UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR/A

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)

Amy Haid, 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) 435-2561

Date of fiscal year end: October 31, 2019

Date of reporting period: November 1, 2018 through October 31, 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.

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

Annual Report

October 31, 2019

Nationwide Mutual Funds

Target Destination Funds

Nationwide Destination 2010 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

Nationwide Destination Retirement Fund

(formerly, Nationwide Destination 2015 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 2020 Fund	16
Nationwide Destination 2025 Fund	29
Nationwide Destination 2030 Fund	41
Nationwide Destination 2035 Fund	53
Nationwide Destination 2040 Fund	65
Nationwide Destination 2045 Fund	77
Nationwide Destination 2050 Fund	90
Nationwide Destination 2055 Fund	102
Nationwide Destination 2060 Fund	114
Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)	126
Notes to Financial Statements	140
Report of Independent Registered Public Accounting Firm	170
Supplemental Information	172
Management Information	174
Market Index Definitions	179
Glossary	184

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Destination 2010 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2010 Fund (Class A at NAV*) returned 9.14% versus 10.87% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2010 Index, and 9.91% for its new benchmark, the S&P Target Date Retirement Income Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2000-2010 (consisting of 140 funds as of October 31, 2019) was 10.02% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%‡ and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Mid Cap Market Index Fund (Class R6) and the underlying iShares Core MSCI Emerging Markets ETF Fund, which posted returns of 8.74% and 11.64%, respectively, during the reporting period.

3

Fund Commentary (cont.) Nationwide Destination 2010 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date Retirement Income Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Destination 2010 Fund

Asset Allocation¹

Fixed Income Funds	38.2%
Equity Funds	36.0%
Investment Contract	20.2%
Alternative Assets	5.7%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	24.2%
Nationwide Contract	20.2%
Nationwide Bond Index Fund, Class R6	19.0%
Nationwide Core Plus Bond Fund, Class R6	9.6%
Nationwide International Index Fund, Class R6	8.4%
Nationwide Inflation-Protected Securities Fund, Class R6	6.6%
Nationwide Amundi Strategic Income Fund, Class R6	5.7%
iShares 20+ Year Treasury Bond ETF	2.9%
Nationwide Mid Cap Market Index Fund, Class R6	1.8%
iShares Core MSCI Emerging Markets ETF	1.6%
	100.0%

¹  Percentages indicated are based upon net assets as of October 31, 2019.

² Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Destination 2010 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		9.14%		4.16%		5.42%
	w/SC2		2.81%		2.93%		4.79%
Class R3,4			8.76%		3.87%		5.15%
Class R63,5			9.54%		4.65%		5.93%
Institutional Service Class3			9.55%		4.58%		5.91%
Morningstar® Lifetime Allocation Moderate 2010 Index			10.87%		4.75%		6.72%
S&P Target Date Retirement Income Index			9.91%		4.33%		5.57%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.88%
Class R		1.13%
Class R6		0.38%
Institutional Service Class		0.63%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Destination 2010 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2010 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2010 Index (current benchmark) and the S&P Target Date Retirement Income Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,032.90		3.23		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,031.60		4.51		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,035.30		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,035.30		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		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 May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Destination 2010 Fund

Investment Companies 75.4%
	Shares		Value
Alternative Assets 5.7%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		95,248	$	989,631
Total Alternative Assets (cost $987,756)				989,631
Equity Funds 34.4%
Nationwide International Index Fund, Class R6 (a)		184,151		1,454,790
Nationwide Mid Cap Market Index Fund, Class R6 (a)		19,845		308,193
Nationwide Multi-Cap Portfolio, Class R6 (a)		362,406		4,207,535
Total Equity Funds (cost $5,550,812)				5,970,518
Fixed Income Funds 35.3%
Nationwide Bond Index Fund, Class R6 (a)		290,680		3,299,217
Nationwide Core Plus Bond Fund, Class R6 (a)		160,313		1,670,462
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		113,634		1,143,161
Total Fixed Income Funds (cost $5,904,415)				6,112,840
Total Investment Companies (cost $12,442,983)				13,072,989
Exchange Traded Funds 4.5%
Equity Fund 1.6%
iShares Core MSCI Emerging Markets ETF		5,365		274,527
Fixed Income Fund 2.9%
iShares 20+ Year Treasury Bond ETF		3,612		510,159
Total Exchange Traded Funds (cost $773,660)				784,686
Investment Contract 20.2%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	3,502,565		3,502,565
Total Investment Contract (cost $3,502,565)				3,502,565
Total Investments (cost $16,719,208) — 100.1%				17,360,240
Liabilities in excess of other assets — (0.1)%				(10,534	)
NET ASSETS — 100.0%			$	17,349,706

^ 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.

9

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2010 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $15,945,548)	$	16,575,554
Investment securities of unaffiliated issuers, at value (cost $773,660)		784,686
Receivable for investments sold		20,989
Receivable for capital shares issued		3,178
Total Assets		17,384,407
Liabilities:
Payable for capital shares redeemed		24,302
Cash overdraft (Note 2)		841
Accrued expenses and other payables:
Investment advisory fees		1,918
Distribution fees		4,407
Administrative servicing fees		3,033
Trustee fees		39
Professional fees		161
Total Liabilities		34,701
Net Assets	$	17,349,706
Represented by:
Capital	$	16,737,886
Total distributable earnings (loss)		611,820
Net Assets	$	17,349,706
Net Assets:
Class A Shares		5,528,758
Class R Shares		7,580,918
Class R6 Shares		4,224,534
Institutional Service Class Shares		15,496
Total	$	17,349,706
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		667,077
Class R Shares		918,071
Class R6 Shares		508,792
Institutional Service Class Shares		1,867
Total		2,095,807
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.29
Class R Shares	$	8.26
Class R6 Shares	$	8.30
Institutional Service Class Shares	$	8.30
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.80
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.

10

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2010 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	347,810
Interest income from affiliated issuers		87,319
Dividend income from unaffiliated issuers		13,108
Interest income (unaffiliated)		5,307
Income from securities lending (Note 2)		4
Total Income		453,548
EXPENSES:
Investment advisory fees		22,902
Distribution fees Class A		13,329
Distribution fees Class C (a)		5,989
Distribution fees Class R		37,497
Administrative servicing fees Class A		13,329
Administrative servicing fees Class C (a)		801
Administrative servicing fees Class R		18,748
Professional fees		279
Trustee fees		564
Total Expenses		113,438
NET INVESTMENT INCOME		340,110
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		(35,999	)
Transactions in investment securities of unaffiliated issuers		(74,405	)
Expiration or closing of futures contracts (Note 2)		(14,915	)
Net realized gains		273,634
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		843,588
Investment securities of unaffiliated issuers		84,486
Net change in unrealized appreciation/depreciation		928,074
Net realized/unrealized gains		1,201,708
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,541,818

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

11

Statements of Changes in Net Assets

	Nationwide Destination 2010 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	340,110		$	361,571
Net realized gains		273,634			916,433
Net change in unrealized appreciation/depreciation		928,074			(1,333,280	)
Change in net assets resulting from operations		1,541,818			(55,276	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(357,459	)		(243,531	)
Class C (a)		(38,824	)		(53,731	)
Class R		(451,117	)		(355,720	)
Class R6		(282,623	)		(211,444	)
Institutional Service Class		(1,466	)		(1,245	)
Change in net assets from shareholder distributions		(1,131,489	)		(865,671	)
Change in net assets from capital transactions		(1,358,433	)		(3,398,830	)
Change in net assets		(948,104	)		(4,319,777	)
Net Assets:
Beginning of year		18,297,810			22,617,587
End of year	$	17,349,706		$	18,297,810
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,120,475		$	1,918,625
Proceeds from shares issued in class conversion (a)		681,266			–
Dividends reinvested		356,167			243,389
Cost of shares redeemed		(2,380,986	)		(2,739,993	)
Total Class A Shares		(223,078	)		(577,979	)
Class C Shares
Proceeds from shares issued		27,262			143,500
Dividends reinvested		38,824			53,731
Cost of shares redeemed in class conversion (a)		(681,266	)		–
Cost of shares redeemed		(344,740	)		(734,314	)
Total Class C Shares		(959,920	)		(537,083	)
Class R Shares
Proceeds from shares issued		1,060,694			886,489
Dividends reinvested		451,117			355,720
Cost of shares redeemed		(1,625,984	)		(3,329,999	)
Total Class R Shares		(114,173	)		(2,087,790	)
Class R6 Shares
Proceeds from shares issued		2,000,736			1,931,128
Dividends reinvested		282,623			211,444
Cost of shares redeemed		(2,336,815	)		(2,335,624	)
Total Class R6 Shares		(53,456	)		(193,052	)
Institutional Service Class Shares
Proceeds from shares issued		1,904			1,480
Dividends reinvested		1,466			1,245
Cost of shares redeemed		(11,176	)		(5,651	)
Total Institutional Service Class Shares		(7,806	)		(2,926	)
Change in net assets from capital transactions	$	(1,358,433	)	$	(3,398,830	)

12

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2010 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		139,741			229,479
Issued in class conversion (a)		83,842			–
Reinvested		47,134			29,111
Redeemed		(297,889	)		(326,478	)
Total Class A Shares		(27,172	)		(67,888	)
Class C Shares
Issued		3,509			17,121
Reinvested		5,220			6,485
Redeemed in class conversion (a)		(84,589	)		–
Redeemed		(42,873	)		(88,897	)
Total Class C Shares		(118,733	)		(65,291	)
Class R Shares
Issued		132,392			106,309
Reinvested		59,965			42,708
Redeemed		(201,936	)		(395,176	)
Total Class R Shares		(9,579	)		(246,159	)
Class R6 Shares
Issued		249,376			228,801
Reinvested		37,222			25,266
Redeemed		(289,783	)		(277,314	)
Total Class R6 Shares		(3,185	)		(23,247	)
Institutional Service Class Shares
Issued		236			177
Reinvested		194			149
Redeemed		(1,388	)		(680	)
Total Institutional Service Class Shares		(958	)		(354	)
Total change in shares		(159,627	)		(402,939	)

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

13

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Destination 2010 Fund
DECREASE IN CASH
Cash flows provided by operating activities
Net increase in net assets from operations	$	1,541,818
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		(9,517,596	)
Proceeds from disposition of investment securities of affiliated issuers		7,956,601
Purchase of investment securities of unaffiliated issuers		(657,272	)
Proceeds from disposition of investment securities of unaffiliated issuers		4,817,156
Reinvestment of dividend income from affiliated issuers		(347,810	)
Reinvestment of interest income from affiliated issuers		(87,319	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(843,588	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(84,486	)
Reinvestment of net realized gain distributions from affiliated underlying funds		(398,953	)
Net realized loss from investment transactions with affiliated issuers		35,999
Net realized loss from transactions in investment securities		74,405
Increase in receivable for investments sold		(20,989	)
Decrease in payable for investments purchased		(27,940	)
Decrease in investment advisory fees payable		(124	)
Decrease in fund administration fees payable		(81	)
Decrease in distribution fees payable		(880	)
Increase in administrative servicing fees payable		848
Decrease in trustee fees payable		(14	)
Increase in professional fees payable		115
Net cash provided by operating activities		2,439,890
Cash flows used in financing activities
Proceeds from shares issued		4,235,838
Cost of shares redeemed		(6,675,404	)
Cash overdraft		841
Cash distributions paid to shareholders		(1,292	)
Net cash used in financing activities		(2,440,017	)
Net decrease in cash		(127	)
Cash:
Beginning of period		127
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $1,130,197.
Non-cash financing activities not included herein consist of Class C to Class A share conversions of $681,266. (See Note 1)
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 $834,082.
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.

14

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
Year Ended October 31, 2019	$	8.12		0.16		0.53			0.69			(0.16	)		(0.36	)		(0.52	)	$	8.29		9.14%		$	5,528,758		0.63%		1.96%		0.63%		63.86%	(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%
Class R Shares
Year Ended October 31, 2019	$	8.10		0.13		0.53			0.66			(0.14	)		(0.36	)		(0.50	)	$	8.26		8.76%		$	7,580,918		0.88%		1.67%		0.88%		63.86%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	8.14		0.20		0.52			0.72			(0.20	)		(0.36	)		(0.56	)	$	8.30		9.54%		$	4,224,534		0.13%		2.45%		0.13%		63.86%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	8.13		0.19		0.54			0.73			(0.20	)		(0.36	)		(0.56	)	$	8.30		9.68%	(i)	$	15,496		0.13%		2.43%		0.13%		63.86%	(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%

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 securities received or delivered in-kind.

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

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

15

Fund Commentary Nationwide Destination 2020 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2020 Fund (Class A at NAV*) returned 9.79% versus 12.54% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2020 Index, and 10.01% for its new benchmark, the S&P Target Date To 2020 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2020 (consisting of 247 funds as of October 31, 2019), was 10.64% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%‡ and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Small Cap Index Fund (Class R6) and the underlying iShares Core MSCI Emerging Markets ETF Fund, which posted returns of 4.76% and 11.64%, respectively, during the reporting period.

16

Fund Commentary (cont.) Nationwide Destination 2020 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2020 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

17

Fund Overview Nationwide Destination 2020 Fund

Asset Allocation¹

Equity Funds	45.3%
Fixed Income Funds	35.6%
Investment Contract	14.5%
Alternative Assets	4.6%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	28.1%
Nationwide Bond Index Fund, Class R6	19.4%
Nationwide Contract	14.5%
Nationwide International Index Fund, Class R6	11.6%
Nationwide Core Plus Bond Fund, Class R6	8.5%
Nationwide Inflation-Protected Securities Fund, Class R6	5.2%
Nationwide Amundi Strategic Income Fund, Class R6	4.6%
Nationwide Mid Cap Market Index Fund, Class R6	2.7%
iShares Core MSCI Emerging Markets ETF	2.7%
iShares 20+ Year Treasury Bond ETF	2.4%
Nationwide Small Cap Index Fund, Class R6	0.3%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

18

Fund Performance Nationwide Destination 2020 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		9.79%		4.87%		6.85%
	w/SC2		3.45%		3.63%		6.22%
Class R3,4			9.54%		4.59%		6.56%
Class R63,5			10.40%		5.37%		7.36%
Institutional Service Class3			10.05%		5.10%		7.09%
Morningstar® Lifetime Allocation Moderate 2020 Index			12.54%		5.57%		7.93%
S&P Target Date To 2020 Index			10.01%		5.07%		6.93%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.89%
Class R		1.14%
Class R6		0.39%
Institutional Service Class		0.64%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

19

Fund Performance (cont.) Nationwide Destination 2020 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2020 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2020 Index (current benchmark) and the S&P Target Date To 2020 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

20

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,031.50		3.23		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,030.30		4.50		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,035.00		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,032.70		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

21

Statement of Investments

October 31, 2019

Nationwide Destination 2020 Fund

Investment Companies 80.5%
	Shares		Value
Alternative Assets 4.6%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		909,054	$	9,445,071
Total Alternative Assets (cost $9,446,270)				9,445,071
Equity Funds 42.7%
Nationwide International Index Fund, Class R6 (a)		2,998,528		23,688,367
Nationwide Mid Cap Market Index Fund, Class R6 (a)		350,926		5,449,877
Nationwide Multi-Cap Portfolio, Class R6 (a)		4,927,366		57,206,724
Nationwide Small Cap Index Fund, Class R6 (a)		61,453		617,603
Total Equity Funds (cost $79,762,224)				86,962,571
Fixed Income Funds 33.2%
Nationwide Bond Index Fund, Class R6 (a)		3,473,153		39,420,286
Nationwide Core Plus Bond Fund, Class R6 (a)		1,670,162		17,403,093
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,061,237		10,676,047
Total Fixed Income Funds (cost $65,210,804)				67,499,426
Total Investment Companies (cost $154,419,298)				163,907,068
Exchange Traded Funds 5.0%
Equity Fund 2.6%
iShares Core MSCI Emerging Markets ETF		105,807		5,414,144
Fixed Income Fund 2.4%
iShares 20+ Year Treasury Bond ETF		34,315		4,846,651
Total Exchange Traded Funds (cost $10,177,397)				10,260,795
Investment Contract 14.5%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	29,523,086		29,523,086
Total Investment Contract (cost $29,523,086)				29,523,086
Total Investments (cost $194,119,781) — 100.0%				203,690,949
Liabilities in excess of other assets — 0.0%†				(93,952	)
NET ASSETS — 100.0%			$	203,596,997

^ 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.

22

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2020 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $183,942,384)	$	193,430,154
Investment securities of unaffiliated issuers, at value (cost $10,177,397)		10,260,795
Receivable for investments sold		135,687
Receivable for capital shares issued		28,604
Total Assets		203,855,240
Liabilities:
Payable for capital shares redeemed		159,363
Cash overdraft (Note 2)		11,679
Accrued expenses and other payables:
Investment advisory fees		22,530
Distribution fees		24,231
Administrative servicing fees		38,184
Trustee fees		429
Professional fees		1,827
Total Liabilities		258,243
Net Assets	$	203,596,997
Represented by:
Capital	$	189,367,857
Total distributable earnings (loss)		14,229,140
Net Assets	$	203,596,997
Net Assets:
Class A Shares	$	22,489,161
Class R Shares		45,829,237
Class R6 Shares		47,282,284
Institutional Service Class Shares		87,996,315
Total	$	203,596,997
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,444,805
Class R Shares		4,998,213
Class R6 Shares		5,102,129
Institutional Service Class Shares		9,543,465
Total		22,088,612
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.20
Class R Shares	$	9.17
Class R6 Shares	$	9.27
Institutional Service Class Shares	$	9.22
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.76
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.

23

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2020 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	4,382,480
Interest income from affiliated issuers		621,022
Dividend income from unaffiliated issuers		222,720
Interest income (unaffiliated)		41,920
Income from securities lending (Note 2)		37
Total Income		5,268,179
EXPENSES:
Investment advisory fees		267,443
Distribution fees Class A		52,478
Distribution fees Class C (a)		15,374
Distribution fees Class R		233,385
Administrative servicing fees Class A		52,478
Administrative servicing fees Class C (a)		1,264
Administrative servicing fees Class R		116,693
Administrative servicing fees Institutional Service Class		217,864
Professional fees		3,183
Trustee fees		6,550
Total Expenses		966,712
NET INVESTMENT INCOME		4,301,467
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		1,254,301
Transactions in investment securities of unaffiliated issuers		(1,015,564	)
Expiration or closing of futures contracts (Note 2)		(224,450	)
Net realized gains		5,888,500
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		8,328,992
Investment securities of unaffiliated issuers		1,025,800
Net change in unrealized appreciation/depreciation		9,354,792
Net realized/unrealized gains		15,243,292
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,544,759

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

24

Statements of Changes in Net Assets

	Nationwide Destination 2020 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	4,301,467		$	4,522,556
Net realized gains		5,888,500			13,154,074
Net change in unrealized appreciation/depreciation		9,354,792			(17,496,182	)
Change in net assets resulting from operations		19,544,759			180,448
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,667,161	)		(1,656,666	)
Class C (a)		(129,165	)		(267,233	)
Class R		(3,722,580	)		(4,488,825	)
Class R6		(4,225,786	)		(5,513,749	)
Institutional Service Class		(7,066,355	)		(7,675,989	)
Change in net assets from shareholder distributions		(16,811,047	)		(19,602,462	)
Change in net assets from capital transactions		(10,538,378	)		(26,156,686	)
Change in net assets		(7,804,666	)		(45,578,700	)
Net Assets:
Beginning of year		211,401,663			256,980,363
End of year	$	203,596,997		$	211,401,663
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,685,066		$	4,495,037
Proceeds from shares issued in class conversion (a)		1,708,760			–
Dividends reinvested		1,667,093			1,656,649
Cost of shares redeemed		(5,757,330	)		(5,910,168	)
Total Class A Shares		1,303,589			241,518
Class C Shares
Proceeds from shares issued		80,984			11,500
Dividends reinvested		129,165			267,233
Cost of shares redeemed in class conversion (a)		(1,708,760	)		–
Cost of shares redeemed		(896,040	)		(1,325,096	)
Total Class C Shares		(2,394,651	)		(1,046,363	)
Class R Shares
Proceeds from shares issued		4,646,870			4,321,979
Dividends reinvested		3,722,580			4,488,825
Cost of shares redeemed		(12,571,614	)		(17,030,530	)
Total Class R Shares		(4,202,164	)		(8,219,726	)
Class R6 Shares
Proceeds from shares issued		10,963,341			12,614,068
Dividends reinvested		4,225,786			5,513,749
Cost of shares redeemed		(17,109,773	)		(34,640,366	)
Total Class R6 Shares		(1,920,646	)		(16,512,549	)

25

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2020 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	15,653,313		$	16,606,384
Dividends reinvested		7,066,355			7,675,989
Cost of shares redeemed		(26,044,174	)		(24,901,939	)
Total Institutional Service Class Shares		(3,324,506	)		(619,566	)
Change in net assets from capital transactions	$	(10,538,378	)	$	(26,156,686	)
SHARE TRANSACTIONS:
Class A Shares
Issued		418,554			471,540
Issued in class conversion (a)		190,780			–
Reinvested		202,249			175,621
Redeemed		(649,080	)		(612,058	)
Total Class A Shares		162,503			35,103
Class C Shares
Issued		10,214			1,234
Reinvested		16,005			28,717
Redeemed in class conversion (a)		(193,649	)		–
Redeemed		(100,940	)		(141,100	)
Total Class C Shares		(268,370	)		(111,149	)
Class R Shares
Issued		524,168			454,611
Reinvested		454,370			477,064
Redeemed		(1,422,442	)		(1,777,097	)
Total Class R Shares		(443,904	)		(845,422	)
Class R6 Shares
Issued		1,210,892			1,289,502
Reinvested		508,192			580,839
Redeemed		(1,904,988	)		(3,599,541	)
Total Class R6 Shares		(185,904	)		(1,729,200	)
Institutional Service Class Shares
Issued		1,759,236			1,731,302
Reinvested		854,776			811,904
Redeemed		(2,906,253	)		(2,581,039	)
Total Institutional Service Class Shares		(292,241	)		(37,833	)
Total change in shares		(1,027,916	)		(2,688,501	)

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

26

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Destination 2020 Fund
DECREASE IN CASH
Cash flows provided by operating activities
Net increase in net assets from operations	$	19,544,759
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		(107,604,654	)
Proceeds from disposition of investment securities of affiliated issuers		78,015,905
Purchase of investment securities of unaffiliated issuers		(6,131,294	)
Proceeds from disposition of investment securities of unaffiliated issuers		63,988,536
Reinvestment of dividend income from affiliated issuers		(4,382,480	)
Reinvestment of interest income from affiliated issuers		(621,022	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(8,328,992	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(1,025,800	)
Reinvestment of net realized gain distributions from affiliated underlying funds		(5,874,213	)
Net realized gain from investment transactions with affiliated issuers		(1,254,301	)
Net realized loss from transactions in investment securities		1,015,564
Decrease in receivable for investments sold		195,418
Decrease in investment advisory fees payable		(1,317	)
Decrease in fund administration fees payable		(948	)
Decrease in distribution fees payable		(3,837	)
Increase in administrative servicing fees payable		5,106
Decrease in trustee fees payable		(184	)
Increase in professional fees payable		1,289
Net cash provided by operating activities		27,537,535
Cash flows used in financing activities
Proceeds from shares issued		35,031,304
Cost of shares redeemed		(62,581,007	)
Cash overdraft		11,679
Cash distributions paid to shareholders		(68	)
Net cash used in financing activities		(27,538,092	)
Net decrease in cash		(557	)
Cash:
Beginning of period		557
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $16,810,979.
Non-cash financing activities not included herein consist of Class C to Class A share conversions of $1,708,760. (See Note 1)
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 $10,877,715.
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.

27

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
Year Ended October 31, 2019	$	9.13		0.17		0.63			0.80			(0.18	)		(0.55	)		(0.73	)	$	9.20		9.79%		$	22,489,161		0.63%		1.92%		0.63%		61.71%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.10		0.15		0.63			0.78			(0.16	)		(0.55	)		(0.71	)	$	9.17		9.54%		$	45,829,237		0.88%		1.69%		0.88%		61.71%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.19		0.22		0.63			0.85			(0.22	)		(0.55	)		(0.77	)	$	9.27		10.40%		$	47,282,284		0.13%		2.44%		0.13%		61.71%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.15		0.19		0.63			0.82			(0.20	)		(0.55	)		(0.75	)	$	9.22		10.05%		$	87,996,315		0.38%		2.17%		0.38%		61.71%	(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%

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 securities received or delivered in-kind.

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

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

28

Fund Commentary Nationwide Destination 2025 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2025 Fund (Class A at NAV*) returned 10.20% versus 13.04% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2025 Index, and 10.60% for its new benchmark, the S&P Target Date To 2025 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2025 (consisting of 233 funds as of October 31, 2019), was 11.27% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%^‡ and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Small Cap Index Fund (Class R6) and the underlying Nationwide Inflation-Protected Securities Fund (Class R6), which posted returns of 4.76% and 8.82%, respectively, during the reporting period.

29

Fund Commentary (cont.) Nationwide Destination 2025 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2025 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

30

Fund Overview Nationwide Destination 2025 Fund

Asset Allocation¹

Equity Funds	56.5%
Fixed Income Funds	30.8%
Investment Contract	9.0%
Alternative Assets	3.7%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	31.6%
Nationwide Bond Index Fund, Class R6	18.8%
Nationwide International Index Fund, Class R6	15.3%
Nationwide Contract	9.0%
Nationwide Core Plus Bond Fund, Class R6	7.3%
iShares Core MSCI Emerging Markets ETF	4.4%
Nationwide Amundi Strategic Income Fund, Class R6	3.7%
Nationwide Mid Cap Market Index Fund, Class R6	3.3%
iShares 20+ Year Treasury Bond ETF	2.7%
Nationwide Small Cap Index Fund, Class R6	2.0%
Nationwide Inflation-Protected Securities Fund, Class R6	1.9%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

31

Fund Performance Nationwide Destination 2025 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		10.20%		5.27%		7.63%
	w/SC2		3.83%		4.03%		7.00%
Class R3,4			9.94%		4.99%		7.34%
Class R63,5			10.79%		5.78%		8.16%
Institutional Service Class3			10.57%		5.50%		7.87%
Morningstar® Lifetime Allocation Moderate 2025 Index			13.04%		6.05%		8.65%
S&P Target Date To 2025 Index			10.60%		5.56%		7.60%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class R		1.15%
Class R6		0.40%
Institutional Service Class		0.65%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

32

Fund Performance (cont.) Nationwide Destination 2025 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2025 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2025 Index (current benchmark) and the S&P Target Date To 2025 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,031.40		3.23		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,030.20		4.50		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,034.80		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,032.60		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Destination 2025 Fund

Investment Companies 83.9%
	Shares		Value
Alternative Assets 3.7%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		1,060,908	$	11,022,833
Total Alternative Assets (cost $11,020,919)				11,022,833
Equity Funds 52.1%
Nationwide International Index Fund, Class R6 (a)		5,799,817		45,818,551
Nationwide Mid Cap Market Index Fund, Class R6 (a)		629,458		9,775,479
Nationwide Multi-Cap Portfolio, Class R6 (a)		8,145,145		94,565,139
Nationwide Small Cap Index Fund, Class R6 (a)		599,223		6,022,186
Total Equity Funds (cost $145,537,400)				156,181,355
Fixed Income Funds 28.1%
Nationwide Bond Index Fund, Class R6 (a)		4,964,573		56,347,902
Nationwide Core Plus Bond Fund, Class R6 (a)		2,106,246		21,947,087
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		575,053		5,785,036
Total Fixed Income Funds (cost $81,239,659)				84,080,025
Total Investment Companies (cost $237,797,978)				251,284,213
Exchange Traded Funds 7.1%
Equity Fund 4.4%
iShares Core MSCI Emerging Markets ETF		256,405		13,120,244
Fixed Income Fund 2.7%
iShares 20+ Year Treasury Bond ETF		56,947		8,043,194
Total Exchange Traded Funds (cost $21,308,591)				21,163,438
Investment Contract 9.0%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	26,991,856		26,991,856
Total Investment Contract (cost $26,991,856)				26,991,856
Total Investments (cost $286,098,425) — 100.0%				299,439,507
Liabilities in excess of other assets — 0.0%†				(119,719	)
NET ASSETS — 100.0%			$	299,319,788

^ 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.

35

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2025 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $264,789,834)	$	278,276,069
Investment securities of unaffiliated issuers, at value (cost $21,308,591)		21,163,438
Interest receivable		14
Receivable for investments sold		19,482
Receivable for capital shares issued		189,542
Total Assets		299,648,545
Liabilities:
Payable for capital shares redeemed		187,088
Cash overdraft (Note 2)		22,374
Accrued expenses and other payables:
Investment advisory fees		32,701
Distribution fees		33,541
Administrative servicing fees		49,876
Trustee fees		616
Professional fees		2,561
Total Liabilities		328,757
Net Assets	$	299,319,788
Represented by:
Capital	$	275,695,016
Total distributable earnings (loss)		23,624,772
Net Assets	$	299,319,788
Net Assets:
Class A Shares	$	35,709,459
Class R Shares		61,565,642
Class R6 Shares		69,059,144
Institutional Service Class Shares		132,985,543
Total	$	299,319,788
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,750,564
Class R Shares		6,488,312
Class R6 Shares		7,196,160
Institutional Service Class Shares		13,943,422
Total		31,378,458
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.52
Class R Shares	$	9.49
Class R6 Shares	$	9.60
Institutional Service Class Shares	$	9.54
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.10
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.

36

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2025 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	6,134,038
Interest income from affiliated issuers		648,983
Dividend income from unaffiliated issuers		448,241
Interest income (unaffiliated)		70,889
Income from securities lending (Note 2)		63
Total Income		7,302,214
EXPENSES:
Investment advisory fees		378,580
Distribution fees Class A		86,246
Distribution fees Class C (a)		17,671
Distribution fees Class R		311,597
Administrative servicing fees Class A		84,954
Administrative servicing fees Class C (a)		1,288
Administrative servicing fees Class R		155,798
Administrative servicing fees Institutional Service Class		306,436
Professional fees		4,522
Trustee fees		9,241
Total Expenses		1,356,333
NET INVESTMENT INCOME		5,945,881
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		3,778,087
Transactions in investment securities of unaffiliated issuers		(549,408	)
Expiration or closing of futures contracts (Note 2)		(1,268,700	)
Net realized gains		11,301,189
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		9,873,042
Investment securities of unaffiliated issuers		1,857,732
Net change in unrealized appreciation/depreciation		11,730,774
Net realized/unrealized gains		23,031,963
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,977,844

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

37

Statements of Changes in Net Assets

	Nationwide Destination 2025 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	5,945,881		$	5,806,851
Net realized gains		11,301,189			19,251,762
Net change in unrealized appreciation/depreciation		11,730,774			(25,681,222	)
Change in net assets resulting from operations		28,977,844			(622,609	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,833,602	)		(3,021,675	)
Class C (a)		(165,281	)		(232,188	)
Class R		(5,091,507	)		(5,810,240	)
Class R6		(6,220,953	)		(7,439,868	)
Institutional Service Class		(10,087,697	)		(9,313,676	)
Change in net assets from shareholder distributions		(24,399,040	)		(25,817,647	)
Change in net assets from capital transactions		8,349,706			(6,439,433	)
Change in net assets		12,928,510			(32,879,689	)
Net Assets:
Beginning of year		286,391,278			319,270,967
End of year	$	299,319,788		$	286,391,278
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,316,021		$	7,940,752
Proceeds from shares issued in class conversion (a)		1,974,152			–
Dividends reinvested		2,823,140			3,013,316
Cost of shares redeemed		(9,078,293	)		(12,809,570	)
Total Class A Shares		1,035,020			(1,855,502	)
Class C Shares
Proceeds from shares issued		164,661			225,951
Dividends reinvested		165,281			232,188
Cost of shares redeemed in class conversion (a)		(1,974,152	)		–
Cost of shares redeemed		(448,898	)		(1,194,361	)
Total Class C Shares		(2,093,108	)		(736,222	)
Class R Shares
Proceeds from shares issued		4,795,097			4,595,601
Dividends reinvested		5,091,507			5,810,240
Cost of shares redeemed		(12,746,134	)		(19,191,065	)
Total Class R Shares		(2,859,530	)		(8,785,224	)
Class R6 Shares
Proceeds from shares issued		9,764,073			19,900,132
Dividends reinvested		6,220,953			7,439,868
Cost of shares redeemed		(19,324,862	)		(34,668,712	)
Total Class R6 Shares		(3,339,836	)		(7,328,712	)
Institutional Service Class Shares
Proceeds from shares issued		27,341,133			23,417,752
Dividends reinvested		10,087,697			9,313,676
Cost of shares redeemed		(21,821,670	)		(20,465,201	)
Total Institutional Service Class Shares		15,607,160			12,266,227
Change in net assets from capital transactions	$	8,349,706		$	(6,439,433	)

38

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2025 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		587,741			797,662
Issued in class conversion (a)		214,759			–
Reinvested		334,657			307,026
Redeemed		(985,975	)		(1,280,358	)
Total Class A Shares		151,182			(175,670	)
Class C Shares
Issued		19,132			23,317
Reinvested		19,974			23,921
Redeemed in class conversion (a)		(217,324	)		–
Redeemed		(49,766	)		(123,806	)
Total Class C Shares		(227,984	)		(76,568	)
Class R Shares
Issued		529,150			464,119
Reinvested		606,592			593,999
Redeemed		(1,389,168	)		(1,921,008	)
Total Class R Shares		(253,426	)		(862,890	)
Class R6 Shares
Issued		1,054,883			1,976,480
Reinvested		730,426			753,241
Redeemed		(2,092,516	)		(3,475,701	)
Total Class R6 Shares		(307,207	)		(745,980	)
Institutional Service Class Shares
Issued		2,964,798			2,356,102
Reinvested		1,191,722			947,670
Redeemed		(2,365,247	)		(2,036,384	)
Total Institutional Service Class Shares		1,791,273			1,267,388
Total change in shares		1,153,838			(593,720	)

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

39

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
Year Ended October 31, 2019	$	9.46		0.17		0.68			0.85			(0.18	)		(0.61	)		(0.79	)	$	9.52		10.20%		$	35,709,459		0.63%		1.88%		0.63%		60.90%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.43		0.15		0.68			0.83			(0.16	)		(0.61	)		(0.77	)	$	9.49		9.94%		$	61,565,642		0.88%		1.63%		0.88%		60.90%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.53		0.22		0.69			0.91			(0.23	)		(0.61	)		(0.84	)	$	9.60		10.79%		$	69,059,144		0.13%		2.38%		0.13%		60.90%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.47		0.19		0.69			0.88			(0.20	)		(0.61	)		(0.81	)	$	9.54		10.57%		$	132,985,543		0.38%		2.11%		0.38%		60.90%	(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%

(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 securities received or delivered in-kind.

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

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

40

Fund Commentary Nationwide Destination 2030 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2030 Fund (Class A at NAV*) returned 10.82% versus 13.23% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2030 Index, and 10.93% for its new benchmark, the S&P Target Date To 2030 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2030 (consisting of 242 funds as of October 31, 2019), was 11.49% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%^‡ and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Contract and the underlying Nationwide Inflation-Protected Securities Fund, which posted returns of 2.60% and 8.82%, respectively, during the reporting period.

41

Fund Commentary (cont.) Nationwide Destination 2030 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2030 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

42

Fund Overview Nationwide Destination 2030 Fund

Asset Allocation¹

Equity Funds	67.9%
Fixed Income Funds	25.3%
Investment Contract	4.1%
Alternative Assets	2.7%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	37.2%
Nationwide International Index Fund, Class R6	18.3%
Nationwide Bond Index Fund, Class R6	17.5%
Nationwide Core Plus Bond Fund, Class R6	6.3%
iShares Core MSCI Emerging Markets ETF	5.6%
Nationwide Mid Cap Market Index Fund, Class R6	4.5%
Nationwide Contract	4.1%
Nationwide Amundi Strategic Income Fund, Class R6	2.7%
Nationwide Small Cap Index Fund, Class R6	2.3%
Nationwide Inflation-Protected Securities Fund, Class R6	1.0%
iShares 20+ Year Treasury Bond ETF	0.5%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

43

Fund Performance Nationwide Destination 2030 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		10.82%		5.69%		8.29%
	w/SC2		4.44%		4.45%		7.66%
Class R3,4			10.57%		5.42%		8.01%
Class R63,5			11.38%		6.20%		8.81%
Institutional Service Class3			11.06%		5.93%		8.55%
Morningstar® Lifetime Allocation Moderate 2030 Index			13.23%		6.55%		9.30%
S&P Target Date To 2030 Index			10.93%		6.01%		8.21%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.91%
Class R		1.16%
Class R6		0.41%
Institutional Service Class		0.66%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

44

Fund Performance (cont.) Nationwide Destination 2030 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2030 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2030 Index (current benchmark) and the S&P Target Date To 2030 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

45

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,029.80		3.12		0.61
	Hypothetical	(b)(c)		1,000.00		1,022.13		3.11		0.61
Class R Shares	Actual	(b)		1,000.00		1,028.60		4.50		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,032.00		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,030.90		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Destination 2030 Fund

Investment Companies 89.8%
	Shares		Value
Alternative Assets 2.7%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		826,767	$	8,590,109
Total Alternative Assets (cost $8,581,594)				8,590,109
Equity Funds 62.3%
Nationwide International Index Fund, Class R6 (a)		7,415,484		58,582,324
Nationwide Mid Cap Market Index Fund, Class R6 (a)		926,033		14,381,292
Nationwide Multi-Cap Portfolio, Class R6 (a)		10,247,143		118,969,333
Nationwide Small Cap Index Fund, Class R6 (a)		716,217		7,197,979
Total Equity Funds (cost $187,175,771)				199,130,928
Fixed Income Funds 24.8%
Nationwide Bond Index Fund, Class R6 (a)		4,933,490		55,995,111
Nationwide Core Plus Bond Fund, Class R6 (a)		1,939,927		20,214,034
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		305,570		3,074,037
Total Fixed Income Funds (cost $76,577,623)				79,283,182
Total Investment Companies (cost $272,334,988)				287,004,219
Exchange Traded Funds 6.1%
Equity Fund 5.6%
iShares Core MSCI Emerging Markets ETF		351,667		17,994,800
Fixed Income Fund 0.5%
iShares 20+ Year Treasury Bond ETF		11,340		1,601,662
Total Exchange Traded Funds (cost $20,778,885)				19,596,462
Investment Contract 4.1%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	13,179,520		13,179,520
Total Investment Contract (cost $13,179,520)				13,179,520
Total Investments (cost $306,293,393) — 100.0%				319,780,201
Liabilities in excess of other assets — 0.0%†				(123,920	)
NET ASSETS — 100.0%			$	319,656,281

^ 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.

47

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2030 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $285,514,508)	$	300,183,739
Investment securities of unaffiliated issuers, at value (cost $20,778,885)		19,596,462
Interest receivable		7
Receivable for investments sold		4,711
Receivable for capital shares issued		249,516
Total Assets		320,034,435
Liabilities:
Payable for investments purchased		29,733
Payable for capital shares redeemed		217,493
Cash overdraft (Note 2)		5,104
Accrued expenses and other payables:
Investment advisory fees		34,913
Distribution fees		37,308
Administrative servicing fees		50,336
Trustee fees		668
Professional fees		2,599
Total Liabilities		378,154
Net Assets	$	319,656,281
Represented by:
Capital	$	293,694,940
Total distributable earnings (loss)		25,961,341
Net Assets	$	319,656,281
Net Assets:
Class A Shares	$	46,686,724
Class R Shares		65,304,376
Class R6 Shares		71,007,415
Institutional Service Class Shares		136,657,766
Total	$	319,656,281
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,119,091
Class R Shares		7,208,053
Class R6 Shares		7,722,715
Institutional Service Class Shares		14,959,962
Total		35,009,821
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.12
Class R Shares	$	9.06
Class R6 Shares	$	9.19
Institutional Service Class Shares	$	9.13
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.68
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.

48

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2030 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	6,519,447
Dividend income from unaffiliated issuers		557,049
Interest income from affiliated issuers		313,572
Interest income (unaffiliated)		4,163
Income from securities lending (Note 2)		3,941
Total Income		7,398,172
EXPENSES:
Investment advisory fees		392,382
Distribution fees Class A		108,106
Distribution fees Class C (a)		14,205
Distribution fees Class R		325,087
Administrative servicing fees Class A		99,815
Administrative servicing fees Class C (a)		209
Administrative servicing fees Class R		162,544
Administrative servicing fees Institutional Service Class		310,533
Professional fees		4,608
Trustee fees		9,585
Total Expenses		1,427,074
NET INVESTMENT INCOME		5,971,098
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		5,185,037
Transactions in investment securities of unaffiliated issuers		(436,231	)
Expiration or closing of futures contracts (Note 2)		(1,408,849	)
Net realized gains		14,077,685
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		10,126,692
Investment securities of unaffiliated issuers		1,523,677
Net change in unrealized appreciation/depreciation		11,650,369
Net realized/unrealized gains		25,728,054
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,699,152

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

49

Statements of Changes in Net Assets

	Nationwide Destination 2030 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	5,971,098		$	5,714,909
Net realized gains		14,077,685			23,016,713
Net change in unrealized appreciation/depreciation		11,650,369			(29,982,321	)
Change in net assets resulting from operations		31,699,152			(1,250,699	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,989,082	)		(3,116,398	)
Class C (a)		(160,756	)		(157,842	)
Class R		(6,305,065	)		(6,459,213	)
Class R6		(6,812,594	)		(7,422,518	)
Institutional Service Class		(11,567,961	)		(9,620,610	)
Change in net assets from shareholder distributions		(28,835,458	)		(26,776,581	)
Change in net assets from capital transactions		25,093,189			(4,356,882	)
Change in net assets		27,956,883			(32,384,162	)
Net Assets:
Beginning of year		291,699,398			324,083,560
End of year	$	319,656,281		$	291,699,398
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	9,407,007		$	9,256,086
Proceeds from shares issued in class conversion (a)		1,642,923			–
Dividends reinvested		3,989,082			3,116,398
Cost of shares redeemed		(8,959,493	)		(10,421,125	)
Total Class A Shares		6,079,519			1,951,359
Class C Shares
Proceeds from shares issued		242,567			21,921
Dividends reinvested		160,756			155,850
Cost of shares redeemed in class conversion (a)		(1,642,923	)		–
Cost of shares redeemed		(499,353	)		(193,680	)
Total Class C Shares		(1,738,953	)		(15,909	)
Class R Shares
Proceeds from shares issued		5,138,621			5,966,952
Dividends reinvested		6,305,065			6,459,213
Cost of shares redeemed		(14,655,119	)		(20,365,179	)
Total Class R Shares		(3,211,433	)		(7,939,014	)
Class R6 Shares
Proceeds from shares issued		10,483,241			13,928,541
Dividends reinvested		6,812,594			7,422,518
Cost of shares redeemed		(12,810,968	)		(33,654,180	)
Total Class R6 Shares		4,484,867			(12,303,121	)
Institutional Service Class Shares
Proceeds from shares issued		28,946,242			24,208,059
Dividends reinvested		11,567,961			9,620,610
Cost of shares redeemed		(21,035,014	)		(19,878,866	)
Total Institutional Service Class Shares		19,479,189			13,949,803
Change in net assets from capital transactions	$	25,093,189		$	(4,356,882	)

50

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2030 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		1,090,363			958,857
Issued in class conversion (a)		188,329			–
Reinvested		500,800			326,945
Redeemed		(1,016,928	)		(1,057,743	)
Total Class A Shares		762,564			228,059
Class C Shares
Issued		31,385			2,274
Reinvested		20,581			16,528
Redeemed in class conversion (a)		(190,809	)		–
Redeemed		(60,191	)		(20,495	)
Total Class C Shares		(199,034	)		(1,693	)
Class R Shares
Issued		587,507			621,991
Reinvested		799,274			681,174
Redeemed		(1,675,113	)		(2,106,159	)
Total Class R Shares		(288,332	)		(802,994	)
Class R6 Shares
Issued		1,186,923			1,405,707
Reinvested		846,747			772,552
Redeemed		(1,460,546	)		(3,454,336	)
Total Class R6 Shares		573,124			(1,276,077	)
Institutional Service Class Shares
Issued		3,294,101			2,495,978
Reinvested		1,447,787			1,007,271
Redeemed		(2,377,020	)		(2,034,390	)
Total Institutional Service Class Shares		2,364,868			1,468,859
Total change in shares		3,213,190			(383,846	)

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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 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
Year Ended October 31, 2019	$	9.17		0.16		0.69			0.85			(0.17	)		(0.73	)		(0.90	)	$	9.12		10.82%		$	46,686,724		0.62%		1.83%		0.62%		58.52%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.11		0.14		0.69			0.83			(0.15	)		(0.73	)		(0.88	)	$	9.06		10.57%		$	65,304,376		0.88%		1.59%		0.88%		58.52%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.23		0.21		0.70			0.91			(0.22	)		(0.73	)		(0.95	)	$	9.19		11.38%		$	71,007,415		0.13%		2.33%		0.13%		58.52%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.18		0.18		0.69			0.87			(0.19	)		(0.73	)		(0.92	)	$	9.13		11.06%		$	136,657,766		0.38%		2.05%		0.38%		58.52%	(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%

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 securities received or delivered in-kind.

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

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

52

Fund Commentary Nationwide Destination 2035 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2035 Fund (Class A at NAV*) returned 11.11% versus 13.11% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2035 Index, and 11.23% for its new benchmark, the S&P Target Date To 2035 Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2035 (consisting of 230 funds as of October 31, 2019), was 11.76% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Contract and the underlying Nationwide Small Cap Index Fund (Class R6), which posted returns of 2.60% and 4.76%, respectively, during the reporting period.

53

Fund Commentary (cont.) Nationwide Destination 2035 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2035 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

54

Fund Overview Nationwide Destination 2035 Fund

Asset Allocation¹

Equity Funds	79.8%
Fixed Income Funds	14.8%
Investment Contract	3.1%
Alternative Assets	2.4%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	43.3%
Nationwide International Index Fund, Class R6	20.8%
Nationwide Bond Index Fund, Class R6	10.6%
iShares Core MSCI Emerging Markets ETF	7.4%
Nationwide Mid Cap Market Index Fund, Class R6	5.5%
Nationwide Core Plus Bond Fund, Class R6	3.2%
Nationwide Contract	3.1%
Nationwide Small Cap Index Fund, Class R6	2.7%
Nationwide Amundi Strategic Income Fund, Class R6	2.4%
iShares 20+ Year Treasury Bond ETF	1.0%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

55

Fund Performance Nationwide Destination 2035 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		11.11%		5.95%		8.78%
	w/SC2		4.72%		4.71%		8.14%
Class R3,4			10.77%		5.67%		8.50%
Class R63,5			11.69%		6.48%		9.32%
Institutional Service Class3			11.37%		6.19%		9.04%
Morningstar® Lifetime Allocation Moderate 2035 Index			13.11%		6.93%		9.73%
S&P Target Date To 2035 Index			11.23%		6.32%		8.70%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.91%
Class R		1.16%
Class R6		0.41%
Institutional Service Class		0.66%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

56

Fund Performance (cont.) Nationwide Destination 2035 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2035 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2035 Index (current benchmark) and the S&P Target Date To 2035 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

57

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,027.60		3.22		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,025.40		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,029.90		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,027.80		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

58

Statement of Investments

October 31, 2019

Nationwide Destination 2035 Fund

Investment Companies 88.5%
	Shares		Value
Alternative Assets 2.4%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		623,046	$	6,473,452
Total Alternative Assets (cost $6,463,746)				6,473,452
Equity Funds 72.3%
Nationwide International Index Fund, Class R6 (a)		7,015,348		55,421,249
Nationwide Mid Cap Market Index Fund, Class R6 (a)		938,360		14,572,731
Nationwide Multi-Cap Portfolio, Class R6 (a)		9,930,542		115,293,591
Nationwide Small Cap Index Fund, Class R6 (a)		725,747		7,293,761
Total Equity Funds (cost $181,225,416)				192,581,332
Fixed Income Funds 13.8%
Nationwide Bond Index Fund, Class R6 (a)		2,499,097		28,364,754
Nationwide Core Plus Bond Fund, Class R6 (a)		804,019		8,377,873
Total Fixed Income Funds (cost $35,522,365)				36,742,627
Total Investment Companies (cost $223,211,527)				235,797,411
Exchange Traded Funds 8.5%
Equity Fund 7.5%
iShares Core MSCI Emerging Markets ETF		387,231		19,814,610
Fixed Income Fund 1.0%
iShares 20+ Year Treasury Bond ETF		18,996		2,682,995
Total Exchange Traded Funds (cost $23,655,160)				22,497,605
Investment Contract 3.1%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	8,353,860		8,353,860
Total Investment Contract (cost $8,353,860)				8,353,860
Total Investments (cost $255,220,547) — 100.1%				266,648,876
Liabilities in excess of other assets — (0.1)%				(165,055	)
NET ASSETS — 100.0%			$	266,483,821

^ 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.

59

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2035 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $231,565,387)	$	244,151,271
Investment securities of unaffiliated issuers, at value (cost $23,655,160)		22,497,605
Interest receivable		23
Receivable for investments sold		630,378
Receivable for capital shares issued		73,667
Total Assets		267,352,944
Liabilities:
Payable for capital shares redeemed		716,859
Cash overdraft (Note 2)		40,692
Accrued expenses and other payables:
Investment advisory fees		29,164
Distribution fees		32,961
Administrative servicing fees		46,646
Trustee fees		563
Professional fees		2,238
Total Liabilities		869,123
Net Assets	$	266,483,821
Represented by:
Capital	$	243,623,607
Total distributable earnings (loss)		22,860,214
Net Assets	$	266,483,821
Net Assets:
Class A Shares		40,363,320
Class R Shares		57,945,595
Class R6 Shares		57,567,996
Institutional Service Class Shares		110,606,910
Total	$	266,483,821
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,103,222
Class R Shares		5,931,315
Class R6 Shares		5,805,420
Institutional Service Class Shares		11,227,916
Total		27,067,873
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.84
Class R Shares	$	9.77
Class R6 Shares	$	9.92
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	$	10.44
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.

60

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2035 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	5,229,646
Dividend income from unaffiliated issuers		621,311
Interest income from affiliated issuers		200,664
Income from securities lending (Note 2)		6,815
Interest income (unaffiliated)		4,827
Total Income		6,063,263
EXPENSES:
Investment advisory fees		333,115
Distribution fees Class A		99,208
Distribution fees Class C (a)		14,523
Distribution fees Class R		295,205
Administrative servicing fees Class A		99,208
Administrative servicing fees Class C (a)		505
Administrative servicing fees Class R		147,602
Administrative servicing fees Institutional Service Class		255,720
Professional fees		3,969
Trustee fees		8,154
Total Expenses		1,257,209
NET INVESTMENT INCOME		4,806,054
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		4,184,648
Transactions in investment securities of unaffiliated issuers		(437,030	)
Expiration or closing of futures contracts (Note 2)		(1,288,481	)
Net realized gains		12,721,649
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		8,251,461
Investment securities of unaffiliated issuers		1,648,340
Net change in unrealized appreciation/depreciation		9,899,801
Net realized/unrealized gains		22,621,450
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,427,504

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

61

Statements of Changes in Net Assets

	Nationwide Destination 2035 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	4,806,054		$	4,602,092
Net realized gains		12,721,649			18,864,675
Net change in unrealized appreciation/depreciation		9,899,801			(24,760,944	)
Change in net assets resulting from operations		27,427,504			(1,294,177	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,728,069	)		(3,240,507	)
Class C (a)		(159,807	)		(192,487	)
Class R		(5,521,203	)		(5,617,949	)
Class R6		(5,085,673	)		(5,172,480	)
Institutional Service Class		(9,159,453	)		(7,779,302	)
Change in net assets from shareholder distributions		(23,654,205	)		(22,002,725	)
Change in net assets from capital transactions		14,326,388			5,945,033
Change in net assets		18,099,687			(17,351,869	)
Net Assets:
Beginning of year		248,384,134			265,736,003
End of year	$	266,483,821		$	248,384,134
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,128,686		$	9,428,176
Proceeds from shares issued in class conversion (a)		1,681,318			–
Dividends reinvested		3,727,855			3,240,367
Cost of shares redeemed		(11,182,736	)		(8,883,811	)
Total Class A Shares		355,123			3,784,732
Class C Shares
Proceeds from shares issued		95,457			84,699
Dividends reinvested		159,807			192,487
Cost of shares redeemed in class conversion (a)		(1,681,318	)		–
Cost of shares redeemed		(228,133	)		(817,866	)
Total Class C Shares		(1,654,187	)		(540,680	)
Class R Shares
Proceeds from shares issued		4,567,517			6,559,424
Dividends reinvested		5,521,203			5,617,949
Cost of shares redeemed		(14,749,599	)		(16,497,012	)
Total Class R Shares		(4,660,879	)		(4,319,639	)
Class R6 Shares
Proceeds from shares issued		13,418,456			15,865,334
Dividends reinvested		5,085,673			5,172,480
Cost of shares redeemed		(11,356,575	)		(25,900,756	)
Total Class R6 Shares		7,147,554			(4,862,942	)
Institutional Service Class Shares
Proceeds from shares issued		23,168,537			18,053,359
Dividends reinvested		9,159,453			7,779,302
Cost of shares redeemed		(19,189,213	)		(13,949,099	)
Total Institutional Service Class Shares		13,138,777			11,883,562
Change in net assets from capital transactions	$	14,326,388		$	5,945,033

62

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2035 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		653,343			906,261
Issued in class conversion (a)		180,353			–
Reinvested		438,324			316,392
Redeemed		(1,185,834	)		(849,055	)
Total Class A Shares		86,186			373,598
Class C Shares
Issued		10,118			8,421
Reinvested		19,309			19,157
Redeemed in class conversion (a)		(184,428	)		–
Redeemed		(24,686	)		(81,442	)
Total Class C Shares		(179,687	)		(53,864	)
Class R Shares
Issued		490,797			635,877
Reinvested		654,708			552,101
Redeemed		(1,574,893	)		(1,584,680	)
Total Class R Shares		(429,388	)		(396,702	)
Class R6 Shares
Issued		1,408,417			1,496,972
Reinvested		591,204			501,520
Redeemed		(1,194,040	)		(2,469,420	)
Total Class R6 Shares		805,581			(470,928	)
Institutional Service Class Shares
Issued		2,452,191			1,736,914
Reinvested		1,072,330			758,591
Redeemed		(1,999,839	)		(1,326,383	)
Total Institutional Service Class Shares		1,524,682			1,169,122
Total change in shares		1,807,374			621,226

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

63

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
Year Ended October 31, 2019	$	9.83		0.17		0.77			0.94			(0.18	)		(0.75	)		(0.93	)	$	9.84		11.11%		$	40,363,320		0.63%		1.76%		0.63%		62.73%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.77		0.14		0.77			0.91			(0.16	)		(0.75	)		(0.91	)	$	9.77		10.77%		$	57,945,595		0.88%		1.52%		0.88%		62.73%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.90		0.21		0.79			1.00			(0.23	)		(0.75	)		(0.98	)	$	9.92		11.69%		$	57,567,996		0.13%		2.22%		0.13%		62.73%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.84		0.18		0.78			0.96			(0.20	)		(0.75	)		(0.95	)	$	9.85		11.37%		$	110,606,910		0.38%		1.95%		0.38%		62.73%	(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%

(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 securities received or delivered in-kind.

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

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

64

Fund Commentary Nationwide Destination 2040 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2040 Fund (Class A at NAV*) returned 11.29% versus 12.89% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2040 Index, and 11.40% for its new benchmark, the S&P Target Date To 2040 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2040 (consisting of 242 funds as of October 31, 2019), was 11.79% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares iBoxx $ High Yield Corporate Bond ETF (HYG) in favor of the underlying iShares 20+ Year Treasury Bond ETF (TLT).

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Contract and the underlying Nationwide Amundi Strategic Income Fund (Class R6), which posted returns of 2.60% and 6.33%, respectively, during the reporting period.

65

Fund Commentary (cont.) Nationwide Destination 2040 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To Retirement Income Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

66

Fund Overview Nationwide Destination 2040 Fund

Asset Allocation¹

Equity Funds	85.7%
Fixed Income Funds	12.0%
Investment Contract	2.1%
Alternative Assets	0.2%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	47.6%
Nationwide International Index Fund, Class R6	21.0%
iShares Core MSCI Emerging Markets ETF	7.6%
Nationwide Bond Index Fund, Class R6	7.2%
Nationwide Mid Cap Market Index Fund, Class R6	6.8%
Nationwide Core Plus Bond Fund, Class R6	2.9%
Nationwide Small Cap Index Fund, Class R6	2.7%
Nationwide Contract	2.0%
iShares 20+ Year Treasury Bond ETF	1.9%
Nationwide Amundi Strategic Income Fund, Class R6	0.3%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

67

Fund Performance Nationwide Destination 2040 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		11.29%		6.30%		9.12%
	w/SC2		4.87%		5.04%		8.48%
Class R3,4			10.94%		6.01%		8.82%
Class R63,5			11.98%		6.82%		9.65%
Institutional Service Class3			11.63%		6.56%		9.36%
Morningstar® Lifetime Allocation Moderate 2040 Index			12.89%		7.13%		9.89%
S&P Target Date To 2040 Index			11.40%		6.69%		9.18%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class R		1.15%
Class R6		0.40%
Institutional Service Class		0.65%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

68

Fund Performance (cont.) Nationwide Destination 2040 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2040 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2040 Index (current benchmark) and the S&P Target Date To 2040 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

69

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,025.50		3.22		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,024.30		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,029.90		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,027.60		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Destination 2040 Fund

Investment Companies 88.4%
	Shares		Value
Alternative Assets 0.2%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		51,453	$	534,594
Total Alternative Assets (cost $532,279)				534,594
Equity Funds 78.1%
Nationwide International Index Fund, Class R6 (a)		5,857,904		46,277,440
Nationwide Mid Cap Market Index Fund, Class R6 (a)		964,520		14,978,990
Nationwide Multi-Cap Portfolio, Class R6 (a)		9,047,201		105,037,998
Nationwide Small Cap Index Fund, Class R6 (a)		598,890		6,018,848
Total Equity Funds (cost $161,999,476)				172,313,276
Fixed Income Funds 10.1%
Nationwide Bond Index Fund, Class R6 (a)		1,388,739		15,762,192
Nationwide Core Plus Bond Fund, Class R6 (a)		619,198		6,452,041
Total Fixed Income Funds (cost $21,466,637)				22,214,233
Total Investment Companies (cost $183,998,392)				195,062,103
Exchange Traded Funds 9.5%
Equity Fund 7.6%
iShares Core MSCI Emerging Markets ETF		327,425		16,754,337
Fixed Income Fund 1.9%
iShares 20+ Year Treasury Bond ETF		30,098		4,251,042
Total Exchange Traded Funds (cost $21,871,689)				21,005,379
Investment Contract 2.1%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	4,521,729		4,521,729
Total Investment Contract (cost $4,521,729)				4,521,729
Total Investments (cost $210,391,810) — 100.0%				220,589,211
Liabilities in excess of other assets — 0.0%†				(106,411	)
NET ASSETS — 100.0%			$	220,482,800

^ 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.

71

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2040 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $188,520,121)	$	199,583,832
Investment securities of unaffiliated issuers, at value (cost $21,871,689)		21,005,379
Interest receivable		14
Receivable for investments sold		133,250
Receivable for capital shares issued		47,630
Total Assets		220,770,105
Liabilities:
Payable for capital shares redeemed		185,186
Cash overdraft (Note 2)		8,755
Accrued expenses and other payables:
Investment advisory fees		24,064
Distribution fees		26,772
Administrative servicing fees		40,232
Trustee fees		441
Professional fees		1,855
Total Liabilities		287,305
Net Assets	$	220,482,800
Represented by:
Capital	$	199,976,331
Total distributable earnings (loss)		20,506,469
Net Assets	$	220,482,800
Net Assets:
Class A Shares	$	36,369,499
Class R Shares		45,987,812
Class R6 Shares		48,038,039
Institutional Service Class Shares		90,087,450
Total	$	220,482,800
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,783,176
Class R Shares		4,813,614
Class R6 Shares		4,949,630
Institutional Service Class Shares		9,317,823
Total		22,864,243
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.61
Class R Shares	$	9.55
Class R6 Shares	$	9.71
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	$	10.20
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.

72

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2040 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	4,035,306
Dividend income from unaffiliated issuers		628,541
Interest income from affiliated issuers		109,924
Income from securities lending (Note 2)		11,580
Interest income (unaffiliated)		4,659
Total Income		4,790,010
EXPENSES:
Investment advisory fees		276,002
Distribution fees Class A		87,998
Distribution fees Class C (a)		6,294
Distribution fees Class R		234,316
Administrative servicing fees Class A		87,998
Administrative servicing fees Class C (a)		63
Administrative servicing fees Class R		117,158
Administrative servicing fees Institutional Service Class		202,170
Professional fees		3,310
Trustee fees		6,727
Total Expenses		1,022,036
NET INVESTMENT INCOME		3,767,974
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		3,472,709
Transactions in investment securities of unaffiliated issuers		(433,531	)
Expiration or closing of futures contracts (Note 2)		(1,152,898	)
Net realized gains		11,101,564
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		6,879,753
Investment securities of unaffiliated issuers		1,500,370
Net change in unrealized appreciation/depreciation		8,380,123
Net realized/unrealized gains		19,481,687
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,249,661

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

73

Statements of Changes in Net Assets

	Nationwide Destination 2040 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	3,767,974		$	3,706,732
Net realized gains		11,101,564			16,632,195
Net change in unrealized appreciation/depreciation		8,380,123			(20,712,271	)
Change in net assets resulting from operations		23,249,661			(373,344	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,339,255	)		(2,349,113	)
Class C (a)		(54,598	)		(41,141	)
Class R		(4,587,152	)		(4,138,981	)
Class R6		(4,835,495	)		(4,808,540	)
Institutional Service Class		(7,432,648	)		(5,450,030	)
Change in net assets from shareholder distributions		(20,249,148	)		(16,787,805	)
Change in net assets from capital transactions		13,109,227			3,985,593
Change in net assets		16,109,740			(13,175,556	)
Net Assets:
Beginning of year		204,373,060			217,548,616
End of year	$	220,482,800		$	204,373,060
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,804,383		$	8,379,788
Proceeds from shares issued in class conversion (a)		848,979			–
Dividends reinvested		3,339,255			2,348,133
Cost of shares redeemed		(8,331,092	)		(4,250,708	)
Total Class A Shares		2,661,525			6,477,213
Class C Shares
Proceeds from shares issued		233,119			40,059
Dividends reinvested		54,598			41,141
Cost of shares redeemed in class conversion (a)		(848,979	)		–
Cost of shares redeemed		(6,081	)		(18,939	)
Total Class C Shares		(567,343	)		62,261
Class R Shares
Proceeds from shares issued		4,693,440			5,783,592
Dividends reinvested		4,587,152			4,138,981
Cost of shares redeemed		(13,860,973	)		(13,296,570	)
Total Class R Shares		(4,580,381	)		(3,373,997	)
Class R6 Shares
Proceeds from shares issued		8,456,913			11,981,389
Dividends reinvested		4,835,495			4,808,540
Cost of shares redeemed		(13,518,707	)		(24,564,309	)
Total Class R6 Shares		(226,299	)		(7,774,380	)
Institutional Service Class Shares
Proceeds from shares issued		20,999,785			13,991,589
Dividends reinvested		7,432,648			5,450,030
Cost of shares redeemed		(12,610,708	)		(10,847,123	)
Total Institutional Service Class Shares		15,821,725			8,594,496
Change in net assets from capital transactions	$	13,109,227		$	3,985,593

74

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2040 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		747,619			821,183
Issued in class conversion (a)		93,613			–
Reinvested		405,663			233,926
Redeemed		(900,364	)		(416,263	)
Total Class A Shares		346,531			638,846
Class C Shares
Issued		28,261			4,007
Reinvested		6,709			4,124
Redeemed in class conversion (a)		(94,341	)		–
Redeemed		(728	)		(1,888	)
Total Class C Shares		(60,099	)		6,243
Class R Shares
Issued		510,549			570,014
Reinvested		562,541			414,802
Redeemed		(1,503,688	)		(1,303,099	)
Total Class R Shares		(430,598	)		(318,283	)
Class R6 Shares
Issued		910,412			1,150,694
Reinvested		580,386			475,155
Redeemed		(1,448,834	)		(2,387,419	)
Total Class R6 Shares		41,964			(761,570	)
Institutional Service Class Shares
Issued		2,266,183			1,366,141
Reinvested		895,888			540,045
Redeemed		(1,343,812	)		(1,044,227	)
Total Institutional Service Class Shares		1,818,259			861,959
Total change in shares		1,716,057			427,195

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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 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
Year Ended October 31, 2019	$	9.64		0.15		0.77			0.92			(0.17	)		(0.78	)		(0.95	)	$	9.61		11.29%		$	36,369,499		0.63%		1.64%		0.63%		69.69%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.59		0.13		0.75			0.88			(0.14	)		(0.78	)		(0.92	)	$	9.55		10.94%		$	45,987,812		0.88%		1.42%		0.88%		69.69%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.72		0.20		0.78			0.98			(0.21	)		(0.78	)		(0.99	)	$	9.71		11.98%		$	48,038,039		0.13%		2.12%		0.13%		69.69%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.69		0.17		0.78			0.95			(0.19	)		(0.78	)		(0.97	)	$	9.67		11.63%		$	90,087,450		0.38%		1.84%		0.38%		69.69%	(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%

(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 securities received or delivered in-kind.

(h) 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 Commentary Nationwide Destination 2045 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2045 Fund (Class A at NAV*) returned 11.63% versus 12.73% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2045 Index, and 11.70% for its new benchmark, the S&P Target Date To 2045 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2045 (consisting of 230 funds as of October 31, 2019), was 11.96% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as

positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.^† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares iBoxx $ High Yield Corporate Bond ETF (HYG) in favor of the underlying iShares 20+ Year Treasury Bond ETF (TLT).

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%^‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Contract and the underlying Nationwide Small Cap Index Fund (Class R6), which posted returns of 2.60% and 4.76%, respectively, during the reporting period.

77

Fund Commentary (cont.) Nationwide Destination 2045 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2045 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

78

Fund Overview Nationwide Destination 2045 Fund

Asset Allocation¹

Equity Funds	89.0%
Fixed Income Funds	10.8%
Investment Contract	0.2%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	49.9%
Nationwide International Index Fund, Class R6	21.9%
iShares Core MSCI Emerging Markets ETF	7.6%
Nationwide Bond Index Fund, Class R6	6.7%
Nationwide Mid Cap Market Index Fund, Class R6	6.7%
Nationwide Small Cap Index Fund, Class R6	3.0%
Nationwide Core Plus Bond Fund, Class R6	2.0%
iShares 20+ Year Treasury Bond ETF	2.0%
Nationwide Contract	0.2%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

79

Fund Performance Nationwide Destination 2045 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		11.63%		6.58%		9.36%
	w/SC2		5.25%		5.33%		8.72%
Class R3,4			11.22%		6.28%		9.06%
Class R63,5			12.10%		7.09%		9.89%
Institutional Service Class3			11.82%		6.82%		9.62%
Morningstar® Lifetime Allocation Moderate 2045 Index			12.73%		7.15%		9.87%
S&P Target Date To 2045 Index			11.70%		6.90%		9.54%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.91%
Class R		1.16%
Class R6		0.41%
Institutional Service Class		0.66%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

80

Fund Performance (cont.) Nationwide Destination 2045 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2045 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2045 Index (current benchmark) and the S&P Target Date To 2045 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

81

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,026.50		3.22		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,024.50		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,028.90		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,027.90		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

82

Statement of Investments

October 31, 2019

Nationwide Destination 2045 Fund

Investment Companies 90.2%
	Shares		Value
Equity Funds 81.4%
Nationwide International Index Fund, Class R6 (a)		4,893,049	$	38,655,088
Nationwide Mid Cap Market Index Fund, Class R6 (a)		763,444		11,856,279
Nationwide Multi-Cap Portfolio, Class R6 (a)		7,583,259		88,041,631
Nationwide Small Cap Index Fund, Class R6 (a)		519,064		5,216,590
Total Equity Funds (cost $134,723,426)				143,769,588
Fixed Income Funds 8.8%
Nationwide Bond Index Fund, Class R6 (a)		1,049,787		11,915,085
Nationwide Core Plus Bond Fund, Class R6 (a)		342,937		3,573,403
Total Fixed Income Funds (cost $14,973,053)				15,488,488
Total Investment Companies (cost $149,696,479)				159,258,076
Exchange Traded Funds 9.6%
Equity Fund 7.6%
iShares Core MSCI Emerging Markets ETF		262,242		13,418,923
Fixed Income Fund 2.0%
iShares 20+ Year Treasury Bond ETF		25,005		3,531,706
Total Exchange Traded Funds (cost $17,676,492)				16,950,629
Investment Contract 0.2%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	339,351		339,351
Total Investment Contract (cost $339,351)				339,351
Total Investments (cost $167,712,322) — 100.0%				176,548,056
Liabilities in excess of other assets — 0.0%†				(70,057	)
NET ASSETS — 100.0%			$	176,477,999

^ 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.

83

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2045 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $150,035,830)	$	159,597,427
Investment securities of unaffiliated issuers, at value (cost $17,676,492)		16,950,629
Interest receivable		8
Securities lending income receivable		18
Receivable for investments sold		461
Receivable for capital shares issued		203,209
Total Assets		176,751,752
Liabilities:
Payable for investments purchased		40,677
Payable for capital shares redeemed		158,258
Cash overdraft (Note 2)		465
Accrued expenses and other payables:
Investment advisory fees		19,248
Distribution fees		22,280
Administrative servicing fees		30,997
Trustee fees		378
Professional fees		1,450
Total Liabilities		273,753
Net Assets	$	176,477,999
Represented by:
Capital	$	160,031,196
Total distributable earnings (loss)		16,446,803
Net Assets	$	176,477,999

84

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Destination 2045 Fund
Net Assets:
Class A Shares	$	33,168,135
Class R Shares		36,320,570
Class R6 Shares		44,918,425
Institutional Service Class Shares		62,070,869
Total	$	176,477,999
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,297,261
Class R Shares		3,644,872
Class R6 Shares		4,433,932
Institutional Service Class Shares		6,181,126
Total		17,557,191
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.06
Class R Shares	$	9.96
Class R6 Shares	$	10.13
Institutional Service Class Shares	$	10.04
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.67
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.

85

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2045 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	3,219,958
Dividend income from unaffiliated issuers		500,697
Income from securities lending (Note 2)		8,987
Interest income (unaffiliated)		3,582
Interest income from affiliated issuers		2,225
Total Income		3,735,449
EXPENSES:
Investment advisory fees		217,364
Distribution fees Class A		78,896
Distribution fees Class C (a)		11,926
Distribution fees Class R		185,056
Administrative servicing fees Class A		78,896
Administrative servicing fees Class C (a)		422
Administrative servicing fees Class R		92,528
Administrative servicing fees Institutional Service Class		138,478
Professional fees		2,585
Trustee fees		5,311
Total Expenses		811,462
NET INVESTMENT INCOME		2,923,987
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		2,059,668
Transactions in investment securities of unaffiliated issuers		(1,017,851	)
Expiration or closing of futures contracts (Note 2)		(256,445	)
Net realized gains		8,363,263
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		6,250,342
Investment securities of unaffiliated issuers		1,241,681
Net change in unrealized appreciation/depreciation		7,492,023
Net realized/unrealized gains		15,855,286
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,779,273

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

86

Statements of Changes in Net Assets

	Nationwide Destination 2045 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	2,923,987		$	2,825,553
Net realized gains		8,363,263			13,131,403
Net change in unrealized appreciation/depreciation		7,492,023			(16,218,418	)
Change in net assets resulting from operations		18,779,273			(261,462	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,070,563	)		(2,164,446	)
Class C (a)		(151,012	)		(140,154	)
Class R		(3,717,415	)		(3,227,288	)
Class R6		(4,103,978	)		(3,617,921	)
Institutional Service Class		(5,058,345	)		(3,250,602	)
Change in net assets from shareholder distributions		(16,101,313	)		(12,400,411	)
Change in net assets from capital transactions		14,610,725			1,913,809
Change in net assets		17,288,685			(10,748,064	)
Net Assets:
Beginning of year		159,189,314			169,937,378
End of year	$	176,477,999		$	159,189,314
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,031,711		$	7,775,931
Proceeds from shares issued in class conversion (a)		1,418,435			–
Dividends reinvested		3,070,563			2,164,446
Cost of shares redeemed		(8,917,621	)		(5,796,587	)
Total Class A Shares		1,603,088			4,143,790
Class C Shares
Proceeds from shares issued		76,463			56,882
Dividends reinvested		151,012			140,154
Cost of shares redeemed in class conversion (a)		(1,418,435	)		–
Cost of shares redeemed		(323,239	)		(526,409	)
Total Class C Shares		(1,514,199	)		(329,373	)
Class R Shares
Proceeds from shares issued		3,693,324			3,806,433
Dividends reinvested		3,717,415			3,227,288
Cost of shares redeemed		(10,499,830	)		(12,088,573	)
Total Class R Shares		(3,089,091	)		(5,054,852	)
Class R6 Shares
Proceeds from shares issued		9,748,725			9,202,642
Dividends reinvested		4,103,978			3,617,921
Cost of shares redeemed		(8,992,022	)		(18,570,452	)
Total Class R6 Shares		4,860,681			(5,749,889	)
Institutional Service Class Shares
Proceeds from shares issued		16,179,387			12,127,569
Dividends reinvested		5,058,345			3,250,602
Cost of shares redeemed		(8,487,486	)		(6,474,038	)
Total Institutional Service Class Shares		12,750,246			8,904,133
Change in net assets from capital transactions	$	14,610,725		$	1,913,809

87

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2045 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		637,374			731,181
Issued in class conversion (a)		149,844			–
Reinvested		358,679			206,132
Redeemed		(930,440	)		(538,700	)
Total Class A Shares		215,457			398,613
Class C Shares
Issued		8,189			5,434
Reinvested		17,996			13,524
Redeemed in class conversion (a)		(152,198	)		–
Redeemed		(36,396	)		(49,590	)
Total Class C Shares		(162,409	)		(30,632	)
Class R Shares
Issued		387,139			359,524
Reinvested		439,148			310,015
Redeemed		(1,104,470	)		(1,138,547	)
Total Class R Shares		(278,183	)		(469,008	)
Class R6 Shares
Issued		1,007,525			852,693
Reinvested		473,813			342,463
Redeemed		(924,533	)		(1,723,178	)
Total Class R6 Shares		556,805			(528,022	)
Institutional Service Class Shares
Issued		1,686,412			1,139,358
Reinvested		589,393			309,964
Redeemed		(870,687	)		(602,697	)
Total Institutional Service Class Shares		1,405,118			846,625
Total change in shares		1,736,788			217,576

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

88

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
Year Ended October 31, 2019	$	10.07		0.16		0.82			0.98			(0.17	)		(0.82	)		(0.99	)	$	10.06		11.63%		$	33,168,135		0.63%		1.62%		0.63%		69.22%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.99		0.13		0.81			0.94			(0.15	)		(0.82	)		(0.97	)	$	9.96		11.22%		$	36,320,570		0.88%		1.40%		0.88%		69.22%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	10.14		0.20		0.83			1.03			(0.22	)		(0.82	)		(1.04	)	$	10.13		12.10%		$	44,918,425		0.13%		2.09%		0.13%		69.22%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	10.06		0.17		0.83			1.00			(0.20	)		(0.82	)		(1.02	)	$	10.04		11.82%		$	62,070,869		0.38%		1.81%		0.38%		69.22%	(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%

(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 securities received or delivered in-kind.

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

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

89

Fund Commentary Nationwide Destination 2050 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2050 Fund (Class A at NAV*) returned 11.58% versus 12.68% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2050 Index, and 11.66% for its new benchmark, the S&P Target Date To 2050 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2050 Funds (consisting of 242 funds as of October 31, 2019), was 11.97% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares iBoxx $ High Yield Corporate Bond ETF (HYG) in favor of the underlying iShares 20+ Year Treasury Bond ETF (TLT).

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%^‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Small Cap Index Fund (Class R6) and the underlying Nationwide Core Plus Bond Fund, (Class R6) which posted returns of 4.76% and 10.40%, respectively, during the reporting period.

90

Fund Commentary (cont.) Nationwide Destination 2050 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2050 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

91

Fund Overview Nationwide Destination 2050 Fund

Asset Allocation¹

Equity Funds	91.2%
Fixed Income Funds	8.9%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	50.4%
Nationwide International Index Fund, Class R6	22.0%
iShares Core MSCI Emerging Markets ETF	8.1%
Nationwide Mid Cap Market Index Fund, Class R6	7.6%
Nationwide Bond Index Fund, Class R6	5.9%
Nationwide Small Cap Index Fund, Class R6	3.0%
iShares 20+ Year Treasury Bond ETF	2.0%
Nationwide Core Plus Bond Fund, Class R6	1.0%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

92

Fund Performance Nationwide Destination 2050 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		11.58%		6.67%		9.35%
	w/SC2		5.19%		5.41%		8.71%
Class R3,4			11.34%		6.38%		9.06%
Class R63,5			11.97%		7.18%		9.87%
Institutional Service Class3			11.86%		6.91%		9.61%
Morningstar® Lifetime Allocation Moderate 2050 Index			12.68%		7.09%		9.78%
S&P Target Date To 2050 Index			11.66%		7.02%		9.74%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.91%
Class R		1.16%
Class R6		0.41%
Institutional Service Class		0.66%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

93

Fund Performance (cont.) Nationwide Destination 2050 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2050 Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2050 Index (current benchmark) and the S&P Target Date To 2050 Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

94

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,025.60		3.22		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,024.70		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,028.00		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,026.90		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

95

Statement of Investments

October 31, 2019

Nationwide Destination 2050 Fund

Investment Companies 90.0%
	Shares		Value
Equity Funds 83.1%
Nationwide International Index Fund, Class R6 (a)		4,035,167	$	31,877,816
Nationwide Mid Cap Market Index Fund, Class R6 (a)		706,805		10,976,684
Nationwide Multi-Cap Portfolio, Class R6 (a)		6,304,797		73,198,698
Nationwide Small Cap Index Fund, Class R6 (a)		428,752		4,308,955
Total Equity Funds (cost $113,111,707)				120,362,153
Fixed Income Funds 6.9%
Nationwide Bond Index Fund, Class R6 (a)		750,344		8,516,409
Nationwide Core Plus Bond Fund, Class R6 (a)		147,336		1,535,241
Total Fixed Income Funds (cost $9,713,733)				10,051,650
Total Investment Companies (cost $122,825,440)				130,413,803
Exchange Traded Funds 10.1%
Equity Fund 8.1%
iShares Core MSCI Emerging Markets ETF		229,017		11,718,800
Fixed Income Fund 2.0%
iShares 20+ Year Treasury Bond ETF		20,699		2,923,527
Total Exchange Traded Funds (cost $15,224,314)				14,642,327
Total Investments (cost $138,049,754) — 100.1%				145,056,130
Liabilities in excess of other assets — (0.1)%				(187,193	)
NET ASSETS — 100.0%			$	144,868,937

(a) Investment in affiliate.

ETF Exchange Traded Fund

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

96

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2050 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $122,825,440)	$	130,413,803
Investment securities of unaffiliated issuers, at value (cost $15,224,314)		14,642,327
Interest receivable		8
Receivable for investments sold		1,129,379
Receivable for capital shares issued		38,538
Total Assets		146,224,055
Liabilities:
Payable for capital shares redeemed		1,289,890
Cash overdraft (Note 2)		2,586
Accrued expenses and other payables:
Investment advisory fees		15,952
Distribution fees		20,601
Administrative servicing fees		24,583
Trustee fees		312
Professional fees		1,194
Total Liabilities		1,355,118
Net Assets	$	144,868,937
Represented by:
Capital	$	131,376,711
Total distributable earnings (loss)		13,492,226
Net Assets	$	144,868,937
Net Assets:
Class A Shares	$	28,021,274
Class R Shares		33,974,900
Class R6 Shares		35,859,625
Institutional Service Class Shares		47,013,138
Total	$	144,868,937
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,177,998
Class R Shares		3,911,396
Class R6 Shares		4,054,795
Institutional Service Class Shares		5,335,603
Total		16,479,792
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.82
Class R Shares	$	8.69
Class R6 Shares	$	8.84
Institutional Service Class Shares	$	8.81
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.36
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 Year Ended October 31, 2019

	Nationwide Destination 2050 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	2,623,615
Dividend income from unaffiliated issuers		419,708
Income from securities lending (Note 2)		7,031
Interest income (unaffiliated)		3,288
Total Income		3,053,642
EXPENSES:
Investment advisory fees		179,803
Distribution fees Class A		67,072
Distribution fees Class C (a)		951
Distribution fees Class R		175,292
Administrative servicing fees Class A		67,072
Administrative servicing fees Class C (a)		20
Administrative servicing fees Class R		87,646
Administrative servicing fees Institutional Service Class		102,675
Professional fees		2,154
Trustee fees		4,389
Total Expenses		687,074
NET INVESTMENT INCOME		2,366,568
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		1,960,489
Transactions in investment securities of unaffiliated issuers		(853,780	)
Expiration or closing of futures contracts (Note 2)		(214,228	)
Net realized gains		7,279,959
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		4,798,228
Investment securities of unaffiliated issuers		1,020,599
Net change in unrealized appreciation/depreciation		5,818,827
Net realized/unrealized gains		13,098,786
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,465,354

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

98

Statements of Changes in Net Assets

	Nationwide Destination 2050 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	2,366,568		$	2,190,167
Net realized gains		7,279,959			9,557,861
Net change in unrealized appreciation/depreciation		5,818,827			(12,271,765	)
Change in net assets resulting from operations		15,465,354			(523,737	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(2,337,756	)		(1,313,583	)
Class C (a)		(8,822	)		(6,422	)
Class R		(3,123,843	)		(2,167,824	)
Class R6		(3,169,908	)		(2,258,583	)
Institutional Service Class		(3,305,122	)		(1,942,111	)
Change in net assets from shareholder distributions		(11,945,451	)		(7,688,523	)
Change in net assets from capital transactions		10,556,641			5,690,585
Change in net assets		14,076,544			(2,521,675	)
Net Assets:
Beginning of year		130,792,393			133,314,068
End of year	$	144,868,937		$	130,792,393
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,342,633		$	7,916,874
Proceeds from shares issued in class conversion (a)		124,728			–
Dividends reinvested		2,337,756			1,313,583
Cost of shares redeemed		(7,480,163	)		(5,049,223	)
Total Class A Shares		1,324,954			4,181,234
Class C Shares
Proceeds from shares issued		20,063			54,581
Dividends reinvested		8,822			6,422
Cost of shares redeemed in class conversion (a)		(124,728	)		–
Cost of shares redeemed		(143	)		(69,427	)
Total Class C Shares		(95,986	)		(8,424	)
Class R Shares
Proceeds from shares issued		4,011,373			4,475,334
Dividends reinvested		3,123,843			2,167,824
Cost of shares redeemed		(10,396,278	)		(8,015,717	)
Total Class R Shares		(3,261,062	)		(1,372,559	)
Class R6 Shares
Proceeds from shares issued		8,223,608			9,280,571
Dividends reinvested		3,169,908			2,258,583
Cost of shares redeemed		(8,851,640	)		(14,285,406	)
Total Class R6 Shares		2,541,876			(2,746,252	)
Institutional Service Class Shares
Proceeds from shares issued		15,443,706			9,086,031
Dividends reinvested		3,305,122			1,942,111
Cost of shares redeemed		(8,701,969	)		(5,391,556	)
Total Institutional Service Class Shares		10,046,859			5,636,586
Change in net assets from capital transactions	$	10,556,641		$	5,690,585

99

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2050 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		755,004			858,506
Issued in class conversion (a)		15,056			–
Reinvested		311,751			144,120
Redeemed		(889,979	)		(543,733	)
Total Class A Shares		191,832			458,893
Class C Shares
Issued		2,464			5,921
Reinvested		1,208			719
Redeemed in class conversion (a)		(15,407	)		–
Redeemed		(17	)		(7,727	)
Total Class C Shares		(11,752	)		(1,087	)
Class R Shares
Issued		484,768			491,494
Reinvested		423,611			241,315
Redeemed		(1,246,697	)		(877,593	)
Total Class R Shares		(338,318	)		(144,784	)
Class R6 Shares
Issued		972,228			997,018
Reinvested		419,764			247,376
Redeemed		(1,042,271	)		(1,536,842	)
Total Class R6 Shares		349,721			(292,448	)
Institutional Service Class Shares
Issued		1,830,497			984,620
Reinvested		438,885			213,196
Redeemed		(1,011,340	)		(579,401	)
Total Institutional Service Class Shares		1,258,042			618,415
Total change in shares		1,449,525			638,989

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

100

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
Year Ended October 31, 2019	$	8.73		0.14		0.73			0.87			(0.15	)		(0.63	)		(0.78	)	$	8.82		11.58%		$	28,021,274		0.63%		1.61%		0.63%		72.55%	(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%
Class R Shares
Year Ended October 31, 2019	$	8.61		0.11		0.73			0.84			(0.13	)		(0.63	)		(0.76	)	$	8.69		11.34%		$	33,974,900		0.88%		1.36%		0.88%		72.55%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	8.76		0.17		0.73			0.90			(0.19	)		(0.63	)		(0.82	)	$	8.84		11.97%		$	35,859,625		0.13%		2.07%		0.13%		72.55%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	8.72		0.15		0.74			0.89			(0.17	)		(0.63	)		(0.80	)	$	8.81		11.86%		$	47,013,138		0.38%		1.76%		0.38%		72.55%	(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%

(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 securities received or delivered in-kind.

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

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

101

Fund Commentary Nationwide Destination 2055 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2055 Fund (Class A at NAV*) returned 11.45% versus 12.66% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2055 Index, and 11.69% for its new benchmark, the S&P Target Date To 2055 Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2055 (consisting of 242 funds as of October 31, 2019), was 12.07% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares iBoxx $ High Yield Corporate Bond ETF (HYG) in favor of the underlying iShares 20+ Year Treasury Bond ETF (TLT).

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Small Cap Index Fund (Class R6) and the underlying Nationwide Core Plus Bond Fund (Class R6), which posted returns of 4.76% and 10.40%, respectively, during the reporting period.

102

Fund Commentary (cont.) Nationwide Destination 2055 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R6 shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2055 Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

103

Fund Overview Nationwide Destination 2055 Fund

Asset Allocation¹

Equity Funds	92.2%
Fixed Income Funds	7.9%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	51.0%
Nationwide International Index Fund, Class R6	22.0%
iShares Core MSCI Emerging Markets ETF	8.1%
Nationwide Mid Cap Market Index Fund, Class R6	7.9%
Nationwide Bond Index Fund, Class R6	5.8%
Nationwide Small Cap Index Fund, Class R6	3.2%
iShares 20+ Year Treasury Bond ETF	1.1%
Nationwide Core Plus Bond Fund, Class R6	0.9%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

104

Fund Performance Nationwide Destination 2055 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		Inception
Class A	w/o SC1		11.45%		6.72%		8.06%	2
	w/SC3		5.06%		5.47%		7.33%	2
Class R4,5			11.22%		6.43%		7.76%	2
Class R64,6			12.03%		7.23%		8.55%	2
Institutional Service Class4			11.76%		6.98%		8.33%	2
Morningstar® Lifetime Moderate 2055 Index			12.66%		7.02%		8.34%	2
S&P Target Date To 2055 Index			11.69%		7.14%		8.56%	2

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of December 28, 2010.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class R		1.15%
Class R6		0.40%
Institutional Service Class		0.65%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

105

Fund Performance (cont.) Nationwide Destination 2055 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2055 Fund from inception through 10/31/19 versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2055 Index (current benchmark) and the S&P Target Date To 2055 Index (new benchmark as of 12/20/19) for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

106

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,025.80		3.27		0.64
	Hypothetical	(b)(c)		1,000.00		1,021.98		3.26		0.64
Class R Shares	Actual	(b)		1,000.00		1,023.80		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,028.10		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,026.90		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

107

Statement of Investments

October 31, 2019

Nationwide Destination 2055 Fund

Investment Companies 90.9%
	Shares		Value
Equity Funds 84.1%
Nationwide International Index Fund, Class R6 (a)		2,234,208	$	17,650,242
Nationwide Mid Cap Market Index Fund, Class R6 (a)		408,102		6,337,827
Nationwide Multi-Cap Portfolio, Class R6 (a)		3,523,858		40,911,995
Nationwide Small Cap Index Fund, Class R6 (a)		255,497		2,567,746
Total Equity Funds (cost $63,397,231)				67,467,810
Fixed Income Funds 6.8%
Nationwide Bond Index Fund, Class R6 (a)		408,573		4,637,308
Nationwide Core Plus Bond Fund, Class R6 (a)		74,152		772,661
Total Fixed Income Funds (cost $5,189,967)				5,409,969
Total Investment Companies (cost $68,587,198)				72,877,779
Exchange Traded Funds 9.2%
Equity Fund 8.1%
iShares Core MSCI Emerging Markets ETF		127,104		6,503,912
Fixed Income Fund 1.1%
iShares 20+ Year Treasury Bond ETF		6,247		882,326
Total Exchange Traded Funds (cost $7,704,581)				7,386,238
Total Investments (cost $76,291,779) — 100.1%				80,264,017
Liabilities in excess of other assets — (0.1)%				(70,520	)
NET ASSETS — 100.0%			$	80,193,497

(a) Investment in affiliate.

ETF Exchange Traded Fund

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

108

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2055 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $68,587,198)	$	72,877,779
Investment securities of unaffiliated issuers, at value (cost $7,704,581)		7,386,238
Cash		4,449
Interest receivable		7
Receivable for investments sold		352,472
Receivable for capital shares issued		29,329
Total Assets		80,650,274
Liabilities:
Payable for capital shares redeemed		421,536
Accrued expenses and other payables:
Investment advisory fees		8,848
Distribution fees		11,038
Administrative servicing fees		14,510
Trustee fees		169
Professional fees		676
Total Liabilities		456,777
Net Assets	$	80,193,497
Represented by:
Capital	$	73,251,709
Total distributable earnings (loss)		6,941,788
Net Assets	$	80,193,497
Net Assets:
Class A Shares	$	17,369,263
Class R Shares		17,223,971
Class R6 Shares		21,833,436
Institutional Service Class Shares		23,766,827
Total	$	80,193,497
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,283,628
Class R Shares		1,276,566
Class R6 Shares		1,603,769
Institutional Service Class Shares		1,747,535
Total		5,911,498
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	13.53
Class R Shares	$	13.49
Class R6 Shares	$	13.61
Institutional Service Class Shares	$	13.60
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	14.36
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.

109

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2055 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	1,468,766
Dividend income from unaffiliated issuers		194,636
Interest income (unaffiliated)		2,464
Income from securities lending (Note 2)		1,961
Total Income		1,667,827
EXPENSES:
Investment advisory fees		100,460
Distribution fees Class A		44,178
Distribution fees Class C (a)		342
Distribution fees Class R		88,368
Administrative servicing fees Class A		44,178
Administrative servicing fees Class C (a)		3
Administrative servicing fees Class R		44,183
Administrative servicing fees Institutional Service Class		53,482
Professional fees		1,221
Trustee fees		2,455
Total Expenses		378,870
NET INVESTMENT INCOME		1,288,957
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		633,362
Transactions in investment securities of unaffiliated issuers		(482,135	)
Expiration or closing of futures contracts (Note 2)		(124,149	)
Net realized gains		3,656,925
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		3,178,558
Investment securities of unaffiliated issuers		535,768
Net change in unrealized appreciation/depreciation		3,714,326
Net realized/unrealized gains		7,371,251
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,660,208

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

110

Statements of Changes in Net Assets

	Nationwide Destination 2055 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	1,288,957		$	1,148,614
Net realized gains		3,656,925			4,875,001
Net change in unrealized appreciation/depreciation		3,714,326			(6,400,156	)
Change in net assets resulting from operations		8,660,208			(376,541	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(1,474,397	)		(690,440	)
Class C (a)		(3,135	)		(1,708	)
Class R		(1,423,739	)		(758,649	)
Class R6		(1,656,648	)		(937,468	)
Institutional Service Class		(1,566,223	)		(753,198	)
Change in net assets from shareholder distributions		(6,124,142	)		(3,141,463	)
Change in net assets from capital transactions		6,369,810			6,967,488
Change in net assets		8,905,876			3,449,484
Net Assets:
Beginning of year		71,287,621			67,838,137
End of year	$	80,193,497		$	71,287,621
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,788,903		$	4,837,203
Proceeds from shares issued in class conversion (a)		38,729			–
Dividends reinvested		1,474,397			690,440
Cost of shares redeemed		(5,997,352	)		(1,983,755	)
Total Class A Shares		(695,323	)		3,543,888
Class C Shares
Proceeds from shares issued		6,816			6,001
Dividends reinvested		3,135			1,708
Cost of shares redeemed in class conversion (a)		(38,729	)		–
Cost of shares redeemed		(9,521	)		(31,602	)
Total Class C Shares		(38,299	)		(23,893	)
Class R Shares
Proceeds from shares issued		3,380,274			4,108,464
Dividends reinvested		1,423,739			758,649
Cost of shares redeemed		(6,002,471	)		(3,980,954	)
Total Class R Shares		(1,198,458	)		886,159
Class R6 Shares
Proceeds from shares issued		6,923,139			6,163,491
Dividends reinvested		1,656,648			937,468
Cost of shares redeemed		(5,843,601	)		(7,294,594	)
Total Class R6 Shares		2,736,186			(193,635	)
Institutional Service Class Shares
Proceeds from shares issued		9,147,246			5,313,975
Dividends reinvested		1,566,223			753,198
Cost of shares redeemed		(5,147,765	)		(3,312,204	)
Total Institutional Service Class Shares		5,565,704			2,754,969
Change in net assets from capital transactions	$	6,369,810		$	6,967,488

111

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2055 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		295,844			343,757
Issued in class conversion (a)		3,048			–
Reinvested		128,269			49,637
Redeemed		(464,035	)		(140,913	)
Total Class A Shares		(36,874	)		252,481
Class C Shares
Issued		529			428
Reinvested		275			123
Redeemed in class conversion (a)		(3,059	)		–
Redeemed		(736	)		(2,269	)
Total Class C Shares		(2,991	)		(1,718	)
Class R Shares
Issued		263,664			292,234
Reinvested		124,472			54,733
Redeemed		(464,479	)		(284,208	)
Total Class R Shares		(76,343	)		62,759
Class R6 Shares
Issued		538,505			435,975
Reinvested		142,469			67,000
Redeemed		(447,864	)		(513,746	)
Total Class R6 Shares		233,110			(10,771	)
Institutional Service Class Shares
Issued		705,730			376,403
Reinvested		134,865			53,876
Redeemed		(388,888	)		(234,530	)
Total Institutional Service Class Shares		451,707			195,749
Total change in shares		568,609			498,500

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

112

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
Year Ended October 31, 2019	$	13.32		0.20		1.11			1.31			(0.22	)		(0.88	)		(1.10	)	$	13.53		11.45%		$	17,369,263		0.63%		1.58%		0.63%		77.13%	(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%
Class R Shares
Year Ended October 31, 2019	$	13.28		0.17		1.11			1.28			(0.19	)		(0.88	)		(1.07	)	$	13.49		11.22%		$	17,223,971		0.88%		1.32%		0.88%		77.13%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	13.39		0.26		1.13			1.39			(0.29	)		(0.88	)		(1.17	)	$	13.61		12.03%		$	21,833,436		0.13%		2.00%		0.13%		77.13%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	13.38		0.22		1.14			1.36			(0.26	)		(0.88	)		(1.14	)	$	13.60		11.76%		$	23,766,827		0.38%		1.71%		0.38%		77.13%	(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%

(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 securities received or delivered in-kind.

