraGTx Holdings plc*		1,903		37,166
Mersana Therapeutics, Inc.*		1,799		8,851
Minerva Neurosciences, Inc.*		4,551		33,541
Miragen Therapeutics, Inc.* (a)		3,706		10,859
Mirati Therapeutics, Inc.*		3,335		198,399
Molecular Templates, Inc.*		1,314		9,658
Momenta Pharmaceuticals, Inc.*		15,268		213,599
Mustang Bio, Inc.* (a)		2,179		9,043
Myriad Genetics, Inc.*		10,732		337,843
NantKwest, Inc.*		4,240		4,749
Natera, Inc.*		5,323		101,723
Neon Therapeutics, Inc.*		2,670		16,447
NewLink Genetics Corp.*		4,160		7,114
Novavax, Inc.*		59,989		31,872
Nymox Pharmaceutical Corp.* (a)		4,961		9,079
OPKO Health, Inc.* (a)		51,328		122,674
Organovo Holdings, Inc.*		22,496		22,496
Ovid therapeutics, Inc.*		1,857		3,788
Palatin Technologies, Inc.* (a)		32,692		40,538
PDL BioPharma, Inc.*		21,852		71,456
Pfenex, Inc.*		5,259		30,450
Pieris Pharmaceuticals, Inc.*		7,467		22,326
PolarityTE, Inc.* (a)		1,405		12,701
Portola Pharmaceuticals, Inc.* (a)		10,300		363,590
Principia Biopharma, Inc.*		869		25,992
Progenics Pharmaceuticals, Inc.*		12,595		64,738
Proteostasis Therapeutics, Inc.*		5,553		6,108
Prothena Corp. plc*		6,108		63,523
PTC Therapeutics, Inc.*		8,018		300,034
Puma Biotechnology, Inc.*		4,458		143,191
Ra Pharmaceuticals, Inc.*		2,899		64,358
Radius Health, Inc.*		6,229		137,163
Recro Pharma, Inc.*		2,977		25,989
REGENXBIO, Inc.*		5,070		255,528
Repligen Corp.*		6,182		416,543
Replimune Group, Inc.*		1,846		30,957
Retrophin, Inc.*		6,329		120,757
Rhythm Pharmaceuticals, Inc.*		2,481		62,720
Rigel Pharmaceuticals, Inc.*		26,179		58,379
Rocket Pharmaceuticals, Inc.*		3,851		71,475
Rubius Therapeutics, Inc.* (a)		5,356		93,676
Sangamo Therapeutics, Inc.*		16,239		189,834
Savara, Inc.*		4,504		48,103
Scholar Rock Holding Corp.*		2,269		48,284
Selecta Biosciences, Inc.* (a)		6,244		13,425
Seres Therapeutics, Inc.*		2,934		19,188
Solid Biosciences, Inc.* (a)		1,819		16,517
Sorrento Therapeutics, Inc.* (a)		16,148		58,940
Spark Therapeutics, Inc.*		4,921		525,022
Spectrum Pharmaceuticals, Inc.*		15,779		147,849
Spero Therapeutics, Inc.*		1,196		13,371
Spring Bank Pharmaceuticals, Inc.*		2,324		17,221
Stemline Therapeutics, Inc.*		6,066		90,990

103

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Surface Oncology, Inc.*		2,137	$	10,001
Sutro Biopharma, Inc.*		971		9,686
Syndax Pharmaceuticals, Inc.*		1,914		13,685
Synlogic, Inc.*		2,218		19,030
Synthorx, Inc.*		1,151		17,610
Syros Pharmaceuticals, Inc.*		3,530		25,522
T2 Biosystems, Inc.* (a)		5,295		13,608
TG Therapeutics, Inc.*		9,675		76,916
Tocagen, Inc.*		3,312		32,723
Translate Bio, Inc.*		4,584		44,465
Twist Bioscience Corp.*		771		18,242
Tyme Technologies, Inc.*		15,882		23,982
Ultragenyx Pharmaceutical, Inc.*		8,231		543,246
UNITY Biotechnology, Inc.*		3,816		31,406
Unum Therapeutics, Inc.*		2,890		9,364
Vanda Pharmaceuticals, Inc.*		7,890		128,528
Veracyte, Inc.*		4,402		100,674
Verastem, Inc.* (a)		10,107		21,528
Vericel Corp.*		6,657		113,102
Viking Therapeutics, Inc.* (a)		9,139		71,558
Voyager Therapeutics, Inc.*		3,412		71,993
X4 Pharmaceuticals, Inc.*		95		1,938
Xencor, Inc.*		7,401		227,285
XOMA Corp.* (a)		964		11,433
Y-mAbs Therapeutics, Inc.*		1,054		24,263
Zafgen, Inc.*		4,443		11,374
ZIOPHARM Oncology, Inc.* (a)		21,453		94,822
				20,877,823
Building Products 1.2%
AAON, Inc.		6,505		326,616
Advanced Drainage Systems, Inc.		5,699		159,857
American Woodmark Corp.*		2,160		194,249
Apogee Enterprises, Inc.		3,991		160,837
Armstrong Flooring, Inc.*		3,107		45,020
Builders FirstSource, Inc.*		17,997		247,999
Caesarstone Ltd.		3,621		54,786
Continental Building Products, Inc.*		5,937		152,284
CSW Industrials, Inc.*		2,113		126,674
Gibraltar Industries, Inc.*		5,071		201,167
Griffon Corp.		5,646		110,774
Insteel Industries, Inc.		2,785		58,318
JELD-WEN Holding, Inc.*		10,825		213,794
Masonite International Corp.*		4,165		214,456
NCI Building Systems, Inc.*		6,515		37,266
Patrick Industries, Inc.*		3,632		181,128
PGT Innovations, Inc.*		8,987		131,749
Quanex Building Products Corp.		5,390		90,121
Simpson Manufacturing Co., Inc.		6,526		415,576
Trex Co., Inc.*		9,298		644,072
Universal Forest Products, Inc.		9,429		348,401
				4,115,144
Capital Markets 1.3%
Artisan Partners Asset Management, Inc., Class A		7,482		212,040
Ashford, Inc.*		125		6,925
Associated Capital Group, Inc., Class A		413		17,061
B. Riley Financial, Inc.		3,458		62,694
Blucora, Inc.*		7,462		261,170

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
BrightSphere Investment Group plc		12,655	$	185,522
Cohen & Steers, Inc.		3,529		176,979
Cowen, Inc.*		4,548		76,179
Diamond Hill Investment Group, Inc.		541		78,164
Donnelley Financial Solutions, Inc.*		5,142		78,724
Federated Investors, Inc., Class B		15,258		468,878
Focus Financial Partners, Inc., Class A*		4,122		154,575
GAIN Capital Holdings, Inc. (a)		4,039		21,286
GAMCO Investors, Inc., Class A		955		20,704
Greenhill & Co., Inc.		2,680		55,503
Hamilton Lane, Inc., Class A		2,619		127,964
Houlihan Lokey, Inc.		5,400		266,328
INTL. FCStone, Inc.*		2,422		98,236
Ladenburg Thalmann Financial Services, Inc.		16,804		61,671
Moelis & Co., Class A		7,035		288,083
Oppenheimer Holdings, Inc., Class A		1,614		42,367
Piper Jaffray Cos.		2,306		185,864
PJT Partners, Inc., Class A		3,087		133,111
Pzena Investment Management, Inc., Class A		2,448		24,358
Safeguard Scientifics, Inc.*		2,912		33,313
Siebert Financial Corp.*		976		10,219
Silvercrest Asset Management Group, Inc., Class A		1,456		21,170
Stifel Financial Corp.		10,769		642,586
Value Line, Inc.		292		6,760
Virtus Investment Partners, Inc.		1,060		129,967
Waddell & Reed Financial, Inc., Class A (a)		11,620		217,643
Westwood Holdings Group, Inc.		1,377		43,086
WisdomTree Investments, Inc.		18,533		133,438
				4,342,568
Chemicals 2.0%
Advanced Emissions Solutions, Inc. (a)		2,911		32,894
AdvanSix, Inc.*		4,681		141,507
AgroFresh Solutions, Inc.*		4,536		14,470
American Vanguard Corp.		4,458		70,169
Amyris, Inc.* (a)		4,876		21,844
Balchem Corp.		5,062		513,844
Chase Corp.		1,115		104,442
Ferro Corp.*		13,176		235,455
Flotek Industries, Inc.* (a)		7,923		28,285
FutureFuel Corp.		4,244		62,344
GCP Applied Technologies, Inc.*		11,151		321,037
Hawkins, Inc.		1,558		57,506
HB Fuller Co.		7,920		387,842
Ingevity Corp.*		6,658		765,737
Innophos Holdings, Inc.		2,988		96,184
Innospec, Inc.		3,791		321,553
Intrepid Potash, Inc.*		15,973		59,419
Koppers Holdings, Inc.*		3,180		85,033
Kraton Corp.*		4,941		162,164
Kronos Worldwide, Inc.		3,594		48,878
Livent Corp.*		23,508		253,416
LSB Industries, Inc.*		3,124		18,275
Marrone Bio Innovations, Inc.* (a)		7,658		12,329
Minerals Technologies, Inc.		5,323		334,125
OMNOVA Solutions, Inc.*		7,085		52,429

104

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
PolyOne Corp.		12,631	$	349,121
PQ Group Holdings, Inc.*		5,652		89,358
Quaker Chemical Corp.		2,058		460,622
Rayonier Advanced Materials, Inc.		7,808		115,871
Sensient Technologies Corp.		6,688		468,963
Stepan Co.		3,207		296,776
Trecora Resources*		3,351		31,332
Tredegar Corp.		4,045		72,891
Trinseo SA		6,786		305,031
Tronox Holdings plc, Class A		14,982		211,845
Valhi, Inc.		3,274		8,218
				6,611,209
Commercial Services & Supplies 2.5%
ABM Industries, Inc.		10,397		394,774
ACCO Brands Corp.		16,233		148,370
Advanced Disposal Services, Inc.*		11,276		364,666
Brady Corp., Class A		7,469		364,412
BrightView Holdings, Inc.*		4,600		73,784
Brink’s Co. (The)		7,915		632,646
Casella Waste Systems, Inc., Class A*		6,604		246,461
CECO Environmental Corp.*		4,277		33,190
Charah Solutions, Inc.*		1,687		11,876
Cimpress NV*		3,493		315,767
Covanta Holding Corp.		18,349		331,566
Deluxe Corp.		7,298		326,367
Ennis, Inc.		3,933		79,368
Healthcare Services Group, Inc. (a)		11,684		395,503
Heritage-Crystal Clean, Inc.*		2,370		68,090
Herman Miller, Inc.		8,889		345,071
HNI Corp.		6,850		251,463
Interface, Inc.		9,490		152,220
Kimball International, Inc., Class B		5,659		88,620
Knoll, Inc.		7,753		169,326
LSC Communications, Inc.		5,561		38,871
Matthews International Corp., Class A		4,976		199,339
McGrath RentCorp		3,664		227,168
Mobile Mini, Inc.		7,032		253,293
MSA Safety, Inc.		5,365		589,667
Multi-Color Corp.		2,140		106,786
NL Industries, Inc.*		865		3,071
PICO Holdings, Inc.*		3,186		36,416
Pitney Bowes, Inc.		29,715		211,274
Quad/Graphics, Inc.		5,094		62,198
RR Donnelley & Sons Co.		11,379		52,571
SP Plus Corp.*		3,472		119,853
Steelcase, Inc., Class A		13,492		233,277
Team, Inc.* (a)		4,509		76,202
Tetra Tech, Inc.		8,716		564,100
UniFirst Corp.		2,417		382,200
US Ecology, Inc.		3,485		212,620
Viad Corp.		3,239		198,583
VSE Corp.		1,450		44,326
				8,405,355
Communications Equipment 1.7%
Acacia Communications, Inc.*		4,341		251,257
ADTRAN, Inc.		7,368		126,287
Aerohive Networks, Inc.*		4,576		15,467
Applied Optoelectronics, Inc.* (a)		2,872		35,957

Common Stocks (continued)
	Shares		Value
Communications Equipment (continued)
CalAmp Corp.*		5,355	$	78,236
Calix, Inc.*		7,041		48,231
Casa Systems, Inc.*		3,876		37,171
Ciena Corp.*		22,273		854,392
Clearfield, Inc.*		1,666		24,557
Comtech Telecommunications Corp.		3,506		82,496
DASAN Zhone Solutions, Inc.*		823		9,432
Digi International, Inc.*		4,287		55,174
Extreme Networks, Inc.*		17,875		143,000
Finisar Corp.*		18,505		446,156
Harmonic, Inc.*		12,694		71,848
Infinera Corp.*		24,097		104,581
InterDigital, Inc.		5,222		341,467
KVH Industries, Inc.*		2,262		22,168
Lumentum Holdings, Inc.*		11,880		736,204
NETGEAR, Inc.*		4,939		153,257
NetScout Systems, Inc.*		11,851		348,419
Plantronics, Inc.		5,231		269,292
Quantenna Communications, Inc.*		5,218		127,058
Ribbon Communications, Inc.*		8,936		47,897
ViaSat, Inc.* (a)		8,643		784,957
Viavi Solutions, Inc.*		35,922		477,763
				5,692,724
Construction & Engineering 1.1%
Aegion Corp.*		4,908		97,718
Ameresco, Inc., Class A*		2,938		44,246
Argan, Inc.		2,262		108,169
Comfort Systems USA, Inc.		5,769		312,103
Dycom Industries, Inc.*		4,805		238,280
EMCOR Group, Inc.		9,015		758,522
Granite Construction, Inc.		6,954		312,165
Great Lakes Dredge & Dock Corp.*		8,386		85,789
HC2 Holdings, Inc.* (a)		5,973		12,782
IES Holdings, Inc.*		1,398		24,479
Infrastructure and Energy Alternatives, Inc.*		2,456		11,150
KBR, Inc.		22,256		494,528
MasTec, Inc.*		10,008		506,905
MYR Group, Inc.*		2,519		91,062
Northwest Pipe Co.*		1,386		33,223
NV5 Global, Inc.*		1,485		94,060
Orion Group Holdings, Inc.*		3,961		10,259
Primoris Services Corp.		6,718		147,259
Sterling Construction Co., Inc.*		4,153		56,315
Tutor Perini Corp.*		5,792		115,666
WillScot Corp.*		5,837		78,624
				3,633,304
Construction Materials 0.1%
Forterra, Inc.*		2,675		12,412
Summit Materials, Inc., Class A*		17,365		304,235
United States Lime & Minerals, Inc.		299		24,195
US Concrete, Inc.* (a)		2,476		116,694
				457,536
Consumer Finance 0.7%
Curo Group Holdings Corp.*		1,688		22,484
Elevate Credit, Inc.*		2,984		13,368
Encore Capital Group, Inc.* (a)		4,017		113,521

105

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Consumer Finance (continued)
Enova International, Inc.*		5,343	$	146,559
EZCORP, Inc., Class A*		7,893		85,797
FirstCash, Inc.		6,598		644,493
Green Dot Corp., Class A*		7,620		485,927
LendingClub Corp.*		51,005		162,196
Nelnet, Inc., Class A		2,955		171,538
PRA Group, Inc.*		7,110		199,933
Regional Management Corp.*		1,468		36,362
World Acceptance Corp.*		965		125,440
				2,207,618
Containers & Packaging 0.1%
Greif, Inc., Class A		3,977		157,171
Greif, Inc., Class B		821		39,942
Myers Industries, Inc.		5,605		100,274
UFP Technologies, Inc.*		946		34,434
				331,821
Distributors 0.1%
Core-Mark Holding Co., Inc.		7,188		261,284
Funko, Inc., Class A*		1,634		32,402
Weyco Group, Inc.		904		31,016
				324,702
Diversified Consumer Services 0.8%
Adtalem Global Education, Inc.*		8,861		437,025
American Public Education, Inc.*		2,507		80,224
Career Education Corp.*		10,835		196,655
Carriage Services, Inc.		2,926		51,351
Chegg, Inc.*		17,034		607,262
Houghton Mifflin Harcourt Co.*		16,492		117,588
K12, Inc.*		5,927		178,521
Laureate Education, Inc., Class A*		14,896		234,463
Regis Corp.*		4,674		87,497
Sotheby’s*		5,153		217,354
Strategic Education, Inc.		3,285		470,905
Weight Watchers International, Inc.*		5,963		121,764
				2,800,609
Diversified Financial Services 0.2%
Banco Latinoamericano de Comercio Exterior SA, Class E		4,626		100,060
Cannae Holdings, Inc.*		10,843		278,340
FGL Holdings		23,041		196,540
Marlin Business Services Corp.		1,267		27,608
On Deck Capital, Inc.*		7,846		42,839
				645,387
Diversified Telecommunication Services 0.5%
ATN International, Inc.		1,605		97,985
Cincinnati Bell, Inc.*		6,834		60,823
Cogent Communications Holdings, Inc.		6,630		366,175
Consolidated Communications Holdings, Inc. (a)		10,731		55,372
Frontier Communications Corp.* (a)		17,606		50,177
Intelsat SA* (a)		8,876		179,650
Iridium Communications, Inc.*		15,016		412,339
Ooma, Inc.*		2,860		38,581
ORBCOMM, Inc.*		11,194		81,045
pdvWireless, Inc.*		1,522		60,576

Common Stocks (continued)
	Shares		Value
Diversified Telecommunication Services (continued)
Vonage Holdings Corp.*		34,256	$	332,968
				1,735,691
Electric Utilities 1.1%
ALLETE, Inc.		8,117		661,130
El Paso Electric Co.		6,409		391,654
IDACORP, Inc.		7,919		784,139
MGE Energy, Inc.		5,506		373,252
Otter Tail Corp.		6,247		320,471
PNM Resources, Inc.		12,274		570,004
Portland General Electric Co.		13,985		731,555
Spark Energy, Inc., Class A		1,584		14,985
				3,847,190
Electrical Equipment 0.7%
Allied Motion Technologies, Inc.		1,100		40,271
Atkore International Group, Inc.*		6,004		148,659
AZZ, Inc.		4,098		194,614
Babcock & Wilcox Enterprises, Inc.*		4,708		1,644
Encore Wire Corp.		3,241		192,159
Energous Corp.* (a)		3,346		16,964
EnerSys		6,722		465,095
Enphase Energy, Inc.* (a)		13,779		138,341
FuelCell Energy, Inc.*		11,599		3,039
Generac Holdings, Inc.*		9,560		525,705
Plug Power, Inc.* (a)		32,797		81,665
Powell Industries, Inc.		1,465		42,851
Preformed Line Products Co.		447		25,206
Sunrun, Inc.* (a)		15,142		230,310
Thermon Group Holdings, Inc.*		4,953		127,738
TPI Composites, Inc.*		2,314		71,618
Vicor Corp.*		2,828		106,078
Vivint Solar, Inc.*		6,230		33,704
				2,445,661
Electronic Equipment, Instruments & Components 2.6%
Anixter International, Inc.*		4,652		292,471
Arlo Technologies, Inc.*		11,439		45,413
AVX Corp.		7,225		117,840
Badger Meter, Inc.		4,471		248,051
Bel Fuse, Inc., Class B		1,390		32,943
Belden, Inc.		6,392		355,076
Benchmark Electronics, Inc.		6,938		187,534
Control4 Corp.*		3,975		69,205
CTS Corp.		5,181		155,171
Daktronics, Inc.		5,889		44,639
ePlus, Inc.*		2,112		199,141
Fabrinet*		5,672		343,269
FARO Technologies, Inc.*		2,733		153,731
Fitbit, Inc., Class A*		33,240		175,507
II-VI, Inc.*		9,916		395,053
Insight Enterprises, Inc.*		5,518		312,209
Iteris, Inc.*		3,376		14,652
Itron, Inc.*		5,367		287,993
KEMET Corp.		8,896		158,972
Kimball Electronics, Inc.*		3,838		58,069
Knowles Corp.*		13,729		259,204
Maxwell Technologies, Inc.* (a)		6,648		29,185
Mesa Laboratories, Inc.		541		128,049
Methode Electronics, Inc.		5,524		163,013

106

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
MTS Systems Corp.		2,858	$	157,133
Napco Security Technologies, Inc.*		2,027		50,229
nLight, Inc.* (a)		3,457		90,331
Novanta, Inc.*		5,052		439,625
OSI Systems, Inc.*		2,638		237,763
PAR Technology Corp.* (a)		1,878		44,527
Park Electrochemical Corp.		3,073		50,551
PC Connection, Inc.		1,870		69,489
Plexus Corp.*		4,607		277,249
Rogers Corp.*		2,891		484,300
Sanmina Corp.*		10,657		361,485
ScanSource, Inc.*		3,991		150,261
SYNNEX Corp.		6,524		703,809
Tech Data Corp.*		5,770		615,140
TTM Technologies, Inc.*		14,795		195,886
Vishay Intertechnology, Inc.		20,779		411,632
Vishay Precision Group, Inc.*		1,619		61,312
				8,627,112
Energy Equipment & Services 1.2%
Archrock, Inc.		20,235		204,576
Basic Energy Services, Inc.*		3,264		8,225
Bristow Group, Inc.* (a)		5,970		3,015
C&J Energy Services, Inc.*		9,878		138,786
Cactus, Inc., Class A*		5,927		215,150
CARBO Ceramics, Inc.*		3,290		8,949
Covia Holdings Corp.* (a)		4,554		21,905
Dawson Geophysical Co.*		2,937		8,224
Diamond Offshore Drilling, Inc.* (a)		9,908		96,207
DMC Global, Inc.		2,215		153,499
Dril-Quip, Inc.*		5,525		240,669
Era Group, Inc.*		2,839		27,368
Exterran Corp.*		4,962		70,560
Forum Energy Technologies, Inc.*		12,412		74,224
Frank’s International NV*		11,330		66,167
FTS International, Inc.*		5,136		53,158
Helix Energy Solutions Group, Inc.*		22,371		174,941
Independence Contract Drilling, Inc.*		8,238		23,313
ION Geophysical Corp.*		1,527		19,530
Keane Group, Inc.*		7,631		80,049
Key Energy Services, Inc.*		1,507		6,299
KLX Energy Services Holdings, Inc.*		3,071		86,142
Liberty Oilfield Services, Inc., Class A (a)		6,885		102,655
Mammoth Energy Services, Inc.		2,108		32,864
Matrix Service Co.*		4,090		80,205
McDermott International, Inc.*		28,529		230,800
Natural Gas Services Group, Inc.*		1,812		29,119
NCS Multistage Holdings, Inc.*		1,536		6,098
Newpark Resources, Inc.*		14,232		103,894
Nine Energy Service, Inc.*		2,358		47,466
Noble Corp. plc*		39,685		104,372
Oceaneering International, Inc.*		15,434		296,333
Oil States International, Inc.*		9,575		184,989
Pioneer Energy Services Corp.*		10,927		19,013
Profire Energy, Inc.*		3,360		5,309
ProPetro Holding Corp.*		11,181		247,435
Quintana Energy Services, Inc.*		858		4,084
RigNet, Inc.*		2,368		22,235
SEACOR Holdings, Inc.*		2,758		122,841
SEACOR Marine Holdings, Inc.*		2,817		38,255

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
Select Energy Services, Inc., Class A*		7,017	$	80,836
Smart Sand, Inc.* (a)		3,138		12,332
Solaris Oilfield Infrastructure, Inc., Class A		4,159		70,661
Superior Energy Services, Inc.*		23,418		84,071
TETRA Technologies, Inc.*		17,854		42,492
Tidewater, Inc.*		4,602		103,545
Unit Corp.*		8,015		108,683
US Silica Holdings, Inc.		12,519		198,051
				4,159,594
Entertainment 0.5%
AMC Entertainment Holdings, Inc., Class A (a)		8,011		121,447
Eros International plc*		5,501		47,749
Glu Mobile, Inc.*		17,700		193,638
IMAX Corp.*		8,438		205,718
Liberty Media Corp.-Liberty Braves, Class C*		5,713		160,821
Liberty Media Corp-Liberty Braves, Class A*		1,647		46,709
LiveXLive Media, Inc.* (a)		4,491		22,320
Marcus Corp. (The)		3,091		116,283
Reading International, Inc., Class A*		2,836		43,277
Rosetta Stone, Inc.*		3,248		81,915
World Wrestling Entertainment, Inc., Class A		6,779		568,419
				1,608,296
Equity Real Estate Investment Trusts (REITs) 6.7%
Acadia Realty Trust		12,647		357,151
Agree Realty Corp.		5,213		341,295
Alexander & Baldwin, Inc.		10,839		256,017
Alexander’s, Inc.		323		122,620
American Assets Trust, Inc.		6,122		282,775
Americold Realty Trust		24,701		790,679
Armada Hoffler Properties, Inc.		7,581		122,433
Ashford Hospitality Trust, Inc.		13,288		73,217
Bluerock Residential Growth REIT, Inc.		3,966		44,459
Braemar Hotels & Resorts, Inc.		4,410		61,299
BRT Apartments Corp.		1,773		24,875
CareTrust REIT, Inc.		12,069		292,673
CatchMark Timber Trust, Inc., Class A		7,549		75,490
CBL & Associates Properties, Inc.		25,942		26,201
Cedar Realty Trust, Inc.		14,154		43,453
Chatham Lodging Trust		7,402		145,745
Chesapeake Lodging Trust		9,418		268,413
City Office REIT, Inc.		6,014		69,762
Clipper Realty, Inc.		2,282		29,780
Community Healthcare Trust, Inc.		2,681		97,803
CoreCivic, Inc.		18,774		390,687
CorEnergy Infrastructure Trust, Inc.		1,914		72,330
CorePoint Lodging, Inc.		6,258		78,225
Cousins Properties, Inc.		66,152		633,075
DiamondRock Hospitality Co.		32,182		349,497
Easterly Government Properties, Inc.		9,418		169,524
EastGroup Properties, Inc.		5,493		628,015
Essential Properties Realty Trust, Inc.		5,406		111,796
Farmland Partners, Inc.		4,529		29,710
First Industrial Realty Trust, Inc.		19,557		689,775

107

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Four Corners Property Trust, Inc.		10,447	$	297,113
Franklin Street Properties Corp.		16,093		126,491
Front Yard Residential Corp.		7,636		75,673
GEO Group, Inc. (The)		18,896		378,298
Getty Realty Corp.		5,145		166,852
Gladstone Commercial Corp.		4,746		103,225
Gladstone Land Corp.		1,866		23,642
Global Medical REIT, Inc.		3,385		34,527
Global Net Lease, Inc.		12,031		229,431
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,230		245,426
Healthcare Realty Trust, Inc.		19,079		589,160
Hersha Hospitality Trust		5,540		102,878
Independence Realty Trust, Inc.		13,420		142,118
Industrial Logistics Properties Trust		10,313		204,713
InfraREIT, Inc.		7,081		149,055
Innovative Industrial Properties, Inc.		1,451		123,538
Investors Real Estate Trust		1,936		116,702
iStar, Inc.		10,537		91,356
Jernigan Capital, Inc.		2,809		59,186
Kite Realty Group Trust		12,754		201,386
Lexington Realty Trust		33,371		302,675
LTC Properties, Inc.		6,184		278,651
Mack-Cali Realty Corp.		14,374		334,627
MedEquities Realty Trust, Inc.		4,683		50,155
Monmouth Real Estate Investment Corp.		13,959		191,797
National Health Investors, Inc.		6,450		486,523
National Storage Affiliates Trust		8,896		260,297
New Senior Investment Group, Inc.		11,876		66,387
NexPoint Residential Trust, Inc.		2,937		110,108
NorthStar Realty Europe Corp.		7,018		125,131
Office Properties Income Trust		7,523		204,174
One Liberty Properties, Inc.		2,326		65,826
Pebblebrook Hotel Trust		20,310		661,294
Pennsylvania REIT		10,565		63,601
Physicians Realty Trust		28,687		518,087
Piedmont Office Realty Trust, Inc., Class A		19,387		403,637
PotlatchDeltic Corp.		10,484		405,311
Preferred Apartment Communities, Inc., Class A		6,416		100,346
PS Business Parks, Inc.		3,113		478,219
QTS Realty Trust, Inc., Class A		8,040		364,614
Retail Opportunity Investments Corp.		17,555		308,090
Rexford Industrial Realty, Inc.		14,488		548,950
RLJ Lodging Trust		27,092		498,764
RPT Realty		12,207		148,071
Ryman Hospitality Properties, Inc.		7,032		559,747
Sabra Health Care REIT, Inc.		28,029		548,247
Safehold, Inc.		1,142		28,813
Saul Centers, Inc.		1,898		101,258
Seritage Growth Properties, Class A		5,192		231,511
Spirit MTA REIT		7,066		47,625
STAG Industrial, Inc.		15,439		444,334
Summit Hotel Properties, Inc.		15,914		184,762
Sunstone Hotel Investors, Inc.		35,609		512,770
Tanger Factory Outlet Centers, Inc.		14,459		261,130
Terreno Realty Corp.		9,321		416,183
Tier REIT, Inc.		8,587		243,356
UMH Properties, Inc.		5,449		76,558
Universal Health Realty Income Trust		1,998		161,878

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Urban Edge Properties		17,263	$	320,574
Urstadt Biddle Properties, Inc., Class A		4,618		101,273
Washington Prime Group, Inc.		29,945		133,255
Washington REIT		12,598		355,768
Whitestone REIT		5,896		75,646
Xenia Hotels & Resorts, Inc.		17,530		379,525
				22,299,092
Food & Staples Retailing 0.6%
Andersons, Inc. (The)		4,338		141,853
BJ’s Wholesale Club Holdings, Inc.*		19,816		561,784
Chefs’ Warehouse, Inc. (The)*		3,372		110,197
Ingles Markets, Inc., Class A		2,218		60,884
Natural Grocers by Vitamin Cottage, Inc.*		1,545		19,127
Performance Food Group Co.*		16,014		655,773
PriceSmart, Inc.		3,403		203,534
Rite Aid Corp.* (a)		8,411		77,045
Smart & Final Stores, Inc.*		3,280		21,418
SpartanNash Co.		5,734		92,719
United Natural Foods, Inc.*		8,152		105,324
Village Super Market, Inc., Class A		1,369		40,221
Weis Markets, Inc.		1,521		63,958
				2,153,837
Food Products 1.1%
Alico, Inc.		427		11,862
B&G Foods, Inc. (a)		10,323		268,398
Calavo Growers, Inc.		2,511		240,579
Cal-Maine Foods, Inc.		4,912		201,932
Darling Ingredients, Inc.*		25,715		560,844
Dean Foods Co. (a)		14,036		23,861
Farmer Brothers Co.*		1,467		29,575
Fresh Del Monte Produce, Inc.		4,842		142,887
Freshpet, Inc.*		4,191		187,170
Hostess Brands, Inc.*		15,601		209,053
J&J Snack Foods Corp.		2,364		371,574
John B Sanfilippo & Son, Inc.		1,332		96,051
Lancaster Colony Corp.		2,970		441,669
Landec Corp.*		3,738		39,286
Limoneira Co.		2,504		57,191
Sanderson Farms, Inc.		3,069		465,352
Seneca Foods Corp., Class A*		1,014		25,097
Simply Good Foods Co. (The)*		9,488		213,101
Tootsie Roll Industries, Inc. (a)		2,583		100,298
				3,685,780
Gas Utilities 1.1%
Chesapeake Utilities Corp.		2,507		232,248
New Jersey Resources Corp.		13,487		675,429
Northwest Natural Holding Co.		4,425		295,988
ONE Gas, Inc.		8,201		725,953
RGC Resources, Inc.		1,313		36,370
South Jersey Industries, Inc.		14,456		464,327
Southwest Gas Holdings, Inc.		8,191		681,409
Spire, Inc.		7,725		650,368
				3,762,092
Health Care Equipment & Supplies 3.2%
Accuray, Inc.*		13,370		55,352

108

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
AngioDynamics, Inc.*		5,827	$	119,687
Antares Pharma, Inc.*		22,454		60,401
AtriCure, Inc.*		5,870		176,217
Atrion Corp.		226		198,880
Avanos Medical, Inc.*		7,429		311,647
Axogen, Inc.*		5,433		127,567
Axonics Modulation Technologies, Inc.*		1,045		21,109
Cardiovascular Systems, Inc.*		5,265		187,118
Cerus Corp.*		21,488		131,721
CONMED Corp.		3,935		314,918
CryoLife, Inc.*		5,629		172,585
CryoPort, Inc.* (a)		4,490		63,174
Cutera, Inc.*		2,107		37,378
CytoSorbents Corp.* (a)		4,850		34,920
ElectroCore, Inc.*		1,872		11,700
Endologix, Inc.*		1,176		7,550
FONAR Corp.*		900		17,856
GenMark Diagnostics, Inc.*		8,270		59,875
Glaukos Corp.*		5,360		386,617
Globus Medical, Inc., Class A*		11,601		523,089
Haemonetics Corp.*		7,925		691,694
Helius Medical Technologies, Inc.*		2,659		6,515
Heska Corp.*		1,033		80,223
Inogen, Inc.*		2,821		246,273
Integer Holdings Corp.*		4,894		338,126
IntriCon Corp.*		1,161		27,133
Invacare Corp.		5,092		37,681
iRadimed Corp.*		520		13,005
iRhythm Technologies, Inc.*		3,797		289,749
Lantheus Holdings, Inc.*		5,839		141,070
LeMaitre Vascular, Inc.		2,604		75,204
LivaNova plc*		7,569		521,428
Meridian Bioscience, Inc.		6,466		74,424
Merit Medical Systems, Inc.*		8,378		470,676
Natus Medical, Inc.*		5,187		138,804
Neogen Corp.*		7,916		480,185
Neuronetics, Inc.*		1,958		32,640
Nevro Corp.*		4,602		283,989
Novocure Ltd.*		11,583		510,463
NuVasive, Inc.*		8,095		490,557
Nuvectra Corp.*		2,630		24,827
OraSure Technologies, Inc.*		9,195		86,985
Orthofix Medical, Inc.*		2,780		152,316
OrthoPediatrics Corp.*		1,197		48,766
Oxford Immunotec Global plc*		4,071		66,072
Pulse Biosciences, Inc.* (a)		1,714		27,458
Quidel Corp.*		5,228		334,278
Rockwell Medical, Inc.* (a)		6,875		33,069
RTI Surgical Holdings, Inc.*		9,255		50,070
SeaSpine Holdings Corp.*		2,236		32,936
Senseonics Holdings, Inc.* (a)		12,418		28,934
SI-BONE, Inc.*		1,280		21,760
Sientra, Inc.*		3,658		30,800
STAAR Surgical Co.*		6,774		220,020
Surmodics, Inc.*		2,130		92,527
Tactile Systems Technology, Inc.*		2,757		137,188
Tandem Diabetes Care, Inc.*		7,950		488,209
TransEnterix, Inc.* (a)		26,086		52,172
Utah Medical Products, Inc.		570		48,108
Vapotherm, Inc.*		717		12,139
Varex Imaging Corp.*		6,026		197,894

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
ViewRay, Inc.* (a)		10,258	$	71,396
Wright Medical Group NV*		19,567		578,596
				10,805,720
Health Care Providers & Services 1.7%
AAC Holdings, Inc.* (a)		2,029		3,267
Addus HomeCare Corp.*		1,505		102,189
Amedisys, Inc.*		4,199		536,716
American Renal Associates Holdings, Inc.*		1,893		13,024
AMN Healthcare Services, Inc.*		7,293		379,673
Apollo Medical Holdings, Inc.*		388		7,508
BioScrip, Inc.*		20,716		39,775
BioTelemetry, Inc.*		5,184		282,009
Brookdale Senior Living, Inc.*		29,572		182,755
Capital Senior Living Corp.*		3,513		14,755
Community Health Systems, Inc.* (a)		13,775		47,386
CorVel Corp.*		1,446		103,823
Cross Country Healthcare, Inc.*		5,730		40,396
Diplomat Pharmacy, Inc.*		9,120		50,890
Ensign Group, Inc. (The)		7,839		403,865
Genesis Healthcare, Inc.*		8,296		10,785
Guardant Health, Inc.* (a)		2,322		152,114
HealthEquity, Inc.*		8,520		577,230
LHC Group, Inc.*		4,618		513,106
Magellan Health, Inc.*		3,546		248,220
National HealthCare Corp.		1,893		142,789
National Research Corp.		1,766		69,898
Owens & Minor, Inc.		9,346		31,870
Patterson Cos., Inc.		12,987		283,636
PetIQ, Inc.*		2,404		66,038
Providence Service Corp. (The)*		1,742		115,547
Quorum Health Corp.*		4,064		8,331
R1 RCM, Inc.*		16,334		171,017
RadNet, Inc.*		6,260		75,809
Select Medical Holdings Corp.*		17,097		245,684
Surgery Partners, Inc.*		2,705		29,295
Tenet Healthcare Corp.*		13,187		288,795
Tivity Health, Inc.*		7,421		160,442
Triple-S Management Corp., Class B*		3,405		77,362
US Physical Therapy, Inc.		1,981		230,767
				5,706,766
Health Care Technology 1.1%
Allscripts Healthcare Solutions, Inc.*		27,634		272,748
Castlight Health, Inc., Class B*		13,081		48,792
Computer Programs & Systems, Inc.		1,926		58,531
Evolent Health, Inc., Class A*		10,670		144,578
HealthStream, Inc.*		4,015		105,113
HMS Holdings Corp.*		13,073		397,811
Inovalon Holdings, Inc., Class A* (a)		10,999		148,816
Inspire Medical Systems, Inc.*		2,272		117,440
Medidata Solutions, Inc.*		8,942		807,820
NantHealth, Inc.* (a)		2,730		1,884
NextGen Healthcare, Inc.*		8,511		159,922
Omnicell, Inc.*		6,099		490,116
Simulations Plus, Inc.		1,936		43,618
Tabula Rasa HealthCare, Inc.*		2,799		149,075
Teladoc Health, Inc.* (a)		10,551		600,141

109

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Technology (continued)
Vocera Communications, Inc.*		4,799	$	152,848
				3,699,253
Hotels, Restaurants & Leisure 2.8%
BBX Capital Corp.		9,397		52,059
Biglari Holdings, Inc., Class A*		20		14,740
Biglari Holdings, Inc., Class B*		154		21,457
BJ’s Restaurants, Inc.		3,275		163,455
Bloomin’ Brands, Inc.		13,135		262,569
Bluegreen Vacations Corp. (a)		1,064		16,173
Boyd Gaming Corp.		12,998		374,082
Brinker International, Inc.		5,810		248,494
Carrols Restaurant Group, Inc.*		5,369		52,670
Century Casinos, Inc.*		4,092		37,237
Cheesecake Factory, Inc. (The) (a)		6,625		328,733
Churchill Downs, Inc.		5,547		559,415
Chuy’s Holdings, Inc.*		2,634		52,390
Cracker Barrel Old Country Store, Inc. (a)		3,024		510,270
Dave & Buster’s Entertainment, Inc.		6,015		341,893
Del Frisco’s Restaurant Group, Inc.* (a)		4,797		32,140
Del Taco Restaurants, Inc.*		4,727		47,506
Denny’s Corp.*		9,470		176,331
Dine Brands Global, Inc.		2,646		234,594
Drive Shack, Inc.*		8,895		45,720
El Pollo Loco Holdings, Inc.*		3,463		44,257
Eldorado Resorts, Inc.*		10,338		510,387
Empire Resorts, Inc.*		618		8,609
Fiesta Restaurant Group, Inc.*		3,686		46,665
Golden Entertainment, Inc.* (a)		2,938		46,215
Habit Restaurants, Inc. (The), Class A*		3,537		37,704
International Speedway Corp., Class A		3,657		161,347
J Alexander’s Holdings, Inc.*		1,892		20,793
Jack in the Box, Inc.		3,963		305,547
Lindblad Expeditions Holdings, Inc.* (a)		3,376		54,725
Marriott Vacations Worldwide Corp.		6,057		639,801
Monarch Casino & Resort, Inc.*		1,801		76,885
Nathan’s Famous, Inc.		417		28,794
Noodles & Co.*		2,509		17,939
Papa John’s International, Inc. (a)		3,525		180,339
Penn National Gaming, Inc.*		17,306		375,021
Planet Fitness, Inc., Class A*		13,905		1,052,609
PlayAGS, Inc.*		3,322		80,127
Potbelly Corp.*		3,297		29,343
RCI Hospitality Holdings, Inc.		1,314		29,920
Red Lion Hotels Corp.*		2,385		18,889
Red Robin Gourmet Burgers, Inc.*		2,044		65,469
Red Rock Resorts, Inc., Class A		10,978		296,186
Ruth’s Hospitality Group, Inc.		4,437		115,273
Scientific Games Corp.*		8,777		203,012
SeaWorld Entertainment, Inc.*		8,659		230,503
Shake Shack, Inc., Class A*		3,909		239,622
Speedway Motorsports, Inc.		1,685		30,920
Texas Roadhouse, Inc.		10,675		576,557
Town Sports International Holdings, Inc.*		2,069		7,510
Wingstop, Inc.		4,575		344,360
				9,447,256

Common Stocks (continued)
	Shares		Value
Household Durables 1.6%
Bassett Furniture Industries, Inc.		1,466	$	26,036
Beazer Homes USA, Inc.*		5,024		66,769
Cavco Industries, Inc.*		1,355		169,063
Century Communities, Inc.*		4,197		106,730
Ethan Allen Interiors, Inc.		3,604		79,648
Flexsteel Industries, Inc.		1,105		23,934
GoPro, Inc., Class A* (a)		17,697		104,589
Green Brick Partners, Inc.*		3,484		31,147
Hamilton Beach Brands Holding Co., Class A		937		16,960
Helen of Troy Ltd.*		3,987		574,128
Hooker Furniture Corp.		1,778		53,002
Hovnanian Enterprises, Inc., Class A*		706		10,745
Installed Building Products, Inc.*		3,290		158,019
iRobot Corp.* (a)		4,189		433,729
KB Home		13,570		351,599
La-Z-Boy, Inc.		7,385		242,228
Legacy Housing Corp.*		653		7,921
LGI Homes, Inc.* (a)		2,926		202,801
Lifetime Brands, Inc.		2,007		18,986
Lovesac Co. (The)*		913		35,968
M/I Homes, Inc.*		4,220		118,877
MDC Holdings, Inc.		7,686		234,884
Meritage Homes Corp.*		5,753		294,266
New Home Co., Inc. (The)*		1,785		8,229
Purple Innovation, Inc.*		798		4,596
Roku, Inc.*		6,735		428,279
Skyline Champion Corp.		5,229		110,384
Sonos, Inc.*		2,806		30,642
Taylor Morrison Home Corp., Class A*		17,955		347,609
TopBuild Corp.*		5,594		398,461
TRI Pointe Group, Inc.*		22,248		290,336
Tupperware Brands Corp.		7,712		183,546
Turtle Beach Corp.*		1,140		11,674
Universal Electronics, Inc.*		2,027		77,127
Vuzix Corp.* (a)		3,365		7,975
William Lyon Homes, Class A*		4,953		83,508
ZAGG, Inc.*		4,320		35,597
				5,379,992
Household Products 0.2%
Central Garden & Pet Co.*		1,850		49,913
Central Garden & Pet Co., Class A*		6,085		148,961
Oil-Dri Corp. of America		738		23,476
WD-40 Co.		2,143		360,559
				582,909
Independent Power and Renewable Electricity Producers 0.3%
Atlantic Power Corp.*		16,536		38,198
Clearway Energy, Inc., Class A		5,261		80,862
Clearway Energy, Inc., Class C		11,455		181,791
Ormat Technologies, Inc.		6,250		364,750
Pattern Energy Group, Inc., Class A		12,856		297,231
TerraForm Power, Inc., Class A		11,704		158,706
				1,121,538
Industrial Conglomerates 0.1%
Raven Industries, Inc.		5,683		221,126

110

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance 2.6%
Ambac Financial Group, Inc.*		7,264	$	135,837
American Equity Investment Life Holding Co.		14,093		414,475
AMERISAFE, Inc.		2,625		155,453
Argo Group International Holdings Ltd.		5,158		402,685
Citizens, Inc.* (a)		7,546		51,011
CNO Financial Group, Inc.		25,946		429,406
Crawford & Co., Class B		1,623		14,315
Donegal Group, Inc., Class A		1,753		23,666
eHealth, Inc.*		3,394		206,152
EMC Insurance Group, Inc.		1,563		50,188
Employers Holdings, Inc.		4,631		198,763
Enstar Group Ltd.*		1,865		330,590
FBL Financial Group, Inc., Class A		1,496		93,455
FedNat Holding Co.		1,941		31,580
Genworth Financial, Inc., Class A*		79,716		302,124
Global Indemnity Ltd.		1,409		43,397
Goosehead Insurance, Inc., Class A (a)		1,634		49,788
Greenlight Capital Re Ltd., Class A*		4,578		54,844
Hallmark Financial Services, Inc.*		2,332		26,771
HCI Group, Inc.		1,133		48,288
Health Insurance Innovations, Inc., Class A* (a)		2,018		47,060
Heritage Insurance Holdings, Inc.		3,105		42,352
Horace Mann Educators Corp.		6,140		236,881
Independence Holding Co.		819		31,351
Investors Title Co.		243		41,048
James River Group Holdings Ltd.		4,008		169,218
Kemper Corp.		8,033		722,006
Kingstone Cos., Inc.		1,692		19,644
Kinsale Capital Group, Inc.		2,920		211,992
Maiden Holdings Ltd.		10,024		6,551
MBIA, Inc.*		14,205		137,362
National General Holdings Corp.		10,322		254,437
National Western Life Group, Inc., Class A		343		91,485
Navigators Group, Inc. (The)		3,261		228,074
NI Holdings, Inc.*		1,466		23,500
Primerica, Inc.		6,670		869,034
ProAssurance Corp.		8,353		313,488
Protective Insurance Corp., Class B		1,359		22,084
RLI Corp.		6,173		502,050
Safety Insurance Group, Inc.		2,310		214,645
Selective Insurance Group, Inc.		8,721		621,895
State Auto Financial Corp.		2,727		91,709
Stewart Information Services Corp.		3,614		153,631
Third Point Reinsurance Ltd.*		11,753		136,452
Tiptree, Inc.		4,554		25,958
Trupanion, Inc.* (a)		4,040		132,512
United Fire Group, Inc.		3,293		143,608
United Insurance Holdings Corp.		3,384		51,843
Universal Insurance Holdings, Inc.		5,033		149,933
				8,754,591
Interactive Media & Services 0.5%
Care.com, Inc.*		3,331		55,794
Cargurus, Inc.*		7,893		321,561
Cars.com, Inc.*		10,895		226,725
Liberty TripAdvisor Holdings, Inc., Class A*		11,440		168,625