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

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

113

Fund Commentary Nationwide Destination 2060 Fund

For the annual period ended October 31, 2019, the Nationwide Destination 2060 Fund (Class A at NAV*) returned 11.45% versus 12.65% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2060 Index, and 11.89% for its new benchmark, the S&P Target Date To 2060+ Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date 2060+ (consisting of 217 funds as of October 31, 2019) was 12.10% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as

positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares iBoxx $ High Yield Corporate Bond ETF (HYG) in favor of the underlying iShares 20+ Year Treasury Bond ETF (TLT).

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%‡ and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Small Cap Index Fund (Class R6) and the underlying Nationwide Core Plus Bond Fund (Class R6), which posted returns of 4.76% and 10.40%, respectively, during the reporting period.

114

Fund Commentary (cont.) Nationwide Destination 2060 Fund

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date To 2060+ Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

115

Fund Overview Nationwide Destination 2060 Fund

Asset Allocation¹

Equity Funds	93.2%
Fixed Income Funds	6.8%
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	22.1%
iShares Core MSCI Emerging Markets ETF	8.1%
Nationwide Mid Cap Market Index Fund, Class R6	8.0%
Nationwide Bond Index Fund, Class R6	4.9%
Nationwide Small Cap Index Fund, Class R6	3.2%
Nationwide Core Plus Bond Fund, Class R6	1.0%
iShares 20+ Year Treasury Bond ETF	0.9%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

116

Fund Performance Nationwide Destination 2060 Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		3 Yr.		Inception
Class A	w/o SC1		11.45%		10.42%		6.62%	2
	w/SC3		5.00%		8.27%		5.35%	2
Class R4			11.22%		10.17%		6.40%	2
Class R64,5			12.06%		11.01%		7.11%	2
Institutional Service Class4			11.80%		10.71%		6.89%	2
Morningstar® Lifetime Allocation Moderate 2060 Index			12.65%		10.83%		6.69%	2
S&P Target Date To 2060+ Index			11.89%		10.88%		7.05%	2

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of November 28, 2014.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class R		1.15%
Class R6		0.40%
Institutional Service Class		0.65%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

117

Fund Performance (cont.) Nationwide Destination 2060 Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination 2060 Fund from inception through 10/31/19 versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2060 Index (current benchmark) and the S&P Target Date To 2060+ Index (new benchmark as of 12/20/19) for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

118

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,024.20		3.21		0.63
	Hypothetical	(b)(c)		1,000.00		1,022.03		3.21		0.63
Class R Shares	Actual	(b)		1,000.00		1,024.00		4.49		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,027.50		0.66		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,026.30		1.94		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

119

Statement of Investments

October 31, 2019

Nationwide Destination 2060 Fund

Investment Companies 91.0%
	Shares		Value
Equity Funds 85.1%
Nationwide International Index Fund, Class R6 (a)		675,159	$	5,333,760
Nationwide Mid Cap Market Index Fund, Class R6 (a)		123,829		1,923,068
Nationwide Multi-Cap Portfolio, Class R6 (a)		1,076,966		12,503,579
Nationwide Small Cap Index Fund, Class R6 (a)		77,831		782,197
Total Equity Funds (cost $19,447,831)				20,542,604
Fixed Income Funds 5.9%
Nationwide Bond Index Fund, Class R6 (a)		105,185		1,193,847
Nationwide Core Plus Bond Fund, Class R6 (a)		22,460		234,029
Total Fixed Income Funds (cost $1,367,805)				1,427,876
Total Investment Companies (cost $20,815,636)				21,970,480
Exchange Traded Funds 9.0%
Equity Fund 8.1%
iShares Core MSCI Emerging Markets ETF		38,251		1,957,304
Fixed Income Fund 0.9%
iShares 20+ Year Treasury Bond ETF		1,615		228,102
Total Exchange Traded Funds (cost $2,254,545)				2,185,406
Total Investments (cost $23,070,181) — 100.0%				24,155,886
Liabilities in excess of other assets — 0.0%†				(5,565	)
NET ASSETS — 100.0%			$	24,150,321

† 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.

120

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination 2060 Fund
Assets:
Investment securities of affiliated issuers, at value (cost $20,815,636)	$	21,970,480
Investment securities of unaffiliated issuers, at value (cost $2,254,545)		2,185,406
Cash		2,545
Interest receivable		4
Receivable for capital shares issued		33,375
Total Assets		24,191,810
Liabilities:
Payable for investments purchased		32,502
Payable for capital shares redeemed		26
Accrued expenses and other payables:
Investment advisory fees		2,605
Distribution fees		2,523
Administrative servicing fees		3,608
Trustee fees		52
Professional fees		173
Total Liabilities		41,489
Net Assets	$	24,150,321
Represented by:
Capital	$	22,728,997
Total distributable earnings (loss)		1,421,324
Net Assets	$	24,150,321
Net Assets:
Class A Shares	$	7,567,356
Class R Shares		2,317,541
Class R6 Shares		5,821,489
Institutional Service Class Shares		8,443,935
Total	$	24,150,321
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		680,894
Class R Shares		208,823
Class R6 Shares		522,280
Institutional Service Class Shares		758,168
Total		2,170,165
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	11.11
Class R Shares	$	11.10
Class R6 Shares	$	11.15
Institutional Service Class Shares	$	11.14
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.79
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.

121

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination 2060 Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	386,771
Dividend income from unaffiliated issuers		49,080
Interest income (unaffiliated)		606
Income from securities lending (Note 2)		375
Total Income		436,832
EXPENSES:
Investment advisory fees		26,772
Distribution fees Class A		15,861
Distribution fees Class C (a)		998
Distribution fees Class R		9,937
Administrative servicing fees Class A		15,861
Administrative servicing fees Class C (a)		10
Administrative servicing fees Class R		4,968
Administrative servicing fees Institutional Service Class		18,226
Professional fees		327
Trustee fees		663
Total Expenses		93,623
NET INVESTMENT INCOME		343,209
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		(313,472	)
Transactions in investment securities of unaffiliated issuers		(104,789	)
Expiration or closing of futures contracts (Note 2)		(25,853	)
Net realized gains		493,602
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		1,410,003
Investment securities of unaffiliated issuers		129,357
Net change in unrealized appreciation/depreciation		1,539,360
Net realized/unrealized gains		2,032,962
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,376,171

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

122

Statements of Changes in Net Assets

	Nationwide Destination 2060 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	343,209		$	225,330
Net realized gains		493,602			961,591
Net change in unrealized appreciation/depreciation		1,539,360			(1,466,912	)
Change in net assets resulting from operations		2,376,171			(279,991	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(393,434	)		(175,983	)
Class C (a)		(6,875	)		(6,203	)
Class R		(111,956	)		(51,243	)
Class R6		(314,333	)		(171,780	)
Institutional Service Class		(451,024	)		(223,154	)
Change in net assets from shareholder distributions		(1,277,622	)		(628,363	)
Change in net assets from capital transactions		6,257,877			6,130,721
Change in net assets		7,356,426			5,222,367
Net Assets:
Beginning of year		16,793,895			11,571,528
End of year	$	24,150,321		$	16,793,895
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,808,752		$	2,942,099
Proceeds from shares issued in class conversion (a)		110,345			–
Dividends reinvested		393,195			175,983
Cost of shares redeemed		(1,566,165	)		(544,262	)
Total Class A Shares		1,746,127			2,573,820
Class C Shares
Proceeds from shares issued		92,432			5,666
Dividends reinvested		6,875			6,203
Cost of shares redeemed in class conversion (a)		(110,345	)		–
Cost of shares redeemed		(105,716	)		(33,497	)
Total Class C Shares		(116,754	)		(21,628	)
Class R Shares
Proceeds from shares issued		1,064,026			887,332
Dividends reinvested		111,956			51,243
Cost of shares redeemed		(576,661	)		(301,987	)
Total Class R Shares		599,321			636,588
Class R6 Shares
Proceeds from shares issued		2,647,475			2,348,782
Dividends reinvested		314,333			171,780
Cost of shares redeemed		(1,328,745	)		(1,668,607	)
Total Class R6 Shares		1,633,063			851,955
Institutional Service Class Shares
Proceeds from shares issued		5,156,996			2,933,535
Dividends reinvested		451,024			223,154
Cost of shares redeemed		(3,211,900	)		(1,066,703	)
Total Institutional Service Class Shares		2,396,120			2,089,986
Change in net assets from capital transactions	$	6,257,877		$	6,130,721

123

Statements of Changes in Net Assets (Continued)

	Nationwide Destination 2060 Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		266,773			259,865
Issued in class conversion (a)		10,582			–
Reinvested		41,448			15,682
Redeemed		(148,426	)		(47,997	)
Total Class A Shares		170,377			227,550
Class C Shares
Issued		9,230			502
Reinvested		737			555
Redeemed in class conversion (a)		(10,608	)		–
Redeemed		(9,927	)		(3,011	)
Total Class C Shares		(10,568	)		(1,954	)
Class R Shares
Issued		100,759			78,258
Reinvested		11,838			4,573
Redeemed		(53,264	)		(26,672	)
Total Class R Shares		59,333			56,159
Class R6 Shares
Issued		249,601			206,531
Reinvested		32,849			15,274
Redeemed		(124,739	)		(146,237	)
Total Class R6 Shares		157,711			75,568
Institutional Service Class Shares
Issued		486,703			259,307
Reinvested		47,296			19,847
Redeemed		(303,049	)		(95,924	)
Total Institutional Service Class Shares		230,950			183,230
Total change in shares		607,803			540,553

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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 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
Year Ended October 31, 2019	$	10.74		0.16		0.94			1.10			(0.18	)		(0.55	)		(0.73	)	$	11.11		11.45%		$	7,567,356		0.63%		1.51%			0.63%		77.38%	(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 R Shares
Year Ended October 31, 2019	$	10.73		0.13		0.95			1.08			(0.16	)		(0.55	)		(0.71	)	$	11.10		11.22%		$	2,317,541		0.88%		1.24%			0.88%		77.38%	(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)
Year Ended October 31, 2019	$	10.77		0.21		0.95			1.16			(0.23	)		(0.55	)		(0.78	)	$	11.15		12.06%		$	5,821,489		0.13%		1.96%			0.13%		77.38%	(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
Year Ended October 31, 2019	$	10.76		0.18		0.96			1.14			(0.21	)		(0.55	)		(0.76	)	$	11.14		11.80%		$	8,443,935		0.38%		1.73%			0.38%		77.38%	(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.

(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 securities 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.

125

Fund Commentary Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

For the annual period ended October 31, 2019, the Nationwide Destination Retirement Fund (Class A at NAV*) returned 9.13% versus 11.81% for its benchmark, the Morningstar® Lifetime Allocation Moderate 2015 Index, and 9.91% for its new benchmark, the S&P Target Date Retirement Income Index.** For broader comparison, the return for the Fund’s closest Morningstar® peer category, Target-Date Retirement (consisting of 192 funds as of October 31, 2019) was 9.84% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return, for the 12-month period ended October 31, 2019, was a product of positive results across asset classes and underlying investments. Although the market environment over the reporting period exhibited bouts of increased volatility, and geopolitical uncertainty often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400®Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II

Index returned 8.32% for the reporting period, as positive economic fundamentals and investor demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and is intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.† Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced. During the reporting period, the Fund also reduced its exposure to the underlying iShares 20+ Year Treasury Bond ETF (TLT) but later reversed the reduction, given the change in the treasury yield curve and the relatively short-weighted duration in the Fund’s fixed-income portfolio.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%^‡ and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Mid Cap Market Index Fund (Class R6) and the underlying iShares Core MSCI Emerging Markets ETF, which posted returns of 8.74% and 11.64%, respectively, during the reporting period.

126

Fund Commentary (cont.) Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** The Fund’s benchmark will change to the S&P Target Date Retirement Income Index effective December 20, 2019, because that index correlates better to the Fund’s “to retirement” strategy.

† Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

‡ The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

An investor may choose to retire at an age other than age 65 or may have different needs than a Fund’s allocation model indicates.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest.

The target date is the approximate date when investors plan to start withdrawals. The Fund offers continuous rebalancing over time to become more conservative as investors approach their planned retirement date. The principal value of the Fund is not guaranteed at any time, including the target date.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of the Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

127

Fund Overview Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

Asset Allocation¹

Fixed Income Funds	38.2%
Equity Funds	36.1%
Investment Contract	20.1%
Alternative Assets	5.7%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	24.2%
Nationwide Contract	20.1%
Nationwide Bond Index Fund, Class R6	18.9%
Nationwide Core Plus Bond Fund, Class R6	9.6%
Nationwide International Index Fund, Class R6	8.4%
Nationwide Inflation-Protected Securities Fund, Class R6	6.6%
Nationwide Amundi Strategic Income Fund, Class R6	5.7%
iShares 20+ Year Treasury Bond ETF	3.1%
Nationwide Mid Cap Market Index Fund, Class R6	1.8%
iShares Core MSCI Emerging Markets ETF	1.6%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

128

Fund Performance Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		9.13%		4.48%		6.08%
	w/SC2		2.81%		3.24%		5.46%
Class R3,4			8.83%		4.18%		5.80%
Class R63,5			9.60%		4.96%		6.59%
Institutional Service Class3			9.35%		4.70%		6.32%
Morningstar® Lifetime Allocation Moderate 2015 Index			11.81%		5.14%		7.28%
S&P Target Date Retirement Income Index			9.91%		4.33%		5.57%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  Not subject to any SCs.

⁴  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁵ Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.88%
Class R		1.13%
Class R6		0.38%
Institutional Service Class		0.63%

^ Current effective prospectus dated February 28, 2019 (as revised August 27, 2019). The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

129

Fund Performance (cont.) Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Destination Retirement Fund versus the Morningstar® (Mstar) Lifetime Allocation Moderate 2015 Index (current benchmark) and the S&P Target Date Retirement Income Index (new benchmark as of 12/20/19) over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

130

Shareholder Expense Example Nationwide Destination Retirement Fund (formerly, 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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 Retirement Fund (formerly, Nationwide Destination 2015 Fund) October 31, 2019			Beginning Account Value($) 5/1/19		Ending Account Value($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,030.50		3.07		0.60
	Hypothetical	(b)(c)		1,000.00		1,022.18		3.06		0.60
Class R Shares	Actual	(b)		1,000.00		1,029.10		4.50		0.88
	Hypothetical	(b)(c)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(b)		1,000.00		1,032.70		0.67		0.13
	Hypothetical	(b)(c)		1,000.00		1,024.55		0.66		0.13
Institutional Service Class Shares	Actual	(b)		1,000.00		1,031.50		1.95		0.38
	Hypothetical	(b)(c)		1,000.00		1,023.29		1.94		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 May 1, 2019 through October 31, 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.

131

Statement of Investments

October 31, 2019

Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)

Investment Companies 75.2%
	Shares		Value
Alternative Assets 5.7%
Nationwide Amundi Strategic Income Fund, Class R6 (a)		350,679	$	3,643,557
Total Alternative Assets (cost $3,642,292)				3,643,557
Equity Funds 34.4%
Nationwide International Index Fund, Class R6 (a)		678,993		5,364,048
Nationwide Mid Cap Market Index Fund, Class R6 (a)		73,077		1,134,880
Nationwide Multi-Cap Portfolio, Class R6 (a)		1,334,927		15,498,498
Total Equity Funds (cost $20,254,185)				21,997,426
Fixed Income Funds 35.1%
Nationwide Bond Index Fund, Class R6 (a)		1,070,178		12,146,524
Nationwide Core Plus Bond Fund, Class R6 (a)		590,242		6,150,319
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		418,219		4,207,280
Total Fixed Income Funds (cost $21,760,972)				22,504,123
Total Investment Companies (cost $45,657,449)				48,145,106
Exchange Traded Funds 4.8%
Equity Fund 1.7%
iShares Core MSCI Emerging Markets ETF		20,183		1,032,764
Fixed Income Fund 3.1%
iShares 20+ Year Treasury Bond ETF		14,070		1,987,247
Total Exchange Traded Funds (cost $2,925,925)				3,020,011
Investment Contract 20.1%
	Principal Amount
Nationwide Contract, 2.50%^¥ (a)(b)	$	12,893,005		12,893,005
Total Investment Contract (cost $12,893,005)				12,893,005
Total Investments (cost $61,476,379) — 100.1%				64,058,122
Liabilities in excess of other assets — (0.1)%				(33,129	)
NET ASSETS — 100.0%			$	64,024,993

^ 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.

132

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)
Assets:
Investment securities of affiliated issuers, at value (cost $58,550,454)	$	61,038,111
Investment securities of unaffiliated issuers, at value (cost $2,925,925)		3,020,011
Interest receivable		2
Receivable for investments sold		116,709
Receivable for capital shares issued		17,772
Total Assets		64,192,605
Liabilities:
Payable for capital shares redeemed		139,363
Cash overdraft (Note 2)		609
Accrued expenses and other payables:
Investment advisory fees		7,164
Distribution fees		9,172
Administrative servicing fees		10,569
Trustee fees		130
Professional fees		605
Total Liabilities		167,612
Net Assets	$	64,024,993
Represented by:
Capital	$	59,918,026
Total distributable earnings (loss)		4,106,967
Net Assets	$	64,024,993

133

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)
Net Assets:
Class A Shares	$	5,844,072
Class R Shares		18,483,186
Class R6 Shares		13,853,860
Institutional Service Class Shares		25,843,875
Total	$	64,024,993
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		692,552
Class R Shares		2,200,869
Class R6 Shares		1,635,793
Institutional Service Class Shares		3,059,313
Total		7,588,527
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	8.44
Class R Shares	$	8.40
Class R6 Shares	$	8.47
Institutional Service Class Shares	$	8.45
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.95
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.

134

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	1,389,048
Interest income from affiliated issuers		292,418
Dividend income from unaffiliated issuers		69,724
Interest income (unaffiliated)		20,410
Income from securities lending (Note 2)		16
Total Income		1,771,616
EXPENSES:
Investment advisory fees		87,763
Distribution fees Class A		13,877
Distribution fees Class C (a)		6,551
Distribution fees Class R		98,227
Administrative servicing fees Class A		12,258
Administrative servicing fees Class C (a)		205
Administrative servicing fees Class R		49,113
Administrative servicing fees Institutional Service Class		65,554
Professional fees		1,038
Trustee fees		2,123
Total Expenses		336,709
NET INVESTMENT INCOME		1,434,907
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		713,216
Transactions in investment securities of unaffiliated issuers		(341,009	)
Expiration or closing of futures contracts (Note 2)		(65,452	)
Net realized gains		2,020,346
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		2,061,303
Investment securities of unaffiliated issuers		382,548
Net change in unrealized appreciation/depreciation		2,443,851
Net realized/unrealized gains		4,464,197
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,899,104

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

135

Statements of Changes in Net Assets

	Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	1,434,907		$	1,609,772
Net realized gains		2,020,346			3,369,262
Net change in unrealized appreciation/depreciation		2,443,851			(5,038,380	)
Change in net assets resulting from operations		5,899,104			(59,346	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(374,855	)		(345,773	)
Class C (a)		(60,806	)		(50,237	)
Class R		(1,339,133	)		(1,330,647	)
Class R6		(1,151,919	)		(1,531,449	)
Institutional Service Class		(1,759,565	)		(1,665,396	)
Change in net assets from shareholder distributions		(4,686,278	)		(4,923,502	)
Change in net assets from capital transactions		(7,500,079	)		(18,817,275	)
Change in net assets		(6,287,253	)		(23,800,123	)
Net Assets:
Beginning of year		70,312,246			94,112,369
End of year	$	64,024,993		$	70,312,246
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,625,131		$	1,270,438
Proceeds from shares issued in class conversion (a)		648,943			–
Dividends reinvested		374,855			345,773
Cost of shares redeemed		(2,453,477	)		(5,369,313	)
Total Class A Shares		195,452			(3,753,102	)
Class C Shares
Proceeds from shares issued		41,400			218,004
Dividends reinvested		60,759			50,190
Cost of shares redeemed in class conversion (a)		(648,943	)		–
Cost of shares redeemed		(492,172	)		(153,130	)
Total Class C Shares		(1,038,956	)		115,064
Class R Shares
Proceeds from shares issued		1,123,454			1,761,706
Dividends reinvested		1,339,133			1,330,647
Cost of shares redeemed		(5,791,314	)		(7,486,321	)
Total Class R Shares		(3,328,727	)		(4,393,968	)
Class R6 Shares
Proceeds from shares issued		3,500,505			4,803,169
Dividends reinvested		1,151,919			1,531,449
Cost of shares redeemed		(7,541,427	)		(14,846,316	)
Total Class R6 Shares		(2,889,003	)		(8,511,698	)
Institutional Service Class Shares
Proceeds from shares issued		6,153,182			5,167,772
Dividends reinvested		1,759,565			1,665,396
Cost of shares redeemed		(8,351,592	)		(9,106,739	)
Total Institutional Service Class Shares		(438,845	)		(2,273,571	)
Change in net assets from capital transactions	$	(7,500,079	)	$	(18,817,275	)

136

Statements of Changes in Net Assets (Continued)

	Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund)
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		198,049			147,775
Issued in class conversion (a)		78,425			–
Reinvested		48,852			40,350
Redeemed		(300,469	)		(614,051	)
Total Class A Shares		24,857			(425,926	)
Class C Shares
Issued		5,121			26,081
Reinvested		8,057			5,899
Redeemed in class conversion (a)		(79,031	)		–
Redeemed		(62,751	)		(17,986	)
Total Class C Shares		(128,604	)		13,994
Class R Shares
Issued		139,887			205,590
Reinvested		175,903			156,018
Redeemed		(719,623	)		(868,236	)
Total Class R Shares		(403,833	)		(506,628	)
Class R6 Shares
Issued		427,727			549,601
Reinvested		149,627			178,278
Redeemed		(925,302	)		(1,721,283	)
Total Class R6 Shares		(347,948	)		(993,404	)
Institutional Service Class Shares
Issued		762,314			596,422
Reinvested		228,710			194,291
Redeemed		(1,022,415	)		(1,051,564	)
Total Institutional Service Class Shares		(31,391	)		(260,851	)
Total change in shares		(886,919	)		(2,172,815	)

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

(a) Effective August 23, 2019, Class C Shares converted into Class A Shares. (See Note 1)

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

137

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Destination Retirement  Fund (formerly, Nationwide Destination 2015 Fund)
DECREASE IN CASH
Cash flows provided by operating activities
Net increase in net assets from operations	$	5,899,104
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		(36,709,442	)
Proceeds from disposition of investment securities of affiliated issuers		31,777,749
Purchase of investment securities of unaffiliated issuers		(2,397,483	)
Proceeds from disposition of investment securities of unaffiliated issuers		19,825,330
Reinvestment of dividend income from affiliated issuers		(1,389,048	)
Reinvestment of interest income from affiliated issuers		(292,418	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(2,061,303	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(382,548	)
Reinvestment of net realized gain distributions from affiliated underlying funds		(1,713,591	)
Net realized gain from investment transactions with affiliated issuers		(713,216	)
Net realized loss from transactions in investment securities		341,009
Increase in receivable for investments sold		(57,937	)
Increase in interest and dividends receivable		(2	)
Decrease in investment advisory fees payable		(786	)
Decrease in fund administration fees payable		(325	)
Decrease in distribution fees payable		(2,179	)
Decrease in administrative servicing fees payable		(589	)
Decrease in trustee fees payable		(78	)
Increase in professional fees payable		413
Net cash provided by operating activities		12,122,660
Cash flows used in financing activities
Proceeds from shares issued		12,431,412
Cost of shares redeemed		(24,554,903	)
Cash overdraft		609
Cash distributions paid to shareholders		(47	)
Net cash used in financing activities		(12,122,929	)
Net decrease in cash		(269	)
Cash:
Beginning of period		269
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $4,686,231.
Non-cash financing activities not included herein consist of Class C to Class A share conversions of $648,943. (See Note 1)
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 $3,395,057.
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.

138

Financial Highlights

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

Nationwide Destination Retirement Fund (formerly, 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
Year Ended October 31, 2019	$	8.30		0.17		0.52			0.69			(0.17	)		(0.38	)		(0.55	)	$	8.44		9.13%		$	5,844,072		0.61%		2.02%		0.61%		64.58%	(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%
Class R Shares
Year Ended October 31, 2019	$	8.26		0.14		0.53			0.67			(0.15	)		(0.38	)		(0.53	)	$	8.40		8.83%		$	18,483,186		0.89%		1.76%		0.89%		64.58%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	8.33		0.21		0.52			0.73			(0.21	)		(0.38	)		(0.59	)	$	8.47		9.60%		$	13,853,860		0.13%		2.50%		0.13%		64.58%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	8.31		0.18		0.53			0.71			(0.19	)		(0.38	)		(0.57	)	$	8.45		9.35%		$	25,843,875		0.38%		2.21%		0.38%		64.58%	(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%

(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 securities received or delivered in-kind.

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

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 October 31, 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 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”)

- Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015

  Fund) (“Destination Retirement”)

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 R, Class R6 and Institutional Service Class shares. Effective August 23, 2019, Class C shares converted to Class A shares. Accordingly, the Funds no longer accept purchase orders from any investor for Class C 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.

Effective August 27, 2019, the Nationwide Destination 2015 Fund was renamed Nationwide Destination Retirement Fund.

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

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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 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 fair value, and are generally categorized as Level 2 investments within the hierarchy.

Certain Funds 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

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October 31, 2019

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 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 as a result of the investment in the Nationwide Contract is reinvested in the Nationwide Contract. Therefore, the par value represents 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 June 30, 2019, the rate was 2.60%. For the period from July 1, 2019 through September 30, 2019, the rate was 2.50%. For the period from October 1, 2019 through October 31, 2019, the rate was 2.50%. Effective November 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 October 31, 2019, 100% of the market value of Destination 2050, 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 October 31, 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 Funds	$	784,686	$	—	$	—	$	784,686
Investment Companies		13,072,989		—		—		13,072,989
Investment Contract		—		—		3,502,565		3,502,565
Total	$	13,857,675	$	—	$	3,502,565	$	17,360,240

Destination 2020

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	10,260,795	$	—	$	—	$	10,260,795
Investment Companies		163,907,068		—		—		163,907,068
Investment Contract		—		—		29,523,086		29,523,086
Total	$	174,167,863	$	—	$	29,523,086	$	203,690,949

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Notes to Financial Statements (Continued)

October 31, 2019

Destination 2025

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	21,163,438	$	—	$	—	$	21,163,438
Investment Companies		251,284,213		—		—		251,284,213
Investment Contract		—		—		26,991,856		26,991,856
Total	$	272,447,651	$	—	$	26,991,856	$	299,439,507

Destination 2030

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	19,596,462	$	—	$	—	$	19,596,462
Investment Companies		287,004,219		—		—		287,004,219
Investment Contract		—		—		13,179,520		13,179,520
Total	$	306,600,681	$	—	$	13,179,520	$	319,780,201

Destination 2035

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	22,497,605	$	—	$	—	$	22,497,605
Investment Companies		235,797,411		—		—		235,797,411
Investment Contract		—		—		8,353,860		8,353,860
Total	$	258,295,016	$	—	$	8,353,860	$	266,648,876

Destination 2040

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	21,005,379	$	—	$	—	$	21,005,379
Investment Companies		195,062,103		—		—		195,062,103
Investment Contract		—		—		4,521,729		4,521,729
Total	$	216,067,482	$	—	$	4,521,729	$	220,589,211

Destination 2045

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	16,950,629	$	—	$	—	$	16,950,629
Investment Companies		159,258,076		—		—		159,258,076
Investment Contract		—		—		339,351		339,351
Total	$	176,208,705	$	—	$	339,351	$	176,548,056

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Notes to Financial Statements (Continued)

October 31, 2019

Destination Retirement

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	3,020,011	$	—	$	—	$	3,020,011
Investment Companies		48,145,106		—		—		48,145,106
Investment Contract		—		—		12,893,005		12,893,005
Total	$	51,165,117	$	—	$	12,893,005	$	64,058,122

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*		1,186,983			1,186,983
Sales		(1,199,150	)		(1,199,150	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	3,502,565		$	3,502,565

Destination 2020

	Investment Contract			Total
Balance as of 10/31/2018	$	23,680,455		$	23,680,455
Purchases*		11,991,107			11,991,107
Sales		(6,148,476	)		(6,148,476	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	29,523,086		$	29,523,086

Destination 2025

	Investment Contract			Total
Balance as of 10/31/2018	$	25,371,866		$	25,371,866
Purchases*		6,696,454			6,696,454
Sales		(5,076,464	)		(5,076,464	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	26,991,856		$	26,991,856

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Notes to Financial Statements (Continued)

October 31, 2019

Destination 2030

	Investment Contract			Total
Balance as of 10/31/2018	$	12,145,531		$	12,145,531
Purchases*		3,266,990			3,266,990
Sales		(2,233,001	)		(2,233,001	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	13,179,520		$	13,179,520

Destination 2035

	Investment Contract			Total
Balance as of 10/31/2018	$	7,939,336		$	7,939,336
Purchases*		2,235,559			2,235,559
Sales		(1,821,035	)		(1,821,035	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	8,353,860		$	8,353,860

Destination 2040

	Investment Contract			Total
Balance as of 10/31/2018	$	4,283,686		$	4,283,686
Purchases*		1,248,021			1,248,021
Sales		(1,009,978	)		(1,009,978	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	4,521,729		$	4,521,729

Destination 2045

	Investment Contract			Total
Balance as of 10/31/2018	$	—		$	—
Purchases*		353,571			353,571
Sales		(14,220	)		(14,220	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	339,351		$	339,351

145

Notes to Financial Statements (Continued)

October 31, 2019

Destination Retirement

	Investment Contract			Total
Balance as of 10/31/2018	$	11,372,582		$	11,372,582
Purchases*		5,375,378			5,375,378
Sales		(3,854,955	)		(3,854,955	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	12,893,005		$	12,893,005

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 significant unobservable inputs used in the fair value measurement of Funds’ investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate		2.50% (2.50%	)
		Daily Transactions		$1.00 ($1.00	)

* NFA can increase or redeem all or a portion of each Fund’s investment in the Nationwide Contract on a daily basis 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

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October 31, 2019

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 fair 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.

147

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, certain Funds had overdrawn balances with the Funds’ custodian bank, JPMorgan Chase Bank, N.A. (“JPMorgan”). To offset the overdraft, JPMorgan advanced an amount equal to the overdraft. Consistent with the Funds’ borrowing policy, the advance is deemed a temporary loan to the Funds. Such loans are payable upon demand and bear interest from the date of such advance to the date of payment at the rate agreed upon with JPMorgan under the custody agreement. These advances are separate from, and were not 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.

Funds that had overdrawn balances as of October 31, 2019 were as follows:

Fund	Amount
Destination 2010	$	841
Destination 2020		11,679
Destination 2025		22,374
Destination 2030		5,104
Destination 2035		40,692
Destination 2040		8,755
Destination 2045		465
Destination 2050		2,586
Destination 2055		—
Destination 2060		—
Destination Retirement		609

Amounts designated as “—” are zero.

(c) Futures Contracts

Certain Funds are subject to equity price risk in the normal course of pursuing their objective(s). Certain 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.

148

Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

At October 31, 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 October 31, 2019:

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2019

Destination 2010

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(14,915	)
Total	$	(14,915	)

Destination 2020

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(224,450	)
Total	$	(224,450	)

149

Notes to Financial Statements (Continued)

October 31, 2019

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	)

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	)

150

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2060

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(25,853	)
Total	$	(25,853	)

Destination Retirement

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(65,452	)
Total	$	(65,452	)

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the year ended October 31, 2019:

Destination 2010

Futures Contracts:

Average Notional Balance Long $ 159,133

Destination 2020

Futures Contracts:

Average Notional Balance Long $ 2,196,031

Destination 2025

Futures Contracts:

Average Notional Balance Long $ 3,256,916

Destination 2030

Futures Contracts:

Average Notional Balance Long $ 3,660,052

Destination 2035

Futures Contracts:

Average Notional Balance Long $ 3,394,831

Destination 2040

Futures Contracts:

Average Notional Balance Long $ 3,044,739

151

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2045

Futures Contracts:

Average Notional Balance Long $ 2,461,252

Destination 2050

Futures Contracts:

Average Notional Balance Long $ 2,047,507

Destination 2055

Futures Contracts:

Average Notional Balance Long $ 1,135,147

Destination 2060

Futures Contracts:

Average Notional Balance Long $ 275,830

Destination Retirement

Futures Contracts:

Average Notional Balance Long $ 657,748

(d) Securities Lending

During the year ended October 31, 2019, certain Funds 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.

152

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

At October 31, 2019, the Funds did not have any portfolio securities on loan.

(e) Joint Repurchase Agreements

During the year ended October 31, 2019, certain 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 October 31, 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

153

Notes to Financial Statements (Continued)

October 31, 2019

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. The permanent differences as of October 31, 2019 are primarily attributable to investments in regulated investment companies. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

For the year ended October 31, 2019, the Funds have no reclassifications between capital and total distributable earnings.

(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.

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.

154

Notes to Financial Statements (Continued)

October 31, 2019

(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 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 2019, the Funds imposed front-end sales charges of $76,946. From these fees, NFD retained a portion amounting to $10,909.

155

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 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, Class R, and Institutional Service Class shares of each of the Funds.

For the year ended October 31, 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	%		0.13	%		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			0.03			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
Destination Retirement		0.22			0.03			0.25			0.25

Amounts designated as “—” are zero.

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Destination 2010	$	32,878
Destination 2020		388,299
Destination 2025		548,476
Destination 2030		573,101
Destination 2035		503,035
Destination 2040		407,389
Destination 2045		310,324
Destination 2050		257,413
Destination 2055		141,846
Destination 2060		39,065
Destination Retirement		127,130

156

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 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		1.27	%
Destination 2020		42.17
Destination 2025		40.94
Destination 2030		39.34
Destination 2035		39.06
Destination 2040		37.93
Destination 2045		32.68
Destination 2050		29.41
Destination 2055		33.44
Destination 2060		35.37
Destination Retirement		37.66

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 year ended October 31, 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 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
Destination Retirement		14,168,304		307,752		905,103		106,681		1,848,957		100,163

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”.

157

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019 were as follows:

Destination 2010

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		95,248		1,023,296		285,945		(336,438	)		(8,012	)		24,840			989,631		42,915		—
Nationwide International Index Fund, Class R6		184,151		2,071,239		449,223		(1,115,613	)		(274	)		50,215			1,454,790		77,609		45,524
Nationwide Mid Cap Market Index Fund, Class R6		19,845		973,472		200,272		(816,822	)(b)		(100,132	)		51,403			308,193		6,986		72,472
Nationwide Multi-Cap Portfolio, Class R6		362,406		—		5,329,306		(1,696,877	)		145,893			429,213			4,207,535		33,705		—
Nationwide S&P 500 Index Fund, Class R6		—		4,266,774		426,691		(4,527,202	)(b)		(8,263	)		(158,000	)		—		22,443		246,657
Nationwide Small Cap Index Fund, Class R6		—		252,602		51,608		(274,351	)(b)		(37,948	)		8,089			—		803		34,165
Nationwide Bond Index Fund, Class R6		290,680		2,600,876		1,631,545		(1,168,795	)		(10,704	)		246,295			3,299,217		83,747		—
Nationwide Core Plus Bond Fund, Class R6		160,313		1,678,624		487,537		(601,101	)		(10,903	)		116,305			1,670,462		52,630		135
Nationwide Inflation-Protected Securities Fund, Class R6		113,634		1,209,845		302,568		(438,824	)		(5,656	)		75,228			1,143,161		26,972		—
Nationwide Contract^¥(a)	$	3,502,565		3,514,732		1,186,983		(1,199,150	)		—			—			3,502,565		87,319		—
Total				17,591,460		10,351,678		(12,175,173	)		(35,999	)		843,588			16,575,554		435,129		398,953

Destination 2020

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		909,054		8,865,130		2,726,729		(2,290,250	)		(57,015	)		200,477			9,445,071		375,709		—
Nationwide International Index Fund, Class R6		2,998,528		35,435,150		4,544,655		(17,030,208	)		(1,149,546	)		1,888,316			23,688,367		1,311,886		776,140
Nationwide Mid Cap Market Index Fund, Class R6		350,926		15,239,089		2,512,442		(11,534,225	)(b)		(764,801	)		(2,628	)		5,449,877		112,479		1,130,951
Nationwide Multi-Cap Portfolio, Class R6		4,927,366		—		67,105,209		(17,556,267	)		1,545,035			6,112,747			57,206,724		452,044		—
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

158

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2020 (continued)

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Small Cap Index Fund, Class R6		61,453		4,975,858		831,883		(4,633,902	)(b)		(502,854	)		(53,382	)		617,603		21,038		658,334
Nationwide Bond Index Fund, Class R6		3,473,153		30,095,180		18,129,881		(11,758,126	)		(205,657	)		3,159,008			39,420,286		1,036,684		—
Nationwide Core Plus Bond Fund, Class R6		1,670,162		17,391,728		3,531,638		(4,615,959	)		(63,346	)		1,159,032			17,403,093		547,097		1,398
Nationwide Inflation-Protected Securities Fund, Class R6		1,061,237		9,855,023		3,041,609		(2,786,857	)		(30,566	)		596,838			10,676,047		227,819		—
Nationwide Contract^¥(a)	$	29,523,086		23,680,455		11,991,107		(6,148,476	)		—			—			29,523,086		621,022		—
Total				202,139,597		118,482,369		(136,775,105	)		1,254,301			8,328,992			193,430,154		5,003,502		5,874,213

Destination 2025

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		1,060,908		10,562,831		2,341,030		(2,052,561	)		(62,607	)		234,140			11,022,833		457,438		—
Nationwide International Index Fund, Class R6		5,799,817		53,611,046		8,022,274		(17,406,138	)		(1,712,078	)		3,303,447			45,818,551		2,111,221		1,192,336
Nationwide Mid Cap Market Index Fund, Class R6		629,458		22,112,015		3,591,333		(14,859,501	)(b)		(670,304	)		(398,064	)		9,775,479		172,325		1,664,763
Nationwide Multi-Cap Portfolio, Class R6		8,145,145		—		101,370,129		(18,833,313	)		1,691,133			10,337,190			94,565,139		713,622		—
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		599,223		10,787,296		2,851,296		(6,514,465	)(b)		193,932			(1,295,873	)		6,022,186		73,505		1,454,202
Nationwide Bond Index Fund, Class R6		4,964,573		35,150,502		27,494,754		(10,073,938	)		(64,247	)		3,840,831			56,347,902		1,340,951		—
Nationwide Core Plus Bond Fund, Class R6		2,106,246		21,075,667		4,139,112		(4,628,301	)		(76,317	)		1,436,926			21,947,087		676,341		1,711
Nationwide Inflation-Protected Securities Fund, Class R6		575,053		5,904,651		933,343		(1,412,015	)		(14,448	)		373,505			5,785,036		134,579		—
Nationwide Contract^¥(a)	$	26,991,856		25,371,866		6,696,454		(5,076,464	)		—			—			26,991,856		648,983		—
Total				268,254,178		163,694,820		(167,324,058	)		3,778,087			9,873,042			278,276,069		6,783,021		9,341,210

159

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2030

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		826,767		7,701,760		2,175,504		(1,421,377	)		(39,753	)		173,975			8,590,109		336,011		—
Nationwide International Index Fund, Class R6		7,415,484		59,640,674		10,291,391		(13,493,118	)		(1,665,550	)		3,808,927			58,582,324		2,464,026		1,309,575
Nationwide Mid Cap Market Index Fund, Class R6		926,033		28,585,444		4,952,932		(17,799,060	)(b)		(889,484	)		(468,540	)		14,381,292		228,774		2,125,897
Nationwide Multi-Cap Portfolio, Class R6		10,247,143		—		122,484,924		(17,660,062	)		1,500,954			12,643,517			118,969,333		865,105		—
Nationwide S&P 500 Index Fund, Class R6		—		94,399,966		7,136,305		(97,903,923	)(b)		6,277,372			(9,909,720	)		—		519,032		5,588,252
Nationwide Small Cap Index Fund, Class R6		716,217		12,613,307		3,521,224		(7,601,395	)(b)		131,837			(1,466,994	)		7,197,979		86,759		1,712,546
Nationwide Bond Index Fund, Class R6		4,933,490		38,370,002		23,364,723		(9,561,545	)		(76,486	)		3,898,417			55,995,111		1,349,997		—
Nationwide Core Plus Bond Fund, Class R6		1,939,927		18,033,384		4,411,718		(3,438,864	)		(61,400	)		1,269,196			20,214,034		599,873		1,458
Nationwide Inflation-Protected Securities Fund, Class R6		305,570		2,971,105		584,545		(667,074	)		7,547			177,914			3,074,037		69,870		—
Nationwide Contract^¥(a)	$	13,179,520		12,145,531		3,266,990		(2,233,001	)		—			—			13,179,520		313,572		—
Total				274,461,173		182,190,256		(171,779,419	)		5,185,037			10,126,692			300,183,739		6,833,019		10,737,728

Destination 2035

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		623,046		6,567,107		1,343,826		(1,548,750	)		(38,728	)		149,997			6,473,452		278,658		—
Nationwide International Index Fund, Class R6		7,015,348		53,073,384		9,502,658		(9,316,260	)		(1,196,080	)		3,357,547			55,421,249		2,287,724		1,176,065
Nationwide Mid Cap Market Index Fund, Class R6		938,360		26,669,381		4,868,366		(15,722,680	)(b)		(858,294	)		(384,042	)		14,572,731		224,480		2,011,324
Nationwide Multi-Cap Portfolio, Class R6		9,930,542		—		118,878,171		(16,972,780	)		1,306,773			12,081,427			115,293,591		833,620		—
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		725,747		13,082,764		3,612,128		(8,005,792	)(b)		(20,840	)		(1,374,499	)		7,293,761		90,063		1,794,835
Nationwide Bond Index Fund, Class R6		2,499,097		26,651,555		6,652,741		(7,109,526	)		(87,395	)		2,257,379			28,364,754		756,338		—
Nationwide Core Plus Bond Fund, Class R6		804,019		7,831,017		1,877,898		(1,845,547	)		(42,831	)		557,336			8,377,873		254,924		628
Nationwide Contract^¥(a)	$	8,353,860		7,939,336		2,235,559		(1,821,035	)		—			—			8,353,860		200,664		—
Total				229,932,845		156,272,960		(154,490,643	)		4,184,648			8,251,461			244,151,271		5,430,310		10,262,512

160

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2040

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		51,453		—		564,618		(32,362	)		23			2,315			534,594		5,517		—
Nationwide International Index Fund, Class R6		5,857,904		43,884,061		9,721,874		(9,106,225	)		(1,043,288	)		2,821,018			46,277,440		1,885,461		968,617
Nationwide Mid Cap Market Index Fund, Class R6		964,520		28,302,430		5,387,112		(17,404,131	)(b)		(1,282,946	)		(23,475	)		14,978,990		234,101		2,102,020
Nationwide Multi-Cap Portfolio, Class R6		9,047,201		—		109,435,893		(16,630,481	)		1,333,838			10,898,748			105,037,998		761,865		—
Nationwide S&P 500 Index Fund, Class R6		—		78,809,638		6,882,670		(82,844,754	)(b)		4,405,262			(7,252,816	)		—		448,300		4,677,736
Nationwide Small Cap Index Fund, Class R6		598,890		10,990,499		2,971,689		(6,806,845	)(b)		108,228			(1,244,723	)		6,018,848		74,011		1,466,398
Nationwide Bond Index Fund, Class R6		1,388,739		14,539,824		4,318,722		(4,302,291	)		(22,898	)		1,228,835			15,762,192		418,829		—
Nationwide Core Plus Bond Fund, Class R6		619,198		6,346,778		1,458,189		(1,777,267	)		(25,510	)		449,851			6,452,041		207,222		513
Nationwide Contract^¥(a)	$	4,521,729		4,283,686		1,248,021		(1,009,978	)		—			—			4,521,729		109,924		—
Total				187,156,916		141,988,788		(139,914,334	)		3,472,709			6,879,753			199,583,832		4,145,230		9,215,284

Destination 2045

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		4,893,049		35,061,184		8,263,806		(6,183,217	)		(537,895	)		2,051,210			38,655,088		1,540,568		780,402
Nationwide Mid Cap Market Index Fund, Class R6		763,444		22,919,297		4,519,589		(14,402,513	)(b)		(1,150,102	)		(29,992	)		11,856,279		187,549		1,725,619
Nationwide Multi-Cap Portfolio, Class R6		7,583,259		—		90,330,855		(12,427,510	)		940,127			9,198,159			88,041,631		630,966		—
Nationwide S&P 500 Index Fund, Class R6		—		62,976,958		5,514,897		(66,170,753	)(b)		2,990,738			(5,311,840	)		—		361,986		3,788,242
Nationwide Small Cap Index Fund, Class R6		519,064		9,407,963		2,683,628		(5,875,042	)(b)		(157,592	)		(842,367	)		5,216,590		64,324		1,283,357
Nationwide Bond Index Fund, Class R6		1,049,787		11,260,603		3,108,530		(3,390,769	)		(10,921	)		947,642			11,915,085		324,622		—
Nationwide Core Plus Bond Fund, Class R6		342,937		3,281,569		880,500		(811,509	)		(14,687	)		237,530			3,573,403		109,943		271
Nationwide Contract^¥(a)	$	339,351		—		353,571		(14,220	)		—			—			339,351		2,225		—
Total				144,907,574		115,655,376		(109,275,533	)		2,059,668			6,250,342			159,597,427		3,222,183		7,577,891

161

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2050

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		4,035,167		29,483,475		7,911,763		(6,757,747	)		(500,432	)		1,740,757			31,877,816		1,290,263		657,419
Nationwide Mid Cap Market Index Fund, Class R6		706,805		20,196,666		4,161,736		(12,437,360	)(b)		(915,611	)		(28,747	)		10,976,684		170,327		1,518,080
Nationwide Multi-Cap Portfolio, Class R6		6,304,797		—		76,839,801		(12,119,854	)		942,661			7,536,090			73,198,698		529,955		—
Nationwide S&P 500 Index Fund, Class R6		—		52,377,126		5,046,818		(55,467,905	)(b)		2,638,959			(4,594,998	)		—		302,572		3,163,403
Nationwide Small Cap Index Fund, Class R6		428,752		7,749,465		2,233,009		(4,854,351	)(b)		(187,718	)		(631,450	)		4,308,955		53,114		1,048,463
Nationwide Bond Index Fund, Class R6		750,344		7,917,958		2,575,247		(2,643,202	)		(10,545	)		676,951			8,516,409		231,300		—
Nationwide Core Plus Bond Fund, Class R6		147,336		1,359,051		454,570		(371,180	)		(6,825	)		99,625			1,535,241		46,084		113
Total				119,083,741		99,222,944		(94,651,599	)		1,960,489			4,798,228			130,413,803		2,623,615		6,387,478

Destination 2055

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		2,234,208		16,431,346		5,453,737		(4,925,466	)		1,495			689,130			17,650,242		723,229		369,747
Nationwide Mid Cap Market Index Fund, Class R6		408,102		11,391,954		3,077,597		(7,622,015	)(b)		(715,376	)		205,667			6,337,827		97,564		862,140
Nationwide Multi-Cap Portfolio, Class R6		3,523,858		—		44,752,582		(8,640,161	)		647,468			4,152,106			40,911,995		299,367		—
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		255,497		4,617,775		1,582,474		(3,154,202	)(b)		(417,484	)		(60,817	)		2,567,746		31,911		627,593
Nationwide Bond Index Fund, Class R6		408,573		3,557,103		2,368,645		(1,641,042	)		(8,984	)		361,586			4,637,308		122,595		—
Nationwide Core Plus Bond Fund, Class R6		74,152		719,695		249,165		(247,575	)		(1,986	)		53,362			772,661		24,990		60
Total				65,612,024		60,510,943		(57,057,108	)		633,362			3,178,558			72,877,779		1,468,766		3,629,847

Destination 2060

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)		Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide International Index Fund, Class R6		675,159		3,869,118		2,636,246		(1,387,035	)		(25,643	)		241,074		5,333,760		190,004		92,475
Nationwide Mid Cap Market Index Fund, Class R6		123,829		2,684,286		1,352,963		(1,992,833	)(b)		(275,664	)		154,316		1,923,068		25,884		219,500

162

Notes to Financial Statements (Continued)

October 31, 2019

Destination 2060 (continued)

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Multi-Cap Portfolio, Class R6		1,076,966		—		13,801,610		(2,616,771	)		185,132			1,133,608			12,503,579		82,061		—
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		77,831		1,088,548		648,205		(830,819	)(b)		(167,592	)		43,855			782,197		8,620		163,786
Nationwide Bond Index Fund, Class R6		105,185		838,655		663,686		(390,542	)		(4,668	)		86,716			1,193,847		28,783		—
Nationwide Core Plus Bond Fund, Class R6		22,460		166,501		125,223		(71,391	)		(898	)		14,594			234,029		6,659		15
Total				15,461,199		20,785,266		(15,372,516	)		(313,472	)		1,410,003			21,970,480		386,771		937,716

Destination Retirement

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Strategic Income Fund, Class R6		350,679		3,990,727		864,574		(1,272,250	)		(32,263	)		92,769			3,643,557		165,430		—
Nationwide International Index Fund, Class R6		678,993		10,319,325		1,788,103		(6,889,320	)		57,704			88,236			5,364,048		379,585		230,138
Nationwide Mid Cap Market Index Fund, Class R6		73,077		4,024,813		728,318		(3,405,475	)(b)		(299,368	)		86,592			1,134,880		29,232		302,714
Nationwide Multi-Cap Portfolio, Class R6		1,334,927		—		20,022,448		(6,695,327	)		543,438			1,627,939			15,498,498		127,687		—
Nationwide S&P 500 Index Fund, Class R6		—		16,809,934		1,409,289		(17,502,795	)(b)		643,774			(1,360,202	)		—		89,903		1,004,179
Nationwide Small Cap Index Fund, Class R6		—		1,309,730		224,155		(1,380,720	)(b)		(132,886	)		(20,279	)		—		4,722		176,029
Nationwide Bond Index Fund, Class R6		1,070,178		8,218,961		7,043,737		(3,938,891	)		(28,001	)		850,718			12,146,524		293,746		—
Nationwide Core Plus Bond Fund, Class R6		590,242		6,470,890		1,488,249		(2,214,931	)		(24,782	)		430,893			6,150,319		201,906		531
Nationwide Inflation-Protected Securities Fund, Class R6		418,219		4,342,244		1,160,248		(1,545,449	)		(14,400	)		264,637			4,207,280		96,837		—
Nationwide Contract^¥(a)	$	12,893,005		11,372,582		5,375,378		(3,854,955	)		—			—			12,893,005		292,418		—
Total				66,859,206		40,104,499		(48,700,113	)		713,216			2,061,303			61,038,111		1,681,466		1,713,591

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.

163

Notes to Financial Statements (Continued)

October 31, 2019

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 annual report to shareholders, which is available at www.nationwide.com/mutualfunds.

5.  Line of Credit and Interfund Lending

The Trust and Nationwide Variable Insurance Trust (“NVIT”) (together, the “Trusts”) have renewed the 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 9, 2020. During the year ended October 31, 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 year ended October 31, 2019, none of the Funds engaged in interfund lending.

6.  Investment Transactions

For the year ended October 31, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*^		Sales#
Destination 2010	$	11,008,908	$	12,824,571
Destination 2020		124,612,778		142,746,359
Destination 2025		173,534,235		175,812,247
Destination 2030		186,115,318		174,855,257
Destination 2035		163,086,303		158,858,143

164

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Purchases*^		Sales#
Destination 2040	$	150,613,650	$	146,155,635
Destination 2045		122,093,213		114,220,635
Destination 2050		105,479,998		98,960,494
Destination 2055		63,372,915		58,709,149
Destination 2060		21,864,663		15,721,916
Destination Retirement		42,501,757		51,818,446

* 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
Destination 2010	$	4,218,572	$	4,167,672
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
Destination Retirement		16,922,363		16,706,363

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 annual 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 annual 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.

165

Notes to Financial Statements (Continued)

October 31, 2019

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

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 October 31, 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		92.98	%		1
Destination 2020		80.78			3	(a)
Destination 2025		83.18			3	(a)
Destination 2030		84.02			3	(a)
Destination 2035		85.19			3	(a)

166

Notes to Financial Statements (Continued)

October 31, 2019

Fund	% of Shares			Number of Accounts
Destination 2040		84.91	%		3	(a)
Destination 2045		86.39			3	(a)
Destination 2050		77.40			2	(a)
Destination 2055		92.45			3	(a)
Destination 2060		95.08			4	(a)
Destination Retirement		86.20			3	(a)

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

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Destination 2010	$	346,239	$	785,250	$	1,131,489	$	—	$	1,131,489
Destination 2020		4,423,445		12,387,602		16,811,047		—		16,811,047
Destination 2025		6,129,644		18,269,396		24,399,040		—		24,399,040
Destination 2030		6,222,717		22,612,741		28,835,458		—		28,835,458
Destination 2035		5,110,879		18,543,326		23,654,205		—		23,654,205
Destination 2040		4,101,951		16,147,197		20,249,148		—		20,249,148
Destination 2045		3,217,468		12,883,845		16,101,313		—		16,101,313
Destination 2050		2,600,425		9,345,026		11,945,451		—		11,945,451
Destination 2055		1,408,757		4,715,385		6,124,142		—		6,124,142
Destination 2060		374,497		903,125		1,277,622		—		1,277,622
Destination Retirement		1,458,345		3,227,933		4,686,278		—		4,686,278

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Destination 2010	$	381,196	$	484,475	$	865,671	$	—	$	865,671
Destination 2020		4,802,325		14,800,137		19,602,462		—		19,602,462
Destination 2025		6,232,850		19,584,797		25,817,647		—		25,817,647
Destination 2030		6,230,564		20,546,017		26,776,581		—		26,776,581
Destination 2035		5,110,275		16,892,450		22,002,725		—		22,002,725
Destination 2040		4,138,759		12,649,046		16,787,805		—		16,787,805
Destination 2045		3,173,319		9,227,092		12,400,411		—		12,400,411
Destination 2050		2,472,075		5,216,448		7,688,523		—		7,688,523
Destination 2055		1,306,258		1,835,205		3,141,463		—		3,141,463
Destination 2060		258,468		369,895		628,363		—		628,363
Destination Retirement		1,724,828		3,198,674		4,923,502		—		4,923,502

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

* Ordinary income amounts include net short-term capital gains, if any.

167

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses		Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
Destination 2010	$	42,492	$	155,081	$	197,573	$	—	$	414,247	$	611,820
Destination 2020		984,562		6,085,440		7,070,002		—		7,159,138		14,229,140
Destination 2025		1,233,652		11,584,840		12,818,492		—		10,806,280		23,624,772
Destination 2030		1,182,414		14,437,057		15,619,471		—		10,341,870		25,961,341
Destination 2035		913,747		13,835,940		14,749,687		—		8,110,527		22,860,214
Destination 2040		1,056,974		11,955,237		13,012,211		—		7,494,258		20,506,469
Destination 2045		182,360		9,705,443		9,887,803		—		6,559,000		16,446,803
Destination 2050		250,411		8,294,604		8,545,015		—		4,947,211		13,492,226
Destination 2055		227,922		4,326,637		4,554,559		—		2,387,229		6,941,788
Destination 2060		16,385		731,801		748,186		—		673,138		1,421,324
Destination Retirement		361,770		1,879,236		2,241,006		—		1,865,961		4,106,967

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Destination 2010	$	16,945,993	$	457,197	$	(42,950	)	$	414,247
Destination 2020		196,531,811		7,581,922		(422,784	)		7,159,138
Destination 2025		288,633,227		13,182,326		(2,376,046	)		10,806,280
Destination 2030		309,438,331		14,315,128		(3,973,258	)		10,341,870
Destination 2035		258,538,349		12,176,330		(4,065,803	)		8,110,527
Destination 2040		213,094,953		10,814,627		(3,320,369	)		7,494,258
Destination 2045		169,989,056		9,276,636		(2,717,636	)		6,559,000
Destination 2050		140,108,919		7,368,219		(2,421,008	)		4,947,211
Destination 2055		77,876,788		3,360,581		(973,352	)		2,387,229
Destination 2060		23,482,748		819,217		(146,079	)		673,138
Destination Retirement		62,192,161		1,893,045		(27,084	)		1,865,961

12.  Subsequent Events

On June 12, 2019, the Board of Trustees of the Trust (the “Board of Trustees”), including a majority of the trustees who are not interested persons, unanimously approved a Plan of Reorganization between Nationwide Destination 2010 Fund and Nationwide Destination Retirement Fund, each a series of the Trust, pursuant to which Nationwide Destination 2010 Fund was merged into Nationwide Destination Retirement Fund (the “Merger”). Shareholders of Nationwide Destination 2010 Fund were not required, and were not requested, to approve the Merger. Further information

168

Notes to Financial Statements (Continued)

October 31, 2019

regarding the details of the Merger and Nationwide Destination Retirement Fund will be provided in an information statement that will be delivered to Nationwide Destination 2010 Fund shareholders. The Merger will be finalized on or around January 24, 2020.

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

169

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Destination 2010 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 and Nationwide Destination Retirement Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Nationwide Destination 2010 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 and Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund) (eleven of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, and for Nationwide Destination 2010 Fund, Nationwide Destination 2020 Fund and Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund), the statements of cash flows for the year ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, for Nationwide Destination 2010 Fund, Nationwide Destination 2020 Fund and Nationwide Destination Retirement Fund (formerly, Nationwide Destination 2015 Fund), the results of each of their cash flows for the year then ended and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned

170

Report of Independent Registered Public Accounting Firm (Continued)

October 31, 2019

as of October 31, 2019 by correspondence with the custodian, transfer agent and Nationwide Contract issuer. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

171

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund	Dividends Received Deductions
Destination 2010		18.46	%
Destination 2020		18.27
Destination 2025		20.63
Destination 2030		24.09
Destination 2035		28.07
Destination 2040		30.16
Destination 2045		37.21
Destination 2050		37.11
Destination 2055		36.16
Destination 2060		40.43
Destination Retirement		15.51

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

Fund	Amount
Destination 2010	$	785,250
Destination 2020		12,387,602
Destination 2025		18,269,396
Destination 2030		22,612,741
Destination 2035		18,543,326
Destination 2040		16,147,197
Destination 2045		12,883,845
Destination 2050		9,345,026
Destination 2055		4,715,385
Destination 2060		903,125
Destination Retirement		3,227,933

172

Supplemental Information (Continued)

October 31, 2019 (Unaudited)

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2019, the foreign source income for each Fund was as follows:

Fund	Amount		Per Share
Destination 2010	$	46,893	$	0.0224
Destination 2020		920,166		0.0417
Destination 2025		1,533,003		0.0489
Destination 2030		1,829,204		0.0522
Destination 2035		1,711,314		0.0632
Destination 2040		1,429,725		0.0625
Destination 2045		1,129,024		0.0643
Destination 2050		947,193		0.0575
Destination 2055		534,718		0.0905
Destination 2060		138,650		0.0639
Destination Retirement		261,544		0.0345

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2019, the foreign tax credit for each Fund was as follows:

Fund	Amount		Per Share
Destination 2010	$	4,339	$	0.0021
Destination 2020		80,590		0.0036
Destination 2025		138,695		0.0044
Destination 2030		170,033		0.0049
Destination 2035		163,303		0.0060
Destination 2040		135,621		0.0059
Destination 2045		111,035		0.0063
Destination 2050		93,259		0.0057
Destination 2055		52,064		0.0088
Destination 2060		13,523		0.0062
Destination Retirement		22,791		0.0030

173

Management Information

October 31, 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	119
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	119
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	119

174

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

175

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

176

Management Information (Continued)

October 31, 2019

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
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
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

177

Management Information (Continued)

October 31, 2019

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.

178

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

179

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

180

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

181

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

182

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

183

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.

184

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.

185

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.

186

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

AR-TD  (12/19)

Annual Report

October 31, 2019

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	16
Nationwide Investor Destinations Moderate Fund	29
Nationwide Investor Destinations Moderately Conservative Fund	43
Nationwide Investor Destinations Conservative Fund	57
Notes to Financial Statements	71
Report of Independent Registered Public Accounting Firm	95
Supplemental Information	96
Management Information	97
Market Index Definitions	102
Glossary	107

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Investor Destinations Aggressive Fund

For the annual period ended October 31, 2019, the Nationwide Investor Destinations Aggressive Fund (Class A at NAV*) returned 11.65% versus 13.04% for its benchmark, the Morningstar® Aggressive Target Risk Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Allocation — 85%+ Equity (consisting of 176 funds as of October 31, 2019), was 10.47% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return for the reporting period was a product of positive results across asset classes and underlying investments. Although the market environment exhibited bouts of increased volatility and geopolitical uncertainty during the reporting period that often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as positive economic fundamentals and investor

demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying Fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.** Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 10 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%† and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Core Plus Bond Fund (Class R6) and the underlying Nationwide Amundi Global High Yield Fund (Class R6), which posted returns of 10.40% and 9.10%, respectively, during the reporting period.

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

3

Fund Commentary (cont.) Nationwide Investor Destinations Aggressive Fund

** Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

† The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest. The financial health of Nationwide Life may have a greater impact on the value of a Fund that invests in it.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of any Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Investor Destinations Aggressive Fund

Asset Allocation¹

Equity Funds	96.1%
Alternative Assets	2.0%
Fixed Income Funds	2.0%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	44.9%
Nationwide International Index Fund, Class R6	22.8%
Nationwide Mid Cap Market Index Fund, Class R6	11.8%
iShares Core MSCI Emerging Markets ETF	8.6%
Nationwide International Small Cap Fund, Class R6	4.0%
Nationwide Loomis All Cap Growth Fund, Class R6	3.9%
Nationwide Bond Index Fund, Class R6	1.5%
Nationwide Emerging Markets Debt Fund, Class R6	1.0%
Nationwide Amundi Global High Yield 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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Investor Destinations Aggressive Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		11.65%		6.64%		9.52%
	w/ SC2		5.25%		5.39%		8.87%
Class C	w/o SC1		10.71%		5.84%		8.74%
	w/SC3		9.74%		N/A		N/A
Class R4,5			11.27%		6.32%		9.17%
Class R64,6			11.98%		7.01%		9.88%
Institutional Service Class4			11.93%		6.91%		6.80%	7
Service Class4			11.55%		6.59%		9.43%
Morningstar® Aggressive Target Risk Index			13.07%		7.67%		10.27%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of March 3, 2014.

Expense Ratios

	Expense Ratio^
Class A		0.89%
Class C		1.63%
Class R		1.19%
Class R6		0.54%
Institutional Service Class		0.64%
Service Class		0.94%

^ Current effective prospectus dated February 28, 2019. The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Investor Destinations Aggressive Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Aggressive Fund versus the Morningstar® Aggressive Target Risk Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,022.00		2.70		0.53
	Hypothetical	(b)(c)		1,000.00		1,022.53		2.70		0.53
Class C Shares	Actual	(b)		1,000.00		1,018.10		6.51		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.75		6.51		1.28
Class R Shares	Actual	(b)		1,000.00		1,019.90		4.33		0.85
	Hypothetical	(b)(c)		1,000.00		1,020.92		4.33		0.85
Class R6 Shares	Actual	(b)		1,000.00		1,023.30		0.97		0.19
	Hypothetical	(b)(c)		1,000.00		1,024.25		0.97		0.19
Institutional Service Class Shares	Actual	(b)		1,000.00		1,023.20		1.48		0.29
	Hypothetical	(b)(c)		1,000.00		1,023.74		1.48		0.29
Service Class Shares	Actual	(b)		1,000.00		1,021.60		3.01		0.59
	Hypothetical	(b)(c)		1,000.00		1,022.23		3.01		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 May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Investor Destinations Aggressive Fund

Investment Companies 91.5%
	Shares		Value
Alternative Assets 2.0%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		986,335	$	9,685,810
Nationwide Emerging Markets Debt Fund, Class R6 (a)		961,474		9,797,418
Total Alternative Assets (cost $19,419,557)				19,483,228
Equity Funds 87.5%
Nationwide International Index Fund, Class R6 (a)		28,355,821		224,010,984
Nationwide International Small Cap Fund, Class R6 (a)		3,982,792		39,111,017
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		3,155,873		38,501,654
Nationwide Mid Cap Market Index Fund, Class R6 (a)		7,482,421		116,201,991
Nationwide Multi-Cap Portfolio, Class R6 (a)		37,951,411		440,615,886
Total Equity Funds (cost $799,875,276)				858,441,532
Fixed Income Funds 2.0%
Nationwide Bond Index Fund, Class R6 (a)		1,277,364		14,498,078
Nationwide Core Plus Bond Fund, Class R6 (a)		463,524		4,829,917
Total Fixed Income Funds (cost $18,764,872)				19,327,995
Total Investment Companies (cost $838,059,705)				897,252,755
Exchange Traded Fund 8.6%
Equity Fund 8.6%
iShares Core MSCI Emerging Markets ETF		1,650,308		84,446,260
Total Exchange Traded Fund (cost $88,963,697)				84,446,260
Total Investments (cost $927,023,402) — 100.1%				981,699,015
Liabilities in excess of other assets — (0.1)%				(596,714	)
NET ASSETS — 100.0%			$	981,102,301

(a) Investment in affiliate.

ETF Exchange Traded Fund

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

9

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Investor Destinations Aggressive Fund
Assets:
Investment securities of affiliated issuers, at value (cost $838,059,705)	$	897,252,755
Investment securities of unaffiliated issuer, at value (cost $88,963,697)		84,446,260
Interest receivable		4
Receivable for investments sold		674,962
Receivable for capital shares issued		175,221
Prepaid expenses		35,016
Total Assets		982,584,218
Liabilities:
Payable for capital shares redeemed		788,041
Cash overdraft (Note 2)		117,823
Accrued expenses and other payables:
Investment advisory fees		106,785
Fund administration fees		28,964
Distribution fees		185,022
Administrative servicing fees		173,973
Accounting and transfer agent fees		10,787
Trustee fees		4,192
Custodian fees		13,942
Compliance program costs (Note 3)		1,333
Professional fees		22,715
Printing fees		15,003
Other		13,337
Total Liabilities		1,481,917
Net Assets	$	981,102,301
Represented by:
Capital	$	875,987,762
Total distributable earnings (loss)		105,114,539
Net Assets	$	981,102,301
Net Assets:
Class A Shares	$	75,166,130
Class C Shares		21,287,745
Class R Shares		53,275,875
Class R6 Shares		213,223,888
Institutional Service Class Shares		6,970,662
Service Class Shares		611,178,001
Total	$	981,102,301
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,948,300
Class C Shares		2,354,596
Class R Shares		5,790,619
Class R6 Shares		22,184,163
Institutional Service Class Shares		736,284
Service Class Shares		64,452,485
Total		103,466,447

10

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	9.46
Class C Shares (b)	$	9.04
Class R Shares	$	9.20
Class R6 Shares	$	9.61
Institutional Service Class Shares	$	9.47
Service Class Shares	$	9.48
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.

11

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	19,883,583
Dividend income from unaffiliated issuers		2,146,719
Interest income (unaffiliated)		26,371
Income from securities lending (Note 2)		25
Total Income		22,056,698
EXPENSES:
Investment advisory fees		1,255,181
Fund administration fees		267,215
Distribution fees Class A		165,703
Distribution fees Class C		304,329
Distribution fees Class R		287,734
Distribution fees Service Class		1,514,804
Administrative servicing fees Class A		60,205
Administrative servicing fees Class C		27,390
Administrative servicing fees Class R		91,559
Administrative servicing fees Institutional Service Class		6,510
Administrative servicing fees Service Class		913,814
Registration and filing fees		78,265
Professional fees		58,219
Printing fees		25,545
Trustee fees		34,940
Custodian fees		47,028
Accounting and transfer agent fees		41,952
Compliance program costs (Note 3)		4,720
Other		23,683
Total expenses before earnings credit		5,208,796
Earnings credit (Note 5)		(6,767	)
Net Expenses		5,202,029
NET INVESTMENT INCOME		16,854,669
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		44,362,057
Transactions in investment securities of unaffiliated issuers		(2,030,792	)
Expiration or closing of futures contracts (Note 2)		(4,815,410	)
Net realized gains		85,879,804
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		(3,316,287	)
Investment securities of unaffiliated issuers		5,758,632
Net change in unrealized appreciation/depreciation		2,442,345
Net realized/unrealized gains		88,322,149
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	105,176,818

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

12

Statements of Changes in Net Assets

	Nationwide Investor Destinations Aggressive Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	16,854,669		$	16,892,285
Net realized gains		85,879,804			102,060,149
Net change in unrealized appreciation/depreciation		2,442,345			(129,538,995	)
Change in net assets resulting from operations		105,176,818			(10,586,561	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(7,645,251	)		(9,472,589	)
Class C		(3,779,549	)		(5,426,405	)
Class R		(7,160,071	)		(10,004,288	)
Class R6		(22,654,215	)		(25,409,613	)
Institutional Service Class		(761,575	)		(1,001,523	)
Service Class		(70,081,481	)		(91,768,668	)
Change in net assets from shareholder distributions		(112,082,142	)		(143,083,086	)
Change in net assets from capital transactions		15,205,431			40,766,730
Change in net assets		8,300,107			(112,902,917	)
Net Assets:
Beginning of year		972,802,194			1,085,705,111
End of year	$	981,102,301		$	972,802,194
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	17,036,405		$	11,698,987
Proceeds from shares issued in class conversion (Note 1)		868,931			–
Dividends reinvested		5,953,326			6,880,109
Cost of shares redeemed		(14,202,186	)		(13,153,924	)
Total Class A Shares		9,656,476			5,425,172
Class C Shares
Proceeds from shares issued		3,056,627			4,278,435
Dividends reinvested		3,016,894			4,080,148
Cost of shares redeemed in class conversion (Note 1)		(868,931	)		–
Cost of shares redeemed		(17,261,803	)		(9,787,504	)
Total Class C Shares		(12,057,213	)		(1,428,921	)
Class R Shares
Proceeds from shares issued		5,035,708			5,837,072
Dividends reinvested		6,885,253			9,558,930
Cost of shares redeemed		(18,902,538	)		(19,931,666	)
Total Class R Shares		(6,981,577	)		(4,535,664	)
Class R6 Shares
Proceeds from shares issued		28,166,904			51,526,937
Dividends reinvested		22,570,115			25,409,465
Cost of shares redeemed		(30,304,575	)		(34,934,869	)
Total Class R6 Shares		20,432,444			42,001,533
Institutional Service Class Shares
Proceeds from shares issued		2,596,342			3,290,298
Dividends reinvested		288,499			237,235
Cost of shares redeemed		(2,456,807	)		(3,201,212	)
Total Institutional Service Class Shares		428,034			326,321

13

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Aggressive Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Service Class Shares
Proceeds from shares issued	$	29,482,183		$	38,564,201
Dividends reinvested		70,080,770			91,768,657
Cost of shares redeemed		(95,835,686	)		(131,354,569	)
Total Service Class Shares		3,727,267			(1,021,711	)
Change in net assets from capital transactions	$	15,205,431		$	40,766,730
SHARE TRANSACTIONS:
Class A Shares
Issued		1,909,673			1,124,350
Issued in class conversion (Note 1)		96,014			–
Reinvested		743,922			676,767
Redeemed		(1,580,466	)		(1,262,625	)
Total Class A Shares		1,169,143			538,492
Class C Shares
Issued		374,961			428,636
Reinvested		395,487			416,507
Redeemed in class conversion (Note 1)		(100,454	)		–
Redeemed		(2,009,634	)		(971,960	)
Total Class C Shares		(1,339,640	)		(126,817	)
Class R Shares
Issued		573,118			570,530
Reinvested		886,556			962,602
Redeemed		(2,165,436	)		(1,952,752	)
Total Class R Shares		(705,762	)		(419,620	)
Class R6 Shares
Issued		3,051,201			4,807,423
Reinvested		2,770,650			2,463,942
Redeemed		(3,269,725	)		(3,314,417	)
Total Class R6 Shares		2,552,126			3,956,948
Institutional Service Class Shares
Issued		293,641			316,125
Reinvested		36,002			23,303
Redeemed		(273,334	)		(305,505	)
Total Institutional Service Class Shares		56,309			33,923
Service Class Shares
Issued		3,255,117			3,679,898
Reinvested		8,742,557			9,002,198
Redeemed		(10,496,125	)		(12,459,959	)
Total Service Class Shares		1,501,549			222,137
Total change in shares		3,233,725			4,205,063

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

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

14

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
Year Ended October 31, 2019	$	9.69		0.16		0.75			0.91			(0.21	)		(0.93	)		(1.14	)	$	9.46		11.65%		$	75,166,130		0.53%		1.74%		0.53%		57.66%	(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%
Class C Shares
Year Ended October 31, 2019	$	9.33		0.10		0.70			0.80			(0.16	)		(0.93	)		(1.09	)	$	9.04		10.71%		$	21,287,745		1.28%		1.12%		1.28%		57.66%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.46		0.13		0.73			0.86			(0.19	)		(0.93	)		(1.12	)	$	9.20		11.27%		$	53,275,875		0.85%		1.50%		0.85%		57.66%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	9.83		0.19		0.77			0.96			(0.25	)		(0.93	)		(1.18	)	$	9.61		11.98%		$	213,223,888		0.19%		2.06%		0.19%		57.66%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.70		0.18		0.76			0.94			(0.24	)		(0.93	)		(1.17	)	$	9.47		11.93%		$	6,970,662		0.29%		2.01%		0.29%		57.66%	(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%
Service Class Shares
Year Ended October 31, 2019	$	9.71		0.15		0.76			0.91			(0.21	)		(0.93	)		(1.14	)	$	9.48		11.55%		$	611,178,001		0.59%		1.69%		0.59%		57.66%	(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%

(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 securities received or delivered in-kind.

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

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

15

Fund Commentary Nationwide Investor Destinations Moderately Aggressive Fund

For the annual period ended October 31, 2019, the Nationwide Investor Destinations Moderately Aggressive Fund (Class A at NAV*) returned 11.40% versus 13.04% for its benchmark, the Morningstar® Moderately Aggressive Target Risk Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Allocation — 70% to 85% Equity (consisting of 337 funds as of October 31, 2019), was 9.62% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return for the reporting period was a product of positive results across asset classes and underlying investments. Although the market environment exhibited bouts of increased volatility and geopolitical uncertainty during the reporting period that often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as positive economic fundamentals and investor

demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying Fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.** Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 12 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%† and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Inflation-Protected Securities Fund (Class R6) and the underlying Nationwide Amundi Strategic Income Fund (Class R6), which posted returns of 8.82% and 6.33%, respectively, during the reporting period.

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

16

Fund Commentary (cont.) Nationwide Investor Destinations Moderately Aggressive Fund

** Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

† The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest. The financial health of Nationwide Life may have a greater impact on the value of a Fund that invests in it.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of any Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

17

Fund Overview Nationwide Investor Destinations Moderately Aggressive Fund

Asset Allocation¹

Equity Funds	82.3%
Fixed Income Funds	11.3%
Alternative Assets	6.5%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	42.9%
Nationwide International Index Fund, Class R6	17.9%
Nationwide Mid Cap Market Index Fund, Class R6	7.9%
iShares Core MSCI Emerging Markets ETF	7.2%
Nationwide Bond Index Fund, Class R6	6.4%
Nationwide Core Plus Bond Fund, Class R6	3.9%
Nationwide International Small Cap Fund, Class R6	3.5%
Nationwide Amundi Global High Yield Fund, Class R6	3.0%
Nationwide Loomis All Cap Growth Fund, Class R6	2.9%
Nationwide Emerging Markets Debt Fund, Class R6	2.0%
Other Holdings	2.4%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

18

Fund Performance Nationwide Investor Destinations Moderately Aggressive Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		11.40%		6.27%		8.65%
	w/ SC2		5.04%		5.01%		8.00%
Class C	w/o SC1		10.62%		5.50%		7.86%
	w/SC3		9.66%		N/A		N/A
Class R4,5			11.07%		5.96%		8.28%
Class R64,6			11.81%		6.64%		8.99%
Institutional Service Class4			11.73%		6.54%		6.45%	7
Service Class4			11.37%		6.23%		8.57%
Morningstar® Moderately Aggressive Target Risk Index			13.04%		6.97%		9.22%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of March 3, 2014.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class C		1.62%
Class R		1.20%
Class R6		0.55%
Institutional Service Class		0.65%
Service Class		0.95%

^ Current effective prospectus dated February 28, 2019. The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

19

Fund Performance (cont.) Nationwide Investor Destinations Moderately Aggressive Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Aggressive Fund versus the Morningstar® Moderately Aggressive Target Risk Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

20

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,027.40		2.66		0.52
	Hypothetical	(b)(c)		1,000.00		1,022.58		2.65		0.52
Class C Shares	Actual	(b)		1,000.00		1,022.60		6.37		1.25
	Hypothetical	(b)(c)		1,000.00		1,018.90		6.36		1.25
Class R Shares	Actual	(b)		1,000.00		1,024.60		4.29		0.84
	Hypothetical	(b)(c)		1,000.00		1,020.97		4.28		0.84
Class R6 Shares	Actual	(b)		1,000.00		1,028.10		0.92		0.18
	Hypothetical	(b)(c)		1,000.00		1,024.30		0.92		0.18
Institutional Service Class Shares	Actual	(b)		1,000.00		1,027.70		1.43		0.28
	Hypothetical	(b)(c)		1,000.00		1,023.79		1.43		0.28
Service Class Shares	Actual	(b)		1,000.00		1,027.20		2.96		0.58
	Hypothetical	(b)(c)		1,000.00		1,022.28		2.96		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 May 1, 2019 through October 31, 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.

21

Statement of Investments

October 31, 2019

Nationwide Investor Destinations Moderately Aggressive Fund

Investment Companies 92.9%
	Shares		Value
Alternative Assets 6.5%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		4,655,780	$	45,719,760
Nationwide Amundi Strategic Income Fund, Class R6 (a)		2,161,114		22,453,977
Nationwide Emerging Markets Debt Fund, Class R6 (a)		3,025,072		30,825,486
Total Alternative Assets (cost $98,701,994)				98,999,223
Equity Funds 75.1%
Nationwide International Index Fund, Class R6 (a)		34,921,216		275,877,610
Nationwide International Small Cap Fund, Class R6 (a)		5,484,048		53,853,355
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		3,725,250		45,448,055
Nationwide Mid Cap Market Index Fund, Class R6 (a)		7,851,689		121,936,738
Nationwide Multi-Cap Portfolio, Class R6 (a)		57,009,181		661,876,594
Total Equity Funds (cost $1,082,921,395)				1,158,992,352
Fixed Income Funds 11.3%
Nationwide Bond Index Fund, Class R6 (a)		8,707,270		98,827,514
Nationwide Core Plus Bond Fund, Class R6 (a)		5,833,498		60,785,050
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,489,975		14,989,150
Total Fixed Income Funds (cost $170,037,629)				174,601,714
Total Investment Companies (cost $1,351,661,018)				1,432,593,289
Exchange Traded Fund 7.2%
Equity Fund 7.2%
iShares Core MSCI Emerging Markets ETF		2,179,655		111,532,946
Total Exchange Traded Fund (cost $114,580,829)				111,532,946
Total Investments (cost $1,466,241,847) — 100.1%				1,544,126,235
Liabilities in excess of other assets — (0.1)%				(861,612	)
NET ASSETS — 100.0%			$	1,543,264,623

(a) Investment in affiliate.

ETF Exchange Traded Fund

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

22

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Investor Destinations Moderately Aggressive Fund
Assets:
Investment securities of affiliated issuers, at value (cost $1,351,661,018)	$	1,432,593,289
Investment securities of unaffiliated issuer, at value (cost $114,580,829)		111,532,946
Interest receivable		4
Receivable for investments sold		1,015,831
Receivable for capital shares issued		222,313
Prepaid expenses		39,558
Total Assets		1,545,403,941
Liabilities:
Payable for capital shares redeemed		1,224,829
Cash overdraft (Note 2)		87,157
Accrued expenses and other payables:
Investment advisory fees		168,287
Fund administration fees		41,023
Distribution fees		277,680
Administrative servicing fees		219,366
Accounting and transfer agent fees		18,214
Trustee fees		6,564
Custodian fees		22,089
Compliance program costs (Note 3)		2,103
Professional fees		31,031
Printing fees		20,785
Other		20,190
Total Liabilities		2,139,318
Net Assets	$	1,543,264,623
Represented by:
Capital	$	1,383,813,423
Total distributable earnings (loss)		159,451,200
Net Assets	$	1,543,264,623
Net Assets:
Class A Shares	$	147,843,150
Class C Shares		35,743,139
Class R Shares		112,622,378
Class R6 Shares		428,123,373
Institutional Service Class Shares		20,759,726
Service Class Shares		798,172,857
Total	$	1,543,264,623
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		15,107,304
Class C Shares		3,789,935
Class R Shares		11,902,787
Class R6 Shares		43,813,104
Institutional Service Class Shares		2,129,576
Service Class Shares		81,809,998
Total		158,552,704

23

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	9.79
Class C Shares (b)	$	9.43
Class R Shares	$	9.46
Class R6 Shares	$	9.77
Institutional Service Class Shares	$	9.75
Service Class Shares	$	9.76
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.

24

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Moderately Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	35,868,087
Dividend income from unaffiliated issuers		2,315,585
Interest income (unaffiliated)		41,637
Income from securities lending (Note 2)		37
Total Income		38,225,346
EXPENSES:
Investment advisory fees		1,980,267
Fund administration fees		393,802
Distribution fees Class A		336,806
Distribution fees Class C		494,561
Distribution fees Class R		599,736
Distribution fees Service Class		2,005,984
Administrative servicing fees Class A		122,377
Administrative servicing fees Class C		30,080
Administrative servicing fees Class R		191,918
Administrative servicing fees Institutional Service Class		19,905
Administrative servicing fees Service Class		1,203,596
Registration and filing fees		79,044
Professional fees		81,357
Printing fees		30,714
Trustee fees		55,166
Custodian fees		72,540
Accounting and transfer agent fees		73,781
Compliance program costs (Note 3)		7,481
Other		35,542
Total expenses before earnings credit		7,814,657
Earnings credit (Note 5)		(8,173	)
Net Expenses		7,806,484
NET INVESTMENT INCOME		30,418,862
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		74,573,155
Transactions in investment securities of unaffiliated issuer		(1,873,825	)
Expiration or closing of futures contracts (Note 2)		(6,832,499	)
Net realized gains		132,682,218
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		(3,479,830	)
Investment securities of unaffiliated issuer		4,758,768
Net change in unrealized appreciation/depreciation		1,278,938
Net realized/unrealized gains		133,961,156
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	164,380,018

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

25

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderately Aggressive Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	30,418,862		$	29,132,837
Net realized gains		132,682,218			163,345,650
Net change in unrealized appreciation/depreciation		1,278,938			(198,407,340	)
Change in net assets resulting from operations		164,380,018			(5,928,853	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(16,077,993	)		(16,958,296	)
Class C		(6,347,947	)		(7,104,541	)
Class R		(15,358,434	)		(17,660,281	)
Class R6		(47,802,209	)		(42,699,462	)
Institutional Service Class		(2,454,483	)		(2,459,978	)
Service Class		(96,562,745	)		(105,717,790	)
Change in net assets from shareholder distributions		(184,603,811	)		(192,600,348	)
Change in net assets from capital transactions		37,581,704			6,990,689
Change in net assets		17,357,911			(191,538,512	)
Net Assets:
Beginning of year		1,525,906,712			1,717,445,224
End of year	$	1,543,264,623		$	1,525,906,712
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	31,065,013		$	17,698,710
Proceeds from shares issued in class conversion (Note 1)		1,626,214			–
Dividends reinvested		12,051,356			11,298,116
Cost of shares redeemed		(32,780,823	)		(25,700,778	)
Total Class A Shares		11,961,760			3,296,048
Class C Shares
Proceeds from shares issued		4,675,055			5,250,824
Dividends reinvested		5,714,625			6,039,016
Cost of shares redeemed in class conversion (Note 1)		(1,626,214	)		–
Cost of shares redeemed		(25,609,881	)		(14,870,569	)
Total Class C Shares		(16,846,415	)		(3,580,729	)
Class R Shares
Proceeds from shares issued		5,789,330			9,736,561
Dividends reinvested		14,988,043			17,208,493
Cost of shares redeemed		(34,238,809	)		(41,567,551	)
Total Class R Shares		(13,461,436	)		(14,622,497	)
Class R6 Shares
Proceeds from shares issued		59,039,854			83,572,562
Dividends reinvested		46,750,892			42,680,465
Cost of shares redeemed		(47,950,344	)		(60,474,584	)
Total Class R6 Shares		57,840,402			65,778,443
Institutional Service Class Shares
Proceeds from shares issued		3,751,365			7,116,391
Dividends reinvested		1,562,387			479,348
Cost of shares redeemed		(4,522,799	)		(5,266,989	)
Total Institutional Service Class Shares		790,953			2,328,750

26

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderately Aggressive Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Service Class Shares
Proceeds from shares issued	$	31,949,748		$	40,957,204
Dividends reinvested		96,562,745			105,717,790
Cost of shares redeemed		(131,216,053	)		(192,884,320	)
Total Service Class Shares		(2,703,560	)		(46,209,326	)
Change in net assets from capital transactions	$	37,581,704		$	6,990,689
SHARE TRANSACTIONS:
Class A Shares
Issued		3,367,188			1,656,805
Issued in class conversion (Note 1)		172,634			–
Reinvested		1,437,251			1,076,230
Redeemed		(3,494,167	)		(2,390,239	)
Total Class A Shares		1,482,906			342,796
Class C Shares
Issued		529,231			507,106
Reinvested		709,629			593,346
Redeemed in class conversion (Note 1)		(179,098	)		–
Redeemed		(2,849,498	)		(1,433,163	)
Total Class C Shares		(1,789,736	)		(332,711	)
Class R Shares
Issued		641,447			934,731
Reinvested		1,852,726			1,688,489
Redeemed		(3,775,011	)		(3,979,734	)
Total Class R Shares		(1,280,838	)		(1,356,514	)
Class R6 Shares
Issued		6,270,952			7,735,248
Reinvested		5,574,771			4,071,183
Redeemed		(5,185,359	)		(5,639,646	)
Total Class R6 Shares		6,660,364			6,166,785
Institutional Service Class Shares
Issued		409,877			664,726
Reinvested		186,823			45,756
Redeemed		(485,219	)		(492,261	)
Total Institutional Service Class Shares		111,481			218,221
Service Class Shares
Issued		3,419,540			3,823,170
Reinvested		11,565,295			10,101,134
Redeemed		(13,878,450	)		(17,942,845	)
Total Service Class Shares		1,106,385			(4,018,541	)
Total change in shares		6,290,562			1,020,036

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

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

27

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
Year Ended October 31, 2019	$	10.08		0.19		0.74			0.93			(0.23	)		(0.99	)		(1.22	)	$	9.79		11.40%		$	147,843,150		0.53%		1.97%		0.53%		55.29%	(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%
Class C Shares
Year Ended October 31, 2019	$	9.76		0.12		0.71			0.83			(0.17	)		(0.99	)		(1.16	)	$	9.43		10.62%		$	35,743,139		1.25%		1.36%		1.25%		55.29%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.78		0.16		0.71			0.87			(0.20	)		(0.99	)		(1.19	)	$	9.46		11.07%		$	112,622,378		0.84%		1.72%		0.84%		55.29%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	10.06		0.22		0.75			0.97			(0.27	)		(0.99	)		(1.26	)	$	9.77		11.81%		$	428,123,373		0.18%		2.30%		0.18%		55.29%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	10.04		0.21		0.75			0.96			(0.26	)		(0.99	)		(1.25	)	$	9.75		11.73%		$	20,759,726		0.28%		2.22%		0.28%		55.29%	(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%
Service Class Shares
Year Ended October 31, 2019	$	10.05		0.18		0.75			0.93			(0.23	)		(0.99	)		(1.22	)	$	9.76		11.37%		$	798,172,857		0.58%		1.93%		0.58%		55.29%	(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%

(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 securities received or delivered in-kind.

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

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

28

Fund Commentary Nationwide Investor Destinations Moderate Fund

For the annual period ended October 31, 2019, the Nationwide Investor Destinations Moderate Fund (Class A at NAV*) returned 10.37% versus 12.46% for its benchmark, the Morningstar® Moderate Target Risk Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Allocation — 50% to 70% Equity (consisting of 703 funds as of October 31, 2019), was 9.90% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return for the reporting period was a product of positive results across asset classes and underlying investments. Although the market environment exhibited bouts of increased volatility and geopolitical uncertainty during the reporting period that often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as positive economic fundamentals and investor

demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying Fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.** Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 15 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%† and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Inflation-Protected Securities Fund (Class R6) and the underlying Nationwide Amundi Strategic Income Fund (Class R6), which posted returns of 8.82% and 6.33%, respectively, during the reporting period.

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

29

Fund Commentary (cont.) Nationwide Investor Destinations Moderate Fund

** Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

† The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest. The financial health of Nationwide Life may have a greater impact on the value of a Fund that invests in it.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

30

Fund Overview Nationwide Investor Destinations Moderate Fund

Asset Allocation¹

Equity Funds	65.9%
Fixed Income Funds	17.3%
Investment Contract	10.4%
Alternative Assets	6.5%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	37.2%
Nationwide International Index Fund, Class R6	14.5%
Nationwide Contract	10.4%
Nationwide Bond Index Fund, Class R6	6.4%
Nationwide Mid Cap Market Index Fund, Class R6	5.2%
Nationwide Core Plus Bond Fund, Class R6	5.0%
iShares Core MSCI Emerging Markets ETF	4.8%
Nationwide Loomis Short Term Bond Fund, Class R6	3.9%
Nationwide Amundi Global High Yield Fund, Class R6	3.0%
Nationwide Emerging Markets Debt Fund, Class R6	2.0%
Other Holdings	7.6%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

31

Fund Performance Nationwide Investor Destinations Moderate Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		10.37%		5.36%		7.22%
	w/ SC2		4.00%		4.12%		6.59%
Class C	w/o SC1		9.46%		4.59%		6.45%
	w/SC3		8.48%		N/A		N/A
Class R4,5			9.90%		5.05%		6.87%
Class R64,6			10.71%		5.73%		7.56%
Institutional Service Class4			10.60%		5.63%		5.57%	7
Service Class4			10.26%		5.31%		7.14%
Morningstar® Moderate Target Risk Index			12.46%		6.03%		7.81%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of March 3, 2014.

Expense Ratios

	Expense Ratio^
Class A		0.86%
Class C		1.58%
Class R		1.16%
Class R6		0.51%
Institutional Service Class		0.61%
Service Class		0.91%

^ Current effective prospectus dated February 28, 2019. The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

32

Fund Performance (cont.) Nationwide Investor Destinations Moderate Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderate Fund versus the Morningstar® Moderate Target Risk Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

33

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,027.30		2.71		0.53
	Hypothetical	(b)(c)		1,000.00		1,022.53		2.70		0.53
Class C Shares	Actual	(b)		1,000.00		1,023.20		6.37		1.25
	Hypothetical	(b)(c)		1,000.00		1,018.90		6.36		1.25
Class R Shares	Actual	(b)		1,000.00		1,025.60		4.29		0.84
	Hypothetical	(b)(c)		1,000.00		1,020.97		4.28		0.84
Class R6 Shares	Actual	(b)		1,000.00		1,029.30		0.97		0.19
	Hypothetical	(b)(c)		1,000.00		1,024.25		0.97		0.19
Institutional Service Class Shares	Actual	(b)		1,000.00		1,028.80		1.48		0.29
	Hypothetical	(b)(c)		1,000.00		1,023.74		1.48		0.29
Service Class Shares	Actual	(b)		1,000.00		1,027.20		3.01		0.59
	Hypothetical	(b)(c)		1,000.00		1,022.23		3.01		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 May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Investor Destinations Moderate Fund

Investment Companies 83.7%
	Shares		Value
Alternative Assets 6.5%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		3,812,808	$	37,441,774
Nationwide Amundi Strategic Income Fund, Class R6 (a)		1,776,088		18,453,556
Nationwide Emerging Markets Debt Fund, Class R6 (a)		2,477,571		25,246,445
Total Alternative Assets (cost $80,896,673)				81,141,775
Equity Funds 61.0%
Nationwide International Index Fund, Class R6 (a)		23,040,973		182,023,685
Nationwide International Small Cap Fund, Class R6 (a)		2,565,939		25,197,520
Nationwide Loomis All Cap Growth Fund, Class R6 (a)		2,033,337		24,806,716
Nationwide Mid Cap Market Index Fund, Class R6 (a)		4,216,310		65,479,287
Nationwide Multi-Cap Portfolio, Class R6 (a)		40,282,025		467,674,313
Total Equity Funds (cost $708,980,366)				765,181,521
Fixed Income Funds 16.2%
Nationwide Bond Index Fund, Class R6 (a)		7,137,707		81,012,977
Nationwide Core Plus Bond Fund, Class R6 (a)		5,972,564		62,234,114
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,220,443		12,277,661
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		4,802,890		48,509,194
Total Fixed Income Funds (cost $200,237,565)				204,033,946
Total Investment Companies (cost $990,114,604)				1,050,357,242
Exchange Traded Funds 6.0%
Equity Fund 4.9%
iShares Core MSCI Emerging Markets ETF		1,187,349		60,756,648
Fixed Income Fund 1.1%
iShares 20+ Year Treasury Bond ETF		95,239		13,451,557
Total Exchange Traded Funds (cost $75,896,323)				74,208,205

Investment Contract 10.4%
	Principal Amount		Value
Nationwide Contract, 2.50%^¥ (a)(b)	$	131,059,368	$	131,059,368
Total Investment Contract (cost $131,059,368)				131,059,368
Total Investments (cost $1,197,070,295) — 100.1%				1,255,624,815
Liabilities in excess of other assets — (0.1)%				(688,220	)
NET ASSETS — 100.0%			$	1,254,936,595

^ 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

October 31, 2019

	Nationwide Investor Destinations Moderate Fund
Assets:
Investment securities of affiliated issuers, at value (cost $1,121,173,972)	$	1,181,416,610
Investment securities of unaffiliated issuers, at value (cost $75,896,323)		74,208,205
Interest receivable		5
Receivable for investments sold		262,755
Receivable for capital shares issued		733,266
Prepaid expenses		40,414
Total Assets		1,256,661,255
Liabilities:
Payable for capital shares redeemed		946,072
Cash overdraft (Note 2)		57,757
Accrued expenses and other payables:
Investment advisory fees		137,076
Fund administration fees		34,887
Distribution fees		235,287
Administrative servicing fees		191,921
Accounting and transfer agent fees		16,961
Trustee fees		5,325
Custodian fees		33,299
Compliance program costs (Note 3)		1,717
Professional fees		27,108
Printing fees		18,477
Other		18,773
Total Liabilities		1,724,660
Net Assets	$	1,254,936,595
Represented by:
Capital	$	1,160,097,700
Total distributable earnings (loss)		94,838,895
Net Assets	$	1,254,936,595
Net Assets:
Class A Shares	$	137,178,765
Class C Shares		50,158,279
Class R Shares		89,053,324
Class R6 Shares		369,915,572
Institutional Service Class Shares		13,521,461
Service Class Shares		595,109,194
Total	$	1,254,936,595
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		14,232,473
Class C Shares		5,329,376
Class R Shares		9,541,885
Class R6 Shares		38,607,061
Institutional Service Class Shares		1,413,000
Service Class Shares		62,090,377
Total		131,214,172

36

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	9.64
Class C Shares (b)	$	9.41
Class R Shares	$	9.33
Class R6 Shares	$	9.58
Institutional Service Class Shares	$	9.57
Service Class Shares	$	9.58
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.23
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 Year Ended October 31, 2019

	Nationwide Investor Destinations Moderate Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	26,747,264
Interest income from affiliated issuers		3,422,120
Dividend income from unaffiliated issuers		1,645,696
Interest income (unaffiliated)		145,010
Income from securities lending (Note 2)		786
Total Income		31,960,876
EXPENSES:
Investment advisory fees		1,617,436
Fund administration fees		330,446
Distribution fees Class A		311,584
Distribution fees Class C		665,197
Distribution fees Class R		473,621
Distribution fees Service Class		1,499,077
Administrative servicing fees Class A		113,243
Administrative servicing fees Class C		42,598
Administrative servicing fees Class R		142,087
Administrative servicing fees Institutional Service Class		14,744
Administrative servicing fees Service Class		899,451
Registration and filing fees		81,492
Professional fees		70,325
Printing fees		33,249
Trustee fees		45,118
Custodian fees		80,977
Accounting and transfer agent fees		66,178
Compliance program costs (Note 3)		6,147
Other		29,093
Total expenses before earnings credit		6,522,063
Earnings credit (Note 5)		(43,060	)
Net Expenses		6,479,003
NET INVESTMENT INCOME		25,481,873
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		14,382,086
Transactions in investment securities of unaffiliated issuers		(2,253,792	)
Expiration or closing of futures contracts (Note 2)		(4,954,737	)
Net realized gains		49,632,599
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		40,771,699
Investment securities of unaffiliated issuers		5,746,428
Net change in unrealized appreciation/depreciation		46,518,127
Net realized/unrealized gains		96,150,726
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	121,632,599

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

38

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderate Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	25,481,873		$	24,520,531
Net realized gains		49,632,599			109,186,280
Net change in unrealized appreciation/depreciation		46,518,127			(134,952,179	)
Change in net assets resulting from operations		121,632,599			(1,245,368	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(12,889,468	)		(11,383,123	)
Class C		(7,061,283	)		(6,381,830	)
Class R		(10,305,816	)		(9,407,237	)
Class R6		(35,538,123	)		(26,770,658	)
Institutional Service Class		(1,757,231	)		(1,250,838	)
Service Class		(62,099,939	)		(52,488,678	)
Change in net assets from shareholder distributions		(129,651,860	)		(107,682,364	)
Change in net assets from capital transactions		13,218,282			(42,646,154	)
Change in net assets		5,199,021			(151,573,886	)
Net Assets:
Beginning of year		1,249,737,574			1,401,311,460
End of year	$	1,254,936,595		$	1,249,737,574
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	32,026,474		$	19,228,180
Proceeds from shares issued in class conversion (Note 1)		2,172,405			–
Dividends reinvested		9,522,676			7,654,518
Cost of shares redeemed		(38,664,255	)		(31,601,861	)
Total Class A Shares		5,057,300			(4,719,163	)
Class C Shares
Proceeds from shares issued		6,070,161			9,190,684
Dividends reinvested		6,379,476			5,501,004
Cost of shares redeemed in class conversion (Note 1)		(2,172,405	)		–
Cost of shares redeemed		(32,964,523	)		(24,270,406	)
Total Class C Shares		(22,687,291	)		(9,578,718	)
Class R Shares
Proceeds from shares issued		5,439,855			6,098,719
Dividends reinvested		10,051,023			9,072,282
Cost of shares redeemed		(26,121,905	)		(31,760,507	)
Total Class R Shares		(10,631,027	)		(16,589,506	)
Class R6 Shares
Proceeds from shares issued		68,619,839			69,501,512
Dividends reinvested		34,431,619			26,737,241
Cost of shares redeemed		(50,414,963	)		(73,242,102	)
Total Class R6 Shares		52,636,495			22,996,651

39

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderate Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	3,170,815		$	9,492,661
Dividends reinvested		1,010,761			481,148
Cost of shares redeemed		(8,155,240	)		(6,528,290	)
Total Institutional Service Class Shares		(3,973,664	)		3,445,519
Service Class Shares
Proceeds from shares issued		33,012,135			41,461,792
Dividends reinvested		62,099,939			52,488,678
Cost of shares redeemed		(102,295,605	)		(132,151,407	)
Total Service Class Shares		(7,183,531	)		(38,200,937	)
Change in net assets from capital transactions	$	13,218,282		$	(42,646,154	)
SHARE TRANSACTIONS:
Class A Shares
Issued		3,458,537			1,874,658
Issued in class conversion (Note 1)		232,343			–
Reinvested		1,122,418			755,689
Redeemed		(4,144,304	)		(3,069,799	)
Total Class A Shares		668,994			(439,452	)
Class C Shares
Issued		682,747			914,791
Reinvested		773,455			554,599
Redeemed in class conversion (Note 1)		(237,681	)		–
Redeemed		(3,642,162	)		(2,409,244	)
Total Class C Shares		(2,423,641	)		(939,854	)
Class R Shares
Issued		608,198			612,881
Reinvested		1,225,555			921,599
Redeemed		(2,924,358	)		(3,175,411	)
Total Class R Shares		(1,090,605	)		(1,640,931	)
Class R6 Shares
Issued		7,402,046			6,768,320
Reinvested		4,071,421			2,654,052
Redeemed		(5,487,037	)		(7,207,481	)
Total Class R6 Shares		5,986,430			2,214,891
Institutional Service Class Shares
Issued		350,331			935,283
Reinvested		120,081			47,787
Redeemed		(893,333	)		(635,639	)
Total Institutional Service Class Shares		(422,921	)		347,431
Service Class Shares
Issued		3,569,877			4,052,404
Reinvested		7,367,135			5,208,030
Redeemed		(11,019,176	)		(12,851,828	)
Total Service Class Shares		(82,164	)		(3,591,394	)
Total change in shares		2,636,093			(4,049,309	)

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

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

40

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Moderate Fund
DECREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	121,632,599
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		(505,010,490	)
Proceeds from disposition of investment securities of affiliated issuers		217,120,114
Purchase of investment securities of unaffiliated issuers		(33,032,546	)
Proceeds from disposition of investment securities of unaffiliated issuers		446,255,134
Reinvestment of dividend income from affiliated issuers		(26,747,264	)
Reinvestment of interest income from affiliated issuers		(3,422,120	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(40,771,699	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(5,746,428	)
Reinvestment of net realized gain distributions from affiliated issuers		(42,459,042	)
Net realized gain from investment transactions with affiliated issuers		(14,382,086	)
Net realized loss from transactions in investment securities of unaffiliated issuers		2,253,792
Decrease in receivable for investments sold		25,353
Increase in interest and dividends receivable		(5	)
Increase in prepaid expenses		(4,154	)
Decrease in investment advisory fees payable		(4,307	)
Decrease in fund administration fees payable		(6,254	)
Decrease in distribution fees payable		(34,957	)
Decrease in administrative servicing fees payable		(13,174	)
Decrease in accounting and transfer agent fees payable		(5,339	)
Increase in trustee fees payable		1,211
Increase in custodian fees payable		22,949
Increase in compliance program costs payable		882
Increase in professional fees payable		4,763
Increase in printing fees payable		3,198
Increase in other payables		1,512
Net cash provided by operating activities		115,681,642
Cash flows used in financing activities:
Proceeds from shares issued		148,561,139
Cost of shares redeemed		(258,146,318	)
Cash overdraft		57,757
Cash distributions paid to shareholders		(6,156,366	)
Net cash used in financing activities		(115,683,788	)
Net decrease in cash		(2,146	)
Cash:
Beginning of period		2,146
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $123,495,494.
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 $72,628,426.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $428,812,472.

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 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
Year Ended October 31, 2019	$	9.79		0.19		0.68			0.87			(0.22	)		(0.80	)		(1.02	)	$	9.64		10.37%		$	137,178,765		0.53%		2.03%		0.53%		49.80%	(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%
Class C Shares
Year Ended October 31, 2019	$	9.59		0.13		0.64			0.77			(0.15	)		(0.80	)		(0.95	)	$	9.41		9.46%		$	50,158,279		1.25%		1.39%		1.25%		49.80%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.52		0.16		0.64			0.80			(0.19	)		(0.80	)		(0.99	)	$	9.33		9.90%		$	89,053,324		0.84%		1.77%		0.84%		49.80%	(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%
Class R6 Shares (i)
Year Ended October 31, 2019	$	9.74		0.22		0.67			0.89			(0.25	)		(0.80	)		(1.05	)	$	9.58		10.71%		$	369,915,572		0.19%		2.35%		0.19%		49.80%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.73		0.22		0.66			0.88			(0.24	)		(0.80	)		(1.04	)	$	9.57		10.60%		$	13,521,461		0.29%		2.39%		0.29%		49.80%	(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%
Service Class Shares
Year Ended October 31, 2019	$	9.74		0.18		0.67			0.85			(0.21	)		(0.80	)		(1.01	)	$	9.58		10.26%		$	595,109,194		0.59%		1.98%		0.59%		49.80%	(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%

(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 securities 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 February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

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

42

Fund Commentary Nationwide Investor Destinations Moderately Conservative Fund

For the annual period ended October 31, 2019, the Nationwide Investor Destinations Moderately Conservative Fund (Class A at NAV*) returned 9.11% versus 11.67% for its benchmark, the Morningstar® Moderately Conservative Target Risk Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Allocation Funds — 30% to 50% Equity (consisting of 558 funds as of October 31, 2019), was 9.29% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return for the reporting period was a product of positive results across asset classes and underlying investments. Although the market environment exhibited bouts of increased volatility and geopolitical uncertainty during the reporting period that often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as positive economic fundamentals and investor

demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying Fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.** Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 14 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide International Index Fund (Class R6) returned 17.11%† and 11.02%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide International Small Cap Fund (Class R6) and the underlying Nationwide Emerging Markets Debt Fund (Class R6), which posted returns of 11.37% and 15.04%, respectively, during the reporting period.

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

43

Fund Commentary (cont.) Nationwide Investor Destinations Moderately Conservative Fund

** Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

† The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including, but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest. The financial health of Nationwide Life may have a greater impact on the value of a Fund that invests in it.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of any Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

44

Fund Overview Nationwide Investor Destinations Moderately Conservative Fund

Asset Allocation¹

Equity Funds	44.9%
Fixed Income Funds	33.4%
Investment Contract	16.3%
Alternative Assets	5.5%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

Nationwide Multi-Cap Portfolio, Class R6	25.9%
Nationwide Contract	16.3%
Nationwide Bond Index Fund, Class R6	14.5%
Nationwide International Index Fund, Class R6	10.1%
Nationwide Loomis Short Term Bond Fund, Class R6	7.8%
Nationwide Core Plus Bond Fund, Class R6	7.0%
Nationwide Mid Cap Market Index Fund, Class R6	4.5%
iShares Core MSCI Emerging Markets ETF	3.4%
Nationwide Amundi Global High Yield Fund, Class R6	3.0%
Nationwide Inflation-Protected Securities Fund, Class R6	2.9%
Other Holdings	4.6%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

45

Fund Performance Nationwide Investor Destinations Moderately Conservative Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		9.11%		4.42%		5.70%
	w/ SC2		2.87%		3.19%		5.07%
Class C	w/o SC1		8.37%		3.66%		4.94%
	w/SC3		7.37%		N/A		N/A
Class R4,5			8.74%		4.08%		5.35%
Class R64,6			9.47%		4.77%		6.04%
Institutional Service Class4			9.38%		4.66%		4.66%	7
Service Class4			8.96%		4.34%		5.61%
Morningstar® Moderately Conservative Target Risk Index			11.67%		5.07%		6.28%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³ A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of March 3, 2014.

Expense Ratios

	Expense Ratio^
Class A		0.84%
Class C		1.57%
Class R		1.15%
Class R6		0.50%
Institutional Service Class		0.59%
Service Class		0.90%

^ Current effective prospectus dated February 28, 2019. The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

46

Fund Performance (cont.) Nationwide Investor Destinations Moderately Conservative Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Conservative Fund versus the Morningstar® Moderately Conservative Target Risk Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

47

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,030.10		2.76		0.54
	Hypothetical	(b)(c)		1,000.00		1,022.48		2.75		0.54
Class C Shares	Actual	(b)		1,000.00		1,026.50		6.54		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.75		6.51		1.28
Class R Shares	Actual	(b)		1,000.00		1,027.30		4.39		0.86
	Hypothetical	(b)(c)		1,000.00		1,020.87		4.38		0.86
Class R6 Shares	Actual	(b)		1,000.00		1,031.40		1.08		0.21
	Hypothetical	(b)(c)		1,000.00		1,024.15		1.07		0.21
Institutional Service Class Shares	Actual	(b)		1,000.00		1,030.90		1.89		0.37
	Hypothetical	(b)(c)		1,000.00		1,023.34		1.89		0.37
Service Class Shares	Actual	(b)		1,000.00		1,029.40		3.17		0.62
	Hypothetical	(b)(c)		1,000.00		1,022.08		3.16		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 May 1, 2019 through October 31, 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.

48

Statement of Investments

October 31, 2019

Nationwide Investor Destinations Moderately Conservative Fund

Investment Companies 79.3%
	Shares		Value
Alternative Assets 5.5%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		1,335,682	$	13,116,399
Nationwide Amundi Strategic Income Fund, Class R6 (a)		622,086		6,463,475
Nationwide Emerging Markets Debt Fund, Class R6 (a)		433,980		4,422,258
Total Alternative Assets (cost $24,015,017)				24,002,132
Equity Funds 41.5%
Nationwide International Index Fund, Class R6 (a)		5,566,847		43,978,092
Nationwide International Small Cap Fund, Class R6 (a)		449,626		4,415,324
Nationwide Mid Cap Market Index Fund, Class R6 (a)		1,268,664		19,702,350
Nationwide Multi-Cap Portfolio, Class R6 (a)		9,734,232		113,014,431
Total Equity Funds (cost $168,220,644)				181,110,197
Fixed Income Funds 32.3%
Nationwide Bond Index Fund, Class R6 (a)		5,573,789		63,262,504
Nationwide Core Plus Bond Fund, Class R6 (a)		2,928,442		30,514,369
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,282,155		12,898,482
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		3,363,987		33,976,267
Total Fixed Income Funds (cost $137,632,864)				140,651,622
Total Investment Companies (cost $329,868,525)				345,763,951
Exchange Traded Funds 4.5%
Equity Fund 3.4%
iShares Core MSCI Emerging Markets ETF		291,577		14,919,994
Fixed Income Fund 1.1%
iShares 20+ Year Treasury Bond ETF		33,284		4,701,033
Total Exchange Traded Funds (cost $19,774,971)				19,621,027

Investment Contract 16.3%
	Principal Amount		Value
Nationwide Contract, 2.50%^¥ (a)(b)	$	70,933,606	$	70,933,606
Total Investment Contract (cost $70,933,606)				70,933,606
Total Investments (cost $420,577,102) — 100.1%				436,318,584
Liabilities in excess of other assets — (0.1)%				(236,511	)
NET ASSETS — 100.0%			$	436,082,073

^ 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.

49

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Investor Destinations Moderately Conservative Fund
Assets:
Investment securities of affiliated issuers, at value (cost $400,802,131)	$	416,697,557
Investment securities of unaffiliated issuers, at value (cost $19,774,971)		19,621,027
Interest receivable		6
Receivable for investments sold		245,165
Receivable for capital shares issued		47,279
Prepaid expenses		35,185
Total Assets		436,646,219
Liabilities:
Payable for capital shares redeemed		258,452
Cash overdraft (Note 2)		20,957
Accrued expenses and other payables:
Investment advisory fees		48,146
Fund administration fees		17,469
Distribution fees		96,440
Administrative servicing fees		63,068
Accounting and transfer agent fees		8,932
Trustee fees		1,848
Custodian fees		11,475
Compliance program costs (Note 3)		597
Professional fees		15,217
Printing fees		11,614
Other		9,931
Total Liabilities		564,146
Net Assets	$	436,082,073
Represented by:
Capital	$	417,432,706
Total distributable earnings (loss)		18,649,367
Net Assets	$	436,082,073
Net Assets:
Class A Shares	$	60,255,588
Class C Shares		42,816,557
Class R Shares		34,742,070
Class R6 Shares		137,632,868
Institutional Service Class Shares		8,865,165
Service Class Shares		151,769,825
Total	$	436,082,073
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		6,033,786
Class C Shares		4,313,198
Class R Shares		3,470,378
Class R6 Shares		13,605,581
Institutional Service Class Shares		880,780
Service Class Shares		15,084,434
Total		43,388,157

50

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	9.99
Class C Shares (b)	$	9.93
Class R Shares	$	10.01
Class R6 Shares	$	10.12
Institutional Service Class Shares	$	10.07
Service Class Shares	$	10.06
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.60
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.

51

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Moderately Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	9,376,075
Interest income from affiliated issuers		1,872,335
Dividend income from unaffiliated issuers		342,482
Interest income (unaffiliated)		48,134
Income from securities lending (Note 2)		38
Total Income		11,639,064
EXPENSES:
Investment advisory fees		568,118
Fund administration fees		147,265
Distribution fees Class A		143,423
Distribution fees Class C		467,938
Distribution fees Class R		187,942
Distribution fees Service Class		384,378
Administrative servicing fees Class A		46,369
Administrative servicing fees Class C		28,440
Administrative servicing fees Class R		56,383
Administrative servicing fees Institutional Service Class		14,773
Administrative servicing fees Service Class		243,504
Registration and filing fees		80,420
Professional fees		37,038
Printing fees		26,109
Trustee fees		15,906
Custodian fees		28,499
Accounting and transfer agent fees		33,549
Compliance program costs (Note 3)		2,167
Other		12,614
Total expenses before earnings credit		2,524,835
Earnings credit (Note 5)		(14,885	)
Net Expenses		2,509,950
NET INVESTMENT INCOME		9,129,114
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		189,286
Transactions in investment securities of unaffiliated issuers		(679,838	)
Expiration or closing of futures contracts (Note 2)		(1,153,104	)
Net realized gains		8,178,600
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		19,400,950
Investment securities of unaffiliated issuers		1,268,374
Net change in unrealized appreciation/depreciation		20,669,324
Net realized/unrealized gains		28,847,924
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,977,038

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

52

Statements of Changes in Net Assets

	Nationwide Investor Destinations Moderately Conservative Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	9,129,114		$	8,807,542
Net realized gains		8,178,600			23,007,918
Net change in unrealized appreciation/depreciation		20,669,324			(32,371,293	)
Change in net assets resulting from operations		37,977,038			(555,833	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(4,188,823	)		(3,805,431	)
Class C		(3,177,028	)		(2,586,977	)
Class R		(2,732,393	)		(2,671,373	)
Class R6		(9,663,634	)		(7,298,430	)
Institutional Service Class		(927,171	)		(684,679	)
Service Class		(11,069,959	)		(9,866,834	)
Change in net assets from shareholder distributions		(31,759,008	)		(26,913,724	)
Change in net assets from capital transactions		(7,277,603	)		(23,296,844	)
Change in net assets		(1,059,573	)		(50,766,401	)
Net Assets:
Beginning of year		437,141,646			487,908,047
End of year	$	436,082,073		$	437,141,646
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	12,112,207		$	11,697,906
Proceeds from shares issued in class conversion (Note 1)		812,375			–
Dividends reinvested		3,450,035			2,690,453
Cost of shares redeemed		(16,227,113	)		(18,611,431	)
Total Class A Shares		147,504			(4,223,072	)
Class C Shares
Proceeds from shares issued		6,300,791			7,700,352
Dividends reinvested		2,868,899			2,332,597
Cost of shares redeemed in class conversion (Note 1)		(812,375	)		–
Cost of shares redeemed		(12,812,529	)		(13,031,496	)
Total Class C Shares		(4,455,214	)		(2,998,547	)
Class R Shares
Proceeds from shares issued		3,887,740			4,050,412
Dividends reinvested		2,684,165			2,538,715
Cost of shares redeemed		(12,067,824	)		(15,342,985	)
Total Class R Shares		(5,495,919	)		(8,753,858	)
Class R6 Shares
Proceeds from shares issued		32,218,703			26,917,866
Dividends reinvested		9,056,022			7,280,326
Cost of shares redeemed		(26,555,292	)		(26,130,869	)
Total Class R6 Shares		14,719,433			8,067,323

53

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Moderately Conservative Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	7,292,097		$	8,159,837
Dividends reinvested		573,819			348,121
Cost of shares redeemed		(11,848,325	)		(5,681,734	)
Total Institutional Service Class Shares		(3,982,409	)		2,826,224
Service Class Shares
Proceeds from shares issued		16,305,384			18,428,830
Dividends reinvested		11,069,959			9,866,834
Cost of shares redeemed		(35,586,341	)		(46,510,578	)
Total Service Class Shares		(8,210,998	)		(18,214,914	)
Change in net assets from capital transactions	$	(7,277,603	)	$	(23,296,844	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,254,378			1,140,314
Issued in class conversion (Note 1)		82,980			–
Reinvested		379,302			264,217
Redeemed		(1,674,849	)		(1,812,656	)
Total Class A Shares		41,811			(408,125	)
Class C Shares
Issued		660,859			755,357
Reinvested		318,755			230,318
Redeemed in class conversion (Note 1)		(83,406	)		–
Redeemed		(1,339,140	)		(1,279,775	)
Total Class C Shares		(442,932	)		(294,100	)
Class R Shares
Issued		400,855			394,293
Reinvested		295,191			248,881
Redeemed		(1,238,459	)		(1,497,494	)
Total Class R Shares		(542,413	)		(854,320	)
Class R6 Shares
Issued		3,284,977			2,583,499
Reinvested		981,257			707,142
Redeemed		(2,716,471	)		(2,512,656	)
Total Class R6 Shares		1,549,763			777,985
Institutional Service Class Shares
Issued		761,020			786,617
Reinvested		62,581			33,928
Redeemed		(1,215,794	)		(553,867	)
Total Institutional Service Class Shares		(392,193	)		266,678
Service Class Shares
Issued		1,679,630			1,783,793
Reinvested		1,209,652			962,429
Redeemed		(3,633,357	)		(4,486,655	)
Total Service Class Shares		(744,075	)		(1,740,433	)
Total change in shares		(530,039	)		(2,252,315	)

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

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

54

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Moderately Conservative Fund
DECREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	37,977,038
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		(147,427,650	)
Proceeds from disposition of investment securities of affiliated issuers		95,555,362
Purchase of investment securities of unaffiliated issuers		(14,282,289	)
Proceeds from disposition of investment securities of unaffiliated issuers		108,421,435
Reinvestment of dividend income from affiliated issuers		(9,376,075	)
Reinvestment of interest income from affiliated issuers		(1,872,335	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(19,400,950	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(1,268,374	)
Reinvestment of net realized gain distributions from affiliated issuers		(9,822,256	)
Net realized gain from investment transactions with affiliated issuers		(189,286	)
Net realized loss from transactions in investment securities of unaffiliated issuers		679,838
Decrease in receivable for investments sold		938,517
Increase in interest and dividends receivable		(6	)
Increase in prepaid expenses		(3,054	)
Decrease in investment advisory fees payable		(1,056	)
Decrease in fund administration fees payable		(4,761	)
Decrease in distribution fees payable		(9,061	)
Increase in administrative servicing fees payable		19,821
Decrease in accounting and transfer agent fees payable		(2,209	)
Increase in trustee fees payable		413
Increase in custodian fees payable		7,973
Increase in compliance program costs payable		305
Decrease in professional fees payable		(1,261	)
Increase in printing fees payable		5,186
Increase in other payables		226
Net cash provided by operating activities		39,945,491
Cash flows used in financing activities:
Proceeds from shares issued		78,225,135
Cost of shares redeemed		(116,136,174	)
Cash overdraft		20,957
Cash distributions paid to shareholders		(2,056,109	)
Net cash used in financing activities		(39,946,191	)
Net decrease in cash		(700	)
Cash:
Beginning of period		700
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $29,702,899.
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 $21,070,666.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $102,667,090.

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

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

55

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
Year Ended October 31, 2019	$	9.90		0.20		0.62			0.82			(0.22	)		(0.51	)		(0.73	)	$	9.99		9.11%		$	60,255,588		0.55%		2.10%		0.55%		42.30%	(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%
Class C Shares
Year Ended October 31, 2019	$	9.84		0.14		0.61			0.75			(0.15	)		(0.51	)		(0.66	)	$	9.93		8.37%		$	42,816,557		1.28%		1.40%		1.28%		42.30%	(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%
Class R Shares
Year Ended October 31, 2019	$	9.92		0.18		0.61			0.79			(0.19	)		(0.51	)		(0.70	)	$	10.01		8.74%		$	34,742,070		0.87%		1.82%		0.87%		42.30%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	10.02		0.24		0.62			0.86			(0.25	)		(0.51	)		(0.76	)	$	10.12		9.47%		$	137,632,868		0.22%		2.43%		0.22%		42.30%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.97		0.23		0.62			0.85			(0.24	)		(0.51	)		(0.75	)	$	10.07		9.38%		$	8,865,165		0.35%		2.35%		0.35%		42.30%	(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%
Service Class Shares
Year Ended October 31, 2019	$	9.97		0.20		0.61			0.81			(0.21	)		(0.51	)		(0.72	)	$	10.06		8.96%		$	151,769,825		0.63%		2.04%		0.63%		42.30%	(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%

(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 securities received or delivered in-kind.

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

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

56

Fund Commentary Nationwide Investor Destinations Conservative Fund

For the annual period ended October 31, 2019, the Nationwide Investor Destinations Conservative Fund (Class A at NAV*) returned 7.95% versus 10.72% for its benchmark, the Morningstar® Conservative Target Risk Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Allocation — 15% to 30% Equity (consisting of 198 funds as of October 31, 2019), was 8.10% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s return for the reporting period was a product of positive results across asset classes and underlying investments. Although the market environment exhibited bouts of increased volatility and geopolitical uncertainty during the reporting period that often affected the day-to-day performance of asset classes, the overall result was almost uniformly positive.

During the reporting period, U.S. stocks posted strong results, with large-capitalization stocks leading the way as the S&P 500® Index returned 14.33% over the reporting period. U.S. mid-capitalization stocks, represented by the S&P MidCap 400® Index, returned 9.02%, and U.S. small-capitalization stocks also posted positive results during the reporting period, with the Russell 2000® Index returning 4.90%. Non-U.S. stocks faced the headwinds of sluggish economic growth and global trade concerns, and thus did not fare as well as the S&P 500® Index. For the reporting period, the MSCI EAFE® Index (representing non-U.S. developed market countries) returned 11.04%, and the MSCI Emerging Markets® Index was up 11.86%.

U.S. and non-U.S. bonds also showed positive results during the reporting period amid continued economic growth paired with falling interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index returned 11.51% as the Federal Reserve cut interest rates during the reporting period. Meanwhile the ICE Bank of America/Merrill Lynch US High Yield Master II Index returned 8.32% for the reporting period, as positive economic fundamentals and investor

demand for yield helped keep credit spreads tight. The S&P/Citi International Treasury Bond ex-US Index (which tracks sovereign debt in non-U.S. developed markets) returned 7.82% for the reporting period as international interest rates also fell amid economic and geopolitical uncertainty and central bank easing.

On December 13, 2018, the Fund invested in a new underlying Fund, the Nationwide Multi-Cap Portfolio, which is benchmarked to the Russell 3000® Index and intended to exceed the benchmark’s performance with limited tracking error via less-correlated alpha-generation strategies.** Allocations to the underlying Nationwide S&P 500 Index Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap Index Fund subsequently were reduced.

The Fund temporarily held U.S. equity futures while transitioning assets into the Nationwide Multi-Cap Portfolio. The impact of holding U.S. equity futures was not material to Fund performance over the reporting period.

All of the Fund’s 14 underlying investments held during the reporting period posted positive returns. The underlying Nationwide Multi-Cap Portfolio (Class R6) and the underlying Nationwide Bond Index Fund (Class R6) returned 17.11%† and 11.34%, respectively, and were the largest contributors to the Fund’s returns for the period. The smallest contributors to Fund returns were the underlying Nationwide Emerging Markets Debt Fund (Class R6) and the underlying iShares Core MSCI Emerging Markets ETF, which posted returns of 15.04% and 11.64%, respectively, during the reporting period.

Adviser:

Nationwide Fund Advisors

Portfolio Managers:

Christopher C. Graham; Keith P. Robinette, CFA; and Andrew Urban, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

57

Fund Commentary (cont.) Nationwide Investor Destinations Conservative Fund

** Alpha is an investment’s return that is not a result of general market movement and refers to excess returns over the benchmark. An alpha of zero means that a fund is tracking perfectly with the benchmark index and that the manager has not added or lost additional value compared to the overall market.

† The return shown is for the period when the Fund added the Nationwide Multi-Cap Portfolio as an underlying investment on December 13, 2018, through October 31, 2019, rather than the full reporting period.

The Fund is designed to provide diversification across a variety of asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Fund, each investor is indirectly paying a proportionate share of the applicable fees and expenses of its underlying funds.

The Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, the Fund’s underlying funds may be subject to specific investment risks, including but not limited to: stock market risk (equity securities); default risk and interest rate risk — if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up (bonds); currency fluctuations, political risks, differences in accounting and limited availability of information (international securities); and derivatives risk (many derivatives create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund may invest in the Nationwide Contract, which is a fixed interest contract issued by Nationwide Life Insurance Company (Nationwide Life), an affiliate of the Fund’s investment adviser, Nationwide Fund Advisors (NFA). Neither the Fund, the Adviser, Nationwide Life nor any of its affiliates guarantees a Fund’s performance or that a Fund will provide a certain level of income. If Nationwide Life becomes unable to meet the contract terms, a Fund that invests in the Nationwide Contract may lose money from unpaid principal or unpaid or reduced interest. The financial health of Nationwide Life may have a greater impact on the value of a Fund that invests in it.

Asset allocation is 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 allocation does not assure a profit or protect against a loss in a down market.

There is no assurance that the investment objective of any Fund (or that of any underlying fund) will be achieved or that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

NFA, the Fund’s investment adviser, makes both the asset allocation and underlying fund selection decisions for the Fund. Nationwide Asset Management, LLC (NWAM) provides asset allocation consulting services to NFA. In addition, NWAM serves as the subadviser to certain other Nationwide Funds. NWAM is a registered investment adviser and wholly owned subsidiary of Nationwide Mutual Insurance Company, and therefore is affiliated with NFA.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

58

Fund Overview Nationwide Investor Destinations Conservative Fund

Asset Allocation¹

Fixed Income Funds	48.1%
Investment Contract	23.2%
Equity Funds	22.7%
Alternative Assets	6.0%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Holdings²

Nationwide Contract	23.2%
Nationwide Bond Index Fund, Class R6	18.2%
Nationwide Loomis Short Term Bond Fund, Class R6	13.8%
Nationwide Multi-Cap Portfolio, Class R6	13.1%
Nationwide Core Plus Bond Fund, Class R6	9.1%
Nationwide International Index Fund, Class R6	5.6%
Nationwide Inflation-Protected Securities Fund, Class R6	5.0%
Nationwide Amundi Strategic Income Fund, Class R6	3.0%
iShares 20+ Year Treasury Bond ETF	2.1%
Nationwide Mid Cap Market Index Fund, Class R6	2.0%
Other Holdings	4.9%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

59

Fund Performance Nationwide Investor Destinations Conservative Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		7.95%		3.33%		3.95%
	w/ SC2		1.75%		2.11%		3.34%
Class C	w/o SC1		7.08%		2.58%		3.20%
	w/SC3		6.08%		N/A		N/A
Class R4,5			7.51%		3.00%		3.61%
Class R64,6			8.16%		3.66%		4.27%
Institutional Service Class4			8.21%		3.58%		3.61%	7
Service Class4			7.74%		3.27%		3.86%
Morningstar® Conservative Target Risk Index			10.72%		3.79%		4.52%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of March 3, 2014.

Expense Ratios

	Expense Ratio^
Class A		0.81%
Class C		1.55%
Class R		1.13%
Class R6		0.48%
Institutional Service Class		0.56%
Service Class		0.88%

^ Current effective prospectus dated February 28, 2019. The expense ratio also includes indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

60

Fund Performance (cont.) Nationwide Investor Destinations Conservative Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Conservative Fund versus the Morningstar® Conservative Target Risk Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

61

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19(a)		Expense Ratio During Period (%) 5/1/19 - 10/31/19(a)
Class A Shares	Actual	(b)		1,000.00		1,031.50		2.77		0.54
	Hypothetical	(b)(c)		1,000.00		1,022.48		2.75		0.54
Class C Shares	Actual	(b)		1,000.00		1,026.80		6.54		1.28
	Hypothetical	(b)(c)		1,000.00		1,018.75		6.51		1.28
Class R Shares	Actual	(b)		1,000.00		1,028.80		4.45		0.87
	Hypothetical	(b)(c)		1,000.00		1,020.82		4.43		0.87
Class R6 Shares	Actual	(b)		1,000.00		1,032.00		1.08		0.21
	Hypothetical	(b)(c)		1,000.00		1,024.15		1.07		0.21
Institutional Service Class Shares	Actual	(b)		1,000.00		1,032.70		1.43		0.28
	Hypothetical	(b)(c)		1,000.00		1,023.79		1.43		0.28
Service Class Shares	Actual	(b)		1,000.00		1,030.00		3.12		0.61
	Hypothetical	(b)(c)		1,000.00		1,022.13		3.11		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 May 1, 2019 through October 31, 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.

62

Statement of Investments

October 31, 2019

Nationwide Investor Destinations Conservative Fund

Investment Companies 73.2%
	Shares		Value
Alternative Assets 6.0%
Nationwide Amundi Global High Yield Fund, Class R6 (a)		1,375,830	$	13,510,646
Nationwide Amundi Strategic Income Fund, Class R6 (a)		1,916,991		19,917,542
Nationwide Emerging Markets Debt Fund, Class R6 (a)		670,317		6,830,533
Total Alternative Assets (cost $40,372,818)				40,258,721
Equity Funds 21.2%
Nationwide International Index Fund, Class R6 (a)		4,734,667		37,403,872
Nationwide International Small Cap Fund, Class R6 (a)		347,448		3,411,935
Nationwide Mid Cap Market Index Fund, Class R6 (a)		870,651		13,521,210
Nationwide Multi-Cap Portfolio, Class R6 (a)		7,525,719		87,373,601
Total Equity Funds (cost $132,570,445)				141,710,618
Fixed Income Funds 46.0%
Nationwide Bond Index Fund, Class R6 (a)		10,695,241		121,390,984
Nationwide Core Plus Bond Fund, Class R6 (a)		5,818,610		60,629,919
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		3,303,334		33,231,544
Nationwide Loomis Short Term Bond Fund, Class R6 (a)		9,112,352		92,034,760
Total Fixed Income Funds (cost $300,685,440)				307,287,207
Total Investment Companies (cost $473,628,703)				489,256,546
Exchange Traded Funds 3.6%
Equity Fund 1.5%
iShares Core MSCI Emerging Markets ETF		189,728		9,708,382
Fixed Income Fund 2.1%
iShares 20+ Year Treasury Bond ETF		99,518		14,055,922
Total Exchange Traded Funds (cost $23,626,918)				23,764,304

Investment Contract 23.2%
	Principal Amount		Value
Nationwide Contract, 2.50%^¥ (a)(b)	$	155,037,226	$	155,037,226
Total Investment Contract (cost $155,037,226)				155,037,226
Total Investments (cost $652,292,847) — 100.0%				668,058,076
Liabilities in excess of other assets — 0.0%†				(193,133	)
NET ASSETS — 100.0%			$	667,864,943

^ 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.

63

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Investor Destinations Conservative Fund
Assets:
Investment securities of affiliated issuers, at value (cost $628,665,929)	$	644,293,772
Investment securities of unaffiliated issuers, at value (cost $23,626,918)		23,764,304
Interest receivable		14
Receivable for investments sold		451,348
Receivable for capital shares issued		641,852
Prepaid expenses		35,357
Total Assets		669,186,647
Liabilities:
Payable for capital shares redeemed		845,236
Cash overdraft (Note 2)		50,853
Accrued expenses and other payables:
Investment advisory fees		73,438
Fund administration fees		22,311
Distribution fees		161,647
Administrative servicing fees		81,707
Accounting and transfer agent fees		13,002
Trustee fees		2,825
Custodian fees		17,219
Compliance program costs (Note 3)		925
Professional fees		18,329
Printing fees		26,131
Other		8,081
Total Liabilities		1,321,704
Net Assets	$	667,864,943
Represented by:
Capital	$	653,950,765
Total distributable earnings (loss)		13,914,178
Net Assets	$	667,864,943
Net Assets:
Class A Shares	$	84,754,172
Class C Shares		124,962,092
Class R Shares		28,863,925
Class R6 Shares		92,131,438
Institutional Service Class Shares		219,475,997
Service Class Shares		117,677,319
Total	$	667,864,943
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		8,262,150
Class C Shares		12,251,858
Class R Shares		2,820,695
Class R6 Shares		8,932,323
Institutional Service Class Shares		21,332,181
Service Class Shares		11,433,423
Total		65,032,630

64

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	10.26
Class C Shares (b)	$	10.20
Class R Shares	$	10.23
Class R6 Shares	$	10.31
Institutional Service Class Shares	$	10.29
Service Class Shares	$	10.29
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.89
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.

65

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliated issuers	$	13,642,121
Interest income from affiliated issuers		3,990,922
Dividend income from unaffiliated issuers		453,403
Interest income (unaffiliated)		128,958
Income from securities lending (Note 2)		859
Total Income		18,216,263
EXPENSES:
Investment advisory fees		858,586
Fund administration fees		197,769
Distribution fees Class A		203,357
Distribution fees Class C		1,328,699
Distribution fees Class R		148,239
Distribution fees Service Class		290,873
Administrative servicing fees Class A		65,075
Administrative servicing fees Class C		93,008
Administrative servicing fees Class R		47,185
Administrative servicing fees Institutional Service Class		148,044
Administrative servicing fees Service Class		174,525
Registration and filing fees		85,777
Professional fees		45,750
Printing fees		59,636
Trustee fees		24,107
Custodian fees		43,204
Accounting and transfer agent fees		47,532
Compliance program costs (Note 3)		3,293
Other		18,120
Total expenses before earnings credit		3,882,779
Earnings credit (Note 5)		(22,795	)
Net Expenses		3,859,984
NET INVESTMENT INCOME		14,356,279
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		(3,293,891	)
Transactions in investment securities of unaffiliated issuers		(2,166,014	)
Expiration or closing of futures contracts (Note 2)		(221,712	)
Net realized gains		1,587,376
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		30,198,703
Investment securities of unaffiliated issuers		3,114,323
Net change in unrealized appreciation/depreciation		33,313,026
Net realized/unrealized gains		34,900,402
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,256,681

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

66

Statements of Changes in Net Assets

	Nationwide Investor Destinations Conservative Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	14,356,279		$	14,416,904
Net realized gains		1,587,376			18,713,313
Net change in unrealized appreciation/depreciation		33,313,026			(36,153,897	)
Change in net assets resulting from operations		49,256,681			(3,023,680	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(4,189,450	)		(3,439,273	)
Class C		(5,962,584	)		(3,451,688	)
Class R		(1,442,853	)		(936,050	)
Class R6		(4,685,758	)		(2,785,516	)
Institutional Service Class		(11,365,556	)		(7,298,807	)
Service Class		(5,712,773	)		(3,781,056	)
Change in net assets from shareholder distributions		(33,358,974	)		(21,692,390	)
Change in net assets from capital transactions		(33,968,877	)		(22,498,502	)
Change in net assets		(18,071,170	)		(47,214,572	)
Net Assets:
Beginning of year		685,936,113			733,150,685
End of year	$	667,864,943		$	685,936,113
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	21,626,858		$	30,364,833
Proceeds from shares issued in class conversion (Note 1)		313,839			–
Dividends reinvested		3,757,424			2,908,605
Cost of shares redeemed		(34,725,561	)		(56,659,793	)
Total Class A Shares		(9,027,440	)		(23,386,355	)
Class C Shares
Proceeds from shares issued		16,905,585			29,348,272
Dividends reinvested		5,583,781			3,145,380
Cost of shares redeemed in class conversion (Note 1)		(313,839	)		–
Cost of shares redeemed		(41,614,958	)		(39,679,721	)
Total Class C Shares		(19,439,431	)		(7,186,069	)
Class R Shares
Proceeds from shares issued		6,390,962			4,100,412
Dividends reinvested		1,421,399			917,645
Cost of shares redeemed		(10,132,190	)		(11,094,873	)
Total Class R Shares		(2,319,829	)		(6,076,816	)
Class R6 Shares
Proceeds from shares issued		24,200,953			16,804,377
Dividends reinvested		4,622,179			2,776,157
Cost of shares redeemed		(23,858,876	)		(16,432,800	)
Total Class R6 Shares		4,964,256			3,147,734
Institutional Service Class Shares
Proceeds from shares issued		81,512,350			126,991,668
Dividends reinvested		9,113,648			5,550,077
Cost of shares redeemed		(94,069,414	)		(111,797,442	)
Total Institutional Service Class Shares		(3,443,416	)		20,744,303

67

Statements of Changes in Net Assets (Continued)

	Nationwide Investor Destinations Conservative Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Service Class Shares
Proceeds from shares issued	$	19,398,691		$	20,992,033
Dividends reinvested		5,701,695			3,772,844
Cost of shares redeemed		(29,803,403	)		(34,506,176	)
Total Service Class Shares		(4,703,017	)		(9,741,299	)
Change in net assets from capital transactions	$	(33,968,877	)	$	(22,498,502	)
SHARE TRANSACTIONS:
Class A Shares
Issued		2,158,438			2,958,242
Issued in class conversion (Note 1)		30,890			–
Reinvested		389,416			284,183
Redeemed		(3,498,607	)		(5,538,490	)
Total Class A Shares		(919,863	)		(2,296,065	)
Class C Shares
Issued		1,704,150			2,875,428
Reinvested		583,729			308,533
Redeemed in class conversion (Note 1)		(31,042	)		–
Redeemed		(4,197,276	)		(3,893,126	)
Total Class C Shares		(1,940,439	)		(709,165	)
Class R Shares
Issued		641,029			401,581
Reinvested		147,905			89,817
Redeemed		(1,018,789	)		(1,082,867	)
Total Class R Shares		(229,855	)		(591,469	)
Class R6 Shares
Issued		2,408,076			1,632,019
Reinvested		475,168			269,937
Redeemed		(2,356,949	)		(1,595,296	)
Total Class R6 Shares		526,295			306,660
Institutional Service Class Shares
Issued		8,121,919			12,348,640
Reinvested		940,827			540,901
Redeemed		(9,452,732	)		(10,913,215	)
Total Institutional Service Class Shares		(389,986	)		1,976,326
Service Class Shares
Issued		1,933,202			2,039,983
Reinvested		588,488			367,302
Redeemed		(2,967,242	)		(3,356,792	)
Total Service Class Shares		(445,552	)		(949,507	)
Total change in shares		(3,399,400	)		(2,263,220	)

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

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

68

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Investor Destinations Conservative Fund
DECREASE IN CASH
Cash flows provided by operating activities:
Net increase in net assets from operations	$	49,256,681
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		(138,600,305	)
Proceeds from disposition of investment securities of affiliated issuers		134,350,111
Purchase of investment securities of unaffiliated issuers		(13,776,581	)
Proceeds from disposition of investment securities of unaffiliated issuers		90,202,465
Reinvestment of dividend income from affiliated issuers		(13,642,121	)
Reinvestment of interest income from affiliated issuers		(3,990,922	)
Change in unrealized appreciation/depreciation in the value of investment securities of affiliated issuers		(30,198,703	)
Change in unrealized appreciation/depreciation in the value of investment securities of unaffiliated issuers		(3,114,323	)
Reinvestment of net realized gain distributions from affiliated issuers		(7,268,993	)
Net realized loss from investment transactions with affiliated issuers		3,293,891
Net realized loss from transactions in investment securities of unaffiliated issuers		2,166,014
Decrease in receivable for investments sold		196,199
Increase in interest and dividends receivable		(14	)
Decrease in prepaid expenses		1,044
Decrease in investment advisory fees payable		(4,283	)
Decrease in fund administration fees payable		(5,813	)
Decrease in distribution fees payable		(19,735	)
Decrease in administrative servicing fees payable		(21,262	)
Decrease in accounting and transfer agent fees payable		(2,968	)
Increase in trustee fees payable		556
Increase in custodian fees payable		12,136
Increase in compliance program costs payable		459
Decrease in professional fees payable		(162	)
Increase in printing fees payable		9,802
Increase in other payables		1,064
Net cash provided by operating activities		68,844,237
Cash flows used in financing activities:
Proceeds from shares issued		169,876,468
Cost of shares redeemed		(235,613,654	)
Cash overdraft		50,853
Cash distributions paid to shareholders		(3,158,848	)
Net cash used in financing activities		(68,845,181	)
Net decrease in cash		(944	)
Cash:
Beginning of period		944
End of period	$	–
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $30,200,126.
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 $24,902,036.
Non-cash operating activities not included herein consist of securities received in-kind from affiliated issuers of $75,753,006.

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

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

69

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
Year Ended October 31, 2019	$	10.01		0.22		0.54			0.76			(0.23	)		(0.28	)		(0.51	)	$	10.26		7.95%		$	84,754,172		0.54%		2.22%		0.54%		27.16%	(g)
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%
Class C Shares
Year Ended October 31, 2019	$	9.96		0.15		0.52			0.67			(0.15	)		(0.28	)		(0.43	)	$	10.20		7.08%		$	124,962,092		1.28%		1.49%		1.28%		27.16%	(g)
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%
Class R Shares
Year Ended October 31, 2019	$	9.99		0.19		0.53			0.72			(0.20	)		(0.28	)		(0.48	)	$	10.23		7.51%		$	28,863,925		0.87%		1.90%		0.87%		27.16%	(g)
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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	10.07		0.25		0.53			0.78			(0.26	)		(0.28	)		(0.54	)	$	10.31		8.16%		$	92,131,438		0.21%		2.52%		0.21%		27.16%	(g)
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	10.04		0.25		0.53			0.78			(0.25	)		(0.28	)		(0.53	)	$	10.29		8.21%		$	219,475,997		0.28%		2.49%		0.28%		27.16%	(g)
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%
Service Class Shares
Year Ended October 31, 2019	$	10.05		0.21		0.53			0.74			(0.22	)		(0.28	)		(0.50	)	$	10.29		7.74%		$	117,677,319		0.61%		2.14%		0.61%		27.16%	(g)
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%

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 securities received or delivered in-kind.

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

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 October 31, 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in each Fund’s prospectus. 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

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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 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.

Certain Funds 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

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Notes to Financial Statements (Continued)

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redeem all or a portion of a Fund’s investment in the Nationwide Contract on a daily basis 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 as a result of the investment in the Nationwide Contract is reinvested in the Nationwide Contract. Therefore, the par value represents 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 June 30, 2019, the rate was 2.60%. For the period from July 1, 2019 through September 30, 2019, the rate was 2.50%. For the period from October 1, 2019 through October 31, 2019, the rate was 2.50%. Effective November 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 October 31, 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 October 31, 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 Funds	$	74,208,205	$	—	$	—	$	74,208,205
Investment Companies		1,050,357,242		—		—		1,050,357,242
Investment Contract		—		—		131,059,368		131,059,368
Total	$	1,124,565,447	$	—	$	131,059,368	$	1,255,624,815

Investor Destinations Moderately Conservative

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	19,621,027	$	—	$	—	$	19,621,027
Investment Companies		345,763,951		—		—		345,763,951
Investment Contract		—		—		70,933,606		70,933,606
Total	$	365,384,978	$	—	$	70,933,606	$	436,318,584

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Notes to Financial Statements (Continued)

October 31, 2019

Investor Destinations Conservative

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	23,764,304	$	–	$	–	$	23,764,304
Investment Companies		489,256,546		–		–		489,256,546
Investment Contract		–		–		155,037,226		155,037,226
Total	$	513,020,850	$	–	$	155,037,226	$	668,058,076

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:

Investor Destinations Moderate

	Investment Contract			Total
Balance as of 10/31/2018	$	139,314,583		$	139,314,583
Purchases*		14,837,600			14,837,600
Sales		(23,092,815	)		(23,092,815	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	131,059,368		$	131,059,368

Investor Destinations Moderately Conservative

	Investment Contract			Total
Balance as of 10/31/2018	$	75,523,896		$	75,523,896
Purchases*		9,582,057			9,582,057
Sales		(14,172,347	)		(14,172,347	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	70,933,606		$	70,933,606

Investor Destinations Conservative

	Investment Contract			Total
Balance as of 10/31/2018	$	165,332,384		$	165,332,384
Purchases*		18,512,269			18,512,269
Sales		(28,807,427	)		(28,807,427	)
Change in Unrealized Appreciation/Depreciation		—			—
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	155,037,226		$	155,037,226

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 significant unobservable inputs used in the fair value measurement of Funds’ investment in the Nationwide

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Notes to Financial Statements (Continued)

October 31, 2019

Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate		2.50% (2.50%)
		Daily Transactions		$1.00 ($1.00)

* NFA can increase or redeem all or a portion of each Fund’s investment in the Nationwide Contract on a daily basis 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 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 fair 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.

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Notes to Financial Statements (Continued)

October 31, 2019

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, 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.

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Notes to Financial Statements (Continued)

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(b) Cash Overdraft

As of October 31, 2019, certain Funds had overdrawn balances 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. These advances are separate from, and were not 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.

Funds that had overdrawn balances as of October 31, 2019 were as follows:

Fund	Amount
Investor Destinations Aggressive	$	117,823
Investor Destinations Moderately Aggressive		87,157
Investor Destinations Moderate		57,757
Investor Destinations Moderately Conservative		20,957
Investor Destinations Conservative		50,853

(c) Futures Contracts

Certain Funds are subject to equity price risk in the normal course of pursuing their objective(s). Certain 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

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Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

At October 31, 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 October 31, 2019:

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2019

Investor Destinations Aggressive

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(4,815,410	)
Total	$	(4,815,410	)

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	)

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Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019:

Investor Destinations Aggressive

Futures Contracts:
Average Notional Balance Long	$	12,666,962

Investor Destinations Moderately Aggressive

Futures Contracts:
Average Notional Balance Long	$	18,883,746

Investor Destinations Moderate

Futures Contracts:
Average Notional Balance Long	$	14,184,027

Investor Destinations Moderately Conservative

Futures Contracts:
Average Notional Balance Long	$	3,246,307

Investor Destinations Conservative

Futures Contracts:
Average Notional Balance Long	$	2,588,558

(d) Securities Lending

During the year ended October 31, 2019, certain 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

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Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the Funds did not have any portfolio securities on loan.

(e) Joint Repurchase Agreements

During the year ended October 31, 2019, certain 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 October 31, 2019, the Funds did not invest in any repurchase agreements.

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Notes to Financial Statements (Continued)

October 31, 2019

(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. The permanent differences as of October 31, 2019 are primarily attributable to tax equalization and investments in regulated investment companies. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

Reclassifications for the year ended October 31, 2019 were as follows:

Fund	Capital		Total Distributable Earnings (Loss)
Investor Destinations Aggressive	$	8,908,052	$	(8,908,052	)
Investor Destinations Moderately Aggressive		12,904,425		(12,904,425	)
Investor Destinations Moderate		—		—
Investor Destinations Moderately Conservative		—		—
Investor Destinations Conservative		—		—

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

(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.

81

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 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

82

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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 year ended October 31, 2019, NFM received $1,336,497 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 year ended October 31, 2019, the Funds’ aggregate portion of such costs amounted to $23,808.

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.

83

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019, the Funds imposed front-end sales charges of $526,271. From these fees, NFD retained a portion amounting to $66,911.

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 year ended October 31, 2019, the Funds imposed CDSCs of $3,871. 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 year ended October 31, 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			0.13			0.16
Investor Destinations Conservative		0.08			0.07			0.16			0.07			0.15

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Investor Destinations Aggressive	$	1,099,478
Investor Destinations Moderately Aggressive		1,567,876
Investor Destinations Moderate		1,212,123
Investor Destinations Moderately Conservative		389,469
Investor Destinations Conservative		527,837

84

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 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		49.21	%
Investor Destinations Moderately Aggressive		39.63
Investor Destinations Moderate		37.13
Investor Destinations Moderately Conservative		24.02
Investor Destinations Conservative		10.42

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 year ended October 31, 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

Each Fund subsequently sold the investments it had 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”.

85

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019 were as follows:

Investor Destinations Aggressive

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		986,335		10,422,852		1,470,447		(2,199,291	)		(125,407	)		117,209			9,685,810		782,597		37,792
Nationwide Emerging Markets Debt Fund, Class R6		961,474		10,368,928		1,356,056		(2,567,421	)		(193,311	)		833,166			9,797,418		599,694		89,529
Nationwide International Index Fund, Class R6		28,355,821		243,912,197		22,904,261		(50,691,313	)		6,685,385			1,200,454			224,010,984		9,901,588		5,322,667
Nationwide International Small Cap Fund, Class R6		3,982,792		37,184,552		7,769,002		(5,304,200	)		(625,354	)		87,017			39,111,017		1,128,653		3,640,573
Nationwide Loomis All Cap Growth Fund, Class R6		3,155,873		39,656,270		3,979,543		(7,614,604	)		864,977			1,615,468			38,501,654		124,763		2,737,412
Nationwide Mid Cap Market Index Fund, Class R6		7,482,421		193,276,350		39,467,484		(110,244,190	)(b)		2,637,456			(8,935,109	)		116,201,991		1,692,585		14,198,885
Nationwide Multi-Cap Portfolio, Class R6		37,951,411		—		424,202,870		(35,249,810	)		2,480,470			49,182,356			440,615,886		3,233,582		—
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		19,176,170
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		1,277,364		15,219,736		2,289,616		(4,160,739	)		(82,598	)		1,232,063			14,498,078		398,839		—
Nationwide Core Plus Bond Fund, Class R6		463,524		5,307,962		597,677		(1,390,054	)		(44,898	)		359,230			4,829,917		156,171		416
Total				906,469,870		530,635,711		(580,898,596	)		44,362,057			(3,316,287	)		897,252,755		19,883,583		48,363,949

Investor Destinations Moderately Aggressive

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		4,655,780		48,204,349		5,844,506		(8,318,264	)		(465,277	)		454,446			45,719,760		3,728,899		181,344
Nationwide Amundi Strategic Income Fund, Class R6		2,161,114		24,941,794		2,441,572		(5,275,051	)		(181,926	)		527,588			22,453,977		1,010,094		—
Nationwide Emerging Markets Debt Fund, Class R6		3,025,072		32,140,244		3,589,771		(6,943,465	)		(499,172	)		2,538,108			30,825,486		1,932,692		289,088
Nationwide International Index Fund, Class R6		34,921,216		324,444,574		28,893,961		(87,360,042	)		13,329,485			(3,430,368	)		275,877,610		12,793,407		7,181,172
Nationwide International Small Cap Fund, Class R6		5,484,048		50,449,070		11,149,533		(7,061,337	)		(736,121	)		52,210			53,853,355		1,541,183		4,965,828
Nationwide Loomis All Cap Growth Fund, Class R6		3,725,250		46,148,713		4,635,059		(8,298,025	)		957,393			2,004,915			45,448,055		148,569		3,271,403

86

Notes to Financial Statements (Continued)

October 31, 2019

Investor Destinations Moderately Aggressive (continued)

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Mid Cap Market Index Fund, Class R6		7,851,689		240,730,009		27,421,932		(134,284,770	)(b)		3,583,955			(15,514,388	)		121,936,738		1,967,139		17,940,323
Nationwide Multi-Cap Portfolio, Class R6		57,009,181		—		637,669,589		(53,182,784	)		4,121,246			73,268,543			661,876,594		4,815,816		—
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		4,855,653		(31,777,665	)(b)		(3,727,163	)		818,415			—		93,138		3,964,072
Nationwide Bond Index Fund, Class R6		8,707,270		101,825,357		12,176,243		(23,074,808	)		(970,087	)		8,870,809			98,827,514		2,744,125		—
Nationwide Core Plus Bond Fund, Class R6		5,833,498		63,659,168		5,592,225		(12,456,538	)		(279,742	)		4,269,937			60,785,050		1,980,221		5,208
Nationwide Inflation-Protected Securities Fund, Class R6		1,489,975		16,258,552		1,301,599		(3,489,287	)		(78,265	)		996,551			14,989,150		358,405		—
Total				1,468,442,238		778,740,711		(885,682,985	)		74,573,155			(3,479,830	)		1,432,593,289		35,868,087		66,815,387

Investor Destinations Moderate

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		3,812,808		39,613,129		4,852,703		(7,010,841	)		(384,118	)		370,901			37,441,774		3,058,639		148,993
Nationwide Amundi Strategic Income Fund, Class R6		1,776,088		20,026,137		1,969,470		(3,829,733	)		(131,786	)		419,468			18,453,556		828,672		—
Nationwide Emerging Markets Debt Fund, Class R6		2,477,571		26,163,493		2,910,738		(5,502,689	)		(389,523	)		2,064,426			25,246,445		1,580,110		236,309
Nationwide International Index Fund, Class R6		23,040,973		196,425,420		23,794,505		(44,984,984	)		(1,723,610	)		8,512,354			182,023,685		8,070,788		4,351,995
Nationwide International Small Cap Fund, Class R6		2,565,939		23,484,389		5,878,026		(3,867,770	)		(446,788	)		149,663			25,197,520		717,895		2,311,747
Nationwide Loomis All Cap Growth Fund, Class R6		2,033,337		24,701,758		3,017,861		(4,580,794	)		571,129			1,096,762			24,806,716		79,908		1,750,807
Nationwide Mid Cap Market Index Fund, Class R6		4,216,310		127,398,663		16,873,419		(72,603,269	)(b)		1,462,961			(7,652,487	)		65,479,287		1,048,635		9,507,130
Nationwide Multi-Cap Portfolio, Class R6		40,282,025		—		452,513,113		(39,438,881	)		2,951,245			51,648,836			467,674,313		3,384,322		—
Nationwide S&P 500 Index Fund, Class R6		—		364,472,807		26,826,895		(376,902,719	)(b)		16,462,653			(30,859,636	)		—		2,058,514		21,760,870
Nationwide Small Cap Index Fund, Class R6		—		17,963,258		2,623,429		(18,792,812	)(b)		(2,720,197	)		926,322			—		56,057		2,385,875
Nationwide Bond Index Fund, Class R6		7,137,707		83,682,837		10,042,484		(19,189,954	)		(748,474	)		7,226,084			81,012,977		2,250,278		—
Nationwide Core Plus Bond Fund, Class R6		5,972,564		65,397,672		5,715,016		(12,968,892	)		(282,442	)		4,372,760			62,234,114		2,026,940		5,316

87

Notes to Financial Statements (Continued)

October 31, 2019

Investor Destinations Moderate (continued)

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)		Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Inflation-Protected Securities Fund, Class R6		1,220,443		13,053,934		1,062,265		(2,590,476	)		(52,329	)		804,267		12,277,661		291,560		—
Nationwide Loomis Short Term Bond Fund, Class R6		4,802,890		52,858,415		4,721,392		(10,575,957	)		(186,635	)		1,691,979		48,509,194		1,294,946		—
Nationwide Contract^¥(a)	$	131,059,368		139,314,583		14,837,600		(23,092,815	)		—			—		131,059,368		3,422,120		—
Total				1,194,556,495		577,638,916		(645,932,586	)		14,382,086			40,771,699		1,181,416,610		30,169,384		42,459,042

Investor Destinations Moderately Conservative

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		1,335,682		13,634,549		2,099,170		(2,648,787	)		(117,708	)		149,175			13,116,399		1,063,874		50,973
Nationwide Amundi Strategic Income Fund, Class R6		622,086		6,924,160		831,140		(1,401,031	)		(39,417	)		148,623			6,463,475		289,301		—
Nationwide Emerging Markets Debt Fund, Class R6		433,980		4,468,190		625,891		(975,998	)		(58,396	)		362,571			4,422,258		270,896		40,405
Nationwide International Index Fund, Class R6		5,566,847		52,826,697		8,899,768		(19,432,525	)		(724,864	)		2,409,016			43,978,092		2,077,997		1,182,653
Nationwide International Small Cap Fund, Class R6		449,626		1,996,446		3,165,832		(918,883	)		(90,970	)		262,899			4,415,324		68,578		196,745
Nationwide Mid Cap Market Index Fund, Class R6		1,268,664		37,275,862		6,487,873		(22,340,899	)(b)		(307,227	)		(1,413,259	)		19,702,350		312,265		2,799,069
Nationwide Multi-Cap Portfolio, Class R6		9,734,232		—		111,733,744		(12,433,262	)		943,394			12,770,555			113,014,431		828,059		—
Nationwide S&P 500 Index Fund, Class R6		—		83,500,946		6,740,477		(86,977,360	)(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		5,573,789		64,756,338		8,715,519		(15,273,556	)		(460,081	)		5,524,284			63,262,504		1,765,317		—
Nationwide Core Plus Bond Fund, Class R6		2,928,442		31,917,522		3,397,343		(6,821,362	)		(141,398	)		2,162,264			30,514,369		998,414		2,567
Nationwide Inflation-Protected Securities Fund, Class R6		1,282,155		13,558,938		1,383,430		(2,841,334	)		(107,234	)		904,682			12,898,482		305,466		—
Nationwide Loomis Short Term Bond Fund, Class R6		3,363,987		36,270,537		3,995,054		(7,356,848	)		(95,736	)		1,163,260			33,976,267		909,608		—
Nationwide Contract^¥(a)	$	70,933,606		75,523,896		9,582,057		(14,172,347	)		—			—			70,933,606		1,872,334		—
Total				426,831,457		168,498,316		(198,222,452	)		189,286			19,400,950			416,697,557		11,248,410		9,822,256

88

Notes to Financial Statements (Continued)

October 31, 2019

Investor Destinations Conservative

Security Description	Shares/ Principal at October 31, 2019		Market Value October 31, 2018 ($)		Purchases at Cost* ($)		Proceeds from Sales ($)			Net Realized Gains (Losses) ($)			Change in Unrealized Appreciation/ Depreciation ($)			Market Value October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Amundi Global High Yield Fund, Class R6		1,375,830		14,232,429		2,241,233		(2,977,280	)		(141,057	)		155,321			13,510,646		1,074,948		51,754
Nationwide Amundi Strategic Income Fund, Class R6		1,916,991		21,109,333		2,233,602		(3,750,760	)		(105,179	)		430,546			19,917,542		868,690		—
Nationwide Emerging Markets Debt Fund, Class R6		670,317		7,237,380		926,937		(1,787,433	)		(111,690	)		565,339			6,830,533		412,669		61,606
Nationwide International Index Fund, Class R6		4,734,667		40,313,598		7,383,340		(11,672,134	)		452,723			926,345			37,403,872		1,623,517		884,861
Nationwide International Small Cap Fund, Class R6		347,448		—		5,291,178		(2,173,368	)		33,474			260,651			3,411,935		10,869		—
Nationwide Mid Cap Market Index Fund, Class R6		870,651		26,253,149		4,322,394		(15,794,971	)(b)		(950,279	)		(309,083	)		13,521,210		214,079		1,948,359
Nationwide Multi-Cap Portfolio, Class R6		7,525,719		—		85,003,677		(8,329,028	)		517,643			10,181,309			87,373,601		633,233		—
Nationwide S&P 500 Index Fund, Class R6		—		68,099,710		4,468,370		(69,674,584	)(b)		(1,171,650	)		(1,721,846	)		—		359,859		3,894,786
Nationwide Small Cap Index Fund, Class R6		—		3,221,778		654,601		(3,580,350	)(b)		(397,662	)		101,633			—		9,928		422,562
Nationwide Bond Index Fund, Class R6		10,695,241		123,977,200		13,930,304		(25,993,914	)		(833,498	)		10,310,892			121,390,984		3,315,202		—
Nationwide Core Plus Bond Fund, Class R6		5,818,610		62,504,476		6,055,334		(11,836,524	)		(394,726	)		4,301,359			60,629,919		1,940,852		5,065
Nationwide Inflation-Protected Securities Fund, Class R6		3,303,334		34,844,862		3,048,239		(6,652,907	)		44,011			1,947,339			33,231,544		769,597		—
Nationwide Loomis Short Term Bond Fund, Class R6		9,112,352		96,863,437		9,430,863		(17,072,437	)		(236,001	)		3,048,898			92,034,760		2,408,678		—
Nationwide Contract^¥(a)	$	155,037,226		165,332,384		18,512,269		(28,807,427	)		—			—			155,037,226		3,990,922		—
Total				663,989,736		163,502,341		(210,103,117	)		(3,293,891	)		30,198,703			644,293,772		17,633,043		7,268,993

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.

89

Notes to Financial Statements (Continued)

October 31, 2019

¥ 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 annual 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 renewed the 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 9, 2020. During the year ended October 31, 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 year ended October 31, 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.

90

Notes to Financial Statements (Continued)

October 31, 2019

6.  Investment Transactions

For the year ended October 31, 2019, purchases and sales of investments (excluding short-term securities) were as follows:

Fund	Purchases*^		Sales#
Investor Destinations Aggressive	$	550,791,719	$	588,412,779
Investor Destinations Moderately Aggressive		833,177,889		891,229,425
Investor Destinations Moderate		610,454,827		663,908,153
Investor Destinations Moderately Conservative		182,731,141		204,141,373
Investor Destinations Conservative		177,278,346		225,419,691

* 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 annual 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 annual 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.

91

Notes to Financial Statements (Continued)

October 31, 2019

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

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 October 31, 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		53.44	%		3	(a)
Investor Destinations Moderately Aggressive		52.54			3	(a)
Investor Destinations Moderate		49.60			3	(a)
Investor Destinations Moderately Conservative		26.37			1
Investor Destinations Conservative		11.69			1

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

92

Notes to Financial Statements (Continued)

October 31, 2019

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Investor Destinations Aggressive	$	21,776,774	$	90,305,368	$	112,082,142	$	—	$	112,082,142
Investor Destinations Moderately Aggressive		37,725,968		146,877,843		184,603,811		—		184,603,811
Investor Destinations Moderate		29,799,373		99,852,487		129,651,860		—		129,651,860
Investor Destinations Moderately Conservative		9,749,301		22,009,707		31,759,008		—		31,759,008
Investor Destinations Conservative		14,767,652		18,591,322		33,358,974		—		33,358,974

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Investor Destinations Aggressive	$	26,473,366	$	116,609,720	$	143,083,086	$	—	$	143,083,086
Investor Destinations Moderately Aggressive		42,258,070		150,342,278		192,600,348		—		192,600,348
Investor Destinations Moderate		31,707,076		75,975,288		107,682,364		—		107,682,364
Investor Destinations Moderately Conservative		10,002,204		16,911,520		26,913,724		—		26,913,724
Investor Destinations Conservative		14,852,391		6,839,999		21,692,390		—		21,692,390

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

* Ordinary income amounts include short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
Investor Destinations Aggressive	$	—	$	73,172,871	$	73,172,871	$	—	$	—	$	31,941,668	$	105,114,539
Investor Destinations Moderately Aggressive		1,771,439		105,518,561		107,290,000		—		—		52,161,200		159,451,200

93

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation/ (Depreciation)*		Total Accumulated Earnings/ (Deficit)
Investor Destinations Moderate		1,869,027		46,342,701		48,211,728		—		—		46,627,167		94,838,895
Investor Destinations Moderately Conservative		910,216		8,397,966		9,308,182		—		—		9,341,185		18,649,367
Investor Destinations Conservative		1,271,539		2,185,363		3,456,902		—		—		10,457,276		13,914,178

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:

Fund	Tax Cost of Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Investor Destinations Aggressive	$	949,757,347	$	43,719,050	$	(11,777,382	)	$	31,941,668
Investor Destinations Moderately Aggressive		1,491,965,035		69,335,227		(17,174,027	)		52,161,200
Investor Destinations Moderate		1,208,997,648		54,241,527		(7,614,360	)		46,627,167
Investor Destinations Moderately Conservative		426,977,399		11,463,548		(2,122,363	)		9,341,185
Investor Destinations Conservative		657,600,800		13,242,481		(2,785,205	)		10,457,276

12.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

94

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of each of Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund (five of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, and for Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund, the statements of cash flows for the year ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, for Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund, the results of each of their cash flows for the year then ended, and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and Nationwide Contract issuer. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

95

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund	Dividends Received Deductions
Investor Destinations Aggressive		33.29	%
Investor Destinations Moderately Aggressive		27.32
Investor Destinations Moderate		23.73
Investor Destinations Moderately Conservative		17.07
Investor Destinations Conservative		8.79

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

Fund	Amount
Investor Destinations Aggressive	$	99,213,420
Investor Destinations Moderately Aggressive		159,782,268
Investor Destinations Moderate		99,852,487
Investor Destinations Moderately Conservative		22,009,707
Investor Destinations Conservative		18,591,322

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2019, the foreign source income for each Fund was as follows:

Fund	Amount		Per Share
Investor Destinations Aggressive	$	8,305,335	$	0.0803
Investor Destinations Moderately Aggressive		11,604,492		0.0732
Investor Destinations Moderate		7,382,554		0.0563
Investor Destinations Moderately Conservative		1,615,591		0.0372
Investor Destinations Conservative		1,421,911		0.0219

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2019, the foreign tax credit for each Fund was as follows:

Fund	Amount		Per Share
Investor Destinations Aggressive	$	813,662	$	0.0079
Investor Destinations Moderately Aggressive		1,008,355		0.0064
Investor Destinations Moderate		617,300		0.0047
Investor Destinations Moderately Conservative		136,434		0.0031
Investor Destinations Conservative		112,382		0.0017

96

Management Information

October 31, 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	119
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	119
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	119

97

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

98

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

99

Management Information (Continued)

October 31, 2019

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
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
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

100

Management Information (Continued)

October 31, 2019

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.

101

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

102

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

103

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

104

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

105

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

106

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.

107

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.

108

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.

109

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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

AR-ID  (12/19)

Annual Report

October 31, 2019

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	21
Nationwide Government Money Market Fund	38
Nationwide Inflation-Protected Securities Fund	53
Nationwide Loomis Core Bond Fund	67
Nationwide Loomis Short Term Bond Fund	88
Notes to Financial Statements	109
Report of Independent Registered Public Accounting	143
Supplemental Information	144
Management Information	145
Market Index Definitions	150
Glossary	155

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right

1

Message to Investors (cont.)

balance for your goals. Thank you for your continued support and confidence.

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Bond Fund

For the annual period ended October 31, 2019, the Nationwide Bond Fund (Institutional Service Class) returned 11.16% versus 11.51% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Intermediate Core-Plus Bond (consisting of 617 funds as of October 31, 2019), was 10.41% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The reporting period began with the sell-off of risky assets buoyed by trade war escalations between the United States and China, along with concerns of faster-than-anticipated 2019 rate hikes by the Federal Reserve (Fed). Once the 10-year rate rose above 3.20%, risky assets fled to the safe haven of government bonds. Dwindling tailwinds from the 2017 corporate tax cuts, slower demand driving oil prices down and fear of a global economic slowdown added to the tumultuous end of 2018.

When the Fed raised rates in December 2018, the consensus was that quantitative tightening would continue through 2019 (even though an ease was priced in by the markets). Although the consumer remained in solid shape, as unemployment hit 3.5%, a 50-year low, manufacturing and services data was becoming soft, which led the Fed to signal at its March 2019 Federal Open Market Committee (FOMC) meeting that there would be no more rate hikes in 2019. The Fed continued its dovish rhetoric with the softening economic data throughout 2019, which led to three separate 25-basis-point cuts made in July, September and October of 2019. On top of the fear of a U.S. economic slowdown were the headwinds created by geopolitical difficulties: namely, the U.S. and China trade war and the risk of a hard Brexit. There appears to be no end in sight to the trade war, but throughout the 12-month reporting period the random instances of escalation for tariffs caused momentary blips in the markets as investors tried to decipher potential impacts. The new prime minister of the UK promised that the UK would leave the European Union on October 31, 2019, but that did not occur and now

Brexit will hinge on a general election on December 12, 2019. Ultimately, risk assets ended the 12-month reporting period having generated solid returns from the sharp decrease in rates, tighter credit spreads and the lack of inflation generation from softening economic data.

Ten-year Treasuries began the reporting period at 3.14%, reached as high as 3.22% and settled at 1.69% by the end of the period. With the Fed’s dovish rhetoric and rate cuts to continue the current economic expansion, the S&P 500® Index was up 14.33% at the end of the reporting period. Rates were significantly lower by the end of the period, with investment grade credit spreads tightening from 1.12% to 1.05%, and 30-year agency mortgage-backed securities (MBS) spreads widening from 0.97% over comparable-duration Treasuries to 1.04%.

Contributors to Fund Performance

During the reporting period, the Fund had overweight positions in corporate bonds and Treasury Inflation-Protected Securities (TIPS). These overweight positions contributed positively to Fund performance due to the sharp decrease in rates and the lack of inflation generation. The Fund also had overweight positions in asset-backed securities (ABS) (primarily collateralized loan obligations), non-agency mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). These overweight positions were based on the view that credit conditions were favorable. These positions all contributed positively to Fund performance for the reporting period.

Detractors from Fund Performance

Government securities, minus TIPS, as the Fund’s largest underweight position, proved to be the Fund’s biggest detractor from performance for the reporting period. The Fed’s change in policy from the beginning of the period to implementing and being poised for future rate cuts caused rates to sharply drop throughout the 12-month period. The Fund also was underweight MBS, which detracted from Fund performance. Throughout the reporting period, the Fund was short duration relative to the benchmark. With the significant rally in rates, this positioning detracted from Fund

3

Fund Commentary (cont.) Nationwide Bond Fund

performance for the period but was slightly offset by the Fund’s positioning for a steeper yield curve.

During the reporting period, the Fund employed derivatives, specifically U.S. Treasury Futures, to manage duration exposure. Futures are an efficient means by which the portfolio manager hedges the Fund’s exposure to changes in interest rates and do not materially affect overall performance.

Subadviser:

Nationwide Asset Management, LLC

Portfolio Managers:

Gary S. Davis, CFA and Corsan Maley

The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds) and including default risk and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They are also subject to the claims-paying ability of the issuing company. The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund may invest in derivatives (which create investment leverage and are highly volatile). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most-recent prospectus for a more-detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Bond Fund

Asset Allocation¹

Corporate Bonds	35.3%
Mortgage-Backed Securities	18.1%
Asset-Backed Securities	14.8%
U.S. Treasury Obligations	11.6%
Collateralized Mortgage Obligations	8.0%
Commercial Mortgage-Backed Securities	5.4%
Municipal Bonds	0.5%
Purchased Options†	0.0%
Written Options†	(0.0)%
Futures Contracts	(0.3)%
Other assets in excess of liabilities§	6.6%
	100.0%

Top Industries²

Electric Utilities	5.1%
Banks	4.4%
Oil, Gas & Consumable Fuels	3.8%
Multi-Utilities	2.9%
Capital Markets	2.8%
Diversified Telecommunication Services	2.0%
Pharmaceuticals	2.0%
Equity Real Estate Investment Trusts (REITs)	1.7%
Insurance	1.5%
Aerospace & Defense	1.3%
Other Industries	72.5%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.63%, 1/31/2026	5.5%
U.S. Treasury Notes, 1.50%, 8/31/2021	3.5%
UMBS, 3.50%, 8/1/2049	3.1%
UMBS, 3.50%, 2/1/2047	2.8%
UMBS, 4.50%, 8/1/2048	2.4%
UMBS, 3.50%, 8/1/2049	2.3%
UMBS, 3.50%, 2/1/2048	2.0%
BBCMS Mortgage Trust, 3.39%, 8/14/2036	1.8%
Chase Mortgage Finance Corp., 3.75%, 12/25/2045	1.8%
Long Beach Mortgage Loan Trust, 2.56%, 8/25/2035	1.7%
Other Holdings	73.1%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Bond Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		10.93%		2.97%		4.10%
	w/SC2		8.48%		2.50%		3.64%
Class C	w/o SC1		10.07%		2.18%		3.34%
	w/SC3		9.07%		N/A		N/A
Class R4,5			10.79%		2.63%		3.77%
Class R64,6			11.34%		3.26%		3.03%	7
Institutional Service Class8	w/o SC1 w/SC9		11.16% 11.16%		3.21% 3.21%		4.35% 3.88%
Bloomberg Barclays U.S. Aggregate Bond Index			11.51%		3.24%		3.73%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  Prior to October 29, 2013, a 4.25% front-end sales charge was deducted. Effective October 29, 2013, a 2.25% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of December 6, 2012.

⁸  Effective August 1, 2012, Class D Shares were renamed Institutional Service Class Shares.

⁹  A 4.50% front-end sales charge was deducted on Class D Shares through July 31, 2012. Effective August 1, 2012, the front-end sales charge was eliminated.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.80%		0.73%
Class C		1.56%		1.49%
Class R		1.21%		1.14%
Class R6		0.51%		0.44%
Institutional Service Class		0.57%		0.50%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Bond Fund

Performance of a $50,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $50,000 invested in Institutional Service Class shares of the Nationwide Bond Fund versus the Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,052.10		3.72		0.72
	Hypothetical	(a)(b)		1,000.00		1,021.58		3.67		0.72
Class C Shares	Actual	(a)		1,000.00		1,046.80		7.69		1.49
	Hypothetical	(a)(b)		1,000.00		1,017.69		7.58		1.49
Class R Shares	Actual	(a)		1,000.00		1,050.80		4.91		0.95
	Hypothetical	(a)(b)		1,000.00		1,020.42		4.84		0.95
Class R6 Shares	Actual	(a)		1,000.00		1,053.40		2.28		0.44
	Hypothetical	(a)(b)		1,000.00		1,022.99		2.24		0.44
Institutional Service Class Shares	Actual	(a)		1,000.00		1,053.10		2.69		0.52
	Hypothetical	(a)(b)		1,000.00		1,022.58		2.65		0.52

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Bond Fund

Asset-Backed Securities 14.8%
	Principal Amount		Value
Airlines 1.9%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 3/15/2023 (a)	$	2,804,085	$	2,842,258
American Airlines Pass-Through Trust, Series 2013-2, Class B, 5.60%, 7/15/2020 (a)		415,347		421,742
British Airways Pass-Through Trust, Series 2013-1, Class B, 5.63%, 6/20/2020 (a)		131,412		132,853
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 4/19/2022		131,969		137,649
United Airlines Pass-Through Trust
Series 2014-1, Class B, 4.75%, 4/11/2022		909,415		939,027
Series 2016-1, Class B, 3.65%, 1/7/2026		2,625,042		2,680,002
				7,153,531
Automobiles 1.9%
Flagship Credit Auto Trust, Series 2019-3, Class A, 2.33%, 2/15/2024 (a)		3,372,674		3,381,759
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A2, 3.32%, 4/15/2022 (a)		640,384		642,647
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		3,000,000		3,049,670
				7,074,076
Home Equity 2.7%
Long Beach Mortgage Loan Trust, Series 2005-WL2, Class M2, 2.56%, 8/25/2035 (b)		5,782,950		5,807,015
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 3.07%, 1/25/2036 (b)		1,029,000		1,035,594
Soundview Home Loan Trust, Series 2006-WF2, Class M1, 2.04%, 12/25/2036 (b)		3,000,000		2,996,116
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A6, 5.13%, 3/25/2034 (c)		1,420		1,426
				9,840,151
Other 8.3%
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		893,620		940,341
CCG Receivables Trust, Series 2018-2, Class A2, 3.09%, 12/15/2025 (a)		2,247,640		2,268,963
Cedar Funding II CLO Ltd., Series 2013-1A, Class BR, 3.85%, 6/9/2030 (a)(b)		3,000,000		2,982,729

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
CVS Pass-Through Trust, 6.94%, 1/10/2030	$	1,624,466	$	1,916,810
Golden Bear LLC, Series 2016-1A, Class A, 3.75%, 9/20/2047 (a)		1,773,173		1,836,537
Goodgreen, Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		1,800,000		1,787,632
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		193,668		202,180
HERO Funding Trust
Series 2015-2A, Class A, 3.99%, 9/20/2040 (a)		288,837		298,854
Series 2015-1A, Class A, 3.84%, 9/21/2040 (a)		1,245,942		1,280,925
Invitation Homes Trust, Series 2018-SFR3, Class A, 2.89%, 7/17/2037 (a)(b)		1,913,298		1,915,383
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 3.20%, 4/19/2030 (a)(b)		1,250,000		1,249,833
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class A, 3.30%, 1/19/2032 (a)(b)		500,000		498,742
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2019-T2, Class AT2, 2.52%, 8/15/2053 (a)		4,570,000		4,564,388
NRZ Advance Receivables Trust, Series 2019-T1, Class AT1, 2.59%, 7/15/2052 (a)		2,642,000		2,657,108
Ocwen Master Advance Receivables Trust, Series 2019-T2, Class AT2, 2.42%, 8/15/2051 (a)		3,330,000		3,341,255
Renew, Series 2018-1, Class A, 3.95%, 9/20/2053 (a)		1,974,463		2,064,111
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (a)		1,120,000		1,119,783
				30,925,574
Total Asset-Backed Securities (cost $54,036,003)				54,993,332
Collateralized Mortgage Obligations 8.0%
Alternative Loan Trust, Series 2007-2CB, Class 2A14, 5.75%, 3/25/2037		289,889		244,886
American Home Mortgage Investment Trust, Series 2004-3, Class 6A1, 5.32%, 10/25/2034 (c)		22,642		22,917

9

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Fund (continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
Chase Mortgage Finance Corp., Series 2016-SH2, Class M2, 3.75%, 12/25/2045 (a)(b)	$	5,961,034	$	6,223,826
CHL Mortgage Pass-Through Trust, Series 2005-15, Class A7, 5.50%, 8/25/2035		79,435		69,698
Citigroup Mortgage Loan Trust, Series 2015-RP2, Class A1, 3.50%, 1/25/2053 (a)(b)		1,139,629		1,153,487
FNMA REMICS
Series 2003-33, Class LB, 5.50%, 5/25/2023		259,290		268,266
Series 2009-42, Class AP, 4.50%, 3/25/2039		79,755		81,967
MASTR Alternative Loan Trust, Series 2005-6, Class 1A5, 5.50%, 12/25/2035		236,553		225,496
Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/2059 (a)(b)		1,586,299		1,593,312
New Residential Mortgage Loan Trust
Series 2016-3A, Class A1, 3.75%, 9/25/2056 (a)(b)		1,540,887		1,598,258
Series 2019-1A, Class A1, 4.00%, 9/25/2057 (a)(b)		1,596,401		1,649,417
Series 2019-2A, Class A1, 4.25%, 12/25/2057 (a)(b)		493,122		516,563
Series 2018-5A, Class A1, 4.75%, 12/25/2057 (a)(b)		3,166,169		3,329,169
Series 2018-2A, Class A1, 4.50%, 2/25/2058 (a)(b)		1,592,204		1,674,331
Series 2018-3A, Class A1, 4.50%, 5/25/2058 (a)(b)		2,475,515		2,617,772
Series 2019-RPL2, Class A1, 3.25%, 2/25/2059 (a)(b)		3,847,869		3,944,867
RCO Trust, Series 2018-VFS1, Class A1, 4.27%, 12/26/2053 (a)(b)		1,750,033		1,785,046
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.50%, 8/25/2047 (a)(b)		707,590		718,676
Series 2018-CH4, Class A10, 4.50%, 10/25/2048 (a)(b)		1,022,591		1,030,858
Visio Trust, Series 2019-2, Class A2, 2.92%, 11/25/2054 (a)(b)		750,000		752,272
Total Collateralized Mortgage Obligations (cost $29,072,122)				29,501,084
Commercial Mortgage-Backed Securities 5.4%
Aventura Mall Trust
Series 2013-AVM, Class A, 3.74%, 12/5/2032 (a)(b)		590,000		596,316
Series 2018-AVM, Class A, 4.11%, 7/5/2040 (a)(b)		700,000		787,593
BANK, Series 2019-BN17, Class A4, 3.71%, 4/15/2052		1,900,000		2,093,606

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 5/15/2052	$	850,000	$	924,012
BBCMS Mortgage Trust
Series 2016-ETC, Class C, 3.39%, 8/14/2036 (a)		6,300,000		6,375,675
Series 2018-C2, Class A5, 4.31%, 12/15/2051		800,000		912,972
Benchmark Mortgage Trust
Series 2018-B5, Class A4, 4.21%, 7/15/2051		700,000		794,748
Series 2019-B11, Class AS, 3.78%, 5/15/2052		730,000		796,687
Series 2019-B10, Class A4, 3.72%, 3/15/2062		1,000,000		1,104,384
Series 2019-B10, Class AM, 3.98%, 3/15/2062		700,000		774,498
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class A4, 4.05%, 3/15/2052		550,000		615,960
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 7/10/2051 (b)		510,000		576,405
Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, 3.89%, 8/15/2038 (a)		400,000		439,776
UBS Commercial Mortgage Trust
Series 2018-C9, Class A4, 4.12%, 3/15/2051 (b)		860,000		963,387
Series 2018-C10, Class A4, 4.31%, 5/15/2051		720,000		818,839
Series 2019-C16, Class A4, 3.60%, 4/15/2052		1,450,000		1,576,669
Total Commercial Mortgage-Backed Securities (cost $19,489,993)				20,151,527
Corporate Bonds 35.3%
Aerospace & Defense 1.2%
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2027		1,125,000		1,175,738
Lockheed Martin Corp.,
3.55%, 1/15/2026		1,100,000		1,188,114
United Technologies Corp.,
4.13%, 11/16/2028		1,900,000		2,155,991
				4,519,843
Banks 4.2%
Bank of America Corp.,
4.20%, 8/26/2024		1,000,000		1,076,637
Series L, 3.95%, 4/21/2025		1,750,000		1,863,843
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (d)		2,000,000		2,152,306
Citigroup, Inc., 4.45%, 9/29/2027		2,000,000		2,200,364
Citizens Financial Group, Inc.,
3.75%, 7/1/2024		1,500,000		1,549,540
4.35%, 8/1/2025		1,850,000		1,980,694
Cooperatieve Rabobank UA, 5.75%, 12/1/2043		600,000		797,190

10

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
HSBC Holdings plc,
4.38%, 11/23/2026	$	1,000,000	$	1,080,565
JPMorgan Chase & Co.,
Series I, (ICE LIBOR USD 3 Month + 3.47%), 5.41%, 1/30/2020 (d)(e)		488,000		490,928
3.88%, 9/10/2024		500,000		533,223
4.95%, 6/1/2045		1,375,000		1,708,871
				15,434,161
Beverages 0.7%
Anheuser-Busch Cos. LLC,
3.65%, 2/1/2026		850,000		910,205
4.90%, 2/1/2046		1,000,000		1,199,563
Bacardi Ltd.,
5.30%, 5/15/2048 (a)		500,000		563,128
				2,672,896
Capital Markets 2.6%
FMR LLC, 4.95%, 2/1/2033 (a)		925,000		1,149,902
Nuveen Finance LLC,
4.13%, 11/1/2024 (a)		3,230,000		3,507,145
S&P Global, Inc., 4.50%, 5/15/2048		425,000		526,662
UBS Group AG,
2.65%, 2/1/2022 (a)		4,500,000		4,554,515
				9,738,224
Chemicals 0.2%
Cytec Industries, Inc., 3.95%, 5/1/2025		600,000		620,781
Mosaic Co. (The),
5.63%, 11/15/2043		200,000		230,168
				850,949
Commercial Services & Supplies 0.3%
Aramark Services, Inc.,
5.00%, 2/1/2028 (a)		950,000		992,750
Containers & Packaging 0.2%
Berry Global, Inc.,
4.88%, 7/15/2026 (a)		700,000		735,875
Diversified Financial Services 0.6%
HERO Funding Trust,
Series 2015-3, Class A, 4.28%, 9/20/2041		1,175,451		1,223,515
Shell International Finance BV,
4.38%, 5/11/2045		750,000		909,888
				2,133,403
Diversified Telecommunication Services 1.9%
AT&T, Inc.,
3.40%, 5/15/2025		500,000		523,901
4.10%, 2/15/2028		1,500,000		1,634,955
4.30%, 2/15/2030		1,981,000		2,178,803
CCO Holdings LLC,
5.75%, 2/15/2026 (a)		600,000		633,600
5.13%, 5/1/2027 (a)		1,825,000		1,923,094
				6,894,353

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities 4.8%
Alliant Energy Finance LLC, 4.25%, 6/15/2028 (a)	$	2,000,000	$	2,173,538
Appalachian Power Co.,
3.40%, 6/1/2025		1,000,000		1,047,706
Entergy Arkansas LLC, 4.00%, 6/1/2028		2,650,000		2,922,369
Evergy, Inc.,
2.45%, 9/15/2024		2,250,000		2,263,285
Indiana Michigan Power Co., 3.85%, 5/15/2028		1,250,000		1,382,381
ITC Holdings Corp.,
3.65%, 6/15/2024		3,000,000		3,162,086
Jersey Central Power & Light Co., 4.30%, 1/15/2026 (a)		500,000		547,237
Metropolitan Edison Co.,
4.30%, 1/15/2029 (a)		1,000,000		1,123,909
Public Service Co. of Colorado,
2.90%, 5/15/2025		3,000,000		3,113,198
				17,735,709
Energy Equipment & Services 0.5%
Helmerich & Payne, Inc.,
4.65%, 3/15/2025		1,575,000		1,711,041
Entertainment 0.3%
Walt Disney Co. (The),
3.70%, 10/15/2025 (a)		1,000,000		1,087,608
Equity Real Estate Investment Trusts (REITs) 1.6%
Liberty Property LP, 3.75%, 4/1/2025		1,825,000		1,963,734
Piedmont Operating Partnership LP,
3.40%, 6/1/2023		1,500,000		1,526,748
4.45%, 3/15/2024		2,300,000		2,437,816
				5,928,298
Food & Staples Retailing 0.2%
CVS Pass-Through Trust,
7.51%, 1/10/2032 (a)		727,670		901,693
Food Products 0.7%
Cargill, Inc., 3.25%, 5/23/2029 (a)		1,775,000		1,903,317
Grupo Bimbo SAB de CV,
3.88%, 6/27/2024 (a)		825,000		860,252
				2,763,569
Health Care Equipment & Supplies 0.2%
Boston Scientific Corp.,
4.70%, 3/1/2049		700,000		850,996
Health Care Providers & Services 0.3%
CVS Health Corp.,
4.30%, 3/25/2028		900,000		978,873
Household Durables 1.0%
Newell Brands, Inc.,
5.00%, 11/15/2023		560,000		574,601
4.20%, 4/1/2026		2,850,000		2,978,674
				3,553,275

11

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Industrial Conglomerates 0.1%
General Electric Co.,
4.65%, 10/17/2021	$	358,000	$	373,540
Insurance 1.4%
MassMutual Global Funding II, 3.40%, 3/8/2026 (a)		2,000,000		2,137,719
Metropolitan Life Global Funding I,
3.45%, 12/18/2026 (a)		2,875,000		3,090,097
				5,227,816
Media 0.6%
Charter Communications Operating LLC,
4.91%, 7/23/2025		1,000,000		1,101,780
Comcast Corp.,
4.70%, 10/15/2048		1,000,000		1,231,439
				2,333,219
Multi-Utilities 2.7%
Black Hills Corp.,
3.95%, 1/15/2026		1,750,000		1,855,189
3.15%, 1/15/2027		1,000,000		1,014,387
Dominion Energy, Inc.,
Series A, 4.60%, 3/15/2049		1,000,000		1,174,111
Southern Co. Gas Capital Corp.,
3.88%, 11/15/2025		1,100,000		1,168,711
3.25%, 6/15/2026		2,000,000		2,059,126
WEC Energy Group, Inc.,
3.55%, 6/15/2025		2,500,000		2,670,700
				9,942,224
Oil, Gas & Consumable Fuels 3.5%
Aker BP ASA, 4.75%, 6/15/2024 (a)		1,050,000		1,092,000
BP Capital Markets plc,
3.51%, 3/17/2025		2,350,000		2,504,846
Continental Resources, Inc., 3.80%, 6/1/2024		575,000		588,064
Enbridge Energy Partners LP,
7.38%, 10/15/2045		400,000		594,577
Energy Transfer Operating LP,
4.20%, 4/15/2027		1,550,000		1,621,339
5.50%, 6/1/2027		1,000,000		1,122,726
Kinder Morgan, Inc.,
4.30%, 3/1/2028		300,000		325,408
5.05%, 2/15/2046		500,000		547,537
Noble Energy, Inc., 3.85%, 1/15/2028		875,000		908,928
Occidental Petroleum Corp.,
6.60%, 3/15/2046		275,000		352,833
Petroleos Mexicanos, 6.35%, 2/12/2048		1,391,000		1,330,144
Sabine Pass Liquefaction LLC,
5.63%, 3/1/2025		1,125,000		1,262,371
Williams Cos., Inc. (The),
5.75%, 6/24/2044		725,000		836,740
				13,087,513

Corporate Bonds (continued)
	Principal Amount		Value
Pharmaceuticals 1.8%
Allergan Funding SCS,
3.85%, 6/15/2024	$	500,000	$	527,647
3.80%, 3/15/2025		1,325,000		1,393,802
Bristol-Myers Squibb Co., 4.25%, 10/26/2049 (a)		450,000		526,264
Shire Acquisitions Investments Ireland DAC,
3.20%, 9/23/2026		1,875,000		1,936,331
Teva Pharmaceutical Finance Netherlands III BV,
2.80%, 7/21/2023		1,500,000		1,297,500
3.15%, 10/1/2026		1,500,000		1,128,750
				6,810,294
Road & Rail 0.4%
Burlington Northern Santa Fe LLC,
3.00%, 4/1/2025		300,000		314,331
4.15%, 4/1/2045		1,000,000		1,147,158
				1,461,489
Semiconductors & Semiconductor Equipment 1.1%
QUALCOMM, Inc.,
2.60%, 1/30/2023		4,000,000		4,077,822
Software 0.9%
Microsoft Corp.,
3.30%, 2/6/2027		3,000,000		3,247,397
Technology Hardware, Storage & Peripherals 0.3%
Digital Equipment Corp.,
7.75%, 4/1/2023		825,000		918,213
Thrifts & Mortgage Finance 0.5%
BPCE SA,
5.70%, 10/22/2023 (a)		1,500,000		1,659,980
Tobacco 0.5%
Reynolds American, Inc.,
4.45%, 6/12/2025		1,850,000		1,985,309
Total Corporate Bonds (cost $122,702,796)				130,608,332
Mortgage-Backed Securities 18.1%
FNMA Pool
Pool# AM7838 3.56%, 2/1/2035		2,302,237		2,531,095
Pool# AM9070 3.77%, 8/1/2045		2,995,000		3,230,107
UMBS Pool
Pool# BC0180 4.00%, 1/1/2046		2,232,450		2,359,931
Pool# BC9003 3.00%, 11/1/2046		305,006		313,115
Pool# AS8483 3.00%, 12/1/2046		247,377		253,852
Pool# MA2863 3.00%, 1/1/2047		2,530,288		2,594,692
Pool# AS8810 3.50%, 2/1/2047		9,467,123		9,839,888

12

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# BM2003 4.00%, 10/1/2047	$	2,234,651	$	2,347,315
Pool# BM3355 3.50%, 2/1/2048		6,687,187		6,924,955
Pool# CA2208 4.50%, 8/1/2048		7,872,932		8,294,833
Pool# CA2469 4.00%, 10/1/2048		4,903,040		5,085,745
Pool# BN0906 4.00%, 11/1/2048		4,283,179		4,482,175
Pool# MA3745 3.50%, 8/1/2049		10,505,354		10,786,322
Pool# SD8005 3.50%, 8/1/2049		7,719,845		7,930,612
Total Mortgage-Backed Securities (cost $66,264,192)				66,974,637
Municipal Bonds 0.5%
California 0.2%
Northern California Power Agency, RB, Series B, 7.31%, 6/1/2040		500,000		747,680
District of Columbia 0.3%
Metropolitan Washington Airports Authority, RB, Series D, 7.46%, 10/1/2046		600,000		995,226
Total Municipal Bonds (cost $1,333,428)				1,742,906
Purchased Options 0.0%†
	Number of Contracts
Call Option 0.0%†
Future Interest Rate Options 0.0%†
U.S. Treasury 30 Year Bond 11/22/19 at USD 169.00, American Style Notional Amount: USD 10,000,000.00 Exchange Traded*		100		4,687
Put Option 0.0%†
Future Interest Rate Options 0.0%†
U.S. Treasury 5 Year Note 11/22/19 at USD 118.00, American Style Notional Amount: USD 15,000,000.00 Exchange Traded*		150		4,688
Total Purchased Options (cost $101,556)				9,375
U.S. Treasury Obligations 11.6%
	Principal Amount
U.S. Treasury Notes
1.63%, 10/15/2020 (f)		1,200,000		1,200,469
2.50%, 1/31/2021		2,000,000		2,022,187
1.75%, 7/31/2021		2,000,000		2,006,094

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued)
1.50%, 8/31/2021	$	12,000,000	$	11,986,406
2.25%, 10/31/2024		3,000,000		3,101,602
2.75%, 2/28/2025		3,500,000		3,712,598
2.63%, 1/31/2026		18,000,000		19,099,687
Total U.S. Treasury Obligations (cost $42,735,649)				43,129,043
Total Investments (cost $335,735,739) — 93.7%				347,110,236
Other assets in excess of liabilities — 6.3%				23,183,456
NET ASSETS — 100.0%			$	370,293,692

* Denotes a non-income producing 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 October 31, 2019 was $107,430,530 which represents 29.01% 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 October 31, 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 October 31, 2019.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(f) 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

UMBS Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

13

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Fund (Continued)

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		533			12/2019		USD		114,915,633			(301,091	)
U.S. Treasury Long Bond		368			12/2019		USD		59,386,000			(1,088,821	)
												(1,389,912	)
Short Contracts
U.S. Treasury 5 Year Note		(593	)		12/2019		USD		(70,687,453	)		417,819
U.S. Treasury 10 Year Note		(249	)		12/2019		USD		(32,443,922	)		22,277
												440,096
												(949,816	)

Currency:

USD United States Dollar

Written Call Options Contracts as of October 31, 2019:

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

U.S. Treasury 30 Year Bond

Exchange Traded

100

USD

(10,000,000

)

USD 171.00

11/22/2019

(3,125

)

Written Put Options Contracts as of October 31, 2019:

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

U.S. Treasury 30 Year Bond

Exchange Traded

50

USD

(5,000,000

)

USD 158.00

11/22/2019

(10,937

)

U.S. Treasury 5 Year Note

Exchange Traded

150

USD

(15,000,000

)

USD 117.00

11/22/2019

(1,172

)

(12,109

)

Total Written Options Contracts (Premiums Received ($61,179))

(15,234

)

Currency:

USD United States Dollar

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

14

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Bond Fund
Assets:
Investment securities, at value (cost $335,735,739)	$	347,110,236
Cash		12,856,656
Interest receivable		1,911,515
Receivable for investments sold		27,896,766
Receivable for capital shares issued		136,231
Receivable for variation margin on futures contracts		315,801
Reimbursement from investment adviser (Note 3)		21,331
Prepaid expenses		29,450
Total Assets		390,277,986
Liabilities:
Payable for investments purchased		19,215,653
Distributions payable		9,465
Payable for capital shares redeemed		503,569
Written options, at value (premiums $61,179)		15,234
Accrued expenses and other payables:
Investment advisory fees		126,318
Fund administration fees		22,093
Distribution fees		4,041
Administrative servicing fees		5,418
Accounting and transfer agent fees		11,885
Trustee fees		1,536
Custodian fees		5,557
Compliance program costs (Note 3)		516
Professional fees		38,495
Printing fees		17,875
Other		6,639
Total Liabilities		19,984,294
Net Assets	$	370,293,692
Represented by:
Capital	$	361,179,241
Total distributable earnings (loss)		9,114,451
Net Assets	$	370,293,692
Net Assets:
Class A Shares	$	13,438,635
Class C Shares		1,168,728
Class R Shares		266,824
Class R6 Shares		303,434,735
Institutional Service Class Shares		51,984,770
Total	$	370,293,692
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,343,732
Class C Shares		116,728
Class R Shares		26,663
Class R6 Shares		30,285,561
Institutional Service Class Shares		5,190,949
Total		36,963,633

15

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	10.00
Class C Shares (b)	$	10.01
Class R Shares	$	10.01
Class R6 Shares	$	10.02
Institutional Service Class Shares	$	10.01
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.23
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.