Common Stocks (continued)
	Shares		Value
Interactive Media & Services (continued)
Meet Group, Inc. (The)*		11,212	$	62,339
QuinStreet, Inc.*		6,773		96,651
Travelzoo*		703		12,352
TrueCar, Inc.*		14,699		94,661
Yelp, Inc.*		12,768		511,486
				1,550,194
Internet & Direct Marketing Retail 0.9%
1-800-Flowers.com, Inc., Class A*		4,208		89,588
Duluth Holdings, Inc., Class B*		1,323		21,062
Etsy, Inc.*		18,661		1,260,364
Gaia, Inc.* (a)		1,589		16,812
Groupon, Inc.*		70,635		248,635
Lands’ End, Inc.*		1,520		26,615
Leaf Group Ltd.*		2,164		18,156
Liberty Expedia Holdings, Inc., Class A*		8,549		396,845
Liquidity Services, Inc.*		3,667		24,899
Overstock.com, Inc.* (a)		3,469		45,721
PetMed Express, Inc. (a)		3,055		66,752
Quotient Technology, Inc.*		12,182		113,171
Remark Holdings, Inc.* (a)		3,933		4,956
Shutterfly, Inc.*		5,326		233,439
Shutterstock, Inc.		2,883		116,617
Stamps.com, Inc.*		2,768		237,494
				2,921,126
IT Services 2.1%
Brightcove, Inc.*		5,224		52,397
CACI International, Inc., Class A*		3,850		750,519
Carbonite, Inc.*		4,951		121,448
Cardtronics plc, Class A*		6,272		224,287
Cass Information Systems, Inc.		2,226		109,809
CSG Systems International, Inc.		5,033		224,723
Endurance International Group Holdings, Inc.*		10,806		59,757
Everi Holdings, Inc.*		10,089		103,816
EVERTEC, Inc.		9,596		300,451
Evo Payments, Inc., Class A*		3,860		114,681
Exela Technologies, Inc.*		6,723		22,119
ExlService Holdings, Inc.*		5,043		299,554
GTT Communications, Inc.* (a)		6,633		278,254
Hackett Group, Inc. (The)		3,719		57,087
I3 Verticals, Inc., Class A*		1,446		34,906
Information Services Group, Inc.*		5,766		20,527
Internap Corp.* (a)		4,096		16,138
Limelight Networks, Inc.*		17,000		50,490
LiveRamp Holdings, Inc.*		10,545		615,090
ManTech International Corp., Class A		4,143		256,825
MAXIMUS, Inc.		10,011		737,310
MoneyGram International, Inc.*		4,169		13,799
NIC, Inc.		10,247		176,863
Perficient, Inc.*		5,082		149,614
Perspecta, Inc.		21,934		506,237
PFSweb, Inc.*		2,170		10,025
Presidio, Inc.		6,405		96,203
PRGX Global, Inc.*		2,933		23,523
Science Applications International Corp.		7,952		596,002
ServiceSource International, Inc.*		11,019		11,680
Sykes Enterprises, Inc.*		6,283		174,353
Travelport Worldwide Ltd.		19,759		309,821

111

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
IT Services (continued)
TTEC Holdings, Inc.		2,269	$	82,728
Tucows, Inc., Class A*		1,501		132,373
Unisys Corp.* (a)		7,702		86,339
Virtusa Corp.*		4,481		248,920
				7,068,668
Leisure Products 0.3%
Acushnet Holdings Corp.		5,550		139,915
American Outdoor Brands Corp.*		8,453		83,262
Callaway Golf Co.		14,889		261,451
Clarus Corp.		2,966		39,804
Escalade, Inc.		1,486		17,891
Johnson Outdoors, Inc., Class A		767		58,806
Malibu Boats, Inc., Class A*		3,261		135,723
Marine Products Corp.		1,422		21,572
MasterCraft Boat Holdings, Inc.*		2,895		71,622
Nautilus, Inc.*		4,336		23,198
Sturm Ruger & Co., Inc.		2,590		145,014
Vista Outdoor, Inc.*		8,701		75,090
YETI Holdings, Inc.* (a)		2,574		91,840
				1,165,188
Life Sciences Tools & Services 0.6%
Accelerate Diagnostics, Inc.* (a)		4,024		78,468
Cambrex Corp.*		5,326		229,124
ChromaDex Corp.* (a)		5,510		24,519
Codexis, Inc.*		8,093		159,432
Enzo Biochem, Inc.*		7,559		26,230
Fluidigm Corp.*		4,990		68,563
Harvard Bioscience, Inc.*		5,816		22,508
Luminex Corp.		6,574		149,953
Medpace Holdings, Inc.*		3,427		192,495
NanoString Technologies, Inc.*		3,993		103,698
NeoGenomics, Inc.*		12,637		263,229
Pacific Biosciences of California, Inc.*		21,806		161,146
Quanterix Corp.*		1,186		26,946
Syneos Health, Inc.*		9,764		458,225
				1,964,536
Machinery 3.8%
Actuant Corp., Class A		9,141		233,827
Alamo Group, Inc.		1,484		153,802
Albany International Corp., Class A		4,518		334,196
Altra Industrial Motion Corp.		9,404		352,556
Astec Industries, Inc.		3,501		118,019
Barnes Group, Inc.		7,541		419,430
Blue Bird Corp.*		2,580		44,660
Briggs & Stratton Corp.		6,359		77,580
Chart Industries, Inc.*		4,847		427,845
CIRCOR International, Inc.*		2,611		88,043
Columbus McKinnon Corp.		3,555		139,925
Commercial Vehicle Group, Inc.*		4,483		39,988
Douglas Dynamics, Inc.		3,572		134,879
Eastern Co. (The)		819		23,473
Energy Recovery, Inc.*		5,197		50,567
EnPro Industries, Inc.		3,186		236,784
ESCO Technologies, Inc.		4,019		301,425
Evoqua Water Technologies Corp.*		12,050		164,121
Federal Signal Corp.		9,412		270,783
Franklin Electric Co., Inc.		7,332		358,242

Common Stocks (continued)
	Shares		Value
Machinery (continued)
FreightCar America, Inc.*		1,749	$	12,103
Gencor Industries, Inc.*		1,200		14,484
Global Brass & Copper Holdings, Inc.		3,507		152,169
Gorman-Rupp Co. (The)		2,734		91,042
Graham Corp.		1,375		28,462
Greenbrier Cos., Inc. (The)		5,031		178,751
Harsco Corp.*		12,627		285,875
Hillenbrand, Inc.		9,885		425,253
Hurco Cos., Inc.		889		34,964
Hyster-Yale Materials Handling, Inc.		1,624		108,191
John Bean Technologies Corp.		4,935		541,814
Kadant, Inc.		1,744		171,069
Kennametal, Inc.		12,419		505,453
LB Foster Co., Class A*		1,458		31,332
Lindsay Corp.		1,654		140,590
Lydall, Inc.*		2,613		64,306
Manitex International, Inc.*		2,043		15,609
Manitowoc Co., Inc. (The)*		5,429		96,962
Meritor, Inc.*		12,431		301,576
Milacron Holdings Corp.*		11,104		162,229
Miller Industries, Inc.		1,809		59,842
Mueller Industries, Inc.		8,902		259,671
Mueller Water Products, Inc., Class A		24,525		263,153
Navistar International Corp.*		7,793		266,053
NN, Inc.		6,383		57,702
Omega Flex, Inc.		429		36,319
Park-Ohio Holdings Corp.		1,488		54,505
Proto Labs, Inc.*		4,275		469,352
RBC Bearings, Inc.*		3,770		518,563
REV Group, Inc. (a)		4,382		55,608
Rexnord Corp.*		16,497		471,814
Spartan Motors, Inc.		5,367		49,913
SPX Corp.*		6,836		249,514
SPX FLOW, Inc.*		6,640		238,642
Standex International Corp.		2,008		132,669
Sun Hydraulics Corp.		4,473		234,117
Tennant Co.		2,844		188,785
Titan International, Inc.		8,054		55,814
TriMas Corp.*		7,238		223,871
Twin Disc, Inc.*		1,635		30,967
Wabash National Corp.		8,769		132,237
Watts Water Technologies, Inc., Class A		4,376		374,542
Woodward, Inc.		8,389		913,562
				12,669,594
Marine 0.1%
Costamare, Inc.		7,212		43,561
Eagle Bulk Shipping, Inc.*		6,732		36,689
Genco Shipping & Trading Ltd.* (a)		1,302		13,150
Matson, Inc.		6,687		264,872
Safe Bulkers, Inc.*		7,061		12,639
Scorpio Bulkers, Inc.		8,407		45,230
				416,141
Media 1.6%
Beasley Broadcast Group, Inc., Class A		2,148		7,883
Boston Omaha Corp., Class A*		725		17,074
Cardlytics, Inc.*		856		13,354
Central European Media Enterprises Ltd., Class A*		13,696		54,236

112

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
Clear Channel Outdoor Holdings, Inc., Class A*		5,329	$	26,059
Daily Journal Corp.*		169		37,687
Emerald Expositions Events, Inc.		4,013		56,383
Entercom Communications Corp., Class A		20,494		140,999
Entravision Communications Corp., Class A		9,482		27,213
EW Scripps Co. (The), Class A		7,095		161,695
Fluent, Inc.*		5,411		38,039
Gannett Co., Inc.		17,882		166,839
Gray Television, Inc.*		12,344		289,220
Hemisphere Media Group, Inc.*		2,629		38,410
Liberty Latin America Ltd., Class A*		6,987		146,238
Liberty Latin America Ltd., Class C*		17,807		371,098
Loral Space & Communications, Inc.*		2,021		74,413
MDC Partners, Inc., Class A*		8,152		17,119
Meredith Corp. (a)		6,132		361,788
MSG Networks, Inc., Class A*		9,194		211,738
National CineMedia, Inc.		11,863		82,804
New Media Investment Group, Inc.		9,555		102,143
New York Times Co. (The), Class A		20,649		684,514
Nexstar Media Group, Inc., Class A		6,974		816,307
Saga Communications, Inc., Class A		531		17,034
Scholastic Corp.		4,500		179,460
Sinclair Broadcast Group, Inc., Class A		10,495		480,566
TechTarget, Inc.*		3,102		51,772
TEGNA, Inc.		33,985		541,041
Tribune Publishing Co.*		2,505		26,954
WideOpenWest, Inc.*		4,409		35,228
				5,275,308
Metals & Mining 1.1%
AK Steel Holding Corp.* (a)		50,249		121,602
Allegheny Technologies, Inc.*		19,352		482,252
Carpenter Technology Corp.		7,388		366,962
Century Aluminum Co.*		7,757		65,236
Cleveland-Cliffs, Inc. (a)		45,450		454,045
Coeur Mining, Inc.*		29,516		106,553
Commercial Metals Co.		18,069		312,413
Compass Minerals International, Inc.		5,369		308,127
Gold Resource Corp.		7,512		27,494
Haynes International, Inc.		1,966		63,521
Hecla Mining Co.		72,239		151,702
Kaiser Aluminum Corp.		2,557		251,609
Materion Corp.		3,196		185,464
Olympic Steel, Inc.		1,320		21,410
Ramaco Resources, Inc.*		1,165		7,829
Ryerson Holding Corp.*		2,201		19,039
Schnitzer Steel Industries, Inc., Class A		4,060		96,303
SunCoke Energy, Inc.*		9,957		85,730
Synalloy Corp.		1,165		20,562
TimkenSteel Corp.*		6,248		63,355
Universal Stainless & Alloy Products, Inc.*		1,384		19,916
Warrior Met Coal, Inc.		6,696		207,576
Worthington Industries, Inc.		6,291		252,458
				3,691,158

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) 1.1%
AG Mortgage Investment Trust, Inc.		4,570	$	78,193
Anworth Mortgage Asset Corp.		15,343		64,287
Apollo Commercial Real Estate Finance, Inc.		19,169		359,227
Arbor Realty Trust, Inc.		10,897		148,853
Ares Commercial Real Estate Corp.		4,494		68,309
Arlington Asset Investment Corp., Class A		4,516		35,451
ARMOUR Residential REIT, Inc.		8,315		158,650
Blackstone Mortgage Trust, Inc., Class A		17,615		626,918
Capstead Mortgage Corp.		13,188		113,285
Cherry Hill Mortgage Investment Corp.		2,564		44,255
Colony Credit Real Estate, Inc.		13,271		206,231
Dynex Capital, Inc.		10,618		64,770
Exantas Capital Corp.		5,070		55,517
Granite Point Mortgage Trust, Inc.		7,333		141,014
Great Ajax Corp.		2,329		33,351
Invesco Mortgage Capital, Inc.		19,878		324,409
KKR Real Estate Finance Trust, Inc.		3,536		71,321
Ladder Capital Corp.		14,501		252,317
New York Mortgage Trust, Inc.		26,034		164,014
Orchid Island Capital, Inc.		7,986		52,468
PennyMac Mortgage Investment Trust		9,430		198,030
Ready Capital Corp.		2,559		38,666
Redwood Trust, Inc.		14,435		236,157
TPG RE Finance Trust, Inc.		5,538		109,154
Western Asset Mortgage Capital Corp.		7,616		80,120
				3,724,967
Multiline Retail 0.3%
Big Lots, Inc.		6,283		233,476
Dillard’s, Inc., Class A		1,700		116,365
JC Penney Co., Inc.* (a)		48,964		67,081
Ollie’s Bargain Outlet Holdings, Inc.*		7,825		748,383
				1,165,305
Multi-Utilities 0.5%
Avista Corp.		10,171		438,777
Black Hills Corp.		8,406		611,621
NorthWestern Corp.		7,898		551,675
Unitil Corp.		2,252		128,161
				1,730,234
Oil, Gas & Consumable Fuels 2.2%
Abraxas Petroleum Corp.*		25,282		34,889
Adams Resources & Energy, Inc.		366		13,231
Alta Mesa Resources, Inc., Class A*		15,125		3,327
Approach Resources, Inc.*		6,211		2,123
Arch Coal, Inc., Class A		2,763		267,956
Ardmore Shipping Corp.*		4,855		33,888
Berry Petroleum Corp.		8,602		97,719
Bonanza Creek Energy, Inc.*		2,943		70,838
California Resources Corp.*		7,239		152,598
Callon Petroleum Co.*		36,253		272,260
Carrizo Oil & Gas, Inc.*		13,639		174,852
Clean Energy Fuels Corp.*		21,929		68,857
CONSOL Energy, Inc.*		4,245		143,905
CVR Energy, Inc.		2,878		131,266
Delek US Holdings, Inc.		12,842		475,925
Denbury Resources, Inc.*		72,534		161,751

113

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
DHT Holdings, Inc.		13,634	$	72,669
Dorian LPG Ltd.*		4,061		32,569
Earthstone Energy, Inc., Class A*		3,185		21,340
Energy Fuels, Inc.*		13,456		40,368
EP Energy Corp., Class A*		6,608		1,879
Evolution Petroleum Corp.		3,703		26,032
Frontline Ltd.*		12,299		100,729
GasLog Ltd.		6,247		97,641
Golar LNG Ltd.		14,988		292,866
Goodrich Petroleum Corp.*		1,170		16,017
Green Plains, Inc.		6,058		105,227
Gulfport Energy Corp.*		27,693		181,389
Halcon Resources Corp.*		20,515		26,670
Hallador Energy Co.		2,665		13,751
HighPoint Resources Corp.*		16,891		46,281
International Seaways, Inc.*		3,427		61,069
Isramco, Inc.*		112		12,986
Jagged Peak Energy, Inc.* (a)		10,406		109,991
Laredo Petroleum, Inc.*		23,898		72,172
Lilis Energy, Inc.*		6,183		7,914
Matador Resources Co.*		16,351		321,951
Midstates Petroleum Co., Inc.*		2,144		27,379
Montage Resources Corp.*		946		10,520
NACCO Industries, Inc., Class A		595		24,330
NextDecade Corp.*		1,089		6,044
Nordic American Tankers Ltd.		20,755		44,416
Northern Oil and Gas, Inc.*		31,088		82,383
Oasis Petroleum, Inc.*		41,959		255,950
Overseas Shipholding Group, Inc., Class A*		8,148		14,829
Panhandle Oil and Gas, Inc., Class A		2,296		34,440
Par Pacific Holdings, Inc.*		5,017		98,032
PDC Energy, Inc.*		10,381		451,470
Peabody Energy Corp.		12,359		355,568
Penn Virginia Corp.*		1,898		85,220
Petrocorp, Inc.*^¥		1,500		0
Renewable Energy Group, Inc.*		5,700		137,484
REX American Resources Corp.*		848		71,664
Ring Energy, Inc.*		8,772		45,439
SandRidge Energy, Inc.*		4,462		37,302
Scorpio Tankers, Inc.		6,993		180,280
SemGroup Corp., Class A		12,327		160,991
Ship Finance International Ltd. (a)		12,467		159,079
SilverBow Resources, Inc.*		1,026		18,612
Southwestern Energy Co.*		93,092		367,713
SRC Energy, Inc.*		37,453		230,336
Talos Energy, Inc.*		3,324		98,723
Teekay Corp. (a)		10,798		44,920
Teekay Tankers Ltd., Class A*		29,114		31,734
Tellurian, Inc.* (a)		13,652		129,694
Ultra Petroleum Corp.*		22,992		9,666
Uranium Energy Corp.* (a)		28,984		40,867
W&T Offshore, Inc.*		14,618		93,263
World Fuel Services Corp.		10,548		325,406
Zion Oil & Gas, Inc.*		7,528		4,203
				7,444,853
Paper & Forest Products 0.4%
Boise Cascade Co.		6,167		170,764
Clearwater Paper Corp.*		2,547		51,373
Louisiana-Pacific Corp.		22,298		558,565

Common Stocks (continued)
	Shares		Value
Paper & Forest Products (continued)
Neenah, Inc.		2,670	$	181,159
PH Glatfelter Co.		6,634		104,684
Schweitzer-Mauduit International, Inc.		4,908		174,578
Verso Corp., Class A*		5,502		122,805
				1,363,928
Personal Products 0.3%
Edgewell Personal Care Co.*		8,358		344,600
elf Beauty, Inc.*		3,303		42,245
Inter Parfums, Inc.		2,750		199,348
Medifast, Inc.		1,841		270,056
Natural Health Trends Corp.		1,116		12,901
Nature’s Sunshine Products, Inc.*		1,431		12,879
Revlon, Inc., Class A* (a)		1,171		25,001
USANA Health Sciences, Inc.*		1,998		166,753
				1,073,783
Pharmaceuticals 1.8%
Aclaris Therapeutics, Inc.*		5,399		34,014
Aerie Pharmaceuticals, Inc.*		5,497		209,711
Akorn, Inc.*		14,239		38,445
Amneal Pharmaceuticals, Inc.*		13,714		176,499
Amphastar Pharmaceuticals, Inc.*		5,641		121,789
Ampio Pharmaceuticals, Inc.*		11,330		6,456
ANI Pharmaceuticals, Inc.*		1,276		90,570
Aquestive Therapeutics, Inc.*		1,750		9,993
Aratana Therapeutics, Inc.*		7,268		34,160
Arvinas, Inc.*		1,205		25,148
Assertio Therapeutics, Inc.*		9,241		38,535
Clearside Biomedical, Inc.* (a)		4,026		4,992
Collegium Pharmaceutical, Inc.*		4,643		64,677
Corcept Therapeutics, Inc.* (a)		15,447		191,234
Cymabay Therapeutics, Inc.*		9,614		123,155
Dermira, Inc.*		5,591		62,004
Dova Pharmaceuticals, Inc.* (a)		1,702		15,658
Durect Corp.*		22,487		12,402
Eloxx Pharmaceuticals, Inc.*		3,653		43,617
Endo International plc*		35,281		264,608
Evolus, Inc.* (a)		1,527		37,228
Horizon Pharma plc*		28,045		715,989
Innovate Biopharmaceuticals, Inc.* (a)		2,656		4,276
Innoviva, Inc.*		10,999		154,316
Intersect ENT, Inc.*		4,760		154,652
Intra-Cellular Therapies, Inc.*		6,848		90,188
Kala Pharmaceuticals, Inc.*		2,866		22,240
Lannett Co., Inc.* (a)		4,559		35,059
Liquidia Technologies, Inc.*		1,089		10,356
Mallinckrodt plc*		12,828		198,321
Marinus Pharmaceuticals, Inc.* (a)		7,382		36,467
Medicines Co. (The)* (a)		10,811		345,411
Melinta Therapeutics, Inc.*		1,030		4,511
Menlo Therapeutics, Inc.*		1,826		13,147
MyoKardia, Inc.*		5,283		253,478
Neos Therapeutics, Inc.* (a)		7,846		18,909
Ocular Therapeutix, Inc.*		5,012		18,795
Odonate Therapeutics, Inc.* (a)		1,049		20,623
Omeros Corp.* (a)		7,506		141,413
Optinose, Inc.* (a)		3,076		30,637
Osmotica Pharmaceuticals plc*		1,435		5,769
Pacira BioSciences, Inc.*		6,307		251,145

114

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Paratek Pharmaceuticals, Inc.*		4,557	$	25,109
Phibro Animal Health Corp., Class A		3,284		113,988
Prestige Consumer Healthcare, Inc.*		8,277		243,509
Reata Pharmaceuticals, Inc., Class A*		2,952		231,614
resTORbio, Inc.*		1,428		11,495
Revance Therapeutics, Inc.*		6,099		80,751
scPharmaceuticals, Inc.*		819		2,662
Sienna Biopharmaceuticals, Inc.*		2,472		4,598
SIGA Technologies, Inc.*		8,271		43,340
Supernus Pharmaceuticals, Inc.*		7,735		284,107
Teligent, Inc.* (a)		5,888		5,770
Tetraphase Pharmaceuticals, Inc.*		7,058		7,481
TherapeuticsMD, Inc.* (a)		29,335		126,141
Theravance Biopharma, Inc.* (a)		6,892		164,374
Tricida, Inc.*		2,808		96,202
Verrica Pharmaceuticals, Inc.*		1,636		16,360
WaVe Life Sciences Ltd.* (a)		3,162		83,888
Xeris Pharmaceuticals, Inc.*		3,220		32,844
Zogenix, Inc.*		6,535		254,800
Zomedica Pharmaceuticals Corp.*		4,130		1,737
				5,961,367
Professional Services 1.5%
Acacia Research Corp.*		7,127		22,664
ASGN, Inc.*		8,006		504,698
Barrett Business Services, Inc.		1,132		82,477
BG Staffing, Inc.		1,421		33,209
CBIZ, Inc.*		8,158		157,531
CRA International, Inc.		1,267		65,985
Exponent, Inc.		8,117		459,584
Forrester Research, Inc.		1,607		81,732
Franklin Covey Co.*		1,656		47,213
FTI Consulting, Inc.*		5,971		507,416
GP Strategies Corp.*		1,808		23,016
Heidrick & Struggles International, Inc.		2,851		102,009
Huron Consulting Group, Inc.*		3,510		169,638
ICF International, Inc.		2,845		221,540
InnerWorkings, Inc.*		6,628		22,403
Insperity, Inc.		5,993		716,523
Kelly Services, Inc., Class A		4,778		106,358
Kforce, Inc.		3,699		133,238
Korn Ferry		8,734		410,673
Mistras Group, Inc.*		2,496		34,220
Navigant Consulting, Inc.		6,633		151,431
Resources Connection, Inc.		4,626		74,294
TriNet Group, Inc.*		6,847		426,842
TrueBlue, Inc.*		6,344		153,271
Upwork, Inc.*		1,891		37,801
WageWorks, Inc.*		6,309		307,816
Willdan Group, Inc.*		1,551		61,311
				5,114,893
Real Estate Management & Development 0.6%
Altisource Portfolio Solutions SA*		1,549		36,665
American Realty Investors, Inc.*		418		5,731
Consolidated-Tomoka Land Co.		568		35,216
Cushman & Wakefield plc*		10,008		196,557
Forestar Group, Inc.*		1,510		29,098
FRP Holdings, Inc.*		1,057		53,579
Griffin Industrial Realty, Inc.		160		5,842