16

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Bond Fund
INVESTMENT INCOME:
Interest income	$	12,694,371
Income from securities lending (Note 2)		1,904
Total Income		12,696,275
EXPENSES:
Investment advisory fees		1,491,841
Fund administration fees		168,786
Distribution fees Class A		28,889
Distribution fees Class C		23,374
Distribution fees Class R		1,285
Administrative servicing fees Class A		3,553
Administrative servicing fees Class C		1,169
Administrative servicing fees Class R		26
Administrative servicing fees Institutional Service Class		31,535
Registration and filing fees		66,117
Professional fees		62,510
Printing fees		25,986
Trustee fees		13,579
Custodian fees		17,717
Accounting and transfer agent fees		46,731
Compliance program costs (Note 3)		1,882
Other		11,498
Total expenses before expenses reimbursed		1,996,478
Expenses reimbursed by adviser (Note 3)		(268,681	)
Net Expenses		1,727,797
NET INVESTMENT INCOME		10,968,478
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		2,037,008
Expiration or closing of futures contracts (Note 2)		4,233,907
Expiration or closing of option contracts written (Note 2)		83,288
Net realized gains		6,354,203
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		21,427,356
Futures contracts (Note 2)		999,028
Options contracts written (Note 2)		45,945
Net change in unrealized appreciation/depreciation		22,472,329
Net realized/unrealized gains		28,826,532
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,795,010

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

17

Statements of Changes in Net Assets

	Nationwide Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	10,968,478		$	11,763,020
Net realized gains (losses)		6,354,203			(891,877	)
Net change in unrealized appreciation/depreciation		22,472,329			(17,018,102	)
Change in net assets resulting from operations		39,795,010			(6,146,959	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(323,743	)		(313,462	)
Class C		(47,910	)		(47,968	)
Class R		(6,629	)		(8,962	)
Class R6		(9,600,110	)		(10,193,168	)
Institutional Service Class		(1,387,566	)		(1,376,227	)
Change in net assets from shareholder distributions		(11,365,958	)		(11,939,787	)
Change in net assets from capital transactions		(40,078,060	)		(6,926,535	)
Change in net assets		(11,649,008	)		(25,013,281	)
Net Assets:
Beginning of year		381,942,700			406,955,981
End of year	$	370,293,692		$	381,942,700
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,308,848		$	1,641,015
Proceeds from shares issued in class conversion (Note 1)		932,695			–
Dividends reinvested		305,579			293,413
Cost of shares redeemed		(2,813,543	)		(2,581,815	)
Total Class A Shares		1,733,579			(647,387	)
Class C Shares
Proceeds from shares issued		492,447			288,613
Dividends reinvested		44,781			43,591
Cost of shares redeemed in class conversion (Note 1)		(932,695	)		–
Cost of shares redeemed		(761,059	)		(1,033,442	)
Total Class C Shares		(1,156,526	)		(701,238	)
Class R Shares
Proceeds from shares issued		17,794			27,872
Dividends reinvested		11			1,201
Cost of shares redeemed		(8,116	)		(472,924	)
Total Class R Shares		9,689			(443,851	)
Class R6 Shares
Proceeds from shares issued		3,415,380			8,018,454
Dividends reinvested		9,600,069			10,193,153
Cost of shares redeemed		(59,311,714	)		(18,871,791	)
Total Class R6 Shares		(46,296,265	)		(660,184	)

18

Statements of Changes in Net Assets (Continued)

	Nationwide Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	12,129,394		$	5,689,044
Dividends reinvested		1,286,265			1,246,333
Cost of shares redeemed		(7,784,196	)		(11,409,252	)
Total Institutional Service Class Shares		5,631,463			(4,473,875	)
Change in net assets from capital transactions	$	(40,078,060	)	$	(6,926,535	)
SHARE TRANSACTIONS:
Class A Shares
Issued		343,043			172,545
Issued in class conversion (Note 1)		92,805			–
Reinvested		31,454			31,015
Redeemed		(292,898	)		(272,555	)
Total Class A Shares		174,404			(68,995	)
Class C Shares
Issued		52,217			30,666
Reinvested		4,609			4,595
Redeemed in class conversion (Note 1)		(92,621	)		–
Redeemed		(77,509	)		(109,294	)
Total Class C Shares		(113,304	)		(74,033	)
Class R Shares
Issued		1,838			2,930
Reinvested		1			124
Redeemed		(816	)		(49,504	)
Total Class R Shares		1,023			(46,450	)
Class R6 Shares
Issued		353,030			850,122
Reinvested		987,583			1,075,624
Redeemed		(6,164,853	)		(1,996,237	)
Total Class R6 Shares		(4,824,240	)		(70,491	)
Institutional Service Class Shares
Issued		1,234,358			600,669
Reinvested		132,172			131,542
Redeemed		(795,400	)		(1,204,710	)
Total Institutional Service Class Shares		571,130			(472,499	)
Total change in shares		(4,190,987	)		(732,468	)

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

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

19

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
Year Ended October 31, 2019	$	9.27		0.26		0.74			1.00			(0.27	)		–			(0.27	)	$	10.00		10.93%		$	13,438,635		0.72%		2.69%		0.79%		38.73%
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%
Class C Shares
Year Ended October 31, 2019	$	9.28		0.19		0.74			0.93			(0.20	)		–			(0.20	)	$	10.01		10.07%		$	1,168,728		1.49%		1.95%		1.57%		38.73%
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%
Class R Shares
Year Ended October 31, 2019	$	9.27		0.24		0.75			0.99			(0.25	)		–			(0.25	)	$	10.01		10.79%		$	266,824		0.95%		2.47%		1.02%		38.73%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	9.28		0.29		0.75			1.04			(0.30	)		–			(0.30	)	$	10.02		11.34%		$	303,434,735		0.44%		2.98%		0.51%		38.73%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.28		0.28		0.74			1.02			(0.29	)		–			(0.29	)	$	10.01		11.16%		$	51,984,770		0.51%		2.90%		0.58%		38.73%
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%

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.

20

Fund Commentary Nationwide Core Plus Bond Fund

For the annual period ended October 31, 2019, the Nationwide Core Plus Bond Fund (Class R6) returned 10.40% versus 11.51% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Intermediate Core-Plus Bond (consisting of 617 funds as of October 31, 2019), was 10.41% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Duration was the main driver of underperformance for the Fund during the reporting period. Rates fell across the yield curve for most of the period, and as a result the Fund’s shorter duration Treasury position weighed most on relative Fund performance for the period. The Fund’s duration positioning in securitized products, specifically mortgages, also negatively affected relative Fund performance. On the other hand, the Fund’s positioning along the yield curve, an overweight allocation to credit and duration positioning in credit were modest contributors to Fund performance for the period.

Macroeconomic, geopolitical and fiscal-policy events dominated headlines during the reporting period and served as key drivers of market returns. Sentiment swings predominantly stemming from concerns about global trade and the Federal Reserve’s actions contributed to market volatility. After raising rates in December, the Fed turned dovish in 2019 and lowered the target rate three times. This dovish tone supported strong rallies in credit, equities and Treasuries. For example, index sector returns for the fiscal year ended October 31, 2019, were as follows: U.S. Treasuries 11.08%, investment grade corporates 15.37%, securitized products 8.98% and high-yield bonds 8.38%.

We will continue to seek opportunities to increase portfolio quality through strong security selection. The Fund is positioned to take advantage of these conditions through our actively adjusting the portfolio using sector rotation, fundamental security analysis, and duration and yield curve positioning.

The Fund does not use derivatives.

Subadviser:

Thompson, Siegel & Walmsley LLC

Portfolio Manager:

William M. Bellamy, CFA

The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds) and including default risk and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They are also subject to the claims-paying ability of the issuing company. Please refer to the most-recent prospectus for a more-detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

21

Fund Overview Nationwide Core Plus Bond Fund

Asset Allocation¹

Corporate Bonds	36.8%
Mortgage-Backed Securities	31.7%
U.S. Treasury Obligations	23.4%
Commercial Mortgage-Backed Securities	2.5%
Asset-Backed Securities	1.9%
Collateralized Mortgage Obligations	1.4%
U.S. Government Agency Security	0.8%
Preferred Stocks	0.8%
Municipal Bond	0.1%
Repurchase Agreements†	0.0%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.6%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	4.1%
Banks	3.5%
Electric Utilities	2.6%
Capital Markets	2.4%
Specialty Retail	2.2%
Chemicals	2.2%
Hotels, Restaurants & Leisure	2.0%
Insurance	1.8%
Road & Rail	1.3%
Health Care Providers & Services	1.2%
Other Industries#	76.7%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.88%, 5/15/2028	2.5%
U.S. Treasury Notes, 2.75%, 2/15/2024	2.0%
U.S. Treasury Notes, 2.38%, 5/15/2027	2.0%
U.S. Treasury Notes, 2.50%, 2/28/2026	1.9%
U.S. Treasury Notes, 1.63%, 9/30/2026	1.9%
U.S. Treasury Notes, 2.00%, 11/15/2026	1.8%
UMBS, 3.00%, 10/1/2049	1.6%
UMBS, 3.00%, 7/1/2049	1.4%
U.S. Treasury Notes, 2.50%, 1/31/2025	1.3%
U.S. Treasury Notes, 1.63%, 8/15/2029	1.2%
Other Holdings#	82.4%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

22

Fund Performance Nationwide Core Plus Bond Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		10.03%		3.21%		2.76%	2
	w/SC3		5.37%		2.31%		2.07%	2
Class R64,5			10.40%		3.57%		4.62%
Institutional Service Class4			10.28%		3.50%		3.05%	2
Bloomberg Barclays U.S. Aggregate Bond Index			11.51%		3.24%		3.73%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of April 24, 2013.

³  A 4.25% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.84%
Class R6		0.49%
Institutional Service Class		0.60%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

23

Fund Performance (cont.) Nationwide Core Plus Bond Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Core Plus Bond Fund versus the Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index over the 10-year period ended 10/31/19. Performance prior to the Fund’s inception on 4/24/13 is based on the Fund’s predecessor fund, the TS&W Fixed Income Portfolio. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

24

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,047.90		4.28		0.83
	Hypothetical	(a)(b)		1,000.00		1,021.02		4.23		0.83
Class R6 Shares	Actual	(a)		1,000.00		1,049.70		2.48		0.48
	Hypothetical	(a)(b)		1,000.00		1,022.79		2.45		0.48
Institutional Service Class Shares	Actual	(a)		1,000.00		1,049.10		3.00		0.58
	Hypothetical	(a)(b)		1,000.00		1,022.28		2.96		0.58

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

25

Statement of Investments

October 31, 2019

Nationwide Core Plus Bond Fund

Asset-Backed Securities 1.9%
	Principal Amount		Value
Airlines 0.1%
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.65%, 1/7/2026	$	871,528	$	889,775
Other 1.8%
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, 2.97%, 1/20/2031 (a)(b)		8,250,000		8,182,540
Diamond CLO Ltd., Series 2019-1A, Class A1, 3.54%, 4/25/2029 (a)(b)		9,000,000		8,964,450
SBA Tower Trust, 3.87%, 10/8/2024 (b)		5,000,000		5,210,338
				22,357,328
Total Asset-Backed Securities (cost $22,988,426)				23,247,103
Collateralized Mortgage Obligations 1.4%
FHLMC REMICS
Series 4039, Class ME, 2.00%, 12/15/2040		665,676		664,943
Series 4026, Class WJ, 2.75%, 8/15/2041		2,187,715		2,245,604
JP Morgan Mortgage Trust
Series 2017-5, Class A1A, 3.00%, 10/26/2048 (a)(b)		9,314,141		9,342,866
Series 2019-3, Class A3, 4.00%, 9/25/2049 (a)(b)		4,034,953		4,090,434
Total Collateralized Mortgage Obligations (cost $16,280,421)				16,343,847
Commercial Mortgage-Backed Securities 2.5%
GNMA REMICS
Series 2018-17, Class MA, 2.60%, 5/1/2052		8,955,754		9,014,811
Series 2019-34, Class AL, 3.15%, 5/16/2059		11,600,123		11,867,630
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4, 3.72%, 12/15/2048		8,500,000		9,170,890
Total Commercial Mortgage-Backed Securities (cost $29,300,940)				30,053,331
Corporate Bonds 36.8%
Air Freight & Logistics 0.4%
FedEx Corp.,
4.05%, 2/15/2048		5,200,000		5,135,232
Airlines 0.6%
Delta Air Lines, Inc.,
2.90%, 10/28/2024		7,400,000		7,365,960
Auto Components 0.2%
American Axle & Manufacturing, Inc.,
6.63%, 10/15/2022		2,056,000		2,066,280

Corporate Bonds (continued)
	Principal Amount		Value
Banks 3.5%
Citigroup, Inc.,
3.70%, 1/12/2026	$	2,253,000	$	2,395,880
3.20%, 10/21/2026		4,000,000		4,148,472
JPMorgan Chase & Co., 3.20%, 6/15/2026		11,655,000		12,196,106
Landwirtschaftliche Rentenbank,
3.13%, 11/14/2023		10,400,000		11,010,820
Mitsubishi UFJ Financial Group, Inc., 3.85%, 3/1/2026		2,556,000		2,750,987
National Westminster Bank plc,
Series C, (ICE LIBOR USD 3 Month + 0.25%), 2.37%, 11/28/2019 (c)(d)		130,000		108,453
People’s United Financial, Inc., 3.65%, 12/6/2022		3,740,000		3,870,066
US Bancorp,
2.40%, 7/30/2024		4,750,000		4,833,275
				41,314,059
Biotechnology 1.0%
Amgen, Inc.,
3.20%, 11/2/2027		5,000,000		5,256,905
5.15%, 11/15/2041		3,875,000		4,708,732
5.38%, 5/15/2043		1,320,000		1,663,618
				11,629,255
Capital Markets 2.4%
BlackRock, Inc., 3.25%, 4/30/2029		7,445,000		7,995,913
FMR LLC,
7.57%, 6/15/2029 (b)		1,000,000		1,410,792
4.95%, 2/1/2033 (b)		5,150,000		6,402,157
FS KKR Capital Corp., 4.63%, 7/15/2024		4,420,000		4,535,152
Morgan Stanley, 7.25%, 4/1/2032		5,600,000		8,007,575
				28,351,589
Chemicals 2.2%
Blue Cube Spinco LLC, 9.75%, 10/15/2023		2,765,000		3,013,850
Chevron Phillips Chemical Co. LLC, 3.40%, 12/1/2026 (b)		6,865,000		7,280,901
Cornerstone Chemical Co., 6.75%, 8/15/2024 (b)		1,000,000		920,000
DuPont de Nemours, Inc., 5.32%, 11/15/2038		5,250,000		6,297,307
FXI Holdings, Inc., 7.88%, 11/1/2024 (b)		5,750,000		5,108,875
Methanex Corp., 5.25%, 12/15/2029		3,250,000		3,322,262
				25,943,195
Commercial Services & Supplies 0.6%
Cimpress NV, 7.00%, 6/15/2026 (b)		5,000,000		5,275,000
ILFC E-Capital Trust I, + 1.55%, 14.50% Cap), 3.77%, 12/21/2065 (b)(d)		3,000,000		2,212,500
				7,487,500

26

Statement of Investments (Continued)

October 31, 2019

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Communications Equipment 0.0%†
CommScope Technologies LLC, 6.00%, 6/15/2025 (b)	$	130,000	$	115,661
Construction & Engineering 0.0%†
Tutor Perini Corp., 6.88%, 5/1/2025 (b)		60,000		59,841
Consumer Finance 0.8%
American Express Co., 3.00%, 10/30/2024		3,877,000		4,031,444
Capital One Financial Corp., 3.20%, 1/30/2023		1,615,000		1,659,683
Enova International, Inc., 8.50%, 9/1/2024 (b)		40,000		37,100
Ford Motor Credit Co. LLC, 4.06%, 11/1/2024		1,000,000		1,003,420
John Deere Capital Corp., 2.25%, 9/14/2026		3,025,000		3,032,360
SquareTwo Financial Corp., + 0.00%), 0.00%, 5/24/2019^¥ (d)(e)		126,572		0
				9,764,007
Diversified Consumer Services 0.1%
Service Corp. International, 5.38%, 5/15/2024		1,099,000		1,133,344
Diversified Financial Services 0.7%
Berkshire Hathaway, Inc., 3.13%, 3/15/2026		2,500,000		2,658,639
GTP Acquisition Partners I LLC, 3.48%, 6/16/2025 (b)		5,000,000		5,196,967
				7,855,606
Diversified Telecommunication Services 0.9%
CCO Holdings LLC,
5.13%, 2/15/2023		1,350,000		1,378,687
5.88%, 4/1/2024 (b)		8,871,000		9,248,018
				10,626,705
Electric Utilities 2.6%
Drax Finco plc, 6.63%, 11/1/2025 (b)		800,000		847,000
Duke Energy Carolinas LLC, 4.00%, 9/30/2042		6,515,000		7,264,643
Duke Energy Florida LLC, 3.80%, 7/15/2028		7,325,000		8,102,653
Entergy Arkansas LLC, 4.20%, 4/1/2049		4,550,000		5,385,354
Evergy Metro, Inc., 4.20%, 3/15/2048		2,760,000		3,215,915
Evergy, Inc., 2.45%, 9/15/2024		4,250,000		4,275,094
MidAmerican Energy Co., 3.15%, 4/15/2050		2,300,000		2,362,873
				31,453,532
Electronic Equipment, Instruments & Components 0.6%
Corning, Inc., 7.25%, 8/15/2036		6,312,000		7,741,897

Corporate Bonds (continued)
	Principal Amount		Value
Energy Equipment & Services 0.2%
Bristow Group, Inc., 8.75%, 3/1/2023 (b)(f)	$	2,751,000	$	2,695,980
Transocean Phoenix 2 Ltd., 7.75%, 10/15/2024 (b)		42,000		43,365
				2,739,345
Equity Real Estate Investment Trusts (REITs) 1.2%
Crown Castle International Corp., 5.20%, 2/15/2049		2,000,000		2,493,782
HCP, Inc., 3.25%, 7/15/2026		1,000,000		1,044,423
Healthcare Trust of America Holdings LP, 3.10%, 2/15/2030		1,000,000		1,000,638
Omega Healthcare Investors, Inc., 3.63%, 10/1/2029		3,000,000		3,026,262
Public Storage, 3.39%, 5/1/2029		2,750,000		2,971,319
Sabra Health Care LP, 3.90%, 10/15/2029		3,500,000		3,473,750
				14,010,174
Food Products 0.1%
B&G Foods, Inc., 5.25%, 4/1/2025		1,134,000		1,158,097
Health Care Providers & Services 1.2%
Anthem, Inc., 5.10%, 1/15/2044		4,680,000		5,428,080
CVS Health Corp., 3.00%, 8/15/2026		2,000,000		2,033,565
HCA, Inc., 4.50%, 2/15/2027		6,135,000		6,636,125
				14,097,770
Hotels, Restaurants & Leisure 2.0%
McDonald’s Corp.,
4.60%, 5/26/2045		3,000,000		3,496,458
4.88%, 12/9/2045		5,000,000		6,053,503
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027		1,973,000		2,524,411
VOC Escrow Ltd., 5.00%, 2/15/2028 (b)		4,000,000		4,160,000
Wyndham Destinations, Inc., 6.35%, 10/1/2025 (g)		7,272,000		8,053,740
				24,288,112
Household Durables 0.2%
NVR, Inc., 3.95%, 9/15/2022		1,994,000		2,081,333
Shea Homes LP, 6.13%, 4/1/2025 (b)		10,000		10,350
				2,091,683
Household Products 0.3%
Central Garden & Pet Co., 6.13%, 11/15/2023		3,694,000		3,818,672

27

Statement of Investments (Continued)

October 31, 2019

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Independent Power and Renewable Electricity Producers 0.0%†
Vistra Energy Corp.,
8.00%, 1/15/2025 (b)	$	125,000	$	130,000
8.13%, 1/30/2026 (b)		100,000		107,250
				237,250
Industrial Conglomerates 0.5%
General Electric Co., (ICE LIBOR USD 3 Month + 1.00%), 3.12%, 3/15/2023 (d)		5,000,000		4,969,450
Ingersoll-Rand Global Holding Co. Ltd., 4.30%, 2/21/2048		1,000,000		1,104,037
				6,073,487
Insurance 1.3%
Brighthouse Financial, Inc., 3.70%, 6/22/2027		3,000,000		2,947,181
Fidelity National Financial, Inc., 4.50%, 8/15/2028		4,500,000		4,878,272
Globe Life, Inc., 7.88%, 5/15/2023		2,975,000		3,532,208
Sompo International Holdings Ltd., 4.70%, 10/15/2022		4,052,000		4,290,121
				15,647,782
Interactive Media & Services 0.1%
Tencent Holdings Ltd., 3.60%, 1/19/2028 (b)		1,000,000		1,041,965
Machinery 0.6%
BCD Acquisition, Inc., 9.63%, 9/15/2023 (b)		4,372,000		4,497,782
Terex Corp., 5.63%, 2/1/2025 (b)		2,500,000		2,506,250
				7,004,032
Media 0.7%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022		4,050,000		4,951,986
Comcast Cable Holdings LLC, 9.88%, 6/15/2022		1,165,000		1,388,609
Comcast Corp., 2.65%, 2/1/2030		1,000,000		1,009,680
Omnicom Group, Inc., 3.60%, 4/15/2026		601,000		634,567
				7,984,842
Metals & Mining 0.2%
Alcoa Nederland Holding BV, 6.75%, 9/30/2024 (b)		20,000		21,075
FMG Resources August 2006 Pty. Ltd., 4.50%, 9/15/2027 (b)		3,000,000		2,960,625
				2,981,700
Multiline Retail 0.4%
Dillard’s, Inc., 7.75%, 7/15/2026		4,595,000		5,196,795

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels 4.1%
BP Capital Markets America, Inc., 3.41%, 2/11/2026	$	3,500,000	$	3,716,058
Enviva Partners LP, 8.50%, 11/1/2021		10,650,000		10,882,969
HollyFrontier Corp., 5.88%, 4/1/2026		9,000,000		10,080,782
NuStar Logistics LP, 6.00%, 6/1/2026		2,418,000		2,584,117
ONEOK Partners LP, 6.85%, 10/15/2037		3,793,000		4,842,831
PBF Holding Co. LLC,
7.00%, 11/15/2023		1,798,000		1,851,940
7.25%, 6/15/2025		2,250,000		2,351,250
Tengizchevroil Finance Co. International Ltd., 4.00%, 8/15/2026 (b)		3,000,000		3,144,396
TransCanada PipeLines Ltd., 6.20%, 10/15/2037		1,565,000		2,006,527
Valero Energy Corp.,
8.75%, 6/15/2030		2,500,000		3,505,024
7.50%, 4/15/2032		2,641,000		3,618,320
				48,584,214
Paper & Forest Products 0.5%
Louisiana-Pacific Corp., 4.88%, 9/15/2024		6,200,000		6,386,000
Pharmaceuticals 0.3%
Pfizer, Inc., 3.60%, 9/15/2028		3,070,000		3,364,991
Real Estate Management & Development 0.1%
Hunt Cos., Inc., 6.25%, 2/15/2026 (b)		400,000		392,763
Ohana Military Communities LLC, 5.78%, 10/1/2036 (b)		1,000,000		1,267,610
				1,660,373
Road & Rail 1.3%
Ashtead Capital, Inc., 5.63%, 10/1/2024 (b)		3,500,000		3,605,000
Burlington Northern Santa Fe LLC, 4.90%, 4/1/2044		7,050,000		8,832,857
Union Pacific Corp., 3.55%, 8/15/2039		3,300,000		3,486,179
				15,924,036
Semiconductors & Semiconductor Equipment 0.5%
Broadcom Corp., 3.50%, 1/15/2028		5,000,000		4,889,550
NVIDIA Corp., 3.20%, 9/16/2026		592,000		623,711
				5,513,261
Software 0.4%
Citrix Systems, Inc., 4.50%, 12/1/2027		4,000,000		4,375,719
Specialty Retail 2.2%
Advance Auto Parts, Inc., 4.50%, 12/1/2023		8,310,000		8,961,303

28

Statement of Investments (Continued)

October 31, 2019

Nationwide Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Specialty Retail (continued)
Foot Locker, Inc., 8.50%, 1/15/2022	$	7,915,000	$	8,706,500
Home Depot, Inc. (The), 4.50%, 12/6/2048		3,250,000		4,076,869
L Brands, Inc., 6.95%, 3/1/2033		5,800,000		4,582,000
				26,326,672
Technology Hardware, Storage & Peripherals 0.9%
Apple, Inc.,
2.85%, 5/11/2024		4,501,000		4,676,898
3.75%, 11/13/2047		4,700,000		5,297,676
Seagate HDD Cayman, 4.25%, 3/1/2022		1,046,000		1,083,091
				11,057,665
Textiles, Apparel & Luxury Goods 0.2%
Tapestry, Inc., 4.13%, 7/15/2027		2,070,000		2,108,652
Trading Companies & Distributors 0.3%
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 3/15/2022 (b)		4,000,000		4,165,000
Water Utilities 0.4%
American Water Capital Corp., 2.95%, 9/1/2027		4,583,000		4,714,364
Total Corporate Bonds (cost $422,084,355)				440,596,316
Mortgage-Backed Securities 31.7%
FHLMC Gold Pool
Pool# J14732 4.00%, 3/1/2026		28		30
Pool# C91768 3.50%, 7/1/2034		5,422,734		5,649,158
Pool# G30692 3.50%, 8/1/2034		6,501,852		6,774,077
Pool# G30782 3.50%, 2/1/2035		2,006,420		2,090,292
Pool# C91846 3.00%, 9/1/2035		1,931,307		1,987,046
Pool# C91859 3.50%, 12/1/2035		1,957,992		2,033,305
Pool# C91868 3.50%, 4/1/2036		5,013,729		5,206,537
Pool# C92036 4.00%, 2/1/2039		12,163,087		12,667,882
Pool# A95406 4.00%, 12/1/2040		995,596		1,065,981
Pool# Q06025 4.00%, 2/1/2042		1,400,744		1,496,596
Pool# Q10392 3.50%, 8/1/2042		3,059,151		3,212,389
Pool# G08541 3.50%, 8/1/2043		4,419,192		4,638,301

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G08554 3.50%, 10/1/2043	$	2,547,653	$	2,673,164
Pool# G08588 4.00%, 5/1/2044		2,150,723		2,274,919
Pool# C09071 4.00%, 2/1/2045		3,506,507		3,709,157
Pool# G08702 3.50%, 4/1/2046		12,106,822		12,620,436
Pool# G08721 3.00%, 9/1/2046		7,416,992		7,631,713
Pool# G08726 3.00%, 10/1/2046		10,887,649		11,185,987
Pool# Q44665 3.00%, 11/1/2046		6,922,519		7,109,353
Pool# Q46283 4.00%, 2/1/2047		6,406,116		6,734,103
Pool# G08758 4.00%, 4/1/2047		10,164,634		10,679,067
Pool# G08761 3.50%, 5/1/2047		9,469,891		9,833,757
Pool# Q50035 3.50%, 8/1/2047		12,464,598		12,930,473
Pool# G08779 3.50%, 9/1/2047		9,929,131		10,301,841
Pool# G08793 4.00%, 12/1/2047		9,873,438		10,401,176
FNMA Pool# AL8289, 2.41%, 4/1/2046 (a)		9,483,233		9,645,291
UMBS Pool
Pool# MA0848 3.50%, 9/1/2026		3,269,157		3,385,269
Pool# AL4235 3.50%, 1/1/2027		4,003,183		4,145,369
Pool# AL4180 3.50%, 9/1/2028		1,900,882		1,968,205
Pool# MA2124 3.00%, 12/1/2029		1,009,497		1,038,315
Pool# MA3313 3.50%, 3/1/2033		6,538,633		6,791,448
Pool# MA3340 3.50%, 4/1/2033		6,825,400		7,088,817
Pool# AL6591 3.00%, 9/1/2033		4,985,970		5,145,661
Pool# MA1608 3.50%, 10/1/2033		6,207,127		6,463,799
Pool# MA1982 3.50%, 8/1/2034		7,751,819		8,070,449
Pool# MA2610 3.00%, 5/1/2036		8,274,222		8,508,117
Pool# MA3697 3.00%, 7/1/2039		9,672,894		9,889,173
Pool# AE0311 3.50%, 8/1/2040		5,206,253		5,455,753
Pool# AB1845 4.00%, 11/1/2040		5,698,279		6,095,769
Pool# AH0315 4.00%, 12/1/2040		8,075,323		8,641,057
Pool# AJ9278 3.50%, 12/1/2041		5,669,377		5,949,158
Pool# AW8165 4.00%, 1/1/2042		4,204,165		4,498,272

29

Statement of Investments (Continued)

October 31, 2019

Nationwide Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AJ8414 4.00%, 2/1/2042	$	3,236,402	$	3,459,776
Pool# AB4696 4.00%, 3/1/2042		1,947,771		2,082,779
Pool# AU2592 3.50%, 8/1/2043		3,001,544		3,150,151
Pool# AX4312 3.50%, 2/1/2045		2,783,212		2,901,187
Pool# AZ7353 3.50%, 11/1/2045		4,710,986		4,910,546
Pool# AS6408 3.50%, 1/1/2046		7,233,904		7,540,989
Pool# AS8583 3.50%, 1/1/2047		12,288,019		12,752,865
Pool# MA3058 4.00%, 7/1/2047		8,898,913		9,298,246
Pool# MA3088 4.00%, 8/1/2047		3,684,165		3,865,402
Pool# CA1191 3.50%, 11/1/2047		8,747,226		9,052,896
Pool# BM3280 4.50%, 11/1/2047		6,187,065		6,636,889
Pool# BN4180 4.00%, 12/1/2048		8,123,181		8,441,003
Pool# MA3691 3.00%, 7/1/2049		16,578,627		16,859,490
Pool# SD0040 3.00%, 7/1/2049		10,720,011		10,894,830
Pool# SD8016 3.00%, 10/1/2049		18,689,727		19,010,248
Total Mortgage-Backed Securities (cost $372,277,232)				378,543,959
Municipal Bond 0.1%
Virginia 0.1%
Montgomery County Economic Development Authority, RB, 3.04%, 6/1/2033		1,000,000		1,004,670
Total Municipal Bond (cost $1,005,510)				1,004,670
U.S. Government Agency Security 0.8%
FHLMC, 2.40%, 6/10/2022		9,955,000		9,985,937
Total U.S. Government Agency Security (cost $9,955,000)				9,985,937
U.S. Treasury Obligations 23.4%
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2022 (h)		11,000,000		11,514,880
0.38%, 7/15/2027 (h)		10,000,000		10,677,030
U.S. Treasury Notes
1.25%, 10/31/2021		5,000,000		4,969,141
1.50%, 2/28/2023		5,000,000		4,996,094
1.75%, 5/15/2023		10,000,000		10,075,781
2.75%, 5/31/2023		5,000,000		5,211,914
2.75%, 2/15/2024		22,500,000		23,636,426

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued)
2.25%, 4/30/2024	$	6,050,000	$	6,238,353
1.25%, 8/31/2024		9,940,000		9,816,915
2.50%, 1/31/2025		14,525,000		15,217,207
2.75%, 2/28/2025		10,000,000		10,607,422
3.00%, 9/30/2025		10,775,000		11,632,370
2.50%, 2/28/2026		21,240,000		22,393,266
1.63%, 9/30/2026		22,265,000		22,288,483
2.00%, 11/15/2026		20,690,000		21,235,537
2.38%, 5/15/2027		22,000,000		23,194,531
2.25%, 8/15/2027		9,500,000		9,934,551
2.25%, 11/15/2027		6,850,000		7,167,615
2.88%, 5/15/2028		26,865,000		29,468,596
2.38%, 5/15/2029		5,000,000		5,301,758
1.63%, 8/15/2029		14,060,000		13,975,969
Total U.S. Treasury Obligations (cost $272,705,981)				279,553,839
Preferred Stocks 0.8%
	Shares
Consumer Finance 0.0%†
SquareTwo Financial Corp., 0.00%, *^¥ (e)(i)		355		0
Insurance 0.5%
Enstar Group Ltd., 7.00%, 03/01/2024 (i)		140,000		3,780,000
Maiden Holdings North America Ltd., 7.75%, 12/01/2043 (i)		75,000		1,698,750
PartnerRe Ltd., 7.25%, 04/29/2021 (i)		31,383		845,772
				6,324,522
Mortgage Real Estate Investment Trusts (REITs) 0.2%
Two Harbors Investment Corp., (ICE LIBOR USD 3 Month + 5.35%), 7.63%, 07/27/2027 (d)(i)		100,000		2,621,000
Thrifts & Mortgage Finance 0.1%
FHLMC, (ICE LIBOR USD 3 Month + 4.16%, 7.88% Floor), 8.38%, 12/31/2022* (d)(i)(j)		35,000		406,000
Total Preferred Stocks (cost $9,567,324)				9,351,522
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (k)(l)		37,449		37,449
Total Short-Term Investment (cost $37,449)				37,449

30

Statement of Investments (Continued)

October 31, 2019

Nationwide Core Plus Bond Fund (Continued)

Repurchase Agreements 0.0%†
	Principal Amount		Value
BNP Paribas Securities Corp. 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $259,116, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $265,274. (l)(m)	$	259,104	$	259,104
Royal Bank of Canada 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $127,908, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $130,934. (l)(m)		127,902		127,902
Total Repurchase Agreements (cost $387,006)				387,006
Total Investments (cost $1,156,589,644) — 99.4%				1,189,104,979
Other assets in excess of liabilities — 0.6%				7,094,439
NET ASSETS — 100.0%			$	1,196,199,418

* 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 October 31, 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 October 31, 2019 was $110,654,851 which represents 9.25% of net assets.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 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 October 31, 2019.

(e) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(f) Security in default.

(g) 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 October 31, 2019.

(h) Principal amounts are not adjusted for inflation.

(i) 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 October 31, 2019.

(j) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $401,940, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $37,449 and $387,006, respectively, a total value of $424,455.

(k) Represents 7-day effective yield as of October 31, 2019.

(l) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $424,455.

(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

UMBS Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

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

31

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Core Plus Bond Fund
Assets:
Investment securities, at value* (cost $1,156,202,638)	$	1,188,717,973
Repurchase agreements, at value (cost $387,006)		387,006
Cash		8,243,862
Interest receivable		7,835,274
Securities lending income receivable		294
Receivable for investments sold		10,880,486
Receivable for capital shares issued		721,253
Prepaid expenses		20,458
Total Assets		1,216,806,606
Liabilities:
Payable for investments purchased		19,073,837
Distributions payable		21,450
Payable for capital shares redeemed		490,201
Payable upon return of securities loaned (Note 2)		424,455
Accrued expenses and other payables:
Investment advisory fees		427,218
Fund administration fees		43,889
Distribution fees		4,644
Administrative servicing fees		20,111
Accounting and transfer agent fees		5,608
Trustee fees		4,969
Custodian fees		16,332
Compliance program costs (Note 3)		1,643
Professional fees		49,204
Printing fees		13,800
Other		9,827
Total Liabilities		20,607,188
Net Assets	$	1,196,199,418
Represented by:
Capital	$	1,183,014,631
Total distributable earnings (loss)		13,184,787
Net Assets	$	1,196,199,418
Net Assets:
Class A Shares	$	21,798,928
Class R6 Shares		1,146,899,846
Institutional Service Class Shares		27,500,644
Total	$	1,196,199,418
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,093,420
Class R6 Shares		110,072,014
Institutional Service Class Shares		2,638,398
Total		114,803,832

32

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	10.41
Class R6 Shares	$	10.42
Institutional Service Class Shares	$	10.42
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.87
Maximum Sales Charge:
Class A Shares		4.25	%

* Includes value of securities on loan of $401,940 (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.

33

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Core Plus Bond Fund
INVESTMENT INCOME:
Interest income	$	41,756,911
Dividend income		659,623
Income from securities lending (Note 2)		43,068
Foreign tax withholding		(488	)
Total Income		42,459,114
EXPENSES:
Investment advisory fees		5,057,700
Fund administration fees		375,848
Distribution fees Class A		54,299
Administrative servicing fees Class A		21,879
Administrative servicing fees Institutional Service Class		22,745
Registration and filing fees		48,975
Professional fees		93,270
Printing fees		24,079
Trustee fees		42,777
Custodian fees		56,322
Accounting and transfer agent fees		25,386
Compliance program costs (Note 3)		5,951
Other		22,915
Total expenses before fees waived		5,852,146
Investment advisory fees voluntarily waived (Note 3)		(127,590	)
Net Expenses		5,724,556
NET INVESTMENT INCOME		36,734,558
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		6,820,265
Net change in unrealized appreciation/depreciation in the value of investment securities		72,383,970
Net realized/unrealized gains		79,204,235
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	115,938,793

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

34

Statements of Changes in Net Assets

	Nationwide Core Plus Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	36,734,558		$	39,123,394
Net realized gains (losses)		6,820,265			(13,046,204	)
Net change in unrealized appreciation/depreciation		72,383,970			(47,079,063	)
Change in net assets resulting from operations		115,938,793			(21,001,873	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(632,509	)		(622,784	)
Class R6		(36,751,648	)		(39,418,897	)
Institutional Service Class		(679,817	)		(520,467	)
Change in net assets from shareholder distributions		(38,063,974	)		(40,562,148	)
Change in net assets from capital transactions		(68,671,517	)		37,527,963
Change in net assets		9,203,302			(24,036,058	)
Net Assets:
Beginning of year		1,186,996,116			1,211,032,174
End of year	$	1,196,199,418		$	1,186,996,116
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,023,081		$	2,487,184
Proceeds from shares issued from merger (Note 10)		–			20,590,932
Dividends reinvested		615,961			602,126
Cost of shares redeemed		(5,487,079	)		(7,265,749	)
Total Class A Shares		151,963			16,414,493
Class R6 Shares
Proceeds from shares issued		84,281,218			61,641,165
Proceeds from shares issued from merger (Note 10)		–			3,865,760
Dividends reinvested		36,503,261			39,190,332
Cost of shares redeemed		(197,856,651	)		(89,172,614	)
Total Class R6 Shares		(77,072,172	)		15,524,643
Institutional Service Class Shares
Proceeds from shares issued		19,884,914			18,180,846
Proceeds from shares issued from merger (Note 10)		–			536,380
Dividends reinvested		659,994			492,124
Cost of shares redeemed		(12,296,216	)		(13,620,523	)
Total Institutional Service Class Shares		8,248,692			5,588,827
Change in net assets from capital transactions	$	(68,671,517	)	$	37,527,963

35

Statements of Changes in Net Assets (Continued)

	Nationwide Core Plus Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		507,526			247,726
Issued in merger (Note 10)		–			2,014,341
Reinvested		60,933			60,435
Redeemed		(546,695	)		(725,951	)
Total Class A Shares		21,764			1,596,551
Class R6 Shares
Issued		8,335,352			6,152,678
Issued in merger (Note 10)		–			377,939
Reinvested		3,609,463			3,926,794
Redeemed		(19,783,905	)		(8,943,652	)
Total Class R6 Shares		(7,839,090	)		1,513,759
Institutional Service Class Shares
Issued		1,961,699			1,818,413
Issued in merger (Note 10)		–			52,421
Reinvested		65,108			49,326
Redeemed		(1,211,148	)		(1,367,289	)
Total Institutional Service Class Shares		815,659			552,871
Total change in shares		(7,001,667	)		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.

36

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
Year Ended October 31, 2019	$	9.74		0.28		0.68			0.96			(0.29	)		–			(0.29	)	$	10.41		10.03%		$	21,798,928		0.83%		2.80%		0.84%		113.81%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	9.75		0.32		0.68			1.00			(0.33	)		–			(0.33	)	$	10.42		10.40%		$	1,146,899,846		0.48%		3.15%		0.49%		113.81%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.75		0.30		0.69			0.99			(0.32	)		–			(0.32	)	$	10.42		10.28%		$	27,500,644		0.58%		3.01%		0.59%		113.81%
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%

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.

37

Fund Commentary Nationwide Government Money Market Fund

For the annual period ended October 31, 2019, the Nationwide Government Money Market Fund (Investor Shares) returned 1.84% versus 1.89% for its benchmark, the iMoneyNet Money Fund Average^TM Government All. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The 12-month reporting period ended October 31, 2019, could reasonably be divided into two distinct time periods — the first two months was characterized by rising short-term interest rates, with the remaining 10 months experiencing declining interest rates, including the inversion of the money market yield curve. This was due to a shift in Federal Reserve (Fed) sentiment regarding the optimal level of the federal funds target rate, given an outlook of slower economic growth and weaker inflation resulting from uncertainties in U.S. trade policy and slowing global growth.

Throughout the reporting period, the economy continued to expand at a healthy, albeit slower, pace. Leading into the reporting period, gross domestic product (GDP) growth for the third quarter of 2018 was 3.4%. However, in the fourth quarter of 2018, GDP growth slowed to 1.1%. This continued into 2019, with returns of 3.1%, 2.0% and 1.9% for the first quarter, second quarter, and third quarter, respectively. Meanwhile, the unemployment rate remained among historical lows throughout the period, fluctuating between 4.0% and 3.5%, to end at 3.6% in October 2019. Inflation was at or near the Fed’s 2% target level during the first three months of the reporting period, but then trended lower. The year-over-year change in the price index for core personal consumption expenditure fell from 2.0% in January 2019 to a low of 1.5% in April and again in June before rebounding somewhat to end at 1.7% in September.

From a market supply perspective, the third quarter of 2019 brought an early resolution to a potential debt ceiling crisis, as the U.S. Congress and President Trump reached a two-year budget agreement in early August, which included a two-year debt limit suspension. This resulted in

net new bill issuance totaling $400 billion in the third quarter as the U.S. Treasury worked to replenish its cash balance. Also, during the reporting period, the Government Sponsored Enterprises (such as Fannie Mae and Freddie Mac) continued to issue floating-rate securities tied to the secured overnight financing rate (“SOFR”). SOFR is based on the Treasury repurchase market and has been designated as an alternative to the London Interbank Offered Rate (“LIBOR”) when and if LIBOR is phased out, as proposed, by the end of 2021.

The healthy economic environment coupled with evidence of increasing price pressures kept the Fed on a tightening path through the end of 2018 as it raised the federal funds target range at the December 2018 Federal Open Market Committee (FOMC) meeting. This policy action brought the target range 25 basis points higher, from 2.00% - 2.25% at the beginning of the reporting period to 2.25% - 2.50% at the end of December. However, during this time frame, trade tensions between the United States and China were well underway with the United States having implemented import tariffs on approximately $250 billion of Chinese goods with threats of more to come if a trade agreement could not be reached. China had retaliated with tariffs on over $60 billion of U.S. goods. In addition, Fed concerns over “global economic and financial developments” including challenges to the pace of global growth were increasing. As these potential headwinds to the economic outlook began to take shape, the Fed began to alter its communications to the market as well as its forward-looking economic projections, beginning with the December 2018 FOMC meeting. Over time, the Fed’s monetary policy stance shifted from one of tightening, to being “patient,” to potentially easing if deemed necessary to maintain the economic expansion. At the same time, in January 2019, the Federal Funds Futures Market implied a 65% probability of no Fed move in 2019. However, by June 2019, it was pricing in a 69% probability of the target range being reduced by at least 75 basis points by year-end. Subsequently, at each of the FOMC meetings in July, September and October, the Fed lowered the federal funds target range by

38

Fund Commentary (cont.) Nationwide Government Money Market Fund

25 basis points, referring to each action as a “mid-cycle adjustment to policy” due to “implications of global developments for the economic outlook as well as muted inflation pressures.” These policy actions brought the target range a total of 75 basis points lower, from 2.25% - 2.50% to 1.50% - 1.75% by the end of the reporting period.

Over the 12-month reporting period, yields on Treasury securities generally rose while the Fed was raising rates and then reversed direction as sentiment shifted, with the yield curve eventually becoming inverted. For instance, the yield on the 1-month Treasury bill increased 14 basis points — from 2.32% at the beginning of the period to a peak of 2.46% in March 2019 — after which it declined 92 basis points to end the period at 1.54%. Similarly, the yield on the 1-year Treasury bill rose 9 basis points — from 2.65% at the beginning of the period to a peak of 2.74% in November 2018 — to then fall 123 basis points to end the period at 1.51%. The first portion of the Treasury bill curve to become inverted was the 6-month to 1-year area in March 2019, with the 1-month to 1-year inversion following in April. As of the end of the period, the yield spread between the 1-month and 1-year Treasury bills was a negative 3 basis points. Late in the reporting period, in September 2019, the market for repurchase agreements experienced significant volatility, with rates on overnight transactions collateralized by government securities exceeding 5% for a short period of time. The factors that drove rates higher were largely technical in nature — a confluence of events to include an increase in the amount of Treasury collateral to be financed as a result of a large Treasury settlement as well as a decrease in demand for repurchase agreements due to a corporate tax payment date — and was related to the manner in which the Fed implements monetary policy in an ample reserves regime. The Fed intervened over the ensuing weeks to provide liquidity on both a temporary and permanent basis in order to regain control over short-term rates. This event was not a reflection of credit-related concerns, and resulted in a temporary upward boost in yield to the Fund due

to the core position that the Fund holds in repurchase agreements.

Against the backdrop of declining short-term interest rates in the second half of the reporting period, we increased the average maturity target range of the Fund from a range of 25 to 35 days at the beginning of the reporting period to 30 to 40 days in mid-March 2019. The average maturity extension was in response to the expectation of potential monetary policy easing by the Fed at some point in 2019. We extended the average maturity range again in October, taking it to 35 - 45 days as it seemed likely the Fed would not be raising rates in the very near term. We found value in Treasury and agency floating-rate notes, which comprised 28% of Fund assets at period-end. This includes SOFR-based floating-rate securities, which comprised 12% of fund assets at the end of the period versus 1% a year earlier. We also added to the Fund’s Treasury and agency fixed-rate securities, which comprised 22% of Fund assets at the end of the period versus 17% a year earlier. This was primarily the result of an increasing allocation to Treasury notes, as we maintained positions in Treasury bills and agency discount notes. The Fund’s weighted average maturity and weighted average life stood at 40 days and 112 days, respectively, at the end of October 2019, versus 29 days and 96 days a year earlier. The Fund’s longer average maturity stance and security allocations allowed it to remain competitive with comparably invested money market funds.

The Fund does not use derivatives.

Subadviser:

Federated Investment Management Company

The Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Fund is open to all investors and although it seeks to preserve the value of investments at $1.00 per share, it cannot guarantee it will do so. You could lose money by investing in the Fund. The Fund may impose a fee upon sale of shares or temporarily suspend the sale of shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

39

Fund Commentary (cont.) Nationwide Government Money Market Fund

The Fund may invest in shares of other government money market mutual funds, including those advised by the Fund’s subadviser, to provide additional liquidity or to achieve higher yields. Please refer to the most recent prospectus for a more detailed description of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

40

Fund Overview Nationwide Government Money Market Fund

Asset Allocation¹

Repurchase Agreements	45.3%
U.S. Government Agency Securities	35.1%
U.S. Treasury Obligations	19.3%
Investment Companies	0.4%
Liabilities in excess of other assets	(0.1)%
	100.0%

Top Holdings²

U.S. Treasury Notes, 1.75%, 1/31/2021	2.6%
FHLB Discount Notes, 2.11%, 11/15/2019	1.5%
U.S. Treasury Notes, 1.68%, 10/31/2020	1.3%
U.S. Treasury Bills, 2.13%, 2/27/2020	1.3%
FHLB, 1.70%, 4/3/2020	1.3%
FHLB Discount Notes, 2.02%, 11/6/2019	1.1%
U.S. Treasury Bills, 1.90%, 2/13/2020	1.0%
FHLB, 1.84%, 5/14/2020	0.9%
FHLB, 1.85%, 7/17/2020	0.9%
U.S. Treasury Bills, 2.14%, 12/12/2019	0.9%
Other Holdings#	87.2%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

41

Fund Performance Nationwide Government Money Market Fund

Average Annual Total Return

(For periods ended October 31, 2019)

	1 Yr.	5 Yr.		10 Yr.
Class R61	1.90%		0.70%		0.35%
Investor2	1.84%		0.64%		0.32%
Service Class	1.62%		0.54%		0.27%
iMoneyNet Money Fund AverageTM Government All	1.89%		0.71%		0.36%

¹   Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

²  Effective September 30, 2016, Prime Shares were renamed Investor Shares.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class R6		0.48%		0.48%
Investor		0.58%		0.58%
Service Class		0.78%		0.75%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

42

Fund Performance (cont.) Nationwide Government Money Market Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Investor Shares of the Nationwide Government Money Market Fund versus the iMoneyNet Money Fund Average^TM Government All over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

43

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class R6 Shares	Actual	(a)		1,000.00		1,009.20		2.38		0.47
	Hypothetical	(a)(b)		1,000.00		1,022.84		2.40		0.47
Investor Shares	Actual	(a)		1,000.00		1,008.80		2.78		0.55
	Hypothetical	(a)(b)		1,000.00		1,022.43		2.80		0.55
Service Class Shares	Actual	(a)		1,000.00		1,007.80		3.80		0.75
	Hypothetical	(a)(b)		1,000.00		1,021.42		3.82		0.75

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Government Money Market Fund

U.S. Government Agency Securities 35.1%
	Principal Amount		Value
FFCB
(ICE LIBOR USD 1 Month - 0.08%), 1.84%, 11/13/2019 (a)	$	1,250,000	$	1,249,998
(ICE LIBOR USD 1 Month - 0.06%), 1.94%, 12/4/2019 (a)		2,000,000		1,999,995
(ICE LIBOR USD 1 Month - 0.08%), 1.72%, 1/27/2020 (a)		1,500,000		1,499,986
(ICE LIBOR USD 1 Month - 0.07%), 1.86%, 2/12/2020 (a)		1,250,000		1,249,956
(ICE LIBOR USD 1 Month - 0.02%), 1.96%, 4/8/2020 (a)		1,400,000		1,400,000
(ICE LIBOR USD 1 Month - 0.03%), 1.91%, 4/9/2020 (a)		500,000		500,000
(ICE LIBOR USD 1 Month + 0.00%), 1.92%, 4/14/2020 (a)		3,500,000		3,500,000
(ICE LIBOR USD 1 Month + 0.01%), 2.00%, 9/4/2020 (a)		2,500,000		2,499,947
(ICE LIBOR USD 1 Month + 0.00%), 1.92%, 11/13/2020 (a)		2,500,000		2,500,000
(ICE LIBOR USD 1 Month + 0.01%), 1.81%, 11/27/2020 (a)		1,250,000		1,249,967
(US Federal Funds Effective Rate (continuous series) + 0.13%), 1.95%, 3/8/2021 (a)		1,000,000		999,933
(SOFR + 0.12%), 1.94%, 3/18/2021 (a)		1,500,000		1,500,000
(SOFR + 0.08%), 1.90%, 6/10/2021 (a)		500,000		500,000
(SOFR + 0.08%), 1.90%, 7/9/2021 (a)		600,000		600,000
(SOFR + 0.08%), 1.90%, 9/13/2021 (a)		1,500,000		1,500,000
FFCB Discount Notes
2.60%, 11/4/2019		400,000		399,914
2.68%, 12/9/2019		1,000,000		997,182
2.40%, 12/10/2019		2,750,000		2,742,850
2.34%, 4/2/2020		330,000		326,746
2.34%, 5/20/2020		350,000		345,466
FHLB
(ICE LIBOR USD 1 Month - 0.10%), 1.75%, 11/21/2019 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.04%), 1.76%, 11/27/2019 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.05%), 1.95%, 12/4/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.05%), 1.94%, 12/5/2019 (a)		2,000,000		2,000,000
(SOFR + 0.03%), 1.85%, 12/6/2019 (a)		4,500,000		4,500,000
(ICE LIBOR USD 3 Month - 0.23%), 1.90%, 12/12/2019 (a)		2,000,000		1,999,867
(ICE LIBOR USD 3 Month - 0.14%), 2.02%, 12/19/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 1 Month - 0.06%), 1.79%, 12/20/2019 (a)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.14%), 1.97%, 12/26/2019 (a)		850,000		850,061
(ICE LIBOR USD 1 Month - 0.05%), 1.84%, 1/17/2020 (a)		3,000,000		3,000,000
(SOFR + 0.05%), 1.87%, 1/17/2020 (a)		3,000,000		3,000,000
(ICE LIBOR USD 3 Month - 0.15%), 1.80%, 1/22/2020 (a)		1,250,000		1,250,000
(SOFR + 0.04%), 1.86%, 2/21/2020 (a)		750,000		750,054
(ICE LIBOR USD 3 Month - 0.12%), 2.02%, 2/28/2020 (a)		3,000,000		3,000,000

U.S. Government Agency Securities (continued)
	Principal Amount		Value
FHLB (continued)
(ICE LIBOR USD 1 Month - 0.01%), 1.99%, 3/5/2020 (a)	$	1,000,000	$	1,000,000
(SOFR + 0.03%), 1.85%, 3/6/2020 (a)		2,700,000		2,700,000
(ICE LIBOR USD 1 Month - 0.06%), 1.87%, 3/12/2020 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month - 0.05%), 1.80%, 3/19/2020 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month + 0.05%), 1.87%, 3/25/2020 (a)		2,000,000		2,000,000
(SOFR + 0.07%), 1.89%, 3/26/2020 (a)		2,000,000		2,000,000
(ICE LIBOR USD 1 Month + 0.05%), 1.85%, 3/27/2020 (a)		3,500,000		3,500,000
(SOFR + 0.07%), 1.89%, 3/27/2020 (a)		3,000,000		3,000,000
1.70%, 4/3/2020		7,000,000		6,996,943
1.72%, 4/16/2020		3,000,000		2,999,818
(ICE LIBOR USD 1 Month - 0.03%), 1.82%, 4/20/2020 (a)		2,000,000		2,000,000
1.69%, 4/28/2020		1,500,000		1,499,972
(ICE LIBOR USD 1 Month - 0.02%), 1.98%, 5/4/2020 (a)		2,000,000		2,000,000
(SOFR + 0.02%), 1.84%, 5/14/2020 (a)		5,000,000		5,000,000
1.95%, 6/17/2020		3,000,000		3,000,000
(SOFR + 0.04%), 1.86%, 6/19/2020 (a)		2,250,000		2,250,000
(SOFR + 0.03%), 1.85%, 7/17/2020 (a)		5,000,000		5,000,000
(SOFR + 0.10%), 1.92%, 7/17/2020 (a)		2,750,000		2,750,000
2.10%, 7/23/2020		3,000,000		3,000,000
1.94%, 9/4/2020		2,000,000		2,000,000
(SOFR + 0.05%), 1.87%, 9/28/2020 (a)		1,500,000		1,500,000
(SOFR + 0.11%), 1.93%, 10/1/2020 (a)		1,250,000		1,250,000
(SOFR + 0.12%), 1.94%, 10/7/2020 (a)		1,000,000		1,000,000
(SOFR + 0.13%), 1.95%, 10/16/2020 (a)		2,500,000		2,500,000
(ICE LIBOR USD 3 Month - 0.12%), 1.00%, 11/5/2020 (a)		2,500,000		2,500,000
(ICE LIBOR USD 1 Month + 0.00%), 1.91%, 11/16/2020 (a)		3,000,000		3,000,000
(SOFR + 0.10%), 1.92%, 12/23/2020 (a)		1,500,000		1,500,000
(SOFR + 0.05%), 1.87%, 1/22/2021 (a)		1,000,000		1,000,000
(SOFR + 0.05%), 1.87%, 1/28/2021 (a)		2,000,000		2,000,000
(SOFR + 0.07%), 1.89%, 2/26/2021 (a)		1,100,000		1,100,000
(SOFR + 0.17%), 1.99%, 4/9/2021 (a)		1,200,000		1,200,000
(SOFR + 0.08%), 1.90%, 6/11/2021 (a)		2,000,000		2,000,000
(SOFR + 0.08%), 1.90%, 7/8/2021 (a)		2,000,000		2,000,000
(SOFR + 0.08%), 1.90%, 7/23/2021 (a)		1,500,000		1,500,000
FHLB Discount Notes
2.02%, 11/6/2019		6,000,000		5,998,317
2.38%, 11/13/2019		1,500,000		1,498,812
2.11%, 11/15/2019		8,000,000		7,993,440
1.97%, 12/4/2019		3,000,000		2,994,599
1.94%, 12/16/2019		3,000,000		2,992,725
2.03%, 1/8/2020		1,500,000		1,494,277
1.75%, 1/21/2020		4,000,000		3,984,284
1.66%, 1/22/2020		4,500,000		4,483,087
1.71%, 2/26/2020		1,500,000		1,491,712
1.90%, 3/20/2020		1,500,000		1,488,975
FHLMC
2.46%, 4/8/2020		3,000,000		3,000,000
(SOFR + 0.04%), 1.86%, 9/10/2020 (a)		1,700,000		1,700,000
(SOFR + 0.06%), 1.88%, 6/14/2021 (a)		4,000,000		4,000,000

45

Statement of Investments (Continued)

October 31, 2019

Nationwide Government Money Market Fund (Continued)

U.S. Government Agency Securities (continued)
	Principal Amount		Value
FHLMC Discount Notes, 1.68%, 3/5/2020	$	1,700,000	$	1,690,148
FNMA
1.40%, 11/25/2019		3,000,000		2,997,750
(SOFR + 0.16%), 1.98%, 1/30/2020 (a)		1,400,000		1,400,000
(SOFR + 0.08%), 1.90%, 10/30/2020 (a)		1,500,000		1,500,000
(SOFR + 0.04%), 1.86%, 1/29/2021 (a)		750,000		750,000
Total U.S. Government Agency Securities (cost $188,616,781)				188,616,781
U.S. Treasury Obligations 19.3%
U.S. Treasury Bills
2.14%, 12/12/2019		4,750,000		4,738,445
2.13%, 12/19/2019		3,000,000		2,991,480
2.02%, 1/16/2020		3,500,000		3,485,148
1.90%, 2/13/2020		5,500,000		5,469,970
2.13%, 2/27/2020		7,250,000		7,199,606
1.84%, 3/12/2020		3,500,000		3,476,579
1.86%, 3/19/2020		3,950,000		3,921,745
1.64%, 4/9/2020		2,500,000		2,481,945
1.62%, 4/30/2020		2,000,000		1,983,811
1.64%, 7/16/2020		750,000		741,293
1.82%, 8/13/2020		2,000,000		1,971,400
1.76%, 9/10/2020		2,500,000		2,462,058
U.S. Treasury Notes
3.38%, 11/15/2019		4,500,000		4,501,450
1.50%, 11/30/2019		500,000		499,587
1.88%, 12/31/2019		1,250,000		1,248,662
1.25%, 1/31/2020		500,000		498,409
1.25%, 2/29/2020		3,000,000		2,991,447
1.13%, 3/31/2020		2,250,000		2,242,836
1.38%, 3/31/2020		1,000,000		995,156
1.50%, 4/15/2020		1,750,000		1,745,838
1.38%, 4/30/2020		3,500,000		3,492,266
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.67%, 4/30/2020 (a)		1,500,000		1,500,059
2.38%, 4/30/2020		750,000		751,250
3.50%, 5/15/2020		1,750,000		1,763,824
1.38%, 5/31/2020		1,500,000		1,495,039
1.50%, 5/31/2020		3,000,000		2,994,352
2.50%, 6/30/2020		500,000		501,967
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 1.68%, 7/31/2020 (a)		2,000,000		1,999,136
1.38%, 8/31/2020		500,000		498,775
2.63%, 8/31/2020		3,600,000		3,622,389
2.75%, 9/30/2020		2,250,000		2,272,370
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 1.68%, 10/31/2020 (a)		7,250,000		7,246,686
2.63%, 11/15/2020		3,000,000		3,029,474
(US Treasury 3 Month Bill Money Market Yield + 0.12%), 1.75%, 1/31/2021 (a)		14,000,000		13,993,439
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 1.78%, 4/30/2021 (a)		2,500,000		2,499,945

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued)
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 1.94%, 10/31/2021 (a)	$	750,000	$	750,000
Total U.S. Treasury Obligations (cost $104,057,836)				104,057,836
Investment Companies 0.4%
	Shares
Asset Management 0.4%
Federated Government Obligations Fund, Premier Shares, 1.75% (b)		1,000,000		1,000,000
Federated Treasury Obligations Fund, Institutional Shares, 1.69% (b)		1,000,000		1,000,000
Total Investment Companies (cost $2,000,000)				2,000,000
Repurchase Agreements 45.3%
	Principal Amount
ABN Amro Bank NV, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $50,002,431, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 4/9/2020 - 1/1/2049; total market value $51,276,999. (c)	$	50,000,000		50,000,000
Barclays Bank plc, 1.93%, dated 10/2/2019, due 11/1/2019, repurchase price $7,011,258, collateralized by U.S. Government Agency and Treasury Securities, ranging from 1.25% - 5.25%, maturing 5/6/2021 - 5/20/2049; total market value $7,151,306. (c)(d)		7,000,000		7,000,000
BNP Paribas SA, 1.98%, dated 9/24/2019, due 11/25/2019, repurchase price $20,068,200, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 11/7/2019 - 8/1/2049; total market value $20,468,705. (c)(d)		20,000,000		20,000,000
BNP Paribas SA, 1.78%, dated 10/22/2019, due 12/2/2019, repurchase price $20,040,544, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 3/31/2020 - 10/1/2049; total market value $20,440,891. (c)(d)		20,000,000		20,000,000
BNP Paribas SA, 1.71%, dated 10/30/2019, due 11/29/2019, repurchase price $8,011,400, collateralized by U.S. Government Treasury Securities, ranging from 2.13% - 5.25%, maturing 2/15/2021 - 2/15/2040; total market value $8,171,516. (c)(d)		8,000,000		8,000,000

46

Statement of Investments (Continued)

October 31, 2019

Nationwide Government Money Market Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
BNP Paribas SA, 2.06%, dated 9/5/2019, due 11/1/2019, repurchase price $15,048,925, collateralized by U.S. Government Treasury Securities, ranging from 0.38% - 4.25%, maturing 5/15/2020 - 2/15/2040; total market value $15,349,191. (c)(d)	$	15,000,000	$	15,000,000
BNP Paribas SA, 2.03%, dated 9/16/2019, due 12/16/2019, repurchase price $15,076,971, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 4.50%, maturing 11/7/2019 - 10/1/2049; total market value $15,377,353. (c)(d)		15,000,000		15,000,000
ING Financial Markets LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $38,901,891, collateralized by U.S. Government Agency Securities, ranging from 3.50% - 5.00%, maturing 9/1/2047 - 9/1/2049; total market value $39,679,929. (c)		38,900,000		38,900,000
Natixis Financial Products LLC, 1.90%, dated 10/18/2019, due 11/1/2019, repurchase price $10,007,389, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.14%, maturing 11/21/2019 - 8/1/2049; total market value $10,207,443. (c)(d)		10,000,000		10,000,000
Natixis Financial Products LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $10,000,486, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.50%, maturing 7/16/2020 - 8/1/2049; total market value $10,230,525. (c)		10,000,000		10,000,000
Wells Fargo Securities LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $50,002,431, collateralized by U.S. Government Agency Securities, ranging from 2.98% - 4.39%, maturing 3/25/2027 - 7/25/2052; total market value $51,502,504. (c)		50,000,000		50,000,000
Total Repurchase Agreements (cost $243,900,000)				243,900,000
Total Investments (cost $538,574,617) — 100.1%				538,574,617
Liabilities in excess of other assets — (0.1)%				(670,983	)
NET ASSETS — 100.0%			$	537,903,634

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(b) Represents 7-day effective yield as of October 31, 2019.

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

(d) Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2019. The maturity date represents the actual maturity date.

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.

47

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Government Money Market Fund
Assets:
Investment securities, at value (cost $294,674,617)	$	294,674,617
Repurchase agreements, at value (cost $243,900,000)		243,900,000
Cash		844,204
Interest and dividends receivable		646,571
Receivable for capital shares issued		1,155,329
Prepaid expenses		27,095
Total Assets		541,247,816
Liabilities:
Payable for investments purchased		2,500,000
Distributions payable		5,549
Payable for capital shares redeemed		415,962
Accrued expenses and other payables:
Investment advisory fees		138,161
Fund administration fees		24,180
Distribution fees		234
Administrative servicing fees		27,676
Accounting and transfer agent fees		120,270
Trustee fees		2,285
Custodian fees		13,643
Compliance program costs (Note 3)		740
Professional fees		26,626
Printing fees		55,611
Other		13,245
Total Liabilities		3,344,182
Net Assets	$	537,903,634
Represented by:
Capital	$	537,909,295
Total distributable earnings (loss)		(5,661	)
Net Assets	$	537,903,634
Net Assets:
Class R6 Shares	$	209,337,773
Investor Shares		326,771,557
Service Class Shares		1,794,304
Total	$	537,903,634
Shares Outstanding (unlimited number of shares authorized):
Class R6 Shares		209,341,153
Investor Shares		326,774,322
Service Class Shares		1,794,328
Total		537,909,803
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.

48

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Government Money Market Fund
INVESTMENT INCOME:
Interest income	$	12,948,880
Dividend income		43,551
Total Income		12,992,431
EXPENSES:
Investment advisory fees		1,652,560
Fund administration fees		201,934
Distribution fees Service Class		2,857
Administrative servicing fees Investor		206,392
Administrative servicing fees Service Class		2,856
Registration and filing fees		54,130
Professional fees		48,816
Printing fees		80,739
Trustee fees		20,124
Custodian fees		12,215
Accounting and transfer agent fees		497,797
Compliance program costs (Note 3)		2,845
Other		13,757
Total expenses before earnings credit and expenses reimbursed		2,797,022
Earnings credit (Note 4)		(1,858	)
Expenses reimbursed by adviser (Note 3)		(350	)
Net Expenses		2,794,814
NET INVESTMENT INCOME		10,197,617
REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(40	)
Net realized/unrealized losses		(40	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,197,577

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

49

Statements of Changes in Net Assets

	Nationwide Government Money Market Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	10,197,617		$	6,438,986
Net realized gains (losses)		(40	)		102
Change in net assets resulting from operations		10,197,577			6,439,088
Distributions to Shareholders From:
Distributable earnings:
Class R6		(4,285,515	)		(2,892,478	)
Investor		(5,881,486	)		(3,534,247	)
Service Class		(30,615	)		(18,230	)
Change in net assets from shareholder distributions		(10,197,616	)		(6,444,955	)
Change in net assets from capital transactions		(18,536,096	)		(68,804,126	)
Change in net assets		(18,536,135	)		(68,809,993	)
Net Assets:
Beginning of year		556,439,769			625,249,762
End of year	$	537,903,634		$	556,439,769
CAPITAL TRANSACTIONS:
Class R6 Shares
Proceeds from shares issued	$	78,631,196		$	80,613,044
Dividends reinvested		4,284,979			2,892,023
Cost of shares redeemed		(112,610,410	)		(135,482,535	)
Total Class R6 Shares		(29,694,235	)		(51,977,468	)
Investor Shares
Proceeds from shares issued		125,642,866			102,241,177
Dividends reinvested		5,809,573			3,507,054
Cost of shares redeemed		(120,221,166	)		(122,310,747	)
Total Investor Shares		11,231,273			(16,562,516	)
Service Class Shares
Proceeds from shares issued		533,567			328,679
Dividends reinvested		30,615			18,186
Cost of shares redeemed		(637,316	)		(611,007	)
Total Service Class Shares		(73,134	)		(264,142	)
Change in net assets from capital transactions	$	(18,536,096	)	$	(68,804,126	)
SHARE TRANSACTIONS:
Class R6 Shares
Issued		78,631,196			80,613,046
Reinvested		4,284,979			2,892,024
Redeemed		(112,610,410	)		(135,482,535	)
Total Class R6 Shares		(29,694,235	)		(51,977,465	)
Investor Shares
Issued		125,642,866			102,241,177
Reinvested		5,809,568			3,506,988
Redeemed		(120,221,166	)		(122,310,747	)
Total Investor Shares		11,231,268			(16,562,582	)

50

Statements of Changes in Net Assets (Continued)

	Nationwide Government Money Market Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS: (continued)
Service Class Shares
Issued		533,567			328,680
Reinvested		30,615			18,186
Redeemed		(637,316	)		(611,007	)
Total Service Class Shares		(73,134	)		(264,141	)
Total change in shares		(18,536,101	)		(68,804,188	)

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 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			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)
Year Ended October 31, 2019	$	1.00		0.02		–		0.02			(0.02	)		(0.02	)	$	1.00		1.90	%	$	209,337,773		0.47%		1.89	%		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%
Investor Shares (g)
Year Ended October 31, 2019	$	1.00		0.02		–		0.02			(0.02	)		(0.02	)	$	1.00		1.84	%	$	326,771,557		0.53%		1.82	%		0.53%
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%
Service Class Shares
Year Ended October 31, 2019	$	1.00		0.02		–		0.02			(0.02	)		(0.02	)	$	1.00		1.62	%	$	1,794,304		0.75%		1.61	%		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%

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.

52

Fund Commentary Nationwide Inflation-Protected Securities  Fund

For the annual period ended October 31, 2019, the Nationwide Inflation-Protected Securities Fund (Class R6) returned 8.82% versus 8.96% for its benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Inflation-Protected Bond (consisting of 221 funds as of October 31, 2019), was 7.71% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The 12-month reporting period began with the sell-off of risky assets buoyed by trade war escalations between the United States and China, along with concerns of faster-than-anticipated 2019 rate hikes by the Federal Reserve (Fed). Once the 10-year rate rose above 3.20%, risky assets fled to the safe haven of government bonds. Dwindling tailwinds from the 2017 corporate tax cuts, slower demand driving oil prices down and fear of a global economic slowdown added to the tumultuous end of 2018.

When the Fed raised rates in December 2018, the consensus was that quantitative tightening would continue through 2019 (even though an ease was priced in by the markets). Although the consumer remained in solid shape, as unemployment hit 3.5%, a 50-year low, manufacturing and services data was becoming soft, which led the Fed to signal at its March 2019 Federal Open Market Committee (FOMC) meeting that there would be no more rate hikes in 2019. The Fed continued its dovish rhetoric with the softening economic data throughout 2019, which led to three separate 25-basis-point cuts in July, September and October of 2019. On top of the fear of a U.S. economic slowdown were the headwinds created by geopolitical difficulties: namely, the U.S. and China trade war and the risk of a hard Brexit. There appears to be no end in sight to the trade war, but throughout the 12-month reporting period the random instances of escalation for tariffs caused momentary blips in the markets as investors tried to decipher potential impacts. The new prime minister of the UK promised that the UK would leave the European Union on October 31, 2019, but that did not occur and now

Brexit will hinge on a general election on December 12, 2019. Ultimately, risk assets ended the 12-month reporting period having generated great returns from the sharp decrease in rates, tighter credit spreads and the lack of inflation generation from softening economic data.

Ten-year Treasuries began the reporting period at 3.14%, reached as high as 3.22% and settled at 1.69% by the end of the reporting period. With the Fed’s dovish rhetoric and rate cuts to continue the current economic expansion, the S&P 500® Index was up 14.33% at the end of the reporting period. Rates were significantly lower by the end of the period, with investment grade credit spreads tightening from 1.12% to 1.05%, and 30-year Agency mortgage-backed securities (MBS) spreads widening from 0.97% over comparable-duration Treasuries to 1.04%.

Contributors to Performance

The Fund was slightly long duration for most of the reporting period, which contributed positively to Fund performance as rates fell. The Fund’s positioning for a steeper TIPS break-even curve and the decision to maintain the small allocation to Agency Debentures and Agency MBS and Agency Collateralized Mortgage Obligations (CMOs) from the merger of the Nationwide Government Bond Fund on December 1, 2017, along with the out-of-benchmark addition of short-term asset-backed securities (ABS), were the biggest contributors to Fund performance for the 12-month reporting period. The out-of-benchmark exposures to Agency Debentures and Agency MBS and Agency CMOs were maintained on a view of better relative value.

Detractors from Performance

Throughout the reporting period, rates continued to decrease on the back of the Fed’s dovish rhetoric and rate cuts to help continue the economic expansion. The Fund was slightly short duration in December 2018, which detracted from Fund performance as rates fell.

During the reporting period, the Fund employed derivatives, specifically U.S. Treasury Futures, to manage duration exposure. Futures are an

53

Fund Commentary (cont.) Nationwide Inflation-Protected Securities  Fund

efficient means by which the portfolio manager hedges the Fund’s exposure to changes in interest rates and do not materially affect overall performance.

Subadviser:

Nationwide Asset Management, LLC

Portfolio Managers:

Chad W. Finefrock, CFA and Gary R. Hunt, CFA

The Fund’s value is not guaranteed by the U.S. government or any government agency. The Fund is subject to the risks of investing in fixed-income securities, including default risk and interest rate risk (if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up). The Fund also is subject to inflation-protected bonds risk since the inflation-adjustment feature of these bonds can cause them to have lower yields than those of conventional fixed-rate bonds. The Fund may invest in derivatives (which create investment leverage and are highly volatile). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most-recent prospectus for a more-detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

54

Fund Overview Nationwide Inflation-Protected Securities  Fund

Asset Allocation¹

U.S. Treasury Obligations	87.2%
U.S. Government Agency Securities	4.9%
Asset-Backed Securities	4.5%
Mortgage-Backed Securities	1.1%
Collateralized Mortgage Obligations	0.9%
Foreign Government Security	0.8%
Commercial Mortgage-Backed Security	0.1%
Futures Contracts	0.1%
Other assets in excess of liabilities	0.4%
	100.0%

Top Holdings²

U.S. Treasury Inflation Linked Bonds, 0.63%, 2/15/2043	7.6%
U.S. Treasury Inflation Linked Bonds, 2.38%, 1/15/2025	7.4%
U.S. Treasury Inflation Linked Bonds, 0.75%, 2/15/2042	6.0%
U.S. Treasury Inflation Linked Notes, 0.38%, 7/15/2025	5.7%
U.S. Treasury Inflation Linked Notes, 0.13%, 7/15/2022	5.1%
U.S. Treasury Inflation Linked Bonds, 2.13%, 2/15/2041	5.0%
U.S. Treasury Inflation Linked Notes, 0.13%, 4/15/2021	4.9%
U.S. Treasury Inflation Linked Notes, 0.38%, 1/15/2027	4.8%
U.S. Treasury Inflation Linked Bonds, 3.63%, 4/15/2028	4.4%
U.S. Treasury Inflation Linked Notes, 0.63%, 1/15/2026	4.3%
Other Holdings	44.8%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

55

Fund Performance Nationwide Inflation-Protected Securities  Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		Inception
Class A	w/o SC1		8.58%		1.85%		0.66%	2
	w/ SC3		6.10%		1.39%		0.06%	2
Class R64,5			8.82%		2.13%		0.96%	2
Institutional Service Class			8.70%		N/A		2.96%	6
Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) IndexSM			8.96%		2.33%		0.99%	2

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of September 17, 2012.

³  Prior to October 29, 2013, a 4.25% front-end sales charge was deducted. Effective October 29, 2013, a 2.25% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁶  Since inception date of December 6, 2016.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.75%		0.67%
Class R6		0.38%		0.30%
Institutional Service Class		0.50%		0.42%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

56

Fund Performance (cont.) Nationwide Inflation-Protected Securities  Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Inflation-Protected Securities Fund from inception through 10/31/19 versus the Bloomberg Barclays (BBgBarc) U.S. Treasury Inflation-Protected Securities (TIPS) Index^SM for the same period. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

57

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,040.40		2.93		0.57
	Hypothetical	(a)(b)		1,000.00		1,022.33		2.91		0.57
Class R6 Shares	Actual	(a)		1,000.00		1,041.70		1.54		0.30
	Hypothetical	(a)(b)		1,000.00		1,023.69		1.53		0.30
Institutional Service Class Shares	Actual	(a)		1,000.00		1,041.60		2.16		0.42
	Hypothetical	(a)(b)		1,000.00		1,023.09		2.14		0.42

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

58

Statement of Investments

October 31, 2019

Nationwide Inflation-Protected Securities Fund

Asset-Backed Securities 4.5%
	Principal Amount		Value
Other 4.5%
CCG Receivables Trust, Series 2019-1, Class A2, 2.80%, 9/14/2026 (a)	$	6,353,324	$	6,412,467
NRZ Advance Receivables Trust, Series 2019-T1, Class AT1, 2.59%, 7/15/2052 (a)		3,303,000		3,321,889
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2, Class AT2, 2.32%, 10/15/2052 (a)		670,000		669,870
Total Asset-Backed Securities (cost $10,325,164)				10,404,226
Collateralized Mortgage Obligations 0.9%
FHLMC REMICS
Series 1684, Class I, 6.50%, 3/15/2024		121,098		134,775
Series 2296, Class H, 6.50%, 3/15/2031		15		16
FNMA REMICS
Series 1990-7, Class B, 8.50%, 1/25/2020		38		38
Series 1993-16, Class Z, 7.50%, 2/25/2023		6,998		7,361
Series 1993-226, Class PK, 6.00%, 12/25/2023		56,387		59,789
Series 2013-59, Class MX, 2.50%, 9/25/2042		1,875,382		1,904,312
Total Collateralized Mortgage Obligations (cost $2,086,932)				2,106,291
Commercial Mortgage-Backed Security 0.1%
FNMA REMICS, Series 1998-73, Class MZ, 6.30%, 10/17/2038		153,898		155,582
Total Commercial Mortgage-Backed Security (cost $154,524)				155,582
Foreign Government Security 0.8%
UNITED STATES 0.8%
Ukraine Government AID Bond, 1.47%, 9/29/2021		2,000,000		1,993,209
Total Foreign Government Security (cost $2,000,000)				1,993,209
Mortgage-Backed Securities 1.1%
FNMA Pool
Pool# 874982 6.81%, 11/1/2025		1,459,528		1,678,853
Pool# 773298 4.91%, 4/1/2035 (b)		493,351		510,913

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA Pool (continued)
Pool# 745769 4.39%, 7/1/2036 (b)	$	348,362	$	364,623
Pool# 813605 4.69%, 7/1/2036 (b)		124,162		128,447
Total Mortgage-Backed Securities (cost $2,473,949)				2,682,836
U.S. Government Agency Securities 4.9%
FFCB, 2.43%, 9/13/2027		3,000,000		3,145,647
FHLB
5.37%, 9/9/2024		2,615,000		3,069,957
3.00%, 3/12/2027		2,000,000		2,159,013
Tennessee Valley Authority, 2.25%, 3/15/2020		3,000,000		3,005,951
Total U.S. Government Agency Securities (cost $10,989,410)				11,380,568
U.S. Treasury Obligations 87.2%
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025 (c)		11,300,000		17,107,027
1.75%, 1/15/2028 (c)		4,800,000		6,615,352
3.63%, 4/15/2028 (c)		5,000,000		10,181,518
2.50%, 1/15/2029 (c)		4,750,000		6,866,411
3.88%, 4/15/2029 (c)		3,300,000		6,908,938
2.13%, 2/15/2041 (c)		7,375,000		11,509,300
0.75%, 2/15/2042 (c)		11,750,000		14,018,623
0.63%, 2/15/2043 (c)		15,350,000		17,518,071
0.75%, 2/15/2045 (c)		1,000,000		1,142,103
0.88%, 2/15/2047 (c)		5,000,000		5,747,685
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2020 (c)		7,800,000		8,499,637
0.13%, 4/15/2021 (c)		10,500,000		11,274,530
0.63%, 7/15/2021 (c)		4,925,000		5,643,345
0.13%, 1/15/2022 (c)(d)		6,000,000		6,754,223
0.13%, 7/15/2022 (c)		10,550,000		11,751,502
0.25%, 1/15/2025 (c)		5,000,000		5,436,752
0.38%, 7/15/2025 (c)		12,000,000		13,183,847
0.63%, 1/15/2026 (c)		9,000,000		9,979,512
0.13%, 7/15/2026 (c)		6,000,000		6,421,898
0.38%, 1/15/2027 (c)		10,250,000		11,030,151
0.38%, 7/15/2027 (c)		9,250,000		9,876,253
0.50%, 1/15/2028 (c)		5,000,000		5,334,722
Total U.S. Treasury Obligations (cost $200,131,837)				202,801,400
Total Investments (cost $228,161,816) — 99.5%				231,524,112
Other assets in excess of liabilities — 0.5%				1,067,664
NET ASSETS — 100.0%			$	232,591,776

59

Statement of Investments (Continued)

October 31, 2019

Nationwide Inflation-Protected Securities Fund (Continued)

(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 October 31, 2019 was $10,404,226 which represents 4.47% 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 October 31, 2019.

(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 October 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 5 Year Note		110			12/2019		USD		13,112,344			(6,553	)
U.S. Treasury 10 Year Ultra Note		94			12/2019		USD		13,358,281			(186,038	)
U.S. Treasury Ultra Bond		17			12/2019		USD		3,225,750			(105,361	)
												(297,952	)
Short Contracts
U.S. Treasury Long Bond		(165	)		12/2019		USD		(26,626,875	)		522,416
												522,416
												224,464

Currency:

USD United States Dollar

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

60

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Inflation-Protected Securities Fund
Assets:
Investment securities, at value (cost $228,161,816)	$	231,524,112
Cash		804,679
Interest receivable		467,752
Receivable for capital shares issued		40,919
Reimbursement from investment adviser (Note 3)		14,378
Prepaid expenses		22,393
Total Assets		232,874,233
Liabilities:
Payable for capital shares redeemed		102,332
Payable for variation margin on futures contracts		42,999
Accrued expenses and other payables:
Investment advisory fees		49,655
Fund administration fees		18,499
Distribution fees		2,027
Administrative servicing fees		3,546
Accounting and transfer agent fees		6,745
Trustee fees		943
Custodian fees		3,183
Compliance program costs (Note 3)		319
Professional fees		28,316
Printing fees		15,440
Other		8,453
Total Liabilities		282,457
Net Assets	$	232,591,776
Represented by:
Capital	$	236,457,077
Total distributable earnings (loss)		(3,865,301	)
Net Assets	$	232,591,776
Net Assets:
Class A Shares	$	9,491,215
Class R6 Shares		200,303,294
Institutional Service Class Shares		22,797,267
Total	$	232,591,776
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		950,837
Class R6 Shares		19,915,937
Institutional Service Class Shares		2,268,892
Total		23,135,666

61

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Inflation-Protected Securities Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.98
Class R6 Shares	$	10.06
Institutional Service Class Shares	$	10.05
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.21
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.

62

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Inflation-Protected Securities Fund
INVESTMENT INCOME:
Interest income	$	4,779,148
Total Income		4,779,148
EXPENSES:
Investment advisory fees		584,430
Fund administration fees		133,602
Distribution fees Class A		26,703
Administrative servicing fees Class A		11,831
Administrative servicing fees Institutional Service Class		27,863
Registration and filing fees		44,107
Professional fees		42,801
Printing fees		21,603
Trustee fees		8,522
Custodian fees		11,214
Accounting and transfer agent fees		26,191
Compliance program costs (Note 3)		1,179
Other		7,633
Total expenses before expenses reimbursed		947,679
Expenses reimbursed by adviser (Note 3)		(186,762	)
Net Expenses		760,917
NET INVESTMENT INCOME		4,018,231
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(959,271	)
Expiration or closing of futures contracts (Note 2)		(715,586	)
Net realized losses		(1,674,857	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		17,291,445
Futures contracts (Note 2)		43,529
Net change in unrealized appreciation/depreciation		17,334,974
Net realized/unrealized gains		15,660,117
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,678,348

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

63

Statements of Changes in Net Assets

	Nationwide Inflation-Protected Securities Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	4,018,231		$	6,113,423
Net realized gains (losses)		(1,674,857	)		548,445
Net change in unrealized appreciation/depreciation		17,334,974			(10,142,369	)
Change in net assets resulting from operations		19,678,348			(3,480,501	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(211,366	)		(204,230	)
Class R6		(4,638,174	)		(3,942,283	)
Institutional Service Class		(508,414	)		(447,339	)
Change in net assets from shareholder distributions		(5,357,954	)		(4,593,852	)
Change in net assets from capital transactions		(21,920,449	)		34,080,809
Change in net assets		(7,600,055	)		26,006,456
Net Assets:
Beginning of year		240,191,831			214,185,375
End of year	$	232,591,776		$	240,191,831
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,304,163		$	2,962,339
Proceeds from shares issued from merger (Note 10)		–			11,352,285
Dividends reinvested		200,153			192,493
Cost of shares redeemed		(5,035,500	)		(3,652,338	)
Total Class A Shares		(2,531,184	)		10,854,779
Class R6 Shares
Proceeds from shares issued		14,814,319			14,807,018
Dividends reinvested		4,638,174			3,942,283
Cost of shares redeemed		(36,629,248	)		(19,629,885	)
Total Class R6 Shares		(17,176,755	)		(880,584	)
Institutional Service Class Shares
Proceeds from shares issued		1,849,506			1,443,907
Proceeds from shares issued from merger (Note 10)		–			26,329,980
Dividends reinvested		461,891			405,398
Cost of shares redeemed		(4,523,907	)		(4,072,671	)
Total Institutional Service Class Shares		(2,212,510	)		24,106,614
Change in net assets from capital transactions	$	(21,920,449	)	$	34,080,809
SHARE TRANSACTIONS:
Class A Shares
Issued		239,846			306,728
Issued in merger (Note 10)		–			1,163,688
Reinvested		20,573			19,996
Redeemed		(518,264	)		(379,707	)
Total Class A Shares		(257,845	)		1,110,705

64

Statements of Changes in Net Assets (Continued)

	Nationwide Inflation-Protected Securities Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS: (continued)
Class R6 Shares
Issued		1,498,260			1,531,951
Reinvested		471,971			406,843
Redeemed		(3,764,478	)		(2,018,191	)
Total Class R6 Shares		(1,794,247	)		(79,397	)
Institutional Service Class Shares
Issued		187,378			149,313
Issued in merger (Note 10)		–			2,681,887
Reinvested		47,064			41,843
Redeemed		(461,631	)		(420,887	)
Total Institutional Service Class Shares		(227,189	)		2,452,156
Total change in shares		(2,279,281	)		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.

65

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
Year Ended October 31, 2019	$	9.38		0.14			0.66			0.80			(0.20	)		(0.20	)	$	9.98		8.58%		$	9,491,215		0.57%		1.46%			0.74%		14.70%
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%		0.00%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	9.46		0.17			0.66			0.83			(0.23	)		(0.23	)	$	10.06		8.82%		$	200,303,294		0.30%		1.74%			0.38%		14.70%
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%		0.00%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.45		0.16			0.66			0.82			(0.22	)		(0.22	)	$	10.05		8.70%		$	22,797,267		0.42%		1.62%			0.50%		14.70%
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.

66

Fund Commentary Nationwide Loomis Core Bond Fund

For the annual period ended October 31, 2019, the Nationwide Loomis Core Bond Fund (Class A at NAV*) returned 11.73% versus 11.51% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Intermediate Core-Plus Bond (consisting of 410 funds as of October 31, 2019), was 10.41% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Environment

Global fixed-income markets delivered healthy gains in the 12-month reporting period, reflecting the combination of slowing economic growth, persistently low inflation and the Federal Reserve’s (Fed’s) shift toward an increasingly accommodative monetary policy. As late as the fourth quarter of 2018, the markets generally anticipated that the Fed would continue to raise interest rates for at least another 12 months. As growth slowed in late 2018, however, the Fed indicated that its next move would likely be to reduce interest rates. The Fed indeed implemented three separate 25-basis-point rate cuts in July, September and October of 2019, bringing its benchmark federal funds target rate to a range of 1.75% to 2.00%. In addition, the markets appeared to be pricing in the likelihood of further reductions by mid-2020. The dramatic change in the outlook for Fed policy was the leading factor in the strong, broad-based rally in bonds.

These circumstances helped fueled gains for U.S. Treasuries, with longer-term issues registering the largest advance. The yield on the benchmark 10-year Treasury note, after reaching a peak of 3.23% in October 2018, fell to 1.47% in early September—near its lowest level of the past decade. (Prices and yields move in opposite directions.)

Investment grade corporates generated robust returns and finished the reporting period as the top-performing major fixed-income category. Corporates, in addition to benefiting from the

rally in rate-sensitive assets, were boosted by both positive earnings trends and healthy investor risk appetites.

Securitized assets generated strong absolute returns, but their lower interest rate sensitivity caused them to lag Treasurys and investment grade corporates. Commercial Mortgage-Backed Securities (CMBS) delivered the largest gains, followed by Mortgage-Backed Securities (MBS) and Asset-Backed Securities (ABS), respectively.

Fund Performance

The Fund slightly outperformed its benchmark by 22 basis points during the reporting period.

Contributors

• The Fund favored spread products during a period when risk assets fared well.

• Sector allocation and security selection were the largest drivers of Fund performance, while duration/yield curve positioning slightly contributed to performance.

• Investment grade corporate bonds dominated the attribution effects contributing to both allocation decisions and security selection.

Detractors

• Securitized assets detracted from Fund performance due to an underweight to Agency MBS passthrough securities, an overweight to ABS and negative security selection from CMBS.

U.S. Treasury futures were used for duration management in the Fund. Duration/yield curve positively affected Fund performance and contributed 6 basis points to alpha during the reporting period.

Subadviser:

Loomis, Sayles & Company, L.P.

Portfolio Managers:

Christopher T. Harms; Clifton V. Rowe, CFA; and Kurt L. Wagner, CFA, CIC

67

Fund Commentary (cont.) Nationwide Loomis Core Bond Fund

*Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in fixed-income securities, including default risk and interest rate risk (if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up). The Fund may invest in more-aggressive investments such as foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

68

Fund Overview Nationwide Loomis Core Bond Fund

Asset Allocation¹

Corporate Bonds	39.1%
Collateralized Mortgage Obligations	20.1%
U.S. Treasury Obligations	13.8%
Asset-Backed Securities	9.4%
Commercial Mortgage-Backed Securities	7.6%
Mortgage-Backed Securities	7.5%
Short-Term Investments	0.8%
Foreign Government Securities	0.6%
Futures Contracts†	(0.0)%
Other assets in excess of liabilities	1.1%
	100.0%

Top Industries²

Banks	10.3%
Insurance	2.9%
Consumer Finance	2.7%
Equity Real Estate Investment Trusts (REITs)	2.6%
Electric Utilities	2.2%
Capital Markets	1.7%
Automobiles	1.3%
Oil, Gas & Consumable Fuels	1.1%
Road & Rail	1.0%
Diversified Financial Services	0.9%
Other Industries	73.3%
	100.0%

Top Holdings²

FNMA, 2.07%, 11/25/2032	4.2%
U.S. Treasury Bonds, 2.25%, 8/15/2049	3.0%
U.S. Treasury Notes, 1.25%, 8/31/2024	2.8%
GNMA, 2.49%, 10/20/2068	2.7%
U.S. Treasury Notes, 1.63%, 8/15/2029	2.3%
U.S. Treasury Notes, 1.50%, 9/30/2024	2.0%
U.S. Treasury Bonds, 3.00%, 2/15/2049	1.9%
GNMA, 2.83%, 4/20/2069	1.8%
UBS-Barclays Commercial Mortgage Trust, 3.18%, 3/10/2046	1.6%
FNMA, 3.00%, 12/25/2034	1.6%
Other Holdings	76.1%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

69

Fund Performance Nationwide Loomis Core Bond Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		11.73%		3.06%		3.83%
	w/SC3		9.27%		2.60%		3.59%
Class C1	w/o SC2		11.22%		2.62%		3.39%
	w/SC4		10.22%		N/A		N/A
Class R65,6			12.14%		3.43%		3.72%	7
Institutional Service Class1,5,8			11.75%		3.20%		4.02%
Bloomberg Barclays U.S. Aggregate Bond Index			11.51%		3.24%		3.73%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  A 2.25% front-end sales charge was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		0.90%
Class C		1.32%
Class R6		0.49%
Institutional Service Class		0.74%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

70

Fund Performance (cont.) Nationwide Loomis Core Bond Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Loomis Core Bond Fund versus the Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Bond Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

71

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,057.70		4.56		0.88
	Hypothetical	(a)(b)		1,000.00		1,020.77		4.48		0.88
Class C Shares	Actual	(a)		1,000.00		1,055.60		6.94		1.34
	Hypothetical	(a)(b)		1,000.00		1,018.45		6.82		1.34
Class R6 Shares	Actual	(a)		1,000.00		1,060.50		2.60		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.68		2.55		0.50
Institutional Service Class Shares	Actual	(a)		1,000.00		1,058.10		3.89		0.75
	Hypothetical	(a)(b)		1,000.00		1,021.42		3.82		0.75

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

72

Statement of Investments

October 31, 2019

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	$	1,271,171	$	1,304,424
Automobiles 6.4%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020 (a)		35,542		35,582
Americredit Automobile Receivables Trust
Series 2019-1, Class A3, 2.97%, 11/20/2023		665,000		674,938
Series 2019-2, Class B, 2.54%, 7/18/2024		2,180,000		2,197,468
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/2025 (a)		2,030,000		2,118,787
CPS Auto Receivables Trust
Series 2018-D, Class B, 3.61%, 11/15/2022 (a)		1,145,000		1,159,165
Series 2018-A, Class C, 3.05%, 12/15/2023 (a)		235,000		236,242
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		1,295,000		1,313,740
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, 2/15/2024		995,000		1,004,789
DT Auto Owner Trust
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		1,385,000		1,401,517
Series 2018-2A, Class C, 3.67%, 3/15/2024 (a)		1,175,000		1,190,275
Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		540,000		550,709
Series 2019-2A, Class C, 3.18%, 2/18/2025 (a)		235,000		238,600
Exeter Automobile Receivables Trust
Series 2018-1A, Class B, 2.75%, 4/15/2022 (a)		377,975		378,258
Series 2018-2A, Class B, 3.27%, 5/16/2022 (a)		952,814		955,256
Flagship Credit Auto Trust
Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		1,550,000		1,577,533
Series 2018-4, Class B, 3.88%, 10/16/2023 (a)		380,000		391,626
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/2031 (a)		1,900,000		1,987,171
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		566,711		569,929
Series 2019-4A, Class B, 2.78%, 9/16/2024 (a)		425,000		424,949
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		650,000		661,344

Asset-Backed Securities (continued)
	Principal Amount		Value
Automobiles (continued)
NextGear Floorplan Master Owner Trust
Series 2018-1A, Class A2, 3.22%, 2/15/2023 (a)	$	1,060,000	$	1,074,930
Series 2018-2A, Class A2, 3.69%, 10/15/2023 (a)		845,000		870,545
Santander Drive Auto Receivables Trust
Series 2019-2, Class C, 2.90%, 10/15/2024		1,035,000		1,049,956
Series 2018-5, Class C, 3.81%, 12/16/2024		340,000		345,910
Westlake Automobile Receivables Trust
Series 2018-1A, Class B, 2.67%, 5/17/2021 (a)		1,187,833		1,188,423
Series 2019-1A, Class B, 3.26%, 10/17/2022 (a)		485,000		489,926
Series 2019-2A, Class B, 2.62%, 7/15/2024 (a)		1,495,000		1,503,927
				25,591,495
Other 2.3%
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029 (a)		1,710,000		1,715,284
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029 (a)		3,585,000		3,636,552
Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, 9/5/2048 (a)		920,700		962,150
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024 (a)		859,059		871,056
Sofi Consumer Loan Program Trust, Series 2018-2, Class A2, 3.35%, 4/26/2027 (a)		2,210,000		2,229,105
				9,414,147
Student Loan 0.4%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		785,886		802,594
Sofi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.95%, 2/25/2042 (a)		700,000		713,763
				1,516,357
Total Asset-Backed Securities (cost $37,188,067)				37,826,423
Collateralized Mortgage Obligations 20.1%
Federal Agricultural Mortgage Corp., Series 2017-1, Class A2, 3.73%, 3/25/2047 (a)(b)		570,524		576,769
FHLMC REMICS
Series 1666, Class J, 6.25%, 1/15/2024		172,142		182,220

73

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
FHLMC REMICS (continued)
Series 3747, Class CY, 4.50%, 10/15/2040	$	1,000,000	$	1,157,753
Series 3934, Class KB, 5.00%, 10/15/2041		1,000,000		1,172,110
Series 4030, Class BE, 4.00%, 4/15/2042		2,511,000		2,875,121
FNMA REMICS
Series 2010-92, Class B, 4.50%, 8/25/2030		1,500,000		1,715,680
Series 2017-82, Class FG, 2.07%, 11/25/2032 (b)		16,721,019		16,635,120
Series 2004-29, Class PS, IO, 5.78%, 5/25/2034 (b)		2,171,885		381,440
Series 2004-37, Class AL, 4.50%, 6/25/2034		1,100,000		1,283,366
Series 2016-32, Class SA, IO, 4.28%, 10/25/2034 (b)		11,402,138		1,870,343
Series 2014-78, Class QY, 3.00%, 12/25/2034		6,125,455		6,396,874
Series 2010-57, Class SA, IO, 4.63%, 6/25/2040 (b)		3,184,515		467,852
Series 2010-63, Class SA, IO, 4.68%, 6/25/2040 (b)		2,799,572		411,399
Series 2010-118, Class SN, IO, 4.78%, 10/25/2040 (b)		13,637,904		2,995,159
Series 2013-18, Class FB, 2.17%, 10/25/2041 (b)		1,702,634		1,708,426
Series 2012-14, Class Z, 4.00%, 3/25/2042		889,618		1,013,438
Series 2015-55, Class IN, IO, 4.50%, 8/25/2045		902,947		125,219
Series 2016-40, Class GA, 4.52%, 7/25/2046 (b)		800,754		836,107
Series 2017-26, Class ID, IO, 3.50%, 4/25/2047		1,290,192		183,500
Series 2018-4, Class FM, 2.12%, 2/25/2048 (b)		1,032,974		1,025,686
Series 2019-31, Class FA, 2.22%, 7/25/2049 (b)		3,221,992		3,215,120
GNMA REMICS
Series 2009-61, Class ZQ, 6.00%, 8/16/2039		3,023,891		4,071,768
Series 2019-21, Class , IO, 4.50%, 2/20/2049		11,307,763		1,694,197
Series 2012-H20, Class PT, 2.82%, 7/20/2062 (b)		953,682		958,301
Series 2018-H02, Class ZJ, 4.50%, 10/20/2064 (b)		485,495		531,485
Series 2017-H12, Class EZ, 4.92%, 6/20/2066 (b)		567,509		628,594
Series 2017-H13, Class JZ, 5.10%, 5/20/2067 (b)		619,813		657,767
Series 2017-H22, Class FD, 2.29%, 11/20/2067 (b)		1,105,628		1,103,347
Series 2017-H25, Class FD, 2.24%, 12/20/2067 (b)		1,260,389		1,256,602
Series 2019-H01, Class FT, 2.49%, 10/20/2068 (b)		10,936,803		10,916,152
Series 2019-H07, Class BZ, 4.28%, 1/20/2069 (b)		3,787,434		4,674,020

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
GNMA REMICS (continued)
Series 2019-H05, Class FT, 2.83%, 4/20/2069 (b)	$	7,324,773	$	7,313,849
Series 2019-H13, Class FT, 2.20%, 8/20/2069 (b)		1,159,953		1,159,479
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.66%, 12/25/2033 (b)		146,687		152,836
Total Collateralized Mortgage Obligations (cost $78,813,326)				81,347,099
Commercial Mortgage-Backed Securities 7.6%
COMM Mortgage Trust, Series 2013-CR6, Class A4, 3.10%, 3/10/2046		4,450,000		4,570,922
FHLMC Multifamily Structured Pass-Through CertificatesREMICS, Series K-1513, Class X1, IO, 1.00%, 8/25/2034 (b)		980,000		89,580
GNMA REMICS, Series 2018-82 IO, 0.51%, 5/16/2058 (b)		24,503,425		1,243,992
GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.07%, 1/10/2047		4,139,865		4,442,322
Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.16%, 8/5/2034 (a)		2,015,000		2,110,682
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.15%, 8/15/2046 (b)		1,130,000		1,208,502
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.13%, 11/15/2027 (a)(b)		655,893		654,713
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5, Class A4, 3.18%, 3/10/2046		6,270,000		6,451,047
Series 2013-C6, Class A4, 3.24%, 4/10/2046		4,440,000		4,582,920
Wells Fargo Commercial Mortgage Trust,
Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (b)		1,505,000		1,607,810
Series 2014-C19, Class A5, 4.10%, 3/15/2047		3,490,000		3,757,866
Total Commercial Mortgage-Backed Securities (cost $30,372,305)				30,720,356
Corporate Bonds 39.1%
Aerospace & Defense 0.2%
United Technologies Corp., 4.50%, 6/1/2042		630,000		755,975

74

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Airlines 0.5%
Delta Air Lines, Inc., 2.90%, 10/28/2024	$	1,990,000	$	1,980,846
Automobiles 1.3%
BMW US Capital LLC, 1.85%, 9/15/2021 (a)		1,090,000		1,088,161
Hyundai Capital America,
3.95%, 2/1/2022 (a)		1,320,000		1,359,532
3.50%, 11/2/2026 (a)		1,115,000		1,127,339
Volkswagen Group of America Finance LLC,
3.20%, 9/26/2026 (a)		390,000		398,745
4.75%, 11/13/2028 (a)		1,100,000		1,247,517
				5,221,294
Banks 10.1%
ABN AMRO Bank NV,
2.65%, 1/19/2021 (a)		1,905,000		1,917,955
Bank of America Corp., (ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (c)		1,140,000		1,280,880
Bank of Ireland Group plc, 4.50%, 11/25/2023 (a)		620,000		655,427
Banque Federative du Credit Mutuel SA, 3.75%, 7/20/2023 (a)		765,000		805,607
Barclays plc, (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		945,000		987,112
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		545,000		568,581
BB&T Corp.,
3.05%, 6/20/2022		1,620,000		1,662,191
2.50%, 8/1/2024		1,305,000		1,322,178
Capital One NA, 2.15%, 9/6/2022		320,000		319,888
Citibank NA, (ICE LIBOR USD 3 Month + 0.60%), 2.84%, 5/20/2022 (c)		745,000		754,387
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		1,280,000		1,305,390
Comerica, Inc., 3.70%, 7/31/2023		570,000		601,286
Cooperatieve Rabobank UA, 2.75%, 1/10/2023		460,000		469,232
Credit Agricole SA, 3.75%, 4/24/2023 (a)		1,365,000		1,426,771
Danske Bank A/S,
3.88%, 9/12/2023 (a)		1,910,000		1,985,586
ING Groep NV,
4.63%, 1/6/2026 (a)		520,000		578,786
JPMorgan Chase & Co., (ICE LIBOR USD 3 Month + 0.70%), 3.21%, 4/1/2023 (c)		1,005,000		1,029,157
Lloyds Bank plc,
2.25%, 8/14/2022		450,000		452,239
Lloyds Banking Group plc,
4.05%, 8/16/2023		1,440,000		1,522,980
Mizuho Financial Group, Inc., (ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		1,365,000		1,365,626

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
National Australia Bank Ltd.,
3.70%, 11/4/2021	$	1,675,000	$	1,730,693
NatWest Markets plc,
3.63%, 9/29/2022 (a)		1,920,000		1,989,958
PNC Financial Services Group, Inc. (The), 2.60%, 7/23/2026		1,355,000		1,379,543
Royal Bank of Canada,
2.25%, 11/1/2024		1,980,000		1,984,508
Santander Holdings USA, Inc.,
3.24%, 10/5/2026 (a)		1,510,000		1,514,605
Santander UK plc, 2.50%, 1/5/2021		1,735,000		1,744,851
(ICE LIBOR USD 3 Month + 0.62%),
2.76%, 6/1/2021 (c)		425,000		426,314
2.88%, 6/18/2024		980,000		1,002,112
Standard Chartered plc, (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 5/21/2025 (a)(c)		1,015,000		1,055,418
Sumitomo Mitsui Financial Group, Inc.,
2.78%, 7/12/2022		350,000		355,852
3.04%, 7/16/2029		965,000		989,569
Svenska Handelsbanken AB,
3.90%, 11/20/2023		1,035,000		1,106,622
UniCredit SpA,
3.75%, 4/12/2022 (a)		1,730,000		1,772,109
US Bancorp,
3.95%, 11/17/2025		575,000		634,380
Wells Fargo & Co., (ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (c)		1,705,000		1,710,441
Westpac Banking Corp.,
2.80%, 1/11/2022		525,000		534,999
				40,943,233
Beverages 0.4%
Bacardi Ltd.,
5.30%, 5/15/2048 (a)		965,000		1,086,838
Brown-Forman Corp.,
3.50%, 4/15/2025		390,000		415,764
				1,502,602
Capital Markets 1.7%
Ares Capital Corp.,
4.20%, 6/10/2024		945,000		981,498
E*TRADE Financial Corp.,
2.95%, 8/24/2022		1,075,000		1,095,157
Lehman Brothers Holdings, Inc.,
5.63%, 1/24/2013 (d)		4,000,000		50,000
Macquarie Bank Ltd.,
2.10%, 10/17/2022 (a)		1,870,000		1,866,210
Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (c)		1,750,000		1,813,090
State Street Corp., (ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (c)		1,080,000		1,097,838
				6,903,793

75

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals 0.4%
Cabot Corp., 4.00%, 7/1/2029	$	835,000	$	878,438
Methanex Corp., 5.65%, 12/1/2044		825,000		783,780
				1,662,218
Consumer Finance 2.7%
American Express Co.,
3.70%, 8/3/2023		1,005,000		1,062,511
American Honda Finance Corp.,
3.63%, 10/10/2023		575,000		611,682
2.15%, 9/10/2024		1,640,000		1,648,520
Avolon Holdings Funding Ltd.,
3.63%, 5/1/2022 (a)		705,000		719,664
Capital One Financial Corp.,
3.90%, 1/29/2024		1,325,000		1,405,537
Caterpillar Financial Services Corp.,
3.65%, 12/7/2023		965,000		1,024,375
Ford Motor Credit Co. LLC,
2.98%, 8/3/2022		1,400,000		1,393,369
4.54%, 8/1/2026		900,000		906,554
Harley-Davidson Financial Services, Inc.,
4.05%, 2/4/2022 (a)		400,000		414,071
3.35%, 2/15/2023 (a)		610,000		624,478
John Deere Capital Corp.,
2.60%, 3/7/2024		255,000		261,669
LeasePlan Corp. NV,
2.88%, 10/24/2024 (a)		780,000		781,839
				10,854,269
Containers & Packaging 0.3%
WRKCo, Inc., 4.65%, 3/15/2026		1,070,000		1,182,484
Diversified Financial Services 0.9%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		645,000		680,764
Mitsubishi UFJ Lease & Finance Co. Ltd.,
2.65%, 9/19/2022 (a)		1,400,000		1,406,116
National Rural Utilities Cooperative Finance Corp., 4.30%, 3/15/2049		470,000		564,472
ORIX Corp., 3.25%, 12/4/2024		635,000		660,519
Pine Street Trust II, 5.57%, 2/15/2049 (a)		275,000		306,647
				3,618,518
Electric Utilities 2.2%
Alliant Energy Finance LLC,
4.25%, 6/15/2028 (a)		1,335,000		1,450,837
Duke Energy Corp.,
2.65%, 9/1/2026		450,000		454,317
Entergy Mississippi LLC,
3.85%, 6/1/2049		1,010,000		1,131,453
Entergy Texas, Inc.,
3.45%, 12/1/2027		415,000		432,612

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Evergy, Inc., 2.90%, 9/15/2029	$	1,045,000	$	1,050,783
MidAmerican Energy Co.,
3.15%, 4/15/2050		965,000		991,379
NextEra Energy Capital Holdings, Inc.,
2.40%, 9/1/2021		1,365,000		1,375,419
2.75%, 11/1/2029		395,000		397,319
Vistra Operations Co. LLC,
4.30%, 7/15/2029 (a)		1,330,000		1,382,374
				8,666,493
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp.,
2.80%, 2/15/2030		980,000		966,027
Flex Ltd.,
4.88%, 6/15/2029		910,000		983,559
				1,949,586
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC,
4.08%, 12/15/2047		440,000		441,423
Entertainment 0.3%
Viacom, Inc.,
6.88%, 4/30/2036		830,000		1,095,755
Equity Real Estate Investment Trusts (REITs) 2.6%
Alexandria Real Estate Equities, Inc.,
2.75%, 12/15/2029		250,000		248,023
Boston Properties LP,
4.13%, 5/15/2021		1,475,000		1,515,213
Brixmor Operating Partnership LP,
3.65%, 6/15/2024		995,000		1,038,180
Host Hotels & Resorts LP,
Series H, 3.38%, 12/15/2029		1,210,000		1,212,402
Kilroy Realty LP,
3.05%, 2/15/2030		330,000		327,980
Kimco Realty Corp.,
3.70%, 10/1/2049		695,000		688,197
Omega Healthcare Investors, Inc.,
4.50%, 1/15/2025		405,000		430,977
Regency Centers LP,
2.95%, 9/15/2029		215,000		216,308
Sabra Health Care LP,
4.80%, 6/1/2024		365,000		384,454
Service Properties Trust,
4.95%, 10/1/2029		1,405,000		1,409,969
Spirit Realty LP,
3.40%, 1/15/2030		930,000		936,243
Ventas Realty LP,
4.88%, 4/15/2049		480,000		575,086
WEA Finance LLC,
2.88%, 1/15/2027 (a)		1,380,000		1,384,078
				10,367,110
Food & Staples Retailing 0.7%
Alimentation Couche-Tard, Inc.,
2.70%, 7/26/2022 (a)		1,710,000		1,730,034

76

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Food & Staples Retailing (continued)
Sysco Corp.,
3.55%, 3/15/2025	$	1,000,000	$	1,067,865
				2,797,899
Food Products 0.4%
Bunge Ltd. Finance Corp.,
4.35%, 3/15/2024		1,000,000		1,057,991
Kraft Heinz Foods Co.,
3.00%, 6/1/2026		180,000		179,327
4.88%, 10/1/2049 (a)		490,000		505,838
				1,743,156
Gas Utilities 0.1%
Southern California Gas Co.,
Series WW, 3.95%, 2/15/2050		505,000		565,511
Health Care Equipment & Supplies 0.6%
Abbott Laboratories,
3.40%, 11/30/2023		1,508,000		1,590,802
DH Europe Finance II Sarl,
2.20%, 11/15/2024		840,000		844,819
				2,435,621
Health Care Providers & Services 0.8%
Cigna Corp.,
4.75%, 11/15/2021 (a)		1,690,000		1,775,528
3.75%, 7/15/2023		910,000		953,261
4.50%, 2/25/2026 (a)		140,000		152,414
Fresenius Medical Care US Finance III, Inc., 3.75%, 6/15/2029 (a)		346,000		353,620
				3,234,823
Hotels, Restaurants & Leisure 0.6%
Marriott International, Inc.,
Series Z, 4.15%, 12/1/2023		655,000		702,428
Royal Caribbean Cruises Ltd.,
2.65%, 11/28/2020		1,725,000		1,735,980
				2,438,408
Household Durables 0.5%
DR Horton, Inc.,
2.55%, 12/1/2020		1,080,000		1,083,704
Panasonic Corp.,
2.54%, 7/19/2022 (a)		975,000		983,117
				2,066,821
Independent Power and Renewable Electricity Producers 0.3%
Exelon Generation Co. LLC,
4.25%, 6/15/2022		1,330,000		1,393,784
Insurance 2.9%
Aflac, Inc.,
4.75%, 1/15/2049		355,000		441,337
American Financial Group, Inc.,
3.50%, 8/15/2026		1,075,000		1,115,323
American International Group, Inc.,
3.30%, 3/1/2021		1,560,000		1,585,354

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Assurant, Inc.,
4.20%, 9/27/2023	$	565,000	$	590,616
AXIS Specialty Finance LLC,
3.90%, 7/15/2029		245,000		258,081
Brighthouse Financial, Inc.,
3.70%, 6/22/2027		245,000		240,686
4.70%, 6/22/2047		805,000		716,191
Enstar Group Ltd.,
4.95%, 6/1/2029		265,000		283,577
Global Atlantic Fin Co.,
4.40%, 10/15/2029 (a)		665,000		667,228
Jackson National Life Global Funding,
3.88%, 6/11/2025 (a)		195,000		211,619
Markel Corp.,
4.15%, 9/17/2050		995,000		1,017,213
PartnerRe Finance B LLC,
3.70%, 7/2/2029		1,210,000		1,268,982
Protective Life Corp.,
3.40%, 1/15/2030 (a)		940,000		956,236
Reliance Standard Life Global Funding II,
3.85%, 9/19/2023 (a)		1,400,000		1,477,157
Unum Group,
4.50%, 12/15/2049		725,000		699,438
				11,529,038
IT Services 0.6%
IBM Credit LLC,
2.20%, 9/8/2022		1,075,000		1,081,836
Western Union Co. (The),
4.25%, 6/9/2023		1,240,000		1,314,375
				2,396,211
Machinery 0.8%
Caterpillar, Inc.,
3.25%, 9/19/2049		485,000		494,708
Kennametal, Inc.,
4.63%, 6/15/2028		1,100,000		1,171,013
Timken Co. (The),
4.50%, 12/15/2028		660,000		709,332
Wabtec Corp., (ICE LIBOR USD 3 Month + 1.30%), 3.42%, 9/15/2021 (c)		420,000		420,088
4.95%, 9/15/2028 (e)		375,000		413,891
				3,209,032
Media 0.7%
Charter Communications Operating LLC,
4.80%, 3/1/2050		800,000		818,919
Comcast Corp.,
2.65%, 2/1/2030		705,000		711,824
Cox Communications, Inc.,
3.15%, 8/15/2024 (a)		1,075,000		1,111,727
Interpublic Group of Cos., Inc. (The),
3.50%, 10/1/2020		310,000		314,032
				2,956,502
Metals & Mining 0.3%
ArcelorMittal,
3.60%, 7/16/2024		975,000		997,539

77

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Metals & Mining (continued)
Glencore Funding LLC,
4.13%, 3/12/2024 (a)	$	290,000	$	304,719
				1,302,258
Multi-Utilities 0.6%
Ameren Corp.,
2.50%, 9/15/2024		400,000		402,676
Black Hills Corp.,
3.88%, 10/15/2049		785,000		801,028
Dominion Energy, Inc.,
3.07%, 8/15/2024 (e)		405,000		417,012
DTE Energy Co.,
Series C, 2.53%, 10/1/2024 (e)		985,000		987,662
				2,608,378
Oil, Gas & Consumable Fuels 1.1%
Kinder Morgan, Inc.,
7.80%, 8/1/2031		1,195,000		1,622,063
Midwest Connector Capital Co. LLC,
3.63%, 4/1/2022 (a)		830,000		853,165
MPLX LP, (ICE LIBOR USD 3 Month + 0.90%), 3.00%, 9/9/2021 (c)		2,000,000		2,008,037
				4,483,265
Pharmaceuticals 0.2%
Bayer US Finance II LLC,
3.38%, 7/15/2024 (a)		605,000		619,968
Real Estate Management & Development 0.1%
Celulosa Arauco y Constitucion SA,
4.20%, 1/29/2030 (a)		370,000		369,260
Road & Rail 1.0%
Burlington Northern Santa Fe LLC,
3.55%, 2/15/2050		590,000		625,911
Penske Truck Leasing Co. LP,
4.13%, 8/1/2023 (a)		1,315,000		1,396,543
4.45%, 1/29/2026 (a)		240,000		261,346
Ryder System, Inc.,
3.75%, 6/9/2023		600,000		629,975
3.88%, 12/1/2023		525,000		556,409
Union Pacific Corp.,
3.95%, 8/15/2059		485,000		510,628
				3,980,812
Semiconductors & Semiconductor Equipment 0.4%
Marvell Technology Group Ltd.,
4.20%, 6/22/2023		940,000		989,268
Microchip Technology, Inc.,
3.92%, 6/1/2021		355,000		363,348
Texas Instruments, Inc.,
2.25%, 9/4/2029		225,000		222,046
				1,574,662
Specialty Retail 0.7%
AutoNation, Inc.,
3.50%, 11/15/2024		800,000		822,888
4.50%, 10/1/2025		675,000		721,488

Corporate Bonds (continued)
	Principal Amount		Value
Specialty Retail (continued)
Best Buy Co., Inc.,
4.45%, 10/1/2028	$	1,000,000	$	1,092,437
				2,636,813
Technology Hardware, Storage & Peripherals 0.3%
Hewlett Packard Enterprise Co.,
3.50%, 10/5/2021		475,000		487,644
Seagate HDD Cayman,
4.88%, 3/1/2024		685,000		728,176
				1,215,820
Textiles, Apparel & Luxury Goods 0.0%†
Ralph Lauren Corp.,
3.75%, 9/15/2025		145,000		156,211
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		1,389,677
Trading Companies & Distributors 0.5%
Air Lease Corp.,
3.25%, 10/1/2029		1,000,000		992,586
Aviation Capital Group LLC,
3.88%, 5/1/2023 (a)		835,000		863,766
				1,856,352
Wireless Telecommunication Services 0.4%
Rogers Communications, Inc.,
3.70%, 11/15/2049		970,000		990,683
SK Telecom Co. Ltd.,
3.75%, 4/16/2023 (a)		560,000		584,292
				1,574,975
Total Corporate Bonds (cost $155,490,770)				157,680,856
Foreign Government Securities 0.6%
CANADA 0.3%
Province of Saskatchewan,
9.38%, 12/15/2020		1,000,000		1,078,300
ITALY 0.3%
Republic of Italy,
2.38%, 10/17/2024		1,380,000		1,367,997
Total Foreign Government Securities (cost $2,381,354)				2,446,297
Mortgage-Backed Securities 7.5%
FNMA Pool
Pool# AN3476 4.03%, 11/1/2031		4,071,787		4,650,660
Pool# AM6492 3.76%, 8/1/2034		2,315,522		2,622,699
GNMA I Pool
Pool# 348637 7.50%, 5/15/2023		7,247		7,565

78

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 354696 6.50%, 12/15/2023	$	3,913	$	4,333
Pool# 369270 6.50%, 12/15/2023		1,736		1,923
Pool# 368677 7.50%, 1/15/2024		5,929		6,106
Pool# 359986 7.50%, 1/15/2024		489		490
Pool# 362734 7.50%, 1/15/2024		173		173
Pool# 371909 6.50%, 2/15/2024		10,549		11,682
Pool# 392055 7.00%, 4/15/2024		3,148		3,153
Pool# 442138 8.00%, 11/15/2026		24,461		26,476
Pool# 439463 8.00%, 12/15/2026		427		428
Pool# 399109 7.50%, 2/15/2027		7,284		7,701
Pool# 435777 7.50%, 2/15/2027		2,713		2,729
Pool# 445661 7.50%, 7/15/2027		2,909		2,960
Pool# 443887 7.50%, 8/15/2027		4,929		5,013
Pool# 455381 7.50%, 8/15/2027		3,603		3,912
Pool# 450591 7.50%, 8/15/2027		639		657
Pool# 453295 7.50%, 8/15/2027		379		392
Pool# 446699 6.00%, 8/15/2028		12,824		14,173
Pool# 482748 6.00%, 9/15/2028		32,755		36,202
Pool# 460906 6.00%, 9/15/2028		7,853		8,679
Pool# 476969 6.50%, 1/15/2029		25,212		27,921
Pool# 781029 6.50%, 5/15/2029		88,139		100,084
Pool# 503106 6.50%, 6/15/2029		10,911		12,083
GNMA II Pool
Pool# 767673 4.63%, 4/20/2064 (b)		1,098,122		1,187,064
Pool# BA7614 4.54%, 5/20/2067 (b)		961,261		1,049,079
Pool# BC3943 4.46%, 6/20/2067 (b)		4,104,951		4,534,292
Pool# BB0088 4.70%, 7/20/2067 (b)		4,079,749		4,579,992
UMBS Pool
Pool# 292234 8.00%, 8/1/2024		599		600
Pool# 303300 8.50%, 5/1/2025		2,688		2,900
Pool# 342718 6.50%, 5/1/2026		12,002		13,369

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# 250764 7.50%, 12/1/2026	$	30,665	$	33,600
Pool# 402854 6.00%, 12/1/2027		6,116		6,755
Pool# 251497 6.00%, 12/1/2027		311		343
Pool# 415652 6.50%, 3/1/2028		3,026		3,370
Pool# 432037 6.00%, 7/1/2028		34,237		37,813
Pool# 437979 6.00%, 8/1/2028		10,283		11,357
Pool# 446099 6.00%, 10/1/2028		4,857		5,364
Pool# 450653 6.00%, 12/1/2028		45,228		50,031
Pool# 440738 6.00%, 12/1/2028		39,897		44,385
Pool# 453865 6.00%, 12/1/2028		35,378		39,074
Pool# 252212 6.50%, 1/1/2029		72,218		81,215
Pool# 504076 6.50%, 6/1/2029		31,727		35,823
Pool# 484939 6.50%, 6/1/2029		9,504		10,586
Pool# 252570 6.50%, 7/1/2029		29,996		33,808
Pool# 506638 6.50%, 8/1/2029		13,361		14,882
Pool# 535300 6.50%, 5/1/2030		39,379		44,579
Pool# 539932 7.00%, 5/1/2030		5,542		5,547
Pool# 725027 5.00%, 11/1/2033		514,010		567,594
Pool# 725205 5.00%, 3/1/2034		175,028		193,230
Pool# MA3209 3.00%, 12/1/2047		5,026,002		5,137,874
Pool# MA3275 3.00%, 2/1/2048		5,026,415		5,130,922
Total Mortgage-Backed Securities (cost $29,385,894)				30,413,642
U.S. Treasury Obligations 13.8%
U.S. Treasury Bonds
4.25%, 5/15/2039		570,000		777,894
4.38%, 11/15/2039		2,400,000		3,331,406
3.00%, 2/15/2049		6,530,000		7,698,258
2.88%, 5/15/2049		2,980,000		3,433,752
2.25%, 8/15/2049		11,620,000		11,804,286
U.S. Treasury Notes
1.25%, 8/31/2024		11,465,000		11,323,031
1.50%, 9/30/2024		7,995,000		7,984,069
1.63%, 8/15/2029		9,210,000		9,154,956
Total U.S. Treasury Obligations (cost $54,070,973)				55,507,652

79

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Short-Term Investments 0.8%
	Principal Amount		Value
U.S. Government Agency Security 0.6%
FHLB, 1.69%, 12/13/2019	$	2,415,000	$	2,410,295
U.S. Treasury Obligation 0.2%
U.S. Treasury Bills, 1.87%, 12/19/2019		1,000,000		998,067
Total Short-Term Investments (cost $3,407,777)				3,408,362
Total Investments (cost $391,110,466) — 98.9%				399,350,687
Other assets in excess of liabilities — 1.1%				4,400,084
NET ASSETS — 100.0%			$	403,750,771

† 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 October 31, 2019 was $80,702,430 which represents 19.99% 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 October 31, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 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 October 31, 2019.

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

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

UMBS Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

80

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Core Bond Fund (Continued)

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts	Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 5 Year Note	13		12/2019		USD		1,549,641			(735	)
U.S. Treasury Ultra Bond	46		12/2019		USD		8,728,500			(277,534	)
										(278,269	)
Short Contracts
U.S. Treasury 10 Year Note	(111)		12/2019		USD		(14,462,953	)		132,093
U.S. Treasury 10 Year Ultra Note	(37)		12/2019		USD		(5,258,047	)		96,473
										228,566
										(49,703	)

At October 31, 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.

81

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Loomis Core Bond Fund
Assets:
Investment securities, at value (cost $391,110,466)	$	399,350,687
Cash		10,630,073
Deposits with broker for futures contracts		335,000
Interest receivable		2,065,237
Receivable for investments sold		2,684,366
Receivable for capital shares issued		144,389
Receivable for variation margin on futures contracts		17,218
Prepaid expenses		28,844
Total Assets		415,255,814
Liabilities:
Payable for investments purchased		11,082,332
Distributions payable		3,395
Payable for capital shares redeemed		23,616
Accrued expenses and other payables:
Investment advisory fees		135,059
Fund administration fees		22,418
Distribution fees		5,016
Administrative servicing fees		157,443
Accounting and transfer agent fees		6,171
Trustee fees		1,634
Custodian fees		6,444
Compliance program costs (Note 3)		544
Professional fees		38,129
Printing fees		14,967
Other		7,875
Total Liabilities		11,505,043
Net Assets	$	403,750,771
Represented by:
Capital	$	393,085,417
Total distributable earnings (loss)		10,665,354
Net Assets	$	403,750,771
Net Assets:
Class A Shares	$	12,836,362
Class C Shares		3,492,303
Class R6 Shares		23,342,884
Institutional Service Class Shares		364,079,222
Total	$	403,750,771

82

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Loomis Core Bond Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,157,610
Class C Shares		316,843
Class R6 Shares		2,066,607
Institutional Service Class Shares		32,223,631
Total		35,764,691
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	11.09
Class C Shares (b)	$	11.02
Class R6 Shares	$	11.30
Institutional Service Class Shares	$	11.30
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.35
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.

83

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Loomis Core Bond Fund
INVESTMENT INCOME:
Interest income	$	13,781,801
Income from securities lending (Note 2)		1,228
Total Income		13,783,029
EXPENSES:
Investment advisory fees		1,580,892
Fund administration fees		171,994
Distribution fees Class A		29,828
Distribution fees Class C		25,900
Administrative servicing fees Class A		17,091
Administrative servicing fees Class C		2,832
Administrative servicing fees Institutional Service Class		896,807
Registration and filing fees		61,263
Professional fees		59,834
Printing fees		19,509
Trustee fees		14,474
Custodian fees		19,475
Accounting and transfer agent fees		26,520
Compliance program costs (Note 3)		1,947
Other		11,646
Total Expenses		2,940,012
NET INVESTMENT INCOME		10,843,017
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		9,661,880
Expiration or closing of futures contracts (Note 2)		(78,125	)
Closed short positions in securities (Note 2)		(139,945	)
Net realized gains		9,443,810
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		23,373,171
Futures contracts (Note 2)		408,509
Net change in unrealized appreciation/depreciation		23,781,680
Net realized/unrealized gains		33,225,490
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,068,507

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

84

Statements of Changes in Net Assets

	Nationwide Loomis Core Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	10,843,017		$	11,766,509
Net realized gains (losses)		9,443,810			(5,355,862	)
Net change in unrealized appreciation/depreciation		23,781,680			(19,560,914	)
Change in net assets resulting from operations		44,068,507			(13,150,267	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(326,650	)		(424,110	)
Class C		(79,805	)		(77,964	)
Class R6		(623,646	)		(1,924,609	)
Institutional Service Class		(10,140,343	)		(9,604,923	)
Change in net assets from shareholder distributions		(11,170,444	)		(12,031,606	)
Change in net assets from capital transactions		(24,390,935	)		(202,716,269	)
Change in net assets		8,507,128			(227,898,142	)
Net Assets:
Beginning of year		395,243,643			623,141,785
End of year	$	403,750,771		$	395,243,643
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,467,529		$	1,537,368
Dividends reinvested		300,000			392,900
Cost of shares redeemed		(1,558,261	)		(15,000,308	)
Total Class A Shares		209,268			(13,070,040	)
Class C Shares
Proceeds from shares issued		1,181,867			273,328
Dividends reinvested		64,935			63,121
Cost of shares redeemed		(1,454,350	)		(1,977,075	)
Total Class C Shares		(207,548	)		(1,640,626	)
Class R6 Shares
Proceeds from shares issued		7,411,310			10,827,114
Dividends reinvested		586,637			533,089
Cost of shares redeemed		(16,890,766	)		(89,729,464	)
Total Class R6 Shares		(8,892,819	)		(78,369,261	)
Institutional Service Class Shares
Proceeds from shares issued		63,607,139			34,846,106
Dividends reinvested		10,133,104			9,463,636
Cost of shares redeemed		(89,240,079	)		(153,946,084	)
Total Institutional Service Class Shares		(15,499,836	)		(109,636,342	)
Change in net assets from capital transactions	$	(24,390,935	)	$	(202,716,269	)

85

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis Core Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		134,202			146,188
Reinvested		28,058			37,604
Redeemed		(146,078	)		(1,451,554	)
Total Class A Shares		16,182			(1,267,762	)
Class C Shares
Issued		109,423			26,258
Reinvested		6,110			6,083
Redeemed		(135,199	)		(190,587	)
Total Class C Shares		(19,666	)		(158,246	)
Class R6 Shares
Issued		672,309			1,003,800
Reinvested		53,865			50,205
Redeemed		(1,604,466	)		(8,460,308	)
Total Class R6 Shares		(878,292	)		(7,406,303	)
Institutional Service Class Shares
Issued		5,879,420			3,268,787
Reinvested		930,755			890,831
Redeemed		(8,206,754	)		(14,470,098	)
Total Institutional Service Class Shares		(1,396,579	)		(10,310,480	)
Total change in shares		(2,278,355	)		(19,142,791	)

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 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)			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
Year Ended October 31, 2019	$	10.20		0.28		0.91			1.19			(0.29	)		(0.01	)		(0.30	)	$	11.09		11.73%		$	12,836,362		0.90%		2.65%		0.90%		145.32%
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%
Class C Shares
Year Ended October 31, 2019	$	10.14		0.24		0.89			1.13			(0.24	)		(0.01	)		(0.25	)	$	11.02		11.22%		$	3,492,303		1.34%		2.23%		1.34%		145.32%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	10.39		0.32		0.93			1.25			(0.33	)		(0.01	)		(0.34	)	$	11.30		12.14%		$	23,342,884		0.50%		3.00%		0.50%		145.32%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	10.40		0.30		0.91			1.21			(0.30	)		(0.01	)		(0.31	)	$	11.30		11.75%		$	364,079,222		0.75%		2.74%		0.75%		145.32%
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%

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 Commentary Nationwide Loomis Short Term Bond Fund

For the annual period ended October 31, 2019, the Nationwide Loomis Short Term Bond Fund (Class A at NAV*) returned 5.57% versus 4.89% for its benchmark, the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Short-Term Bond (consisting of 559 funds as of October 31, 2019), was 4.80% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Environment

Global fixed-income markets delivered healthy gains in the 12-month reporting period, reflecting the combination of slowing economic growth, persistently low inflation and the Federal Reserve’s (Fed’s) shift toward an increasingly accommodative monetary policy. As late as the fourth quarter of 2018, the markets generally anticipated that the Fed would continue to raise interest rates for at least another 12 months. As growth slowed in late 2018, however, the Fed indicated that its next move would likely be to reduce interest rates. The Fed indeed implemented three separate 25-basis-point rate cuts in July, September and October of 2019, bringing its benchmark federal funds target rate to a range of 1.75% to 2.00%. In addition, the markets appeared to be pricing in the likelihood of further reductions by mid-2020. The dramatic change in the outlook for Fed policy was the leading factor in the strong, broad-based rally in bonds.

These circumstances helped fueled gains for U.S. Treasuries, with longer-term issues registering the largest advance. The yield on the benchmark 10-year Treasury note, after reaching a peak of 3.23% in October 2018, fell to 1.47% in early September—near its lowest level of the past decade. (Prices and yields move in opposite directions.)

Investment grade corporates generated robust returns and finished the reporting period as the top-performing major fixed-income category.

Corporates, in addition to benefiting from the rally in rate-sensitive assets, were boosted by both positive earnings trends and healthy investor risk appetites.

Securitized assets generated strong absolute returns, but their lower interest rate sensitivity caused them to lag Treasurys and investment grade corporates. Commercial mortgage-backed securities (CMBS) delivered the largest gains, followed by mortgage-backed securities (MBS) and asset-backed securities (ABS), respectively.

Fund Performance

The Fund outperformed its benchmark by 68 basis points during the reporting period.

Explanation of Fund Performance

Contributors

• The Fund favored spread products during a period when risk assets fared well.

• Sector allocation and security selection were the largest drivers of Fund performance, while duration/yield curve positioning slightly contributed to Fund performance.

• Investment grade corporate bonds dominated the attribution effects contributing to both allocation decisions and security selection. An overweight to non-investment grade corporate bonds also positively contributed to Fund performance.

Detractors

• Securitized assets provided additional ballast to Fund performance due to allocations in ABS and Agency MBS.

U.S. Treasury futures were used for duration management in the Fund. Duration/yield curve positively affected Fund performance, contributing 19 basis points.

88

Fund Commentary (cont.) Nationwide Loomis Short Term Bond Fund

Subadviser:

Loomis, Sayles & Company, L.P.

Portfolio Managers:

Christopher T. Harms;

Clifton V. Rowe, CFA;

and Kurt L. Wagner, CFA, CIC

*Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in fixed-income securities, including default risk and interest rate risk (if interest rates go up, bond prices go down, and if interest rates go down, bond prices go up). The Fund may invest in more-aggressive investments such as foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most-recent prospectus for a more-detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

89

Fund Overview Nationwide Loomis Short Term Bond Fund

Asset Allocation¹

Corporate Bonds	57.8%
Asset-Backed Securities	16.1%
U.S. Treasury Obligations	14.5%
Collateralized Mortgage Obligations	5.2%
Mortgage-Backed Securities	2.4%
Commercial Mortgage-Backed Securities	2.4%
Foreign Government Securities	1.0%
Futures Contracts	0.1%
Other assets in excess of liabilities	0.5%
	100.0%

Top Industries²

Banks	16.7%
Consumer Finance	5.6%
Automobiles	3.2%
Oil, Gas & Consumable Fuels	2.6%
Electric Utilities	2.5%
Insurance	2.5%
Health Care Providers & Services	2.4%
Equity Real Estate Investment Trusts (REITs)	2.4%
Capital Markets	2.3%
Pharmaceuticals	1.4%
Other Industries	58.4%
	100.0%

Top Holdings²

U.S. Treasury Notes, 1.13%, 9/30/2021	6.0%
U.S. Treasury Notes, 1.50%, 8/15/2022	5.6%
U.S. Treasury Notes, 1.38%, 6/30/2023	2.2%
Nissan Auto Receivables Owner Trust, 1.75%, 10/15/2021	1.4%
JPMorgan Chase & Co., 4.25%, 10/15/2020	1.1%
UBS-Barclays Commercial Mortgage Trust, 3.18%, 3/10/2046	1.0%
National Bank of Canada, 2.15%, 6/12/2020	0.8%
Onemain Financial Issuance Trust, 3.30%, 3/14/2029	0.8%
Benchmark Mortgage Trust, 2.79%, 3/15/2062	0.7%
Metropolitan Life Global Funding I, 2.05%, 6/12/2020	0.7%
Other Holdings	79.7%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

90

Fund Performance Nationwide Loomis Short Term Bond Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		5.57%		1.63%		1.61%
	w/ SC3		3.24%		1.17%		1.39%
Class C1	w/o SC2		5.07%		1.14%		1.13%
	w/ SC4		4.07%		N/A		N/A
Class R65,6			5.90%		1.96%		1.84%	7
Institutional Service Class1,5,8			5.95%		1.92%		1.88%
Bloomberg Barclays U.S. 1-3 Yr Gov’t/Credit Bond Index			4.89%		1.60%		1.52%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A—Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³ A 2.25% front-end sales charge was deducted.

⁴ A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵ Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸ Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.80%		0.78%
Class C		1.29%		1.27%
Class R6		0.47%		0.45%
Institutional Service Class		0.54%		0.52%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

91

Fund Performance (cont.) Nationwide Loomis Short Term Bond Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Loomis Short Term Bond Fund versus the Bloomberg Barclays (BBgBarc) U.S. Government/Credit Bond 1-3 Year Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Short Term Bond Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

92

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,025.50		3.98		0.78
	Hypothetical	(a)(b)		1,000.00		1,021.27		3.97		0.78
Class C Shares	Actual	(a)		1,000.00		1,022.60		6.47		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.80		6.46		1.27
Class R6 Shares	Actual	(a)		1,000.00		1,027.10		2.30		0.45
	Hypothetical	(a)(b)		1,000.00		1,022.94		2.29		0.45
Institutional Service Class Shares	Actual	(a)		1,000.00		1,026.90		2.55		0.50
	Hypothetical	(a)(b)		1,000.00		1,022.68		2.55		0.50

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

93

Statement of Investments

October 31, 2019

Nationwide Loomis Short Term Bond Fund

Asset-Backed Securities 16.1%
	Principal Amount		Value
Automobiles 12.2%
ACC Trust, Series 2018-1, Class A, 3.70%, 12/21/2020 (a)	$	27,816	$	27,847
Americredit Automobile Receivables Trust
Series 2019-1, Class A3, 2.97%, 11/20/2023		430,000		436,426
Series 2019-2, Class B, 2.54%, 7/18/2024		1,255,000		1,265,056
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/2025 (a)		1,305,000		1,362,077
Bank of The West Auto Trust, Series 2019-1, Class A3, 2.43%, 4/15/2024 (a)		485,000		488,652
Carmax Auto Owner Trust, Series 2019-4, Class A2A, 2.01%, 3/15/2023		585,000		585,496
Carvana Auto Receivables Trust, Series 2019-3A, Class A3, 2.34%, 6/15/2023 (a)		675,000		677,460
CPS Auto Receivables Trust
Series 2018-D, Class B, 3.61%, 11/15/2022 (a)		1,010,000		1,022,495
Series 2019-C, Class B, 2.63%, 8/15/2023 (a)		380,000		381,857
Series 2018-A, Class C, 3.05%, 12/15/2023 (a)		120,000		120,634
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		800,000		811,577
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, 2/15/2024		365,000		368,591
DT Auto Owner Trust
Series 2018-3A, Class B, 3.56%, 9/15/2022 (a)		950,000		961,329
Series 2018-2A, Class C, 3.67%, 3/15/2024 (a)		755,000		764,815
Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		350,000		356,941
Series 2019-2A, Class C, 3.18%, 2/18/2025 (a)		85,000		86,302
Exeter Automobile Receivables Trust
Series 2018-1A, Class B, 2.75%, 4/15/2022 (a)		193,712		193,858
Series 2018-2A, Class B, 3.27%, 5/16/2022 (a)		624,796		626,397
First Investors Auto Owner Trust
Series 2018-2A, Class A1, 3.23%, 12/15/2022 (a)		309,866		311,426
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		372,545		375,775
Series 2019-2A, Class A, 2.21%, 9/16/2024 (a)		480,000		480,337
Flagship Credit Auto Trust
Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		995,000		1,012,674
Series 2018-3, Class B, 3.59%, 12/16/2024 (a)		460,000		468,876

Asset-Backed Securities (continued)
	Principal Amount		Value
Automobiles (continued)
Ford Credit Auto Owner Trust, Series 2019-B, Class A2A, 2.35%, 2/15/2022	$	615,000	$	616,359
Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A, 2.84%, 3/15/2024		735,000		747,943
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A3, 3.64%, 5/15/2023 (a)		770,000		782,359
GLS Auto Receivables Issuer Trust
Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		706,448		710,460
Series 2019-4A, Class B, 2.78%, 9/16/2024 (a)		260,000		259,969
GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		430,000		437,504
GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3, 2.18%, 4/16/2024		475,000		477,639
Hyundai Auto Receivables Trust
Series 2016-B, Class A3, 1.29%, 4/15/2021		612,976		612,246
Series 2019-B, Class A3, 1.94%, 2/15/2024		830,000		829,962
NextGear Floorplan Master Owner Trust
Series 2018-1A, Class A2, 3.22%, 2/15/2023 (a)		610,000		618,592
Series 2018-2A, Class A2, 3.69%, 10/15/2023 (a)		580,000		597,534
Nissan Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.75%, 10/15/2021		3,309,044		3,305,501
Prestige Auto Receivables Trust, Series 2019-1A, Class A3, 2.45%, 5/15/2023 (a)		1,135,000		1,139,606
Santander Drive Auto Receivables Trust
Series 2018-4, Class B, 3.27%, 1/17/2023		530,000		532,700
Series 2019-2, Class C, 2.90%, 10/15/2024		485,000		492,009
Toyota Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.73%, 2/16/2021		960,083		959,422
Westlake Automobile Receivables Trust
Series 2018-1A, Class B, 2.67%, 5/17/2021 (a)		603,782		604,082
Series 2018-3A, Class A2A, 2.98%, 1/18/2022 (a)		429,060		430,073
Series 2019-1A, Class B, 3.26%, 10/17/2022 (a)		80,000		80,813
Series 2019-2A, Class B, 2.62%, 7/15/2024 (a)		905,000		910,404
Wheels SPV 2 LLC, Series 2019-1A, Class A2, 2.30%, 5/22/2028 (a)		380,000		381,258

94

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Automobiles (continued)
World Omni Automobile Lease Securitization Trust, Series 2018-A, Class A3, 2.83%, 7/15/2021	$	805,000	$	808,535
				29,521,868
Credit Card 0.9%
Barclays Dryrock Issuance Trust, Series 2019-1, Class A, 1.96%, 5/15/2025		925,000		927,127
World Financial Network Credit Card Master Trust, Series 2019-B, Class A, 2.49%, 4/15/2026		1,200,000		1,211,153
				2,138,280
Other 2.7%
Diamond Resorts Owner Trust, Series 2018-1, Class A, 3.70%, 1/21/2031 (a)		320,969		327,596
Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.92%, 12/20/2029 (a)		890,000		892,750
Onemain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, 3/14/2029 (a)		1,965,000		1,993,257
SCF Equipment Leasing LLC, Series 2018-1A, Class A2, 3.63%, 10/20/2024 (a)		548,764		556,427
Sofi Consumer Loan Program Trust
Series 2018-2, Class A2, 3.35%, 4/26/2027 (a)		1,240,000		1,250,719
Series 2018-4, Class A, 3.54%, 11/26/2027 (a)		919,237		929,133
Verizon Owner Trust, Series 2018-A, Class A1A, 3.23%, 4/20/2023		445,000		453,374
				6,403,256
Student Loan 0.3%
Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.85%, 5/25/2033		521,166		532,246
Sofi Professional Loan Program LLC, Series 2018-A, Class A1, 2.17%, 2/25/2042 (a)(b)		250,212		250,138
				782,384
Total Asset-Backed Securities (cost $38,476,956)				38,845,788
Collateralized Mortgage Obligations 5.2%
FHLMC REMICS
Series 3755, Class AL, 1.50%, 11/15/2020		10,408		10,358
Series 3645, Class EH, 3.00%, 12/15/2020		965		964
Series 3852, Class EA, 4.50%, 12/15/2021		2,821		2,837

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
FHLMC REMICS (continued)
Series 4060, Class EA, 1.75%, 6/15/2022	$	108,109	$	107,847
Series 2611, Class HD, 5.00%, 5/15/2023		68,276		70,962
Series 3585, Class LA, 3.50%, 10/15/2024		16,487		16,901
Series 3609, Class LE, 3.00%, 12/15/2024		714		714
Series 3718, Class BC, 2.00%, 2/15/2025		31,623		31,659
Series 3721, Class PE, 3.50%, 9/15/2040		103,320		108,712
FNMA REMICS
Series 2010-95, Class BK, 1.50%, 2/25/2020		743		742
Series 2012-99, Class TC, 1.50%, 9/25/2022		150,297		149,332
Series 2012-100, Class WA, 1.50%, 9/25/2027		275,032		271,201
Series 2012-93, Class DP, 1.50%, 9/25/2027		253,495		248,724
Series 2010-66, Class QA, 4.50%, 8/25/2039		3,256		3,262
GNMA REMICS
Series 2009-104, Class KE, 2.50%, 8/16/2039		44,443		44,423
Series 2010-4, Class JC, 3.00%, 8/16/2039		10,576		10,603
Series 2009-88, Class QE, 3.00%, 9/16/2039		87,621		88,940
Series 2011-39, Class NE, 3.50%, 9/16/2039		115,315		118,389
Series 2010-H22, Class FE, 2.44%, 5/20/2059 (b)		211,632		211,267
Series 2010-H02, Class FA, 2.73%, 2/20/2060 (b)		476,566		479,126
Series 2011-H11, Class FA, 2.59%, 3/20/2061 (b)		263,149		263,099
Series 2011-H23, Class HA, 3.00%, 12/20/2061		43,972		44,225
Series 2012-H18, Class NA, 2.61%, 8/20/2062 (b)		133,336		133,327
Series 2013-H02, Class FD, 2.43%, 12/20/2062 (b)		1,576,610		1,571,319
Series 2013-H14, Class FC, 2.56%, 6/20/2063 (b)		1,458,324		1,457,213
Series 2016-H13, Class FT, 2.67%, 5/20/2066 (b)		130,978		131,116
Series 2017-H14, Class FK, 1.95%, 5/20/2067 (b)		1,313,237		1,305,684
Series 2017-H24, Class FJ, 2.34%, 10/20/2067 (b)		1,581,789		1,580,192
Series 2017-H25, Class FD, 2.24%, 12/20/2067 (b)		966,604		963,700
Series 2019-H01, Class FJ, 2.39%, 9/20/2068 (b)		300,779		299,749
Series 2019-H01, Class FT, 2.49%, 10/20/2068 (b)		542,465		541,441
Series 2019-H05, Class FT, 2.83%, 4/20/2069 (b)		1,377,973		1,375,918

95

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
GNMA REMICS (continued)
Series 2019-H13, Class FT, 2.20%, 8/20/2069 (b)	$	943,364	$	942,979
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1, 4.66%, 12/25/2033 (b)		50,784		52,913
Total Collateralized Mortgage Obligations (cost $12,684,361)				12,639,838
Commercial Mortgage-Backed Securities 2.4%
Benchmark Mortgage Trust, Series 2019-B10, Class A1, 2.79%, 3/15/2062		1,758,269		1,793,824
Starwood Retail Property Trust, Series 2014-STAR, Class A, 3.13%, 11/15/2027 (a)(b)		336,810		336,204
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/2046		2,440,000		2,510,455
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (b)		1,015,000		1,084,337
Total Commercial Mortgage-Backed Securities (cost $5,681,054)				5,724,820
Corporate Bonds 57.8%
Aerospace & Defense 0.3%
United Technologies Corp., 3.65%, 8/16/2023		705,000		745,726
Airlines 1.2%
Delta Air Lines, Inc., 2.60%, 12/4/2020		1,620,000		1,625,522
2.90%, 10/28/2024		1,200,000		1,194,480
				2,820,002
Automobiles 3.2%
BMW Finance NV, 2.25%, 8/12/2022 (a)		1,200,000		1,204,676
BMW US Capital LLC, 3.45%, 4/12/2023 (a)		750,000		780,879
Hyundai Capital America, 2.55%, 4/3/2020 (a)		845,000		846,400
3.00%, 6/20/2022 (a)		1,200,000		1,212,342
Nissan Motor Acceptance Corp., 2.15%, 9/28/2020 (a)		1,735,000		1,734,080
Volkswagen Group of America Finance LLC, 4.25%, 11/13/2023 (a)		765,000		819,677
2.85%, 9/26/2024 (a)		990,000		1,003,308
				7,601,362
Banks 16.6%
ANZ New Zealand Int’l Ltd., 2.75%, 1/22/2021 (a)		1,560,000		1,573,946
Bank of Ireland Group plc, 4.50%, 11/25/2023 (a)		360,000		380,570

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Bank of Montreal, 2.05%, 11/1/2022	$	1,190,000	$	1,190,926
Bank of Nova Scotia (The), 2.00%, 11/15/2022		1,205,000		1,202,604
Barclays plc,
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		415,000		433,494
(ICE LIBOR USD 3 Month + 1.38%), 3.55%, 5/16/2024 (c)		850,000		857,010
BB&T Corp., 3.05%, 6/20/2022		1,240,000		1,272,295
BNP Paribas SA,
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a)(c)		545,000		592,521
Canadian Imperial Bank of Commerce, 2.70%, 2/2/2021		210,000		212,042
Capital One NA, 2.15%, 9/6/2022		250,000		249,913
Citibank NA, 2.10%, 6/12/2020		500,000		500,690
Citigroup, Inc.,
(SOFR + 0.87%), 0.00%, 11/4/2022 (c)		950,000		952,736
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (c)		650,000		662,893
Comerica, Inc., 3.70%, 7/31/2023		375,000		395,583
Commonwealth Bank of Australia, 3.45%, 3/16/2023 (a)		680,000		710,685
Credit Agricole SA, 3.75%, 4/24/2023 (a)		595,000		621,926
Danske Bank A/S, 3.88%, 9/12/2023 (a)		1,225,000		1,273,478
Fifth Third Bank, 3.35%, 7/26/2021		1,370,000		1,402,971
ING Groep NV, 4.10%, 10/2/2023		790,000		841,750
JPMorgan Chase & Co., 4.25%, 10/15/2020		2,500,000		2,554,325
(ICE LIBOR USD 3 Month + 0.70%), 3.21%, 4/1/2023 (c)		590,000		604,182
KeyBank NA, 3.30%, 2/1/2022		500,000		515,049
Lloyds Bank plc, 2.25%, 8/14/2022		230,000		231,144
Lloyds Banking Group plc, 4.05%, 8/16/2023		935,000		988,879
Mitsubishi UFJ Financial Group, Inc., 2.67%, 7/25/2022		685,000		694,247
Mizuho Financial Group, Inc.,
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (c)		1,150,000		1,162,498
National Australia Bank Ltd., 3.70%, 11/4/2021		1,125,000		1,162,406
National Bank of Canada, 2.15%, 6/12/2020		2,000,000		2,003,261
2.15%, 10/7/2022 (a)		645,000		645,985
NatWest Markets plc, 3.63%, 9/29/2022 (a)		1,200,000		1,243,724

96

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Royal Bank of Canada, 2.80%, 4/29/2022	$	1,260,000	$	1,285,931
Santander Holdings USA, Inc., 3.24%, 10/5/2026 (a)		1,085,000		1,088,309
Santander UK plc, 2.50%, 1/5/2021		880,000		884,997
(ICE LIBOR USD 3 Month + 0.62%), 2.76%, 6/1/2021 (c)		545,000		546,684
Standard Chartered plc,
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 5/21/2025 (a)(c)		600,000		623,893
Sumitomo Mitsui Financial Group, Inc., 2.70%, 7/16/2024		1,210,000		1,227,294
SunTrust Bank,
(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (c)		1,545,000		1,546,147
(ICE LIBOR USD 3 Month + 0.50%), 3.53%, 10/26/2021 (c)		1,045,000		1,059,958
Svenska Handelsbanken AB, 3.90%, 11/20/2023		685,000		732,402
Toronto-Dominion Bank (The), 3.25%, 6/11/2021		1,450,000		1,482,843
Wells Fargo & Co.,
(ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (c)		520,000		521,660
Westpac Banking Corp., 2.65%, 1/25/2021		1,445,000		1,458,720
2.80%, 1/11/2022		325,000		331,190
				39,923,761
Beverages 1.0%
Bacardi Ltd., 4.45%, 5/15/2025 (a)		565,000		607,901
Constellation Brands, Inc., 3.20%, 2/15/2023		1,635,000		1,683,468
				2,291,369
Biotechnology 0.7%
Amgen, Inc., 2.20%, 5/11/2020		1,665,000		1,667,396
Building Products 0.0%†
American Woodmark Corp., 4.88%, 3/15/2026 (a)		95,000		96,663
Capital Markets 2.3%
Ameriprise Financial, Inc., 3.00%, 3/22/2022		505,000		516,306
Ares Capital Corp., 4.20%, 6/10/2024		575,000		597,208
Charles Schwab Corp. (The), 3.25%, 5/21/2021		120,000		122,572
Deutsche Bank AG, 2.70%, 7/13/2020		890,000		890,317
Lehman Brothers Holdings, Inc., 5.63%, 1/24/2013 (d)		500,000		6,250
Macquarie Bank Ltd., 2.10%, 10/17/2022 (a)		1,210,000		1,207,547
State Street Corp., 1.95%, 5/19/2021		1,700,000		1,702,617

Corporate Bonds (continued)
	Principal Amount		Value
Capital Markets (continued)
USAA Capital Corp., 2.63%, 6/1/2021 (a)	$	555,000	$	561,881
				5,604,698
Chemicals 0.6%
Cabot Corp., 4.00%, 7/1/2029		430,000		452,369
Dow Chemical Co. (The), 3.15%, 5/15/2024 (a)		605,000		624,962
Ecolab, Inc., 4.35%, 12/8/2021		445,000		467,652
				1,544,983
Consumer Finance 5.6%
American Express Co., 3.70%, 11/5/2021		1,310,000		1,355,222
3.70%, 8/3/2023		665,000		703,055
American Honda Finance Corp., 2.20%, 6/27/2022		1,200,000		1,213,200
Avolon Holdings Funding Ltd., 5.25%, 5/15/2024 (a)		820,000		894,210
Capital One Financial Corp., 3.90%, 1/29/2024		855,000		906,969
Caterpillar Financial Services Corp.,
Series I, 2.65%, 5/17/2021		665,000		673,084
3.15%, 9/7/2021		490,000		501,923
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		870,000		927,219
4.54%, 8/1/2026		585,000		589,260
Harley-Davidson Financial Services, Inc., 4.05%, 2/4/2022 (a)		230,000		238,091
3.35%, 2/15/2023 (a)		395,000		404,375
John Deere Capital Corp., 2.60%, 3/7/2024		160,000		164,184
LeasePlan Corp. NV, 2.88%, 10/24/2024 (a)		495,000		496,167
Navient Corp., 7.25%, 1/25/2022		890,000		965,383
PACCAR Financial Corp., 1.90%, 2/7/2023		960,000		963,417
Springleaf Finance Corp., 6.13%, 3/15/2024		800,000		875,000
Synchrony Financial, 2.85%, 7/25/2022		155,000		156,790
4.38%, 3/19/2024		120,000		127,630
Toyota Motor Credit Corp., 3.05%, 1/8/2021		1,235,000		1,253,965
				13,409,144
Diversified Financial Services 0.3%
AXA Equitable Holdings, Inc., 3.90%, 4/20/2023		585,000		613,178
Diversified Telecommunication Services 0.5%
British Telecommunications plc, 4.50%, 12/4/2023		400,000		432,023
Virgin Media Secured Finance plc, 5.50%, 5/15/2029 (a)		740,000		786,250
				1,218,273

97

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities 2.5%
Alliant Energy Finance LLC, 3.75%, 6/15/2023 (a)	$	820,000	$	857,649
American Electric Power Co., Inc., 2.15%, 11/13/2020		1,635,000		1,638,446
Edison International, 2.13%, 4/15/2020		880,000		877,800
Eversource Energy,
Series N, 3.80%, 12/1/2023		1,155,000		1,223,417
NextEra Energy Capital Holdings, Inc., 2.40%, 9/1/2021		840,000		846,412
Vistra Operations Co. LLC, 3.55%, 7/15/2024 (a)		615,000		629,845
				6,073,569
Electronic Equipment, Instruments & Components 0.2%
Flex Ltd., 4.88%, 6/15/2029		550,000		594,459
Equity Real Estate Investment Trusts (REITs) 2.4%
Alexandria Real Estate Equities, Inc., 2.75%, 12/15/2029		150,000		148,814
Digital Realty Trust LP, 2.75%, 2/1/2023		1,235,000		1,252,100
GLP Capital LP, 5.25%, 6/1/2025		600,000		657,912
Sabra Health Care LP, 4.80%, 6/1/2024		215,000		226,459
Service Properties Trust, 4.75%, 10/1/2026		840,000		861,143
Simon Property Group LP, 2.63%, 6/15/2022		1,165,000		1,186,231
Spirit Realty LP, 3.40%, 1/15/2030		560,000		563,759
WEA Finance LLC, 2.88%, 1/15/2027 (a)		845,000		847,497
				5,743,915
Food Products 0.4%
Bunge Ltd. Finance Corp., 4.35%, 3/15/2024		795,000		841,103
Conagra Brands, Inc.,
(ICE LIBOR USD 3 Month + 0.50%), 2.51%, 10/9/2020 (c)		200,000		200,293
				1,041,396
Gas Utilities 0.3%
CenterPoint Energy Resources Corp., 3.55%, 4/1/2023		750,000		780,336
Health Care Equipment & Supplies 1.2%
Becton Dickinson and Co.,
(ICE LIBOR USD 3 Month + 0.88%), 2.98%, 12/29/2020 (c)		1,079,000		1,079,518
DH Europe Finance II Sarl, 2.20%, 11/15/2024		515,000		517,954
Zimmer Biomet Holdings, Inc.,
(ICE LIBOR USD 3 Month + 0.75%), 2.91%, 3/19/2021 (c)		1,395,000		1,395,117
				2,992,589

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services 2.4%
Cigna Corp., 4.75%, 11/15/2021 (a)	$	1,665,000	$	1,749,263
3.75%, 7/15/2023		805,000		843,269
4.50%, 2/25/2026 (a)		120,000		130,641
CVS Health Corp., 3.70%, 3/9/2023		1,150,000		1,198,997
Fresenius Medical Care US Finance III, Inc., 3.75%, 6/15/2029 (a)		155,000		158,413
McKesson Corp., 3.65%, 11/30/2020		1,270,000		1,291,780
Tenet Healthcare Corp., 4.88%, 1/1/2026 (a)		410,000		424,350
				5,796,713
Hotels, Restaurants & Leisure 1.2%
Marriott International, Inc.,
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 2.74%, 12/1/2020 (c)		1,280,000		1,283,271
2.13%, 10/3/2022		240,000		240,198
Royal Caribbean Cruises Ltd., 2.65%, 11/28/2020		1,460,000		1,469,294
				2,992,763
Household Durables 0.5%
DR Horton, Inc., 2.55%, 12/1/2020		720,000		722,469
Panasonic Corp., 2.54%, 7/19/2022 (a)		590,000		594,912
				1,317,381
Industrial Conglomerates 0.1%
Honeywell International, Inc., 1.85%, 11/1/2021		315,000		315,625
Insurance 2.5%
Assurant, Inc., 4.20%, 9/27/2023		305,000		318,828
Enstar Group Ltd., 4.95%, 6/1/2029		160,000		171,216
Global Atlantic Fin Co., 4.40%, 10/15/2029 (a)		415,000		416,391
Marsh & McLennan Cos., Inc., 3.50%, 12/29/2020		645,000		656,338
MassMutual Global Funding II, 2.25%, 7/1/2022 (a)		990,000		997,281
Metropolitan Life Global Funding I, 2.05%, 6/12/2020 (a)		1,770,000		1,772,033
2.40%, 6/17/2022 (a)		560,000		565,188
Reliance Standard Life Global Funding II, 3.85%, 9/19/2023 (a)		870,000		917,947
Unum Group, 4.00%, 6/15/2029		95,000		99,863
				5,915,085
Interactive Media & Services 0.4%
Baidu, Inc., 3.88%, 9/29/2023		1,030,000		1,069,196

98

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Internet & Direct Marketing Retail 0.7%
eBay, Inc., 2.15%, 6/5/2020	$	1,670,000	$	1,672,223
IT Services 1.1%
IBM Credit LLC, 2.20%, 9/8/2022		620,000		623,943
International Business Machines Corp., 2.85%, 5/13/2022		585,000		598,499
3.00%, 5/15/2024		465,000		482,914
Western Union Co. (The), 4.25%, 6/9/2023		825,000		874,483
				2,579,839
Machinery 0.2%
Wabtec Corp.,
(ICE LIBOR USD 3 Month + 1.30%), 3.42%, 9/15/2021 (c)		400,000		400,084
Media 0.8%
Comcast Corp., 3.45%, 10/1/2021		1,350,000		1,391,248
DISH DBS Corp., 5.00%, 3/15/2023		275,000		277,062
Interpublic Group of Cos., Inc. (The), 3.50%, 10/1/2020		295,000		298,837
				1,967,147
Metals & Mining 0.5%
ArcelorMittal, 3.60%, 7/16/2024		595,000		608,754
Commercial Metals Co., 5.75%, 4/15/2026		365,000		376,406
Glencore Funding LLC, 4.13%, 3/12/2024 (a)		190,000		199,644
				1,184,804
Mortgage Real Estate Investment Trusts (REITs) 0.1%
Starwood Property Trust, Inc., 3.63%, 2/1/2021		240,000		241,800
Multi-Utilities 0.9%
Dominion Energy, Inc., 3.07%, 8/15/2024 (e)		295,000		303,749
DTE Energy Co.,
Series B, 2.60%, 6/15/2022		845,000		853,833
2.25%, 11/1/2022		835,000		840,178
Public Service Enterprise Group, Inc., 2.88%, 6/15/2024		255,000		261,712
				2,259,472
Oil, Gas & Consumable Fuels 2.6%
Antero Midstream Partners LP, 5.75%, 1/15/2028 (a)		520,000		392,600
Enbridge Energy Partners LP, 4.38%, 10/15/2020		1,180,000		1,203,625
EQM Midstream Partners LP, 4.75%, 7/15/2023		830,000		821,305
Midwest Connector Capital Co. LLC, 3.63%, 4/1/2022 (a)		770,000		791,490

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
MPLX LP,
(ICE LIBOR USD 3 Month + 0.90%), 3.00%, 9/9/2021 (c)	$	395,000	$	396,587
3.38%, 3/15/2023		780,000		801,140
Phillips 66,
(ICE LIBOR USD 3 Month + 0.60%), 2.73%, 2/26/2021 (c)		1,215,000		1,215,168
Total Capital International SA, 2.22%, 7/12/2021		595,000		598,600
Viper Energy Partners LP, 5.38%, 11/1/2027 (a)		30,000		30,300
				6,250,815
Pharmaceuticals 1.4%
AstraZeneca plc, 3.50%, 8/17/2023		695,000		728,297
Bayer US Finance II LLC, 3.38%, 7/15/2024 (a)		385,000		394,525
Bristol-Myers Squibb Co., 2.00%, 8/1/2022		100,000		100,580
Pfizer, Inc., 3.20%, 9/15/2023		675,000		707,203
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/2021 (a)		1,270,000		1,316,513
				3,247,118
Real Estate Management & Development 0.1%
Celulosa Arauco y Constitucion SA, 4.20%, 1/29/2030 (a)		220,000		219,560
Road & Rail 1.0%
Ashtead Capital, Inc., 4.00%, 5/1/2028 (a)		545,000		547,044
Penske Truck Leasing Co. LP, 4.13%, 8/1/2023 (a)		845,000		897,398
Ryder System, Inc., 2.88%, 6/1/2022		75,000		76,351
3.75%, 6/9/2023		380,000		398,984
3.88%, 12/1/2023		350,000		370,939
				2,290,716
Semiconductors & Semiconductor Equipment 0.7%
Broadcom, Inc., 3.13%, 4/15/2021 (a)		615,000		622,226
Marvell Technology Group Ltd., 4.20%, 6/22/2023		600,000		631,448
Microchip Technology, Inc., 3.92%, 6/1/2021		230,000		235,408
Texas Instruments, Inc., 2.25%, 9/4/2029		100,000		98,687
				1,587,769
Technology Hardware, Storage & Peripherals 0.1%
Hewlett Packard Enterprise Co., 3.50%, 10/5/2021		325,000		333,651
Tobacco 0.5%
BAT Capital Corp., 2.79%, 9/6/2024		1,200,000		1,193,878

99

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Trading Companies & Distributors 0.6%
Air Lease Corp., 3.50%, 1/15/2022	$	240,000	$	246,811
3.25%, 10/1/2029		605,000		600,514
Aviation Capital Group LLC, 3.88%, 5/1/2023 (a)		515,000		532,742
				1,380,067
Wireless Telecommunication Services 0.1%
SK Telecom Co. Ltd., 3.75%, 4/16/2023 (a)		315,000		328,664
Total Corporate Bonds (cost $136,805,689)				139,307,189
Foreign Government Securities 1.0%
ITALY 0.3%
Republic of Italy, 2.38%, 10/17/2024		865,000		857,477
JAPAN 0.7%
Japan Bank for International Cooperation, 2.13%, 11/16/2020		1,636,000		1,639,631
Total Foreign Government Securities (cost $2,496,596)				2,497,108
Mortgage-Backed Securities 2.4%
FHLMC Gold Pool
Pool# G11712 4.50%, 7/1/2020		10,128		10,441
Pool# G18065 5.00%, 7/1/2020		1,538		1,588
Pool# G11723 5.50%, 7/1/2020		2,929		2,943
Pool# G14780 2.50%, 7/1/2023		934,303		944,858
Pool# G14899 3.00%, 11/1/2023		203,455		208,338
Pool# G13746 4.50%, 1/1/2025		109,064		113,464
Pool# J11719 4.00%, 2/1/2025		37,144		38,727
Pool# G13888 5.00%, 6/1/2025		31,525		32,681
Pool# J12635 4.00%, 7/1/2025		111,964		116,755
Pool# J12604 4.00%, 7/1/2025		108,104		112,736
Pool# G13908 4.00%, 10/1/2025		26,184		27,306
Pool# J19197 3.00%, 5/1/2027		327,732		337,284
Pool# G18437 3.00%, 6/1/2027		399,863		411,519
Pool# C00748 6.00%, 4/1/2029		10,674		11,997
Pool# C01418 5.50%, 10/1/2032		61,735		68,129

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G01740 5.50%, 12/1/2034	$	36,179	$	40,772
Pool# G04342 6.00%, 4/1/2038		41,416		47,427
FHLMC Non Gold Pool
Pool# 972136 4.77%, 1/1/2034 (b)		71,596		75,328
Pool# 848191 4.67%, 12/1/2034 (b)		257,598		272,075
FNMA Pool# 815323, 4.08%, 1/1/2035 (b)		66,387		68,602
GNMA II Pool# 5080, 4.00%, 6/20/2026		90,840		94,989
UMBS Pool
Pool# AB4251 2.50%, 1/1/2022		29,704		30,025
Pool# AQ6703 2.50%, 11/1/2022		535,742		541,531
Pool# 981257 5.00%, 5/1/2023		43,504		44,808
Pool# MA1577 2.50%, 9/1/2023		692,269		699,749
Pool# 931892 4.50%, 9/1/2024		368,791		384,031
Pool# AL0802 4.50%, 4/1/2025		85,892		90,135
Pool# AB2518 4.00%, 3/1/2026		72,668		75,921
Pool# AB4998 3.00%, 4/1/2027		573,005		589,405
Pool# MA1174 3.00%, 9/1/2027		85,615		88,070
Pool# 190307 8.00%, 6/1/2030		898		1,065
Pool# 253516 8.00%, 11/1/2030		571		678
Pool# 725773 5.50%, 9/1/2034		77,104		86,811
Pool# 811773 5.50%, 1/1/2035		69,227		77,860
Total Mortgage-Backed Securities (cost $5,699,061)				5,748,048
U.S. Treasury Obligations 14.5%
U.S. Treasury Notes 1.13%, 9/30/2021		14,585,000		14,464,218
1.50%, 8/15/2022		13,480,000		13,475,788
1.38%, 6/30/2023		5,335,000		5,306,658
1.25%, 8/31/2024		1,705,000		1,683,887
Total U.S. Treasury Obligations (cost $34,843,696)				34,930,551
Total Investments (cost $236,687,413) — 99.4%				239,693,342
Other assets in excess of liabilities — 0.6%				1,405,696
NET ASSETS — 100.0%			$	241,099,038

100

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

† 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 October 31, 2019 was $62,628,769 which represents 25.98% 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 October 31, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 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 October 31, 2019.

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

SOFR Secured Overnight Financing Rate

UMBS Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

101

Statement of Investments (Continued)

October 31, 2019

Nationwide Loomis Short Term Bond Fund (Continued)

Futures contracts outstanding as of October 31, 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			12/2019		USD		2,156,015			(4,003	)
												(4,003	)
Short Contracts
U.S. Treasury 5 Year Note		(10	)		12/2019		USD		(1,192,031	)		(2,987	)
U.S. Treasury 10 Year Note		(137	)		12/2019		USD		(17,850,672	)		163,033
												160,046
												156,043

At October 31, 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.

102

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Loomis Short Term Bond Fund
Assets:
Investment securities, at value (cost $236,687,413)	$	239,693,342
Cash		5,326,386
Deposits with broker for futures contracts		207,000
Interest receivable		1,287,691
Receivable for investments sold		844,905
Receivable for capital shares issued		16,644
Reimbursement from investment adviser (Note 3)		5,654
Prepaid expenses		30,136
Total Assets		247,411,758
Liabilities:
Payable for investments purchased		5,836,441
Distributions payable		3,854
Payable for capital shares redeemed		174,395
Payable for variation margin on futures contracts		113,292
Accrued expenses and other payables:
Investment advisory fees		71,609
Fund administration fees		19,022
Distribution fees		8,997
Administrative servicing fees		15,876
Accounting and transfer agent fees		5,681
Trustee fees		1,011
Custodian fees		3,676
Compliance program costs (Note 3)		332
Professional fees		35,606
Printing fees		15,495
Other		7,433
Total Liabilities		6,312,720
Net Assets	$	241,099,038
Represented by:
Capital	$	245,750,258
Total distributable earnings (loss)		(4,651,220	)
Net Assets	$	241,099,038
Net Assets:
Class A Shares	$	22,553,900
Class C Shares		6,439,831
Class R6 Shares		175,635,446
Institutional Service Class Shares		36,469,861
Total	$	241,099,038
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,236,734
Class C Shares		630,945
Class R6 Shares		17,386,833
Institutional Service Class Shares		3,610,387
Total		23,864,899

103

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	10.08
Class C Shares (b)	$	10.21
Class R6 Shares	$	10.10
Institutional Service Class Shares	$	10.10
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.31
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.

104

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Loomis Short Term Bond Fund
INVESTMENT INCOME:
Interest income	$	7,497,221
Total Income		7,497,221
EXPENSES:
Investment advisory fees		863,417
Fund administration fees		138,515
Distribution fees Class A		56,352
Distribution fees Class C		69,209
Administrative servicing fees Class A		18,033
Administrative servicing fees Class C		6,460
Administrative servicing fees Institutional Service Class		18,996
Registration and filing fees		54,755
Professional fees		53,861
Printing fees		23,604
Trustee fees		8,957
Custodian fees		11,751
Accounting and transfer agent fees		24,475
Compliance program costs (Note 3)		1,229
Other		8,194
Total expenses before expenses reimbursed		1,357,808
Expenses reimbursed by adviser (Note 3)		(75,886	)
Net Expenses		1,281,922
NET INVESTMENT INCOME		6,215,299
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		2,387,272
Expiration or closing of futures contracts (Note 2)		(1,311,917	)
Net realized gains		1,075,355
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		6,842,397
Futures contracts (Note 2)		(47,840	)
Net change in unrealized appreciation/depreciation		6,794,557
Net realized/unrealized gains		7,869,912
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,085,211

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

105

Statements of Changes in Net Assets

	Nationwide Loomis Short Term Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	6,215,299		$	5,746,088
Net realized gains (losses)		1,075,355			(1,686,936	)
Net change in unrealized appreciation/depreciation		6,794,557			(2,982,467	)
Change in net assets resulting from operations		14,085,211			1,076,685
Distributions to Shareholders From:
Distributable earnings:
Class A		(518,518	)		(527,944	)
Class C		(163,920	)		(142,953	)
Class R6		(4,654,207	)		(4,413,672	)
Institutional Service Class		(963,158	)		(864,162	)
Change in net assets from shareholder distributions		(6,299,803	)		(5,948,731	)
Change in net assets from capital transactions		(28,474,180	)		(70,859,090	)
Change in net assets		(20,688,772	)		(75,731,136	)
Net Assets:
Beginning of year		261,787,810			337,518,946
End of year	$	241,099,038		$	261,787,810
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,034,438		$	5,371,857
Proceeds from shares issued in class conversion (Note 1)		292,876			–
Dividends reinvested		486,262			493,770
Cost of shares redeemed		(8,018,299	)		(29,962,484	)
Total Class A Shares		(2,204,723	)		(24,096,857	)
Class C Shares
Proceeds from shares issued		936,156			1,008,535
Dividends reinvested		156,122			134,868
Cost of shares redeemed in class conversion (Note 1)		(292,876	)		–
Cost of shares redeemed		(4,596,391	)		(4,773,482	)
Total Class C Shares		(3,796,989	)		(3,630,079	)
Class R6 Shares
Proceeds from shares issued		14,040,167			8,044,763
Dividends reinvested		4,644,040			4,136,066
Cost of shares redeemed		(41,532,680	)		(35,769,140	)
Total Class R6 Shares		(22,848,473	)		(23,588,311	)
Institutional Service Class Shares
Proceeds from shares issued		31,995,718			19,278,419
Dividends reinvested		944,197			802,269
Cost of shares redeemed		(32,563,910	)		(39,624,531	)
Total Institutional Service Class Shares		376,005			(19,543,843	)
Change in net assets from capital transactions	$	(28,474,180	)	$	(70,859,090	)

106

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis Short Term Bond Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		505,592			546,333
Issued in class conversion (Note 1)		29,026			–
Reinvested		48,921			50,339
Redeemed		(808,832	)		(3,039,990	)
Total Class A Shares		(225,293	)		(2,443,318	)
Class C Shares
Issued		93,866			101,202
Reinvested		15,524			13,589
Redeemed in class conversion (Note 1)		(28,657	)		–
Redeemed		(454,382	)		(480,006	)
Total Class C Shares		(373,649	)		(365,215	)
Class R6 Shares
Issued		1,407,405			815,460
Reinvested		466,287			421,022
Redeemed		(4,204,824	)		(3,642,094	)
Total Class R6 Shares		(2,331,132	)		(2,405,612	)
Institutional Service Class Shares
Issued		3,230,290			1,960,454
Reinvested		94,860			81,668
Redeemed		(3,277,813	)		(4,030,455	)
Total Institutional Service Class Shares		47,337			(1,988,333	)
Total change in shares		(2,882,737	)		(7,202,478	)

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

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

107

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)			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
Year Ended October 31, 2019	$	9.77		0.22		0.32			0.54			(0.23	)		(0.23	)	$	10.08		5.57%		$	22,553,900		0.78%		2.27%		0.81%		126.63%
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%
Class C Shares
Year Ended October 31, 2019	$	9.89		0.18		0.32			0.50			(0.18	)		(0.18	)	$	10.21		5.07%		$	6,439,831		1.27%		1.74%		1.30%		126.63%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	9.79		0.26		0.31			0.57			(0.26	)		(0.26	)	$	10.10		5.90%		$	175,635,446		0.45%		2.59%		0.48%		126.63%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	9.78		0.25		0.33			0.58			(0.26	)		(0.26	)	$	10.10		5.95%		$	36,469,861		0.50%		2.54%		0.53%		126.63%
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%

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.

108

Notes to Financial Statements

October 31, 2019

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 October 31, 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in each Fund’s prospectus. 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

109

Notes to Financial Statements (Continued)

October 31, 2019

only to meet liquidity needs, to maintain target allocations or to take advantage of more favorable opportunities.

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

110

Notes to Financial Statements (Continued)

October 31, 2019

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 fair 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

111

Notes to Financial Statements (Continued)

October 31, 2019

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.

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 October 31, 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	$	—		$	54,993,332	$	—	$	54,993,332
Collateralized Mortgage Obligations		—			29,501,084		—		29,501,084
Commercial Mortgage-Backed
Securities		—			20,151,527		—		20,151,527
Corporate Bonds		—			130,608,332		—		130,608,332
Futures Contracts		440,096			—		—		440,096
Mortgage-Backed Securities		—			66,974,637		—		66,974,637
Municipal Bonds		—			1,742,906		—		1,742,906
Purchased Options		9,375			—		—		9,375
U.S. Treasury Obligations		—			43,129,043		—		43,129,043
Total Assets	$	449,471		$	347,100,861	$	—	$	347,550,332
Liabilities:
Futures Contracts	$	(1,389,912	)	$	—	$	—	$	(1,389,912	)
Written Options	$	(15,234	)	$	—	$	—	$	(15,234	)
Total Liabilities	$	(1,405,146	)	$	—	$	—	$	(1,405,146	)
Total	$	(955,675	)	$	347,100,861	$	—	$	346,145,186

112

Notes to Financial Statements (Continued)

October 31, 2019

Core Plus Bond

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—	$	23,247,103	$	—	$	23,247,103
Collateralized Mortgage Obligations		—		16,343,847		—		16,343,847
Commercial Mortgage-Backed Securities		—		30,053,331		—		30,053,331
Corporate Bonds
Air Freight & Logistics		—		5,135,232		—		5,135,232
Airlines		—		7,365,960		—		7,365,960
Auto Components		—		2,066,280		—		2,066,280
Banks		—		41,314,059		—		41,314,059
Biotechnology		—		11,629,255		—		11,629,255
Capital Markets		—		28,351,589		—		28,351,589
Chemicals		—		25,943,195		—		25,943,195
Commercial Services & Supplies		—		7,487,500		—		7,487,500
Communications Equipment		—		115,661		—		115,661
Construction & Engineering		—		59,841		—		59,841
Consumer Finance		—		9,764,007		—		9,764,007
Diversified Consumer Services		—		1,133,344		—		1,133,344
Diversified Financial Services		—		7,855,606		—		7,855,606
Diversified Telecommunication Services		—		10,626,705		—		10,626,705
Electric Utilities		—		31,453,532		—		31,453,532
Electronic Equipment, Instruments & Components		—		7,741,897		—		7,741,897
Energy Equipment & Services		—		2,739,345		—		2,739,345
Equity Real Estate Investment
Trusts (REITs)		—		14,010,174		—		14,010,174
Food Products		—		1,158,097		—		1,158,097
Health Care Providers & Services		—		14,097,770		—		14,097,770
Hotels, Restaurants & Leisure		—		24,288,112		—		24,288,112
Household Durables		—		2,091,683		—		2,091,683
Household Products		—		3,818,672		—		3,818,672
Independent Power and Renewable Electricity Producers		—		237,250		—		237,250
Industrial Conglomerates		—		6,073,487		—		6,073,487
Insurance		—		15,647,782		—		15,647,782
Interactive Media & Services		—		1,041,965		—		1,041,965
Machinery		—		7,004,032		—		7,004,032
Media		—		7,984,842		—		7,984,842
Metals & Mining		—		2,981,700		—		2,981,700
Multiline Retail		—		5,196,795		—		5,196,795
Oil, Gas & Consumable Fuels		—		48,584,214		—		48,584,214
Paper & Forest Products		—		6,386,000		—		6,386,000
Pharmaceuticals		—		3,364,991		—		3,364,991
Real Estate Management & Development		—		1,660,373		—		1,660,373
Road & Rail		—		15,924,036		—		15,924,036
Semiconductors & Semiconductor Equipment		—		5,513,261		—		5,513,261
Software		—		4,375,719		—		4,375,719
Specialty Retail		—		26,326,672		—		26,326,672
Technology Hardware, Storage & Peripherals		—		11,057,665		—		11,057,665

113

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Textiles, Apparel & Luxury Goods	$	—	$	2,108,652	$	—	$	2,108,652
Trading Companies & Distributors		—		4,165,000		—		4,165,000
Water Utilities		—		4,714,364		—		4,714,364
Total Corporate Bonds	$	—	$	440,596,316	$	—	$	440,596,316
Mortgage-Backed Securities		—		378,543,959		—		378,543,959
Municipal Bond		—		1,004,670		—		1,004,670
Preferred Stocks
Consumer Finance		—		—		—		—
Insurance		6,324,522		—		—		6,324,522
Mortgage Real Estate Investment Trusts (REITs)		2,621,000		—		—		2,621,000
Thrifts & Mortgage Finance		406,000		—		—		406,000
Total Preferred Stocks	$	9,351,522	$	—	$	—	$	9,351,522
Repurchase Agreements		—		387,006		—		387,006
Short-Term Investment		37,449		—		—		37,449
U.S. Government Agency Security		—		9,985,937		—		9,985,937
U.S. Treasury Obligations		—		279,553,839		—		279,553,839
Total	$	9,388,971	$	1,179,716,008	$	—	$	1,189,104,979

Government Money Market

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	2,000,000	$	—	$	—	$	2,000,000
Repurchase Agreements		—		243,900,000		—		243,900,000
U.S. Government Agency Securities		—		188,616,781		—		188,616,781
U.S. Treasury Obligations		—		104,057,836		—		104,057,836
Total	$	2,000,000	$	536,574,617	$	—	$	538,574,617

Core Bond

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	37,826,423	$	—	$	37,826,423
Collateralized Mortgage Obligations		—			81,347,099		—		81,347,099
Commercial Mortgage-Backed
Securities		—			30,720,356		—		30,720,356
Corporate Bonds		—			157,680,856		—		157,680,856
Foreign Government Securities		—			2,446,297		—		2,446,297
Futures Contracts		228,566			—		—		228,566
Mortgage-Backed Securities		—			30,413,642		—		30,413,642
Short-Term Investments		—			3,408,362		—		3,408,362
U.S. Treasury Obligations		—			55,507,652		—		55,507,652
Total Assets	$	228,566		$	399,350,687	$	—	$	399,579,253
Liabilities:
Futures Contracts	$	(278,269	)	$	—	$	—	$	(278,269	)
Total Liabilities	$	(278,269	)	$	—	$	—	$	(278,269	)
Total	$	(49,703	)	$	399,350,687	$	—	$	399,300,984

114

Notes to Financial Statements (Continued)

October 31, 2019

Short Term Bond

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	38,845,788	$	—	$	38,845,788
Collateralized Mortgage Obligations		—			12,639,838		—		12,639,838
Commercial Mortgage-Backed Securities		—			5,724,820		—		5,724,820
Corporate Bonds		—			139,307,189		—		139,307,189
Foreign Government Securities		—			2,497,108		—		2,497,108
Futures Contracts		163,033			—		—		163,033
Mortgage-Backed Securities		—			5,748,048		—		5,748,048
U.S. Treasury Obligations		—			34,930,551		—		34,930,551
Total Assets	$	163,033		$	239,693,342	$	—	$	239,856,375
Liabilities:
Futures Contracts	$	(6,990	)	$	—	$	—	$	(6,990	)
Total Liabilities	$	(6,990	)	$	—	$	—	$	(6,990	)
Total	$	156,043		$	239,693,342	$	—	$	239,849,385

Inflation-Protected Securities

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	10,404,226	$	—	$	10,404,226
Collateralized Mortgage Obligations		—			2,106,291		—		2,106,291
Commercial Mortgage-Backed Security		—			155,582		—		155,582
Foreign Government Security		—			1,993,209		—		1,993,209
Futures Contracts		522,416			—		—		522,416
Mortgage-Backed Securities		—			2,682,836		—		2,682,836
U.S. Government Agency Securities		—			11,380,568		—		11,380,568
U.S. Treasury Obligations		—			202,801,400		—		202,801,400
Total Assets	$	522,416		$	231,524,112	$	—	$	232,046,528
Liabilities:
Futures Contracts	$	(297,952	)	$	—	$	—	$	(297,952	)
Total Liabilities	$	(297,952	)	$	—	$	—	$	(297,952	)
Total	$	224,464		$	231,524,112	$	—	$	231,748,576

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

During the year ended October 31, 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.

115

Notes to Financial Statements (Continued)

October 31, 2019

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)		4,660			4,660
Realized Gain (Loss)		—			—
Purchases		—			—
Sales		(5,845	)		(5,845	)
Change in Unrealized Appreciation/Depreciation		(10,587	)		(10,587	)
Transfers Into Level 3		11,772			11,772
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	—		$	—
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 10/31/2019*	$	(10,587	)	$	(10,587	)

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.

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 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

Certain Funds purchased and wrote put and call options on futures contracts. Such option investments are utilized to hedge against increases in interest rates. Certain Funds also have

116

Notes to Financial Statements (Continued)

October 31, 2019

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 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 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.

117

Notes to Financial Statements (Continued)

October 31, 2019

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 Funds’ options contracts written are disclosed in the Statement of Operations under “Net realized gains (losses) from expiration or closing of option contracts written”, as applicable.

The Funds’ 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”, as applicable.

(d) Futures Contracts

Certain Funds are subject to interest rate risk in the normal course of pursuing their objectives. Certain Funds entered into financial futures contracts (“futures contracts”) 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

118

Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of October 31, 2019

Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options Interest rate risk	Investment securities, at value	$	9,375
Futures Contracts(a) Interest rate risk	Receivable for variation margin on futures contracts		440,096
Total		$	449,471
Liabilities:
Written Options Interest rate risk	Written options, at value	$	(15,234	)
Futures Contracts(a) Interest rate risk	Receivable for variation margin on futures contracts		(1,389,912	)
Total		$	(1,405,146	)

Inflation-Protected Securities

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a) Interest rate risk	Payable for variation margin on futures contracts	$	522,416
Total		$	522,416
Liabilities:
Futures Contracts(a) Interest rate risk	Payable for variation margin on futures contracts	$	(297,952	)
Total		$	(297,952	)

Core Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a) Interest rate risk	Receivable for variation margin on futures contracts	$	228,566
Total		$	228,566
Liabilities:
Futures Contracts(a) Interest rate risk	Receivable for variation margin on futures contracts	$	(278,269	)
Total		$	(278,269	)

119

Notes to Financial Statements (Continued)

October 31, 2019

Short Term Bond

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts(a) Interest rate risk	Payable for variation margin on futures contracts	$	163,033
Total		$	163,033
Liabilities:
Futures Contracts(a) Interest rate risk	Payable for variation margin on futures contracts	$	(6,990	)
Total		$	(6,990	)

(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 Year Ended October 31, 2019

Bond

Realized Gains (Losses):	Total
Purchased Options(a) Interest rate risk	$	(311,205	)
Written Options Interest rate risk		83,288
Futures Contracts Interest rate risk		4,233,907
Total	$	4,005,990

Inflation-Protected Securities

Realized Gains (Losses):	Total
Futures Contracts Interest rate risk	$	(715,586	)
Total	$	(715,586	)

Core Bond

Realized Gains (Losses):	Total
Futures Contracts Interest rate risk	$	(78,125	)
Total	$	(78,125	)

Short Term Bond

Realized Gains (Losses):	Total
Futures Contracts Interest rate risk	$	(1,311,917	)
Total	$	(1,311,917	)

(a) Realized gains (losses) from purchased options are included in “Net realized gains (losses) from transactions in investment securities.”

120

Notes to Financial Statements (Continued)

October 31, 2019

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations for the Year Ended October 31, 2019

Bond

Unrealized Appreciation/Depreciation:	Total
Purchased Options(a) Interest rate risk	$	(92,181	)
Written Options Interest rate risk		45,945
Futures Contracts Interest rate risk		999,028
Total	$	952,792

Inflation-Protected Securities

Unrealized Appreciation/Depreciation:	Total
Futures Contracts Interest rate risk	$	43,529
Total	$	43,529

Core Bond

Unrealized Appreciation/Depreciation:	Total
Futures Contracts Interest rate risk	$	408,509
Total	$	408,509

Short Term Bond

Unrealized Appreciation/Depreciation:	Total
Futures Contracts Interest rate risk	$	(47,840	)
Total	$	(47,840	)

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the year ended October 31, 2019:

Bond

Options:
Average Value Purchased	$	8,894
Average Value Written	$	2,855
Average Number of Purchased Option Contracts		73
Average Number of Written Option Contracts		92
Futures Contracts:
Average Notional Balance Long	$	130,450,650
Average Notional Balance Short	$	81,873,134

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Notes to Financial Statements (Continued)

October 31, 2019

Inflation-Protected Securities

Futures Contracts:
Average Notional Balance Long	$	25,605,466
Average Notional Balance Short	$	26,429,683

Core Bond

Futures Contracts:
Average Notional Balance Long	$	11,301,655
Average Notional Balance Short	$	23,502,171

Short Term Bond

Futures Contracts:
Average Notional Balance Long	$	1,156,082
Average Notional Balance Short	$	16,845,673

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 October 31, 2019, certain Funds 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. TBAs are valued at the bid evaluation price as provided by an independent pricing service approved by the Board.

(f) Securities Lending

During the year ended October 31, 2019, certain 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 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

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Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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	$	424,455

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 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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

(g) Joint Repurchase Agreements

During the year ended October 31, 2019, certain Funds, 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

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Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

At October 31, 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.	$	259,104	$	—	$	259,104	$	(259,104	)	$	—
Core Plus Bond		Royal Bank of Canada		127,902		—		127,902		(127,902	)		—
Total			$	387,006	$	—	$	387,006	$	(387,006	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

During the year ended October 31, 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,

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Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the joint repos on a gross basis were as follows:

ABN Amro Bank NV, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $100,004,862, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 4/9/2020 - 1/1/2049; total market value $102,553,997.

Barclays Bank plc, 1.93%, dated 10/2/2019, due 11/1/2019, repurchase price $25,040,208, collateralized by U.S. Government Agency and Treasury Securities, ranging from 1.25% - 5.25%, maturing 5/6/2021 - 5/20/2049; total market value $25,540,378.

BNP Paribas SA, 1.98%, dated 9/24/2019, due 11/25/2019, repurchase price $65,221,650, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 11/7/2019 - 8/1/2049; total market value $66,523,292.