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development (continued)
HFF, Inc., Class A		5,910	$	281,257
Kennedy-Wilson Holdings, Inc.		19,471		419,405
Marcus & Millichap, Inc.*		3,017		130,033
Maui Land & Pineapple Co., Inc.*		1,093		13,083
Newmark Group, Inc., Class A		23,627		201,302
RE/MAX Holdings, Inc., Class A		2,739		118,681
Redfin Corp.* (a)		12,483		258,148
RMR Group, Inc. (The), Class A		1,094		63,277
St Joe Co. (The)* (a)		5,309		90,465
Stratus Properties, Inc.*		866		23,191
Tejon Ranch Co.*		3,103		53,527
Transcontinental Realty Investors, Inc.*		289		9,393
Trinity Place Holdings, Inc.*		2,101		8,236
				2,032,686
Road & Rail 0.5%
ArcBest Corp.		4,090		124,990
Avis Budget Group, Inc.*		10,168		361,472
Covenant Transportation Group, Inc., Class A*		1,952		38,123
Daseke, Inc.*		5,855		30,212
Heartland Express, Inc.		7,377		145,179
Hertz Global Holdings, Inc.*		8,736		158,821
Marten Transport Ltd.		6,015		118,977
PAM Transportation Services, Inc.*		325		16,257
Saia, Inc.*		4,039		260,071
Universal Logistics Holdings, Inc.		1,227		29,963
US Xpress Enterprises, Inc., Class A*		3,523		23,745
USA Truck, Inc.*		1,143		16,276
Werner Enterprises, Inc.		7,405		248,068
YRC Worldwide, Inc.*		5,663		38,565
				1,610,719
Semiconductors & Semiconductor Equipment 2.7%
ACM Research, Inc., Class A*		1,159		19,970
Adesto Technologies Corp.*		4,292		27,340
Advanced Energy Industries, Inc.*		6,057		349,852
Alpha & Omega Semiconductor Ltd.*		2,868		35,563
Ambarella, Inc.*		4,769		239,022
Amkor Technology, Inc.*		16,388		148,475
Aquantia Corp.*		3,037		28,882
Axcelis Technologies, Inc.*		5,023		106,940
AXT, Inc.*		5,277		30,079
Brooks Automation, Inc.		10,900		408,859
Cabot Microelectronics Corp.		4,458		562,822
CEVA, Inc.*		3,425		86,276
Cirrus Logic, Inc.*		9,144		435,072
Cohu, Inc.		6,362		94,348
Cree, Inc.*		16,058		1,061,273
Diodes, Inc.*		6,292		229,155
Entegris, Inc.		22,275		910,157
FormFactor, Inc.*		11,679		221,317
Ichor Holdings Ltd.* (a)		3,465		87,249
Impinj, Inc.*		2,381		69,692
Inphi Corp.*		6,829		311,812
Kopin Corp.*		8,807		11,009
Lattice Semiconductor Corp.*		18,559		240,339
MACOM Technology Solutions Holdings, Inc.*		7,288		101,230
MaxLinear, Inc.*		9,980		268,562

115

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Nanometrics, Inc.*		3,670	$	109,329
NeoPhotonics Corp.*		5,474		37,387
NVE Corp.		756		72,432
PDF Solutions, Inc.*		3,997		51,881
Photronics, Inc.*		10,290		96,109
Power Integrations, Inc.		4,502		355,748
Rambus, Inc.*		16,901		193,685
Rudolph Technologies, Inc.*		4,808		116,306
Semtech Corp.*		10,252		552,275
Silicon Laboratories, Inc.*		6,639		714,755
SMART Global Holdings, Inc.*		2,031		44,154
SunPower Corp.* (a)		9,565		69,059
Synaptics, Inc.*		5,464		205,829
Ultra Clean Holdings, Inc.*		6,149		73,604
Veeco Instruments, Inc.*		7,629		92,921
Xperi Corp.		7,447		185,058
				9,055,827
Software 5.8%
8x8, Inc.*		14,530		347,558
A10 Networks, Inc.*		8,547		55,214
ACI Worldwide, Inc.*		18,022		640,141
Agilysys, Inc.*		2,472		47,289
Alarm.com Holdings, Inc.*		4,900		347,312
Altair Engineering, Inc., Class A*		3,994		157,523
Alteryx, Inc., Class A*		4,605		408,187
Amber Road, Inc.*		3,534		31,947
American Software, Inc., Class A		4,338		56,177
Anaplan, Inc.*		2,765		108,858
Appfolio, Inc., Class A*		2,419		234,909
Asure Software, Inc.*		1,422		9,897
Avalara, Inc.*		4,309		253,671
Avaya Holdings Corp.*		16,501		314,839
Benefitfocus, Inc.*		4,437		180,719
Blackbaud, Inc.		7,520		596,261
Blackline, Inc.*		5,800		296,264
Bottomline Technologies DE, Inc.*		6,678		337,706
Box, Inc., Class A*		19,854		409,389
Carbon Black, Inc.*		5,881		80,805
ChannelAdvisor Corp.*		4,172		49,021
Cision Ltd.*		10,742		129,549
Cloudera, Inc.*		31,639		352,142
CommVault Systems, Inc.*		6,286		330,644
Cornerstone OnDemand, Inc.*		8,579		468,842
Coupa Software, Inc.*		8,647		893,494
Digimarc Corp.* (a)		1,686		50,226
Domo, Inc., Class B*		2,597		99,491
Ebix, Inc. (a)		3,802		191,925
eGain Corp.*		2,526		25,235
Envestnet, Inc.*		7,036		499,486
Everbridge, Inc.*		4,394		324,673
Five9, Inc.*		9,019		478,638
ForeScout Technologies, Inc.*		4,780		200,951
HubSpot, Inc.*		5,712		1,053,807
Instructure, Inc.*		5,009		215,788
j2 Global, Inc.		7,343		643,394
LivePerson, Inc.*		9,096		266,786
Majesco*		1,277		9,961
MicroStrategy, Inc., Class A*		1,277		191,167
Mitek Systems, Inc.*		5,243		62,392

Common Stocks (continued)
	Shares		Value
Software (continued)
MobileIron, Inc.*		12,107	$	71,795
Model N, Inc.*		4,165		77,219
Monotype Imaging Holdings, Inc.		6,396		110,267
New Relic, Inc.*		7,088		745,941
OneSpan, Inc.*		4,922		91,254
Park City Group, Inc.*		1,855		14,339
Paylocity Holding Corp.*		4,543		438,627
Progress Software Corp.		7,098		323,740
PROS Holdings, Inc.*		4,954		253,843
Q2 Holdings, Inc.*		5,888		444,073
QAD, Inc., Class A		1,582		74,148
Qualys, Inc.*		5,344		482,349
Rapid7, Inc.*		5,803		315,335
Rimini Street, Inc.*		1,242		6,309
SailPoint Technologies Holding, Inc.*		10,968		309,956
SecureWorks Corp., Class A*		1,447		28,101
ShotSpotter, Inc.* (a)		1,171		61,712
SPS Commerce, Inc.*		2,709		281,032
SVMK, Inc.*		2,634		47,149
Telaria, Inc.*		6,242		45,005
Telenav, Inc.*		5,452		33,966
Tenable Holdings, Inc.*		4,574		164,207
TiVo Corp.		19,158		179,510
Trade Desk, Inc. (The), Class A*		5,203		1,152,360
Upland Software, Inc.*		2,453		114,040
Varonis Systems, Inc.*		4,449		316,546
Verint Systems, Inc.*		10,137		612,173
Veritone, Inc.* (a)		1,031		6,382
VirnetX Holding Corp.* (a)		8,793		56,099
Workiva, Inc.*		4,482		238,173
Yext, Inc.*		13,497		295,719
Zix Corp.*		8,485		69,153
Zscaler, Inc.*		9,569		653,658
				19,566,458
Specialty Retail 2.9%
Aaron’s, Inc.		10,893		606,631
Abercrombie & Fitch Co., Class A		10,306		308,046
American Eagle Outfitters, Inc.		25,395		603,893
America’s Car-Mart, Inc.*		841		83,301
Asbury Automotive Group, Inc.*		3,068		245,992
Ascena Retail Group, Inc.* (a)		26,630		31,690
At Home Group, Inc.*		6,946		163,162
Barnes & Noble Education, Inc.*		6,546		28,148
Barnes & Noble, Inc.		9,573		48,152
Bed Bath & Beyond, Inc. (a)		20,605		344,310
Big 5 Sporting Goods Corp. (a)		2,857		7,514
Boot Barn Holdings, Inc.*		4,506		129,728
Buckle, Inc. (The) (a)		4,421		81,700
Caleres, Inc.		6,672		175,007
Camping World Holdings, Inc., Class A (a)		5,008		74,719
Carvana Co.* (a)		5,085		363,883
Cato Corp. (The), Class A		3,210		48,664
Chico’s FAS, Inc.		19,500		68,250
Children’s Place, Inc. (The) (a)		2,440		275,281
Citi Trends, Inc.		1,915		35,447
Conn’s, Inc.*		3,035		78,515
Container Store Group, Inc. (The)* (a)		2,591		22,386
Designer Brands, Inc.		10,850		241,413

116

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Express, Inc.*		11,211	$	41,256
Five Below, Inc.*		8,504		1,244,901
Francesca’s Holdings Corp.*		5,296		3,663
GameStop Corp., Class A (a)		15,929		137,786
Genesco, Inc.*		3,147		141,017
GNC Holdings, Inc., Class A*		11,765		26,118
Group 1 Automotive, Inc.		2,929		229,370
Guess?, Inc.		9,125		185,876
Haverty Furniture Cos., Inc.		2,759		65,719
Hibbett Sports, Inc.*		2,900		60,030
Hudson Ltd., Class A*		6,091		93,436
J. Jill, Inc.		2,280		12,791
Kirkland’s, Inc.*		2,606		15,323
Lithia Motors, Inc., Class A		3,515		399,023
Lumber Liquidators Holdings, Inc.* (a)		4,427		58,525
MarineMax, Inc.*		3,519		60,844
Monro, Inc.		5,018		420,659
Murphy USA, Inc.*		4,754		406,324
National Vision Holdings, Inc.*		9,956		268,812
Office Depot, Inc.		84,704		203,290
Party City Holdco, Inc.*		9,046		60,608
Pier 1 Imports, Inc.*		11,447		10,381
Rent-A-Center, Inc.*		6,824		170,122
RH* (a)		2,965		316,395
RTW RetailWinds, Inc.*		4,112		9,540
Sally Beauty Holdings, Inc.*		18,994		336,194
Shoe Carnival, Inc.		1,652		58,910
Signet Jewelers Ltd.		8,213		190,377
Sleep Number Corp.*		5,178		180,194
Sonic Automotive, Inc., Class A		3,614		73,111
Sportsman’s Warehouse Holdings, Inc.*		5,196		23,174
Tailored Brands, Inc.		7,566		61,663
Tile Shop Holdings, Inc.		6,609		32,120
Tilly’s, Inc., Class A		3,099		36,444
Winmark Corp.		411		75,850
Zumiez, Inc.*		2,879		76,668
				9,852,346
Technology Hardware, Storage & Peripherals 0.3%
3D Systems Corp.* (a)		17,193		182,934
Avid Technology, Inc.*		4,677		35,545
Cray, Inc.*		6,469		169,876
Diebold Nixdorf, Inc.*		12,258		123,683
Eastman Kodak Co.* (a)		2,342		5,761
Electronics For Imaging, Inc.*		6,948		258,396
Immersion Corp.*		4,315		40,777
Stratasys Ltd.*		7,803		181,420
USA Technologies, Inc.* (a)		8,844		50,145
				1,048,537
Textiles, Apparel & Luxury Goods 0.9%
Crocs, Inc.*		10,297		286,771
Culp, Inc.		1,592		32,668
Deckers Outdoor Corp.*		4,596		727,133
Fossil Group, Inc.* (a)		7,342		95,960
G-III Apparel Group Ltd.*		6,841		295,189
Movado Group, Inc.		2,407		85,810
Oxford Industries, Inc.		2,663		221,189
Rocky Brands, Inc.		994		25,357
Steven Madden Ltd.		13,736		499,304

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Superior Group of Cos., Inc.		1,226	$	20,523
Unifi, Inc.*		2,431		49,106
Vera Bradley, Inc.*		3,345		41,077
Wolverine World Wide, Inc.		14,114		519,536
				2,899,623
Thrifts & Mortgage Finance 2.4%
Axos Financial, Inc.*		9,048		296,051
Bank7 Corp.*		499		8,643
Bridgewater Bancshares, Inc.*		3,324		35,534
Capitol Federal Financial, Inc.		20,479		282,610
Columbia Financial, Inc.*		7,774		123,296
Dime Community Bancshares, Inc.		5,020		101,153
Entegra Financial Corp.*		993		29,293
ESSA Bancorp, Inc.		1,299		19,888
Essent Group Ltd.*		15,107		716,827
Federal Agricultural Mortgage Corp., Class C		1,423		108,831
First Defiance Financial Corp.		3,084		91,009
Flagstar Bancorp, Inc.		4,736		169,312
FS Bancorp, Inc.		647		33,443
Greene County Bancorp, Inc.		538		16,635
Hingham Institution for Savings		195		36,077
Home Bancorp, Inc.		1,273		46,643
HomeStreet, Inc.*		3,923		110,393
Impac Mortgage Holdings, Inc.*		1,727		5,941
Kearny Financial Corp.		13,947		195,258
LendingTree, Inc.* (a)		1,239		476,792
Luther Burbank Corp.		3,127		32,927
Merchants Bancorp		2,581		62,409
Meridian Bancorp, Inc.		7,456		128,392
Meta Financial Group, Inc.		4,293		110,588
MGIC Investment Corp.*		55,357		810,426
Mr. Cooper Group, Inc.*		11,789		101,385
NMI Holdings, Inc., Class A*		9,923		278,638
Northfield Bancorp, Inc.		6,948		104,220
Northwest Bancshares, Inc.		14,750		257,093
OceanFirst Financial Corp.		7,606		191,519
Oconee Federal Financial Corp.		311		8,154
Ocwen Financial Corp.*		18,434		31,153
OP Bancorp		1,643		15,477
Oritani Financial Corp.		6,037		104,742
PCSB Financial Corp.		2,597		49,473
PDL Community Bancorp*		1,199		17,350
PennyMac Financial Services, Inc.		3,012		67,168
Provident Bancorp, Inc.*		656		16,072
Provident Financial Services, Inc.		9,670		256,448
Prudential Bancorp, Inc.		1,525		26,627
Radian Group, Inc.		34,024		796,842
Riverview Bancorp, Inc.		3,073		22,802
SI Financial Group, Inc.		1,964		28,124
Southern Missouri Bancorp, Inc.		1,166		39,119
Sterling Bancorp, Inc.		3,318		32,483
Territorial Bancorp, Inc.		1,115		32,279
Timberland Bancorp, Inc.		1,111		34,663
TrustCo Bank Corp.		14,728		117,824
United Community Financial Corp.		7,986		73,551
United Financial Bancorp, Inc.		7,844		103,462
Walker & Dunlop, Inc.		4,352		239,142
Washington Federal, Inc.		12,775		423,364

117

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Waterstone Financial, Inc.		4,064	$	67,300
Western New England Bancorp, Inc.		4,025		38,882
WSFS Financial Corp.		7,961		343,756
				7,967,483
Tobacco 0.1%
22nd Century Group, Inc.* (a)		19,225		42,103
Pyxus International, Inc.*		1,216		27,761
Turning Point Brands, Inc.		1,172		50,126
Universal Corp.		3,886		209,300
Vector Group Ltd.		16,316		155,492
				484,782
Trading Companies & Distributors 1.3%
Aircastle Ltd.		8,565		170,615
Applied Industrial Technologies, Inc.		6,019		360,779
Beacon Roofing Supply, Inc.*		10,647		400,966
BlueLinx Holdings, Inc.*		1,507		38,760
BMC Stock Holdings, Inc.*		10,671		219,609
CAI International, Inc.*		2,828		70,219
DXP Enterprises, Inc.*		2,438		104,566
EVI Industries, Inc. (a)		620		22,630
Foundation Building Materials, Inc.*		2,129		28,933
GATX Corp.		5,919		456,533
General Finance Corp.*		1,954		18,172
GMS, Inc.*		4,971		87,589
H&E Equipment Services, Inc.		5,101		155,122
Herc Holdings, Inc.*		3,830		184,453
Kaman Corp.		4,341		268,751
Lawson Products, Inc.*		1,086		35,664
MRC Global, Inc.*		13,367		231,650
NOW, Inc.*		17,106		250,090
Rush Enterprises, Inc., Class A		4,705		199,539
Rush Enterprises, Inc., Class B		801		33,642
SiteOne Landscape Supply, Inc.*		6,424		432,335
Systemax, Inc.		1,836		41,696
Textainer Group Holdings Ltd.*		4,351		41,726
Titan Machinery, Inc.*		2,987		51,377
Triton International Ltd.		8,173		269,300
Veritiv Corp.*		1,798		50,146
Willis Lease Finance Corp.*		495		24,611
				4,249,473
Water Utilities 0.5%
American States Water Co.		5,768		410,508
AquaVenture Holdings Ltd.*		1,668		32,443
Artesian Resources Corp., Class A		1,197		43,427
Cadiz, Inc.* (a)		3,917		40,110
California Water Service Group		7,553		380,596
Connecticut Water Service, Inc.		1,845		126,512
Consolidated Water Co. Ltd.		2,140		27,092
Global Water Resources, Inc.		1,952		19,032
Middlesex Water Co.		2,441		141,553
Pure Cycle Corp.*		2,316		23,276
SJW Group		3,700		229,622
York Water Co. (The)		2,028		69,013
				1,543,184

Common Stocks (continued)
	Shares		Value
Wireless Telecommunication Services 0.2%
Boingo Wireless, Inc.*		6,489	$	147,560
Gogo, Inc.* (a)		8,401		44,189
NII Holdings, Inc.*		13,869		27,183
Shenandoah Telecommunications Co.		7,355		303,982
Spok Holdings, Inc.		2,868		39,722
				562,636
Total Common Stocks (cost $305,723,506)				326,392,408
Rights 0.0%†
	Number of Rights
Food Products 0.0%†
Schuman, Inc., CVR*¥		5,162		2,235
Pharmaceuticals 0.0%†
Corium International, Inc., CVR*¥		5,244		0
Total Rights (cost $—)				2,235
Short-Term Investment 0.3%
	Shares
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		940,227		940,227
Total Short-Term Investment (cost $940,227)				940,227
Repurchase Agreements 4.7%
	Principal Amount
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $13,740,592, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $14,024,296. (c)(d)	$	13,739,561		13,739,561

118

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Small Cap Index Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $2,016,333, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $2,056,508. (c)(d)	$	2,016,185	$	2,016,185
Total Repurchase Agreements (cost $15,755,746)				15,755,746
Total Investments (cost $322,419,479) — 102.3%				343,090,616
Liabilities in excess of other assets — (2.3)%				(7,869,773	)
NET ASSETS — 100.0%			$	335,220,843

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at

April 30, 2019 was $16,144,462, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $940,227 and $15,755,746, respectively, a total value of $16,695,973.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $16,695,973.

(d) Please refer to Note 2(f) for additional information on the joint repurchase agreement.

CVR Contingent Value Rights

Reg.S Regulation S — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

REIT Real Estate Investment Trust

Futures contracts outstanding as of April 30, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		112		6/2019		USD		8,927,520		146,691
										146,691

At April 30, 2019, the Fund had $400,600 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The accompanying notes are an integral part of these financial statements.

119

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Small Cap Index Fund
Assets:
Investment securities, at value* (cost $306,663,733)	$	327,334,870
Repurchase agreements, at value (cost $15,755,746)		15,755,746
Cash		8,545,720
Deposits with broker for futures contracts		400,600
Interest and dividends receivable		96,453
Security lending income receivable		24,014
Receivable for capital shares issued		179,031
Reimbursement from investment adviser (Note 3)		12,270
Prepaid expenses		48,415
Total Assets		352,397,119
Liabilities:
Payable for capital shares redeemed		41,305
Payable for variation margin on futures contracts		44,804
Payable upon return of securities loaned (Note 2)		16,695,973
Accrued expenses and other payables:
Investment advisory fees		46,398
Fund administration fees		27,725
Distribution fees		57,724
Administrative servicing fees		57,482
Accounting and transfer agent fees		8,760
Trustee fees		707
Custodian fees		4,611
Compliance program costs (Note 3)		427
Professional fees		19,149
Printing fees		17,780
Other		153,431
Total Liabilities		17,176,276
Net Assets	$	335,220,843
Represented by:
Capital	$	274,520,985
Total distributable earnings (loss)		60,699,858
Net Assets	$	335,220,843
Net Assets:
Class A Shares	$	228,277,314
Class C Shares		6,730,556
Class R Shares		14,382,998
Class R6 Shares		75,077,944
Institutional Service Class Shares		10,752,031
Total	$	335,220,843

120

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Small Cap Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		22,994,995
Class C Shares		735,599
Class R Shares		1,474,986
Class R6 Shares		7,344,122
Institutional Service Class Shares		1,053,304
Total		33,603,006
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.93
Class C Shares (b)	$	9.15
Class R Shares	$	9.75
Class R6 Shares	$	10.22
Institutional Service Class Shares	$	10.21
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.54
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $16,144,462 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

121

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Small Cap Index Fund
INVESTMENT INCOME:
Dividend income	$	2,701,283
Income from non-cash dividends		170,907
Income from securities lending (Note 2)		131,571
Interest income		124,755
Foreign tax withholding		(797	)
Total Income		3,127,719
EXPENSES:
Investment advisory fees		336,447
Fund administration fees		81,954
Distribution fees Class A		268,541
Distribution fees Class C		32,928
Distribution fees Class R		32,101
Administrative servicing fees Class A		182,607
Administrative servicing fees Class C		3,024
Administrative servicing fees Class R		14,021
Administrative servicing fees Institutional Service Class		10,453
Registration and filing fees		31,058
Professional fees		23,124
Printing fees		10,415
Trustee fees		6,166
Custodian fees		8,242
Accounting and transfer agent fees		16,435
Compliance program costs (Note 3)		831
Index licensing fee		49,589
Other		24,855
Total expenses before fees waived and expenses reimbursed		1,132,791
Investment advisory fees waived (Note 3)		(35,412	)
Expenses reimbursed by adviser (Note 3)		(56,365	)
Net Expenses		1,041,014
NET INVESTMENT INCOME		2,086,705
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		2,804,764
Redemptions in-kind by affiliated issuers (Note 3)		40,924,451
Expiration or closing of futures contracts (Note 2)		(1,179,002	)
Net realized gains		42,550,213
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(24,219,904	)
Futures contracts (Note 2)		2,159,178
Net change in unrealized appreciation/depreciation		(22,060,726	)
Net realized/unrealized gains		20,489,487
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,576,192

The accompanying notes are an integral part of these financial statements.

122

Statements of Changes in Net Assets

	Nationwide Small Cap Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	2,086,705		$	4,819,343
Net realized gains		42,550,213			105,525,541
Net change in unrealized appreciation/depreciation		(22,060,726	)		(105,376,081	)
Change in net assets resulting from operations		22,576,192			4,968,803
Distributions to Shareholders From:
Distributable earnings:
Class A		(61,484,761	)		(28,976,981	)
Class C		(2,081,762	)		(1,568,834	)
Class R		(3,600,909	)		(1,236,594	)
Class R6		(30,668,214	)		(62,596,996	)
Institutional Service Class		(2,039,241	)		(61,847	)
Change in net assets from shareholder distributions		(99,874,887	)		(94,441,252	)
Change in net assets from capital transactions		(19,759,770	)		(62,662,594	)
Change in net assets		(97,058,465	)		(152,135,043	)
Net Assets:
Beginning of period		432,279,308			584,414,351
End of period	$	335,220,843		$	432,279,308
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	24,924,766		$	113,964,245
Dividends reinvested		60,008,909			28,090,123
Cost of shares redeemed		(25,447,472	)		(50,620,595	)
Total Class A Shares		59,486,203			91,433,773
Class C Shares
Proceeds from shares issued		674,828			1,732,131
Dividends reinvested		2,031,519			1,547,034
Cost of shares redeemed		(1,425,368	)		(4,398,357	)
Total Class C Shares		1,280,979			(1,119,192	)
Class R Shares
Proceeds from shares issued		5,076,833			9,339,722
Dividends reinvested		3,182,745			948,690
Cost of shares redeemed		(2,627,716	)		(4,759,089	)
Total Class R Shares		5,631,862			5,529,323
Class R6 Shares
Proceeds from shares issued		11,823,409			15,968,620
Dividends reinvested		30,668,214			62,596,744
Cost of shares redeemed		(133,887,130	)(a)		(244,428,631	)
Total Class R6 Shares		(91,395,507	)		(165,863,267	)

123

Statements of Changes in Net Assets (Continued)

	Nationwide Small Cap Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	4,567,288		$	10,883,942
Dividends reinvested		2,020,506			61,847
Cost of shares redeemed		(1,351,101	)		(3,589,020	)
Total Institutional Service Class Shares		5,236,693			7,356,769
Change in net assets from capital transactions	$	(19,759,770	)	$	(62,662,594	)
SHARE TRANSACTIONS:
Class A Shares
Issued		2,362,820			7,494,313
Reinvested		7,002,206			2,021,974
Redeemed		(2,377,315	)		(3,451,641	)
Total Class A Shares		6,987,711			6,064,646
Class C Shares
Issued		77,855			123,841
Reinvested		256,505			117,467
Redeemed		(162,059	)		(319,809	)
Total Class C Shares		172,301			(78,501	)
Class R Shares
Issued		497,384			645,430
Reinvested		377,550			69,089
Redeemed		(263,077	)		(328,234	)
Total Class R Shares		611,857			386,285
Class R6 Shares
Issued		1,175,202			1,067,142
Reinvested		3,476,321			4,417,950
Redeemed		(10,932,619	)(a)		(17,377,269	)
Total Class R6 Shares		(6,281,096	)		(11,892,177	)
Institutional Service Class Shares
Issued		460,813			714,989
Reinvested		229,291			4,294
Redeemed		(144,544	)		(231,101	)
Total Institutional Service Class Shares		545,560			488,182
Total change in shares		2,036,333			(5,031,565	)

(a) Amount includes in-kind redemptions. (See Note 3)

The accompanying notes are an integral part of these financial statements.

124

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Small Cap Index Fund

			Operations								Distributions														Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Unrealized Gains (Losses) from Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income to Average Net Assets (d)		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.58		0.05		0.13			0.18			(0.07	)		(3.76	)		(3.83	)	$	9.93		5.81%		$	228,277,314		0.70%		1.06%		0.75%		4.84%	(g)
Year Ended October 31, 2018	$	15.79		0.11		0.14			0.25			(0.12	)		(2.34	)		(2.46	)	$	13.58		1.30%		$	217,456,536		0.70%		0.72%		0.72%		26.86%
Year Ended October 31, 2017	$	13.30		0.11		3.39			3.50			(0.13	)		(0.88	)		(1.01	)	$	15.79		27.12%		$	157,040,938		0.66%		0.75%		0.69%		14.65%
Year Ended October 31, 2016	$	14.42		0.14		0.31			0.45			(0.12	)		(1.45	)		(1.57	)	$	13.30		3.72%		$	126,320,711		0.67%		1.06%		0.68%		15.86%
Year Ended October 31, 2015	$	15.67		0.13		(0.17	)		(0.04	)		(0.15	)		(1.06	)		(1.21	)	$	14.42		(0.09%	)	$	129,815,756		0.67%		0.88%		0.67%		14.31%
Year Ended October 31, 2014	$	15.54		0.12		1.02			1.14			(0.11	)		(0.90	)		(1.01	)	$	15.67		7.60%		$	144,918,229		0.67%		0.75%		0.67%		18.71%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	12.86		0.02		0.08			0.10			(0.05	)		(3.76	)		(3.81	)	$	9.15		5.36%		$	6,730,556		1.37%		0.40%		1.43%		4.84%	(g)
Year Ended October 31, 2018	$	15.10		0.01		0.15			0.16			(0.06	)		(2.34	)		(2.40	)	$	12.86		0.68%		$	7,241,746		1.38%		0.06%		1.41%		26.86%
Year Ended October 31, 2017	$	12.80		0.01		3.25			3.26			(0.08	)		(0.88	)		(0.96	)	$	15.10		26.23%		$	9,693,505		1.36%		0.04%		1.39%		14.65%
Year Ended October 31, 2016	$	13.96		0.04		0.30			0.34			(0.05	)		(1.45	)		(1.50	)	$	12.80		3.01%		$	4,750,997		1.37%		0.35%		1.38%		15.86%
Year Ended October 31, 2015	$	15.22		0.03		(0.17	)		(0.14	)		(0.06	)		(1.06	)		(1.12	)	$	13.96		(0.76%	)	$	4,086,067		1.36%		0.18%		1.36%		14.31%
Year Ended October 31, 2014	$	15.14		0.01		1.00			1.01			(0.03	)		(0.90	)		(0.93	)	$	15.22		6.90%		$	3,111,509		1.34%		0.08%		1.34%		18.71%
Class R Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	13.42		0.04		0.12			0.16			(0.07	)		(3.76	)		(3.83	)	$	9.75		5.60%		$	14,382,998		1.00%		0.76%		1.05%		4.84%	(g)
Year Ended October 31, 2018	$	15.64		0.06		0.15			0.21			(0.09	)		(2.34	)		(2.43	)	$	13.42		0.99%		$	11,586,526		1.00%		0.42%		1.03%		26.86%
Year Ended October 31, 2017	$	13.19		0.08		3.37			3.45			(0.12	)		(0.88	)		(1.00	)	$	15.64		26.93%		$	7,458,631		0.86%		0.52%		0.89%		14.65%
Year Ended October 31, 2016	$	14.32		0.12		0.30			0.42			(0.10	)		(1.45	)		(1.55	)	$	13.19		3.54%		$	1,661,800		0.82%		0.91%		0.83%		15.86%
Year Ended October 31, 2015	$	15.58		0.12		(0.18	)		(0.06	)		(0.14	)		(1.06	)		(1.20	)	$	14.32		(0.18%	)	$	1,156,739		0.77%		0.77%		0.77%		14.31%
Year Ended October 31, 2014	$	15.46		0.08		1.04			1.12			(0.10	)		(0.90	)		(1.00	)	$	15.58		7.47%		$	1,029,664		0.76%		0.51%		0.76%		18.71%
Class R6 Shares (i)
Six Months Ended April 30, 2019 (Unaudited)	$	13.87		0.08		0.13			0.21			(0.10	)		(3.76	)		(3.86	)	$	10.22		5.92%		$	75,077,944		0.28%		1.51%		0.33%		4.84%	(g)
Year Ended October 31, 2018	$	16.06		0.18		0.15			0.33			(0.18	)		(2.34	)		(2.52	)	$	13.87		1.79%		$	188,960,819		0.28%		1.19%		0.30%		26.86%
Year Ended October 31, 2017	$	13.51		0.18		3.44			3.62			(0.19	)		(0.88	)		(1.07	)	$	16.06		27.63%		$	409,907,127		0.26%		1.18%		0.29%		14.65%
Year Ended October 31, 2016	$	14.62		0.19		0.32			0.51			(0.17	)		(1.45	)		(1.62	)	$	13.51		4.15%		$	499,192,342		0.27%		1.46%		0.28%		15.86%
Year Ended October 31, 2015	$	15.87		0.20		(0.18	)		0.02			(0.21	)		(1.06	)		(1.27	)	$	14.62		0.32%		$	586,284,737		0.27%		1.29%		0.27%		14.31%
Year Ended October 31, 2014	$	15.75		0.18		1.04			1.22			(0.20	)		(0.90	)		(1.10	)	$	15.87		8.04%		$	673,112,196		0.27%		1.15%		0.27%		18.71%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	13.85		0.06		0.14			0.20			(0.08	)		(3.76	)		(3.84	)	$	10.21		5.87%		$	10,752,031		0.53%		1.22%		0.59%		4.84%	(g)
Year Ended October 31, 2018	$	16.06		0.13		0.16			0.29			(0.16	)		(2.34	)		(2.50	)	$	13.85		1.49%		$	7,033,681		0.50%		0.86%		0.53%		26.86%
Period Ended October 31, 2017 (j)	$	15.36		0.14		1.61			1.75			(0.17	)		(0.88	)		(1.05	)	$	16.06		12.15%		$	314,150		0.45%		1.00%		0.49%		14.65%

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Portfolio turnover excludes received or delivered in-kind.

(h) Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

(i) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(j) For the period from December 7, 2016 (commencement of operations) through October 31, 2017. Total return is calculated based on inception date of December 6, 2016 through October 31, 2017.

The accompanying notes are an integral part of these financial statements.

125

Fund Overview Nationwide Ziegler NYSE Arca Tech 100 Index  Fund

Asset Allocation¹

Common Stocks	99.0%
Repurchase Agreements	1.9%
Exchange Traded Fund	0.5%
Short-Term Investment	0.1%
Liabilities in excess of other assets	(1.5)%
	100.0%

Top Industries²

Software	18.9%
Semiconductors & Semiconductor Equipment	17.7%
Aerospace & Defense	10.9%
IT Services	10.7%
Communications Equipment	6.2%
Life Sciences Tools & Services	6.1%
Biotechnology	4.6%
Technology Hardware, Storage & Peripherals	3.9%
Health Care Equipment & Supplies	3.0%
Interactive Media & Services	2.3%
Other Industries#	15.7%
	100.0%

Top Holdings²

Boeing Co. (The)	3.4%
Lockheed Martin Corp.	3.0%
Broadcom, Inc.	2.9%
Illumina, Inc.	2.8%
Adobe, Inc.	2.6%
Thermo Fisher Scientific, Inc.	2.5%
Mastercard, Inc., Class A	2.3%
Intuit, Inc.	2.3%
Biogen, Inc.	2.1%
ASML Holding NV (Registered), NYRS	1.9%
Other Holdings#	74.2%
	100.0%

^#  For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of April 30, 2019.

²  Percentages indicated are based upon total investments as of April 30, 2019.

126

Shareholder Expense Example Nationwide Ziegler NYSE Arca Tech 100 Index Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period (November 1, 2018) and continued to hold your shares at the end of the reporting period (April 30, 2019).

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid from November 1, 2018 through April 30, 2019. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period from November 1, 2018 through April 30, 2019. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs were included, your costs would have been higher. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The examples also assume all dividends and distributions are reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Nationwide Ziegler NYSE Arca Tech 100 Index Fund April 30, 2019			Beginning Account Value ($) 11/1/18		Ending Account Value ($) 4/30/19		Expenses Paid During Period ($) 11/1/18 - 4/30/19		Expense Ratio During Period (%) 11/1/18 - 4/30/19
Class A Shares	Actual	(a)		1,000.00		1,150.30		3.84		0.72
	Hypothetical	(a)(b)		1,000.00		1,021.22		3.61		0.72
Class C Shares	Actual	(a)		1,000.00		1,146.10		7.72		1.45
	Hypothetical	(a)(b)		1,000.00		1,017.60		7.25		1.45
Class R6 Shares	Actual	(a)		1,000.00		1,152.40		1.97		0.37
	Hypothetical	(a)(b)		1,000.00		1,022.96		1.86		0.37
Institutional Service Class Shares	Actual	(a)		1,000.00		1,151.70		2.56		0.48
	Hypothetical	(a)(b)		1,000.00		1,022.41		2.41		0.48

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from November 1, 2018 through April 30, 2019 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

(b) Represents the hypothetical 5% return before expenses.

127

Statement of Investments

April 30, 2019 (Unaudited)

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Common Stocks 99.0%
	Shares		Value
Aerospace & Defense 11.1%
Boeing Co. (The)		64,196	$	24,246,187
Harris Corp.		64,196		10,817,026
Lockheed Martin Corp.		64,196		21,398,453
Raytheon Co.		64,196		11,400,568
United Technologies Corp.		64,196		9,154,991
				77,017,225
Biotechnology 4.7%
Amgen, Inc.		64,196		11,511,627
Biogen, Inc.*		64,196		14,716,291
Gilead Sciences, Inc.		64,196		4,175,308
Myriad Genetics, Inc.*		64,196		2,020,890
				32,424,116
Chemicals 0.4%
DowDuPont, Inc.		64,196		2,468,336
Communications Equipment 6.3%
Ciena Corp.*		64,196		2,462,559
Cisco Systems, Inc.		64,196		3,591,766
F5 Networks, Inc.*		64,196		10,072,352
InterDigital, Inc.		64,196		4,197,777
Juniper Networks, Inc.		64,196		1,782,723
Motorola Solutions, Inc.		64,196		9,302,642
Nokia OYJ, ADR-FI (a)		64,196		338,955
Ubiquiti Networks, Inc. (a)		64,196		10,942,208
Viavi Solutions, Inc.*		64,196		853,807
				43,544,789
Diversified Telecommunication Services 0.3%
AT&T, Inc.		64,196		1,987,508
Electronic Equipment, Instruments & Components 1.8%
Amphenol Corp., Class A		64,196		6,391,354
Corning, Inc.		64,196		2,044,642
FLIR Systems, Inc.		64,196		3,398,536
LG Display Co. Ltd., ADR-KR (a)		64,196		536,037
				12,370,569
Energy Equipment & Services 0.9%
Halliburton Co.		64,196		1,818,673
National Oilwell Varco, Inc.		64,196		1,678,083
Schlumberger Ltd.		64,196		2,739,885
				6,236,641
Entertainment 0.4%
Activision Blizzard, Inc.		64,196		3,094,889
Health Care Equipment & Supplies 3.1%
Baxter International, Inc.		64,196		4,898,155
Boston Scientific Corp.*		64,196		2,382,955
Danaher Corp.		64,196		8,502,118
Medtronic plc		64,196		5,701,247
				21,484,475
Health Care Technology 2.1%
Medidata Solutions, Inc.*		64,196		5,799,467
Veeva Systems, Inc., Class A*		64,196		8,979,094
				14,778,561

Common Stocks (continued)
	Shares		Value
Household Durables 1.7%
Garmin Ltd.		64,196	$	5,504,165
iRobot Corp.* (a)		64,196		6,646,854
				12,151,019
Industrial Conglomerates 1.6%
Honeywell International, Inc.		64,196		11,146,352
Interactive Media & Services 2.4%
Facebook, Inc., Class A*		64,196		12,415,507
SINA Corp.*		64,196		4,040,496
				16,456,003
Internet & Direct Marketing Retail 2.1%
Alibaba Group Holding Ltd., ADR-CN*		64,196		11,912,852
eBay, Inc.		64,196		2,487,595
				14,400,447
IT Services 10.9%
Akamai Technologies, Inc.*		64,196		5,139,532
Amdocs Ltd.		64,196		3,535,916
Automatic Data Processing, Inc.		64,196		10,553,180
DXC Technology Co.		64,196		4,220,245
International Business Machines Corp.		64,196		9,004,773
LiveRamp Holdings, Inc.*		64,196		3,744,553
Mastercard, Inc., Class A		64,196		16,321,191
VeriSign, Inc.*		64,196		12,675,500
Visa, Inc., Class A		64,196		10,555,748
				75,750,638
Life Sciences Tools & Services 6.2%
Agilent Technologies, Inc.		64,196		5,039,386
Illumina, Inc.*		64,196		20,029,152
Thermo Fisher Scientific, Inc.		64,196		17,811,180
				42,879,718
Pharmaceuticals 1.7%
AstraZeneca plc, ADR-UK		64,196		2,417,621
Bausch Health Cos., Inc.*		64,196		1,482,286
Bristol-Myers Squibb Co.		64,196		2,980,620
Novartis AG, ADR-CH		64,196		5,278,837
				12,159,364
Semiconductors & Semiconductor Equipment 17.9%
Analog Devices, Inc.		64,196		7,462,143
Applied Materials, Inc.		64,196		2,829,118
ASML Holding NV (Registered), NYRS-NL		64,196		13,405,409
Broadcom, Inc.		64,196		20,440,006
Cypress Semiconductor Corp.		64,196		1,102,887
Intel Corp.		64,196		3,276,564
KLA-Tencor Corp.		64,196		8,183,706
Lam Research Corp.		64,196		13,316,176
Microchip Technology, Inc. (a)		64,196		6,412,538
Micron Technology, Inc.*		64,196		2,700,084
NVIDIA Corp.		64,196		11,619,476
NXP Semiconductors NV		64,196		6,780,382
ON Semiconductor Corp.*		64,196		1,480,360
QUALCOMM, Inc.		64,196		5,529,201
Teradyne, Inc.		64,196		3,145,604
Texas Instruments, Inc.		64,196		7,564,215

128

Statement of Investments (Continued)

April 30, 2019 (Unaudited)

Nationwide Ziegler NYSE Arca Tech 100 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Xilinx, Inc.		64,196	$	7,712,507
Xperi Corp.		64,196		1,595,271
				124,555,647
Software 19.2%
Adobe, Inc.*		64,196		18,568,693
Check Point Software Technologies Ltd.*		64,196		7,752,309
Citrix Systems, Inc.		64,196		6,481,228
Intuit, Inc.		64,196		16,117,048
j2 Global, Inc.		64,196		5,624,853
Microsoft Corp.		64,196		8,383,998
Open Text Corp.		64,196		2,468,336
Oracle Corp.		64,196		3,551,965
Progress Software Corp.		64,196		2,927,979
PTC, Inc.*		64,196		5,807,812
Red Hat, Inc.*		64,196		11,717,696
salesforce.com, Inc.*		64,196		10,614,809
SAP SE, ADR-DE		64,196		8,272,297
Symantec Corp.		64,196		1,554,185
Synopsys, Inc.*		64,196		7,772,852
Teradata Corp.*		64,196		2,918,992
VMware, Inc., Class A		64,196		13,104,329
				133,639,381
Technology Hardware, Storage & Peripherals 3.9%
Apple, Inc.		64,196		12,882,211
HP, Inc.		64,196		1,280,710
NetApp, Inc.		64,196		4,676,679
Seagate Technology plc		64,196		3,101,951
Western Digital Corp.		64,196		3,281,699
Xerox Corp.		64,196		2,141,579
				27,364,829
Wireless Telecommunication Services 0.3%
Telephone & Data Systems, Inc.		64,196		2,046,569
Total Common Stocks (cost $327,787,580)				687,957,076
Exchange Traded Fund 0.5%
Exchange Traded Fund 0.5%
Invesco QQQ Trust		18,114		3,433,328
Total Exchange Traded Fund (cost $2,597,626)				3,433,328
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 2.35% (b)(c)		802,939		802,939
Total Short-Term Investment (cost $802,939)				802,939

Repurchase Agreements 1.9%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $11,734,249, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $11,976,529. (c)(d)	$	11,733,369	$	11,733,369
Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $1,721,917, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $1,756,226. (c)(d)		1,721,790		1,721,790
Total Repurchase Agreements (cost $13,455,159)				13,455,159
Total Investments (cost $344,643,304) — 101.5%				705,648,502
Liabilities in excess of other assets — (1.5)%				(10,732,812	)
NET ASSETS — 100.0%			$	694,915,690

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 was $14,095,060, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $802,939 and $13,455,159, respectively, and by $10,117 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 4.38%, and maturity dates ranging from 6/13/2019 – 2/15/2045; a total value of $14,268,215.

(b) Represents 7-day effective yield as of April 30, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of April 30, 2019 was $14,258,098.

(d) Please refer to Note 2(f) for additional information on the joint repurchase agreement.

ADR American Depositary Receipt

CH Switzerland

CN China

DE Germany

FI Finland

KR South Korea

NL Netherlands

NYRS New York Registry Shares

UK United Kingdom

The accompanying notes are an integral part of these financial statements.

129

Statement of Assets and Liabilities

April 30, 2019 (Unaudited)

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
Assets:
Investment securities, at value* (cost $331,188,145)	$	692,193,343
Repurchase agreements, at value (cost $13,455,159)		13,455,159
Cash		4,336,459
Interest and dividends receivable		297,744
Security lending income receivable		2,683
Receivable for capital shares issued		1,286,178
Prepaid expenses		43,908
Total Assets		711,615,474
Liabilities:
Payable for investments purchased		50,859
Payable for capital shares redeemed		1,865,752
Payable upon return of securities loaned (Note 2)		14,258,098
Accrued expenses and other payables:
Investment advisory fees		149,967
Fund administration fees		33,564
Distribution fees		128,728
Administrative servicing fees		130,003
Accounting and transfer agent fees		22,901
Trustee fees		1,309
Custodian fees		5,218
Compliance program costs (Note 3)		583
Professional fees		15,658
Printing fees		35,293
Other		1,851
Total Liabilities		16,699,784
Net Assets	$	694,915,690
Represented by:
Capital	$	342,601,898
Total distributable earnings (loss)		352,313,792
Net Assets	$	694,915,690
Net Assets:
Class A Shares	$	351,125,608
Class C Shares		71,722,090
Class R6 Shares		19,229,745
Institutional Service Class Shares		252,838,247
Total	$	694,915,690
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,830,390
Class C Shares		883,895
Class R6 Shares		207,626
Institutional Service Class Shares		2,729,414
Total		7,651,325

130

Statement of Assets and Liabilities (Continued)

April 30, 2019 (Unaudited)

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	91.67
Class C Shares (b)	$	81.14
Class R6 Shares	$	92.62
Institutional Service Class Shares	$	92.63
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	97.26
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $14,095,060 (Note 2).

(a) For Class A Shares that were purchased without a sales charge because such purchase exceeded $1,000,000, a contingent deferred sales charge of 1.00% may apply to any redemption of such shares within 18 months of their purchase.

(b) For Class C Shares, the redemption price per share is reduced by a contingent deferred sales charge of 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

131

Statement of Operations

For the Six Months Ended April 30, 2019 (Unaudited)

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
INVESTMENT INCOME:
Dividend income	$	5,189,928
Income from securities lending (Note 2)		72,937
Interest income		45,230
Foreign tax withholding		(9,284	)
Total Income		5,298,811
EXPENSES:
Investment advisory fees		834,024
Fund administration fees		109,283
Distribution fees Class A		391,070
Distribution fees Class C		313,148
Administrative servicing fees Class A		152,767
Administrative servicing fees Class C		25,740
Administrative servicing fees Institutional Service Class		107,257
Registration and filing fees		35,536
Professional fees		24,143
Printing fees		33,849
Trustee fees		9,826
Custodian fees		13,172
Accounting and transfer agent fees		51,477
Compliance program costs (Note 3)		1,420
Other		6,698
Total Expenses		2,109,410
NET INVESTMENT INCOME		3,189,401
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(3,729,998	)
Net change in unrealized appreciation/depreciation in the value of investment securities		86,987,380
Net realized/unrealized gains		83,257,382
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	86,446,783

The accompanying notes are an integral part of these financial statements.

132

Statements of Changes in Net Assets

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
Operations:
Net investment income	$	3,189,401		$	2,997,061
Net realized gains (losses)		(3,729,998	)		11,900,147
Net change in unrealized appreciation/depreciation		86,987,380			19,894,398
Change in net assets resulting from operations		86,446,783			34,791,606
Distributions to Shareholders From:
Distributable earnings:
Class A		(7,386,529	)		(11,364,650	)
Class C		(1,517,372	)		(1,824,299	)
Class R6		(401,410	)		(399,659	)
Institutional Service Class		(4,850,093	)		(4,838,156	)
Change in net assets from shareholder distributions		(14,155,404	)		(18,426,764	)
Change in net assets from capital transactions		54,217,866			85,618,621
Change in net assets		126,509,245			101,983,463
Net Assets:
Beginning of period		568,406,445			466,422,982
End of period	$	694,915,690		$	568,406,445
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	45,335,409		$	80,317,933
Dividends reinvested		7,161,426			10,983,492
Cost of shares redeemed		(43,811,427	)		(96,415,146	)
Total Class A Shares		8,685,408			(5,113,721	)
Class C Shares
Proceeds from shares issued		10,035,526			18,616,913
Dividends reinvested		1,454,163			1,726,713
Cost of shares redeemed		(6,979,893	)		(7,529,673	)
Total Class C Shares		4,509,796			12,813,953
Class R6 Shares
Proceeds from shares issued		3,460,018			9,641,528
Dividends reinvested		394,848			398,609
Cost of shares redeemed		(2,046,278	)		(2,872,085	)
Total Class R6 Shares		1,808,588			7,168,052
Institutional Service Class Shares
Proceeds from shares issued		74,464,876			115,194,247
Dividends reinvested		4,666,041			4,340,755
Cost of shares redeemed		(39,916,843	)		(48,784,665	)
Total Institutional Service Class Shares		39,214,074			70,750,337
Change in net assets from capital transactions	$	54,217,866		$	85,618,621

133

Statements of Changes in Net Assets (Continued)

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		542,304			962,622
Reinvested		93,142			140,561
Redeemed		(536,341	)		(1,168,572	)
Total Class A Shares		99,105			(65,389	)
Class C Shares
Issued		135,028			250,417
Reinvested		21,470			24,956
Redeemed		(97,134	)		(101,317	)
Total Class C Shares		59,364			174,056
Class R6 Shares
Issued		41,195			115,463
Reinvested		5,051			5,001
Redeemed		(24,424	)		(34,061	)
Total Class R6 Shares		21,822			86,403
Institutional Service Class Shares
Issued		881,033			1,359,361
Reinvested		59,756			54,652
Redeemed		(491,506	)		(584,966	)
Total Institutional Service Class Shares		449,283			829,047
Total change in shares		629,574			1,024,117

The accompanying notes are an integral part of these financial statements.