BNP Paribas SA, 1.78%, dated 10/22/2019, due 12/2/2019, repurchase price $70,141,905, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 8.50%, maturing 3/31/2020 - 10/1/2049; total market value $71,543,118.

BNP Paribas SA, 1.71%, dated 10/30/2019, due 11/29/2019, repurchase price $25,035,625, collateralized by U.S. Government Treasury Securities, ranging from 2.13% - 5.25%, maturing 2/15/2021 - 2/15/2040; total market value $25,535,987.

BNP Paribas SA, 2.06%, dated 9/5/2019, due 11/1/2019, repurchase price $100,326,167, collateralized by U.S. Government Treasury Securities, ranging from 0.38% - 4.25%, maturing 5/15/2020 - 2/15/2040; total market value $102,327,939.

BNP Paribas SA, 2.03%, dated 9/16/2019, due 12/16/2019, repurchase price $65,333,540, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 4.50%, maturing 11/7/2019 - 10/1/2049; total market value $66,635,197.

ING Financial Markets LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $188,009,139, collateralized by U.S. Government Agency Securities, ranging from 3.50% - 5.00%, maturing 9/1/2047 - 9/1/2049; total market value $191,769,322.

Natixis Financial Products LLC, 1.90%, dated 10/18/2019, due 11/1/2019, repurchase price $50,036,945, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.14%, maturing 11/21/2019 - 8/1/2049; total market value $51,037,216.

Natixis Financial Products LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $50,002,430, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.50%, maturing 7/16/2020 - 8/1/2049; total market value $51,152,624.

Wells Fargo Securities LLC, 1.75%, dated 10/31/2019, due 11/1/2019, repurchase price $200,009,723, collateralized by U.S. Government Agency Securities, ranging from 2.98% - 4.39%, maturing 3/25/2027 - 7/25/2052; total market value $206,010,014.

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Notes to Financial Statements (Continued)

October 31, 2019

At October 31, 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 Bank plc	7,000,000		—		7,000,000		(7,000,000	)		—
Government Money Market		BNP Paribas SA	20,000,000		—		20,000,000		(20,000,000	)		—
Government Money Market		BNP Paribas SA	20,000,000		—		20,000,000		(20,000,000	)		—
Government Money Market		BNP Paribas SA	8,000,000		—		8,000,000		(8,000,000	)		—
Government Money Market		BNP Paribas SA	15,000,000		—		15,000,000		(15,000,000	)		—
Government Money Market		BNP Paribas SA	15,000,000		—		15,000,000		(15,000,000	)		—
Government Money Market		ING Financial Markets LLC	38,900,000		—		38,900,000		(38,900,000	)		—
Government Money Market		Natixis Financial Products LLC	10,000,000		—		10,000,000		(10,000,000	)		—
Government Money Market		Natixis Financial Products LLC	10,000,000		—		10,000,000		(10,000,000	)		—
Government Money Market		Wells Fargo Securities LLC	50,000,000		—		50,000,000		(50,000,000	)		—
Total			$243,900,000	$	—	$	243,900,000	$	(243,900,000	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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

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Notes to Financial Statements (Continued)

October 31, 2019

proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Dividend income and expenses, as applicable, 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 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. The permanent differences as of October 31, 2019 are primarily attributable to investments in interest/only securities and paydown reclass. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

127

Notes to Financial Statements (Continued)

October 31, 2019

Reclassifications for the year ended October 31, 2019 were as follows:

Fund	Capital			Total Distributable Earnings (Loss)
Bond	$	—		$	—
Core Plus Bond		(1	)		1
Government Money Market		—			—
Inflation-Protected Securities		(1	)		1
Core Bond		—			—
Short Term Bond		—			—

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

(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.

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.

128

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 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 year ended October 31, 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	%
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 October 31, 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.

Fund	Fee Schedule	Advisory Fee (annual rate)
Core Plus Bond	Up to $500 million		0.45	%
	$500 million up to $1 billion		0.425	%
	$1 billion and more		0.40	%

129

Notes to Financial Statements (Continued)

October 31, 2019

For the year ended October 31, 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	%		N/A			0.33	%
Core Plus Bond		0.43			0.42	%		0.42
Government Money Market		0.30			N/A			0.30
Inflation-Protected Securities		0.25			N/A			0.17
Core Bond		0.40			N/A			0.40
Short Term Bond		0.35			N/A			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 $701,900 during the year ended October 31, 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 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

130

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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 2017 Amount		Fiscal Year 2018 Amount		Fiscal Year 2019 Amount		Total
Bond	$	333,838	$	270,795	$	268,681	$	873,314
Core Plus Bond		—		—		—		—
Government Money Market		—		543		350		893
Inflation-Protected Securities		169,094		212,067		186,762		567,923
Core Bond		—		—		—		—
Short Term Bond		9,796		54,951		75,886		140,633

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

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 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 year ended October 31, 2019, NFM earned $1,190,679 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)

131

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019, the Funds’ aggregate portion of such costs amounted to $15,033.

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.

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 year ended October 31, 2019, the Funds imposed front-end sales charges of $66,390. From these fees, NFD retained a portion amounting to $6,884.

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 year ended October 31, 2019, the Funds imposed CDSCs of $121. 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.

132

Notes to Financial Statements (Continued)

October 31, 2019

For the year ended October 31, 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	%		0.07	%		N/A			N/A
Core Plus Bond		0.10			N/A			N/A			0.10			N/A			N/A
Government Money Market		N/A			N/A			N/A			N/A			0.06	%		0.15	%
Inflation-Protected Securities		0.11			N/A			N/A			0.12			N/A			N/A
Core Bond		0.14			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.

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Bond	$	36,283
Core Plus Bond		44,624
Government Money Market		209,248
Inflation-Protected Securities		39,694
Core Bond		916,730
Short Term Bond		43,489

As of October 31, 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		83.42	%
Core Plus Bond		85.39
Government Money Market		30.40
Inflation-Protected Securities		89.68
Core Bond		87.03
Short Term Bond		73.28

4.  Line of Credit, Interfund Lending, and Earnings Credit

The Trust, excluding Government Money Market, and NVIT (together, the “Trusts”) have renewed the 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

133

Notes to Financial Statements (Continued)

October 31, 2019

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 9, 2020. During the year ended October 31, 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 year ended October 31, 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 year ended October 31, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Bond	$	141,110,887	$	189,839,162
Core Plus Bond		1,315,311,845		1,351,569,207
Inflation-Protected Securities		34,214,043		59,000,185
Core Bond		558,640,475		584,893,455
Short Term Bond		307,736,461		335,021,192

* Includes purchases and sales of long-term U.S. Government securities, if any.

For the year ended October 31, 2019, purchases and sales of U.S. Government securities (excluding short-term securities) were as follows:

Fund	Purchases		Sales
Bond	$	43,984,492	$	71,182,522
Core Plus Bond		711,296,015		708,561,773
Inflation-Protected Securities		23,888,929		55,166,129
Core Bond		186,193,720		161,800,104
Short Term Bond		115,250,370		90,764,756

134

Notes to Financial Statements (Continued)

October 31, 2019

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 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

135

Notes to Financial Statements (Continued)

October 31, 2019

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.

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

136

Notes to Financial Statements (Continued)

October 31, 2019

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 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

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

137

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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		48.89	%		3	(a)
Core Plus Bond		25.47			2	(a)
Government Money Market		51.64			3	(a)
Inflation-Protected Securities		51.52			4	(a)
Core Bond		79.81			2	(a)
Short Term Bond		72.41			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 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.

138

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 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 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

139

Notes to Financial Statements (Continued)

October 31, 2019

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

The following pro forma information for the year ended October 31, 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.

140

Notes to Financial Statements (Continued)

October 31, 2019

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Bond	$	11,365,958	$	—	$	11,365,958	$	—	$	11,365,958
Core Plus Bond		38,063,974		—		38,063,974		—		38,063,974
Government Money Market		10,197,616		—		10,197,616		—		10,197,616
Inflation-Protected Securities		5,357,954		—		5,357,954		—		5,357,954
Core Bond		11,170,444		—		11,170,444		—		11,170,444
Short Term Bond		6,299,803		—		6,299,803		—		6,299,803

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from						Total Tax-exempt Distributions				Total Distributions Paid
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions				Return of Capital
Bond	$	11,939,787	$	—	$	11,939,787	$	—	$	—		11,939,787
Core Plus Bond		40,562,148		—		40,562,148		—		—		40,562,148
Government Money Market		6,444,955		—		6,444,955		—		—		6,444,955
Inflation-Protected Securities		4,593,852		—		4,593,852		—		—		4,593,852
Core Bond		12,031,606		—		12,031,606		—		—		12,031,606
Short Term Bond		5,948,731		—		5,948,731		—		—		5,948,731

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable*			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/ (Deficit)
Bond	$	692,195	$	—	$	692,195	$	(854,816	)	$	(1,871,946	)	$	11,149,018		$	9,114,451
Core Plus Bond		3,210,119		—		3,210,119		(2,812,324	)		(18,910,696	)		31,697,688			13,184,787
Government Money Market		676,332		—		676,332		(681,953	)		(40	)		—			(5,661	)
Inflation-Protected Securities		412,871		—		412,871		—			(4,250,494	)		(27,678	)		(3,865,301	)
Core Bond		3,575,429		—		3,575,429		(829,096	)		—			7,919,021			10,665,354
Short Term Bond		447,882		—		447,882		(488,445	)		(7,555,309	)		2,944,652			(4,651,220	)

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

* Differences between financial statement distributions payable and tax-basis distributions payable are a result of accrual-based accounting and cash-basis accounting used for federal tax reporting purposes.

** The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

141

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 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 Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Bond	$	334,621,128	$	13,650,322	$	(2,187,443	)	$	11,462,879
Core Plus Bond		1,157,281,629		35,782,285		(3,958,935	)		31,823,350
Government Money Market		538,574,617		—		—			—
Inflation-Protected Securities		228,386,280		5,087,486		(1,725,189	)		3,362,297
Core Bond		391,381,963		12,409,748		(4,490,727	)		7,919,021
Short Term Bond		236,901,745		3,649,744		(702,104	)		2,947,640

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

As of October 31, 2019, for federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the U.S. Treasury regulations and in any given year may be limited due to large shareholder redemptions or contributions.

Capital loss carryforwards do not expire. The following table represents capital loss carryforwards available as of October 31, 2019.

Fund	Amount
Bond	$	(1,871,946	)
Core Plus Bond*		(18,910,696	)
Government Money Market		(40	)
Inflation-Protected Securities*		(4,250,494	)
Core Bond		—
Short Term Bond*		(7,555,309	)

* A portion of the Fund’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

During the year ended October 31, 2019, the Funds had capital loss carryforwards that were utilized and are no longer eligible to offset future capital gains, if any, in the amounts listed below.

Fund	Utilized
Bond	$	7,224,135
Core Plus Bond		5,792,902
Inflation-Protected Securities		1,750,748
Core Bond		7,047,634
Short Term Bond		990,757

12.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

142

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Bond Fund, Nationwide Core Plus Bond Fund, Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Nationwide Bond Fund, Nationwide Core Plus Bond Fund, Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund (six of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

143

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund	Dividends Received Deductions
Core Plus Bond		0.44	%

144

Management Information

October 31, 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	119
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	119
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	119

145

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

146

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

147

Management Information (Continued)

October 31, 2019

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
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
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

148

Management Information (Continued)

October 31, 2019

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

150

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

151

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

152

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

153

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

154

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.

155

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.

156

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.

157

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

AR-CFX  (12/19)

Annual Report

October 31, 2019

Nationwide Mutual Funds

Equity Funds

Nationwide Bailard Cognitive Value Fund

Nationwide Bailard Technology & Science Fund

Nationwide Diamond Hill Large Cap Concentrated Fund

Nationwide Dynamic U.S. 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	20
Nationwide Diamond Hill Large Cap Concentrated Fund	34
Nationwide Dynamic U.S. Growth Fund	47
Nationwide Fund	66
Nationwide Geneva Mid Cap Growth Fund	81
Nationwide Long/Short Equity Fund	95
Nationwide Loomis All Cap Growth Fund	110
Nationwide Small Company Growth Fund	125
Nationwide U.S. Small Cap Value Fund	138
Nationwide WCM Focused Small Cap Fund	162
Nationwide Ziegler Equity Income Fund	175
Notes to Financial Statements	189
Report of Independent Registered Public Accounting Firm	221
Supplemental Information	223
Management Information	224
Market Index Definitions	229
Glossary	234

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Bailard Cognitive Value Fund

For the annual period ended October 31, 2019, the Nationwide Bailard Cognitive Value Fund (Class A at NAV*) returned 1.92% versus 3.22% for its benchmark, the Russell 2000® Value Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Small Value (consisting of 423 funds as of October 31, 2019), was 1.45% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Investor sentiment for the reporting period prevailed against both value stocks and micro-cap stocks. The Fund continues to adhere to its deeper value and greater micro-cap exposure disciplines while it awaits a return to the more historically typical higher returns to these styles. We made several enhancements to the Fund’s stock selection models during the reporting period. The first enhancement was integrating path-dependent momentum into the Fund’s real estate investment trust (REIT) selection model. The second enhancement was increasing both the number of stocks held in the Fund’s portfolio, and increasing the rate of portfolio turnover in order to more closely track the performance of the stock selection model’s top quintile. This enhancement provided the further benefit of reducing the Fund’s exposure to idiosyncratic (stock-specific) risk and also lowered the Fund’s tracking error to the benchmark. The third enhancement was allowing the Fund portfolio’s economic subsector weights to track more closely to the stock selection model’s top-quintile subsector weights. This allowed for greater exposure to high-scoring stocks in subsectors that otherwise would have been constrained to tracking closer to the weights of the index.

The Fund’s small-cap and micro-cap stock selection models both performed well during the reporting period, but our ability to translate that performance into the Fund’s portfolio was more successful in the Fund’s small-cap model than in the micro-cap model. We believe there were two reasons for this. First, we implemented the economic subsector tracking (as described above) to our small-cap stock selection model

only, which helped capture additional returns. We expect to implement this feature in the Fund’s micro-cap stock selection model soon. Second, one of the factor components of the Fund’s micro-cap model, Analyst Herding Bias, has proved difficult to track, particularly recently, due to the factor’s rapid and volatile swings. We are re-engineering this factor to incorporate additional and less-volatile measures of herding bias, which we expect will allow for better model performance realization in the micro-cap portion of the portfolio.

For the reporting period, overweights to Capital Goods and Software & Services were the largest positive contributors to Fund performance, driven primarily by successful stock selection within the subsectors.

The biggest individual stock contributor to Fund performance was customer experience technology and services provider TTEC Holdings, due to massive sequential upside earnings surprises. K12 Inc., a provider of online educational programs and materials, was the second-largest contributor, as positive earnings results from a low initial valuation allowed for a substantial price increase. The third-largest individual stock performance contributor was Victory Capital, whose aggressive asset management acquisitions and cost reduction plans proved successful during the reporting period.

For the reporting period, a just-above-neutral weighting in Semiconductors & Semiconductor Equipment and an overweight in Healthcare Equipment & Services were the largest performance detractors for the Fund versus the benchmark. The underperformance in Semiconductors & Semiconductor Equipment was exclusively due to stock selection. The overweighting to Healthcare Equipment & Services proved to be incorrect, and was slightly compounded by poor stock selection within the subsector.

Energy exploration and production company Roan Resources was the largest individual performance detractor from Fund performance for the reporting period due to poor placement

3

Fund Commentary (cont.) Nationwide Bailard Cognitive Value Fund

and spacing of wells along with legitimate questions about the company’s shale play exposure. Specialty paper producer Verso was the second-largest individual performance detractor as continued weakness in coated paper demand, an ultimately fruitless strategic review and an untimely purchase by the Fund all hurt Fund performance. The third-largest performance detractor was home automation solutions provider Resideo Technologies, as spinoff transition difficulties from former parent Honeywell and competition in its major product lines resulted in sequential negative earnings surprises.

No derivatives were used in this Fund.

Subadviser:

Bailard, Inc.

Portfolio Manager:

Thomas J. Mudge III, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class M shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities (including small and micro-cap companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. Value funds may underperform other funds that use different investing styles. The Fund may invest in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund also is subject to the risks of using Behavioral Finance techniques for stock selection. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Bailard Cognitive Value Fund

Asset Allocation¹

Common Stocks	98.6%
Exchange Traded Fund	0.6%
Repurchase Agreements	0.5%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.3%
	100.0%

Top Industries²

Banks	16.5%
Equity Real Estate Investment Trusts (REITs)	9.7%
Electronic Equipment, Instruments & Components	4.2%
Thrifts & Mortgage Finance	3.7%
Machinery	3.4%
Trading Companies & Distributors	3.4%
IT Services	3.1%
Construction & Engineering	3.0%
Chemicals	3.0%
Insurance	2.7%
Other Industries#	47.3%
	100.0%

Top Holdings²

Portland General Electric Co.	1.9%
NorthWestern Corp.	1.5%
Radian Group, Inc.	1.1%
MGIC Investment Corp.	1.0%
Black Hills Corp.	1.0%
Atkore International Group, Inc.	0.8%
First Merchants Corp.	0.8%
Anixter International, Inc.	0.8%
Financial Institutions, Inc.	0.8%
Builders FirstSource, Inc.	0.8%
Other Holdings#	89.5%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Bailard Cognitive Value Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		1.92%		3.44%		10.03%
	w/SC3		(3.91)%		2.22%		9.41%
Class C1	w/o SC2		1.09%		2.68%		9.28%
	w/SC4		0.09%		N/A		N/A
Class M1,5			2.25%		3.80%		10.44%
Class R65,6			2.26%		3.82%		5.39%	7
Institutional Service Class1,5,8			2.07%		3.73%		10.34%
Russell 2000® Value Index			3.22%		6.24%		11.08%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.42%
Class C		2.18%
Class M		1.08%
Class R6		1.08%
Institutional Service Class		1.23%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Bailard Cognitive Value Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bailard Cognitive Value Fund versus the Russell 2000® Value Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Cognitive Value Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		973.10		7.16		1.44
	Hypothetical	(a)(b)		1,000.00		1,017.95		7.32		1.44
Class C Shares	Actual	(a)		1,000.00		968.60		10.52		2.12
	Hypothetical	(a)(b)		1,000.00		1,014.52		10.76		2.12
Class M Shares	Actual	(a)		1,000.00		974.40		5.32		1.07
	Hypothetical	(a)(b)		1,000.00		1,019.81		5.45		1.07
Class R6 Shares	Actual	(a)		1,000.00		974.40		5.32		1.07
	Hypothetical	(a)(b)		1,000.00		1,019.81		5.45		1.07
Institutional Service Class Shares	Actual	(a)		1,000.00		974.00		6.17		1.24
	Hypothetical	(a)(b)		1,000.00		1,018.95		6.31		1.24

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Bailard Cognitive Value Fund

Common Stocks 98.6%
	Shares		Value
Aerospace & Defense 0.3%
Vectrus, Inc.*		3,600	$	164,556
Air Freight & Logistics 0.2%
Radiant Logistics, Inc.*		26,600		143,374
Airlines 0.9%
JetBlue Airways Corp.*		20,800		401,440
Mesa Air Group, Inc.*		22,300		169,926
				571,366
Auto Components 1.0%
Dana, Inc.		9,000		146,070
Modine Manufacturing Co.*		30,550		349,186
Standard Motor Products, Inc.		2,000		104,720
				599,976
Banks 16.4%
Arrow Financial Corp.		800		28,096
Associated Banc-Corp.		22,300		448,453
Bancorp, Inc. (The)*		24,500		267,050
Bank of Commerce Holdings		18,294		205,259
Bank of NT Butterfield & Son Ltd. (The)		12,100		398,695
BankUnited, Inc.		13,400		459,620
Banner Corp.		1,700		91,766
Boston Private Financial Holdings, Inc.		35,800		402,750
Central Pacific Financial Corp.		15,700		454,044
Century Bancorp, Inc., Class A		2,100		182,721
Civista Bancshares, Inc.		7,200		161,856
East West Bancorp, Inc.		10,900		467,828
Financial Institutions, Inc.		15,000		471,450
First Bancorp/PR		18,000		189,360
First Busey Corp.		5,800		152,946
First Financial Corp.		4,200		184,254
First Horizon National Corp.		7,700		122,969
First Merchants Corp.		12,200		482,510
First Midwest Bancorp, Inc.		4,500		92,430
Flushing Financial Corp.		7,200		155,808
Heritage Commerce Corp.		13,300		159,866
Hilltop Holdings, Inc.		19,400		453,184
IBERIABANK Corp.		6,200		455,018
Independent Bank Corp.		8,300		186,833
International Bancshares Corp.		3,500		143,360
Mercantile Bank Corp.		4,300		151,403
Midland States Bancorp, Inc.		5,800		155,440
MidWestOne Financial Group, Inc.		9,401		306,426
Northrim Bancorp, Inc.		4,417		172,042
Orrstown Financial Services, Inc.		8,980		194,776
Peapack Gladstone Financial Corp.		5,500		160,600
Peoples Bancorp, Inc.		5,800		189,718
Popular, Inc.		8,400		457,464
Premier Financial Bancorp, Inc.		4,200		74,550
Republic Bancorp, Inc., Class A		3,400		151,198
Simmons First National Corp., Class A		4,900		117,208
SmartFinancial, Inc.*		7,600		159,980
Synovus Financial Corp.		4,900		165,963
TriCo Bancshares		1,000		37,630
UMB Financial Corp.		2,700		176,202
Univest Financial Corp.		6,000		154,500
WesBanco, Inc.		2,400		90,216
Western Alliance Bancorp		9,400		463,702
				10,197,144

Common Stocks (continued)
	Shares		Value
Beverages 0.7%
Cott Corp.		35,000	$	449,750
Biotechnology 1.8%
Akebia Therapeutics, Inc.*		14,900		55,577
Ardelyx, Inc.*		17,141		85,705
BioSpecifics Technologies Corp.*		2,500		121,075
Dicerna Pharmaceuticals, Inc.*		6,100		100,589
Eagle Pharmaceuticals, Inc.*		1,300		81,510
Esperion Therapeutics, Inc.*		1,700		67,609
Jounce Therapeutics, Inc.*		11,747		42,466
Kura Oncology, Inc.*		7,100		106,358
MEI Pharma, Inc.*		28,799		52,126
Rocket Pharmaceuticals, Inc.*		4,500		65,430
Sangamo Therapeutics, Inc.*		13,100		118,555
Veracyte, Inc.*		4,600		105,478
Viking Therapeutics, Inc.* (a)		17,200		111,284
				1,113,762
Building Products 2.6%
Advanced Drainage Systems, Inc.		9,600		355,392
Builders FirstSource, Inc.*		20,800		470,288
Masonite International Corp.*		6,100		374,601
Owens Corning		6,500		398,320
				1,598,601
Capital Markets 0.8%
Blucora, Inc.*		10,000		216,300
Silvercrest Asset Management Group, Inc., Class A		12,200		146,644
Victory Capital Holdings, Inc., Class A		8,036		125,040
				487,984
Chemicals 3.0%
Cabot Corp.		8,000		348,720
Hawkins, Inc.		2,395		102,386
Koppers Holdings, Inc.*		8,100		260,010
Kraton Corp.*		11,300		253,346
Trecora Resources*		17,463		153,151
Tredegar Corp.		19,900		395,612
Trinseo SA		8,200		348,500
				1,861,725
Commercial Services & Supplies 2.2%
ACCO Brands Corp.		41,500		379,725
Acme United Corp.		3,825		79,028
Knoll, Inc.		15,700		419,818
Matthews International Corp., Class A		1,000		36,980
SP Plus Corp.*		1,442		63,693
Steelcase, Inc., Class A		20,900		365,123
				1,344,367
Communications Equipment 0.9%
Comtech Telecommunications Corp.		6,900		241,155
PC-Tel, Inc.*		27,200		194,480
Ribbon Communications, Inc.*		32,300		138,567
				574,202

9

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering 3.0%
AECOM*		10,300	$	412,103
Arcosa, Inc.		11,600		445,556
EMCOR Group, Inc.		2,700		236,817
Great Lakes Dredge & Dock Corp.*		17,700		190,275
Limbach Holdings, Inc.*		20,234		90,648
MYR Group, Inc.*		4,933		169,745
Northwest Pipe Co.*		5,500		167,750
Sterling Construction Co., Inc.*		9,300		151,078
				1,863,972
Construction Materials 0.3%
Tecnoglass, Inc.		19,700		166,465
Consumer Finance 1.9%
Enova International, Inc.*		7,300		171,477
Navient Corp.		28,600		393,822
OneMain Holdings, Inc.		11,200		448,000
Regional Management Corp.*		5,400		156,222
				1,169,521
Containers & Packaging 1.1%
Graphic Packaging Holding Co.		21,300		333,558
Greif, Inc., Class A		5,700		223,269
Myers Industries, Inc.		9,149		154,892
				711,719
Diversified Consumer Services 0.8%
Adtalem Global Education, Inc.*		8,100		241,218
Aspen Group, Inc.*		16,000		100,000
Career Education Corp.*		10,500		148,680
				489,898
Diversified Financial Services 0.2%
On Deck Capital, Inc.*		33,971		151,511
Diversified Telecommunication Services 0.1%
IDT Corp., Class B*		11,300		76,953
Electric Utilities 2.1%
Genie Energy Ltd., Class B		16,300		121,435
Portland General Electric Co.		20,600		1,171,728
				1,293,163
Electrical Equipment 1.1%
Atkore International Group, Inc.*		14,500		503,150
Encore Wire Corp.		2,739		153,932
				657,082
Electronic Equipment, Instruments & Components 4.2%
Anixter International, Inc.*		5,700		471,675
Avnet, Inc.		3,400		134,504
Coda Octopus Group, Inc.* (a)		5,500		40,370
ePlus, Inc.*		2,000		156,260
Flex Ltd.*		14,300		168,025
Insight Enterprises, Inc.*		4,200		257,796
Jabil, Inc.		10,700		393,974
PC Connection, Inc.		4,500		219,780
ScanSource, Inc.*		11,800		381,140
SYNNEX Corp.		3,400		400,316
				2,623,840

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services 1.3%
Dawson Geophysical Co.*		51,031	$	122,475
Exterran Corp.*		21,100		267,337
Matrix Service Co.*		8,300		155,708
NexTier Oilfield Solutions, Inc.*		22,124		95,576
Parker Drilling Co.*		9,200		169,924
				811,020
Equity Real Estate Investment Trusts (REITs) 9.7%
American Homes 4 Rent, Class A		10,200		269,994
BRT Apartments Corp.		5,284		88,243
CareTrust REIT, Inc.		13,000		315,120
Community Healthcare Trust, Inc.		5,484		265,535
CorEnergy Infrastructure Trust, Inc.		3,900		187,863
CoreSite Realty Corp.		2,900		340,750
CubeSmart		9,500		301,150
CyrusOne, Inc.		4,200		299,376
DiamondRock Hospitality Co.		15,500		154,690
EPR Properties		4,000		311,160
First Industrial Realty Trust, Inc.		8,000		336,880
Four Corners Property Trust, Inc.		3,200		91,680
Getty Realty Corp.		3,100		103,974
Global Medical REIT, Inc.		8,100		98,010
Independence Realty Trust, Inc.		14,000		215,600
Kilroy Realty Corp.		3,900		327,327
National Storage Affiliates Trust		2,700		92,259
NexPoint Residential Trust, Inc.		6,000		292,620
Outfront Media, Inc.		11,400		299,934
PS Business Parks, Inc.		1,700		306,935
Rexford Industrial Realty, Inc.		6,800		327,012
Sabra Health Care REIT, Inc.		12,900		317,340
Sotherly Hotels, Inc.		7,620		49,073
Sunstone Hotel Investors, Inc.		22,400		302,624
Xenia Hotels & Resorts, Inc.		14,600		307,330
				6,002,479
Food & Staples Retailing 0.8%
Andersons, Inc. (The)		10,100		186,042
Ingles Markets, Inc., Class A		5,600		220,808
Performance Food Group Co.*		2,800		119,308
				526,158
Food Products 0.6%
Coffee Holding Co., Inc.*		13,131		49,635
Fresh Del Monte Produce, Inc.		1,900		60,610
John B Sanfilippo & Son, Inc.		2,190		232,403
Simply Good Foods Co. (The)*		2,300		56,442
				399,090
Health Care Equipment & Supplies 0.9%
Apyx Medical Corp.*		13,922		91,885
BioLife Solutions, Inc.*		3,500		59,535
Cardiovascular Systems, Inc.*		1,300		57,876
FONAR Corp.*		5,438		110,555
Pro-Dex, Inc.*		6,781		90,526
Sientra, Inc.*		20,800		133,744
Varex Imaging Corp.*		1,299		38,983
				583,104

10

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services 2.0%
Encompass Health Corp.		3,200	$	204,864
MEDNAX, Inc.*		17,850		391,986
National HealthCare Corp.		3,060		251,471
R1 RCM, Inc.*		9,300		98,859
Select Medical Holdings Corp.*		16,100		293,342
				1,240,522
Health Care Technology 0.2%
Simulations Plus, Inc.		3,300		116,853
Hotels, Restaurants & Leisure 0.9%
Extended Stay America, Inc.		27,900		396,459
J Alexander’s Holdings, Inc.*		15,300		147,645
				544,104
Household Durables 1.7%
Beazer Homes USA, Inc.*		10,400		156,104
Century Communities, Inc.*		2,000		60,340
M/I Homes, Inc.*		3,900		172,302
MDC Holdings, Inc.		2,700		104,517
Taylor Morrison Home Corp.*		12,300		308,115
TRI Pointe Group, Inc.*		7,700		121,198
William Lyon Homes, Class A*		8,400		162,540
				1,085,116
Household Products 0.2%
Oil-Dri Corp. of America		2,695		94,352
Independent Power and Renewable Electricity Producers 0.4%
Atlantic Power Corp.*		99,100		230,903
Insurance 2.7%
CNO Financial Group, Inc.		10,500		164,325
FedNat Holding Co.		11,800		169,330
Hallmark Financial Services, Inc.*		8,800		156,816
National General Holdings Corp.		5,900		125,788
Old Republic International Corp.		19,500		435,630
Primerica, Inc.		1,500		189,270
Third Point Reinsurance Ltd.*		37,000		351,130
Universal Insurance Holdings, Inc.		2,600		70,486
				1,662,775
Interactive Media & Services 0.2%
Meet Group, Inc. (The)*		32,600		138,876
Internet & Direct Marketing Retail 0.3%
1-800-Flowers.com, Inc., Class A*		11,200		159,712
IT Services 3.1%
CACI International, Inc., Class A*		1,800		402,750
ManTech International Corp., Class A		5,600		443,408
Perspecta, Inc.		15,300		406,062
Presidio, Inc.		17,180		285,188
Sykes Enterprises, Inc.*		13,100		404,724
				1,942,132

Common Stocks (continued)
	Shares		Value
Life Sciences Tools & Services 0.2%
Fluidigm Corp.*		12,800	$	62,976
Quanterix Corp.*		2,300		47,955
				110,931
Machinery 3.4%
Commercial Vehicle Group, Inc.*		21,500		156,735
Crane Co.		4,400		336,688
EnPro Industries, Inc.		6,000		417,300
Hillenbrand, Inc.		2,400		73,896
Park-Ohio Holdings Corp.		5,000		153,800
Spartan Motors, Inc.		11,000		192,170
Timken Co. (The)		8,400		411,600
Wabash National Corp.		26,600		379,316
				2,121,505
Marine 0.2%
Matson, Inc.		3,800		145,084
Media 0.7%
Cumulus Media, Inc., Class A*		14,000		191,660
TechTarget, Inc.*		5,200		126,880
TEGNA, Inc.		7,800		117,234
				435,774
Metals & Mining 0.8%
Mayville Engineering Co., Inc.*		5,900		50,445
Ryerson Holding Corp.*		19,700		171,193
Steel Dynamics, Inc.		8,500		258,060
				479,698
Mortgage Real Estate Investment Trusts (REITs) 1.0%
Arbor Realty Trust, Inc.		22,100		301,886
Ladder Capital Corp.		17,700		305,679
				607,565
Multi-Utilities 2.4%
Black Hills Corp.		7,470		588,860
NorthWestern Corp.		12,800		928,256
				1,517,116
Oil, Gas & Consumable Fuels 0.7%
Amplify Energy Corp.		23,500		170,375
Dorian LPG Ltd.*		19,300		240,285
SilverBow Resources, Inc.*		200		1,580
				412,240
Paper & Forest Products 0.7%
Domtar Corp.		11,400		414,846
Pharmaceuticals 1.0%
Amphastar Pharmaceuticals, Inc.*		6,300		121,684
ANI Pharmaceuticals, Inc.*		1,500		117,165
Collegium Pharmaceutical, Inc.*		7,300		87,600
Cumberland Pharmaceuticals, Inc.*		11,816		62,152
Cymabay Therapeutics, Inc.*		8,700		39,063
Provention Bio, Inc.* (a)		12,500		81,125
SCYNEXIS, Inc.* (a)		95,440		111,665
				620,454

11

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard Cognitive Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Professional Services 1.6%
CRA International, Inc.		4,000	$	197,000
DLH Holdings Corp.*		24,100		99,774
Kelly Services, Inc., Class A		16,800		403,368
Korn Ferry		700		25,683
Mistras Group, Inc.*		19,000		294,500
				1,020,325
Real Estate Management & Development 0.6%
Newmark Group, Inc., Class A		34,300		364,266
Semiconductors & Semiconductor Equipment 2.7%
ACM Research, Inc., Class A*		11,700		147,303
Diodes, Inc.*		8,600		401,190
Photronics, Inc.*		16,800		198,240
Rambus, Inc.*		29,900		413,966
Ultra Clean Holdings, Inc.*		4,500		96,165
Xperi Corp.		19,450		394,932
				1,651,796
Software 1.1%
Agilysys, Inc.*		3,509		88,392
American Software, Inc., Class A		9,600		155,616
NetSol Technologies, Inc.*		15,600		81,276
Progress Software Corp.		9,300		370,884
				696,168
Specialty Retail 1.4%
America’s Car-Mart, Inc.*		1,700		154,683
Boot Barn Holdings, Inc.*		4,200		147,210
Designer Brands, Inc., Class A		5,500		90,750
Sonic Automotive, Inc., Class A		9,100		293,293
Tilly’s, Inc., Class A		16,500		169,290
				855,226
Technology Hardware, Storage & Peripherals 0.6%
Xerox Holdings Corp.		11,800		400,374
Textiles, Apparel & Luxury Goods 1.0%
Crown Crafts, Inc.		11,400		70,338
Delta Apparel, Inc.*		6,300		157,185
Rocky Brands, Inc.		3,396		94,443
Steven Madden Ltd.		6,700		275,906
				597,872
Thrifts & Mortgage Finance 3.7%
Flagstar Bancorp, Inc.		11,800		428,812
FS Bancorp, Inc.		1,800		103,050
MGIC Investment Corp.		46,400		636,144
NMI Holdings, Inc., Class A*		3,400		99,450
Radian Group, Inc.		26,700		670,170
Riverview Bancorp, Inc.		24,000		172,560
Timberland Bancorp, Inc.		6,000		159,000
				2,269,186
Trading Companies & Distributors 3.4%
Applied Industrial Technologies, Inc.		7,200		430,848
BMC Stock Holdings, Inc.*		1,000		26,990
Fly Leasing Ltd., ADR-IE*		7,800		158,418
GMS, Inc.*		14,000		419,440

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors (continued)
Herc Holdings, Inc.*		8,700	$	385,062
Titan Machinery, Inc.*		10,400		172,640
Triton International Ltd.		11,400		418,380
WESCO International, Inc.*		600		30,090
Willis Lease Finance Corp.*		1,000		54,510
				2,096,378
Water Utilities 0.3%
Consolidated Water Co. Ltd.		9,300		163,122
Wireless Telecommunication Services 0.5%
Telephone & Data Systems, Inc.		12,800		333,952
Total Common Stocks (cost $56,645,727)				61,162,005
Exchange Traded Fund 0.6%
Exchange Traded Fund 0.6%
Vanguard Small-Cap Value ETF		2,600		340,860
Total Exchange Traded Fund (cost $337,952)				340,860
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		30,824		30,824
Total Short-Term Investment (cost $30,824)				30,824
Repurchase Agreements 0.5%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $213,273, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $218,342. (c)(d)	$	213,263		213,263
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $105,278, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $107,769. (c)(d)		105,273		105,273
Total Repurchase Agreements (cost $318,536)				318,536
Total Investments (cost $57,333,039) — 99.7%				61,852,225
Other assets in excess of liabilities — 0.3%				204,401
NET ASSETS — 100.0%			$	62,056,626

12

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard Cognitive Value Fund (Continued)

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $329,659, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $30,824 and $318,536, respectively, a total value of $349,360.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $349,360.

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

ADR American Depositary Receipt

ETF Exchange Traded Fund

IE Ireland

REIT Real Estate Investment Trust

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

13

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Bailard Cognitive Value Fund
Assets:
Investment securities, at value* (cost $57,014,503)	$	61,533,689
Repurchase agreements, at value (cost $318,536)		318,536
Cash		671,446
Interest and dividends receivable		15,131
Securities lending income receivable		539
Receivable for investments sold		2,846,882
Receivable for capital shares issued		661
Reimbursement from investment adviser (Note 3)		3,405
Prepaid expenses		26,494
Total Assets		65,416,783
Liabilities:
Payable for investments purchased		2,914,953
Payable upon return of securities loaned (Note 2)		349,360
Accrued expenses and other payables:
Investment advisory fees		38,699
Fund administration fees		15,470
Distribution fees		217
Administrative servicing fees		248
Accounting and transfer agent fees		4,149
Trustee fees		261
Custodian fees		1,017
Compliance program costs (Note 3)		81
Professional fees		24,106
Printing fees		6,244
Other		5,352
Total Liabilities		3,360,157
Net Assets	$	62,056,626
Represented by:
Capital	$	62,598,302
Total distributable earnings (loss)		(541,676	)
Net Assets	$	62,056,626
Net Assets:
Class A Shares	$	457,508
Class C Shares		143,192
Class M Shares		61,224,712
Class R6 Shares		11,309
Institutional Service Class Shares		219,905
Total	$	62,056,626
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		40,858
Class C Shares		14,076
Class M Shares		5,450,457
Class R6 Shares		1,007
Institutional Service Class Shares		19,551
Total		5,525,949

14

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	11.20
Class C Shares (b)	$	10.17
Class M Shares	$	11.23
Class R6 Shares	$	11.23
Institutional Service Class Shares	$	11.25
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.88
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $329,659 (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.

15

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Bailard Cognitive Value Fund
INVESTMENT INCOME:
Dividend income	$	1,170,385
Interest income		21,738
Income from securities lending (Note 2)		6,872
Foreign tax withholding		(1,661	)
Total Income		1,197,334
EXPENSES:
Investment advisory fees		482,080
Fund administration fees		99,161
Distribution fees Class A		1,070
Distribution fees Class C		1,855
Administrative servicing fees Class A		507
Administrative servicing fees Class C		123
Administrative servicing fees Institutional Service Class		295
Registration and filing fees		63,410
Professional fees		33,926
Printing fees		13,333
Trustee fees		2,285
Custodian fees		3,212
Accounting and transfer agent fees		13,948
Compliance program costs (Note 3)		265
Other		4,884
Total expenses before expenses reimbursed		720,354
Expenses reimbursed by adviser (Note 3)		(28,643	)
Net Expenses		691,711
NET INVESTMENT INCOME		505,623
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(5,094,300	)
Net change in unrealized appreciation/depreciation in the value of investment securities		3,609,102
Net realized/unrealized losses		(1,485,198	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(979,575	)

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

16

Statements of Changes in Net Assets

	Nationwide Bailard Cognitive Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	505,623		$	819,438
Net realized gains (losses)		(5,094,300	)		7,860,917
Net change in unrealized appreciation/depreciation		3,609,102			(16,104,814	)
Change in net assets resulting from operations		(979,575	)		(7,424,459	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(48,958	)		(66,896	)
Class C		(22,615	)		(32,783	)
Class M		(8,431,453	)		(10,204,573	)
Class R6		(1,251	)		(1,514	)
Institutional Service Class		(19,274	)		(65,846	)
Change in net assets from shareholder distributions		(8,523,551	)		(10,371,612	)
Change in net assets from capital transactions		(14,203,225	)		3,018,208
Change in net assets		(23,706,351	)		(14,777,863	)
Net Assets:
Beginning of year		85,762,977			100,540,840
End of year	$	62,056,626		$	85,762,977
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	105,398		$	41,782
Proceeds from shares issued in class conversion (Note 1)		7,019			–
Dividends reinvested		44,806			62,324
Cost of shares redeemed		(105,309	)		(298,363	)
Total Class A Shares		51,914			(194,257	)
Class C Shares
Proceeds from shares issued		4,904			37,904
Dividends reinvested		21,483			31,671
Cost of shares redeemed in class conversion (Note 1)		(7,019	)		–
Cost of shares redeemed		(44,823	)		(101,289	)
Total Class C Shares		(25,455	)		(31,714	)
Class M Shares
Proceeds from shares issued		6,321,911			6,323,024
Dividends reinvested		6,159,869			7,415,506
Cost of shares redeemed		(26,777,480	)		(9,983,111	)
Total Class M Shares		(14,295,700	)		3,755,419
Class R6 Shares
Proceeds from shares issued		1,077			–
Dividends reinvested		1,251			1,514
Cost of shares redeemed		(1,080	)		(2,700	)
Total Class R6 Shares		1,248			(1,186	)

17

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard Cognitive Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	100,665		$	27,764
Dividends reinvested		19,274			37,692
Cost of shares redeemed		(55,171	)		(575,510	)
Total Institutional Service Class Shares		64,768			(510,054	)
Change in net assets from capital transactions	$	(14,203,225	)	$	3,018,208
SHARE TRANSACTIONS:
Class A Shares
Issued		9,536			3,008
Issued in class conversion (Note 1)		654			–
Reinvested		4,512			4,576
Redeemed		(9,343	)		(21,562	)
Total Class A Shares		5,359			(13,978	)
Class C Shares
Issued		498			2,680
Reinvested		2,366			2,502
Redeemed in class conversion (Note 1)		(719	)		–
Redeemed		(4,558	)		(8,097	)
Total Class C Shares		(2,413	)		(2,915	)
Class M Shares
Issued		571,114			465,762
Reinvested		619,533			544,131
Redeemed		(2,512,649	)		(728,933	)
Total Class M Shares		(1,322,002	)		280,960
Class R6 Shares
Issued		97			–
Reinvested		126			111
Redeemed		(98	)		(193	)
Total Class R6 Shares		125			(82	)
Institutional Service Class Shares
Issued		8,891			2,038
Reinvested		1,935			2,765
Redeemed		(5,053	)		(41,181	)
Total Institutional Service Class Shares		5,773			(36,378	)
Total change in shares		(1,313,158	)		227,607

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

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

18

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)			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
Year Ended October 31, 2019	$	12.53		0.05			0.02			0.07			(0.07	)		(1.33	)		(1.40	)	$	11.20		1.92	%	$	457,508		1.44	%		0.42	%		1.49	%		255.32	%
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	% (g)	$	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	% (g)	$	825,797		1.36	%		0.65	%		1.36	%		160.34	%
Class C Shares
Year Ended October 31, 2019	$	11.57		(0.03	)		0.01			(0.02	)		(0.05	)		(1.33	)		(1.38	)	$	10.17		1.18	% (g)	$	143,192		2.14	%		(0.27	%)		2.19	%		255.32	%
Year Ended October 31, 2018	$	14.24		(0.03	)		(1.13	)		(1.16	)		(0.03	)		(1.48	)		(1.51	)	$	11.57		(9.06	%)(g)	$	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	%
Class M Shares
Year Ended October 31, 2019	$	12.54		0.09			0.01			0.10			(0.08	)		(1.33	)		(1.41	)	$	11.23		2.25	%	$	61,224,712		1.07	%		0.79	%		1.12	%		255.32	%
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	%
Class R6 Shares (h)
Year Ended October 31, 2019	$	12.54		0.09			0.01			0.10			(0.08	)		(1.33	)		(1.41	)	$	11.23		2.26	%	$	11,309		1.07	%		0.78	%		1.12	%		255.32	%
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	%
Institutional Service Class Shares
Year Ended October 31, 2019	$	12.57		0.07			0.01			0.08			(0.07	)		(1.33	)		(1.40	)	$	11.25		2.07	%	$	219,905		1.24	%		0.62	%		1.29	%		255.32	%
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	%

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 February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

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

19

Fund Commentary Nationwide Bailard Technology & Science  Fund

For the annual period ended October 31, 2019, the Nationwide Bailard Technology & Science Fund (Class A at NAV*) returned 14.78%** versus 20.58% for its benchmark, the S&P North American Technology Sector Index^TM. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Technology (consisting of 230 funds as of October 31, 2019), was 16.23% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

To say that it was a volatile year for technology and science stocks is an understatement. The year ended October 31, 2019, saw periods of sharp drawdowns, followed by periods of strength, and finished with a dramatic rotation out of high-growth tech and into value.

Large and mega-capitalization technology stock performance has been exceptionally strong over the past few years, and with the average technology manager generally focused on smaller-cap stocks it has led to challenging conditions for the large and mega-capitalization technology group. The largest quintile of tech stocks by market cap outperformed the smallest quintile by a staggering 16.1% over the 12-month reporting period. Our strategy keeps a market cap profile closer to that of peers, and thus this was a headwind against the benchmark over the reporting period. The underperformance of value during the period was another important theme as the cheapest quintile of the benchmark dramatically underperformed the rest of the index. As confidence in the economy improved in September and October of 2019, this trend reversed sharply, although there remained a significant gap for the full reporting period.

The Fund’s allocation to disruptive, high-growth tech, which we call the Rising Stars, was a source of outperformance over the reporting period, although the path was tumultuous. The group bounced nicely with the markets to start the year and continued to move higher as investors shifted toward secular growth stories in a slow-growth economic environment. Mid-year, we noted that

the relative valuation of the high-growth tech complex compared to the rest of tech was above the 90^th percentile dating back to the tech bubble, and in line with our systematic process we adjusted the portfolio to shift away from high growth and toward more Core Tech. In September 2019, the high-growth group pulled back dramatically on concerns of spending weakness with many high-profile names down 30% or more. This pattern of exuberance followed by a correction is not uncommon in this space; indeed, we saw a similar move in high-growth tech in 2015/2016. We see this as further evidence of inefficiencies across the tech spectrum and we continue to see the ability to shift between Core Tech and the Rising Stars as an important source of alpha.

The top contributor to Fund performance for the reporting period came from the high-growth group in the form of cloud communication firm RingCentral, which continued to execute exceptionally well and saw shares double during the period. RingCentral signed an important deal with legacy competitor Avaya to become the exclusive provider of cloud communications solutions to the company’s customers. We are excited about this deal’s potential to further accelerate growth as Avaya’s customer base is multiples larger than RingCentral’s. Semiconductor equipment firm KLA Corp. was another exceptional performer as the company continued to benefit from the arms race among leading-edge semiconductor firms as well as a push from China to further develop its semiconductor supply chain. Finally, small-cap Tech Data Corp. was the third-largest contributor to Fund performance for the period as a return to strong, consistent execution led to a bounce-back in valuation multiples. Shares also benefited late in the reporting period from swirling rumors of potential private equity interest in the firm.

The top three detractors from Fund performance for the reporting period were all firms on the value end of the Fund’s barbell strategy, unsurprising given the broad struggles of this group over the period. DXC Technology was the largest detractor from Fund performance for the period as legacy business trends deteriorated

20

Fund Commentary (cont.) Nationwide Bailard Technology & Science Fund

faster than management anticipated, leading investors to question durability of cash flow. Our thesis here was based on a strong management team, which previously had shown the ability to control costs and massively increase shareholder value at Computer Science Corp. Unfortunately, the team was unable to stabilize revenues, and as of this writing the stock is no longer in the portfolio. We also saw volatility in the storage market, particularly late in the year, as several large enterprises sharply slowed spending. As a result, storage solution provider NetApp posted disappointing results and was the second-largest detractor from Fund performance in 2019 after a very strong 2018. Finally, HP Inc. was the third-largest detractor from Fund performance during the period as challenges in the core printing business led to a surprise management change late in the year.

The Fund’s allocation to biotechnology stocks was another headwind during the reporting period as the S&P Biotechnology Select Industry Index posted returns of just 3.0% for the year ended October 31, 2019. Strong stock selection in the Fund’s biotechnology holdings helped mitigate the impact versus technology stocks by posting a return of 10.3% for the reporting period. Mergers & Acquisitions played out prominently in the attribution for the Fund’s biotechnology allocation. Four out of the five of the Fund’s top biotechnology contributors for the period were a result of acquisition announcements: Array, Tesaro, Spark and Celgene. We continue to believe there are attractive opportunities within the biotechnology sector with transformative technologies that can succeed regardless of external economic or political pressures.

No derivatives were used in this Fund.

Subadviser:

Bailard, Inc.

Portfolio Managers:

Warren M. Johnson; David H. Smith, CFA; and Sonya Thadhani Mughal, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class M shares previously were shown in the Fund’s annual reports for performance reporting.

** High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities. Growth funds may underperform other funds that use different investing styles. Funds that concentrate on specific sectors may be subject to greater volatility than that of other mutual funds. The Fund may invest in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund may invest in initial public offerings (IPOs), which often are subject to greater and more-unpredictable price changes than are more-established stocks. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

21

Fund Overview Nationwide Bailard Technology & Science Fund

Asset Allocation¹

Common Stocks	98.2%
Repurchase Agreements	0.6%
Short-Term Investment	0.1%
Other assets in excess of liabilities	1.1%
	100.0%

Top Industries²

Software	22.2%
Semiconductors & Semiconductor Equipment	17.5%
Interactive Media & Services	12.8%
IT Services	12.2%
Technology Hardware, Storage & Peripherals	8.9%
Biotechnology	7.1%
Entertainment	4.3%
Electronic Equipment, Instruments & Components	4.2%
Communications Equipment	3.8%
Internet & Direct Marketing Retail	3.6%
Other Industries#	3.4%
	100.0%

Top Holdings²

Microsoft Corp.	9.3%
Alphabet, Inc., Class A	8.0%
Apple, Inc.	5.6%
Facebook, Inc., Class A	4.8%
Adobe, Inc.	3.8%
Cisco Systems, Inc.	3.8%
Amazon.com, Inc.	3.6%
Texas Instruments, Inc.	3.2%
PayPal Holdings, Inc.	2.9%
Broadcom, Inc.	2.8%
Other Holdings#	52.2%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

22

Fund Performance Nationwide Bailard Technology & Science Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		14.78%		14.98%		15.63%
	w/SC3		8.16%		13.63%		14.98%
Class C1	w/o SC2		13.91%		14.12%		14.83%
	w/SC4		12.91%		N/A		N/A
Class M1,5			15.12%		15.35%		16.04%
Class R65,6			15.11%		15.37%		16.50%	7
Institutional Service Class1,5,8			14.99%		15.25%		15.95%
S&P North American Technology Sector IndexTM			20.58%		19.22%		17.89%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.24%
Class C		2.03%
Class M		0.93%
Class R6		0.93%
Institutional Service Class		1.03%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

23

Fund Performance (cont.) Nationwide Bailard Technology & Science Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bailard Technology & Science Fund versus the S&P North American (NA) Technology Sector Index^TM over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Enhanced Growth Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

24

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,000.00		6.40		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.80		6.46		1.27
Class C Shares	Actual	(a)		1,000.00		996.20		10.11		2.01
	Hypothetical	(a)(b)		1,000.00		1,015.07		10.21		2.01
Class M Shares	Actual	(a)		1,000.00		1,001.40		4.84		0.96
	Hypothetical	(a)(b)		1,000.00		1,020.37		4.89		0.96
Class R6 Shares	Actual	(a)		1,000.00		1,001.80		4.84		0.96
	Hypothetical	(a)(b)		1,000.00		1,020.37		4.89		0.96
Institutional Service Class Shares	Actual	(a)		1,000.00		1,000.90		5.45		1.08
	Hypothetical	(a)(b)		1,000.00		1,019.76		5.50		1.08

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

25

Statement of Investments

October 31, 2019

Nationwide Bailard Technology & Science Fund

Common Stocks 98.2%
	Shares		Value
Biotechnology 7.0%
Acceleron Pharma, Inc.*		13,000	$	583,310
Alnylam Pharmaceuticals, Inc.*		3,500		303,590
Apellis Pharmaceuticals, Inc.*		15,000		440,850
Arena Pharmaceuticals, Inc.*		11,000		535,865
ArQule, Inc.*		59,141		597,916
Assembly Biosciences, Inc.*		15,000		247,650
Biogen, Inc.*		900		268,839
BioMarin Pharmaceutical, Inc.*		4,000		292,840
Bluebird Bio, Inc.*		2,000		162,000
Celgene Corp.*		2,800		302,484
Esperion Therapeutics, Inc.* (a)		11,200		445,424
FibroGen, Inc.*		9,000		352,350
Gilead Sciences, Inc.		6,600		420,486
Global Blood Therapeutics, Inc.*		5,000		239,750
Ionis Pharmaceuticals, Inc.*		5,800		323,176
Iovance Biotherapeutics, Inc.*		19,500		412,035
Kura Oncology, Inc.*		30,000		449,400
Marker Therapeutics, Inc.* (a)		51,000		195,840
Medicines Co. (The)*		11,000		577,390
Neurocrine Biosciences, Inc.*		4,900		487,501
Sage Therapeutics, Inc.*		1,700		230,605
Sangamo Therapeutics, Inc.*		33,000		298,650
Vertex Pharmaceuticals, Inc.*		2,200		430,056
Viking Therapeutics, Inc.* (a)		45,000		291,150
Xencor, Inc.*		11,000		376,310
				9,265,467
Communications Equipment 3.8%
Cisco Systems, Inc.		105,370		5,006,129
Electronic Equipment, Instruments & Components 4.2%
Insight Enterprises, Inc.*		25,200		1,546,776
TE Connectivity Ltd.		21,005		1,879,948
Tech Data Corp.*		17,500		2,126,250
				5,552,974
Entertainment 4.3%
Activision Blizzard, Inc.		44,100		2,470,923
Electronic Arts, Inc.*		27,850		2,684,740
Sea Ltd., ADR-TW*		17,500		520,800
				5,676,463
Household Durables 2.1%
Sony Corp., ADR-JP		46,800		2,846,844
Interactive Media & Services 12.6%
Alphabet, Inc., Class A*		5,600		7,049,280
Alphabet, Inc., Class C*		2,646		3,334,251
Facebook, Inc., Class A*		32,965		6,317,742
				16,701,273
Internet & Direct Marketing Retail 3.6%
Amazon.com, Inc.*		2,670		4,743,682
IT Services 12.0%
Booz Allen Hamilton Holding Corp.		36,400		2,561,468
Cognizant Technology Solutions Corp., Class A		19,225		1,171,571
Euronet Worldwide, Inc.*		25,850		3,620,810
Fiserv, Inc.*		14,000		1,485,960

Common Stocks (continued)
	Shares		Value
IT Services (continued)
PayPal Holdings, Inc.*		36,250	$	3,773,625
Twilio, Inc., Class A*		20,600		1,989,136
Visa, Inc., Class A		7,630		1,364,702
				15,967,272
Pharmaceuticals 0.5%
Catalent, Inc.*		7,000		340,550
Provention Bio, Inc.* (a)		45,000		292,050
				632,600
Semiconductors & Semiconductor Equipment 17.3%
Broadcom, Inc.		12,516		3,665,310
KLA Corp.		20,490		3,463,630
Lam Research Corp.		9,940		2,694,138
Micron Technology, Inc.*		20,300		965,265
NVIDIA Corp.		14,200		2,854,484
NXP Semiconductors NV		26,250		2,984,100
QUALCOMM, Inc.		26,205		2,107,930
Texas Instruments, Inc.		35,750		4,218,142
				22,952,999
Software 22.0%
Adobe, Inc.*		18,050		5,016,636
Anaplan, Inc.*		13,550		639,560
Avalara, Inc.*		5,900		418,900
HubSpot, Inc.*		6,150		953,865
LogMeIn, Inc.		8,530		560,250
Microsoft Corp.		84,900		12,172,113
Oracle Corp.		46,900		2,555,581
Qualys, Inc.*		10,600		904,498
RingCentral, Inc., Class A*		20,900		3,375,768
ServiceNow, Inc.*		2,950		729,417
Varonis Systems, Inc.*		9,050		647,528
Workday, Inc., Class A*		6,900		1,118,904
				29,093,020
Technology Hardware, Storage & Peripherals 8.8%
Apple, Inc.		29,350		7,301,106
HP, Inc.		107,510		1,867,449
NetApp, Inc.		43,700		2,441,956
				11,610,511
Total Common Stocks (cost $54,154,177)				130,049,234
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		75,730		75,730
Total Short-Term Investment (cost $75,730)				75,730

26

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard Technology & Science Fund (Continued)

Repurchase Agreements 0.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $523,983, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $536,435. (c)(d)	$	523,958	$	523,958
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $258,654, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $264,773. (c)(d)		258,642		258,642
Total Repurchase Agreements (cost $782,600)				782,600
Total Investments (cost $55,012,507) — 98.9%				130,907,564
Other assets in excess of liabilities — 1.1%				1,505,387
NET ASSETS — 100.0%			$	132,412,951

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $806,605, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $75,730 and $782,600, respectively, a total value of $858,330.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $858,330.

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

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

27

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Bailard Technology & Science Fund
Assets:
Investment securities, at value* (cost $54,229,907)	$	130,124,964
Repurchase agreements, at value (cost $782,600)		782,600
Cash		2,227,216
Interest and dividends receivable		35,307
Securities lending income receivable		9,817
Receivable for investments sold		743,335
Receivable for capital shares issued		206,353
Prepaid expenses		26,945
Total Assets		134,156,537
Liabilities:
Payable for investments purchased		729,431
Payable for capital shares redeemed		3,200
Payable upon return of securities loaned (Note 2)		858,330
Accrued expenses and other payables:
Investment advisory fees		82,371
Fund administration fees		16,928
Distribution fees		1,907
Administrative servicing fees		2,504
Accounting and transfer agent fees		4,097
Trustee fees		552
Custodian fees		1,839
Compliance program costs (Note 3)		178
Professional fees		25,397
Printing fees		12,000
Other		4,852
Total Liabilities		1,743,586
Net Assets	$	132,412,951
Represented by:
Capital	$	46,745,063
Total distributable earnings (loss)		85,667,888
Net Assets	$	132,412,951
Net Assets:
Class A Shares	$	4,834,975
Class C Shares		1,074,269
Class M Shares		121,507,791
Class R6 Shares		2,918,634
Institutional Service Class Shares		2,077,282
Total	$	132,412,951
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		230,403
Class C Shares		58,420
Class M Shares		5,460,617
Class R6 Shares		131,528
Institutional Service Class Shares		93,651
Total		5,974,619

28

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	18.39
Class M Shares	$	22.25
Class R6 Shares	$	22.19
Institutional Service Class Shares	$	22.18
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 $806,605 (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.

29

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Bailard Technology & Science Fund
INVESTMENT INCOME:
Dividend income	$	1,284,532
Income from securities lending (Note 2)		55,014
Interest income		22,217
Foreign tax withholding		(3,839	)
Total Income		1,357,924
EXPENSES:
Investment advisory fees		947,046
Fund administration fees		113,250
Distribution fees Class A		11,510
Distribution fees Class C		11,713
Administrative servicing fees Class A		2,764
Administrative servicing fees Class C		822
Administrative servicing fees Institutional Service Class		2,156
Registration and filing fees		64,098
Professional fees		37,291
Printing fees		20,167
Trustee fees		4,549
Custodian fees		6,100
Accounting and transfer agent fees		15,586
Compliance program costs (Note 3)		592
Other		5,806
Total Expenses		1,243,450
NET INVESTMENT INCOME		114,474
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		9,834,455
Net change in unrealized appreciation/depreciation in the value of investment securities		6,654,342
Net realized/unrealized gains		16,488,797
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,603,271

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

30

Statements of Changes in Net Assets

	Nationwide Bailard Technology & Science Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income/(loss)	$	114,474		$	(148,334	)
Net realized gains		9,834,455			17,986,055
Net change in unrealized appreciation/depreciation		6,654,342			(7,070,421	)
Change in net assets resulting from operations		16,603,271			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		(597,962	)		(5,199,867	)
Change in net assets		(2,046,021	)		(7,892,339	)
Net Assets:
Beginning of year		134,458,972			142,351,311
End of year	$	132,412,951		$	134,458,972
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,428,264		$	1,577,760
Proceeds from shares issued in class conversion (Note 1)		7,022			–
Dividends reinvested		536,465			335,740
Cost of shares redeemed		(1,140,285	)		(1,529,038	)
Total Class A Shares		831,466			384,462
Class C Shares
Proceeds from shares issued		60,988			154,985
Dividends reinvested		187,069			164,581
Cost of shares redeemed in class conversion (Note 1)		(7,022	)		–
Cost of shares redeemed		(352,747	)		(595,738	)
Total Class C Shares		(111,712	)		(276,172	)
Class M Shares
Proceeds from shares issued		4,019,004			3,459,969
Dividends reinvested		13,279,577			10,338,567
Cost of shares redeemed		(17,397,531	)		(20,443,534	)
Total Class M Shares		(98,950	)		(6,644,998	)
Class R6 Shares
Proceeds from shares issued		773,016			3,228,625
Dividends reinvested		590,157			297,144
Cost of shares redeemed		(2,791,170	)		(2,200,664	)
Total Class R6 Shares		(1,427,997	)		1,325,105

31

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard Technology & Science Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	187,547		$	361,624
Dividends reinvested		242,615			156,834
Cost of shares redeemed		(220,931	)		(506,722	)
Total Institutional Service Class Shares		209,231			11,736
Change in net assets from capital transactions	$	(597,962	)	$	(5,199,867	)
SHARE TRANSACTIONS:
Class A Shares
Issued		76,801			70,828
Issued in class conversion (Note 1)		350			–
Reinvested		31,575			16,204
Redeemed		(57,112	)		(69,131	)
Total Class A Shares		51,614			17,901
Class C Shares
Issued		3,424			7,297
Reinvested		12,480			8,759
Redeemed in class conversion (Note 1)		(399	)		–
Redeemed		(20,967	)		(30,725	)
Total Class C Shares		(5,462	)		(14,669	)
Class M Shares
Issued		192,836			147,885
Reinvested		738,986			477,091
Redeemed		(916,902	)		(891,078	)
Total Class M Shares		14,920			(266,102	)
Class R6 Shares
Issued		37,207			137,980
Reinvested		32,933			13,744
Redeemed		(128,744	)		(94,301	)
Total Class R6 Shares		(58,604	)		57,423
Institutional Service Class Shares
Issued		8,776			15,368
Reinvested		13,531			7,247
Redeemed		(10,799	)		(21,291	)
Total Institutional Service Class Shares		11,508			1,324
Total change in shares		13,976			(204,123	)

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

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 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)			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
Year Ended October 31, 2019	$	21.57		(0.04	)		2.51		2.47		–			(3.06	)		(3.06	)	$	20.98		14.78	%	$	4,834,975		1.27	%		(0.20	%)		1.27	%		23.24	%
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	%
Class C Shares
Year Ended October 31, 2019	$	19.44		(0.17	)		2.18		2.01		–			(3.06	)		(3.06	)	$	18.39		13.91	%	$	1,074,269		2.03	%		(0.96	%)		2.03	%		23.24	%
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	%
Class M Shares
Year Ended October 31, 2019	$	22.63		0.02			2.67		2.69		(0.01	)		(3.06	)		(3.07	)	$	22.25		15.12	%	$	121,507,791		0.96	%		0.11	%		0.96	%		23.24	%
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	%
Class R6 Shares (g)
Year Ended October 31, 2019	$	22.57		0.02			2.67		2.69		(0.01	)		(3.06	)		(3.07	)	$	22.19		15.16	%(h)	$	2,918,634		0.96	%		0.10	%		0.96	%		23.24	%
Year Ended October 31, 2018	$	23.10		(0.02	)		1.68		1.66		(0.02	)		(2.17	)		(2.19	)	$	22.57		7.63	%(h)	$	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	%(h)	$	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	%
Institutional Service Class Shares
Year Ended October 31, 2019	$	22.58		–			2.66		2.66		–			(3.06	)		(3.06	)	$	22.18		14.99	%	$	2,077,282		1.08	%		(0.01	%)		1.08	%		23.24	%
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	%

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) 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.

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

33

Fund Commentary Nationwide Diamond Hill Large Cap Concentrated  Fund

For the annual period ended October 31, 2019, the Nationwide Diamond Hill Large Cap Concentrated Fund (Class A at NAV*) returned 12.24% versus 11.21% for its benchmark, the Russell 1000® Value Index. For broader comparison, the median return for the Fund’s closest Morningstar® peer category, Large Value (consisting of 1,222 funds as of October 31, 2019), was 9.61% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Conditions

The Russell 1000 Index ended 2018 on a down note, declining 13.8% during the fourth quarter, the largest decline since the third quarter of 2011. Concerns that the Federal Reserve (Fed) would go too far in tightening monetary policy, coupled with continued global trade tensions, caused fear of a slowdown in global economic growth. As these concerns grew, defensive sectors performed better than most others, as might be expected. Utilities was the only sector to post a positive return during the quarter at 1.1%, and although Real Estate and Consumer Staples declined in the mid-single digits, these sectors were well ahead of the overall index.

The first quarter of 2019 was the best in nearly a decade for the Russell 1000 Index, which returned 14.0% and recovered nearly all the double-digit decline experienced in the fourth quarter of 2018. Fed Chairman Powell’s comments in January about being “patient and flexible” seem to have allayed the market’s fears that the Fed would tighten monetary policy too far. Sector performance largely reversed from the fourth quarter. Cyclicals outperformed the broader market and certain defensive sectors lagged, but sector returns were fairly strong across the board. With its large reliance on China, Information Technology was once again the strongest-performing sector as optimism grew around a trade deal being reached.

The second quarter of 2019 saw the Russell 1000 Index continue its strong performance with a 4.6% return. Much of the market’s movement was again driven by interest rates and expectations

around a resolution to global trade tensions. After a strong April, markets slid in May on concern that trade talks were falling apart. Renewed optimism around a trade deal, along with a developing perception that the current low interest rate environment will persist for some time, led to a bounce-back in June. Similar to the first quarter, cyclical sectors outperformed the broader market while defensive sectors tended to lag. Energy was the worst-performing sector and the only one to post a negative return during the quarter. This was likely due to the modest decline in oil prices and concern over slowing economic growth.

Equity markets increased modestly in the third quarter of 2019, with the Russell 1000 Index increasing 1.42%. The on-and-off progress of trade negotiations continued to move markets, as did the rapid fluctuation of interest rates. Interest rates are currently near the lowest levels in decades, which is pushing many investors into defensive, high dividend-paying, bond-like areas of the equity market. Energy was by far the worst-performing sector, declining nearly 7% on concern over a slowdown in global economic growth as well as a lack of takeaway capacity (pipelines). Last year, domestic oil production outstripped pipeline capacity, an issue that now has been largely addressed. However, there is now a lack of takeaway capacity for natural gas and natural gas liquids, causing a sharp decline in price realizations.

Over the last two months of the reporting period, we have seen some shifts in market conditions with small-capitalization outperforming large-capitalization, and value outperforming growth areas of the market. It is too early to tell if this emerging rotation will continue; however, investors seem encouraged by third-quarter earnings that have been a bit better than expected, potential progress on global trade negotiations, and rising 10- and 30-year Treasury yields over the period.

All sectors except the Energy sector contributed to absolute return, led by holdings in the Financials, Communication Services, and Consumer Staples sectors.

34

Fund Commentary (cont.) Nationwide Diamond Hill Large Cap Concentrated Fund

Outperformance relative to the benchmark was driven primarily by security selection in the Financials sector, led by the Fund’s positions in American International Group, Inc. (AIG), Citigroup, Inc. and MetLife, Inc. The Fund initiated its position in AIG in February of 2019, while the company’s core property and casualty insurance business was in the mid-stages of a turnaround. AIG’s second-quarter results were strong, and while third-quarter results came in below expectations due to seasonal/cyclical variations, the underlying trends are in line with our expectations, and we anticipate continued improvements in return on equity up to double-digit levels. Security selection in the Information Technology sector also was a large contributor to relative Fund return, though it was somewhat offset by an underweight position in the sector. Within the Information Technology sector, Microsoft Corp. has continued to generate increasing revenue and profit, as well as strong operating margins. Security selection in the Consumer Staples sector and a combination of security selection and an overweight position in the Communication Services sector also contributed to relative Fund return. Within the Consumer Staples sector, Procter & Gamble Co. reported multiple strong quarters, reflecting a better-than-expected U.S. pricing environment in late 2018 and broad-based contributions from both developed and developing markets across almost all major categories in 2019.

Security selection in the Energy sector was the largest detractor from relative Fund return, though it was partially offset by the Fund’s underweight position in the sector. Cimarex Energy Co. declined as concerns about demand growth affected the outlook for oil, natural gas liquids and natural gas prices. We believe a continued weakening in price realizations could have a significant impact on Cimarex’s cash flow generation and reinvestment potential, and decided to exit the position to allocate proceeds elsewhere. The Fund’s lack of exposure to the Real Estate and Utilities sectors also detracted from relative return. Over the past 12-month period, the yield on the 10-year Treasury was cut in half from above 3% at the end of October 2018, all the way down below 1.5% in August 2019. As

interest rates declined, investors in search of yield have continued to flock to the bond-proxy areas of the market, such as Utilities and Real Estate, making these the top-returning sectors in the Russell 1000 Value over the past 12 months at 23% and 25%, respectively. Although the Fund’s lack of exposure to these two sectors has been a relative headwind over the reporting period, we continue to find the valuations in these sectors unattractive. Security selection in the Health Care sector also detracted from relative return, led by CVS Health Corp. Shares of CVS sold off during the quarter after the company revealed negative developments following its acquisition of Aetna. Our outlook on the stock deteriorated and we subsequently eliminated the position.

Our investment strategy is active and intrinsic value-focused with bottom-up analysis of primary importance. We use a five-year discounted cash flow methodology to estimate intrinsic value and then compare our estimate to the current market price.

The Fund did not hold derivatives during the reporting period.

Subadviser:

Diamond Hill Capital Management, Inc.

Portfolio Managers:

Charles Bath, CFA; Austin Hawley, CFA; and Christopher Welch, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities. The Fund may invest in more-aggressive investments such foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund uses a value style of investing and may underperform other funds that use different investing styles. The Fund is nondiversified and may hold large positions in a smaller number of securities, and an increase or decrease in the value of such securities may have a greater impact on the Fund’s value and total return. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

35

Fund Overview Nationwide Diamond Hill Large Cap Concentrated Fund

Asset Allocation¹

Common Stocks	98.7%
Other assets in excess of liabilities	1.3%
	100.0%

Top Industries²

Insurance	11.2%
Interactive Media & Services	10.5%
Banks	8.2%
Health Care Equipment & Supplies	8.0%
Diversified Financial Services	6.4%
Tobacco	5.2%
Entertainment	4.9%
Aerospace & Defense	4.9%
Specialty Retail	4.8%
Software	4.7%
Other Industries	31.2%
	100.0%

Top Holdings²

Citigroup, Inc.	8.2%
Abbott Laboratories	8.0%
Berkshire Hathaway, Inc., Class B	6.4%
Alphabet, Inc., Class A	6.0%
MetLife, Inc.	5.7%
American International Group, Inc.	5.5%
Philip Morris International, Inc.	5.2%
Walt Disney Co. (The)	4.9%
United Technologies Corp.	4.9%
TJX Cos., Inc. (The)	4.8%
Other Holdings	40.4%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

36

Fund Performance Nationwide Diamond Hill Large Cap Concentrated Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		12.24%		8.67%		12.32%
	w/SC3		5.78%		7.39%		11.68%
Class C1	w/o SC2		11.36%		7.94%		11.61%
	w/SC4		10.36%		N/A		N/A
Class R65,6			12.58%		9.05%		10.23%	7
Institutional Service Class1,5,8			12.46%		8.92%		12.62%
Russell 1000® Value Index			11.21%		10.55%		13.72%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Gross Expense Ratio^			Net Expense Ratio^
Class A		1.37	%		1.17	%
Class C		2.09	%		1.89	%
Class R6		1.02	%		0.82	%
Institutional Service Class		1.18	%		0.98	%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

37

Fund Performance (cont.) Nationwide Diamond Hill Large Cap Concentrated Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Diamond Hill Large Cap Concentrated Fund versus the Russell 1000® Value Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Large Cap Core Equity Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

38

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/2019 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,025.60		6.02		1.18
	Hypothetical	(a)(b)		1,000.00		1,019.26		6.01		1.18
Class C Shares	Actual	(a)		1,000.00		1,021.40		9.68		1.90
	Hypothetical	(a)(b)		1,000.00		1,015.63		9.65		1.90
Class R6 Shares	Actual	(a)		1,000.00		1,026.00		4.19		0.82
	Hypothetical	(a)(b)		1,000.00		1,021.07		4.18		0.82
Institutional Service Class Shares	Actual	(a)		1,000.00		1,026.40		5.06		0.99
	Hypothetical	(a)(b)		1,000.00		1,020.21		5.04		0.99

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

39

Statement of Investments

October 31, 2019

Nationwide Diamond Hill Large Cap Concentrated Fund

Common Stocks 98.7%
	Shares		Value
Aerospace & Defense 4.8%
United Technologies Corp.		7,826	$	1,123,657
Auto Components 3.7%
BorgWarner, Inc.		20,852		869,111
Banks 8.0%
Citigroup, Inc.		26,115		1,876,624
Beverages 4.2%
PepsiCo, Inc.		7,189		986,115
Capital Markets 4.3%
KKR & Co., Inc., Class A		34,735		1,001,410
Consumer Finance 3.8%
Discover Financial Services		11,125		892,893
Diversified Financial Services 6.4%
Berkshire Hathaway, Inc., Class B*		6,973		1,482,320
Entertainment 4.8%
Walt Disney Co. (The)		8,650		1,123,808
Health Care Equipment & Supplies 7.9%
Abbott Laboratories		22,058		1,844,269
Household Durables 4.3%
NVR, Inc.*		275		1,000,062
Household Products 4.4%
Procter & Gamble Co. (The)		8,192		1,019,986
Insurance 11.1%
American International Group, Inc.		24,055		1,273,953
MetLife, Inc.		27,960		1,308,248
				2,582,201
Interactive Media & Services 10.4%
Alphabet, Inc., Class A*		1,104		1,389,715
Facebook, Inc., Class A*		5,358		1,026,861
				2,416,576
Oil, Gas & Consumable Fuels 2.0%
Chevron Corp.		3,990		463,399
Pharmaceuticals 4.0%
Pfizer, Inc.		24,567		942,636
Software 4.7%
Microsoft Corp.		7,625		1,093,196
Specialty Retail 4.8%
TJX Cos., Inc. (The)		19,313		1,113,395

Common Stocks (continued)
		Shares		Value
	Tobacco 5.1%
	Philip Morris International, Inc.		14,576	$	1,187,070
	Total Investments (cost $20,185,047) — 98.7%				23,018,728
	Other assets in excess of liabilities — 1.3%				297,904
	NET ASSETS — 100.0%			$	23,316,632

* Denotes a non-income producing security.

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

40

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Diamond Hill Large Cap Concentrated Fund
Assets:
Investment securities, at value (cost $20,185,047)	$	23,018,728
Cash		321,939
Interest and dividends receivable		13,656
Receivable for capital shares issued		5,947
Reimbursement from investment adviser (Note 3)		18,475
Prepaid expenses		24,375
Total Assets		23,403,120
Liabilities:
Payable for capital shares redeemed		19
Accrued expenses and other payables:
Investment advisory fees		11,710
Fund administration fees		14,307
Distribution fees		4,904
Administrative servicing fees		5,127
Accounting and transfer agent fees		4,044
Trustee fees		102
Custodian fees		451
Compliance program costs (Note 3)		32
Professional fees		24,405
Printing fees		15,313
Other		6,074
Total Liabilities		86,488
Net Assets	$	23,316,632
Represented by:
Capital	$	21,628,181
Total distributable earnings (loss)		1,688,451
Net Assets	$	23,316,632
Net Assets:
Class A Shares	$	18,152,635
Class C Shares		1,261,064
Class R6 Shares		791,203
Institutional Service Class Shares		3,111,730
Total	$	23,316,632
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,682,023
Class C Shares		209,410
Class R6 Shares		116,472
Institutional Service Class Shares		455,648
Total		3,463,553

41

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Diamond Hill Large Cap Concentrated Fund
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	6.77
Class C Shares (b)	$	6.02
Class R6 Shares	$	6.79
Institutional Service Class Shares	$	6.83
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.18
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.

(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.

42

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Diamond Hill Large Cap Concentrated Fund
INVESTMENT INCOME:
Dividend income	$	506,842
Interest income		10,203
Total Income		517,045
EXPENSES:
Investment advisory fees		149,396
Fund administration fees		88,195
Distribution fees Class A		45,717
Distribution fees Class C		20,059
Administrative servicing fees Class A		19,917
Administrative servicing fees Class C		1,605
Administrative servicing fees Institutional Service Class		5,634
Registration and filing fees		55,012
Professional fees		37,637
Printing fees		26,494
Trustee fees		896
Custodian fees		4,889
Accounting and transfer agent fees		14,708
Compliance program costs (Note 3)		94
Other		3,703
Total expenses before expenses reimbursed		473,956
Expenses reimbursed by adviser (Note 3)		(176,831	)
Net Expenses		297,125
NET INVESTMENT INCOME		219,920
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from transactions in investment securities		(1,024,682	)
Net change in unrealized appreciation/depreciation in the value of investment securities		3,097,260
Net realized/unrealized gains		2,072,578
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,292,498

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

43

Statements of Changes in Net Assets

	Nationwide Diamond Hill Large Cap Concentrated Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	219,920		$	510,962
Net realized gains (losses)		(1,024,682	)		19,762,298
Net change in unrealized appreciation/depreciation		3,097,260			(16,043,021	)
Net increase from payment by affiliated issuers (Note 3)		–			30,589
Change in net assets resulting from operations		2,292,498			4,260,828
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,269,428	)		(2,820,044	)
Class C		(1,078,138	)		(271,158	)
Class R6		(1,025,877	)		(3,822,874	)
Institutional Service Class		(1,828,465	)		(427,627	)
Change in net assets from shareholder distributions		(13,201,908	)		(7,341,703	)
Change in net assets from capital transactions		308,783			(36,369,686	)
Change in net assets		(10,600,627	)		(39,450,561	)
Net Assets:
Beginning of year		33,917,259			73,367,820
End of year	$	23,316,632		$	33,917,259
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	786,584		$	742,462
Proceeds from shares issued in class conversion (Note 1)		551,155			–
Dividends reinvested		9,085,573			2,786,745
Cost of shares redeemed		(10,786,232	)		(4,053,430	)
Total Class A Shares		(362,920	)		(524,223	)
Class C Shares
Proceeds from shares issued		235,190			212,798
Dividends reinvested		1,002,417			231,254
Cost of shares redeemed in class conversion (Note 1)		(551,155	)		–
Cost of shares redeemed		(580,724	)		(1,106,490	)
Total Class C Shares		105,728			(662,438	)
Class R6 Shares
Proceeds from shares issued		34,015			104,176
Dividends reinvested		955,989			3,168,677
Cost of shares redeemed		(1,493,817	)		(37,964,551	)
Total Class R6 Shares		(503,813	)		(34,691,698	)
Institutional Service Class Shares
Proceeds from shares issued		2,542,246			293,817
Dividends reinvested		1,828,465			384,473
Cost of shares redeemed		(3,300,923	)		(1,169,617	)
Total Institutional Service Class Shares		1,069,788			(491,327	)
Change in net assets from capital transactions	$	308,783		$	(36,369,686	)

44

Statements of Changes in Net Assets (Continued)

	Nationwide Diamond Hill Large Cap Concentrated Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		119,755			54,195
Issued in class conversion (Note 1)		85,716			–
Reinvested		1,620,112			203,118
Redeemed		(1,063,162	)		(292,645	)
Total Class A Shares		762,421			(35,332	)
Class C Shares
Issued		45,808			15,896
Reinvested		200,822			17,696
Redeemed in class conversion (Note 1)		(96,188	)		–
Redeemed		(98,621	)		(85,530	)
Total Class C Shares		51,821			(51,938	)
Class R6 Shares
Issued		4,519			7,405
Reinvested		169,921			230,277
Redeemed		(223,167	)		(2,721,515	)
Total Class R6 Shares		(48,727	)		(2,483,833	)
Institutional Service Class Shares
Issued		240,160			21,115
Reinvested		323,063			27,918
Redeemed		(368,061	)		(84,435	)
Total Institutional Service Class Shares		195,162			(35,402	)
Total change in shares		960,677			(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.

45

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 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
Year Ended October 31, 2019	$	13.59		0.06			0.10		0.16		(0.15	)		(6.83	)		(6.98	)	$	6.77		12.24	%	$	18,152,635		1.18	%		0.90	%		1.89	%		32.93	%
Year Ended October 31, 2018	$	14.36		0.11			0.58		0.69		(0.11	)		(1.35	)		(1.46	)	$	13.59		4.77	%(g)	$	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	%
Class C Shares
Year Ended October 31, 2019	$	12.91		0.01			0.02		0.03		(0.09	)		(6.83	)		(6.92	)	$	6.02		11.36	%	$	1,261,064		1.90	%		0.18	%		2.62	%		32.93	%
Year Ended October 31, 2018	$	13.73		0.01			0.56		0.57		(0.04	)		(1.35	)		(1.39	)	$	12.91		4.05	%(g)	$	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	%
Class R6 Shares (h)
Year Ended October 31, 2019	$	13.62		0.10			0.08		0.18		(0.18	)		(6.83	)		(7.01	)	$	6.79		12.58	%	$	791,203		0.82	%		1.33	%		1.51	%		32.93	%
Year Ended October 31, 2018	$	14.40		0.15			0.59		0.74		(0.17	)		(1.35	)		(1.52	)	$	13.62		5.12	%(g)	$	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	%
Institutional Service Class Shares
Year Ended October 31, 2019	$	13.64		0.07			0.11		0.18		(0.16	)		(6.83	)		(6.99	)	$	6.83		12.46	%	$	3,111,730		0.99	%		1.06	%		1.71	%		32.93	%
Year Ended October 31, 2018	$	14.41		0.14			0.58		0.72		(0.14	)		(1.35	)		(1.49	)	$	13.64		4.96	%(g)	$	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	%

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 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)

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

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

46

Fund Commentary Nationwide Dynamic U.S. Growth Fund

For the annual period ended October 31, 2019, the Nationwide Dynamic U.S. Growth Fund (Class R6) returned 19.38%* versus 14.33% for its benchmark, the S&P 500®Index (S&P 500). For broader comparison, the return for the Fund’s closest Morningstar® peer category, Large Blend (consisting of 1,396 funds as of October 31, 2019), was 12.45% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund produced a positive total return and outperformed the benchmark during the reporting period due to the Fund’s long Treasury bond and extended U.S. equity positions. U.S. Treasury yields fell significantly over the reporting period, helping the Bloomberg Barclays Long Treasury Index (Long Treasury Index) gain 27.60%. In January, Federal Reserve (Fed) Chair Powell suggested the Fed would be flexible and patient regarding future rate hikes and removed the language from its communication about “further increases” in rates, a marked change from his tone in late 2018. Treasuries rallied further after global central banks shifted to a dovish stance along with the Fed. Stubbornly low inflation and fears that ongoing trade tensions may cause further slowing in global growth also weighed on yields. The Fed cut interest rates by 25 basis points (bps) three times in 2019 (during July, September and October) to a range of 1.50% to 1.75%.

Despite increased volatility and bouts of risk aversion, the S&P 500 rose 14.33% for the reporting period. Equities overcame U.S.-China trade tensions and modestly slowing U.S. data as the Fed’s abrupt change in tone during early 2019 and subsequent tumbling interest rates kept risk appetite firm.

The Fund’s asset allocation was the main driver of the Fund’s performance. The Fund’s subadviser does not actively select individual securities. Rather, they employ an asset allocation model to best determine the proper allocation between stocks (S&P 500), bonds (Long Treasury Index), and cash. The model permits shorting and leverage.

The Fund had three allocation shifts during the reporting period. Early in December the target allocation was changed from 130% stocks and 20% bonds to approximately 120% stocks and 20% bonds. The key driver of the shift was the persistently higher levels of market volatility. Fund management incorporates market-based measures of volatility to determine the degree of uncertainty regarding fundamentals and macroeconomic conditions. Higher levels of non-transitory volatility can lead to a larger potential for negative surprises, which reduces the attractiveness of equities on the margin. Higher equity volatility also enhances the attractiveness of any negatively correlated hedging asset, all else being equal. Therefore, since Fund management continued to expect some degree of negative correlation between stocks and bonds, the bond allocation remained at 20%.

Early in January, the target allocation was changed from 120% stocks and 20% bonds to approximately 110% stocks and 20% bonds. The impetus for the change was largely the same as for the trade in December. Specifically, market volatility increased further due to growing fears of a sharp slowdown in both U.S. and global growth and ongoing uncertainty around trade tariffs. In addition to volatility, lower earnings expectations also factored into the reduced equity allocation as the Institutional Brokers’ Estimate System (IBES) earnings growth estimates for the S&P 500 declined marginally. This was the first earnings reduction we have seen in about a year, and though it was a modest reduction, analysts are typically slow to reduce estimates.

Finally, the strategy’s allocation was changed from 110% stocks and 20% bonds to approximately 110% stocks and 10% bonds during August. The steep rise in bond prices and flattening of the yield curve during 2019 prompted the move out of bonds. Decelerating economic momentum, falling inflation and a dovish turn from the Fed drove prices of long-term bonds significantly higher. Yields at the front end of the curve, meanwhile, have fallen less than long-term yields, leading to a compressed term

47

Fund Commentary (cont.) Nationwide Dynamic U.S. Growth Fund

premium. Long Treasuries are thus less attractive relative to cash, prompting a 10% reduction in the bond allocation.

Derivatives in the Fund are used to gain cost-effective equity and bond exposure, and to hedge tail risk. The Fund can employ equity and Treasury index funds, futures contracts on equity index and Treasury bonds, as well as options to gain the relevant market exposure. These highly liquid benchmark-based instruments are extremely effective and cost-efficient in gaining relevant stock or bond market exposure, and generally have minimal market impact.

The Fund continues to utilize long call options for equity exposure above 100% (currently 10%) and opportunistically for the bond exposure. Options are another line of defense in the event of steep market declines or spikes in volatility. They have the dual benefit of providing upside participation when the underlying asset rallies while reducing exposure when the asset falls.

Subadviser:

Mellon Investments Corporation

Portfolio Managers:

Vassilis Dagioglu; Joseph Miletich, CFA; and James H. Stavena

* High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities and fixed-income securities. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and are highly volatile). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. The Fund’s strategy may lead to above-average short-term volatility. Growth funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

48

Fund Overview Nationwide Dynamic U.S. Growth Fund

Asset Allocation¹

Common Stocks	77.3%
Short-Term Investments	15.0%
Purchased Options	1.3%
Futures Contracts	0.4%
Repurchase Agreements	0.1%
Other assets in excess of liabilities§	5.9%
	100.0%

Top Industries²

Software	5.5%
Banks	4.6%
IT Services	4.5%
Interactive Media & Services	4.1%
Technology Hardware, Storage & Peripherals	3.8%
Pharmaceuticals	3.6%
Semiconductors & Semiconductor Equipment	3.4%
Oil, Gas & Consumable Fuels	3.3%
Health Care Equipment & Supplies	2.9%
Internet & Direct Marketing Retail	2.9%
Other Industries#	61.4%
	100.0%

Top Holdings²

U.S. Treasury Bills, 1.93%, 12/05/2019	15.2%
Microsoft Corp.	3.6%
Apple, Inc.	3.5%
Amazon.com, Inc.	2.4%
Facebook, Inc., Class A	1.5%
Berkshire Hathaway, Inc., Class B	1.4%
JPMorgan Chase & Co.	1.3%
Alphabet, Inc., Class C	1.3%
Alphabet, Inc., Class A	1.2%
Johnson & Johnson	1.1%
Other Holdings#	67.5%
	100.0%

^§  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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

49

Fund Performance Nationwide Dynamic U.S. Growth Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		18.99%		12.00%		14.18%
	w/SC2		12.18%		10.69%		13.51%
Class C	w/o SC1		18.12%		11.10%		13.31%
	w/SC3		17.45%		N/A		N/A
Class R4,5			18.58%		11.68%		13.83%
Class R66,7	w/o SC1		19.38%		12.34%		14.51%
	w/SC8		N/A		N/A		13.98%
Eagle Class Shares			19.32%		N/A		7.81%	9
Institutional Service Class4			19.19%		12.14%		14.24%	10
S&P 500® Index			14.33%		10.78%		13.70%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective August 1, 2012, Class D Shares were renamed Institutional Class Shares.

⁷  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁸  A 4.50% front-end sales charge was deducted on Class D Shares through July 31, 2012. Effective August 1, 2012, the front-end sales charge was eliminated.

⁹  Since inception date of September 28, 2018.