134

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

			Operations							Distributions													Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains from Investments		Total from Operations		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (b)(c)(d)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets (d)		Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)		Portfolio Turnover (c)(f)
Class A Shares
Six Months Ended April 30, 2019 (Unaudited)	$	81.72		0.44			11.47		11.91		(0.22	)		(1.74	)		(1.96	)	$	91.67		15.03%	$	351,125,608		0.72%		1.06%			0.72%		9.96%
Year Ended October 31, 2018	$	78.46		0.48			5.83		6.31		(0.40	)		(2.65	)		(3.05	)	$	81.72		8.22%	$	304,904,760		0.74%		0.57%			0.74%		17.24%
Year Ended October 31, 2017	$	58.73		0.42			19.83		20.25		(0.52	)		–			(0.52	)	$	78.46		34.68%	$	297,898,226		0.79%		0.62%			0.79%		24.29%
Year Ended October 31, 2016	$	55.34		0.55			3.22		3.77		(0.38	)		–			(0.38	)	$	58.73		6.87%	$	228,935,777		0.84%		0.99%			0.84%		28.15%
Year Ended October 31, 2015	$	54.52		0.42			0.79		1.21		(0.39	)		–			(0.39	)	$	55.34		2.23%	$	260,510,175		0.79%		0.74%			0.79%		29.07%
Period Ended October 31, 2014 (g)	$	52.46		0.05			2.01		2.06		–			–			–		$	54.52		3.93%	$	251,670,690		0.90%		0.39%			0.90%		3.56%
Year Ended July 31, 2014	$	43.15		0.21			9.24		9.45		(0.14	)		–			(0.14	)	$	52.46		21.93%	$	244,041,076		0.91%		0.44%			0.93%		21.68%
Class C Shares
Six Months Ended April 30, 2019 (Unaudited)	$	72.68		0.12			10.15		10.27		(0.07	)		(1.74	)		(1.81	)	$	81.14		14.61%	$	71,722,090		1.45%		0.31%			1.45%		9.96%
Year Ended October 31, 2018	$	70.31		(0.12	)		5.21		5.09		(0.07	)		(2.65	)		(2.72	)	$	72.68		7.44%	$	59,925,093		1.46%		(0.16%	)		1.46%		17.24%
Year Ended October 31, 2017	$	52.82		(0.07	)		17.80		17.73		(0.24	)		–			(0.24	)	$	70.31		33.70%	$	45,734,066		1.52%		(0.12%	)		1.52%		24.29%
Year Ended October 31, 2016	$	49.98		0.12			2.91		3.03		(0.19	)		–			(0.19	)	$	52.82		6.09%	$	31,639,383		1.58%		0.24%			1.58%		28.15%
Year Ended October 31, 2015	$	49.49		(0.02	)		0.75		0.73		(0.24	)		–			(0.24	)	$	49.98		1.48%	$	32,248,108		1.53%		(0.05%	)		1.53%		29.07%
Period Ended October 31, 2014 (g)	$	47.70		(0.04	)		1.83		1.79		–			–			–		$	49.49		3.75%	$	22,603,946		1.61%		(0.34%	)		1.61%		3.56%
Year Ended July 31, 2014	$	39.38		–			8.32		8.32		–			–			–		$	47.70		21.13%	$	19,986,986		1.57%		(0.23%	)		1.57%		21.68%
Class R6 Shares (h)
Six Months Ended April 30, 2019 (Unaudited)	$	82.54		0.58			11.60		12.18		(0.36	)		(1.74	)		(2.10	)	$	92.62		15.24%	$	19,229,745		0.37%		1.38%			0.37%		9.96%
Year Ended October 31, 2018	$	79.18		0.77			5.88		6.65		(0.64	)		(2.65	)		(3.29	)	$	82.54		8.59%	$	15,335,774		0.39%		0.90%			0.39%		17.24%
Year Ended October 31, 2017	$	59.25		0.65			20.03		20.68		(0.75	)		–			(0.75	)	$	79.18		35.17%	$	7,870,252		0.43%		0.93%			0.43%		24.29%
Year Ended October 31, 2016	$	55.83		0.71			3.30		4.01		(0.59	)		–			(0.59	)	$	59.25		7.26%	$	2,909,859		0.47%		1.28%			0.47%		28.15%
Year Ended October 31, 2015	$	54.98		0.50			0.92		1.42		(0.57	)		–			(0.57	)	$	55.83		2.60%	$	1,776,568		0.42%		0.87%			0.42%		29.07%
Period Ended October 31, 2014 (g)	$	52.88		0.10			2.03		2.13		(0.03	)		–			(0.03	)	$	54.98		4.03%	$	273,660		0.53%		0.77%			0.53%		3.56%
Period Ended July 31, 2014 (i)	$	45.87		0.01			7.39		7.40		(0.39	)		–			(0.39	)	$	52.88		16.23%	$	305,381		0.48%		0.82%			0.48%		21.68%
Institutional Service Class Shares
Six Months Ended April 30, 2019 (Unaudited)	$	82.56		0.54			11.60		12.14		(0.33	)		(1.74	)		(2.07	)	$	92.63		15.17%	$	252,838,247		0.48%		1.28%			0.48%		9.96%
Year Ended October 31, 2018	$	79.20		0.67			5.89		6.56		(0.55	)		(2.65	)		(3.20	)	$	82.56		8.47%	$	188,240,818		0.50%		0.79%			0.50%		17.24%
Year Ended October 31, 2017	$	59.26		0.57			20.03		20.60		(0.66	)		–			(0.66	)	$	79.20		35.01%	$	114,920,438		0.56%		0.82%			0.56%		24.29%
Year Ended October 31, 2016	$	55.85		0.68			3.24		3.92		(0.51	)		–			(0.51	)	$	59.26		7.09%	$	65,840,861		0.61%		1.23%			0.61%		28.15%
Year Ended October 31, 2015	$	55.00		0.52			0.83		1.35		(0.50	)		–			(0.50	)	$	55.85		2.47%	$	74,005,595		0.56%		0.91%			0.56%		29.07%
Period Ended October 31, 2014 (g)	$	52.91		0.08			2.03		2.11		(0.02	)		–			(0.02	)	$	55.00		3.99%	$	41,122,108		0.69%		0.57%			0.69%		3.56%
Year Ended July 31, 2014	$	43.58		0.01			9.63		9.64		(0.31	)		–			(0.31	)	$	52.91		22.20%	$	32,435,707		0.66%		0.67%			0.68%		21.68%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Per share calculations were performed using average shares method.

(b) Excludes sales charge.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) For the period from August 1, 2014 through October 31, 2014.

(h) Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(i) For the period from September 19, 2013 (commencement of operations) through July 31, 2014. Total return is calculated based on inception date of September 18, 2013 through July 31, 2014.

The accompanying notes are an integral part of these financial statements.

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Notes to Financial Statements

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1.  Organization

Nationwide Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, organized as a statutory trust under the laws of the State of Delaware. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. As of April 30, 2019, the Trust operates forty-nine (49) separate series, or mutual funds, each with its own objective(s) and investment strategies. This report contains the financial statements and financial highlights for the six (6) series listed below (each, a “Fund”; collectively, the “Funds”). Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation, in turn, is owned by Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company.

- Nationwide Bond Index Fund (“Bond Index”)

- Nationwide International Index Fund (“International Index”)

- Nationwide Mid Cap Market Index Fund (“Mid Cap Market Index”)

- Nationwide S&P 500 Index Fund (“S&P 500 Index”)

- Nationwide Small Cap Index Fund (“Small Cap Index”)

- Nationwide Ziegler NYSE Arca Tech 100 Index Fund (“NYSE Arca Tech 100 Index”)

The Funds, as applicable, currently offer Class A, Class C, Class R, Class R6, Service Class, and Institutional Service Class shares. Each share class of a Fund represents interests in the same portfolio of investments of that Fund and the classes are identical except for any differences in the sales charge structure, distribution or service fees, administrative services fees, class specific expenses, certain voting rights, conversion features, exchange privileges, and class names or designations.

Each of the Funds is a diversified fund, as defined in the 1940 Act.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements requires fund management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from those estimated values and those differences could be material.

(a) Security Valuation

U.S. GAAP defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to procedures approved by the Board of Trustees of the Trust (the “Board of Trustees”), NFA assigns a fair value, as defined by U.S. GAAP, to a Fund’s investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in

136

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

● Level 1 — Quoted prices in active markets for identical assets

● Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — Significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

Securities for which market-based quotations are readily available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange on which each security trades. Shares of registered open-end management investment companies are valued at net asset value (“NAV”) as reported by such company. Shares of exchange-traded funds are generally valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Master limited partnerships (“MLPs”) are publicly traded partnerships and are treated as partnerships for U.S. federal income tax purposes. Investments in MLPs are valued at the last quoted sale price or official closing price, or, if there is no such price, the last quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management investment companies, shares of exchange-traded funds and MLPs valued in this manner are generally categorized as Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 investments within the hierarchy.

Debt and other fixed-income securities are generally valued at the bid evaluation price provided by an independent pricing service as approved by the Board of Trustees. Evaluations provided by independent pricing service providers may be determined without exclusive reliance on quoted prices and may use broker-dealer quotations, individual trading characteristics and other market data, reported trades or valuation estimates from their internal pricing models. The independent pricing service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, anticipated timing of principal repayments, and quoted prices for similar assets and are generally categorized as Level 2 investments within the hierarchy. Debt obligations generally involve some risk of default with respect to interest and/or principal payments.

The Board of Trustees has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations.

137

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of a Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. Each Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At April 30, 2019, 100% of the market value of Bond Index was determined based on Level 2 inputs.

138

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The following tables provide a summary of the inputs used to value the Funds’ net assets as of April 30, 2019. Please refer to the Statements of Investments for additional information on portfolio holdings.

International Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	20,574,808	$	—	$	20,574,808
Air Freight & Logistics		—		4,824,484		—		4,824,484
Airlines		—		2,095,900		—		2,095,900
Auto Components		—		14,162,807		—		14,162,807
Automobiles		—		44,172,917		—		44,172,917
Banks		—		140,446,634		—		140,446,634
Beverages		1,079,785		31,752,233		—		32,832,018
Biotechnology		376,666		7,849,186		—		8,225,852
Building Products		—		10,725,123		—		10,725,123
Capital Markets		—		32,681,821		—		32,681,821
Chemicals		—		45,521,717		—		45,521,717
Commercial Services & Supplies		—		7,369,059		—		7,369,059
Communications Equipment		—		5,728,323		—		5,728,323
Construction & Engineering		—		12,823,127		—		12,823,127
Construction Materials		—		7,959,008		—		7,959,008
Consumer Finance		—		550,199		—		550,199
Containers & Packaging		—		2,178,933		—		2,178,933
Distributors		—		227,972		—		227,972
Diversified Consumer Services		—		189,297		—		189,297
Diversified Financial Services		—		9,501,113		—		9,501,113
Diversified Telecommunication Services		—		28,851,151		—		28,851,151
Electric Utilities		—		25,787,505		—		25,787,505
Electrical Equipment		—		19,908,309		—		19,908,309
Electronic Equipment, Instruments & Components		—		21,426,856		—		21,426,856
Energy Equipment & Services		—		1,278,693		—		1,278,693
Entertainment		—		9,004,647		—		9,004,647
Equity Real Estate Investment Trusts (REITs)		—		21,469,751		—		21,469,751
Food & Staples Retailing		—		18,795,716		—		18,795,716
Food Products		—		46,316,770		—		46,316,770
Gas Utilities		—		5,706,768		—		5,706,768
Health Care Equipment & Supplies		2,396,035		18,843,935		—		21,239,970
Health Care Providers & Services		—		7,286,604		—		7,286,604
Health Care Technology		—		709,839		—		709,839
Hotels, Restaurants & Leisure		577,451		18,986,462		—		19,563,913
Household Durables		—		16,193,168		—		16,193,168
Household Products		—		11,744,231		—		11,744,231
Independent Power and Renewable Electricity Producers		—		1,225,108		—		1,225,108
Industrial Conglomerates		2,124,258		16,755,020		—		18,879,278
Insurance		—		75,816,480		—		75,816,480
Interactive Media & Services		—		2,209,077		—		2,209,077
Internet & Direct Marketing Retail		—		2,202,193		—		2,202,193
IT Services		556,093		12,947,271		—		13,503,364

139

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1			Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Leisure Products	$	—		$	3,015,046	$	—	$	3,015,046
Life Sciences Tools & Services		—			3,866,696		—		3,866,696
Machinery		—			35,008,371		—		35,008,371
Marine		—			2,500,138		—		2,500,138
Media		—			9,573,315		—		9,573,315
Metals & Mining		—			40,120,017		—		40,120,017
Multiline Retail		—			6,764,290		—		6,764,290
Multi-Utilities		—			13,666,915		—		13,666,915
Oil, Gas & Consumable Fuels		—			74,900,844		—		74,900,844
Paper & Forest Products		—			3,380,943		—		3,380,943
Personal Products		—			30,647,875		—		30,647,875
Pharmaceuticals		1,429,721			100,115,493		—		101,545,214
Professional Services		—			18,304,487		—		18,304,487
Real Estate Management & Development		726,618			26,554,059		—		27,280,677
Road & Rail		—			17,005,642		—		17,005,642
Semiconductors & Semiconductor Equipment		3,469,617			16,532,157		—		20,001,774
Software		1,465,181			18,417,308		—		19,882,489
Specialty Retail		—			11,205,000		—		11,205,000
Technology Hardware, Storage & Peripherals		—			7,085,169		—		7,085,169
Textiles, Apparel & Luxury Goods		—			32,906,385		—		32,906,385
Tobacco		—			14,737,684		—		14,737,684
Trading Companies & Distributors		599,750			16,951,635		—		17,551,385
Transportation Infrastructure		—			8,265,537		—		8,265,537
Water Utilities		—			1,294,703		—		1,294,703
Wireless Telecommunication Services		—			22,654,167		—		22,654,167
Total Common Stocks	$	14,801,175		$	1,320,274,091	$	—	$	1,335,075,266
Futures Contracts	$	60,899		$	—	$	—	$	60,899
Preferred Stock		—			15,125		—		15,125
Repurchase Agreements		—			43,267,150		—		43,267,150
Short-Term Investment		2,581,976			—		—		2,581,976
Total Assets	$	17,444,050		$	1,363,556,366	$	—	$	1,381,000,416
Liabilities:
Futures Contracts	$	(58,628	)	$	—	$	—	$	(58,628	)
Total Liabilities	$	(58,628	)	$	—	$	—	$	(58,628	)
Total	$	17,385,422		$	1,363,556,366	$	—	$	1,380,941,788

Mid Cap Market Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	885,419,551	$	—	$	—	$	885,419,551
Futures Contracts		542,612		—		—		542,612
Repurchase Agreements		—		14,340,646		—		14,340,646
Short-Term Investment		855,781		—		—		855,781
Total	$	886,817,944	$	14,340,646	$	—	$	901,158,590

140

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

S&P 500 Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,055,998,956	$	—	$	—	$	1,055,998,956
Futures Contracts		560,474		—		—		560,474
Repurchase Agreements		—		1,468,761		—		1,468,761
Short-Term Investment		87,649		—		—		87,649
Total	$	1,056,647,079	$	1,468,761	$	—	$	1,058,115,840

Small Cap Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	3,590,698	$	—	$	—	$	3,590,698
Air Freight & Logistics		1,021,678		—		—		1,021,678
Airlines		1,615,564		—		—		1,615,564
Auto Components		3,211,949		—		—		3,211,949
Automobiles		174,905		—		—		174,905
Banks		30,055,203		—		—		30,055,203
Beverages		1,058,118		—		—		1,058,118
Biotechnology		20,877,823		—		—		20,877,823
Building Products		4,115,144		—		—		4,115,144
Capital Markets		4,342,568		—		—		4,342,568
Chemicals		6,611,209		—		—		6,611,209
Commercial Services & Supplies		8,405,355		—		—		8,405,355
Communications Equipment		5,692,724		—		—		5,692,724
Construction & Engineering		3,633,304		—		—		3,633,304
Construction Materials		457,536		—		—		457,536
Consumer Finance		2,207,618		—		—		2,207,618
Containers & Packaging		331,821		—		—		331,821
Distributors		324,702		—		—		324,702
Diversified Consumer Services		2,800,609		—		—		2,800,609
Diversified Financial Services		645,387		—		—		645,387
Diversified Telecommunication Services		1,735,691		—		—		1,735,691
Electric Utilities		3,847,190		—		—		3,847,190
Electrical Equipment		2,445,661		—		—		2,445,661
Electronic Equipment, Instruments & Components		8,627,112		—		—		8,627,112
Energy Equipment & Services		4,159,594		—		—		4,159,594
Entertainment		1,608,296		—		—		1,608,296
Equity Real Estate Investment Trusts (REITs)		22,299,092		—		—		22,299,092
Food & Staples Retailing		2,153,837		—		—		2,153,837
Food Products		3,685,780		—		—		3,685,780
Gas Utilities		3,762,092		—		—		3,762,092
Health Care Equipment & Supplies		10,805,720		—		—		10,805,720
Health Care Providers & Services		5,706,766		—		—		5,706,766
Health Care Technology		3,699,253		—		—		3,699,253
Hotels, Restaurants & Leisure		9,447,256		—		—		9,447,256
Household Durables		5,379,992		—		—		5,379,992
Household Products		582,909		—		—		582,909
Independent Power and Renewable Electricity Producers		1,121,538		—		—		1,121,538

141

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Industrial Conglomerates	$	221,126	$	—	$	—	$	221,126
Insurance		8,754,591		—		—		8,754,591
Interactive Media & Services		1,550,194		—		—		1,550,194
Internet & Direct Marketing Retail		2,921,126		—		—		2,921,126
IT Services		7,068,668		—		—		7,068,668
Leisure Products		1,165,188		—		—		1,165,188
Life Sciences Tools & Services		1,964,536		—		—		1,964,536
Machinery		12,669,594		—		—		12,669,594
Marine		416,141		—		—		416,141
Media		5,275,308		—		—		5,275,308
Metals & Mining		3,691,158		—		—		3,691,158
Mortgage Real Estate Investment Trusts (REITs)		3,724,967		—		—		3,724,967
Multiline Retail		1,165,305		—		—		1,165,305
Multi-Utilities		1,730,234		—		—		1,730,234
Oil, Gas & Consumable Fuels		7,444,853		—		—		7,444,853
Paper & Forest Products		1,363,928		—		—		1,363,928
Personal Products		1,073,783		—		—		1,073,783
Pharmaceuticals		5,961,367		—		—		5,961,367
Professional Services		5,114,893		—		—		5,114,893
Real Estate Management & Development		2,032,686		—		—		2,032,686
Road & Rail		1,610,719		—		—		1,610,719
Semiconductors & Semiconductor Equipment		9,055,827		—		—		9,055,827
Software		19,566,458		—		—		19,566,458
Specialty Retail		9,852,346		—		—		9,852,346
Technology Hardware, Storage & Peripherals		1,048,537		—		—		1,048,537
Textiles, Apparel & Luxury Goods		2,899,623		—		—		2,899,623
Thrifts & Mortgage Finance		7,967,483		—		—		7,967,483
Tobacco		484,782		—		—		484,782
Trading Companies & Distributors		4,249,473		—		—		4,249,473
Water Utilities		1,543,184		—		—		1,543,184
Wireless Telecommunication Services		562,636		—		—		562,636
Total Common Stocks	$	326,392,408	$	—	$	—	$	326,392,408
Futures Contracts	$	146,691	$	—	$	—	$	146,691
Repurchase Agreements		—		15,755,746		—		15,755,746
Rights		—		2,235		—		2,235
Short-Term Investment		940,227		—		—		940,227
Total	$	327,479,326	$	15,757,981	$	—	$	343,237,307

NYSE Arca Tech 100 Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	687,957,076	$	—	$	—	$	687,957,076
Exchange Traded Fund		3,433,328		—		—		3,433,328
Repurchase Agreements		—		13,455,159		—		13,455,159
Short-Term Investment		802,939		—		—		802,939
Total	$	692,193,343	$	13,455,159	$	—	$	705,648,502

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

142

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

During the six months ended April 30, 2019, International Index held one common stock investment that was categorized as Level 3 investment which was valued at $0.

During the six months ended April 30, 2019, Small Cap Index held one rights investment that was categorized as Level 3 investment which was valued at $0.

(b) Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. The Funds may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert foreign currency amounts into U.S. dollars at the current rate of exchange between the foreign currency and the U.S. dollar in order to determine the value of the Fund’s investments, assets, and liabilities.

Purchases and sales of securities, receipts of income, and payments of expenses are converted at the prevailing rate of exchange on the respective date of such transactions. The accounting records of a Fund do not differentiate that portion of the results of operations resulting from changes in foreign exchange rates from those resulting from changes in the market prices of the relevant securities. Each portion contributes to the net realized gain or loss from transactions in investment securities and net change in unrealized appreciation/depreciation in value of investment securities. Net currency gains or losses, realized and unrealized, that are a result of differences between the amount recorded on a Fund’s accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables and payables for investments sold or purchased, and foreign cash, are included in the Statement of Operations under “Net realized gains (losses) from foreign currency transactions” and “Net change in unrealized appreciation/depreciation in the value of translation of assets and liabilities denominated in foreign currencies,” if applicable.

(c) Futures Contracts

Mid Cap Market Index, S&P 500 Index, and Small Cap Index are subject to equity price risk in the normal course of pursuing their objective(s). International Index is subject to equity price and currency risk in the normal course of pursuing its objective(s). Mid Cap Market Index, S&P 500 Index, and Small Cap Index entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. International Index entered into futures contracts to gain exposure to the value of equities and foreign currencies. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, a Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is

143

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

closed, a Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. A Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

International Index, Mid Cap Market Index, S&P 500 Index and Small Cap Index funds’ futures contracts are reflected in the Statement of Assets and Liabilities under “Receivable/(Payable) for variation margin on futures contracts,” in a table in the Statement of Investments and in the Statement of Operations under “Net realized gains (losses) from expiration or closing of futures contracts” and “Net change in unrealized appreciation/depreciation in the value of futures contracts.”

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of April 30, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of April 30, 2019

International Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Equity risk	Unrealized appreciation from futures contracts	$	60,899
Total		$	60,899
Liabilities:	Statement of Assets and Liabilities
Futures Contracts(a)
Equity risk	Unrealized depreciation from futures contracts	$	(58,628	)
Total		$	(58,628	)

Mid Cap Market Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Equity risk	Unrealized appreciation from futures contracts	$	542,612
Total		$	542,612

S&P 500 Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Equity risk	Unrealized appreciation from futures contracts	$	560,474
Total		$	560,474

144

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Small Cap Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a)
Equity risk	Unrealized appreciation from futures contracts	$	146,691
Total		$	146,691

(a) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2019

International Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	822,451
Total	$	822,451

Mid Cap Market Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(3,170,352	)
Total	$	(3,170,352	)

S&P 500 Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(409,225	)
Total	$	(409,225	)

Small Cap Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(1,179,002	)
Total	$	(1,179,002	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Six Months Ended April 30, 2019

International Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	496,109
Total	$	496,109

145

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Mid Cap Market Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	4,977,858
Total	$	4,977,858

S&P 500 Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	2,159,401
Total	$	2,159,401

Small Cap Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	2,159,178
Total	$	2,159,178

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the six months ended April 30, 2019:

International Index

Futures Contracts:
Average Notional Balance Long	$	15,805,118

Mid Cap Market Index

Futures Contracts:
Average Notional Balance Long	$	28,333,796

S&P 500 Index

Futures Contracts:
Average Notional Balance Long	$	19,695,999

Small Cap Index

Futures Contracts:
Average Notional Balance Long	$	11,752,236

The Funds are required to disclose information about offsetting and related arrangements to enable users of the financial statements to understand the effect of those arrangements on the Funds’ financial position. At April 30, 2019, International Index, Mid Cap Market Index, S&P 500 Index, and Small Cap Index have entered into futures contracts. The futures contract agreement does not provide for a netting arrangement.

146

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

(d) TBA

The Funds may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions. TBAs involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to the settlement date. TBAs are valued at the bid evaluation price as provided by an independent pricing service approved by the Board.

(e) Securities Lending

During the six months ended April 30, 2019, Bond Index, International Index, Mid Cap Market Index, S&P 500 Index, Small Cap Index and NYSE Arca Tech 100 Index entered into securities lending transactions. To generate additional income, the Funds lent their portfolio securities, up to 33 1/3% of the total assets of a Fund, to brokers, dealers, and other financial institutions.

Brown Brothers Harriman & Co. (“BBH”) serves as securities lending agent for the securities lending program for the Funds. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds receive payments from BBH equivalent to any interest while on loan, in lieu of income which is included as “Interest income” on the Statement of Operations. The Funds also receive interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral or receiving a fee with respect to the receipt of non-cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from BBH and reflected in the Statement of Operations under “Income from securities lending.” There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by BBH to be of good standing and creditworthy. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. BBH receives a fee based on the difference between the income earned on the investment of cash collateral received from borrowers and the cash collateral fee, or a percentage of the loan fee charged to the borrower with respect to the receipt of non-cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of April 30, 2019, which were comprised of repurchase agreements purchased with cash collateral, were as follows:

Fund	Amounts of Liabilities Presented in the Statements of Assets and Liabilities
International Index	$	45,849,126
Mid Cap Market Index		15,196,427
S&P 500 Index		1,556,410
Small Cap Index		16,695,973
NYSE Arca Tech 100 Index		14,258,098

147

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements and/or the Fidelity Investments Money Market Government Portfolio, Institutional Class and shown in the Statement of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safe-keeping by BBH and cannot be sold or repledged by the Funds and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to the Statement of Investments.

The Securities Lending Agency Agreement between the Trust and BBH provides that in the event of a default by a borrower with respect to any loan, the Fund may terminate the loan and BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, the collateral is less than the purchase cost of the replacement securities, BBH is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement.

At April 30, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At April 30, 2019, Bond Index did not have any portfolio securities on loan.

(f) Joint Repurchase Agreements

During the six months ended April 30, 2019, Bond Index, International Index, Mid Cap Market Index, S&P 500 Index, Small Cap Index and NYSE Arca Tech 100 Index along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the Securities and Exchange Commission (“SEC”), transferred cash collateral received from securities lending transactions, through a joint account at the securities lending agent, the daily aggregate balance of which is invested in one or more joint repurchase agreements (“repo” or collectively “repos”) collateralized by U.S. Treasury or federal agency obligations. For repos, each Fund participates on a pro rata basis with other clients of BBH in its share of the underlying collateral under such repos and in its share of proceeds from any repurchase or other disposition of the underlying collateral. In a repo, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repos, BBH takes possession of the collateral pledged for investments in such repos. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

At April 30, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 2.70%, dated 4/30/2019, due 5/1/2019, repurchase price $139,710,478, collateralized by U.S. Treasury Note, 1.63%, maturing 5/15/2026; total market value $142,595,107.

148

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

Royal Bank of Canada, 2.65%, dated 4/30/2019, due 5/1/2019, repurchase price $20,501,509, collateralized by U.S. Treasury Note, 2.25%, maturing 4/30/2021; total market value $20,910,000.

At April 30, 2019, the Funds’ investment in the joint repos was subject to an enforceable netting arrangement. The Funds’ proportionate holding in the joint repos was as follows:

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
International Index		BNP Paribas Securities Corp.	$	37,730,467	$	—	$	37,730,467	$	(37,730,467	)	$	—
International Index		Royal Bank of Canada		5,536,683		—		5,536,683		(5,536,683	)		—
Total			$	43,267,150	$	—	$	43,267,150	$	(43,267,150	)	$	—

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Mid Cap Market Index		BNP Paribas Securities Corp.	$	12,505,545	$	—	$	12,505,545	$	(12,505,545	)	$	—
Mid Cap Market Index		Royal Bank of Canada		1,835,101		—		1,835,101		(1,835,101	)		—
Total			$	14,340,646	$	—	$	14,340,646	$	(14,340,646	)	$	—

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
S&P 500 Index		BNP Paribas Securities Corp.	$	1,280,811	$	—	$	1,280,811	$	(1,280,811	)	$	—
S&P 500 Index		Royal Bank of Canada		187,950		—		187,950		(187,950	)		—
Total			$	1,468,761	$	—	$	1,468,761	$	(1,468,761	)	$	—

149

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
Small Cap Index		BNP Paribas Securities Corp.	$	13,739,561	$	—	$	13,739,561	$	(13,739,561	)	$	—
Small Cap Index		Royal Bank of Canada		2,016,185		—		2,016,185		(2,016,185	)		—
Total			$	15,755,746	$	—	$	15,755,746	$	(15,755,746	)	$	—

									Gross Amounts not Offset in the Statement of Assets and Liabilities
Fund	Counterparty		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Collateral Received*			Net Amounts of Assets
NYSE Arca Tech 100 Index		BNP Paribas Securities Corp.	$	11,733,369	$	—	$	11,733,369	$	(11,733,369	)	$	—
NYSE Arca Tech 100 Index		Royal Bank of Canada		1,721,790		—		1,721,790		(1,721,790	)		—
Total			$	13,455,159	$	—	$	13,455,159	$	(13,455,159	)	$	—

Amounts designated as “—” are zero.

* At April 30, 2019, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for each Fund’s undivided interest in the each joint repo and related collateral.

At April 30, 2019, Bond Index did not invest in any repurchase agreements.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold. Security gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts, and is recorded as such on a Fund’s Statement of Operations. Dividend income and expenses are recorded on the ex-dividend date and are recorded as such on a Fund’s Statement of Operations, except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed on or after the ex-dividend date.

For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

Foreign income may be subject to foreign withholding taxes, a portion of which may be reclaimable, at various rates. Under applicable foreign law, a withholding tax may be imposed

150

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

on interest and dividends paid by a foreign security. Foreign income subject to foreign withholding taxes is recorded net of the applicable withholding tax.

For certain securities, including a real estate investment trust (“REIT”), a Fund records distributions received in excess of earnings and profits of such security as a reduction of cost of investments and/or realized gain (referred to as a return of capital). Additionally, a REIT may characterize distributions it pays as long-term capital gains. Such distributions are based on estimates if actual amounts are not available. Actual distributions of income, long-term capital gain and return of capital may differ from the estimated amounts. A Fund will recharacterize the estimated amounts of the components of distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of a distribution deemed a return of capital is generally not taxable to a Fund.

A Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gains (losses) from transactions in investment securities in the Statement of Operations. These characterizations are reflected in the accompanying financial statements.

(h) Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly for Bond Index, and are declared and paid quarterly for International Index, Mid Cap Market Index, S&P 500 Index, Small Cap Index, and NYSE Arca Tech 100 Index. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of a Fund. Any distribution in excess of current and accumulated earnings and profits for federal income tax purposes is reported as a return of capital distribution.

(i) Federal Income Taxes

Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve a Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

A Fund recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authorities’ widely understood administrative practices and precedents. Each year, a Fund undertakes an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more likely than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

151

Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

The Funds file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which they invest. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

(j) Allocation of Expenses, Income and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series of the Trust. For each of the Funds, except Bond Index, income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. For Bond Index, income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of the Fund based on the fair value of settled shares of each class outstanding. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, NFA manages the investment of the assets and supervises the daily business affairs of the Funds in accordance with policies and procedures established by the Board of Trustees. NFA has selected BlackRock Investment Management LLC (the “Subadviser”) as subadviser for the Funds, excluding NYSE Arca Tech 100 Index. NFA has selected Ziegler Capital Management, LLC as subadviser for NYSE Arca Tech 100 Index, and provides investment management evaluation services in monitoring, on an ongoing basis, the performance of the subadvisers. Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. During the six months ended April 30, 2019, the Funds paid investment advisory fees to NFA according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
Bond Index	Up to $1.5 billion		0.185	%
	$1.5 billion up to $3 billion		0.145	%
	$3 billion and more		0.135	%
International Index	Up to $1.5 billion		0.245	%
	$1.5 billion up to $3 billion		0.205	%
	$3 billion and more		0.195	%
Mid Cap Market Index	Up to $1.5 billion		0.195	%
	$1.5 billion up to $3 billion		0.175	%
	$3 billion and more		0.165	%
S&P 500 Index	Up to $1.5 billion		0.125	%
	$1.5 billion up to $3 billion		0.105	%
	$3.0 billion and more		0.095	%
Small Cap Index	Up to $1.5 billion		0.19	%
	$1.5 billion up to $3 billion		0.17	%
	$3 billion and more		0.16	%
NYSE Arca Tech 100 Index	Up to $50 million		0.50	%
	$50 million up to $250 million		0.30	%
	$250 million up to $500 million		0.25	%
	$500 million and more		0.20	%

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The Trust and NFA have entered into a written contract waiving 0.02%, 0.01% and 0.02% of investment advisory fees of Bond Index, Mid Cap Market Index, and Small Cap Index, respectively, until February 29, 2020. During the six months ended April 30, 2019, the waiver of such investment advisory fees by NFA for Bond Index, Mid Cap Market Index, and Small Cap Index amounted to $27,914, $46,547 and $35,412, respectively, for which NFA shall not be entitled to later seek recoupment.

For the six months ended April 30, 2019, the effective advisory fee rates before and after contractual advisory fee waivers and expense reimbursements, stemming from the expense limitation agreement described below, were as follows:

Fund	Effective Advisory Fee Rate Before Contractual* Fee Waivers and  Expense Reimbursements			Effective Advisory Fee Rate After Contractual* Fee Waivers			Effective Advisory Fee Rate After Contractual* Fee Waivers and  Expense Reimbursements
Bond Index		0.18	%		N/A			0.18	%
International Index		0.25			N/A			0.25
Mid Cap Market Index		0.20			0.19	%		0.19
S&P 500 Index		0.12			N/A			0.12
Small Cap Index		0.19			0.17			0.14
NYSE Arca Tech 100 Index		0.28			N/A			0.28

N/A — Not Applicable.

From these fees, pursuant to the subadvisory agreements, NFA pays fees to the unaffiliated subadvisers.

The Trust and NFA have entered into a written Expense Limitation Agreement that limits the Funds’ operating expenses (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization, and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until February 29, 2020.

Fund	Classes	Amount (annual rate)
Bond Index	All Classes		0.29	%
International Index	All Classes		0.34
Mid Cap Market Index	All Classes		0.30
S&P 500 Index	All Classes		0.21
Small Cap Index	All Classes		0.28
NYSE Arca Tech 100 Index	All Classes		0.68

NFA may request and receive reimbursement from a Fund for advisory fees waived or other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the month in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time NFA waived the fees

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or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by a Fund of amounts previously waived or reimbursed by NFA is not permitted except as provided for in the Expense Limitation Agreement. The Expense Limitation Agreement may be changed or eliminated only with the consent of the Board of Trustees.

As of April 30, 2019, the cumulative potential reimbursements for Small Cap Index, listed by the period or year in which NFA waived fees or reimbursed expenses to Small Cap Index are:

Fund	Fiscal Year 2017 Amount		Fiscal Year 2017 Amount		Fiscal Year 2018 Amount		Six Months Ended April 30, 2019 Amount		Total
Small Cap Index	$	—	$	65,619	$	24,556	$	56,365	$	146,540

Amounts designated as “—” are zero.

As of April 30, 2019, excluding Small Cap Index, there were no cumulative potential reimbursements which could be reimbursed to NFA.

During the six months ended April 30, 2019, no amounts were reimbursed to NFA pursuant to the Expense Limitation Agreement.

NFM, a wholly owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly owned subsidiary of NFS), provides various administrative and accounting services for the Funds and serves as Transfer and Dividend Disbursing Agent for the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and sub-transfer agency services to the Funds. NFM pays the service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and Nationwide Variable Insurance Trust (“NVIT”), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the fee schedule below.

Combined Fee Schedule
Up to $25 billion	0.025%
$25 billion and more	0.020%

For the six months ended April 30, 2019, NFM earned $1,014,574 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and the Trust, including, but not limited to, the cost of pricing services that NFM utilizes and networking fees paid to broker-dealers that provide sub-accounting and sub-transfer agency services to their customers who are Fund shareholders. Such services, which are not otherwise provided by NFM, generally include individual account maintenance and recordkeeping, dividend disbursement, responding to shareholder calls and inquiries, providing statements and transaction confirmations, tax reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year.

Under the terms of the Joint Fund Administration and Transfer Agency Agreement and a letter agreement between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit)

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testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. These costs are allocated among the series of the Trust based upon their relative net assets. For the six months ended April 30, 2019, the Funds’ aggregate portion of such costs amounted to $14,458.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate as listed in the table below.

Fund	Class A Shares			Class C Shares (a)			Class R Shares (b)			Service Class Shares
Bond Index		0.25	%		1.00	%		0.50	%		N/A
International Index		0.25			1.00			0.50			N/A
Mid Cap Market Index		0.25			1.00			0.50			N/A
S&P 500 Index		0.25			1.00			0.50			0.15	%
Small Cap Index		0.25			1.00			0.50			N/A
NYSE Arca Tech 100 Index		0.25			1.00			N/A			N/A

N/A — Not Applicable.

(a) For Class C Shares, 0.25% of the rate may be a service fee and 0.75% may be a distribution fee.

(b) For Class R Shares, 0.25% of the rate may be either a service fee or distribution fee.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from, and are not included in, proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. International Index, Mid Cap Market Index, S&P 500 Index, Small Cap Index and NYSE Arca Tech 100 Class A sales charges range from 0.00% to 5.75%, and Bond Index Class A sales charges range from 0.00% to 2.25% based on the amount of the purchase. During the six months ended April 30, 2019, the Funds imposed front-end sales charges of $449,381. From these fees, NFD retained a portion amounting to $62,159.

NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A and Class C shares. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. A CDSC is imposed on Class A shares for certain redemptions and Class C shares made within 1 year of purchase. Applicable Class A CDSCs are 0.75% for Bond Index and 1.00% for International Index, Mid Cap Market Index, S&P 500 Index, Small Cap Index and NYSE Arca Tech 100. Class C CDSCs are 1.00% for all Funds. During the six months ended April 30, 2019, the Funds imposed CDSCs of $1,159. NFD retained all of the CDSCs imposed by the Funds.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions that agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: (i) establishing and maintaining shareholder accounts; (ii) processing purchase and redemption transactions; (iii) arranging bank wires; (iv) performing shareholder sub-accounting; (v) answering inquiries regarding the Funds; and (vi) other such services. These fees are calculated at an annual rate of up to 0.25% of the average daily net assets of Class A, Class C, Class R, Institutional Service Class, and Service Class shares of each of the Funds.

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Notes to Financial Statements (Continued)

April 30, 2019 (Unaudited)

For the six months ended April 30, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Class R			Institutional Service Class			Service Class
Bond Index		0.16	%		0.10	%		—	%		0.25	%		—	%
International Index		0.17			0.07			0.22			0.17			—
Mid Cap Market Index		0.15			0.08			0.22			0.25			—
S&P 500 Index		0.19			0.07			0.08			0.25			0.25
Small Cap Index		0.17			0.09			0.22			0.25			—
NYSE Arca Tech 100 Index		0.10			0.08			—			0.10			—

Amounts designated as “—” are zero.

N/A — Not Applicable.

For the six months ended April 30, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Bond Index	$	176,366
International Index		174,125
Mid Cap Market Index		273,703
S&P 500 Index		901,259
Small Cap Index		210,105
NYSE Arca Tech 100 Index		285,764

As of April 30, 2019, NFA or its affiliates directly held the percentage indicated below of the shares outstanding of the applicable Fund.

Fund	% of Shares Outstanding Owned
Bond Index		90.93	%
International Index		92.33
Mid Cap Market Index		71.85
S&P 500 Index		40.74
Small Cap Index		67.84
NYSE Arca Tech 100 Index		0.72

Cross trades for the six months ended April 30, 2019 were executed by the Funds pursuant to procedures adopted by the Board of Trustees of the Funds to ensure compliance with Rule 17a-7 under the 1940 Act (the “Procedures”). In general, cross trading is the buying or selling of portfolio securities between a Fund and other series of the Trust, or between a Fund and other series of NVIT. The Board of Trustees determines no less frequently than quarterly that such transactions were effected in compliance with the Procedures.

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Notes to Financial Statements (Continued)

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Pursuant to these procedures, for the six months ended April 30, 2019, each Fund’s total cross trades transactions were as follows:

Fund	Purchases at Cost		Sales Proceeds		Net Realized Gain/(Loss)
Mid Cap Market Index	$	2,280,786	$	1,587,809	$	659,271
S&P 500 Index		—		1,173,361		(657,520	)
Small Cap Index		—		30,947		7,936

Amounts designated as “—” are zero.

During the period, shares of Mid Cap Market Index, S&P 500 Index, and Small Cap Index held by affiliated entities were redeemed for investments. The net realized gain on investments delivered through these in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is also included in share transactions in the accompanying Statements of Changes in Net Assets. The Funds recognized no gain or loss from the in-kind transactions for federal income tax purposes.

Fund	Class		Dates of Redemptions In-Kind		Net Assets of In-Kind Redemption		Shares		Securities Market Value		Cash		Realized Gain/(Loss)
Mid Cap Market Index Fund		R6		12/7/2018	$	390,592,836		22,990,655	$	372,944,754	$	17,648,082	$	118,004,982
S&P 500 Index Fund		R6		11/16/2018		959,368,484		57,788,060		946,715,678		12,652,806		580,414,624
		R6		3/15/2019		888,304,596		60,010,849		866,490,693		21,813,903		417,936,524
Total S&P 500 Index Fund						1,847,673,080		117,798,909		1,813,206,371		34,466,709		998,351,148
Small Cap Index Fund		R6		11/30/2018		79,387,949		5,634,707		75,531,888		3,856,061		27,624,711
		R6		3/1/2019		43,209,264		4,233,422		40,880,100		2,329,164		13,299,740
Total Small Cap Index Fund						122,597,213		9,868,129		116,411,988		6,185,225		40,924,451

4.  Investment in Affiliated Issuers

Bond Index invests in an affiliated issuer. The Fund’s transactions in the shares of the affiliated issuer during the six months ended April 30, 2019 were as follows:

Security Description	Shares/ Principal at April 30, 2019		Market Value October 31, 2018 ($)		Purchases at Cost ($)		Proceeds from Sales ($)			Net Realized Gain (Loss) ($)		Amortization(a) ($)		Change in Unrealized Appreciation/ (Depreciation) ($)			Market Value April 30, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Financial Services, Inc.	$	75,000		80,249		—		(—	)		—		2		(751	)		79,500		2,528		—

Amounts designated as “—” are zero or have been rounded to zero.

(a)    Amortization is included in Dividend/Interest Income.

5.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have entered into a credit agreement with JPMorgan Chase Bank, N.A. (“JPMorgan”), The Bank of New York Mellon, and Wells Fargo Bank National

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Association (the “Lenders”), permitting the Trusts, in the aggregate, to borrow up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The line of credit requires a commitment fee of 0.15% per year on $100,000,000. Such commitment fee shall be payable quarterly in arrears on the last business day of each March, June, September and December and on the termination date. Borrowings under this arrangement bear interest at a rate of 1.00% per annum plus the higher of (a) the one month London Interbank Offered Rate or (b) the Federal Funds Rate. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. In addition, a Fund may not draw on any portion of the line of credit that is provided by a bank that is an affiliate of the Fund’s subadviser, if applicable. In addition to any rights and remedies of the Lenders provided by law, each Lender has the right, upon any amount becoming due and payable by the Fund, to set-off as appropriate and apply all deposits and credits held by or owing to such Lender against such amount, subject to the terms of the credit agreement. The line of credit is renewed annually, and next expires on July 11, 2019. During the period ended April 30, 2019, the Funds had no borrowings under the line of credit.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds may participate in an interfund lending program among Funds managed by the Advisor. The program allows the participating Funds to borrow money from and loan money to each other for temporary purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending Funds as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day’s notice. During the six months ended April 30, 2019, none of the Funds engaged in interfund lending.

6.  Investment Transactions

For the six months ended April 30, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Bond Index	$	422,671,247	$	382,100,050
International Index		28,931,084		203,376,729
Mid Cap Market Index		86,043,582		81,593,923	#
S&P 500 Index		39,918,217		158,200,079	#
Small Cap Index		27,416,645		17,328,630	#
NYSE Arca Tech 100 Index		104,596,391		60,291,092

* Includes purchases and sales of long-term U.S. Government securities, if any.

^#  Sales exclude securities delivered in-kind.

For the six months ended April 30, 2019, purchases and sales of U.S. Government securities (excluding short-term securities) were as follows:

Fund	Purchases		Sales
Bond Index	$	93,050,167	$	68,169,377

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7.  Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include foreign currency fluctuations, future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Risks Associated with Variable Rate Securities

Mortgage-Backed Securities — Mortgage-backed securities are fixed-income securities that give the holder the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. Such securities may be issued or guaranteed by U.S. government agencies or instrumentalities or may be issued by private issuers, generally originators in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Adjustable rate mortgage-backed securities are collateralized by or represent interests in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. The Fund will not benefit from increases in interest rates to the extent that interest rates rise to the point where they cause the current coupon of the underlying adjustable rate mortgages to exceed any maximum allowable annual or lifetime reset limits (or “cap rates”) for a particular mortgage. During periods of declining interest rates, income to the Fund derived from adjustable rate mortgage-backed securities which remain in a mortgage pool will decrease in contrast to the income on fixed rate mortgage-backed securities, which will remain constant. Adjustable rate mortgages also have less potential for appreciation in value as interest rates decline than do fixed rate investments.

Asset-Backed Securities — Asset-backed securities are fixed-income securities issued by a trust or other legal entity established for the purpose of issuing securities and holding certain assets, such as credit card receivables or auto leases, which pay down over time and generate sufficient cash to pay holders of the securities. Almost any type of fixed-income assets may be used to create an asset-backed security, including other fixed-income securities or derivative instruments such as swaps. Payments or distributions of principal and interest on asset-backed securities may be supported by nongovernmental credit enhancements similar to those utilized in connection with mortgage-backed securities. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. To the extent a security interest exists, it may be more difficult for the issuer to enforce the security interest as compared to mortgage-backed securities.

Collateralized Mortgage Obligations (“CMOs”) and Multiclass Pass-Through Securities — CMOs are multi-class debt obligations which are collateralized by mortgage loans or pass-through certificates. Multiclass pass-through securities are interests in a trust composed of whole loans or private pass-throughs (referred to as “Mortgage Assets”). Often, CMOs are collateralized by Government National Mortgage Association Pass-Through Certificates (“Ginnie Maes”), Federal

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Notes to Financial Statements (Continued)

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National Mortgage Association Pass-Through Certificates (“Fannie Maes”), or Federal Home Loan Mortgage Corporation Pass-Through Certificates (“Freddie Macs”), but also may be collateralized by Mortgage Assets. Payments of principal and interest on the Mortgage Assets, and any reinvestment income thereon, provide the funds to pay debt service on the CMOs or make scheduled distributions on the multiclass pass-through securities. CMOs may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. In order to form a CMO, the issuer assembles a package of traditional mortgage-backed pass-through securities, or actual mortgage loans, and uses them as collateral for a multi-class security. Each class of CMOs, often referred to as a “tranche,” is issued at a specified fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. As market conditions change, and particularly during periods of rapid or unanticipated changes in market interest rates, the attractiveness of the CMO classes and the ability of the structure to provide the anticipated investment characteristics may be reduced significantly. Such changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

Stripped Mortgage Securities — Stripped mortgage securities are derivative multiclass mortgage securities. Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security will have at least one class receiving only a small portion of the interest and a larger portion of the principal from the mortgage assets, while the other class will receive primarily interest and only a small portion of the principal. In the most extreme case, one class will receive all of the interest (“IO” or interest-only), while the other class will receive the entire principal (“PO” or principal-only class). The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on such securities’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by a nationally recognized statistical rating organization.