¹⁰  Since inception date of November 30, 2011.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.16%		0.95%
Class C		1.97%		1.76%
Class R		1.61%		1.40%
Class R6		0.86%		0.65%
Eagle Class Shares		0.96%		0.75%
Institutional Service Class		1.01%		0.80%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

50

Fund Performance (cont.) Nationwide Dynamic U.S. Growth Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Dynamic U.S. Growth Fund versus the S&P 500® Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

51

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,067.30		4.59		0.88
	Hypothetical	(a)(b)		1,000.00		1,020.77		4.48		0.88
Class C Shares	Actual	(a)		1,000.00		1,062.90		8.53		1.64
	Hypothetical	(a)(b)		1,000.00		1,016.94		8.34		1.64
Class R Shares	Actual	(a)		1,000.00		1,065.60		6.51		1.25
	Hypothetical	(a)(b)		1,000.00		1,018.90		6.36		1.25
Class R6 Shares	Actual	(a)		1,000.00		1,068.80		3.02		0.58
	Hypothetical	(a)(b)		1,000.00		1,022.28		2.96		0.58
Eagle Class Shares	Actual	(a)		1,000.00		1,070.80		3.76		0.72
	Hypothetical	(a)(b)		1,000.00		1,021.58		3.67		0.72
Institutional Service Class Shares	Actual	(a)		1,000.00		1,068.60		3.65		0.70
	Hypothetical	(a)(b)		1,000.00		1,021.68		3.57		0.70

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Dynamic U.S. Growth Fund

Common Stocks 77.3%
	Shares		Value
Aerospace & Defense 2.0%
Arconic, Inc.		3,133	$	86,064
Boeing Co. (The)		4,386		1,490,845
General Dynamics Corp.		1,997		353,070
Huntington Ingalls Industries, Inc.		345		77,853
L3Harris Technologies, Inc.		1,836		378,785
Lockheed Martin Corp.		2,040		768,427
Northrop Grumman Corp.		1,303		459,281
Raytheon Co.		2,288		485,536
Textron, Inc.		1,866		86,004
TransDigm Group, Inc.		409		215,249
United Technologies Corp.		6,657		955,812
				5,356,926
Air Freight & Logistics 0.4%
CH Robinson Worldwide, Inc.		1,125		85,095
Expeditors International of Washington, Inc.		1,374		100,219
FedEx Corp.		1,974		301,351
United Parcel Service, Inc., Class B		5,734		660,385
				1,147,050
Airlines 0.3%
Alaska Air Group, Inc.		990		68,736
American Airlines Group, Inc.		3,293		98,987
Delta Air Lines, Inc.		4,762		262,291
Southwest Airlines Co.		3,945		221,433
United Airlines Holdings, Inc.*		1,786		162,240
				813,687
Auto Components 0.1%
Aptiv plc		2,071		185,458
BorgWarner, Inc.		1,661		69,231
				254,689
Automobiles 0.3%
Ford Motor Co.		32,241		276,950
General Motors Co.		10,273		381,745
Harley-Davidson, Inc.		1,228		47,781
				706,476
Banks 4.3%
Bank of America Corp.		68,724		2,148,999
BB&T Corp.		6,299		334,162
Citigroup, Inc.		18,537		1,332,069
Citizens Financial Group, Inc.		3,709		130,408
Comerica, Inc.		1,211		79,224
Fifth Third Bancorp		5,904		171,688
First Republic Bank		1,360		144,650
Huntington Bancshares, Inc.		8,388		118,522
JPMorgan Chase & Co.		26,226		3,276,152
KeyCorp		8,108		145,701
M&T Bank Corp.		1,102		172,496
People’s United Financial, Inc.		3,222		52,100
PNC Financial Services Group, Inc. (The)		3,657		536,482
Regions Financial Corp.		8,064		129,830
SunTrust Banks, Inc.		3,653		249,646
SVB Financial Group*		418		92,579
US Bancorp		11,775		671,411
Wells Fargo & Co.		32,896		1,698,420
Zions Bancorp NA		1,456		70,572
				11,555,111

Common Stocks (continued)
	Shares		Value
Beverages 1.5%
Brown-Forman Corp., Class B		1,470	$	96,314
Coca-Cola Co. (The)		31,574		1,718,573
Constellation Brands, Inc., Class A		1,376		261,894
Molson Coors Brewing Co., Class B		1,518		80,029
Monster Beverage Corp.*		3,188		178,943
PepsiCo, Inc.		11,472		1,573,614
				3,909,367
Biotechnology 1.8%
AbbVie, Inc.		12,135		965,339
Alexion Pharmaceuticals, Inc.*		1,848		194,779
Amgen, Inc.		4,923		1,049,830
Biogen, Inc.*		1,509		450,753
Celgene Corp.*		5,821		628,843
Gilead Sciences, Inc.		10,400		662,584
Incyte Corp.*		1,443		121,097
Regeneron Pharmaceuticals, Inc.*		658		201,532
Vertex Pharmaceuticals, Inc.*		2,113		413,049
				4,687,806
Building Products 0.2%
Allegion plc		748		86,798
AO Smith Corp.		1,160		57,629
Fortune Brands Home & Security, Inc.		1,160		69,658
Johnson Controls International plc		6,547		283,681
Masco Corp.		2,404		111,185
				608,951
Capital Markets 2.1%
Affiliated Managers Group, Inc.		400		31,952
Ameriprise Financial, Inc.		1,083		163,414
Bank of New York Mellon Corp. (The)		6,812		318,461
BlackRock, Inc.		965		445,540
Cboe Global Markets, Inc.		903		103,980
Charles Schwab Corp. (The)		9,563		389,310
CME Group, Inc.		2,941		605,111
E*TRADE Financial Corp.		1,920		80,237
Franklin Resources, Inc.		2,308		63,585
Goldman Sachs Group, Inc. (The)		2,647		564,817
Intercontinental Exchange, Inc.		4,605		434,343
Invesco Ltd.		3,029		50,948
MarketAxess Holdings, Inc.		310		114,263
Moody’s Corp.		1,338		295,283
Morgan Stanley		10,320		475,236
MSCI, Inc.		685		160,674
Nasdaq, Inc.		930		92,786
Northern Trust Corp.		1,771		176,533
Raymond James Financial, Inc.		1,010		84,325
S&P Global, Inc.		2,024		522,172
State Street Corp.		3,069		202,769
T. Rowe Price Group, Inc.		1,940		224,652
				5,600,391
Chemicals 1.5%
Air Products & Chemicals, Inc.		1,811		386,214
Albemarle Corp. (a)		890		54,058
Celanese Corp.		1,007		121,998
CF Industries Holdings, Inc.		1,819		82,492
Corteva, Inc.		6,052		159,652
Dow, Inc.		6,112		308,595

53

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
DuPont de Nemours, Inc.		6,127	$	403,830
Eastman Chemical Co.		1,141		86,762
Ecolab, Inc.		2,058		395,280
FMC Corp.		1,054		96,441
International Flavors & Fragrances, Inc. (a)		863		105,295
Linde plc		4,438		880,277
LyondellBasell Industries NV, Class A		2,134		191,420
Mosaic Co. (The)		2,976		59,163
PPG Industries, Inc.		1,945		243,358
Sherwin-Williams Co. (The)		675		386,316
				3,961,151
Commercial Services & Supplies 0.3%
Cintas Corp.		671		180,278
Copart, Inc.*		1,630		134,703
Republic Services, Inc.		1,711		149,730
Rollins, Inc.		1,159		44,169
Waste Management, Inc.		3,208		359,970
				868,850
Communications Equipment 0.8%
Arista Networks, Inc.*		440		107,611
Cisco Systems, Inc.		34,831		1,654,821
F5 Networks, Inc.*		486		70,023
Juniper Networks, Inc.		2,761		68,528
Motorola Solutions, Inc.		1,364		226,860
				2,127,843
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		1,094		102,376
Quanta Services, Inc.		1,198		50,376
				152,752
Construction Materials 0.1%
Martin Marietta Materials, Inc.		505		132,264
Vulcan Materials Co.		1,095		156,443
				288,707
Consumer Finance 0.5%
American Express Co.		5,587		655,243
Capital One Financial Corp.		3,867		360,598
Discover Financial Services		2,622		210,442
Synchrony Financial		4,951		175,117
				1,401,400
Containers & Packaging 0.3%
Amcor plc		13,128		124,978
Avery Dennison Corp.		681		87,073
Ball Corp.		2,710		189,619
International Paper Co.		3,220		140,650
Packaging Corp. of America		765		83,737
Sealed Air Corp.		1,290		53,883
Westrock Co.		2,078		77,655
				757,595
Distributors 0.1%
Genuine Parts Co.		1,181		121,147
LKQ Corp.*		2,516		85,519
				206,666

Common Stocks (continued)
	Shares		Value
Diversified Consumer Services 0.0%†
H&R Block, Inc.		1,699	$	42,458
Diversified Financial Services 1.3%
Berkshire Hathaway, Inc., Class B*		16,083		3,418,924
Diversified Telecommunication Services 1.7%
AT&T, Inc.		59,942		2,307,168
CenturyLink, Inc.		7,932		102,640
Verizon Communications, Inc.		33,930		2,051,747
				4,461,555
Electric Utilities 1.6%
Alliant Energy Corp.		1,920		102,413
American Electric Power Co., Inc.		4,059		383,129
Duke Energy Corp.		5,984		564,052
Edison International		2,950		185,555
Entergy Corp.		1,638		198,984
Evergy, Inc.		1,916		122,452
Eversource Energy		2,665		223,167
Exelon Corp.		7,987		363,329
FirstEnergy Corp.		4,447		214,879
NextEra Energy, Inc.		4,012		956,220
Pinnacle West Capital Corp.		896		84,331
PPL Corp.		5,950		199,265
Southern Co. (The)		8,586		537,999
Xcel Energy, Inc.		4,315		274,046
				4,409,821
Electrical Equipment 0.4%
AMETEK, Inc.		1,846		169,186
Eaton Corp. plc		3,455		300,965
Emerson Electric Co.		5,057		354,749
Rockwell Automation, Inc.		946		162,702
				987,602
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		2,448		245,608
CDW Corp.		1,199		153,364
Corning, Inc.		6,433		190,610
FLIR Systems, Inc.		1,096		56,510
IPG Photonics Corp.*		277		37,196
Keysight Technologies, Inc.*		1,553		156,713
TE Connectivity Ltd.		2,725		243,887
				1,083,888
Energy Equipment & Services 0.3%
Baker Hughes Co.		5,328		114,019
Halliburton Co.		7,079		136,271
Helmerich & Payne, Inc.		885		33,188
National Oilwell Varco, Inc.		3,062		69,262
Schlumberger Ltd.		11,367		371,587
TechnipFMC plc		3,504		69,134
				793,461
Entertainment 1.4%
Activision Blizzard, Inc.		6,307		353,381
Electronic Arts, Inc.*		2,427		233,963
Netflix, Inc.*		3,593		1,032,664
Take-Two Interactive Software, Inc.*		915		110,120

54

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment (continued)
Viacom, Inc., Class B		2,860	$	61,662
Walt Disney Co. (The)		14,778		1,919,958
				3,711,748
Equity Real Estate Investment Trusts (REITs) 2.4%
Alexandria Real Estate Equities, Inc.		917		145,574
American Tower Corp.		3,634		792,503
Apartment Investment & Management Co., Class A		1,235		67,777
AvalonBay Communities, Inc.		1,149		250,091
Boston Properties, Inc.		1,199		164,503
Crown Castle International Corp.		3,416		474,107
Digital Realty Trust, Inc.		1,715		217,874
Duke Realty Corp.		2,921		102,644
Equinix, Inc.		698		395,612
Equity Residential		2,869		254,366
Essex Property Trust, Inc.		531		173,706
Extra Space Storage, Inc.		1,039		116,648
Federal Realty Investment Trust		581		79,022
HCP, Inc.		3,969		149,314
Host Hotels & Resorts, Inc.		6,005		98,422
Iron Mountain, Inc.		2,373		77,834
Kimco Realty Corp.		3,352		72,269
Macerich Co. (The)		949		26,097
Mid-America Apartment Communities, Inc.		922		128,149
Prologis, Inc.		5,185		455,036
Public Storage		1,235		275,232
Realty Income Corp.		2,620		214,290
Regency Centers Corp.		1,354		91,043
SBA Communications Corp.		931		224,045
Simon Property Group, Inc.		2,532		381,522
SL Green Realty Corp.		652		54,507
UDR, Inc.		2,366		118,891
Ventas, Inc.		3,069		199,792
Vornado Realty Trust		1,351		88,666
Welltower, Inc.		3,334		302,360
Weyerhaeuser Co.		6,020		175,844
				6,367,740
Food & Staples Retailing 1.2%
Costco Wholesale Corp.		3,609		1,072,270
Kroger Co. (The)		6,456		159,076
Sysco Corp.		4,220		337,051
Walgreens Boots Alliance, Inc.		6,238		341,718
Walmart, Inc.		11,669		1,368,307
				3,278,422
Food Products 0.9%
Archer-Daniels-Midland Co.		4,501		189,222
Campbell Soup Co.		1,446		66,964
Conagra Brands, Inc.		3,932		106,360
General Mills, Inc.		4,967		252,622
Hershey Co. (The)		1,203		176,685
Hormel Foods Corp.		2,243		91,716
JM Smucker Co. (The)		922		97,437
Kellogg Co.		2,054		130,491
Kraft Heinz Co. (The)		5,028		162,555
Lamb Weston Holdings, Inc.		1,200		93,648
McCormick & Co., Inc. (Non-Voting)		995		159,886
Mondelez International, Inc., Class A		11,844		621,218

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Tyson Foods, Inc., Class A		2,382	$	197,206
				2,346,010
Gas Utilities 0.0%†
Atmos Energy Corp.		955		107,418
Health Care Equipment & Supplies 2.8%
Abbott Laboratories		14,504		1,212,679
ABIOMED, Inc.*		367		76,182
Align Technology, Inc.*		602		151,879
Baxter International, Inc.		4,199		322,063
Becton Dickinson and Co.		2,218		567,808
Boston Scientific Corp.*		11,445		477,257
Cooper Cos., Inc. (The)		401		116,691
Danaher Corp.		5,242		722,452
Dentsply Sirona, Inc.		1,813		99,316
Edwards Lifesciences Corp.*		1,709		407,391
Hologic, Inc.*		2,220		107,248
IDEXX Laboratories, Inc.*		696		198,367
Intuitive Surgical, Inc.*		947		523,644
Medtronic plc		11,011		1,199,098
ResMed, Inc.		1,161		171,735
Stryker Corp.		2,635		569,872
Teleflex, Inc.		374		129,931
Varian Medical Systems, Inc.*		736		88,916
Zimmer Biomet Holdings, Inc.		1,691		233,747
				7,376,276
Health Care Providers & Services 2.1%
AmerisourceBergen Corp.		1,265		108,006
Anthem, Inc.		2,102		565,606
Cardinal Health, Inc.		2,410		119,175
Centene Corp.*		3,342		177,393
Cigna Corp.		3,101		553,405
CVS Health Corp.		10,678		708,912
DaVita, Inc.*		877		51,392
HCA Healthcare, Inc.		2,188		292,186
Henry Schein, Inc.*		1,198		74,977
Humana, Inc.		1,111		326,856
Laboratory Corp. of America Holdings*		790		130,168
McKesson Corp.		1,522		202,426
Quest Diagnostics, Inc.		1,089		110,261
UnitedHealth Group, Inc.		7,775		1,964,743
Universal Health Services, Inc., Class B		651		89,486
WellCare Health Plans, Inc.*		407		120,716
				5,595,708
Health Care Technology 0.1%
Cerner Corp.		2,579		173,103
Hotels, Restaurants & Leisure 1.4%
Carnival Corp.		3,236		138,792
Chipotle Mexican Grill, Inc.*		206		160,301
Darden Restaurants, Inc.		993		111,484
Hilton Worldwide Holdings, Inc.		2,361		228,922
Las Vegas Sands Corp.		2,771		171,359
Marriott International, Inc., Class A		2,249		284,611
McDonald’s Corp.		6,232		1,225,834
MGM Resorts International		4,214		120,099

55

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Norwegian Cruise Line Holdings Ltd.*		1,743	$	88,475
Royal Caribbean Cruises Ltd.		1,389		151,165
Starbucks Corp.		9,826		830,887
Wynn Resorts Ltd.		783		95,009
Yum! Brands, Inc.		2,503		254,580
				3,861,518
Household Durables 0.3%
DR Horton, Inc.		2,789		146,060
Garmin Ltd.		1,167		109,406
Leggett & Platt, Inc.		1,063		54,532
Lennar Corp., Class A		2,357		140,477
Mohawk Industries, Inc.*		500		71,690
Newell Brands, Inc.		3,193		60,571
NVR, Inc.*		28		101,825
PulteGroup, Inc.		2,083		81,737
Whirlpool Corp.		507		77,125
				843,423
Household Products 1.4%
Church & Dwight Co., Inc.		1,997		139,670
Clorox Co. (The)		1,041		153,745
Colgate-Palmolive Co.		7,050		483,630
Kimberly-Clark Corp.		2,829		375,918
Procter & Gamble Co. (The)		20,529		2,556,066
				3,709,029
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		5,365		91,473
NRG Energy, Inc.		2,056		82,487
				173,960
Industrial Conglomerates 1.0%
3M Co.		4,723		779,248
General Electric Co.		71,665		715,217
Honeywell International, Inc.		5,905		1,019,970
Roper Technologies, Inc.		856		288,438
				2,802,873
Insurance 1.8%
Aflac, Inc.		6,088		323,638
Allstate Corp. (The)		2,680		285,206
American International Group, Inc.		7,151		378,717
Aon plc		1,939		374,537
Arthur J Gallagher & Co.		1,504		137,195
Assurant, Inc.		485		61,144
Chubb Ltd.		3,743		570,508
Cincinnati Financial Corp.		1,228		139,022
Everest Re Group Ltd.		327		84,068
Globe Life, Inc.		811		78,935
Hartford Financial Services Group, Inc. (The)		2,923		166,845
Lincoln National Corp.		1,618		91,385
Loews Corp.		2,136		104,664
Marsh & McLennan Cos., Inc.		4,161		431,163
MetLife, Inc.		6,855		320,745
Principal Financial Group, Inc.		2,096		111,884
Progressive Corp. (The)		4,807		335,048
Prudential Financial, Inc.		3,306		301,309
Travelers Cos., Inc. (The)		2,142		280,730

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Unum Group		1,631	$	44,918
Willis Towers Watson plc		1,043		194,937
				4,816,598
Interactive Media & Services 3.8%
Alphabet, Inc., Class A*		2,457		3,092,871
Alphabet, Inc., Class C*		2,479		3,123,813
Facebook, Inc., Class A*		19,732		3,781,638
TripAdvisor, Inc.*		894		36,118
Twitter, Inc.*		6,370		190,909
				10,225,349
Internet & Direct Marketing Retail 2.7%
Amazon.com, Inc.*		3,408		6,054,857
Booking Holdings, Inc.*		349		715,021
eBay, Inc.		6,415		226,129
Expedia Group, Inc.		1,158		158,252
				7,154,259
IT Services 4.2%
Accenture plc, Class A		5,230		969,747
Akamai Technologies, Inc.*		1,334		115,391
Alliance Data Systems Corp.		357		35,700
Automatic Data Processing, Inc.		3,564		578,188
Broadridge Financial Solutions, Inc.		938		117,456
Cognizant Technology Solutions Corp., Class A		4,544		276,911
DXC Technology Co.		2,084		57,664
Fidelity National Information Services, Inc.		5,037		663,675
Fiserv, Inc.*		4,690		497,797
FleetCor Technologies, Inc.*		713		209,779
Gartner, Inc.*		729		112,324
Global Payments, Inc.		2,466		417,198
International Business Machines Corp.		7,271		972,351
Jack Henry & Associates, Inc.		634		89,749
Leidos Holdings, Inc.		1,136		97,957
Mastercard, Inc., Class A		7,324		2,027,356
Paychex, Inc.		2,633		220,224
PayPal Holdings, Inc.*		9,658		1,005,398
VeriSign, Inc.*		842		159,997
Visa, Inc., Class A		14,166		2,533,731
Western Union Co. (The)		3,412		85,505
				11,244,098
Leisure Products 0.0%†
Hasbro, Inc.		949		92,347
Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.		2,501		189,451
Illumina, Inc.*		1,208		356,988
IQVIA Holdings, Inc.*		1,500		216,630
Mettler-Toledo International, Inc.*		204		143,808
PerkinElmer, Inc.		884		75,988
Thermo Fisher Scientific, Inc.		3,287		992,608
Waters Corp.*		540		114,275
				2,089,748

56

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery 1.3%
Caterpillar, Inc.		4,620	$	636,636
Cummins, Inc.		1,299		224,051
Deere & Co.		2,587		450,500
Dover Corp.		1,176		122,175
Flowserve Corp.		1,059		51,722
Fortive Corp.		2,387		164,703
IDEX Corp.		624		97,051
Illinois Tool Works, Inc.		2,419		407,795
Ingersoll-Rand plc		1,990		252,511
PACCAR, Inc.		2,852		216,923
Parker-Hannifin Corp.		1,058		194,132
Pentair plc		1,357		56,275
Snap-on, Inc.		444		72,225
Stanley Black & Decker, Inc.		1,227		185,682
Wabtec Corp.		1,499		103,986
Xylem, Inc.		1,455		111,584
				3,347,951
Media 1.1%
CBS Corp. (Non-Voting), Class B		2,714		97,813
Charter Communications, Inc., Class A*		1,329		621,786
Comcast Corp., Class A		37,211		1,667,797
Discovery, Inc., Class A*		1,276		34,395
Discovery, Inc., Class C*		2,796		70,571
DISH Network Corp., Class A*		1,944		66,835
Fox Corp., Class A		2,864		91,762
Fox Corp., Class B		1,341		41,893
Interpublic Group of Cos., Inc. (The)		3,132		68,121
News Corp., Class A		3,119		42,761
News Corp., Class B		898		12,680
Omnicom Group, Inc.		1,758		135,700
				2,952,114
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		11,726		115,149
Newmont Goldcorp Corp.		6,747		268,058
Nucor Corp.		2,449		131,879
				515,086
Multiline Retail 0.4%
Dollar General Corp.		2,114		338,959
Dollar Tree, Inc.*		1,948		215,059
Kohl’s Corp.		1,287		65,972
Macy’s, Inc.		2,490		37,749
Nordstrom, Inc. (a)		866		31,089
Target Corp.		4,198		448,808
				1,137,636
Multi-Utilities 0.9%
Ameren Corp.		2,010		156,177
CenterPoint Energy, Inc.		4,058		117,966
CMS Energy Corp.		2,294		146,633
Consolidated Edison, Inc.		2,734		252,129
Dominion Energy, Inc.		6,751		557,295
DTE Energy Co.		1,482		188,688
NiSource, Inc.		3,017		84,597
Public Service Enterprise Group, Inc.		4,161		263,433
Sempra Energy		2,257		326,159
WEC Energy Group, Inc.		2,597		245,157
				2,338,234

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels 3.0%
Apache Corp.		3,013	$	65,262
Cabot Oil & Gas Corp.		3,502		65,277
Chevron Corp.		15,575		1,808,880
Cimarex Energy Co.		796		33,607
Concho Resources, Inc.		1,625		109,720
ConocoPhillips		9,119		503,369
Devon Energy Corp.		3,294		66,802
Diamondback Energy, Inc.		1,317		112,946
EOG Resources, Inc.		4,772		330,747
Exxon Mobil Corp.		34,708		2,345,220
Hess Corp.		2,091		137,483
HollyFrontier Corp.		1,230		67,576
Kinder Morgan, Inc.		16,009		319,860
Marathon Oil Corp.		6,649		76,663
Marathon Petroleum Corp.		5,412		346,097
Noble Energy, Inc.		3,987		76,790
Occidental Petroleum Corp.		7,357		297,959
ONEOK, Inc.		3,399		237,352
Phillips 66		3,686		430,599
Pioneer Natural Resources Co.		1,351		166,200
Valero Energy Corp.		3,407		330,411
Williams Cos., Inc. (The)		9,979		222,631
				8,151,451
Personal Products 0.1%
Coty, Inc., Class A		2,553		29,845
Estee Lauder Cos., Inc. (The), Class A		1,819		338,825
				368,670
Pharmaceuticals 3.4%
Allergan plc		2,695		474,617
Bristol-Myers Squibb Co.		13,430		770,479
Eli Lilly & Co.		6,975		794,801
Johnson & Johnson		21,648		2,858,402
Merck & Co., Inc.		21,006		1,820,380
Mylan NV*		4,169		79,836
Perrigo Co. plc		1,099		58,269
Pfizer, Inc.		45,379		1,741,192
Zoetis, Inc.		3,923		501,830
				9,099,806
Professional Services 0.2%
Equifax, Inc.		977		133,566
IHS Markit Ltd.*		3,302		231,206
Nielsen Holdings plc		2,849		57,436
Robert Half International, Inc.		987		56,526
Verisk Analytics, Inc.		1,322		191,293
				670,027
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		2,718		145,549
Road & Rail 0.7%
CSX Corp.		6,558		460,830
JB Hunt Transport Services, Inc.		689		80,999
Kansas City Southern		813		114,454
Norfolk Southern Corp.		2,165		394,030
Union Pacific Corp.		5,782		956,690
				2,007,003

57

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment 3.2%
Advanced Micro Devices, Inc.*		8,929	$	302,961
Analog Devices, Inc.		3,038		323,942
Applied Materials, Inc.		7,592		411,942
Broadcom, Inc.		3,267		956,741
Intel Corp.		36,342		2,054,413
KLA Corp.		1,311		221,612
Lam Research Corp.		1,185		321,182
Maxim Integrated Products, Inc.		2,193		128,641
Microchip Technology, Inc.		1,924		181,414
Micron Technology, Inc.*		9,070		431,279
NVIDIA Corp.		4,999		1,004,899
Qorvo, Inc.*		983		79,485
QUALCOMM, Inc.		9,980		802,791
Skyworks Solutions, Inc.		1,409		128,304
Texas Instruments, Inc.		7,664		904,275
Xilinx, Inc.		2,042		185,291
				8,439,172
Software 5.2%
Adobe, Inc.*		3,984		1,107,273
ANSYS, Inc.*		680		149,702
Autodesk, Inc.*		1,807		266,280
Cadence Design Systems, Inc.*		2,264		147,952
Citrix Systems, Inc.		997		108,533
Fortinet, Inc.*		1,183		96,485
Intuit, Inc.		2,137		550,278
Microsoft Corp.		62,617		8,977,399
Oracle Corp.		18,180		990,628
salesforce.com, Inc.*		7,197		1,126,259
Symantec Corp.		4,770		109,138
Synopsys, Inc.*		1,215		164,936
				13,794,863
Specialty Retail 1.8%
Advance Auto Parts, Inc.		577		93,751
AutoZone, Inc.*		202		231,165
Best Buy Co., Inc.		1,875		134,681
CarMax, Inc.*		1,374		128,016
Gap, Inc. (The)		1,833		29,805
Home Depot, Inc. (The)		8,984		2,107,467
L Brands, Inc.		1,794		30,570
Lowe’s Cos., Inc.		6,337		707,272
O’Reilly Automotive, Inc.*		629		273,936
Ross Stores, Inc.		2,998		328,791
Tiffany & Co.		905		112,681
TJX Cos., Inc. (The)		9,929		572,407
Tractor Supply Co.		964		91,599
Ulta Beauty, Inc.*		476		110,979
				4,953,120
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc.		34,838		8,666,301
Hewlett Packard Enterprise Co.		10,763		176,621
HP, Inc.		12,205		212,001
NetApp, Inc.		1,918		107,178
Seagate Technology plc		1,993		115,654
Western Digital Corp.		2,393		123,598
Xerox Holdings Corp.		1,577		53,507
				9,454,860

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods 0.5%
Capri Holdings Ltd.*		1,205	$	37,439
Hanesbrands, Inc.		2,921		44,428
NIKE, Inc., Class B		10,275		920,126
PVH Corp.		622		54,214
Ralph Lauren Corp.		410		39,385
Tapestry, Inc.		2,320		59,995
Under Armour, Inc., Class A*		1,520		31,388
Under Armour, Inc., Class C*		1,570		29,045
VF Corp.		2,688		221,196
				1,437,216
Tobacco 0.6%
Altria Group, Inc.		15,338		686,989
Philip Morris International, Inc.		12,769		1,039,907
				1,726,896
Trading Companies & Distributors 0.1%
Fastenal Co.		4,634		166,546
United Rentals, Inc.*		622		83,080
WW Grainger, Inc.		364		112,418
				362,044
Water Utilities 0.1%
American Water Works Co., Inc.		1,460		179,974
Wireless Telecommunication Services 0.1%
T-Mobile US, Inc.*		2,603		215,164
Total Common Stocks (cost $186,029,911)				206,869,590
Purchased Options 1.3%
	Number of Contracts
Call Options 1.3%
Future Equity Index Options: 0.9%
S&P 500 E-Mini Index 12/20/2019 at USD 2,750.00, American Style Notional Amount: USD 15,187,800 Exchange Traded*		100		1,471,500
S&P 500 E-Mini Index 12/20/2019 at USD 2,850.00, American Style Notional Amount: USD 15,187,800 Exchange Traded*		100		1,008,500
Future Interest Rate Options: 0.4%
U.S. Treasury 30 Year Bond 11/22/2019 at USD 156.00, American Style Notional Amount: USD 20,900,000 Exchange Traded*		209		1,139,703
Total Purchased Options (cost $3,413,701)				3,619,703

58

Statement of Investments (Continued)

October 31, 2019

Nationwide Dynamic U.S. Growth Fund (Continued)

Short-Term Investments 15.0%
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (c)(d)		16,551	$	16,551
	Principal Amount
U.S. Treasury Obligation 15.0%
U.S. Treasury Bills,
1.93% 12/05/2019	$	38,155,000		38,101,208
1.77% 12/12/2019 (b)		1,960,000		1,956,713
Total U.S. Treasury Obligation (cost $40,041,769)				40,057,921
Total Short-Term Investment (cost $40,058,320)				40,074,472
Repurchase Agreements 0.1%
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $114,520, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $117,241. (c)(e)		114,514		114,514
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $56,530, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $57,868. (c)(e)		56,528		56,528
Total Repurchase Agreements (cost $171,042)				171,042
Total Investments (cost $229,672,974) — 93.7%				250,734,807
Other assets in excess of liabilities — 6.3%				16,891,854
NET ASSETS — 100.0%			$	267,626,661

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $181,509, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $16,551 and $171,042, respectively, a total value of $187,593.

(b) Security or a portion of the security was used to cover the margin requirement for futures contracts.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $187,593.

(d) Represents 7-day effective yield as of October 31, 2019.

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

REIT Real Estate Investment Trust

Currency:

USD United States Dollar

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		398		12/2019		USD		60,412,420		955,775
U.S. Treasury Long Bond		67		12/2019		USD		10,812,125		59,266
										1,015,041

Currency:

USD United States Dollar

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

59

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Dynamic U.S. Growth Fund
Assets:
Investment securities, at value* (cost $229,501,932)	$	250,563,765
Repurchase agreements, at value (cost $171,042)		171,042
Cash		16,977,697
Interest and dividends receivable		209,178
Securities lending income receivable		34
Receivable for capital shares issued		703,488
Reimbursement from investment adviser (Note 3)		36,519
Prepaid expenses		36,327
Total Assets		268,698,050
Liabilities:
Payable for capital shares redeemed		510,563
Payable for variation margin on futures contracts		119,526
Payable upon return of securities loaned (Note 2)		187,593
Accrued expenses and other payables:
Investment advisory fees		99,092
Fund administration fees		19,959
Distribution fees		13,223
Administrative servicing fees		8,595
Accounting and transfer agent fees		47,483
Trustee fees		1,088
Custodian fees		3,664
Compliance program costs (Note 3)		339
Professional fees		26,447
Printing fees		29,341
Other		4,476
Total Liabilities		1,071,389
Net Assets	$	267,626,661
Represented by:
Capital	$	227,826,794
Total distributable earnings (loss)		39,799,867
Net Assets	$	267,626,661
Net Assets:
Class A Shares	$	43,376,574
Class C Shares		5,277,086
Class R Shares		86,163
Class R6 Shares		185,332,637
Eagle Class Shares		5,425
Institutional Service Class Shares		33,548,776
Total	$	267,626,661
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,468,015
Class C Shares		842,052
Class R Shares		9,228
Class R6 Shares		17,652,582
Eagle Class Shares		512
Institutional Service Class Shares		3,172,307
Total		26,144,696

60

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Dynamic U.S. 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)	$	9.71
Class C Shares (b)	$	6.27
Class R Shares	$	9.34
Class R6 Shares	$	10.50
Eagle Class Shares	$	10.60
Institutional Service Class Shares	$	10.58
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.30
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $181,509 (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.

61

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Dynamic U.S. Growth Fund
INVESTMENT INCOME:
Dividend income	$	4,336,198
Interest income		1,034,396
Income from securities lending (Note 2)		2,779
Total Income		5,373,373
EXPENSES:
Investment advisory fees		1,288,902
Fund administration fees		138,960
Distribution fees Class A		89,769
Distribution fees Class C		45,220
Distribution fees Class R		384
Administrative servicing fees Class A		14,343
Administrative servicing fees Class C		3,394
Administrative servicing fees Class R		143
Administrative servicing fees Eagle Class		4
Administrative servicing fees Institutional Service Class		17,689
Registration and filing fees		93,546
Professional fees		97,721
Printing fees		48,942
Trustee fees		8,284
Custodian fees		10,368
Accounting and transfer agent fees		184,395
Compliance program costs (Note 3)		1,153
Other		7,571
Total expenses before expenses reimbursed		2,050,788
Expenses reimbursed by adviser (Note 3)		(472,116	)
Net Expenses		1,578,672
NET INVESTMENT INCOME		3,794,701
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		6,851,015
Expiration or closing of futures contracts (Note 2)		4,834,949
Net realized gains		11,685,964
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		19,512,523
Futures contracts (Note 2)		5,812,741
Net change in unrealized appreciation/depreciation		25,325,264
Net realized/unrealized gains		37,011,228
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,805,929

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

62

Statements of Changes in Net Assets

	Nationwide Dynamic U.S. Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	3,794,701		$	1,233,775
Net realized gains		11,685,964			68,847,547
Net change in unrealized appreciation/depreciation		25,325,264			(49,198,642	)
Change in net assets resulting from operations		40,805,929			20,882,680
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,253,574	)		(2,998,627	)
Class C		(1,742,162	)		(734,938	)
Class R		(22,922	)		(6,215	)
Class R6		(52,402,819	)		(16,474,497	)
Eagle Class		(1,393	)		–	(a)
Institutional Service Class		(3,489,236	)		(564,971	)
Change in net assets from shareholder distributions		(66,912,106	)		(20,779,248	)
Change in net assets from capital transactions		82,039,156			(1,300,045	)
Change in net assets		55,932,979			(1,196,613	)
Net Assets:
Beginning of year		211,693,682			212,890,295
End of year	$	267,626,661		$	211,693,682
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	13,872,212		$	3,503,473
Proceeds from shares issued in class conversion (Note 1)		72,705			–
Dividends reinvested		8,943,273			2,901,977
Cost of shares redeemed		(5,885,715	)		(7,429,109	)
Total Class A Shares		17,002,475			(1,023,659	)
Class C Shares
Proceeds from shares issued		2,119,494			213,130
Dividends reinvested		1,554,343			647,419
Cost of shares redeemed in class conversion (Note 1)		(72,705	)		–
Cost of shares redeemed		(1,658,649	)		(2,748,497	)
Total Class C Shares		1,942,483			(1,887,948	)
Class R Shares
Proceeds from shares issued		9,127			4,300
Dividends reinvested		22,267			6,041
Cost of shares redeemed		(5,229	)		(2,149	)
Total Class R Shares		26,165			8,192
Class R6 Shares
Proceeds from shares issued		5,266,191			3,407,810
Dividends reinvested		51,047,383			16,011,623
Cost of shares redeemed		(22,275,396	)		(17,343,449	)
Total Class R6 Shares		34,038,178			2,075,984
Eagle Class Shares
Proceeds from shares issued		–			5,000	(a)
Dividends reinvested		1,393			–	(a)
Cost of shares redeemed		–			–	(a)
Total Eagle Class Shares		1,393			5,000	(a)

63

Statements of Changes in Net Assets (Continued)

	Nationwide Dynamic U.S. Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	35,857,975		$	1,272,399
Dividends reinvested		1,825,053			558,886
Cost of shares redeemed		(8,654,566	)		(2,308,899	)
Total Institutional Service Class Shares		29,028,462			(477,614	)
Change in net assets from capital transactions	$	82,039,156		$	(1,300,045	)
SHARE TRANSACTIONS:
Class A Shares
Issued		1,595,526			281,651
Issued in class conversion (Note 1)		7,826			–
Reinvested		1,153,032			247,247
Redeemed		(646,107	)		(604,040	)
Total Class A Shares		2,110,277			(75,142	)
Class C Shares
Issued		367,943			21,884
Reinvested		309,461			71,617
Redeemed in class conversion (Note 1)		(12,117	)		–
Redeemed		(279,348	)		(290,204	)
Total Class C Shares		385,939			(196,703	)
Class R Shares
Issued		1,043			353
Reinvested		2,989			527
Redeemed		(575	)		(168	)
Total Class R Shares		3,457			712
Class R6 Shares
Issued		556,178			257,613
Reinvested		6,093,474			1,290,830
Redeemed		(2,237,586	)		(1,314,509	)
Total Class R6 Shares		4,412,066			233,934
Eagle Class Shares
Issued		–			347	(a)
Reinvested		165			–	(a)
Redeemed		–			–	(a)
Total Eagle Class Shares		165			347	(a)
Institutional Service Class Shares
Issued		3,463,305			95,560
Reinvested		214,802			44,898
Redeemed		(944,207	)		(174,530	)
Total Institutional Service Class Shares		2,733,900			(34,072	)
Total change in shares		9,645,804			(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.

64

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
Year Ended October 31, 2019	$	12.36		0.13			1.17			1.30			(0.12	)		(3.83	)		(3.95	)	$	9.71		18.99%		$	43,376,574		0.90%		1.43%			1.10%		4.49%
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%
Class C Shares
Year Ended October 31, 2019	$	9.46		0.04			0.67			0.71			(0.07	)		(3.83	)		(3.90	)	$	6.27		18.12%		$	5,277,086		1.69%		0.65%			1.89%		4.49%
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%
Class R Shares
Year Ended October 31, 2019	$	12.04		0.09			1.12			1.21			(0.08	)		(3.83	)		(3.91	)	$	9.34		18.58%		$	86,163		1.30%		1.04%			1.50%		4.49%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	13.02		0.17			1.29			1.46			(0.15	)		(3.83	)		(3.98	)	$	10.50		19.38%		$	185,332,637		0.61%		1.70%			0.82%		4.49%
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%
Eagle Class Shares
Year Ended October 31, 2019	$	13.09		0.16			1.32			1.48			(0.14	)		(3.83	)		(3.97	)	$	10.60		19.43%	(h)	$	5,425		0.76%		1.56%			0.96%		4.49%
Period Ended October 31, 2018 (i)	$	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
Year Ended October 31, 2019	$	13.09		0.19			1.27			1.46			(0.14	)		(3.83	)		(3.97	)	$	10.58		19.19%		$	33,548,776		0.72%		1.84%			0.91%		4.49%
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%

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) 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 October 1, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of October 1, 2018 through October 31, 2018.

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

65

Fund Commentary Nationwide Fund

For the annual period ended October 31, 2019, the Nationwide Fund (Institutional Service Class) returned 14.13%* versus 14.33% for its benchmark, the S&P 500® Index (S&P 500). For broader comparison, the return for the Fund’s closest Morningstar®peer category, Large Blend (consisting of 1,396 funds as of October 31, 2019), was 12.45% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

U.S. equities, as measured by the S&P 500, posted positive results over the reporting period. Toward the end of 2018, volatility was elevated as markets contended with a confluence of moderating growth, tighter liquidity and monetary policy, trade uncertainty, swelling fiscal deficits and political turmoil. The Federal Reserve (Fed) raised its benchmark interest rate by 0.25% in December 2018. During the first quarter of 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in Fed policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. The Fed left its benchmark interest rate unchanged during the quarter, signaling a more patient approach toward future policy-rate adjustments in response to slowing economic growth and muted inflation. By the summer of 2019, unresolved U.S. trade frictions with China, Mexico, Japan, and the European Union (EU) unsettled markets and raised concerns about the potential risks to U.S. economic growth from increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. In the third quarter of 2019, U.S. equities rose for the third consecutive quarter with the U.S. economy remaining resilient despite elevated geopolitical uncertainties and slowing global growth. U.S.-China trade relations were particularly volatile in the absence of meaningful compromises on key structural issues, and expectations for a protracted trade war and the potential for a longer-term decoupling of the world’s two largest economies eroded consumer and business confidence and curtailed capital spending. The Fed lowered its benchmark interest rate in July

and September by a combined 0.50% in an effort to sustain economic expansion and mitigate the risks of moderating growth and trade frictions. In the final month of the reporting period, the Fed lowered interest rates for a third time in 2019 by 0.25% and signaled its intention to pause further changes in policy. The United States and China made progress toward finalizing sections of a “phase one” trade agreement.

Performance Review

The Fund’s performance during the period was driven by strong stock selection in the Information Technology, Industrials and Materials sectors. This was partially offset by weak selection in the Consumer Staples, Consumer Discretionary and Utilities sectors.

Top contributors to relative Fund performance during the reporting period included Global Payments (Information Technology), American Tower (Real Estate) and Johnson & Johnson (Health Care). Global Payments, a payment technology company that helps merchants accept various payment types and improve business efficiency, was the top contributor during the period. The company reported a series of positive quarterly earnings results over the period, and also announced its acquisition of Total System Services. Investors are bullish on the combined entity’s large scale, competitive edge and earnings growth potential. Shares of American Tower, a U.S.-based telecom tower real estate investment trust (REIT), rose at the end of July after reporting solid second-quarter earnings driven by an increase in organic tenant billings growth in the United States and sustained momentum across international operations. Not holding Johnson & Johnson, a developer of medical devices, pharmaceuticals and consumer packaged goods, was a strong contributor to relative Fund performance. Shares were weak as concerns about lawsuits the company faces regarding its talc-based baby powder and its alleged role in the opioid crisis weighed on the stock.

Top detractors from relative Fund performance during the reporting period included TD Ameritrade (Financials), Apple (Information

66

Fund Commentary (cont.) Nationwide Fund

Technology) and Anthem (Health Care). TD Ameritrade, an online brokerage company, was the top detractor during the period. Shares fell sharply toward the end of the period, after market leader Charles Schwab announced plans to eliminate commissions on U.S. stocks, ETFs and options. The escalating price war among online brokerages directly affects TD Ameritrade, as a significant portion of its revenue comes from commissions and fees. The Fund’s underweight position in Apple detracted from relative Fund performance as shares of Apple rose after the company reporting second-quarter earnings that were above expectations. The company’s guidance was strong and beat expectations as iPhone results were not as bad as feared, services remained strong, and wearables surprised to the upside. Anthem, a U.S.-based managed healthcare company, detracted from relative Fund performance. Anthem shares declined as the company continued to face political headwinds. Recent quarterly results revealed some temporary weakness in Anthem’s Medicaid business across a small subset of states where a key spending metric known as medical-loss ratios has been higher than expected.

The portfolio utilized exchange-traded funds (ETFs) during the reporting period to equitize cash. The positions did not have a material impact on the portfolio during the period.

Subadviser:

Wellington Management Company LLP

Portfolio Managers:

Mary L. Pryshlak, CFA and Jonathan G. White, CFA

* High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities. The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). Funds using both a growth style and a value style of investing may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

67

Fund Overview Nationwide Fund

Asset Allocation¹

Common Stocks	98.7%
Exchange Traded Fund	0.9%
Repurchase Agreements	0.5%
Short-Term Investment	0.1%
Liabilities in excess of other assets	(0.2)%
	100.0%

Top Industries²

Software	6.8%
Interactive Media & Services	6.3%
Internet & Direct Marketing Retail	5.3%
Pharmaceuticals	5.1%
IT Services	4.9%
Oil, Gas & Consumable Fuels	4.1%
Semiconductors & Semiconductor Equipment	3.8%
Aerospace & Defense	3.8%
Health Care Equipment & Supplies	3.7%
Insurance	3.7%
Other Industries#	52.5%
	100.0%

Top Holdings²

Amazon.com, Inc.	4.4%
Alphabet, Inc., Class A	4.1%
Microsoft Corp.	4.0%
Bank of America Corp.	2.8%
Apple, Inc.	2.6%
Coca-Cola Co. (The)	2.2%
Procter & Gamble Co. (The)	2.2%
Facebook, Inc., Class A	2.1%
Verizon Communications, Inc.	1.8%
Comcast Corp., Class A	1.8%
Other Holdings#	72.0%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

68

Fund Performance Nationwide Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		13.91%		9.45%		11.98%
	w/SC2		7.37%		8.16%		11.32%
Class C	w/o SC1		12.99%		8.61%		11.16%
	w/SC3		12.11%		N/A		N/A
Class R4,5			13.30%		8.97%		11.55%
Class R6	w/o SC1		14.27%		N/A		9.63%	7
Institutional	w/o SC		14.13%		9.71%		12.24%
Service Class6	w/SC8		14.13%		9.71%		11.73%
S&P 500® Index			14.33%		10.78%		13.70%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were renamed Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective August 1, 2012, Class D Shares were renamed Institutional Service Class Shares.

⁷  Since inception date of April 10, 2018.

⁸  A 4.50% front-end sales charge was deducted on Class D Shares through July 31, 2012. Effective August 1, 2012, the front-end sales charge was eliminated.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.98%		0.94%
Class C		1.72%		1.68%
Class R		1.41%		1.37%
Class R6		0.73%		0.62%
Institutional Service Class		0.66%		0.69%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respesctive share class’ actual results.

69

Fund Performance (cont.) Nationwide Fund

Performance of a $50,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $50,000 invested in Institutional Service Class shares of the Nationwide Fund versus the S&P 500® Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expense, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

70

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 Fund October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,033.70		4.56		0.89
	Hypothetical	(a)(b)		1,000.00		1,020.72		4.53		0.89
Class C Shares	Actual	(a)		1,000.00		1,029.60		8.44		1.65
	Hypothetical	(a)(b)		1,000.00		1,016.89		8.39		1.65
Class R Shares	Actual	(a)		1,000.00		1,031.00		6.91		1.35
	Hypothetical	(a)(b)		1,000.00		1,018.40		6.87		1.35
Class R6 Shares	Actual	(a)		1,000.00		1,035.20		2.98		0.58
	Hypothetical	(a)(b)		1,000.00		1,022.28		2.96		0.58
Institutional Service Class Shares	Actual	(a)		1,000.00		1,034.80		3.44		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.83		3.41		0.67

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

71

Statement of Investments

October 31, 2019

Nationwide Fund

Common Stocks 98.7%
	Shares		Value
Aerospace & Defense 3.8%
Boeing Co. (The)		27,808	$	9,452,217
Lockheed Martin Corp.		35,374		13,324,678
United Technologies Corp.		111,120		15,954,610
				38,731,505
Air Freight & Logistics 0.3%
FedEx Corp.		20,956		3,199,143
Airlines 0.2%
Southwest Airlines Co.		29,012		1,628,444
Banks 2.8%
Bank of America Corp.		908,679		28,414,392
Beverages 2.2%
Coca-Cola Co. (The)		408,980		22,260,781
Biotechnology 1.2%
Alnylam Pharmaceuticals, Inc.*		9,507		824,637
Biogen, Inc.*		8,294		2,477,501
Incyte Corp.*		17,013		1,427,731
Regeneron Pharmaceuticals, Inc.*		2,109		645,944
Seattle Genetics, Inc.*		29,204		3,136,510
Vertex Pharmaceuticals, Inc.*		20,474		4,002,257
				12,514,580
Capital Markets 2.6%
Blackstone Group, Inc. (The), Class A		221,981		11,800,510
Raymond James Financial, Inc.		37,821		3,157,675
S&P Global, Inc.		19,150		4,940,509
TD Ameritrade Holding Corp.		163,348		6,269,296
				26,167,990
Chemicals 2.0%
Celanese Corp.		43,154		5,228,107
Dow, Inc.		40,332		2,036,363
FMC Corp.		49,709		4,548,374
Linde plc		22,331		4,429,354
PPG Industries, Inc.		35,062		4,386,957
				20,629,155
Construction & Engineering 0.2%
Jacobs Engineering Group, Inc.		24,748		2,315,918
Consumer Finance 0.5%
American Express Co.		46,575		5,462,316
Containers & Packaging 1.0%
Ball Corp.		66,306		4,639,431
Crown Holdings, Inc.*		43,238		3,149,456
International Paper Co.		57,346		2,504,873
				10,293,760
Diversified Financial Services 0.7%
Berkshire Hathaway, Inc., Class B*		34,346		7,301,273
Diversified Telecommunication Services 1.8%
Verizon Communications, Inc.		306,216		18,516,882

Common Stocks (continued)
	Shares		Value
Electric Utilities 2.2%
Duke Energy Corp.		52,275	$	4,927,442
Edison International		27,008		1,698,803
Exelon Corp.		266,469		12,121,675
PPL Corp.		112,027		3,751,784
				22,499,704
Electrical Equipment 0.7%
AMETEK, Inc.		13,627		1,248,914
Emerson Electric Co.		38,639		2,710,526
Rockwell Automation, Inc.		18,689		3,214,321
				7,173,761
Energy Equipment & Services 0.4%
Schlumberger Ltd.		121,984		3,987,657
Entertainment 2.0%
Electronic Arts, Inc.*		55,927		5,391,363
Liberty Media Corp-Liberty Formula One, Class C*		48,604		2,065,670
Netflix, Inc.*		18,844		5,415,954
Spotify Technology SA*		12,126		1,749,782
Take-Two Interactive Software, Inc.*		10,069		1,211,804
Walt Disney Co. (The)		36,943		4,799,634
				20,634,207
Equity Real Estate Investment Trusts (REITs) 3.2%
Alexandria Real Estate Equities, Inc.		34,646		5,500,052
American Tower Corp.		49,828		10,866,490
Equinix, Inc.		12,755		7,229,279
HCP, Inc.		107,264		4,035,272
Public Storage		20,092		4,477,703
				32,108,796
Food Products 1.3%
Mondelez International, Inc., Class A		251,558		13,194,217
Health Care Equipment & Supplies 3.8%
Abbott Laboratories		196,178		16,402,443
Baxter International, Inc.		78,651		6,032,532
Danaher Corp.		61,408		8,463,250
Edwards Lifesciences Corp.*		30,511		7,273,212
				38,171,437
Health Care Providers & Services 2.6%
Anthem, Inc.		58,983		15,871,146
HCA Healthcare, Inc.		44,457		5,936,788
UnitedHealth Group, Inc.		18,819		4,755,561
				26,563,495
Hotels, Restaurants & Leisure 1.6%
Marriott International, Inc., Class A		29,494		3,732,466
McDonald’s Corp.		52,298		10,287,016
MGM Resorts International		73,246		2,087,511
				16,106,993
Household Durables 2.0%
DR Horton, Inc.		137,348		7,192,915
Lennar Corp., Class A		221,183		13,182,507
				20,375,422

72

Statement of Investments (Continued)

October 31, 2019

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Value
Household Products 2.2%
Procter & Gamble Co. (The)		178,043	$	22,168,134
Independent Power and Renewable Electricity Producers 0.8%
NRG Energy, Inc.		212,060		8,507,847
Industrial Conglomerates 0.2%
3M Co.		2,002		330,310
General Electric Co.		200,923		2,005,211
				2,335,521
Insurance 3.7%
American International Group, Inc.		167,801		8,886,741
Athene Holding Ltd., Class A*		126,402		5,479,527
Hartford Financial Services Group, Inc. (The)		114,087		6,512,086
Marsh & McLennan Cos., Inc.		77,637		8,044,746
Progressive Corp. (The)		46,820		3,263,354
Prudential Financial, Inc.		58,676		5,347,730
				37,534,184
Interactive Media & Services 6.3%
Alphabet, Inc., Class A*		33,012		41,555,506
Facebook, Inc., Class A*		114,577		21,958,682
Pinterest, Inc., Class A*		34,575		869,215
				64,383,403
Internet & Direct Marketing Retail 5.3%
Amazon.com, Inc.*		25,587		45,459,399
Expedia Group, Inc.		60,448		8,260,824
				53,720,223
IT Services 4.9%
FleetCor Technologies, Inc.*		28,864		8,492,366
Global Payments, Inc.		89,735		15,181,368
GoDaddy, Inc., Class A*		79,410		5,164,032
PayPal Holdings, Inc.*		58,761		6,117,020
Visa, Inc., Class A		86,179		15,413,976
				50,368,762
Life Sciences Tools & Services 1.2%
Thermo Fisher Scientific, Inc.		38,563		11,645,255
Machinery 2.5%
Caterpillar, Inc.		8,242		1,135,748
Dover Corp.		21,162		2,198,520
Fortive Corp.		79,118		5,459,142
Illinois Tool Works, Inc.		20,150		3,396,887
Ingersoll-Rand plc		47,906		6,078,792
PACCAR, Inc.		60,986		4,638,595
Wabtec Corp.		43,321		3,005,178
				25,912,862
Media 2.6%
Charter Communications, Inc., Class A*		17,934		8,390,601
Comcast Corp., Class A		412,092		18,469,964
				26,860,565
Metals & Mining 0.1%
Nucor Corp.		15,707		845,822

Common Stocks (continued)
	Shares		Value
Multi-Utilities 1.3%
National Grid plc, ADR-UK		38,567	$	2,251,156
Sempra Energy		76,082		10,994,610
				13,245,766
Oil, Gas & Consumable Fuels 4.1%
BP plc, ADR-UK		66,979		2,539,174
Chevron Corp.		58,493		6,793,377
Concho Resources, Inc.		18,007		1,215,832
Diamondback Energy, Inc.		22,518		1,931,144
Encana Corp.		431,956		1,697,587
Exxon Mobil Corp.		193,572		13,079,660
Marathon Petroleum Corp.		95,506		6,107,609
Noble Energy, Inc.		107,277		2,066,155
Pioneer Natural Resources Co.		11,948		1,469,843
TC Energy Corp.		96,571		4,860,418
				41,760,799
Pharmaceuticals 5.1%
AstraZeneca plc, ADR-UK		337,154		16,530,661
Bristol-Myers Squibb Co.		212,243		12,176,381
Elanco Animal Health, Inc.*		38,552		1,041,675
Eli Lilly & Co.		61,188		6,972,372
Pfizer, Inc.		406,835		15,610,259
				52,331,348
Professional Services 1.2%
Equifax, Inc.		19,684		2,691,000
IHS Markit Ltd.*		138,510		9,698,470
				12,389,470
Road & Rail 1.7%
JB Hunt Transport Services, Inc.		21,408		2,516,724
Norfolk Southern Corp.		55,170		10,040,940
Uber Technologies, Inc.* (a)		146,986		4,630,059
				17,187,723
Semiconductors & Semiconductor Equipment 3.8%
Advanced Micro Devices, Inc.*		250,417		8,496,649
Intel Corp.		73,188		4,137,318
KLA Corp.		29,646		5,011,360
Marvell Technology Group Ltd.		175,109		4,270,908
Micron Technology, Inc.*		125,583		5,971,472
Taiwan Semiconductor Manufacturing Co. Ltd., ADR-TW		72,699		3,753,449
Texas Instruments, Inc.		62,966		7,429,358
				39,070,514
Software 6.8%
Adobe, Inc.*		13,722		3,813,756
Microsoft Corp.		288,352		41,341,026
salesforce.com, Inc.*		46,813		7,325,766
ServiceNow, Inc.*		6,417		1,586,668
Slack Technologies, Inc., Class A* (a)		36,396		800,712
Splunk, Inc.*		11,266		1,351,469
SS&C Technologies Holdings, Inc.		203,734		10,596,205
Workday, Inc., Class A*		17,735		2,875,908
				69,691,510

73

Statement of Investments (Continued)

October 31, 2019

Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail 2.8%
Lowe’s Cos., Inc.		119,145	$	13,297,774
TJX Cos., Inc. (The)		271,054		15,626,263
				28,924,037
Technology Hardware, Storage & Peripherals 3.0%
Apple, Inc.		104,942		26,105,372
Western Digital Corp.		86,518		4,468,655
				30,574,027
Total Common Stocks (cost $856,117,498)			1,007,709,600
Exchange Traded Fund 0.9%
Equity Fund 0.9%
SPDR S&P 500 ETF Trust		29,107		8,829,026
Total Exchange Traded Fund (cost $8,640,404)				8,829,026
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		514,647		514,647
Total Short-Term Investment (cost $514,647)				514,647
Repurchase Agreements 0.5%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $3,560,891, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $3,645,518. (c)(d)	$	3,560,722		3,560,722
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $1,757,763, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $1,799,348. (c)(d)		1,757,681		1,757,681
Total Repurchase Agreements (cost $5,318,403)				5,318,403
Total Investments (cost $870,590,952) — 100.2%				1,022,371,676
Liabilities in excess of other assets — (0.2)%				(1,899,568	)
NET ASSETS — 100.0%			$	1,020,472,108

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $5,337,220, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $514,647 and $5,318,403, respectively, a total value of $5,833,050.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $5,833,050.

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

ADR American Depositary Receipt

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

TW Taiwan

UK United Kingdom

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

74

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Fund
Assets:
Investment securities, at value* (cost $865,272,549)	$	1,017,053,273
Repurchase agreements, at value (cost $5,318,403)		5,318,403
Cash		5,716,532
Interest and dividends receivable		766,343
Securities lending income receivable		22,368
Receivable for investments sold		322,827
Receivable for capital shares issued		88,624
Reclaims receivable		81
Prepaid expenses		32,150
Total Assets		1,029,320,601
Liabilities:
Payable for investments purchased		1,870,694
Payable for capital shares redeemed		285,606
Payable upon return of securities loaned (Note 2)		5,833,050
Accrued expenses and other payables:
Investment advisory fees		417,966
Fund administration fees		39,473
Distribution fees		33,316
Administrative servicing fees		138,602
Accounting and transfer agent fees		97,549
Trustee fees		4,298
Custodian fees		14,427
Compliance program costs (Note 3)		1,396
Professional fees		37,950
Printing fees		60,881
Recoupment fees (Note 3)		4,356
Other		8,929
Total Liabilities		8,848,493
Net Assets	$	1,020,472,108
Represented by:
Capital	$	849,288,287
Total distributable earnings (loss)		171,183,821
Net Assets	$	1,020,472,108
Net Assets:
Class A Shares	$	153,344,474
Class C Shares		1,475,137
Class R Shares		7,432
Class R6 Shares		5,774
Institutional Service Class Shares		865,639,291
Total	$	1,020,472,108
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		6,747,764
Class C Shares		71,804
Class R Shares		337
Class R6 Shares		260
Institutional Service Class Shares		38,977,448
Total		45,797,613

75

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	22.73
Class C Shares (b)	$	20.54
Class R Shares	$	22.05
Class R6 Shares	$	22.21
Institutional Service Class Shares	$	22.21
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	24.12
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $5,337,220 (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.

76

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Fund
INVESTMENT INCOME:
Dividend income	$	16,770,668
Interest income		97,891
Income from securities lending (Note 2)		44,052
Foreign tax withholding		(78,458	)
Total Income		16,834,153
EXPENSES:
Investment advisory fees		5,317,300
Fund administration fees		333,386
Distribution fees Class A		370,171
Distribution fees Class C		28,609
Distribution fees Class R		195
Administrative servicing fees Class A		84,630
Administrative servicing fees Class C		1,716
Administrative servicing fees Class R		98
Administrative servicing fees Institutional Service Class		651,179
Registration and filing fees		76,138
Professional fees		73,409
Printing fees		48,305
Trustee fees		36,145
Custodian fees		48,274
Accounting and transfer agent fees		377,537
Compliance program costs (Note 3)		4,866
Recoupment fees (Note 3)		4,356
Other		26,858
Total expenses before fees waived		7,483,172
Investment advisory fees waived (Note 3)		(449,314	)
Net Expenses		7,033,858
NET INVESTMENT INCOME		9,800,295
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities (Note 10)		21,703,102
Foreign currency transactions (Note 2)		(2,510	)
Net realized gains		21,700,592
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		99,940,891
Translation of assets and liabilities denominated in foreign currencies		2,758
Net change in unrealized appreciation/depreciation		99,943,649
Net realized/unrealized gains		121,644,241
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	131,444,536

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

77

Statements of Changes in Net Assets

	Nationwide Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	9,800,295		$	9,812,126
Net realized gains		21,700,592			188,390,178
Net change in unrealized appreciation/depreciation		99,943,649			(153,037,955	)
Change in net assets resulting from operations		131,444,536			45,164,349
Distributions to Shareholders From:
Distributable earnings:
Class A		(28,614,394	)		(13,991,482	)
Class C		(642,159	)		(330,751	)
Class R		(11,565	)		(5,417	)
Class R6		(1,023	)		(29	)(a)
Institutional Service Class		(168,576,285	)		(84,222,401	)
Change in net assets from shareholder distributions		(197,845,426	)		(98,550,080	)
Change in net assets from capital transactions		80,548,221			32,390,235
Change in net assets		14,147,331			(20,995,496	)
Net Assets:
Beginning of year		1,006,324,777			1,027,320,273
End of year	$	1,020,472,108		$	1,006,324,777
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,006,945		$	4,463,610
Proceeds from shares issued in class conversion (Note 1)		670,724			–
Dividends reinvested		28,190,935			13,799,886
Cost of shares redeemed		(19,156,155	)		(18,565,528	)
Total Class A Shares		14,712,449			(302,032	)
Class C Shares
Proceeds from shares issued		223,512			162,975
Dividends reinvested		568,694			297,330
Cost of shares redeemed in class conversion (Note 1)		(670,724	)		–
Cost of shares redeemed		(1,354,232	)		(935,586	)
Total Class C Shares		(1,232,750	)		(475,281	)
Class R Shares
Proceeds from shares issued		6,815			1,864
Dividends reinvested		11,565			5,417
Cost of shares redeemed		(61,794	)		(5,252	)
Total Class R Shares		(43,414	)		2,029
Class R6 Shares
Proceeds from shares issued		–			4,997	(a)
Dividends reinvested		1,023			29	(a)
Cost of shares redeemed		–			–	(a)
Total Class R6 Shares		1,023			5,026	(a)
Institutional Service Class Shares
Proceeds from shares issued		19,457,837			48,479,805
Dividends reinvested		161,996,145			80,418,799
Cost of shares redeemed		(114,343,069	)		(95,738,111	)
Total Institutional Service Class Shares		67,110,913			33,160,493
Change in net assets from capital transactions	$	80,548,221		$	32,390,235

78

Statements of Changes in Net Assets (Continued)

	Nationwide Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		233,157			170,712
Issued in class conversion (Note 1)		30,866			–
Reinvested		1,486,366			546,024
Redeemed		(901,247	)		(715,642	)
Total Class A Shares		849,142			1,094
Class C Shares
Issued		11,208			6,363
Reinvested		33,208			12,705
Redeemed in class conversion (Note 1)		(34,116	)		–
Redeemed		(69,385	)		(39,761	)
Total Class C Shares		(59,085	)		(20,693	)
Class R Shares
Issued		330			73
Reinvested		629			219
Redeemed		(3,027	)		(212	)
Total Class R Shares		(2,068	)		80
Class R6 Shares
Issued		–			204	(a)
Reinvested		55			1	(a)
Redeemed		–			–	(a)
Total Class R6 Shares		55			205	(a)
Institutional Service Class Shares
Issued		926,267			1,874,752
Reinvested		8,731,208			3,231,843
Redeemed		(5,330,832	)		(3,723,589	)
Total Institutional Service Class Shares		4,326,643			1,383,006
Total change in shares		5,114,687			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.

79

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
Year Ended October 31, 2019	$	25.12		0.17			2.31		2.48		(0.16	)		(4.71	)		(4.87	)	$	22.73		13.91%		$	153,344,474		0.90%		0.78%			0.95%		53.33%
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%	(h)
Class C Shares
Year Ended October 31, 2019	$	23.24		0.01			2.04		2.05		(0.04	)		(4.71	)		(4.75	)	$	20.54		12.99%		$	1,475,137		1.65%		0.07%			1.70%		53.33%
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%	(h)
Class R Shares
Year Ended October 31, 2019	$	24.55		0.09			2.19		2.28		(0.07	)		(4.71	)		(4.78	)	$	22.05		13.30%		$	7,432		1.35%		0.45%			1.39%		53.33%
Year Ended October 31, 2018	$	25.92		0.09			0.85		0.94		(0.13	)		(2.18	)		(2.31	)	$	24.55		3.60%	(g)	$	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%	(g)	$	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%	(h)
Class R6 Shares
Year Ended October 31, 2019	$	24.67		0.23			2.25		2.48		(0.23	)		(4.71	)		(4.94	)	$	22.21		14.27%		$	5,774		0.58%		1.08%			0.65%		53.33%
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
Year Ended October 31, 2019	$	24.68		0.22			2.24		2.46		(0.22	)		(4.71	)		(4.93	)	$	22.21		14.13%		$	865,639,291		0.67%		1.02%			0.71%		53.33%
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%	(h)

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) Excludes merger activity.

(i) 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 integral part of these financial statements.

80

Fund Commentary Nationwide Geneva Mid Cap Growth Fund

For the annual period ended October 31, 2019, the Nationwide Geneva Mid Cap Growth Fund (Class A at NAV) returned 15.19%* versus 18.93% for its benchmark, the Russell Midcap® Growth Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Mid-Cap Growth (consisting of 619 funds as of October 31, 2019), was 13.71% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

While the market backdrop was volatile during the 12-month reporting period, the performance of the Russell Midcap Growth Index was very strong, driven by the large weighting to technology (nearly one-third of the index) and the strong performance of these companies. There was certainly volatility during the reporting period, fueled by the erratic nature of the U.S.-China trade discussions, an ominous cloud of headlines surrounding the Trump administration and a slowing economy. In retrospect, we should not be entirely surprised with the decelerating economic growth rates we are witnessing, as the markets are typically forward looking and the correction in the fourth quarter of 2018 portended the slowdown. In fact, this is the third such slowdown (the others were 2015–2016 and 2011–2012) since the commencement of this expansionary period, which is now the longest in modern history. Soft periods should not be feared but rather welcomed, as they are beneficial to remove some of the excess, which builds during bull markets. We have seen a healthy correction in some of the high-multiple stocks and have witnessed some of the value-oriented companies exhibit some strength. Quality metrics were mixed during the reporting period and different parts of the market experienced more of a quality rotation than others. Broadly speaking, the overall market favored quality, as high-quality companies (those rated B+ or better) returned 13.51% versus 1.37% for low-quality companies (those rated B or worse). At the index level the story was more muddled. In the Russell Midcap Growth Index, we observed high return on equity and low debt-to-cap companies outperforming, signaling a bias toward high quality, but offsetting this was the outperformance of low-growth stocks.

For the one-year period ended October 31, 2019, the Fund underperformed its benchmark by 3.74%. At the sector level, the top detractors from Fund performance during the reporting period were Technology, Financial Services and Consumer Discretionary, registering -1.41%, -1.31% and -0.88%, respectively. The top detracting stocks for the period were Abiomed, Grand Canyon Education and Ligand Pharmaceuticals, registering -0.79%, -0.63% and -0.61%, respectively. Abiomed develops, manufactures and markets cardiovascular products, and shares of the company were weak during the reporting period as the company experienced slowing growth and increased investments in sales and marketing. During the third quarter, shares of Abiomed were down over 30% as it was the second quarter in a row in which the company missed revenue expectations. Management cut the 2020 outlook and continues to work through execution-related issues; until the company is able to reaccelerate growth and the newly hired sales staff fully ramps up, the company is likely to continue to trade at a depressed multiple. Sentiment in the healthcare space also has been affected by the 2020 U.S. presidential race and the possible implementation of the medical device tax. We continue to believe in the long-term story and believe the recent weakness will be temporary as management works through its issues and the Abiomed products become more widely adopted. Grand Canyon Education provides online post-secondary education services. Shares of this company also have been affected by the 2020 presidential race. During the most recent quarter, the company reported earnings per share (EPS) solidly above expectations, but the weakness can be explained by the negative sentiment surrounding the space, specifically fears around potential risks involving for-profit education if the democrats were to take over the White House. Ligand Pharmaceuticals shares were down meaningfully during the reporting period, although a relatively small position size helped to mitigate the impact; during the period, the company reported disappointing results, but near-term results seem to be more in line with expectations. The company sold off its Promacta asset for $827 million in cash in early 2019. The company is

81

Fund Commentary (cont.) Nationwide Geneva Mid Cap Growth Fund

currently using that cash for share buybacks and strategic mergers and acquisitions (M&A). The company’s OmniAB platform remains the next significant catalyst for the company, but timing on that event seems to be a couple of years out and investors are looking for the company to use the aforementioned cash for strategic M&A.

Contributing to Fund performance during the reporting period were holdings in Producer Durables, Health Care and Energy, returning 1.18%, 0.31% and 0.29%, respectively. The top-performing securities for the period were Copart, CoStar Group and POOLCORP, returning 1.30%, 1.11% and 0.80%, respectively. Copart provides vehicle suppliers with a variety of services to process and sell salvage vehicles through auctions. Shares of the company steadily climbed higher throughout the reporting period as the company executed on its strategy. During this most recent quarter, the company reported a very strong quarter, including upside across all key metrics. Momentum in the business remains extremely healthy and the company continues to invest for the long term (it aggressively has been buying land/leases) to capitalize on what management views as sustained strong secular growth tailwinds. Much like Copart, shares of CoStar Group slowly and steadily rose throughout the reporting period. The company provides building-specific information to the U.S. commercial real estate industry and related industries. Most recently, CoStar Group reported another strong quarter of growth that exceeded expectations; revenue, margins and earnings came in ahead of estimates and, based on first-half performance, the full-year guidance should prove to be conservative. Lastly, POOLCORP rounded out the top three contributors to Fund performance for the reporting period. The company is a wholesale distributor of swimming pool supplies, equipment and related products. POOLCORP is the largest player in what is an extremely fragmented market; the company continues to take market share and grow sales at a high single-digit rate while expanding margins and buying back shares. This leads to high-teens earnings-per-share growth and makes the company a very consistent performer. During the most recent quarter, the company beat on both the top and bottom lines and provided an upbeat

outlook. Strong management execution and strength across markets and product categories drove the company’s strong performance.

The Fund did not invest in derivatives during the reporting period.

Subadviser:

Geneva Capital Management LLC

Portfolio Managers:

José Muñoz, CFA; William A. Priebe, CFA; and William S. Priebe

* High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities (including mid-sized companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. Growth funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

82

Fund Overview Nationwide Geneva Mid Cap Growth Fund

Asset Allocation¹

Common Stocks	96.5%
Repurchase Agreements	0.5%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	3.0%
	100.0%

Top Industries²

Health Care Equipment & Supplies	15.3%
Software	14.7%
IT Services	11.9%
Electronic Equipment, Instruments & Components	7.4%
Specialty Retail	6.4%
Professional Services	6.2%
Capital Markets	4.6%
Machinery	4.4%
Commercial Services & Supplies	3.4%
Banks	2.9%
Other Industries#	22.8%
	100.0%

Top Holdings²

CoStar Group, Inc.	3.5%
Copart, Inc.	3.4%
Fiserv, Inc.	3.3%
Intuit, Inc.	3.2%
Tyler Technologies, Inc.	3.1%
IDEXX Laboratories, Inc.	3.1%
Amphenol Corp., Class A	2.9%
Broadridge Financial Solutions, Inc.	2.8%
O’Reilly Automotive, Inc.	2.8%
ANSYS, Inc.	2.7%
Other Holdings#	69.2%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

83

Fund Performance Nationwide Geneva Mid Cap Growth Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		15.19%		9.85%		12.81%
	w/SC3		8.55%		8.56%		12.17%
Class C1	w/o SC2		14.34%		9.04%		12.05%
	w/SC4		13.34%		N/A		N/A
Class R65,6			15.60%		10.26%		9.66%	7
Institutional Service Class1,5,8			15.49%		10.11%		13.09%
Russell Midcap® Growth Index			18.93%		10.92%		14.76%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.14%
Class C		1.88%
Class R6		0.78%
Institutional Service Class		0.93%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

84

Fund Performance (cont.) Nationwide Geneva Mid Cap Growth Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Geneva Mid Cap Growth Fund versus the Russell Midcap® Growth Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Geneva Mid Cap Growth Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

85

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,010.70		5.98		1.18
	Hypothetical	(a)(b)		1,000.00		1,019.26		6.01		1.18
Class C Shares	Actual	(a)		1,000.00		1,006.40		9.71		1.92
	Hypothetical	(a)(b)		1,000.00		1,015.53		9.75		1.92
Class R6 Shares	Actual	(a)		1,000.00		1,012.30		4.16		0.82
	Hypothetical	(a)(b)		1,000.00		1,021.07		4.18		0.82
Institutional Service Class Shares	Actual	(a)		1,000.00		1,011.50		4.92		0.97
	Hypothetical	(a)(b)		1,000.00		1,020.32		4.94		0.97

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

86

Statement of Investments

October 31, 2019

Nationwide Geneva Mid Cap Growth Fund

Common Stocks 96.5%
	Shares		Value
Banks 2.8%
East West Bancorp, Inc.		185,204	$	7,948,956
Signature Bank		67,458		7,981,630
				15,930,586
Biotechnology 0.5%
Ligand Pharmaceuticals, Inc.* (a)		28,150		3,063,002
Building Products 0.7%
Fortune Brands Home & Security, Inc.		71,068		4,267,633
Capital Markets 4.4%
Intercontinental Exchange, Inc.		155,328		14,650,537
Raymond James Financial, Inc.		130,604		10,904,128
				25,554,665
Commercial Services & Supplies 3.3%
Copart, Inc.*		230,511		19,049,429
Distributors 2.5%
Pool Corp.		70,841		14,692,423
Diversified Consumer Services 2.3%
frontdoor, Inc.*		80,047		3,860,667
Grand Canyon Education, Inc.*		99,671		9,165,745
				13,026,412
Electronic Equipment, Instruments & Components 7.1%
Amphenol Corp., Class A		161,884		16,241,822
Cognex Corp.		134,556		6,928,288
National Instruments Corp.		203,590		8,426,590
Trimble, Inc.*		238,000		9,481,920
				41,078,620
Health Care Equipment & Supplies 14.9%
ABIOMED, Inc.*		41,154		8,542,747
Align Technology, Inc.*		32,933		8,308,667
Cooper Cos., Inc. (The)		39,441		11,477,331
IDEXX Laboratories, Inc.*		60,333		17,195,508
Masimo Corp.*		48,823		7,117,905
STERIS plc		103,581		14,663,962
Teleflex, Inc.		33,121		11,506,567
Varian Medical Systems, Inc.*		56,175		6,786,502
				85,599,189
Health Care Providers & Services 1.1%
HealthEquity, Inc.*		106,719		6,060,572
Health Care Technology 0.5%
Cerner Corp.		40,931		2,747,289
Hotels, Restaurants & Leisure 1.4%
Texas Roadhouse, Inc.		145,467		8,218,886
Household Products 2.4%
Church & Dwight Co., Inc.		198,238		13,864,766
Industrial Conglomerates 2.3%
Roper Technologies, Inc.		39,105		13,176,821

Common Stocks (continued)
	Shares		Value
IT Services 11.5%
Broadridge Financial Solutions, Inc.		123,903	$	15,515,134
EPAM Systems, Inc.*		40,781		7,175,825
Fiserv, Inc.*		173,599		18,425,798
Gartner, Inc.*		73,050		11,255,544
Global Payments, Inc.		82,770		14,003,028
				66,375,329
Leisure Products 1.5%
Hasbro, Inc.		87,074		8,473,171
Machinery 4.3%
IDEX Corp.		83,558		12,995,776
Snap-on, Inc.		32,843		5,342,571
WABCO Holdings, Inc.*		47,170		6,350,025
				24,688,372
Professional Services 6.0%
CoStar Group, Inc.*		35,784		19,664,023
Verisk Analytics, Inc.		102,181		14,785,591
				34,449,614
Road & Rail 1.0%
JB Hunt Transport Services, Inc.		46,900		5,513,564
Semiconductors & Semiconductor Equipment 1.6%
Microchip Technology, Inc. (a)		97,342		9,178,377
Software 14.3%
ANSYS, Inc.*		68,854		15,158,208
Blackline, Inc.*		118,345		5,531,445
HubSpot, Inc.*		26,248		4,071,065
Intuit, Inc.		69,899		17,998,993
RealPage, Inc.*		211,088		12,781,378
SS&C Technologies Holdings, Inc.		174,901		9,096,601
Tyler Technologies, Inc.*		65,476		17,581,616
				82,219,306
Specialty Retail 6.2%
Burlington Stores, Inc.*		71,753		13,788,774
O’Reilly Automotive, Inc.*		35,330		15,386,568
Ulta Beauty, Inc.*		27,439		6,397,403
				35,572,745
Textiles, Apparel & Luxury Goods 1.4%
Carter’s, Inc.		80,839		8,103,301
Trading Companies & Distributors 2.5%
Fastenal Co.		180,117		6,473,405
Watsco, Inc.		46,044		8,117,557
				14,590,962
Total Common Stocks (cost $382,835,582)				555,495,034

87

Statement of Investments (Continued)

October 31, 2019

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, 1.76% (b)(c)		277,423	$	277,423
Total Short-Term Investment (cost $277,423)				277,423
Repurchase Agreements 0.5%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $1,919,517, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $1,965,136. (c)(d)	$	1,919,427		1,919,427
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $947,532, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $969,948. (c)(d)		947,488		947,488
Total Repurchase Agreements (cost $2,866,915)				2,866,915
Total Investments (cost $385,979,920) — 97.0%				558,639,372
Other assets in excess of liabilities — 3.0%				17,088,207
NET ASSETS — 100.0%			$	575,727,579

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $12,114,286, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $277,423 and $2,866,915, respectively, and by $9,504,687 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $12,649,025.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $3,144,338.

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

88

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

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Geneva Mid Cap Growth Fund
Assets:
Investment securities, at value* (cost $383,113,005)	$	555,772,457
Repurchase agreements, at value (cost $2,866,915)		2,866,915
Cash		22,331,898
Interest and dividends receivable		221,068
Securities lending income receivable		1,052
Receivable for capital shares issued		545,219
Prepaid expenses		37,319
Total Assets		581,775,928
Liabilities:
Payable for investments purchased		717,711
Payable for capital shares redeemed		1,387,846
Payable upon return of securities loaned (Note 2)		3,144,338
Accrued expenses and other payables:
Investment advisory fees		349,542
Fund administration fees		27,864
Distribution fees		44,296
Administrative servicing fees		167,268
Accounting and transfer agent fees		14,030
Trustee fees		2,409
Custodian fees		11,252
Compliance program costs (Note 3)		800
Professional fees		33,349
Printing fees		136,239
Other		11,405
Total Liabilities		6,048,349
Net Assets	$	575,727,579
Represented by:
Capital	$	312,410,197
Total distributable earnings (loss)		263,317,382
Net Assets	$	575,727,579
Net Assets:
Class A Shares	$	104,022,586
Class C Shares		24,791,836
Class R6 Shares		130,569,546
Institutional Service Class Shares		316,343,611
Total	$	575,727,579
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,807,793
Class C Shares		1,581,139
Class R6 Shares		5,648,357
Institutional Service Class Shares		13,875,557
Total		25,912,846

89

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	21.64
Class C Shares (b)	$	15.68
Class R6 Shares	$	23.12
Institutional Service Class Shares	$	22.80
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	22.96
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $12,114,286 (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.

90

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Geneva Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	4,406,287
Interest income		393,078
Income from securities lending (Note 2)		16,022
Total Income		4,815,387
EXPENSES:
Investment advisory fees		4,490,620
Fund administration fees		230,604
Distribution fees Class A		260,942
Distribution fees Class C		372,371
Administrative servicing fees Class A		114,815
Administrative servicing fees Class C		37,237
Administrative servicing fees Institutional Service Class		279,356
Registration and filing fees		70,451
Professional fees		57,867
Printing fees		199,246
Trustee fees		21,726
Custodian fees		32,248
Accounting and transfer agent fees		50,544
Compliance program costs (Note 3)		2,545
Other		19,353
Total Expenses		6,239,925
NET INVESTMENT LOSS		(1,424,538	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		99,198,929
Net change in unrealized appreciation/depreciation in the value of investment securities		(9,824,572	)
Net realized/unrealized gains		89,374,357
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	87,949,819

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

91

Statements of Changes in Net Assets

	Nationwide Geneva Mid Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment loss	$	(1,424,538	)	$	(2,646,906	)
Net realized gains		99,198,929			179,747,109
Net change in unrealized appreciation/depreciation		(9,824,572	)		(77,342,119	)
Change in net assets resulting from operations		87,949,819			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		(45,356,986	)		(308,632,586	)
Change in net assets		(135,665,402	)		(314,451,220	)
Net Assets:
Beginning of year		711,392,981			1,025,844,201
End of year	$	575,727,579		$	711,392,981
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	15,715,337		$	12,389,236
Proceeds from shares issued in class conversion (Note 1)		406,504			–
Dividends reinvested		27,575,024			13,803,609
Cost of shares redeemed		(38,274,161	)		(52,816,088	)
Total Class A Shares		5,422,704			(26,623,243	)
Class C Shares
Proceeds from shares issued		2,731,024			2,476,760
Dividends reinvested		12,684,264			6,074,980
Cost of shares redeemed in class conversion (Note 1)		(406,504	)		–
Cost of shares redeemed		(25,237,872	)		(13,506,498	)
Total Class C Shares		(10,229,088	)		(4,954,758	)
Class R6 Shares
Proceeds from shares issued		51,957,152			32,708,830
Dividends reinvested		27,202,788			33,363,184
Cost of shares redeemed		(47,742,279	)		(298,489,806	)
Total Class R6 Shares		31,417,661			(232,417,792	)
Institutional Service Class Shares
Proceeds from shares issued		98,032,151			130,868,568
Dividends reinvested		100,221,398			50,171,246
Cost of shares redeemed		(270,221,812	)		(225,676,607	)
Total Institutional Service Class Shares		(71,968,263	)		(44,636,793	)
Change in net assets from capital transactions	$	(45,356,986	)	$	(308,632,586	)

92

Statements of Changes in Net Assets (Continued)

	Nationwide Geneva Mid Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		757,506			456,309
Issued in class conversion (Note 1)		19,220			–
Reinvested		1,563,210			546,245
Redeemed		(1,859,250	)		(1,954,998	)
Total Class A Shares		480,686			(952,444	)
Class C Shares
Issued		187,393			114,012
Reinvested		985,568			296,775
Redeemed in class conversion (Note 1)		(26,517	)		–
Redeemed		(1,637,098	)		(618,044	)
Total Class C Shares		(490,654	)		(207,257	)
Class R6 Shares
Issued		2,211,244			1,163,022
Reinvested		1,447,727			1,265,675
Redeemed		(2,152,485	)		(10,119,979	)
Total Class R6 Shares		1,506,486			(7,691,282	)
Institutional Service Class Shares
Issued		4,506,999			4,699,910
Reinvested		5,402,771			1,919,328
Redeemed		(12,465,362	)		(8,191,456	)
Total Institutional Service Class Shares		(2,555,592	)		(1,572,218	)
Total change in shares		(1,059,074	)		(10,423,201	)

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

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

93

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)			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
Year Ended October 31, 2019	$	26.00		(0.09	)		2.50			2.41			–		(6.77	)		(6.77	)	$	21.64		15.19%		$	104,022,586		1.18%		(0.42%	)		1.18%		14.70%
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%
Class C Shares
Year Ended October 31, 2019	$	20.93		(0.18	)		1.70			1.52			–		(6.77	)		(6.77	)	$	15.68		14.34%		$	24,791,836		1.92%		(1.16%	)		1.92%		14.70%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	27.21		(0.01	)		2.69			2.68			–		(6.77	)		(6.77	)	$	23.12		15.60%		$	130,569,546		0.82%		(0.05%	)		0.82%		14.70%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	26.95		(0.03	)		2.65			2.62			–		(6.77	)		(6.77	)	$	22.80		15.49%		$	316,343,611		0.89%		(0.13%	)		0.89%		14.70%
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%

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.

94

Fund Commentary Nationwide Long/Short Equity Fund

For the annual reporting period ended October 31, 2019, the Nationwide Long/Short Equity Fund (Institutional Service Class) returned 6.46% versus 14.33% for its benchmark, the S&P 500® Index (S&P 500). For broader comparison, the return for the Fund’s closest Morningstar® peer category, Long-Short Equity (consisting of 239 funds as of October 31, 2019), was 4.02% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Significant weakness in the stock market in the first two months of the reporting period was followed by significant market strength over the next four months. In retrospect, we underestimated the market’s strength. Given the massive market declines in November and December 2018 and the market breadth thrusts that occurred in early January 2019, we should have recognized that we were in one of those no-win market environments for shorting. The market saw solid gains through April, thanks in part to a string of good corporate earnings reports, which reduced concerns that earnings growth had peaked in 2018. The S&P 500 ended April near new all-time highs. However, volatility returned in the first week of May when President Trump announced increased tariffs on $200 billion in Chinese goods as well as new tariffs on the remaining $325 billion worth of Chinese products imported into the United States. This news knocked the S&P 500 down by more than 6%. The stock market was able to find support and rebound strongly in June due to word of renewed progress in the China-U.S. trade talks. This news was beneficial to many of the holdings in the Fund’s growth portfolio (60% of the long portfolio). In fact, the performance of the Fund’s growth portfolio during the past year was a major contributor to overall Fund performance.

Within the Fund’s value universe (40% of the long portfolio), there was a disparity during the reporting period between higher-dividend-paying stocks and the rest of the value universe. Specifically, the top quintile of that universe ranked by dividend yield (i.e., the highest-yielding quintile) advanced much more moderately than

lower-dividend-paying value stocks. This dynamic proved a headwind as the Fund’s value portfolio consists of high-dividend-yield stocks.

The market’s strong advance was a headwind for the Fund’s short portfolio, which tends to perform best in absolute performance when the market averages are flat to down.

For the reporting period, the Fund’s more-growth-oriented positions beat the more-defensive holdings. As mentioned, the strength in large-capitalization growth stocks aided Fund performance. Growth’s diminished strength toward the end of the year hindered relative Fund performance, but a flight to safety in the markets, particularly in September 2019, helped the Fund’s defensive positions. The Fund’s portfolio of defensive, growth and short positions is constructed to help the portfolio achieve its objective of making gains during market up legs while reducing volatility during market declines. In a sustained bull market, however, it becomes much more difficult for the strategy to outperform the S&P 500 as the Fund’s more-defensive high-dividend-paying value stocks and, especially, its short positions, can make it much more difficult to outpace a 100% long index. We believe that the benefits of a long-short strategy, especially one which also includes a blend of growth and value longs, are best demonstrated during periods of market declines or even a flattish market, when it becomes possible to achieve positive returns from both long and short positions. Admittedly, however, this type of environment has not really been experienced very often since the latest bull market cycle began in 2009.

Exposure/Sectors – Contributors/Detractors

For the reporting period, the Fund was on average 100% long and 31% short. The long portfolio contributed 16.4% to Fund returns and the short portfolio (including short hedges in exchange-traded funds) detracted 6.8% from returns. The net result was Fund performance that lagged the S&P 500 for the reporting period.

From a stock style sector perspective, the Fund’s growth portfolio increased 20.97% during the

95

Fund Commentary (cont.) Nationwide Long/Short Equity Fund

reporting period, while the Fund’s value portfolio increased 8.3%. From a stock sector perspective, Information Technology, Consumer Discretionary and Financials sectors were the largest positive sector contributors to long Fund performance while Health Care was the largest detractor. On the short side, Consumer Discretionary was the largest detractor from Fund performance for the reporting period.

Individual stocks – Best/Worst

The top three contributors to Fund performance for the reporting period were AT&T, Mastercard and Apple. All three holdings remain in the portfolio. On the other side of the ledger, the top three negative contributors to Fund performance for the period were Kraft Heinz, BioTelemetry and Pfizer. Kraft Heinz has been sold because it no longer meets the Fund’s investment criteria.

The Fund’s short portfolio winners for the reporting period included Dorman Products, Winnebago and Canada Goose. All three companies remain in the portfolio. Short portfolio Fund performance was hurt by positions in Universal Display, Cerner and Hanes Brands. The Fund no longer has short positions in any of these companies.

The Fund does not use derivatives.

Subadviser:

Logan Capital Management, Inc.

Portfolio Managers:

Al Besse; Richard E. Buchwald, CFA; Guy Judkowski; Marvin I. Kline, CFA; Stephen S. Lee; David F. Schroll; and Dana H. Stewardson

The Fund is subject to the risks of investing in equity securities. The Fund uses a long/short strategy: a long position (i.e., the Fund owns a stock outright) will cause the Fund to lose money if the price of the stock declines and selling equity securities short will cause the Fund to lose money if the price of the stock increases. Short sales involve a form of leverage (investment exposure that exceeds the initial amount invested), which can exaggerate the Fund’s losses. The Fund may invest in more-aggressive investments such as exchange-traded funds (ETFs) (shareholders will bear additional costs). The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund uses both a growth style and a value

style of investing, and may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

96

Fund Overview Nationwide Long/Short Equity Fund

Asset Allocation¹

Common Stocks	102.2%
Short-Term Investments and Liabilities in excess of other assets	(2.2)%
	100.0%

Top Long Industries²

IT Services	13.8%
Banks	8.8%
Oil, Gas & Consumable Fuels	6.9%
Specialty Retail	5.6%
Diversified Telecommunication Services	4.7%
Biotechnology	4.6%
Chemicals	4.3%
Pharmaceuticals	4.2%
Tobacco	4.2%
Health Care Equipment & Supplies	4.1%
Other Industries	38.8%
	100.0%

Top Long Holdings²

AT&T, Inc.	4.7%
Philip Morris International, Inc.	4.2%
General Motors Co.	3.9%
Chevron Corp.	3.6%
Apple, Inc.	3.4%
Royal Dutch Shell plc, Class B, ADR	3.4%
JPMorgan Chase & Co.	3.3%
Wells Fargo & Co.	3.3%
Mastercard, Inc., Class A	3.0%
Sherwin-Williams Co. (The)	2.5%
Other Holdings	64.7%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

97

Fund Performance Nationwide Long/Short Equity Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		Inception
Class A	w/o SC1		6.33%		N/A		1.29%	2
	w/SC3		0.19%		N/A		(1.83)%	2
Class R64,5,6			6.58%		N/A		5.52%	7
Institutional Service Class4,5,8			6.46%		4.35%		5.84%	9
S&P 500® Index			14.33%		10.78%		13.30%	9

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of December 8, 2017.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵  Total returns prior to the Fund’s inception on December 8, 2017 are based on the performance of the Fund’s predecessor fund.

⁶  Effective December 9, 2017, Institutional Shares were renamed Class R6 Shares.

⁷  Since inception date of August 28, 2015.

⁸  Effective December 9, 2017, Investor Shares were renamed Institutional Service Class Shares.

⁹  Since inception date of September 28, 2012.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		3.88%		3.43%
Class R6		3.38%		2.93%
Institutional Service Class		3.48%		3.03%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

98

Fund Performance (cont.) Nationwide Long/Short Equity Fund

Performance of a $50,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $50,000 invested in Institutional Service Class shares of the Nationwide Long/Short Equity Fund from inception through 10/31/19 versus the S&P 500® Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. Performance prior to the Fund’s inception (12/8/17) is based on performance of the Investor Class shares of the Fund’s predecessor fund from 9/28/12 through 12/7/17.

99

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,003.60		16.11		3.19
	Hypothetical	(a)(b)		1,000.00		1,009.12		16.15		3.19
Class R6 Shares	Actual	(a)		1,000.00		1,004.20		14.85		2.94
	Hypothetical	(a)(b)		1,000.00		1,010.38		14.90		2.94
Institutional Service Class Shares	Actual	(a)		1,000.00		1,003.60		15.55		3.08
	Hypothetical	(a)(b)		1,000.00		1,009.68		15.60		3.08

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

100

Statement of Investments

October 31, 2019

Nationwide Long/Short Equity Fund

Long Positions 102.2%
Common Stocks 102.2%
	Shares		Value
Automobiles 4.0%
General Motors Co.		24,123	$	896,411
Banks 9.0%
JPMorgan Chase & Co.		6,134		766,259
US Bancorp		8,672		494,477
Wells Fargo & Co.		14,701		759,013
				2,019,749
Beverages 2.1%
Coca-Cola Co. (The)		8,773		477,514
Biotechnology 4.7%
AbbVie, Inc.		6,618		526,462
Amgen, Inc.		2,452		522,889
				1,049,351
Building Products 2.0%
Lennox International, Inc.		1,346		332,946
PGT Innovations, Inc.*		7,089		125,192
				458,138
Capital Markets 1.6%
S&P Global, Inc.		1,382		356,542
Chemicals 4.4%
Ecolab, Inc.		2,149		412,758
Sherwin-Williams Co. (The)		1,022		584,911
				997,669
Communications Equipment 1.7%
Cisco Systems, Inc.		7,891		374,901
Diversified Consumer Services 1.0%
Grand Canyon Education, Inc.*		2,437		224,107
Diversified Telecommunication Services 4.8%
AT&T, Inc.		27,936		1,075,257
Electronic Equipment, Instruments & Components 1.0%
Littelfuse, Inc.		1,283		225,256
Health Care Equipment & Supplies 4.2%
Align Technology, Inc.*		1,674		422,333
Masimo Corp.*		3,602		525,136
				947,469
Health Care Providers & Services 2.4%
BioTelemetry, Inc.*		5,937		233,680
UnitedHealth Group, Inc.		1,261		318,655
				552,335
Hotels, Restaurants & Leisure 1.5%
Starbucks Corp.		4,046		342,130
Insurance 1.3%
Primerica, Inc.		2,409		303,968

Long Positions (continued)
Common Stocks (continued)
	Shares		Value
Interactive Media & Services 2.5%
Alphabet, Inc., Class A*		162	$	203,926
Facebook, Inc., Class A*		1,902		364,518
				568,444
Internet & Direct Marketing Retail 1.9%
Amazon.com, Inc.*		237		421,068
IT Services 14.1%
Broadridge Financial Solutions, Inc.		3,159		395,570
EPAM Systems, Inc.*		1,971		346,817
Fiserv, Inc.*		5,202		552,140
FleetCor Technologies, Inc.*		1,215		357,478
Global Payments, Inc.		2,390		404,340
International Business Machines Corp.		3,264		436,495
Mastercard, Inc., Class A		2,467		682,890
				3,175,730
Machinery 1.4%
Caterpillar, Inc.		2,370		326,586
Oil, Gas & Consumable Fuels 7.1%
Chevron Corp.		7,094		823,897
Royal Dutch Shell plc, Class B, ADR-NL		13,279		774,033
				1,597,930
Pharmaceuticals 4.3%
Pfizer, Inc.		10,382		398,357
Zoetis, Inc.		4,419		565,279
				963,636
Professional Services 2.0%
Verisk Analytics, Inc.		3,128		452,622
Real Estate Management & Development 2.1%
CBRE Group, Inc., Class A*		8,768		469,526
Road & Rail 1.8%
CSX Corp.		5,736		403,069
Semiconductors & Semiconductor Equipment 3.6%
Broadcom, Inc.		1,721		503,995
ON Semiconductor Corp.*		15,172		309,509
				813,504
Software 2.1%
Paycom Software, Inc.*		2,288		483,981
Specialty Retail 5.8%
Five Below, Inc.*		3,121		390,468
Floor & Decor Holdings, Inc., Class A*		8,202		375,898
Home Depot, Inc. (The)		2,276		533,904
				1,300,270
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc.		3,166		787,574

101

Statement of Investments (Continued)

October 31, 2019

Nationwide Long/Short Equity Fund (Continued)

Long Positions (continued)
Common Stocks (continued)
	Shares		Value
Tobacco 4.3%
Philip Morris International, Inc.		11,778	$	959,200
Total Common Stocks (cost $19,414,185)				23,023,937
Total Investments (cost $19,414,185) — 102.2%				23,023,937
Total Securities Sold Short (proceeds $5,857,214) — (28.0)%				(6,328,106	)
Liabilities in excess of other assets — 25.8%				5,836,588
NET ASSETS — 100.0%			$	22,532,419
Short Positions 28.0%
Common Stocks 17.5%
Auto Components 1.4%
Dorman Products, Inc.*		4,400		316,580
Automobiles 3.5%
Harley-Davidson, Inc.		9,600		373,536
Winnebago Industries, Inc.		8,800		423,016
				796,552
Building Products 1.9%
Patrick Industries, Inc.*		8,800		434,808
Electronic Equipment, Instruments & Components 1.7%
Cognex Corp.		7,500		386,175
Food Products 1.7%
TreeHouse Foods, Inc.*		7,000		378,140
Leisure Products 1.9%
Brunswick Corp.		7,300		425,152
Machinery 2.1%
Snap-on, Inc.		1,000		162,670
Welbilt, Inc.*		15,800		299,568
				462,238
Semiconductors & Semiconductor Equipment 0.2%
Maxim Integrated Products, Inc.		800		46,928
Software 1.6%
Fair Isaac Corp.*		1,200		364,848
Textiles, Apparel & Luxury Goods 1.5%
Canada Goose Holdings, Inc.*		8,200		343,006
Total Common Stocks (Proceeds $3,588,523)				3,954,427

Exchange Traded Funds 10.5%
	Shares		Value
iShares Russell 2000 ETF		7,445	$	1,157,325
SPDR S&P 500 ETF Trust		4,010		1,216,354
Total Exchange Traded Funds (Proceeds $2,268,691)				2,373,679
TOTAL SECURITIES SOLD SHORT (Proceeds $5,857,214) — 28.0%			$	6,328,106

* Denotes a non-income producing security.

ADR American Depositary Receipt

ETF Exchange Traded Fund

NL Netherlands

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

102

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Long/Short Equity Fund
Assets:
Investment securities, at value (cost $19,414,185)	$	23,023,937
Cash		1,027,455
Deposits with broker for short positions		4,889,202
Interest and dividends receivable		3,582
Reimbursement from investment adviser (Note 3)		11,745
Prepaid expenses		7,954
Total Assets		28,963,875
Liabilities:
Short positions in securities, at value (proceeds $5,857,214)		6,328,106
Accrued expenses and other payables:
Investment advisory fees		25,737
Fund administration fees		13,957
Distribution fees		11
Administrative servicing fees		1,317
Accounting and transfer agent fees		1,452
Trustee fees		172
Custodian fees		1,173
Compliance program costs (Note 3)		31
Professional fees		23,864
Printing fees		23,619
Other		12,017
Total Liabilities		6,431,456
Net Assets	$	22,532,419
Represented by:
Capital	$	19,393,944
Total distributable earnings (loss)		3,138,475
Net Assets	$	22,532,419
Net Assets:
Class A Shares	$	49,788
Class R6 Shares		15,455,160
Institutional Service Class Shares		7,027,471
Total	$	22,532,419
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,541
Class R6 Shares		1,088,176
Institutional Service Class Shares		497,663
Total		1,589,380

103

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	14.06
Class R6 Shares	$	14.20
Institutional Service Class Shares	$	14.12
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	14.92
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.

104

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Long/Short Equity Fund
INVESTMENT INCOME:
Dividend income	$	518,766
Interest income		17,165
Foreign tax withholding		(137	)
Total Income		535,794
EXPENSES:
Investment advisory fees		305,752
Fund administration fees		85,289
Distribution fees Class A		128
Administrative servicing fees Class A		2
Administrative servicing fees Institutional Service Class		7,864
Registration and filing fees		52,379
Professional fees		23,303
Printing fees		37,707
Trustee fees		869
Custodian fees		1,843
Accounting and transfer agent fees		3,560
Compliance program costs (Note 3)		104
Other		10,485
Total expenses before dividend and interest expense on short position		529,285
Dividend expense on short positions		106,780
Broker interest expense on short positions		162,960
Total expenses before expenses reimbursed		799,025
Expenses reimbursed by adviser (Note 3)		(126,945	)
Net Expenses		672,080
NET INVESTMENT LOSS		(136,286	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities (Note 10)		1,307,637
Closed short positions in securities (Note 2)		(908,401	)
Net realized gains		399,236
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		1,772,100
Short positions in securities (Note 2)		(560,558	)
		1,211,542
Net realized/unrealized gains		1,610,778
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,474,492

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

105

Statements of Changes in Net Assets

	Nationwide Long/Short Equity Fund
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended April 30, 2018
Operations:
Net investment loss	$	(136,286	)	$	(77,411	)	$	(123,592	)
Net realized gains		399,236			724,109			362,810
Net change in unrealized appreciation/depreciation		1,211,542			(1,217,245	)		455,817
Change in net assets resulting from operations		1,474,492			(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		(1,386,193	)		(1,786,245	)		14,259,490
Change in net assets		(436,467	)		(2,356,792	)		14,954,525
Net Assets:
Beginning of year		22,968,886			25,325,678			10,371,153
End of year	$	22,532,419		$	22,968,886		$	25,325,678
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	7,151		$	46,492		$	18,899	(b)
Dividends reinvested		1,117			–			–	(b)
Cost of shares redeemed		(9,091	)		(14,000	)		–	(b)
Total Class A Shares		(823	)		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		81,594			15,440			455,032
Dividends reinvested		191,850			–			–
Cost of shares redeemed		(1,990,568	)		(1,817,889	)		(1,204,426	)
Total Institutional Service Class Shares		(1,717,124	)		(1,802,449	)		(749,394	)
Change in net assets from capital transactions	$	(1,386,193	)	$	(1,786,245	)	$	14,259,490
SHARE TRANSACTIONS:
Class A Shares
Issued		531			3,280			1,312	(b)
Reinvested		88			–			–	(b)
Redeemed		(656	)		(1,014	)		–	(b)
Total Class A Shares		(37	)		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

106

Statements of Changes in Net Assets (Continued)

	Nationwide Long/Short Equity Fund
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended April 30, 2018
SHARE TRANSACTIONS: (continued)
Institutional Service Class Shares (d)
Issued		5,891			1,086			32,700
Reinvested		15,118			–			–
Redeemed		(143,871	)		(127,747	)		(86,522	)
Total Institutional Service Class Shares		(122,862	)		(126,661	)		(53,822	)
Total change in shares		(96,879	)		(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.