Collateralized Debt Obligations (“CDOs”) — CDOs are a type of asset-backed security and include, among other things, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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Risks Associated with REIT and Real Estate Investments

Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

Risks Associated with Interest Rates

Prices of fixed-income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter term securities. To the extent a Fund invests a substantial portion of its assets in fixed-income securities with longer-term maturities, rising interest rates are more likely to cause the value of the Fund’s investments to decline significantly.

Other

The Trust may invest through an omnibus account at BBH any cash collateral received from securities lending on a daily basis in the Fidelity Investments Money Market Government Portfolio, Institutional Class. As with investments in any money market fund, the Trust’s investments of cash in the Fidelity Investments Money Market Government Portfolio, Institutional Class are neither guaranteed nor insured, and shares of the Fidelity Investments Money Market Government Portfolio, Institutional Class may decline in value, causing losses to the Trust.

8.  Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into indemnification agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

9.  New Accounting Pronouncements and Other Matters

The SEC has adopted changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open end mutual funds and exchange traded funds. The new rules are intended to enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. Most funds were required to comply with the liquidity risk management program requirements on December 1, 2018. The compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019. The final amendments to modernize and enhance reporting became effective June 1, 2018 (although the requirement to file the initial Form N-PORT has been extended by the SEC to April 30, 2019, as opposed to the original requirement to file by July 30, 2018).

In August 2016, FASB issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.

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On August 28, 2018, FASB issued ASU 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC 820. The amendments of ASU 2018-13 include new, eliminated, and modified disclosure requirements of ASC 820. In addition, the amendments clarify that materiality is an appropriate consideration of entities when evaluating disclosure requirements. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Management is currently evaluating the implications of these enhancements and their impact on financial statement disclosures and reporting requirements.

The SEC has adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies on financial statements. The amendments to Rule 6-04 remove the requirement to breakout the components of distributable earnings on the Statement of Assets and Liabilities. The amendments to Rule 6-09 remove the requirement for parenthetical disclosure of undistributed net investment income and separate disclosure of distributions paid to shareholders on the Statement of Changes in Net Assets. These Regulation S-X amendments became effective on November 5, 2018 and are reflected in the Funds’ financial statements for the six months ended April 30, 2019.

In March 2017, FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Funds will adopt and apply ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of November 1, 2019. As a result of the adoption of ASU 2017-08, as of November 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments will be reduced and unrealized appreciation of investments will be increased, but there will be no impact on net assets or overall results from operations.

10.  Other

As of April 30, 2019, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprising a group of individual shareholders), which held more than 10% of the total shares outstanding of the Funds as detailed below.

Fund	% of Shares			Number of Accounts
Bond Index		25.54	%		2	(a)
International Index		51.20			3
Mid Cap Market Index		27.63			2
S&P 500 Index		49.65			3	(a)
Small Cap Index		46.18			2	(a)
NYSE Arca Tech 100 Index		—			—

Amounts designated as “—” are zero.

(a) All or a portion of the accounts are the accounts of affiliated funds.

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April 30, 2019 (Unaudited)

11.  Federal Tax Information

As of April 30, 2019, the tax cost of securities (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Bond Index	$	828,800,469	$	13,407,357	$	(6,953,324	)	$	6,454,033
International Index		1,271,893,668		214,041,393		(104,993,273	)		109,048,120
Mid Cap Market Index		758,950,089		207,150,569		(64,942,068	)		142,208,501
S&P 500 Index		884,756,243		236,318,412		(62,958,815	)		173,359,597
Small Cap Index		326,579,739		65,097,652		(48,440,084	)		16,657,568
NYSE Arca Tech 100 Index		355,231,850		356,331,886		(5,915,234	)		350,416,652

12.  Subsequent Events

Management has evaluated the impact of subsequent events on the Fund and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

163

Supplemental Information

April 30, 2019 (Unaudited)

Nationwide Bond Index Fund

Nationwide International Index Fund

Nationwide Mid Cap Market Index Fund

Nationwide S&P 500 Index Fund

Nationwide Small Cap Index Fund

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Continuation of Advisory (and Sub-Advisory) Agreements

The Trust’s investment advisory agreements with its Investment Adviser (the “Adviser”) and its Sub-Adviser (together, the “Advisory Agreements”) must be approved for each series or fund of the Trust (individually a “Fund” and collectively the “Funds”) for an initial term no greater than two years, and may continue in effect thereafter only if renewed at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual continuation of each Fund’s Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring and the services and support provided to the Fund and its shareholders.

In preparation for the Board’s meetings in 2019 to consider the continuation of the Advisory Agreements, the Trustees requested certain information. In response to that request, the Trustees were furnished with a wide range of information to assist in their deliberations. These materials included:

● A summary report for each Fund that sets out a variety of information regarding the

Fund, including performance, expense, and profitability information;

● Reports from Broadridge Financial Solutions, Inc. (“Broadridge”), a leading independent source of mutual fund industry data, describing, on a Fund-by-Fund basis, for each Fund’s largest share class, the Fund’s (a) performance rankings (over multiple periods ended June 30, 2018) compared with performance universes created by Broadridge of similar or peer group funds, and (b) expense rankings comparing the Fund’s fees and expenses with expense universes created by Broadridge of similar or peer group funds (a “Broadridge expense group”). An independent consultant retained by the Board provided input to Broadridge as to the composition of the various performance and expense universes and peer funds;

● Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation;

● Information provided by the Adviser as to the Adviser’s profitability in providing services under the Advisory Agreements; and

● Information from the Adviser regarding economies of scale and breakpoints.

The Adviser provided to the Trustees comparative expense information for customized peer groups created by the Adviser, for certain Funds where the Adviser did not consider that the Broadridge peer group provided an appropriate comparison.

The Trustees met telephonically with independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) on two occasions, in November and in early January, to review information and materials provided to them, and to formulate requests for additional information. The Trustees submitted supplemental information requests to the Adviser following each telephonic meeting. At the Trustees’ regular quarterly meeting in December 2018, the Trustees met in person

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

with the Adviser, Trust counsel, and Independent Legal Counsel. At that meeting, representatives of the Adviser made a number of presentations to the Trustees in response to questions previously submitted to the Adviser by the Trustees, and provided additional information.

At a meeting of the Trustees in January 2019, the Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to give final consideration to information bearing on the continuation of the Advisory Agreements. The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel, including during an executive session with Independent Legal Counsel, regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following:

● The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Adviser;

● The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Adviser; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place;

● The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis;

● The Adviser’s and Sub-Adviser’s personnel and methods; the number of the Adviser’s advisory and analytical personnel; general information about the compensation of the Adviser’s advisory personnel; the Adviser’s and Sub-Adviser’s investment process; the Adviser’s risk assessment and risk management capabilities; and the Adviser’s valuation and valuation oversight capabilities;

● The financial condition and stability of the Adviser and the Adviser’s assessment of the financial condition and stability of the Sub-Adviser; and

● Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent and fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates.

The Trustees noted that the performance of each Index Fund for the three-year period ending June 30, 2018, taking account supplemental information showing performance gross of expenses and performance both including and excluding securities lending revenue, appeared to be within an acceptable range of the Fund’s benchmark performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that each of the Funds had achieved a level of performance consistent with continuation of the Fund’s advisory agreement.

The Trustees considered a variety of different information in respect of the advisory fees and total expense ratios of the Funds. The Trustees considered the Adviser’s statements that that a number of peer funds are offered by sponsors that have economies of scale and/or alternative sources of revenue at the complex or individual fund level that allow them to

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Supplemental Information (Continued)

April 30, 2019 (Unaudited)

charge substantially lower fees than many industry providers. The Trustees considered information provided by Broadridge as to the advisory fees and total expense ratios compared to their Broadridge expense groups and information provided by the Adviser regarding the levels of the Funds’ fees and expenses compared to funds the Adviser considered appropriate peer funds in light of the factors noted above. In response to requests from the Trustees, the Adviser agreed to waive an amount equal to 2bps of the advisory fee rate of Nationwide Bond Index Fund effective March 1, 2019. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Advisory Agreements, that the Funds’ advisory fees appeared generally to be within the range of a number of other peer funds and not sufficiently

high as to be inconsistent with the continuation of the Advisory Agreements.

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Funds. The Trustees noted that each Fund’s advisory fee rate schedule is subject to contractual advisory fee breakpoints that reflect economies of scale by reducing the Fund’s advisory fee rate if the assets of the Fund increase over certain thresholds.

-        -        -

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their in-person meeting in January 2019.

166

Management Information

April 30, 2019

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 50 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014.
Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters.
Paula H. J. Cholmondeley
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since July 2000	112
Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.
Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service-based company; former certified public accountant and former chief financial officer of both public and private companies.
Phyllis Kay Dryden
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1947	Trustee since December 2004	112

167

Management Information (Continued)

April 30, 2019

Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum.
Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company.
Barbara I. Jacobs
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1950	Trustee since December 2004	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund).
Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lede from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry.
Keith F. Karlawish
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1964	Trustee since March 2012	112
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.

168

Management Information (Continued)

April 30, 2019

Carol A. Kosel
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1963	Trustee since March 2013	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005.
Other Directorships held During the Past Five Years (or Longer)2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry.
Douglas F. Kridler
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1955	Trustee since September 1997	112
Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S.
Other Directorships held During the Past Five Years2 None
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one of America’s largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles.
David C. Wetmore
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1948	Trustee since January 1995; Chairman since February 2005	112
Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm.
Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

169

Management Information (Continued)

April 30, 2019

Interested Trustee

M. Diane Koken3
Year of Birth	Positions Held with Trust and Length of Time Served1	Number of Portfolios Overseen in the Nationwide Fund Complex
1952	Trustee since April 2019	112
Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company.
Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present.
Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company.

¹  Length of time served includes time served with the Trust’s predecessors.

²  Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

³  Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler
Year of Birth	Positions Held with Funds and Length of Time Served1
1966	President, Chief Executive Officer and Principal Executive Officer since June 2008
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.2
Joseph Finelli
Year of Birth	Positions Held with Funds and Length of Time Served1
1957	Treasurer and Principal Financial Officer since September 2007; Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Finelli is the Treasurer and Principal Financial Officer of Nationwide Funds Group and an Associate Vice President of Nationwide Mutual Insurance Company.2

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Management Information (Continued)

April 30, 2019

Brian Hirsch
Year of Birth	Positions Held with Funds and Length of Time Served1
1956	Chief Compliance Officer since January 2012; Senior Vice President since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.2
Eric E. Miller
Year of Birth	Positions Held with Funds and Length of Time Served1
1953	Secretary since December 2002; Senior Vice President and General Counsel since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Miller is Senior Vice President, General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.2
Lee T. Cummings
Year of Birth	Positions Held with Funds and Length of Time Served1
1963	Senior Vice President, Head of Fund Operations since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Timothy M. Rooney
Year of Birth	Positions Held with Funds and Length of Time Served1
1965	Vice President, Head of Product Development and Acquisitions since December 2015
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rooney is Vice President, Head of Product Development and Acquisitions for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2
Christopher C. Graham
Year of Birth	Positions Held with Funds and Length of Time Served1
1971	Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016
Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.2

¹  Length of time served includes time served with the Trust’s predecessors.

²  These positions are held with an affiliated person or principal underwriter of the Funds.

171

Market Index Definitions

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating-rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund (IMF).

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. Government/Credit Bond 1-3 Year Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Index with a remaining maturity of one to three years, including Treasurys, government-related issues and corporate securities.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM (Series-L): An unmanaged index that measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury; a subset of the Global Inflation-Linked Index (Series-L).

ICE BofAML Global High Yield Index: An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros.

Note about BofA Merrill Lynch Indexes

Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services.

iMoneyNet Money Fund Average^TM Government All: An average of government money market funds. Government money market funds may invest in U.S. Treasurys, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM EMBI Global Diversified Index: An unmanaged index in the Emerging Market Bond Index (EMBI) series that measures the performance of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

172

Market Index Definitions (cont.)

Note about JPMorgan Indexes

Information has been obtained from sources believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan’s prior written approval. Copyright 2018, JPMorgan Chase & Co. All rights reserved.

Morningstar® (Mstar) Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes that cover a global set of stocks, bonds, and commodities and are designed to benchmark asset allocation products across a risk spectrum ranging from conservative to aggressive. Asset class weights are adjusted annually and rebalanced quarterly, based on an asset allocation methodology from Ibbotson Associates, a Morningstar company.

● The Morningstar® Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets.

● The Morningstar® Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets.

● The Morningstar® Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

● The Morningstar® Moderate Target Risk Index seeks approximately 60% exposure to global equity markets.

● The Morningstar® Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category^TM

The Morningstar Category^TM is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI EAFE® Small Cap Index: An equity index capturing small-capitalization representation across developed markets countries around the world, excluding the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

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Market Index Definitions (cont.)

MSCI World ex USA Index: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries — excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World Index^SM Free: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI. The “Free” suffix denotes an index with a somewhat different history but the same constituents and performance in relation to its counterpart index without the suffix.

NYSE Arca Tech 100 Index®: An unmanaged, price-weighted index of at least 100 individual technology-related securities, consisting of stocks of companies from various industries that produce or deploy innovative technologies to conduct their business.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: An unmanaged index that measures the performance of the stocks of the large-capitalization segment of the U.S. equity universe.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market capitalization-weighted index based on the Russell 3000® Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The index is used to provide a gauge of the performance of growth stocks in the U.S.

Russell 3000® Index: An unmanaged index that measures the performance of the 3,000 largest U.S. companies in the investable U.S. equity universe.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

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Market Index Definitions (cont.)

Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

S&P MidCap 400® Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector Index^TM: An unmanaged, modified, market capitalization-weighted index that measures the performance of the information technology sector and the internet retail sub-industry from the consumer discretionary sector of the U.S. equity market.

175

Glossary

Definitions of some commonly used investment terms

Asset allocation: The process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

Asset-backed securities: Fixed-income securities issued by a trust or other legal entity established to issue securities and hold certain assets, such as credit card receivables or auto leases, that pay down over time and generate sufficient cash to pay holders of the securities the principal and earned interest.

Asset class: A pool of securities that exhibit similar characteristics and behave similarly in the marketplace. There are three main asset classes: equities (stocks), fixed income (bonds) and cash equivalents (money market securities).

Benchmark: A broad-based securities index used as a comparison tool to measure the performance of a mutual fund.

Bottom-up investment approach: A method of investing that involves focusing on an individual company rather than on the industry in which a company operates or on the economy as a whole; it is the microeconomic analysis of a company or stock.

Convertible securities: Debt securities that may be converted into common stock. While a convertible security is a fixed-income security that typically pays interest or dividend income, its market value also tends to correspond to market changes in the value of the underlying common stock.

Derivative: A contract, security or investment with its value based on the performance of an underlying financial asset, index or economic measure.

Diversification: An investment strategy that seeks to reduce risk in a portfolio so that the positive performance of some investments will neutralize the negative performance of others.

Duration: A measure of how much the price of a bond would change compared to a change in market interest rates, based on the remaining time until a bond matures together with other factors. A bond’s value drops when interest rates rise, and vice versa. Bonds with longer durations have higher risk and volatility.

Equity securities: Securities that represent ownership interests in the issuers. Common stock is the most common type of equity security.

Exchange-traded fund (ETF): A type of investment company that invests in equity or debt securities, often pursuing an index-based strategy. Unlike regular mutual funds, ETFs trade like common stock on a stock exchange and experience price changes throughout the day as the ETFs are bought and sold.

Expense ratio: The percentage of fees paid by a fund to its adviser for management and operational costs. A fund’s expense ratio includes all administrative expenses and 12b-1 fees but excludes sales charges.

Fixed-income securities: Securities, including bonds and other debt securities, that represent obligations by the issuers to pay specified rates of interest or dividends at specified times, and to pay the securities’ principal at maturity.

176

Glossary (cont.)

Futures: Contracts that obligate the buyers to buy and the sellers to sell specified quantities of underlying assets (or settle for the cash value of a contract based on underlying assets) at specified prices on each contract’s maturity date.

Growth style: Investing in equity securities of companies that the fund’s subadviser believes have above-average rates of earnings growth and which may experience above-average increases in stock price.

High-yield bonds (also known as junk bonds): Fixed-income securities that are rated below investment grade by nationally recognized statistical rating organizations. These bonds generally offer investors higher interest rates to help compensate for the fact that the issuers are at greater risk of default.

Index-based strategy: Investing in stocks or other securities with a goal of obtaining investment returns that closely track the performance of a benchmark stock index.

Inflation: The rise in the prices of goods and services. The inflation rate is the rate at which changes in prices occur. A positive inflation rate means that prices generally are rising. A negative inflation rate is known as deflation, which means that the prices of goods and services are declining.

Inflation-protected securities: Fixed-income securities with principal and/or interest payments adjusted for inflation, unlike traditional fixed-income securities that make fixed principal and interest payments.

Investment grade: The four highest rating categories of nationally recognized statistical rating organizations, including Moody’s, Standard & Poor’s and Fitch.

Market capitalization: A common way of measuring the size of a company based on the price of its common stock multiplied by the number of outstanding shares.

Maturity: The date on which the principal amount of a bond is required to be paid to investors.

Quantitative techniques: Mathematical and statistical methods used in the investment process to evaluate market conditions and to identify securities of issuers for possible purchase or sale by a mutual fund.

Sector: A division of an economy that shares common characteristics. Sectors are used to group investments into categories such as energy, health, technology and utilities.

Subadviser: An asset management firm hired by a mutual fund’s adviser to handle the day-to-day management of the fund. The subadviser manages all or a portion of the fund’s assets according to the objectives and strategies set forth in the fund’s prospectus. A subadvised fund’s portfolio manager generally works for the subadviser.

Swap: An agreement that obligates two parties to exchange on specified dates series of cash flows that are calculated by reference to changes in a specified rate or the value of an underlying asset.

Top-down investment approach: A method of investing that involves: 1) determining the overall health of a country’s economy, 2) determining the strongest sectors within that economy, and 3) selecting securities within those sectors to potentially maximize returns.

177

Glossary (cont.)

U.S. government securities: Debt securities issued and/or guaranteed as to principal and interest by either the U.S. government, or by U.S. government agencies, U.S. government-sponsored enterprises and U.S. government instrumentalities. Securities issued or guaranteed directly by the U.S. government are supported by the full faith and credit of the United States. Securities issued or guaranteed by agencies or instrumentalities of the U.S. government, and enterprises sponsored by the U.S. government, are not direct obligations of the United States and may not be supported by the full faith and credit of the United States.

Value style: Investing in equity securities that a fund’s subadviser believes are undervalued, i.e., the securities are priced at less than the subadviser believes they are intrinsically worth, based on such factors as a company’s stock price relative to its book value, earnings and cash flow.

Volatility: The degree to which the value of a fund’s portfolio may be expected to rise or fall over time. A high level of volatility means that the fund’s value may be expected to increase or decrease significantly over a short period of time. A lower level of volatility means that the fund’s value is not expected to fluctuate significantly.

Yield curve: A plotted graph line showing the interest rates of bonds, at a set point in time, that have equal credit quality but different maturity dates.

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P.O. Box 701

Milwaukee, WI 53201-0701

nationwide.com/mutualfunds

Call 800-848-0920 to request a summary prospectus and/or a prospectus, or download prospectuses at nationwide.com/mutualfundprospectuses. These prospectuses outline investment objectives, risks, fees, charges and expenses, and other information that you should read and consider carefully before investing.

About Nationwide Funds Group (NFG)

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds.

Distributor

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NFD is not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM).

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Funds Group and Nationwide Funds are service marks of Nationwide Mutual Insurance Company. © 2019

SAR-IDX  (6/19)

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not Applicable: The information required by this item is required only in an annual report on the Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a)	(1)	Disclose that the registrant’s board of directors has determined that the registrant either:
		(i) Has at least one audit committee financial expert serving on its audit committee; or
		(ii)  Does not have an audit committee financial expert serving on its audit committee.
	(2)	If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
		(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
		(ii)  Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. § 80a-2(a)(19)).
	(3)	If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not Applicable: The information required by this item is required only in an annual report on the Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

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(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not Applicable: The additional information required by this item is required only in an annual report on the Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR § 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. § 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. § 78c(a)(58)(B)), so state.

Not Applicable.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR § 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not Applicable.

Item 6. Investments.

(a) File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of the Regulation S-X [17 CFR § 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclosed the following information for each such divested security:

(1) Name of the issuer;

(2) Exchange ticker symbol;

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(3) Committee on Uniform Securities Identification Procedures (“CUSIP’) number;

(4) Total number of shares or, for debt securities, principal amount divested;

(5) Date(s) that the securities were divested;

(6) If the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing; and

(7) Name of the statute that added the provision of Section 13(c) in accordance with which the securities were divested.

This Item 6(b) shall terminate one year after the first date on which all statutory provisions that underlie Section 13(c) of the Investment Company Act of 1940 have terminated.

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. § 80a-2(a)(3)) and the rules there under) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR § 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. § 781).

Not Applicable.

4

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR § 240.14a-101), or this Item.

Not Applicable.

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures, as most-recently amended and restated as of June 12, 2019, are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

If the registrant is a closed-end management company, provide the information specified in paragraphs (a) and (b) of this item relating to the securities lending activities of the registrant.

Not Applicable.

Item 13. Exhibits.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not Applicable: The information required by this item is required only in an annual report on the Form N-CSR.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2).

Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR § 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to ten (10) or more persons.

Not Applicable.

(a)(4) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR § 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

Not Applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Rule 30a-2(b) are furnished herewith.

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ Joseph A. Finelli
	Name:	Joseph A. Finelli
	Title:	Principal Financial Officer
	Date:	June 19, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ Michael S. Spangler
	Name:	Michael S. Spangler
	Title:	Principal Executive Officer
	Date:	June 19, 2019
	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)	/s/ Joseph A. Finelli
	Name:	Joseph A. Finelli
	Title:	Principal Financial Officer
	Date:	June 19, 2019

* Print the name and title of each signing officer under his or her signature.

6

EX-99.CERT

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Michael S. Spangler, certify that:

1. I have reviewed this report on Form N-CSR, for the period ended April 30, 2019, of Nationwide Mutual Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 19, 2019	/s/ Michael S. Spangler
Date	Michael S. Spangler
	Principal Executive Officer

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SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Joseph A. Finelli, certify that:

1. I have reviewed this report on Form N-CSR, for the period ended April 30, 2019, of Nationwide Mutual Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 19, 2019	/s/ Joseph A. Finelli
Date	Joseph A. Finelli
	Principal Financial Officer

2

EX-99.906CERT

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR, for the period ended April 30, 2019, of Nationwide Mutual Funds (the “Registrant”).

I, Michael S. Spangler, the Principal Executive Officer of the Registrant, certify, to the best of my knowledge, that:

1. the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

June 19, 2019                                                 

Date

/s/ Michael S. Spangler                                 

Michael S. Spangler

Principal Executive Officer

Nationwide Mutual Funds

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR, for the period ended April 30, 2019, of Nationwide Mutual Funds (the “Registrant”).

I, Joseph A. Finelli, the Principal Financial Officer of the Registrant, certify, to the best of my knowledge, that:

1. the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

June 19, 2019                                                 

Date

/s/ Joseph A. Finelli                                      

Joseph A. Finelli

Principal Financial Officer

Nationwide Mutual Funds

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.