107

Statement of Cash Flows

For the Year Ended October 31, 2019

	Nationwide Long/Short Equity Fund
DECREASE IN CASH
Cash flows provided by operating activities
Net increase in net assets from operations	$	1,474,492
Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities of unaffiliated issuers		(5,855,446	)
Proceeds from disposition of investment securities of unaffiliated issuers		8,862,041
Covers of investment securities sold short		(31,977,890	)
Proceeds from investment securities sold short		32,259,159
Change in unrealized appreciation/depreciation in the value of investment securities		(1,772,100	)
Change in unrealized appreciation/depreciation in the value of short positions in securities		560,558
Net realized gain from transactions in investment securities		(1,307,637	)
Net realized loss from closed short positions in securities		908,401
Increase in reimbursement from investment adviser		(3,188	)
Decrease in interest and dividends receivable		30,187
Decrease in prepaid expenses		8,849
Decrease in payable for investments purchased		(1,302,388	)
Decrease in dividends expense payable on securities sold short		(26,612	)
Decrease in investment advisory fees payable		(1,531	)
Decrease in fund administration fees payable		(7,348	)
Decrease in distribution fees payable		(1	)
Decrease in administrative servicing fees payable		(192	)
Increase in accounting and transfer agent fees payable		202
Increase in trustee fees payable		64
Increase in custodian fees payable		891
Increase in compliance program costs payable		9
Increase in professional fees payable		1,327
Increase in printing fees payable		22,345
Increase in other payables		6,307
Net cash provided by operating activities		1,880,499
Cash flows used in financing activities
Proceeds from shares issued		88,745
Cost of shares redeemed		(2,001,659	)
Cash distributions paid to shareholders		(45	)
Net cash used in financing activities		(1,912,959	)
Net decrease in cash		(32,460	)
Cash and restricted cash:
Beginning of period		5,949,117
End of period	$	5,916,657
Reconciliation of cash and restricted cash at the end of the period to the Statement of Assets and Liabilities:
Cash	$	1,027,455
Restricted cash:
Deposits with broker for short positions		4,889,202
	$	5,916,657
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of distributions of $524,721.

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

108

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
Year Ended October 31, 2019	$	13.54		(0.11	)		0.94			0.83			–		(0.31	)		(0.31	)	$	14.06		6.40%	(g)	$	49,788		3.19%		(0.83%	)		3.75%		2.56%			25.58%
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)
Year Ended October 31, 2019	$	13.64		(0.08	)		0.95			0.87			–		(0.31	)		(0.31	)	$	14.20		6.66%	(g)	$	15,455,160		2.93%		(0.57%	)		3.49%		2.30%			25.58%
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)
Year Ended October 31, 2019	$	13.58		(0.09	)		0.94			0.85			–		(0.31	)		(0.31	)	$	14.12		6.54%	(g)	$	7,027,471		3.04%		(0.65%	)		3.59%		2.40%			25.58%
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%

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.

109

Fund Commentary Nationwide Loomis All Cap Growth Fund

For the annual period ended October 31, 2019, the Nationwide Loomis All Cap Growth Fund (Class R6) returned 14.93%* versus 16.34% for its benchmark, the Russell 3000® Growth Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Large Growth (consisting of 1,373 funds as of October 31, 2019), was 14.69% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Environment

Over the long term, management believes that markets are efficient. Near term, however, management believes innate behavioral biases, such as herding, overconfidence or loss aversion, influence investment decisions and create asset pricing anomalies. These pricing inefficiencies converge toward intrinsic value over time. Market efficiency is thereby dynamic, existing along a continuum between fully efficient and inefficient pricing. Therefore, we attempt to identify intrinsic value and exploit the long-term differential between this value and the market’s current perception. We look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

Portfolio Highlights

The Fund underperformed its benchmark during the reporting period. Alibaba, Visa, Facebook, Starbucks and MSCI were among the top contributors to Fund performance. We highlight Alibaba, Visa and Facebook below. Schlumberger, BioMarin Pharmaceutical, Under Armour, United Parcel Service and Compass Minerals were among the largest detractors from Fund performance. We highlight Schlumberger, BioMarin and Under Armour below.

Top Contributors

Stock selection in the Financials, Communication Services, Industrials and Consumer Discretionary sectors as well as the Fund’s allocations to the Consumer Staples and Industrials sectors contributed positively to relative Fund return for the reporting period.

Demonstrating the power of its brands and network ecosystem, China e-commerce and consumer-engagement platform provider Alibaba reported fundamentally strong results during the reporting period. Revenue growth in the mid-double digits was well above our estimates for China consumer spending, online physical goods sales, and China IT spending, indicating the company continues to grow its leading market share. Operating margins declined year over year due to significant ongoing investments in four strategic but currently loss-generating areas, including local services through recently acquired delivery company Ele.me, globalization, “new retail” and lower-margin logistics affiliate Cainiao. However, we believe these investments are consistent with Alibaba’s long-term strategy to strengthen and extend its competitive positioning across commerce, advertising and cloud computing, while expanding its addressable market both internationally and through its “new retail” initiative. With GMV (gross merchandise volume) of $853 billion and 654 million active annual consumers on its China commerce retail sites in its latest fiscal year, Alibaba is the world’s largest retail platform. The long-term structural expansion of internet users and online shopping are drivers of secular growth for Alibaba in China, where because of a lack of traditional retail infrastructure, e-commerce is expanding consumption rather than simply replacing offline spending. Alibaba continues to execute well on its business model, allowing it to expand its already dominant market position and to invest to strengthen its competitive advantages. We believe the current market price embeds expectations for key revenue and cash flow growth drivers that are well below our long-term assumptions.

Visa is the largest payments technology company in the world, with a comprehensive offering of digital payment products. Through its open-loop, multi-party system, Visa has built a massive global network, orchestrating transaction settlements between merchants and cardholders in more than 200 countries. A growing global network with over 3.3 billion Visa-branded cards outstanding that are accepted by 54 million merchants worldwide creates a powerful virtuous cycle, reinforcing Visa’s difficult-to-replicate

110

Fund Commentary (cont.) Nationwide Loomis All Cap Growth Fund

competitive advantages. During the period, Visa reported healthy revenue and earnings growth that was above market expectations. Payment volume growth of almost 10% in constant currency was well above the rate of growth in the approximately $47 trillion of global personal consumer expenditures, reflecting the ongoing, long-term secular shift from cash to electronic payments. We estimate Visa can generate double-digit revenue growth over our forecast period. As the company continues to scale its businesses in regions around the world, we expect it will be able to expand operating margins, improve its return on invested capital, and grow free cash flow faster than revenues. We believe the assumptions embedded in Visa’s share price underestimate the company’s significant long-term growth opportunities and the sustainability of its business model. We believe the company’s shares currently sell at a significant discount to our estimate of intrinsic value and thereby offer a compelling reward-to-risk opportunity.

A strategy holding since its IPO in 2012, social media company Facebook reported strong and above-expectations growth in revenue during the reporting period that was approximately two times the rate of growth in online advertising, indicating the company grew its market share. Despite recently reporting it had reached a $5 billion settlement with the U.S. Federal Trade Commission (FTC) regarding its privacy practices and that the FTC has opened an antitrust investigation, Facebook continues to grow its global user base, and user engagement as measured by daily and monthly active users has remained solid. In addition, demand from advertisers remains robust, and the company grew its average revenue per user throughout the reporting period. We believe Facebook is a high-quality company, benefiting from the secular shift from traditional advertising to online advertising and positioned for strong and sustainable growth over our investment horizon. We will continue to monitor ongoing regulatory actions, but we believe management’s decisions and actions illustrate their commitment to preserve platform integrity and to sustain the company’s leadership. With 2.8 billion people worldwide using its apps and more than 90 million global businesses with

Facebook pages, the scale and reach of Facebook’s network is unrivaled. We believe that corporations will continue to allocate an increasing proportion of their advertising spending online, and Facebook remains one of very few platforms where advertisers can reach consumers at such scale. We believe Facebook is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity.

Largest Detractors

Stock selection in the Consumer Staples, Health Care, Energy, Information Technology and Materials sectors as well as the Fund’s allocations to the Materials, Information Technology, Financials, Health Care and Communication Services sectors detracted from relative Fund performance for the reporting period.

Schlumberger is the world’s leading oil field services firm, with a 90-year history of delivering consistent service and product excellence across its broad, integrated product suite. A strategy holding since 2008, global sales for the trailing 12 months were flat compared with the prior-year period, while free cash flow increased 75% to $2.7 billion. However, stocks in the oil services sector came under pressure on concerns around slowing activity in North America, where record-setting production, coupled with insufficient takeaway capacity in the Permian basin, led operators to delay well completions and downwardly revise their 2019 spending outlook. Further, trade war rhetoric and concerns over global demand growth have contributed to falling oil prices, affecting expectations for global service activity. The need to replace naturally depleting reservoirs creates long-term secular growth in the demand for oil and the need to extract hydrocarbons from harsher environments. Oilfield services like those Schlumberger provides are key to accessing difficult-to-reach resources. Thanks to its superior products and services and its competitive advantages, we believe Schlumberger is well positioned to weather the current environment and capitalize on the growth in oilfield services as market supply and demand normalizes. We believe the shares of Schlumberger are selling at a significant discount

111

Fund Commentary (cont.) Nationwide Loomis All Cap Growth Fund

to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

BioMarin Pharmaceutical is a specialized biopharmaceutical company that develops and commercializes innovative therapies targeting rare diseases that lack treatment or are underserved by existing therapies. For large traditionally focused pharmaceutical companies, the rare disease patient populations are typically too small to justify the commitment of time and resources. Smaller biopharmaceutical companies generally don’t have the scale, connections or expertise to bring products to market effectively. As a result, rare disease-focused companies such as BioMarin have an advantage over both smaller and larger competitors in meeting stakeholder needs. Specifically, BioMarin has a broad and growing set of seven currently approved therapies that deliver transformative results to its patients and face little competition due to both regulatory protection and market sizes. The company’s scientific expertise, focus and two decades of investment have created a platform that we believe is poised for sustainable future growth, both from existing products and an anticipated stream of new product launches addressing even greater revenue opportunities. During the reporting period, the company reported financial results that were fundamentally solid but mixed from the standpoint of consensus expectations. While Biomarin therapies continue to effectively penetrate most of the company’s targeted patient populations, uneven timing of orders, especially from Latin American government clients, contributed to volatility of quarterly financial results. We believe the company has now reached the point at which its existing therapies will continue to contribute positively, and its subsequent innovations will shift its financial profile from that of an early stage biotech company to a maturing business with normalizing margins that is able to internally fund its ongoing growth needs. Over our investment horizon, we believe the company can generate mid-teens revenue growth while generating substantial annual free cash flow. We believe BioMarin’s market price embeds a lack of appreciation for the company’s significant long-term growth opportunities and the sustainability

of its high-quality and difficult-to-replicate business model. As a result, we believe the shares trade at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

Under Armour is a leading sports apparel, footwear and accessories provider, primarily engaged in developing, marketing and distributing performance-centric branded sportswear. In 20 years, Under Armour has accomplished what few have achieved by becoming a credible number-three global sportswear brand behind Nike and adidas. We believe the company’s strong and sustainable advantages include its brand, distribution and the benefits of scale needed to compete globally. We believe Under Armour is well positioned to benefit from secular growth in global per capita consumption of sportswear and can realize market share gains in footwear and international markets. A portfolio holding since the fourth quarter of 2017, Under Armour reported financial results that were generally in line with or better than consensus expectations but reflected ongoing weakness in North America, its largest market. Under Armour has spent the past several quarters refocusing on its premium segment and resizing its operations and expense base to improve profitability. In particular, the company’s ability to reduce excess inventory, which declined by a mid-20s percentage year over year, while protecting gross margins, reflects the company’s improved positioning as its turnaround continues. Having focused on operational discipline, the company is now better positioned to execute on the next leg of its recovery which we believe will include more granular customer segmentation in new product launches, greater innovation through technological differentiation, improved supply chain management, and better brand positioning. We believe this strategy will enable the company to achieve more full-price sales, lower its supply chain cost, and better manage inventory, all of which are important to margin recovery in the company’s North American business. We believe the current share price embeds growth and profitability assumptions for the business that are substantially below our estimates for the company’s long-term growth.

112

Fund Commentary (cont.) Nationwide Loomis All Cap Growth Fund

As a result, we believe the company is trading at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity.

The Fund does not use derivative instruments.

Subadviser:

Loomis, Sayles & Company, L.P.

Portfolio Manager:

Aziz V. Hamzaogullari, CFA

* High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities (including small and mid-sized companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). Growth funds may underperform other funds that use different investing styles. Funds that invest in a relatively small number of securities may be subject to greater volatility than that of a more diversified investment. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

113

Fund Overview Nationwide Loomis All Cap Growth Fund

Asset Allocation¹

Common Stocks	99.2%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries²

Internet & Direct Marketing Retail	11.9%
Software	11.5%
Interactive Media & Services	10.5%
Pharmaceuticals	7.0%
Hotels, Restaurants & Leisure	6.9%
Capital Markets	6.5%
IT Services	6.4%
Beverages	6.0%
Semiconductors & Semiconductor Equipment	6.0%
Biotechnology	5.2%
Other Industries	22.1%
	100.0%

Top Holdings²

Amazon.com, Inc.	6.5%
Facebook, Inc., Class A	5.7%
Alibaba Group Holding Ltd., ADR	5.5%
Visa, Inc., Class A	5.4%
Oracle Corp.	4.9%
Alphabet, Inc., Class C	4.8%
Monster Beverage Corp.	4.4%
Autodesk, Inc.	4.0%
Expeditors International of Washington, Inc.	3.6%
Yum China Holdings, Inc.	3.1%
Other Holdings	52.1%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

114

Fund Performance Nationwide Loomis All Cap Growth Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.			Inception
Class A	w/o SC1		14.48%	2		12.03%	2
	w/SC3		7.88%	2		9.32%	2
Class R64			14.93%	2		12.49%	2
Eagle Class Shares			15.00%	5		8.98%	5
Institutional Service Class4			14.91%	2		12.33%	2
Russell 3000® Growth Index			16.34%			15.16%	2

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of May 31, 2017.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

⁵  Since inception date of June 27, 2018.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.53%		1.35%
Class R6		1.03%		0.85%
Eagle Class Shares		1.13%		0.95%
Institutional Service Class		1.28%		1.10%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

115

Fund Performance (cont.) Nationwide Loomis All Cap Growth Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Loomis All Cap Growth Fund from inception through 10/31/19 versus the Russell 3000® Growth Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

116

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		979.80		6.49		1.30
	Hypothetical	(a)(b)		1,000.00		1,018.65		6.61		1.30
Class R6 Shares	Actual	(a)		1,000.00		981.50		3.95		0.79
	Hypothetical	(a)(b)		1,000.00		1,021.22		4.02		0.79
Eagle Class Shares	Actual	(a)		1,000.00		981.70		5.24		1.05
	Hypothetical	(a)(b)		1,000.00		1,019.91		5.35		1.05
Institutional Service Class Shares	Actual	(a)		1,000.00		981.90		4.40		0.88
	Hypothetical	(a)(b)		1,000.00		1,020.77		4.48		0.88

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

117

Statement of Investments

October 31, 2019

Nationwide Loomis All Cap Growth Fund

Common Stocks 99.2%
	Shares		Value
Air Freight & Logistics 3.5%
Expeditors International of Washington, Inc.		162,376	$	11,843,705
Beverages 6.0%
Coca-Cola Co. (The)		100,056		5,446,048
Monster Beverage Corp.*		258,359		14,501,691
				19,947,739
Biotechnology 5.2%
Amgen, Inc.		18,229		3,887,334
BioMarin Pharmaceutical, Inc.*		65,601		4,802,649
Regeneron Pharmaceuticals, Inc.*		28,295		8,666,193
				17,356,176
Capital Markets 6.4%
FactSet Research Systems, Inc.		22,714		5,758,453
MSCI, Inc.		31,022		7,276,521
SEI Investments Co.		139,223		8,342,242
				21,377,216
Communications Equipment 2.4%
Cisco Systems, Inc.		170,111		8,081,974
Consumer Finance 0.5%
American Express Co.		13,856		1,625,032
Energy Equipment & Services 1.2%
Schlumberger Ltd.		121,178		3,961,309
Food Products 2.0%
Danone SA, ADR-FR		409,403		6,755,149
Health Care Equipment & Supplies 1.3%
Alcon, Inc.*		9,457		560,516
Varian Medical Systems, Inc.*		30,175		3,645,442
				4,205,958
Health Care Technology 2.3%
Cerner Corp.		115,865		7,776,859
Hotels, Restaurants & Leisure 6.8%
Starbucks Corp.		90,765		7,675,088
Yum China Holdings, Inc.		238,659		10,143,008
Yum! Brands, Inc.		48,933		4,976,975
				22,795,071
Household Products 3.3%
Colgate-Palmolive Co.		69,220		4,748,492
Procter & Gamble Co. (The)		50,965		6,345,652
				11,094,144
Interactive Media & Services 10.5%
Alphabet, Inc., Class A*		6,421		8,082,755
Alphabet, Inc., Class C*		6,422		8,092,426
Facebook, Inc., Class A*		97,640		18,712,706
				34,887,887

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail 11.9%
Alibaba Group Holding Ltd., ADR-CN*		102,373	$	18,086,238
Amazon.com, Inc.*		12,079		21,460,276
				39,546,514
IT Services 6.4%
Automatic Data Processing, Inc.		20,521		3,329,122
Visa, Inc., Class A		100,088		17,901,740
				21,230,862
Machinery 2.4%
Deere & Co.		46,746		8,140,348
Pharmaceuticals 6.9%
Merck & Co., Inc.		27,969		2,423,794
Novartis AG, ADR-CH		47,291		4,135,125
Novo Nordisk A/S, ADR-DK		163,211		9,012,511
Roche Holding AG, ADR-CH		200,960		7,560,115
				23,131,545
Semiconductors & Semiconductor Equipment 5.9%
NVIDIA Corp.		48,952		9,840,331
QUALCOMM, Inc.		124,092		9,981,961
				19,822,292
Software 11.5%
Autodesk, Inc.*		89,667		13,213,329
Microsoft Corp.		60,602		8,688,509
Oracle Corp.		299,625		16,326,566
				38,228,404
Textiles, Apparel & Luxury Goods 2.8%
Under Armour, Inc., Class A*		445,180		9,192,967
Total Investments (cost $289,190,693) — 99.2%				331,001,151
Other assets in excess of liabilities — 0.8%				2,697,662
NET ASSETS — 100.0%			$	333,698,813

* 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.

118

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Loomis All Cap Growth Fund
Assets:
Investment securities, at value (cost $289,190,693)	$	331,001,151
Cash		4,413,326
Interest and dividends receivable		116,011
Securities lending income receivable		373
Receivable for investments sold		166,450
Receivable for capital shares issued		170,903
Reimbursement from investment adviser (Note 3)		15,687
Prepaid expenses		29,359
Total Assets		335,913,260
Liabilities:
Payable for investments purchased		1,836,081
Payable for capital shares redeemed		59,141
Accrued expenses and other payables:
Investment advisory fees		221,993
Fund administration fees		20,826
Distribution fees		1,076
Administrative servicing fees		24,889
Accounting and transfer agent fees		1,199
Trustee fees		1,406
Custodian fees		4,566
Compliance program costs (Note 3)		460
Professional fees		27,214
Printing fees		6,719
Other		8,877
Total Liabilities		2,214,447
Net Assets	$	333,698,813
Represented by:
Capital	$	287,918,193
Total distributable earnings (loss)		45,780,620
Net Assets	$	333,698,813
Net Assets:
Class A Shares	$	5,161,915
Class R6 Shares		178,449,111
Eagle Class Shares		135,646,669
Institutional Service Class Shares		14,441,118
Total	$	333,698,813
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		425,636
Class R6 Shares		14,622,130
Eagle Class Shares		11,112,435
Institutional Service Class Shares		1,185,145
Total		27,345,346

119

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	12.13
Class R6 Shares	$	12.20
Eagle Class Shares	$	12.21
Institutional Service Class Shares	$	12.19
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.87
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.

120

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Loomis All Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	3,007,339
Interest income		86,727
Income from securities lending (Note 2)		4,863
Foreign tax withholding		(1,988	)
Total Income		3,096,941
EXPENSES:
Investment advisory fees		2,286,206
Fund administration fees		118,460
Distribution fees Class A		9,287
Administrative servicing fees Class A		7,940
Administrative servicing fees Eagle Class		94,887
Administrative servicing fees Institutional Service Class		7,037
Registration and filing fees		59,863
Professional fees		54,079
Printing fees		9,185
Trustee fees		9,898
Custodian fees		14,598
Accounting and transfer agent fees		2,511
Compliance program costs (Note 3)		1,418
Other		9,163
Total expenses before expenses reimbursed		2,684,532
Expenses reimbursed by adviser (Note 3)		(129,013	)
Net Expenses		2,555,519
NET INVESTMENT INCOME		541,422
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		4,369,016
Net change in unrealized appreciation/depreciation in the value of investment securities		31,949,645
Net realized/unrealized gains		36,318,661
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,860,083

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

121

Statements of Changes in Net Assets

	Nationwide Loomis All Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	541,422		$	557,247
Net realized gains		4,369,016			12,318,472
Net change in unrealized appreciation/depreciation		31,949,645			(932,648	)
Change in net assets resulting from operations		36,860,083			11,943,071
Distributions to Shareholders From:
Distributable earnings:
Class A		(42,498	)		(819	)
Class R6		(12,883,459	)		(1,170,187	)
Eagle Class		(281,861	)		–	(a)
Institutional Service Class		(373,823	)		(17,619	)
Change in net assets from shareholder distributions		(13,581,641	)		(1,188,625	)
Change in net assets from capital transactions		128,469,885			(31,009,799	)
Change in net assets		151,748,327			(20,255,353	)
Net Assets:
Beginning of year		181,950,486			202,205,839
End of year	$	333,698,813		$	181,950,486
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,136,477		$	732,134
Dividends reinvested		42,321			819
Cost of shares redeemed		(952,300	)		(285,695	)
Total Class A Shares		4,226,498			447,258
Class R6 Shares
Proceeds from shares issued		14,104,690			16,806,260
Dividends reinvested		12,883,459			1,170,187
Cost of shares redeemed		(33,312,391	)		(55,866,478	)
Total Class R6 Shares		(6,324,242	)		(37,890,031	)
Eagle Class Shares
Proceeds from shares issued		140,371,561			264,289	(a)
Dividends reinvested		281,861			–	(a)
Cost of shares redeemed		(16,443,101	)		(6	)(a)
Total Eagle Class Shares		124,210,321			264,283	(a)
Institutional Service Class Shares
Proceeds from shares issued		12,365,995			11,335,020
Dividends reinvested		373,823			17,619
Cost of shares redeemed		(6,382,510	)		(5,183,948	)
Total Institutional Service Class Shares		6,357,308			6,168,691
Change in net assets from capital transactions	$	128,469,885		$	(31,009,799	)

122

Statements of Changes in Net Assets (Continued)

	Nationwide Loomis All Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		448,335			61,168
Reinvested		4,109			72
Redeemed		(80,901	)		(24,590	)
Total Class A Shares		371,543			36,650
Class R6 Shares
Issued		1,204,346			1,431,444
Reinvested		1,244,907			101,556
Redeemed		(2,901,267	)		(4,677,093	)
Total Class R6 Shares		(452,014	)		(3,144,093	)
Eagle Class Shares
Issued		12,457,962			22,328	(a)
Reinvested		26,954			–	(a)
Redeemed		(1,394,809	)		–	(a)
Total Eagle Class Shares		11,090,107			22,328	(a)
Institutional Service Class Shares
Issued		1,013,323			952,846
Reinvested		36,130			1,539
Redeemed		(541,681	)		(432,240	)
Total Institutional Service Class Shares		507,772			522,145
Total change in shares		11,517,408			(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.

123

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
Year Ended October 31, 2019	$	11.45		(0.03	)		1.54			1.51			(0.01	)		(0.82	)		(0.83	)	$	12.13		14.48%		$	5,161,915		1.28%		(0.21%	)		1.32%		13.51%
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
Year Ended October 31, 2019	$	11.50		0.03			1.53			1.56			(0.04	)		(0.82	)		(0.86	)	$	12.20		14.93%		$	178,449,111		0.82%		0.27%			0.87%		13.51%
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
Year Ended October 31, 2019	$	11.48		0.01			1.56			1.57			(0.02	)		(0.82	)		(0.84	)	$	12.21		15.00%		$	135,646,669		1.02%		0.07%			1.06%		13.51%
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
Year Ended October 31, 2019	$	11.48		0.02			1.54			1.56			(0.03	)		(0.82	)		(0.85	)	$	12.19		15.00%	(i)	$	14,441,118		0.89%		0.16%			0.93%		13.51%
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 28, 2018 (commencement of operations) through October 31, 2018. Total return is calculated based on inception date of June 27, 2018 through October 31, 2018.

(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.

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

124

Fund Commentary Nationwide Small Company Growth Fund

For the annual period ended October 31, 2019, the Nationwide Small Company Growth Fund (Institutional Service Class) returned 11.40% versus 6.40% for its benchmark, the Russell 2000® Growth Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Small Growth (consisting of 649 funds as of October 31, 2019), was 6.69% for the same period. Performance for the Fund’s other share class versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund’s portfolio strategy is benchmark agnostic and is not in any way structured relative to a benchmark. Therefore, we do not provide attribution analysis relative to a benchmark, or comment on benchmark sector performance. No derivatives were used during the reporting period.

Performance was due to many securities spread across the Fund’s sectors. Among the top contributors to Fund performance for the reporting period were Paycom Software (Business Services), Veeva Systems (Medical/Healthcare) and PROS Holdings (Business Services). On the downside, among the worse detractors from Fund performance were Inogen and Abiomed (both Medical/Healthcare) and Vocera Communications (Information/Knowledge).

Top Contributors

Paycom, one of the top contributors to Fund performance for the reporting period, provides cloud-based human capital management (HCM) software for small to mid-sized companies. This software provides a core system of record, maintained in a single database, for all HCM functions including talent acquisition and management, time and labor management, payroll and human resources management. As the functionality of Paycom’s solutions increases, the company continues to target larger clients. We believe stronger-than-expected quarterly results drove the recent outperformance and that long-term growth prospects remain attractive.

Veeva Systems provides cloud-based software to the global life-sciences industry, including the

fields of biotechnology and pharmaceuticals. The company’s core products are Veeva CRM, a customer-relationship-management (CRM) solution, and Veeva Vault, a regulated content-management and collaboration solution. Veeva’s clients include many of the largest global pharmaceutical companies, including GlaxoSmithKline, AstraZeneca, Eli Lilly and Merck. Veeva is an innovative company that has successfully launched several products outside of its core CRM, meaningfully expanding its addressable market. We believe the company will achieve continued growth by selling new solutions to existing customers, capturing new customers within existing markets and entering adjacent markets.

PROS Holdings uses software embedded with artificial intelligence and machine-learning algorithms to optimize pricing for its customers. The company began more than three decades ago providing data analytics and dynamic pricing to the airline industry. Today PROS has expanded to a broad range of other industries including industrial materials, financial services, consumer goods, healthcare, automotive, energy and chemicals. The company is currently in the midst of a transition from a perpetual-license model to a subscription model, which will result in a more stable recurring-revenue stream. PROS is seeing increased demand for its products that help companies dynamically price and sell products and services online. Given the strength of PROS’s market position and the value of its products, we continue to believe in the company’s long-term growth prospects.

Top Detractors

Inogen manufactures portable oxygen concentrators (POCs) to treat patients with hypoxemia, an abnormally low level of oxygen in the blood which can damage organs, leading to costly hospitalizations and death. POCs increase the level of oxygen in the air that a patient inhales, allowing the patient to obtain the necessary level of oxygen in the blood. Inogen’s small, quiet, portable units, which can weigh less than three pounds, allow for greater patient mobility, improved quality of life and are approved for use on airplanes. The company

125

Fund Commentary (cont.) Nationwide Small Company Growth Fund

reported lower-than-expected quarterly revenue recently, causing a reduction in earnings growth and forward growth estimates. Much of the revenue shortfall came from one large reseller that slowed its purchases. The company also is implementing changes to its salesforce to address lower-than-expected sales production, especially from new hires in its new Cleveland location. These announcements were the drivers of negative stock price action. Inogen is the market leader in the POC market, holding roughly 50% market share. As the market leader in POCs, which account for less than 15% of the total oxygen market and are growing faster than that market, we believe Inogen remains in a good position to address its current issues and continue to deliver growth in the future.

Abiomed manufactures and sells a portfolio of minimally invasive heart-recovery devices called the Impella, which pump blood for the heart during cardiac procedures. This gives the heart an opportunity to rest, preventing it from becoming overstressed during treatment. We believe Abiomed will drive revenue growth by increasing the adoption of key products, expanding the product portfolio with more FDA-approved devices and creating greater awareness with clinical studies and real-world evidence. Recently the company reported weaker-than-expected earnings results that contributed to the stock’s underperformance. Abiomed also announced that it will adjust its sales strategy to expand the salesforce, target additional hospitals and gain deeper penetration of its products within existing client locations. Sales growth in international markets, specifically in Europe and Japan, remains strong. Despite the negative results, we believe that the company’s products are compelling and that increasing awareness among users will drive Abiomed’s products closer to becoming the accepted standard of care in their markets. We believe that Abiomed’s long-term growth prospects remain intact.

Vocera Communications provides communication solutions to mobile workers primarily in the healthcare industry, in addition to other industries, such as hospitality, energy and education. The company’s communication

platform increases efficiency for hospital staff, leading to improved patient outcomes and cost savings for hospitals. We believe the company has ample opportunity to grow through new product development and deeper penetration of existing accounts in both domestic and international markets. In a recent quarterly earnings call, Vocera reported lower-than-expected revenue and reduced its financial guidance, leading to the underperformance in the stock. Delays in government contracts during the government shutdown from December of 2018 thru January of 2019 as well as delays in customer purchases in anticipation of new product introductions affected Vocera’s revenues. We believe the poor results are short-term issues and the company’s long-term growth prospects remain intact.

We remain quite optimistic about the long-term potential of the portfolio overall. Of course, this does not mean that the portfolio is immune from negative company-specific events or that every portfolio holding will do well. And it most certainly does not mean that the portfolio will not be adversely affected by economic, political and/or other exogenous events. We do not spend our time determining probabilities for potential outcomes (political, economic or otherwise) and then subsequently repositioning the portfolio to take advantage of these expected outcomes. We do, however, assess and analyze the long-term fundamentals of industries and companies to determine whether an investment candidate or portfolio holding meets the criteria for our small company investment program.

At Brown Capital Management, our investment philosophy does not change quarter to quarter, and is not geared toward any specific market conditions or circumstances. While we are influenced by market movements, our consistent investment process does not change in anticipation of one or another type of market. Focusing on exceptional small companies that have the wherewithal to become exceptional large companies is where we concentrate our efforts. As long-term and benchmark-agnostic investors, our style is a disciplined and patient implementation of our small company investment

126

Fund Commentary (cont.) Nationwide Small Company Growth Fund

process. As always, we are committed to building and maintaining a winning investment program that meets your required long-term investment needs.

Subadviser:

Brown Capital Management, LLC

Portfolio Managers:

Daman C. Blakeney; Damien L. Davis, CFA; Andrew J. Fones; Kempton M. Ingersol; Keith A. Lee; and Chaitanya Yaramada, CFA

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The investment strategy of holding stocks for long time periods with an emphasis on particular industries or sectors may subject the Fund to above-average short-term volatility. Growth funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

127

Fund Overview Nationwide Small Company Growth Fund

Asset Allocation¹

Common Stocks	97.7%
Repurchase Agreements†	0.0%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	2.3%
	100.0%

Top Industries²

Software	41.4%
Health Care Equipment & Supplies	25.5%
Health Care Technology	8.1%
Machinery	7.1%
Electronic Equipment, Instruments & Components	4.7%
Chemicals	4.2%
Life Sciences Tools & Services	3.4%
Biotechnology	2.3%
Energy Equipment & Services	1.4%
Communications Equipment	1.3%
Other Industries#	0.6%
	100.0%

Top Holdings²

Tyler Technologies, Inc.	5.0%
Cognex Corp.	4.7%
Neogen Corp.	4.4%
ANSYS, Inc.	4.3%
Manhattan Associates, Inc.	4.3%
Veeva Systems, Inc., Class A	4.3%
Balchem Corp.	4.2%
Paycom Software, Inc.	4.2%
Guidewire Software, Inc.	3.9%
Quidel Corp.	3.7%
Other Holdings#	57.0%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

128

Fund Performance Nationwide Small Company Growth Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		Inception2
Class A	w/o SC1		11.31%		13.50%		16.12%
	w/SC3		4.91%		12.17%		15.24%
Institutional Service Class4			11.40%		13.66%		16.31%
Russell 2000® Growth Index			6.40%		8.38%		12.42%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of January 3, 2012.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

Expense Ratios

	Expense Ratio^
Class A		1.32%
Institutional Service Class		1.19%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

129

Fund Performance (cont.) Nationwide Small Company Growth Fund

Performance of a $50,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $50,000 invested in Institutional Service Class shares of the Nationwide Small Company Growth Fund from inception through 10/31/19 versus the Russell 2000® Growth Index for the same period. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

130

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		957.90		6.56		1.33
	Hypothetical	(a)(b)		1,000.00		1,018.50		6.77		1.33
Institutional Service Class Shares	Actual	(a)		1,000.00		958.40		5.87		1.19
	Hypothetical	(a)(b)		1,000.00		1,019.21		6.06		1.19

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

131

Statement of Investments

October 31, 2019

Nationwide Small Company Growth Fund

Common Stocks 97.7%
	Shares		Value
Biotechnology 2.3%
Cyclerion Therapeutics, Inc.*		31,551	$	75,407
Incyte Corp.*		8,469		710,719
Ironwood Pharmaceuticals, Inc.*		600,760		6,031,630
				6,817,756
Chemicals 4.1%
Balchem Corp.		122,501		12,398,326
Communications Equipment 1.3%
NetScout Systems, Inc.*		159,614		3,865,851
Electronic Equipment, Instruments & Components 4.5%
Cognex Corp.		264,810		13,635,067
Energy Equipment & Services 1.4%
DMC Global, Inc.		90,797		4,062,258
Health Care Equipment & Supplies 24.9%
ABIOMED, Inc.*		52,006		10,795,406
Cantel Medical Corp.		131,543		9,588,169
Cardiovascular Systems, Inc.*		170,885		7,607,800
Endologix, Inc.* (a)		21,154		51,827
Glaukos Corp.*		146,374		9,343,052
Inogen, Inc.*		115,693		6,297,749
iRhythm Technologies, Inc.*		97,659		6,525,574
Meridian Bioscience, Inc.		57,914		566,978
Neogen Corp.*		200,082		13,017,335
Quidel Corp.*		191,341		10,887,303
				74,681,193
Health Care Technology 8.0%
NextGen Healthcare, Inc.*		288,844		4,882,908
Veeva Systems, Inc., Class A*		88,619		12,568,833
Vocera Communications, Inc.*		320,646		6,387,268
				23,839,009
IT Services 0.5%
NIC, Inc.		67,916		1,597,384
Life Sciences Tools & Services 3.3%
Bio-Techne Corp.		47,569		9,902,439
Machinery 7.0%
Helios Technologies, Inc.		255,987		10,144,765
Proto Labs, Inc.*		111,168		10,779,961
				20,924,726
Software 40.4%
ACI Worldwide, Inc.*		20,439		641,580
Alarm.com Holdings, Inc.*		166,490		8,224,606
Alteryx, Inc., Class A*		102,543		9,382,685
American Software, Inc., Class A		161,125		2,611,836
ANSYS, Inc.*		57,797		12,724,010
Appfolio, Inc., Class A*		48,299		4,696,112
Blackbaud, Inc.		119,257		10,011,625
Guidewire Software, Inc.*		102,332		11,536,910
Manhattan Associates, Inc.*		168,991		12,665,875
Paycom Software, Inc.*		58,051		12,279,528
PROS Holdings, Inc.*		204,289		10,467,768
Q2 Holdings, Inc.*		137,791		9,850,679
Smartsheet, Inc., Class A*		39,857		1,570,366

Common Stocks (continued)
	Shares		Value
Software (continued)
Tyler Technologies, Inc.*		54,499	$	14,634,071
				121,297,651
Total Common Stocks (cost $217,808,952)				293,021,660
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		3,264		3,264
Total Short-Term Investment (cost $3,264)				3,264
Repurchase Agreements 0.0%†
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $22,587, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $23,124. (c)(d)	$	22,586		22,586
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $11,150, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $11,414. (c)(d)		11,149		11,149
Total Repurchase Agreements (cost $33,735)				33,735
Total Investments (cost $217,845,951) — 97.7%				293,058,659
Other assets in excess of liabilities — 2.3%				6,829,172
NET ASSETS — 100.0%			$	299,887,831

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $36,260, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $3,264 and $33,735, respectively, a total value of $36,999.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $36,999.

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

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

132

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Small Company Growth Fund
Assets:
Investment securities, at value* (cost $217,812,216)	$	293,024,924
Repurchase agreements, at value (cost $33,735)		33,735
Cash		8,417,150
Interest receivable		8,986
Securities lending income receivable		224
Receivable for capital shares issued		75,604
Reimbursement from investment adviser (Note 3)		4,259
Prepaid expenses		13,527
Total Assets		301,578,409
Liabilities:
Payable for capital shares redeemed		1,260,167
Payable upon return of securities loaned (Note 2)		36,999
Accrued expenses and other payables:
Investment advisory fees		216,477
Fund administration fees		19,736
Distribution fees		7,476
Administrative servicing fees		97,963
Accounting and transfer agent fees		3,773
Trustee fees		1,266
Custodian fees		4,742
Compliance program costs (Note 3)		437
Professional fees		27,509
Printing fees		9,489
Other		4,544
Total Liabilities		1,690,578
Net Assets	$	299,887,831
Represented by:
Capital	$	199,492,694
Total distributable earnings (loss)		100,395,137
Net Assets	$	299,887,831
Net Assets:
Class A Shares	$	35,574,303
Institutional Service Class Shares		264,313,528
Total	$	299,887,831
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,777,071
Institutional Service Class Shares		13,039,288
Total		14,816,359

133

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	20.02
Institutional Service Class Shares	$	20.27
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	21.24
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $36,260 (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.

134

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Small Company Growth Fund
INVESTMENT INCOME:
Dividend income	$	507,395
Interest income		220,423
Income from securities lending (Note 2)		6,942
Total Income		734,760
EXPENSES:
Investment advisory fees		2,599,185
Fund administration fees		148,968
Distribution fees Class A		83,575
Administrative servicing fees Class A		44,362
Administrative servicing fees Institutional Service Class		689,990
Registration and filing fees		45,220
Professional fees		44,933
Printing fees		35,881
Trustee fees		11,097
Custodian fees		14,745
Accounting and transfer agent fees		15,674
Compliance program costs (Note 3)		1,469
Other		6,650
Total expenses before expenses reimbursed		3,741,749
Expenses reimbursed by adviser (Note 3)		(10,977	)
Net Expenses		3,730,772
NET INVESTMENT LOSS		(2,996,012	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		32,247,209
Net change in unrealized appreciation/depreciation in the value of investment securities		4,112,362
Net realized/unrealized gains		36,359,571
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,363,559

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

135

Statements of Changes in Net Assets

	Nationwide Small Company Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment loss	$	(2,996,012	)	$	(2,722,634	)
Net realized gains		32,247,209			14,300,814
Net change in unrealized appreciation/depreciation		4,112,362			16,193,023
Change in net assets resulting from operations		33,363,559			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		(14,817,599	)		34,029,333
Change in net assets		3,938,871			54,072,849
Net Assets:
Beginning of year		295,948,960			241,876,111
End of year	$	299,887,831		$	295,948,960
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	17,754,275		$	18,954,577
Dividends reinvested		1,380,442			698,155
Cost of shares redeemed		(14,983,253	)		(13,599,058	)
Total Class A Shares		4,151,464			6,053,674
Institutional Service Class Shares
Proceeds from shares issued		33,753,526			49,287,811
Dividends reinvested		13,202,032			7,025,288
Cost of shares redeemed		(65,924,621	)		(28,337,440	)
Total Institutional Service Class Shares		(18,969,063	)		27,975,659
Change in net assets from capital transactions	$	(14,817,599	)	$	34,029,333
SHARE TRANSACTIONS:
Class A Shares
Issued		903,276			959,296
Reinvested		83,209			40,403
Redeemed		(751,016	)		(675,237	)
Total Class A Shares		235,469			324,462
Institutional Service Class Shares
Issued		1,691,925			2,425,259
Reinvested		786,772			402,826
Redeemed		(3,298,192	)		(1,447,884	)
Total Institutional Service Class Shares		(819,495	)		1,380,201
Total change in shares		(584,026	)		1,704,663

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

136

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
Year Ended October 31, 2019	$	19.03		(0.22	)		2.17		1.95		–		(0.96	)		(0.96	)	$	20.02		11.31%	$	35,574,303		1.32%		(1.09%	)		1.33%		17.37%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	19.24		(0.19	)		2.18		1.99		–		(0.96	)		(0.96	)	$	20.27		11.40%	$	264,313,528		1.19%		(0.95%	)		1.19%		17.37%
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%

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.

137

Fund Commentary Nationwide U.S. Small Cap Value Fund

For the annual period ended October 31, 2019, the Nationwide U.S. Small Cap Value Fund (Class A at NAV*) returned 0.01% versus 3.22% for its benchmark, the Russell 2000® Value Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Small Value (consisting of 423 funds as of October 31, 2019), was 1.45% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The U.S. market had positive performance for the 12-month reporting period, outperforming both developed ex U.S. and emerging markets. The Russell 3000® Index returned 13.5%, as compared to 10.7% for the MSCI World ex USA IMI (net dividends) and 11.6% for the MSCI Emerging Markets IMI (net dividends).

Along the market-capitalization dimension, small caps (Russell 2000® Index) underperformed large caps (Russell 1000® Index) by 9.2% for the reporting period. Mid-caps (Russell Midcap® Index), a subset of the Russell 1000 Index universe, outperformed small caps by 8.8% and underperformed large caps by 0.4%.

Along the relative price dimension, large-cap value stocks (Russell 1000® Value Index) underperformed large-cap growth stocks (Russell 1000® Growth Index) by 5.9% for the reporting period, and small-cap value stocks (Russell 2000® Value Index) underperformed small-cap growth stocks (Russell 2000® Growth Index) by 3.2%.

It is important to consider the interactions between size, value and profitability when reviewing the performance of the dimensions. Considering all three dimensions simultaneously, stocks with lower relative prices and higher profitability underperformed stocks with higher relative prices and lower profitability among both large and small caps.¹ Performance of the premiums may vary depending on the particular segment of the market under analysis.

The Fund seeks to capture equity, size, value and profitability premiums in the small- and mid-cap value area of the market and does not use derivatives.

At the sector level, the Fund’s general exclusions of real estate investment trusts (REITs) and highly regulated utilities had a negative impact on relative Fund performance for the reporting period, as REITs and Utilities outperformed the overall index. With low-relative-price (value) stocks underperforming high-relative- price (growth) stocks among small- and mid-caps, the Fund’s greater emphasis on value stocks also detracted from relative Fund performance for the period. Conversely, the Fund’s inclusion of mid-caps had a positive impact on Fund performance relative to the small-cap benchmark, as mid-caps outperformed small-caps for the period. The Fund’s greater emphasis on stocks with higher profitability also contributed positively to relative Fund performance, as these stocks generally outperformed. At the sector level, the Fund’s greater allocation to Industrials benefited relative Fund performance, as Industrials outperformed the overall index. Other than the Fund’s general exclusions of REITs and highly regulated utilities, sector allocations are driven by the Fund’s focus on value stocks.

Holding weight differences between the Fund and the benchmark in Endo International PLC, Reliance Steel & Aluminum Co, and AECOM provided positive contribution to the Fund’s performance. Endo International PLC, the Fund held this security at a lower weight than did the benchmark, and the security underperformed the overall benchmark. In the cases of Reliance Steel & Aluminum Co and AECOM, the Fund held these securities at greater weights than did the benchmark, and the securities outperformed the overall benchmark.

Holding weight differences between the Fund and the benchmark in Antero Resources Corp, Valaris PLC, and Range Resources Corp detracted from the Fund’s performance. The Fund held these securities at greater weights than did the benchmark, and these securities underperformed the overall benchmark.

¹  Dimensional’s classification of securities is based on size, value and profitability parameters.

138

Fund Commentary (cont.) Nationwide U.S. Small Cap Value Fund

Subadviser:

Dimensional Fund Advisors LP

Portfolio Managers:

Jed S. Fogdall and Joel Schneider

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The Fund also is subject to risks associated with using a targeted strategy for stock selection. Value funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

139

Fund Overview Nationwide U.S. Small Cap Value Fund

Asset Allocation¹

Common Stocks	99.7%
Repurchase Agreements	1.9%
Short-Term Investment	0.2%
Rights†	0.0%
Liabilities in excess of other assets	(1.8)%
	100.0%

Top Industries²

Banks	16.6%
Insurance	5.6%
Electronic Equipment, Instruments & Components	5.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	3.9%
Specialty Retail	3.5%
Household Durables	3.4%
Thrifts & Mortgage Finance	3.1%
Chemicals	2.7%
Metals & Mining	2.5%
Other Industries#	48.4%
	100.0%

Top Holdings²

US Foods Holding Corp.	0.6%
Arrow Electronics, Inc.	0.6%
Reliance Steel & Aluminum Co.	0.6%
News Corp., Class A	0.6%
Post Holdings, Inc.	0.6%
Voya Financial, Inc.	0.6%
Zions Bancorp NA	0.5%
AECOM	0.5%
Perrigo Co. plc	0.5%
Athene Holding Ltd., Class A	0.5%
Other Holdings#	94.4%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

140

Fund Performance Nationwide U.S. Small Cap Value Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		0.01%		3.76%		10.33%
	w/SC2		(5.72)%		2.54%		9.67%
Class C	w/o SC1		(0.80)%		2.97%		9.53%
	w/SC3		(1.70)%		N/A		N/A
Class R64,5			0.25%		4.10%		10.68%
Institutional Service Class4			0.06%		3.85%		10.41%
Russell 2000® Value Index			3.22%		6.24%		11.08%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		1.32%
Class C		2.08%
Class R6		0.98%
Institutional Service Class		1.23%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

141

Fund Performance (cont.) Nationwide U.S. Small Cap Value Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide U.S. Small Cap Value Fund versus the Russell 2000® Value Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

142

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		971.10		6.81		1.37
	Hypothetical	(a)(b)		1,000.00		1,018.30		6.97		1.37
Class C Shares	Actual	(a)		1,000.00		967.90		10.66		2.15
	Hypothetical	(a)(b)		1,000.00		1,014.37		10.92		2.15
Class R6 Shares	Actual	(a)		1,000.00		972.20		5.22		1.05
	Hypothetical	(a)(b)		1,000.00		1,019.91		5.35		1.05
Institutional Service Class Shares	Actual	(a)		1,000.00		971.80		6.46		1.30
	Hypothetical	(a)(b)		1,000.00		1,018.65		6.61		1.30

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

143

Statement of Investments

October 31, 2019

Nationwide U.S. Small Cap Value Fund

Common Stocks 99.7%
	Shares		Value
Aerospace & Defense 0.7%
AAR Corp.		3,709	$	154,851
Arotech Corp.*		6,700		19,899
Astronics Corp.*		684		19,795
Astronics Corp., Class B*		176		5,104
CPI Aerostructures, Inc.*		1,172		9,130
Cubic Corp.		1,924		141,876
Ducommun, Inc.*		1,870		92,714
Moog, Inc., Class A		2,175		182,069
National Presto Industries, Inc.		465		40,032
Park Aerospace Corp.		1,447		24,584
SIFCO Industries, Inc.*		425		1,084
Vectrus, Inc.*		1,492		68,199
Wesco Aircraft Holdings, Inc.*		10,585		116,647
				875,984
Air Freight & Logistics 0.5%
Air Transport Services Group, Inc.*		2,419		50,581
Atlas Air Worldwide Holdings, Inc. *		2,523		55,329
Echo Global Logistics, Inc.*		2,911		57,958
Forward Air Corp.		730		50,494
Hub Group, Inc., Class A*		3,218		147,385
Radiant Logistics, Inc.*		3,110		16,763
XPO Logistics, Inc.*		2,385		182,214
				560,724
Airlines 1.3%
Alaska Air Group, Inc.		3,774		262,029
Copa Holdings SA, Class A		760		77,322
Hawaiian Holdings, Inc.		4,077		116,643
JetBlue Airways Corp.*		27,914		538,740
Mesa Air Group, Inc.*		2,300		17,526
SkyWest, Inc.		5,610		334,076
Spirit Airlines, Inc.*		6,361		238,919
				1,585,255
Auto Components 2.1%
Adient plc*		8,696		184,268
American Axle & Manufacturing Holdings, Inc.*		14,035		117,333
BorgWarner, Inc.		9,919		413,424
Cooper Tire & Rubber Co.		4,888		138,037
Cooper-Standard Holdings, Inc.*		1,546		49,256
Dana, Inc.		13,383		217,206
Gentex Corp.		5,718		160,390
Gentherm, Inc.*		1,618		67,584
Goodyear Tire & Rubber Co. (The)		21,564		342,221
Horizon Global Corp.*		1,344		5,161
LCI Industries		560		54,387
Lear Corp.		3,242		381,810
Modine Manufacturing Co.*		6,171		70,534
Motorcar Parts of America, Inc.*		2,809		53,540
Shiloh Industries, Inc.*		3,700		13,394
Standard Motor Products, Inc.		3,035		158,913
Stoneridge, Inc.*		1,794		55,399
Strattec Security Corp.		442		10,002
Superior Industries International, Inc.		4,675		12,155
Tenneco, Inc., Class A		1,733		21,818
				2,526,832

Common Stocks (continued)
	Shares		Value
Automobiles 0.1%
Harley-Davidson, Inc.		1,182	$	45,991
Winnebago Industries, Inc.		1,710		82,200
				128,191
Banks 16.9%
1st Source Corp.		2,826		144,635
Allegiance Bancshares, Inc.*		1,315		43,737
American National Bankshares, Inc.		1,014		36,707
Ameris Bancorp		5,538		237,303
AmeriServ Financial, Inc.		1,800		7,488
Arrow Financial Corp.		1,704		59,844
Associated Banc-Corp.		16,406		329,925
Atlantic Capital Bancshares, Inc.*		1,398		26,073
Atlantic Union Bankshares Corp.		3,550		130,853
Banc of California, Inc.		3,961		54,543
BancFirst Corp.		1,645		95,229
Bancorp, Inc. (The)*		9,306		101,435
BancorpSouth Bank		2,924		89,679
Bank of Commerce Holdings		1,636		18,356
Bank of Marin Bancorp		1,334		58,523
Bank OZK		12,684		355,913
BankFinancial Corp.		2,748		35,394
BankUnited, Inc.		8,830		302,869
Banner Corp.		3,048		164,531
Bar Harbor Bankshares		1,037		25,977
Baycom Corp.*		825		17,440
BCB Bancorp, Inc.		754		9,727
Berkshire Hills Bancorp, Inc.		4,408		136,780
Boston Private Financial Holdings, Inc.		8,268		93,015
Bridge Bancorp, Inc.		1,513		49,021
Brookline Bancorp, Inc.		8,104		127,233
Bryn Mawr Bank Corp.		2,086		79,497
Byline Bancorp, Inc.*		1,891		32,790
C&F Financial Corp.		391		19,886
Cadence Bancorp		9,119		140,250
Camden National Corp.		1,876		83,126
Capital City Bank Group, Inc.		2,801		79,688
Capstar Financial Holdings, Inc.		1,268		21,442
Carolina Financial Corp.		1,914		72,636
CenterState Bank Corp.		8,118		205,872
Central Pacific Financial Corp.		1,061		30,684
Central Valley Community Bancorp		600		12,498
Century Bancorp, Inc., Class A		429		37,327
CIT Group, Inc.		8,798		377,346
Citizens & Northern Corp.		1,281		32,935
Civista Bancshares, Inc.		1,335		30,011
CNB Financial Corp.		1,186		37,086
Columbia Banking System, Inc.		6,120		240,516
Community Bankers Trust Corp.		300		2,598
Community Trust Bancorp, Inc.		1,809		79,252
ConnectOne Bancorp, Inc.		3,571		86,704
Customers Bancorp, Inc.*		3,226		76,069
Eagle Bancorp, Inc.		2,484		112,128
Enterprise Bancorp, Inc.		843		25,130
Enterprise Financial Services Corp.		1,141		49,976
Equity Bancshares, Inc., Class A*		1,841		51,106
Farmers National Banc Corp.		3,278		48,908
FB Financial Corp.		1,044		39,327
Financial Institutions, Inc.		2,557		80,367
First Bancorp, Inc.		1,541		43,564

144

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
First Bancorp/NC		3,269	$	123,405
First Bancorp/PR		19,311		203,152
First Bancshares, Inc. (The)		851		28,049
First Bank		980		10,349
First Busey Corp.		4,410		116,292
First Business Financial Services, Inc.		1,233		29,987
First Commonwealth Financial Corp.		10,295		145,057
First Community Bankshares, Inc.		2,396		76,265
First Financial Bancorp		10,299		241,409
First Financial Corp.		1,646		72,210
First Financial Northwest, Inc.		1,754		24,819
First Foundation, Inc.		4,412		70,636
First Horizon National Corp.		29,605		472,792
First Internet Bancorp		1,300		29,562
First Interstate BancSystem, Inc., Class A		2,876		120,677
First Merchants Corp.		4,698		185,806
First Mid Bancshares, Inc.		1,457		50,849
First Midwest Bancorp, Inc.		8,847		181,717
First Northwest Bancorp		900		15,813
First of Long Island Corp. (The)		1,976		46,317
Flushing Financial Corp.		3,637		78,705
FNB Corp.		29,456		355,239
Franklin Financial Network, Inc.		1,643		54,663
Fulton Financial Corp.		14,297		243,907
German American Bancorp, Inc.		2,205		72,875
Great Southern Bancorp, Inc.		1,663		100,478
Great Western Bancorp, Inc.		4,815		167,899
Hancock Whitney Corp.		8,218		320,502
Hanmi Financial Corp.		4,305		82,871
HarborOne Bancorp, Inc.*		1,450		14,805
Heartland Financial USA, Inc.		2,577		120,552
Heritage Commerce Corp.		4,047		48,645
Heritage Financial Corp.		3,974		109,404
Hilltop Holdings, Inc.		13,855		323,653
Home BancShares, Inc.		2,610		48,233
HomeTrust Bancshares, Inc.		1,832		48,914
Hope Bancorp, Inc.		13,907		198,453
Horizon Bancorp, Inc.		3,616		66,010
IBERIABANK Corp.		4,891		358,950
Independent Bank Corp.		3,660		201,110
Independent Bank Group, Inc.		3,527		188,589
International Bancshares Corp.		6,968		285,409
Investors Bancorp, Inc.		27,449		330,760
Lakeland Bancorp, Inc.		5,074		83,975
LCNB Corp.		700		12,656
LegacyTexas Financial Group, Inc.		3,739		159,057
Live Oak Bancshares, Inc. (a)		1,011		18,350
Macatawa Bank Corp.		3,062		32,013
Malvern Bancorp, Inc.*		490		10,966
Mercantile Bank Corp.		1,474		51,900
Midland States Bancorp, Inc.		2,018		54,082
MidWestOne Financial Group, Inc.		866		28,227
National Bank Holdings Corp., Class A		3,183		109,495
NBT Bancorp, Inc.		4,495		178,676
Nicolet Bankshares, Inc.*		349		24,074
Northeast Bank		528		11,304
Northrim Bancorp, Inc.		746		29,057
OFG Bancorp		5,084		103,256
Ohio Valley Banc Corp.		475		17,452
Old Line Bancshares, Inc.		1,554		45,501

Common Stocks (continued)
	Shares		Value
Banks (continued)
Old National Bancorp		15,793	$	284,195
Old Second Bancorp, Inc.		1,364		16,463
Opus Bank		3,361		83,319
Pacific Premier Bancorp, Inc.		4,094		138,193
PacWest Bancorp		11,790		436,112
Park National Corp.		305		30,881
Peapack Gladstone Financial Corp.		2,410		70,372
Penns Woods Bancorp, Inc.		514		15,713
Peoples Bancorp of North Carolina, Inc.		709		21,086
Peoples Bancorp, Inc.		2,867		93,780
People’s United Financial, Inc.		36,349		587,763
People’s Utah Bancorp		949		27,616
Pinnacle Financial Partners, Inc.		7,232		425,386
Popular, Inc.		9,167		499,235
Preferred Bank		572		30,493
Premier Financial Bancorp, Inc.		1,453		25,791
QCR Holdings, Inc.		1,103		44,760
RBB Bancorp		1,162		23,403
Renasant Corp.		5,823		202,058
Republic Bancorp, Inc., Class A		1,700		75,599
Republic First Bancorp, Inc.*		1,850		7,493
S&T Bancorp, Inc.		3,602		135,633
Sandy Spring Bancorp, Inc.		3,487		120,302
Seacoast Banking Corp. of Florida*		1,504		42,112
Shore Bancshares, Inc.		1,088		16,984
Sierra Bancorp		1,940		52,846
Simmons First National Corp., Class A		7,996		191,264
SmartFinancial, Inc.*		1,179		24,818
South State Corp.		3,171		250,065
Southern First Bancshares, Inc.*		254		10,239
Southern National Bancorp of Virginia, Inc.		3,875		61,380
Southside Bancshares, Inc.		1,701		58,599
Sterling Bancorp		18,799		369,400
Synovus Financial Corp.		4,605		155,971
TCF Financial Corp.		11,653		461,342
Texas Capital Bancshares, Inc.*		4,152		224,457
Tompkins Financial Corp.		711		62,220
Towne Bank		6,760		189,888
TriCo Bancshares		3,016		113,492
TriState Capital Holdings, Inc.*		2,925		67,626
Triumph Bancorp, Inc.*		1,442		46,793
Trustmark Corp.		7,521		258,121
UMB Financial Corp.		316		20,622
Umpqua Holdings Corp.		20,454		323,582
United Bankshares, Inc.		5,418		214,228
United Community Banks, Inc.		5,419		163,708
United Security Bancshares		303		3,082
Univest Financial Corp.		3,120		80,340
Valley National Bancorp		25,363		293,704
Veritex Holdings, Inc.		2,781		68,468
Washington Trust Bancorp, Inc.		1,198		61,206
WesBanco, Inc.		5,658		212,684
West Bancorporation, Inc.		1,035		24,302
Wintrust Financial Corp.		3,665		233,900
Zions Bancorp NA		13,376		648,335
				20,418,203
Beverages 0.0%†
Craft Brew Alliance, Inc.*		3,854		28,096

145

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology 0.6%
Achillion Pharmaceuticals, Inc.*		12,733	$	81,619
Acorda Therapeutics, Inc.*		3,960		6,534
Aduro Biotech, Inc.*		3,303		3,765
Akebia Therapeutics, Inc.*		8,529		31,813
AMAG Pharmaceuticals, Inc.* (a)		3,751		36,403
Anika Therapeutics, Inc.*		1,437		101,150
Applied Genetic Technologies Corp.*		3,020		9,151
Aravive, Inc.*		823		5,341
Ardelyx, Inc.*		2,126		10,630
Arena Pharmaceuticals, Inc.*		789		38,436
Catalyst Biosciences, Inc.*		1,000		5,440
Chimerix, Inc.*		6,949		9,937
Concert Pharmaceuticals, Inc.*		1,580		9,843
Ligand Pharmaceuticals, Inc.* (a)		111		12,078
Merrimack Pharmaceuticals, Inc.		1,009		3,986
Myriad Genetics, Inc.*		7,031		236,734
PDL BioPharma, Inc.*		16,214		45,724
Prothena Corp. plc*		1,980		18,018
				666,602
Building Products 1.5%
Alpha Pro Tech Ltd.*		4,000		14,400
American Woodmark Corp.*		830		82,303
Apogee Enterprises, Inc.		2,468		92,649
Armstrong Flooring, Inc.*		2,969		18,230
Builders FirstSource, Inc.*		1,500		33,915
Cornerstone Building Brands, Inc.*		1,800		11,250
CSW Industrials, Inc.		1,001		69,289
Gibraltar Industries, Inc.*		3,515		187,104
Griffon Corp.		5,052		107,658
Insteel Industries, Inc.		1,585		30,226
JELD-WEN Holding, Inc.*		1,181		20,183
Masonite International Corp.*		1,798		110,415
Owens Corning		8,940		547,843
Patrick Industries, Inc.*		449		22,185
Quanex Building Products Corp.		4,163		80,304
Resideo Technologies, Inc.*		8,297		79,070
Universal Forest Products, Inc.		6,042		304,275
				1,811,299
Capital Markets 1.7%
Blucora, Inc.*		8,815		190,668
Cowen, Inc., Class A*		3,305		49,476
GAIN Capital Holdings, Inc.		5,725		24,160
INTL. FCStone, Inc.*		1,928		77,120
Invesco Ltd.		34,637		582,594
Janus Henderson Group plc		18,927		437,782
Legg Mason, Inc.		7,430		276,842
Oppenheimer Holdings, Inc., Class A		1,662		45,206
Piper Jaffray Cos.		200		15,708
Stifel Financial Corp.		3,921		219,498
Virtus Investment Partners, Inc.		423		45,887
Waddell & Reed Financial, Inc., Class A (a)		5,045		83,545
				2,048,486
Chemicals 2.7%
AdvanSix, Inc.*		3,926		89,356
AgroFresh Solutions, Inc.*		3,582		8,239
Albemarle Corp. (a)		266		16,157
American Vanguard Corp.		4,235		59,205

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
Ashland Global Holdings, Inc.		5,893	$	455,941
Cabot Corp.		980		42,718
Core Molding Technologies, Inc.*		1,940		11,077
Element Solutions, Inc.*		24,748		268,763
Flotek Industries, Inc.*		5,361		10,240
FutureFuel Corp.		5,488		67,667
Hawkins, Inc.		1,132		48,393
HB Fuller Co.		3,891		189,881
Huntsman Corp.		21,182		468,758
Innophos Holdings, Inc.		1,471		47,984
Innospec, Inc.		2,367		216,249
Intrepid Potash, Inc.*		16,755		51,773
Kraton Corp.*		2,714		60,848
LSB Industries, Inc.*		3,802		16,082
Minerals Technologies, Inc.		3,209		158,685
Olin Corp.		15,651		287,039
PQ Group Holdings, Inc.*		7,200		118,584
Rayonier Advanced Materials, Inc.		3,889		16,217
Stepan Co.		1,275		124,593
Trecora Resources*		2,122		18,610
Tredegar Corp.		2,024		40,237
Trinseo SA		301		12,793
Tronox Holdings plc, Class A		4,777		40,557
Venator Materials plc*		423		1,045
Westlake Chemical Corp.		4,894		309,252
				3,256,943
Commercial Services & Supplies 2.0%
ABM Industries, Inc.		6,787		247,454
ACCO Brands Corp.		9,614		87,968
Acme United Corp.		200		4,132
ADT, Inc. (a)		16,914		130,914
Advanced Disposal Services, Inc.*		11,162		365,890
AMREP Corp.*		216		1,268
ARC Document Solutions, Inc.*		6,278		8,538
Brady Corp., Class A		3,007		169,414
BrightView Holdings, Inc.*		591		10,520
CECO Environmental Corp.*		7,173		49,207
Civeo Corp.*		25,762		27,308
Clean Harbors, Inc.*		1,556		128,308
Deluxe Corp.		831		43,071
Ennis, Inc.		2,261		44,293
Heritage-Crystal Clean, Inc.*		2,227		59,105
HNI Corp.		578		21,964
Knoll, Inc.		1,460		39,040
LSC Communications, Inc.		5,068		4,941
Matthews International Corp., Class A		2,491		92,117
McGrath RentCorp		2,306		175,971
Mobile Mini, Inc.		3,967		149,239
NL Industries, Inc.*		2,541		10,494
PICO Holdings, Inc.*		3,792		40,878
Quad/Graphics, Inc.		5,525		25,028
SP Plus Corp.*		2,112		93,287
Steelcase, Inc., Class A		5,964		104,191
Team, Inc.*		4,043		73,421
UniFirst Corp.		249		50,009
Viad Corp.		2,142		130,705
Virco Manufacturing Corp.		1,500		5,880
VSE Corp.		1,700		65,314
				2,459,869

146

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Communications Equipment 0.9%
ADTRAN, Inc.		7,954	$	70,075
Aviat Networks, Inc.*		639		8,825
BK Technologies Corp.		2,881		10,291
CalAmp Corp.*		800		8,976
Clearfield, Inc.*		800		9,864
CommScope Holding Co., Inc.*		3,021		33,835
Communications Systems, Inc.		2,369		14,096
Comtech Telecommunications Corp.		3,756		131,272
Digi International, Inc.*		5,164		74,465
EchoStar Corp., Class A*		4,946		192,894
EMCORE Corp.*		3,875		11,509
Harmonic, Inc.*		5,582		43,428
InterDigital, Inc.		2,424		129,999
KVH Industries, Inc.*		2,877		29,403
NETGEAR, Inc.*		2,672		72,598
NetScout Systems, Inc.*		6,915		167,481
Network-1 Technologies, Inc.		3,171		7,103
Optical Cable Corp.*		300		885
PC-Tel, Inc.*		1,200		8,580
Ribbon Communications, Inc.*		8,118		34,826
TESSCO Technologies, Inc.		1,310		17,410
				1,077,815
Construction & Engineering 2.4%
AECOM*		15,897		636,039
Aegion Corp.*		3,334		72,248
Ameresco, Inc., Class A*		4,700		69,278
Arcosa, Inc.		5,052		194,047
Argan, Inc.		1,566		59,273
Dycom Industries, Inc.*		600		27,354
EMCOR Group, Inc.		1,242		108,936
Fluor Corp.		5,145		82,886
Goldfield Corp. (The)*		6,069		13,777
Granite Construction, Inc.		4,355		102,517
Great Lakes Dredge & Dock Corp.*		9,891		106,328
IES Holdings, Inc.*		1,273		24,696
MasTec, Inc.*		5,046		317,595
MYR Group, Inc.*		2,463		84,752
Northwest Pipe Co.*		1,789		54,564
NV5 Global, Inc.*		663		48,021
Orion Group Holdings, Inc.*		7,050		34,545
Primoris Services Corp.		4,144		84,703
Quanta Services, Inc.		13,859		582,771
Sterling Construction Co., Inc.*		3,835		62,300
Tutor Perini Corp.*		5,075		78,510
WillScot Corp.*		2,064		32,529
				2,877,669
Construction Materials 0.2%
Summit Materials, Inc., Class A*		7,328		168,031
United States Lime & Minerals, Inc.		750		66,375
US Concrete, Inc.*		797		41,651
				276,057
Consumer Finance 1.5%
Asta Funding, Inc.*		267		1,842
Atlanticus Holdings Corp.*		1,995		15,781
Consumer Portfolio Services, Inc.*		1,523		5,140
Encore Capital Group, Inc.*		2,031		67,409
EZCORP, Inc., Class A*		7,524		39,576

Common Stocks (continued)
	Shares		Value
Consumer Finance (continued)
Navient Corp.		23,944	$	329,709
Nelnet, Inc., Class A		3,488		213,710
OneMain Holdings, Inc.		9,401		376,040
PRA Group, Inc.*		3,602		122,216
Regional Management Corp.*		1,533		44,350
Santander Consumer USA Holdings, Inc.		21,343		535,282
				1,751,055
Containers & Packaging 0.5%
Graphic Packaging Holding Co.		25,838		404,623
Greif, Inc., Class A		2,634		103,174
Sonoco Products Co.		2,285		131,844
UFP Technologies, Inc.*		423		17,601
				657,242
Distributors 0.1%
Core-Mark Holding Co., Inc.		1,917		58,507
Weyco Group, Inc.		1,396		34,439
				92,946
Diversified Consumer Services 0.7%
Adtalem Global Education, Inc.*		5,212		155,213
American Public Education, Inc.*		2,534		55,039
Career Education Corp.*		870		12,319
Carriage Services, Inc.		2,154		55,487
Franchise Group, Inc., Class A*		1,516		18,131
Graham Holdings Co., Class B		437		275,162
Houghton Mifflin Harcourt Co.*		8,740		56,460
K12, Inc.*		5,104		101,008
Laureate Education, Inc., Class A*		4,460		68,929
Regis Corp.*		4,411		90,867
Zovio, Inc.*		1,950		3,822
				892,437
Diversified Financial Services 0.8%
Cannae Holdings, Inc.*		1,016		29,667
Jefferies Financial Group, Inc.		9,867		184,217
Marlin Business Services Corp.		1,601		38,008
On Deck Capital, Inc.*		3,647		16,266
Voya Financial, Inc.		12,996		701,264
				969,422
Diversified Telecommunication Services 0.3%
ATN International, Inc.		1,841		109,043
Cincinnati Bell, Inc.*		1,048		5,355
Consolidated Communications Holdings, Inc.		4,228		16,912
Frontier Communications Corp.* (a)		10,982		9,994
Iridium Communications, Inc.*		7,347		179,781
ORBCOMM, Inc.*		4,821		19,332
				340,417
Electric Utilities 0.0%†
Genie Energy Ltd., Class B		2,600		19,370
Electrical Equipment 0.8%
AZZ, Inc.		2,771		107,487
Broadwind Energy, Inc.*		2,432		3,989
Encore Wire Corp.		2,014		113,187

147

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electrical Equipment (continued)
EnerSys		983	$	65,723
LSI Industries, Inc.		4,939		25,633
nVent Electric plc		5,977		137,830
Powell Industries, Inc.		1,855		72,642
Preformed Line Products Co.		824		44,990
Regal Beloit Corp.		3,895		288,425
Thermon Group Holdings, Inc.*		3,976		94,748
Ultralife Corp.*		3,374		29,151
				983,805
Electronic Equipment, Instruments & Components 5.5%
Anixter International, Inc.*		3,481		288,053
Arlo Technologies, Inc.*		9,221		31,444
Arrow Electronics, Inc.*		9,852		781,067
Avnet, Inc.		12,245		484,412
AVX Corp.		14,021		214,802
Bel Fuse, Inc., Class B		2,729		40,144
Belden, Inc.		2,787		142,917
Benchmark Electronics, Inc.		3,416		115,802
Coherent, Inc.*		72		10,722
CTS Corp.		2,980		79,506
Daktronics, Inc.		6,564		45,029
ePlus, Inc.*		849		66,332
Fabrinet*		3,019		169,758
FARO Technologies, Inc.*		1,844		87,922
Flex Ltd.*		27,639		324,758
Frequency Electronics, Inc.*		900		10,620
II-VI, Inc.* (a)		7,737		256,482
Insight Enterprises, Inc.*		3,011		184,815
Jabil, Inc.		13,610		501,120
KEMET Corp.		3,966		86,221
Key Tronic Corp.*		2,680		16,000
Kimball Electronics, Inc.*		4,062		60,361
Knowles Corp.*		7,419		160,102
Methode Electronics, Inc.		2,269		78,054
MTS Systems Corp.		1,181		66,703
OSI Systems, Inc.*		1,402		139,135
PC Connection, Inc.		2,743		133,968
Plexus Corp.*		2,911		215,239
RF Industries Ltd.		443		2,632
Richardson Electronics Ltd.		2,700		15,579
Rogers Corp.*		1,323		179,240
Sanmina Corp.*		7,551		232,042
ScanSource, Inc.*		3,182		102,779
SYNNEX Corp.		4,192		493,566
Tech Data Corp.*		3,403		413,465
TTM Technologies, Inc.*		9,648		112,978
Vishay Intertechnology, Inc.		14,096		284,034
Vishay Precision Group, Inc.*		1,428		48,623
Wayside Technology Group, Inc.		200		2,880
				6,679,306
Energy Equipment & Services 1.8%
Apergy Corp.*		3,876		97,559
Archrock, Inc.		11,177		107,746
Basic Energy Services, Inc.*		3,935		2,243
CARBO Ceramics, Inc.*		3,900		5,655
Dawson Geophysical Co.*		5,839		14,014
Diamond Offshore Drilling, Inc.* (a)		6,052		32,015
Dril-Quip, Inc.* (a)		3,445		141,314

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
Era Group, Inc.*		4,157	$	40,198
Exterran Corp.*		3,920		49,666
Forum Energy Technologies, Inc.*		11,199		12,991
Frank’s International NV*		13,754		67,395
Geospace Technologies Corp.*		1,817		26,510
Gulf Island Fabrication, Inc.*		3,273		17,151
Helix Energy Solutions Group, Inc.*		18,435		158,357
Helmerich & Payne, Inc.		9,365		351,187
Hornbeck Offshore Services, Inc.*		6,751		3,421
Independence Contract Drilling, Inc.*		8,702		7,745
KLX Energy Services Holdings, Inc.*		2,240		17,786
Mammoth Energy Services, Inc.		402		643
Matrix Service Co.*		1,848		34,668
Mitcham Industries, Inc.*		4,242		9,757
Nabors Industries Ltd.		28,387		52,516
Natural Gas Services Group, Inc.*		2,509		29,832
NCS Multistage Holdings, Inc.*		1,277		2,873
Newpark Resources, Inc.*		14,022		84,132
NexTier Oilfield Solutions, Inc.* (a)		8,256		35,665
Nine Energy Service, Inc.*		884		4,995
Noble Corp. plc*		24,262		29,842
Oceaneering International, Inc.*		8,998		127,412
Oil States International, Inc.*		5,021		71,650
Patterson-UTI Energy, Inc.		16,329		135,857
ProPetro Holding Corp.*		3,438		26,644
SEACOR Holdings, Inc.*		2,369		101,654
SEACOR Marine Holdings, Inc.*		2,919		37,976
Select Energy Services, Inc., Class A*		7,447		56,597
Smart Sand, Inc.*		1,795		4,182
TETRA Technologies, Inc.*		10,011		17,019
Tidewater, Inc.*		3,724		60,441
US Silica Holdings, Inc. (a)		6,029		26,889
Valaris plc (a)		16,914		69,517
				2,173,714
Entertainment 0.3%
AMC Entertainment Holdings, Inc., Class A (a)		4,846		45,407
Ballantyne Strong, Inc.*		3,325		9,676
Cinemark Holdings, Inc.		532		19,471
Eros International plc* (a)		1,900		4,256
IMAX Corp.*		3,798		81,087
Lions Gate Entertainment Corp., Class A* (a)		6,364		50,849
Lions Gate Entertainment Corp., Class B*		12,641		94,681
Marcus Corp. (The)		1,682		60,720
Reading International, Inc., Class A*		3,433		39,033
				405,180
Food & Staples Retailing 1.1%
Andersons, Inc. (The)		3,529		65,004
Casey’s General Stores, Inc.		184		31,429
Chefs’ Warehouse, Inc. (The)*		641		21,233
Ingles Markets, Inc., Class A		1,755		69,200
Natural Grocers by Vitamin Cottage, Inc.*		2,516		22,065
PriceSmart, Inc.		1,776		131,602
SpartanNash Co.		3,662		47,954
United Natural Foods, Inc.*		4,664		34,980
US Foods Holding Corp.*		19,819		786,220
Village Super Market, Inc., Class A		1,765		46,772
Weis Markets, Inc.		2,146		82,600
				1,339,059

148

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Food Products 2.5%
Alico, Inc.		847	$	27,824
Bunge Ltd.		9,228		498,312
Cal-Maine Foods, Inc.		1,078		43,001
Darling Ingredients, Inc.*		15,392		297,066
Dean Foods Co. (a)		16,013		15,693
Fresh Del Monte Produce, Inc.		4,870		155,353
Hain Celestial Group, Inc. (The)*		5,411		127,916
Hostess Brands, Inc.*		9,922		126,803
Ingredion, Inc.		5,824		460,096
John B Sanfilippo & Son, Inc.		669		70,994
Landec Corp.*		3,974		39,144
Post Holdings, Inc.*		6,828		702,601
Sanderson Farms, Inc.		961		148,772
Sanderson Farms, Inc.*^¥		200		0
Seaboard Corp.		46		194,078
Seneca Foods Corp., Class A*		1,991		70,442
Simply Good Foods Co. (The)*		2,346		57,571
				3,035,666
Health Care Equipment & Supplies 0.6%
AngioDynamics, Inc.*		4,148		63,464
Avanos Medical, Inc.*		2,559		112,698
CONMED Corp.		1,843		202,767
FONAR Corp.*		951		19,334
Integer Holdings Corp.*		2,775		214,896
Invacare Corp.		5,401		41,696
Kewaunee Scientific Corp.		92		1,464
RTI Surgical Holdings, Inc.*		12,630		27,786
Varex Imaging Corp.*		760		22,807
				706,912
Health Care Providers & Services 1.5%
Acadia Healthcare Co., Inc.*		8,157		244,628
Brookdale Senior Living, Inc.*		15,457		113,609
Community Health Systems, Inc.* (a)		6,764		23,945
Covetrus, Inc.*		1,285		12,741
Cross Country Healthcare, Inc.*		2,975		32,160
DaVita, Inc.*		4,615		270,439
Digirad Corp.*		403		1,648
Diplomat Pharmacy, Inc.*		5,200		28,288
Five Star Senior Living, Inc.*		236		1,251
Magellan Health, Inc.*		2,237		145,181
MedCath Corp.*^¥		2,115		0
MEDNAX, Inc.*		7,691		168,894
National HealthCare Corp.		1,547		127,133
Owens & Minor, Inc.		8,102		54,526
Patterson Cos., Inc.		7,894		135,224
Premier, Inc., Class A*		1,770		57,667
Providence Service Corp. (The)*		1,500		95,805
Select Medical Holdings Corp.*		12,683		231,084
Surgery Partners, Inc.* (a)		2,120		16,854
Tivity Health, Inc.*		1,227		19,890
Triple-S Management Corp., Class B *		2,880		43,574
				1,824,541
Health Care Technology 0.3%
Allscripts Healthcare Solutions, Inc.*		18,435		201,679
Evolent Health, Inc., Class A*		6,660		50,749
HealthStream, Inc.*		2,414		67,737
Inovalon Holdings, Inc., Class A* (a)		827		12,926

Common Stocks (continued)
	Shares		Value
Health Care Technology (continued)
Micron Solutions, Inc.*		200	$	472
NextGen Healthcare, Inc.*		694		11,732
				345,295
Hotels, Restaurants & Leisure 1.0%
Aramark		8,037		351,699
Ark Restaurants Corp.		318		6,519
BBX Capital Corp.		6,902		30,852
Biglari Holdings, Inc., Class A*		17		7,022
Biglari Holdings, Inc., Class B*		394		32,891
Carrols Restaurant Group, Inc.*		2,390		17,041
Chuy’s Holdings, Inc.*		1,775		43,257
Del Taco Restaurants, Inc.*		4,535		34,625
Dover Motorsports, Inc.		1,000		1,930
El Pollo Loco Holdings, Inc.*		1,518		17,639
Eldorado Resorts, Inc.*		431		19,296
Fiesta Restaurant Group, Inc.*		4,271		36,709
International Game Technology plc		9,079		120,206
J Alexander’s Holdings, Inc.*		2,426		23,411
Luby’s, Inc.*		3,390		6,237
Marriott Vacations Worldwide Corp.		2,973		326,822
Monarch Casino & Resort, Inc.*		505		21,811
Playa Hotels & Resorts NV*		8,250		68,805
Potbelly Corp.*		4,608		19,584
Red Lion Hotels Corp.*		3,236		19,416
Red Robin Gourmet Burgers, Inc.*		1,310		39,955
				1,245,727
Household Durables 3.5%
Bassett Furniture Industries, Inc.		1,614		24,614
Cavco Industries, Inc.*		680		130,322
Century Communities, Inc.*		2,596		78,321
CSS Industries, Inc.		1,000		4,500
Ethan Allen Interiors, Inc.		2,716		53,532
Flexsteel Industries, Inc.		964		15,973
Green Brick Partners, Inc.*		5,524		55,627
Hamilton Beach Brands Holding Co., Class A		207		3,861
Hooker Furniture Corp.		1,721		40,736
KB Home		6,868		245,119
La-Z-Boy, Inc.		4,472		158,801
LGI Homes, Inc.* (a)		148		11,615
Libbey, Inc.*		1,488		2,678
Lifetime Brands, Inc.		3,756		30,010
M/I Homes, Inc.*		5,099		225,274
MDC Holdings, Inc.		5,261		203,653
Meritage Homes Corp.*		7,800		562,302
New Home Co., Inc. (The)*		2,958		13,814
Newell Brands, Inc.		28,698		544,401
Orleans Homebuilders, Inc.*^¥		1,500		0
PulteGroup, Inc.		9,799		384,513
Taylor Morrison Home Corp.*		8,265		207,038
Toll Brothers, Inc.		14,377		571,773
TopBuild Corp.*		2,675		278,013
TRI Pointe Group, Inc.*		14,606		229,898
Universal Electronics, Inc.*		919		47,898
VOXX International Corp.*		5,943		28,824
William Lyon Homes, Class A*		2,713		52,497
ZAGG, Inc.*		2,669		19,671
				4,225,278

149

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Household Products 0.2%
Central Garden & Pet Co.*		1,218	$	36,565
Central Garden & Pet Co., Class A*		3,369		95,275
Oil-Dri Corp. of America		461		16,139
Spectrum Brands Holdings, Inc.		2,742		137,676
				285,655
Independent Power and Renewable Electricity Producers 0.2%
Ormat Technologies, Inc.		2,373		181,677
TerraForm Power, Inc., Class A		5,142		87,311
				268,988
Insurance 5.7%
Ambac Financial Group, Inc.*		3,825		78,412
American Equity Investment Life Holding Co.		9,595		236,805
American National Insurance Co.		2,294		275,234
Argo Group International Holdings Ltd.		3,638		225,083
Assurant, Inc.		1,648		207,763
Assured Guaranty Ltd.		10,642		499,323
Athene Holding Ltd., Class A*		14,372		623,026
Axis Capital Holdings Ltd.		5,403		321,100
Brighthouse Financial, Inc.*		2,556		96,515
CNO Financial Group, Inc.		26,729		418,309
Donegal Group, Inc., Class A		4,202		61,853
Employers Holdings, Inc.		3,584		151,747
Enstar Group Ltd.*		1,022		205,320
FBL Financial Group, Inc., Class A		2,469		141,671
FedNat Holding Co.		2,849		40,883
Genworth Financial, Inc., Class A*		26,992		115,526
Global Indemnity Ltd.		2,452		60,712
Greenlight Capital Re Ltd., Class A*		3,732		40,306
Hallmark Financial Services, Inc.*		3,425		61,033
Hanover Insurance Group, Inc. (The)		378		49,786
HCI Group, Inc.		1,029		43,269
Heritage Insurance Holdings, Inc.		2,811		37,443
Horace Mann Educators Corp.		4,125		179,685
Independence Holding Co.		1,556		60,840
Investors Title Co.		230		34,891
James River Group Holdings Ltd.		1,027		36,777
Kingstone Cos., Inc.		739		5,964
Maiden Holdings Ltd.*		15,509		8,918
MBIA, Inc.*		16,219		150,674
National General Holdings Corp.		7,319		156,041
National Western Life Group, Inc., Class A		367		100,044
Old Republic International Corp.		18,139		405,225
ProAssurance Corp.		2,026		79,460
Protective Insurance Corp., Class B		1,193		18,981
RenaissanceRe Holdings Ltd.		995		186,244
Safety Insurance Group, Inc.		1,302		126,554
Selective Insurance Group, Inc.		2,162		149,437
State Auto Financial Corp.		4,007		132,592
Stewart Information Services Corp.		2,344		95,916
Third Point Reinsurance Ltd.*		8,530		80,950
United Fire Group, Inc.		2,029		92,360
United Insurance Holdings Corp.		3,143		38,533
Unum Group		19,242		529,925
White Mountains Insurance Group Ltd.		209		223,839
				6,884,969

Common Stocks (continued)
	Shares		Value
Interactive Media & Services 0.1%
Cars.com, Inc.*		5,131	$	58,032
DHI Group, Inc.*		6,813		24,663
Liberty TripAdvisor Holdings, Inc., Class A*		3,089		29,809
Meet Group, Inc. (The)*		7,706		32,827
				145,331
Internet & Direct Marketing Retail 0.3%
1-800-Flowers.com, Inc., Class A*		4,292		61,204
Lands’ End, Inc.*		2,455		29,632
Liquidity Services, Inc.*		5,122		33,241
Qurate Retail, Inc., Series A*		26,759		255,281
				379,358
IT Services 1.0%
Alithya Group, Inc., Class A*		477		1,298
CACI International, Inc., Class A*		1,304		291,770
Computer Task Group, Inc.*		2,911		15,690
Conduent, Inc.*		13,439		83,053
KBR, Inc.		8,735		245,978
ManTech International Corp., Class A		2,935		232,393
Perficient, Inc.*		3,807		149,234
Perspecta, Inc.		1,868		49,577
Presidio, Inc.		1,435		23,821
PRGX Global, Inc.*		338		1,690
Sykes Enterprises, Inc.*		4,572		141,252
				1,235,756
Leisure Products 0.4%
Acushnet Holdings Corp.		7,595		216,078
American Outdoor Brands Corp.*		5,100		36,108
Callaway Golf Co.		7,871		159,152
Clarus Corp.		2,100		26,775
Escalade, Inc.		1,700		19,482
JAKKS Pacific, Inc.*		744		573
Johnson Outdoors, Inc., Class A		618		36,184
Nautilus, Inc.*		3,248		5,359
Vista Outdoor, Inc.*		4,138		27,724
				527,435
Life Sciences Tools & Services 0.1%
Cambrex Corp.*		1,014		60,566
Harvard Bioscience, Inc.*		8,872		24,842
Luminex Corp.		3,340		68,453
				153,861
Machinery 4.0%
Actuant Corp., Class A		5,795		143,542
AGCO Corp.		5,044		386,824
Alamo Group, Inc.		1,621		173,544
Altra Industrial Motion Corp.		1,476		45,461
Astec Industries, Inc.		2,950		103,516
Barnes Group, Inc.		3,913		228,715
Briggs & Stratton Corp.		4,800		35,376
Chart Industries, Inc.*		1,766		103,541
CIRCOR International, Inc.*		1,910		73,134
Colfax Corp.*		11,650		391,440
Columbus McKinnon Corp.		2,281		85,583
Eastern Co. (The)		399		11,008
EnPro Industries, Inc.		1,038		72,193
ESCO Technologies, Inc.		2,438		205,987

150

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Federal Signal Corp.		4,033	$	130,831
Franklin Electric Co., Inc.		2,274		122,455
FreightCar America, Inc.*		2,266		7,569
Gates Industrial Corp. plc*		4,750		47,500
Gencor Industries, Inc.*		1,501		18,763
Gorman-Rupp Co. (The)		2,146		79,273
Graham Corp.		1,887		42,759
Greenbrier Cos., Inc. (The)		2,870		84,062
Hurco Cos., Inc.		1,023		35,590
Hyster-Yale Materials Handling, Inc.		895		45,394
ITT, Inc.		2,342		139,232
Kadant, Inc.		453		41,132
Kennametal, Inc.		3,988		123,429
LB Foster Co., Class A*		1,392		25,334
LS Starrett Co. (The), Class A*		690		3,698
Lydall, Inc.*		1,755		34,345
Manitowoc Co., Inc. (The)*		3,776		48,182
Milacron Holdings Corp.*		1,467		24,528
Miller Industries, Inc.		1,996		71,756
NN, Inc.		3,856		27,840
Oshkosh Corp.		2,708		231,209
Park-Ohio Holdings Corp.		1,319		40,573
Perma-Pipe International Holdings, Inc.*		700		6,216
REV Group, Inc.		2,343		29,147
Rexnord Corp.*		1,917		54,232
Snap-on, Inc.		1,372		223,183
Spartan Motors, Inc.		4,855		84,817
SPX FLOW, Inc.*		1,769		80,100
Standex International Corp.		932		70,627
Terex Corp.		1,353		37,275
Timken Co. (The)		6,386		312,914
Titan International, Inc.		7,436		19,854
TriMas Corp.*		543		17,550
Trinity Industries, Inc.		12,446		246,182
Twin Disc, Inc.*		800		8,608
Wabash National Corp.		4,437		63,272
Watts Water Technologies, Inc., Class A		587		54,738
				4,794,033
Marine 0.6%
Costamare, Inc.		15,858		124,644
Eagle Bulk Shipping, Inc.* (a)		6,669		28,943
Genco Shipping & Trading Ltd.*		2,986		29,502
Golden Ocean Group Ltd.		4,045		23,137
Kirby Corp.*		3,532		279,593
Matson, Inc.		3,910		149,284
Scorpio Bulkers, Inc.		5,459		35,484
				670,587
Media 2.2%
AH Belo Corp., Class A		5,287		19,033
comScore, Inc.*		1,744		4,029
Cumulus Media, Inc., Class A*		820		11,226
Emerald Expositions Events, Inc.		5,721		55,608
Entercom Communications Corp., Class A		14,491		50,429
Entravision Communications Corp., Class A		7,660		21,754
EW Scripps Co. (The), Class A		7,618		102,348
Fluent, Inc.*		4,919		11,461
Gannett Co., Inc.		14,836		160,971
Gray Television, Inc.*		6,635		108,880

Common Stocks (continued)
	Shares		Value
Media (continued)
John Wiley & Sons, Inc., Class A		3,264	$	150,372
Liberty Latin America Ltd., Class A*		4,522		84,516
Liberty Latin America Ltd., Class C*		10,152		186,899
Marchex, Inc., Class B*		3,687		12,204
Meredith Corp.		3,243		122,261
New Media Investment Group, Inc. (a)		6,592		58,076
News Corp., Class A		35,384		485,115
News Corp., Class B		18,270		257,972
Nexstar Media Group, Inc., Class A		2,900		282,141
Saga Communications, Inc., Class A		533		16,081
Salem Media Group, Inc.		4,000		6,040
Scholastic Corp.		2,898		111,573
Sinclair Broadcast Group, Inc., Class A		1,062		42,310
TEGNA, Inc.		18,208		273,666
Townsquare Media, Inc., Class A		2,500		16,975
Tribune Publishing Co.		1,593		14,273
				2,666,213
Metals & Mining 2.6%
Alcoa Corp.*		18,153		377,401
Allegheny Technologies, Inc.*		9,529		200,204
Ampco-Pittsburgh Corp.*		2,015		7,818
Carpenter Technology Corp.		4,302		210,884
Century Aluminum Co.*		9,510		55,443
Coeur Mining, Inc.*		17,652		97,439
Commercial Metals Co.		9,726		188,004
Friedman Industries, Inc.		1,708		11,836
Gold Resource Corp.		2,355		10,315
Haynes International, Inc.		1,992		68,644
Hecla Mining Co.		39,514		90,882
Kaiser Aluminum Corp.		193		20,667
Materion Corp.		2,569		146,022
Nexa Resources SA		5,400		57,726
Olympic Steel, Inc.		1,983		29,705
Reliance Steel & Aluminum Co.		6,661		772,943
Schnitzer Steel Industries, Inc., Class A		3,822		81,562
Steel Dynamics, Inc.		6,392		194,061
SunCoke Energy, Inc.*		7,382		39,051
Synalloy Corp.		400		6,264
TimkenSteel Corp.*		5,628		31,629
United States Steel Corp. (a)		11,057		127,266
Universal Stainless & Alloy Products, Inc.*		1,762		23,646
Warrior Met Coal, Inc.		4,130		80,453
Worthington Industries, Inc.		4,794		176,467
				3,106,332
Multiline Retail 0.8%
Big Lots, Inc.		1,016		22,017
Dillard’s, Inc., Class A (a)		2,808		193,696
JC Penney Co., Inc.* (a)		23,712		23,712
Kohl’s Corp.		5,795		297,052
Macy’s, Inc.		27,379		415,065
Tuesday Morning Corp.*		7,030		9,561
				961,103
Oil, Gas & Consumable Fuels 5.0%
Abraxas Petroleum Corp.*		9,300		2,697
Adams Resources & Energy, Inc.		928		27,840
Amplify Energy Corp.		2,497		18,103
Antero Resources Corp.*		21,541		53,852

151

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Arch Coal, Inc., Class A		1,647	$	129,932
Ardmore Shipping Corp.*		5,093		40,693
Berry Petroleum Corp.		4,080		38,311
Bonanza Creek Energy, Inc.*		1,916		34,143
Callon Petroleum Co.* (a)		18,056		68,613
Centennial Resource Development, Inc., Class A*		16,474		56,012
Chesapeake Energy Corp.* (a)		14,585		19,544
Cimarex Energy Co.		4,608		194,550
Clean Energy Fuels Corp.*		25,589		57,575
CNX Resources Corp.*		18,960		159,833
CONSOL Energy, Inc.*		2,275		30,098
Delek US Holdings, Inc.		6,304		251,845
Denbury Resources, Inc.*		25,568		25,519
DHT Holdings, Inc.		11,588		89,575
Dorian LPG Ltd.*		9,840		122,508
Earthstone Energy, Inc., Class A*		2,838		11,011
EnLink Midstream LLC*		36,417		227,606
Extraction Oil & Gas, Inc.* (a)		7,690		13,073
GasLog Ltd.		4,228		57,966
Green Plains, Inc.		3,632		44,783
Gulfport Energy Corp.*		13,783		38,386
Hallador Energy Co.		5,201		17,501
HighPoint Resources Corp.*		16,760		17,766
HollyFrontier Corp.		7,944		436,443
International Seaways, Inc.*		3,598		90,454
Kosmos Energy Ltd.		17,482		108,388
Laredo Petroleum, Inc.*		19,416		45,822
Lonestar Resources US, Inc., Class A*		3,464		8,314
Matador Resources Co.*		10,816		150,451
Montage Resources Corp.*		1,842		8,326
Murphy Oil Corp. (a)		15,981		329,688
NACCO Industries, Inc., Class A		839		42,369
Oasis Petroleum, Inc.*		25,917		67,643
Overseas Shipholding Group, Inc., Class A*		10,848		17,682
Panhandle Oil and Gas, Inc., Class A		1,332		18,901
Par Pacific Holdings, Inc.*		1,952		44,213
Parsley Energy, Inc., Class A		26,897		425,242
PBF Energy, Inc., Class A		10,492		338,682
PDC Energy, Inc.*		5,035		100,448
Peabody Energy Corp.		10,023		105,542
Penn Virginia Corp.*		1,473		35,057
QEP Resources, Inc.		32,096		106,880
Range Resources Corp. (a)		20,400		82,212
Renewable Energy Group, Inc.*		4,725		77,206
REX American Resources Corp.*		783		63,360
Ring Energy, Inc.*		5,773		9,583
SandRidge Energy, Inc.*		2,887		12,645
Scorpio Tankers, Inc.		5,003		159,145
SemGroup Corp., Class A		6,687		107,661
Ship Finance International Ltd.		9,895		143,181
SilverBow Resources, Inc.*		479		3,784
SM Energy Co.		8,752		68,616
Southwestern Energy Co.*		43,185		88,529
SRC Energy, Inc.*		19,047		59,427
Talos Energy, Inc.*		4,131		88,940
Teekay Tankers Ltd., Class A*		13,319		27,171
Unit Corp.*		10,139		20,684
Whiting Petroleum Corp.* (a)		4,615		29,259
World Fuel Services Corp.		5,410		225,976

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc.*		39,261	$	391,825
				5,989,084
Paper & Forest Products 0.7%
Boise Cascade Co.		3,102		110,958
Clearwater Paper Corp.*		1,387		25,715
Domtar Corp.		5,060		184,133
Louisiana-Pacific Corp.		8,765		256,201
Mercer International, Inc.		7,343		89,585
PH Glatfelter Co.		3,017		54,306
Resolute Forest Products, Inc.		8,740		31,639
Schweitzer-Mauduit International, Inc.		2,224		90,050
Verso Corp., Class A*		3,032		44,388
				886,975
Personal Products 0.2%
Edgewell Personal Care Co.*		5,097		178,395
Mannatech, Inc.		180		2,790
				181,185
Pharmaceuticals 0.9%
Akorn, Inc.*		3,370		16,816
Assertio Therapeutics, Inc.*		7,526		5,946
Cumberland Pharmaceuticals, Inc.*		3,851		20,256
Endo International plc*		3,379		15,510
Jazz Pharmaceuticals plc*		2,057		258,421
Mallinckrodt plc* (a)		6,627		20,941
Perrigo Co. plc		11,761		623,568
Prestige Consumer Healthcare, Inc.*		3,184		112,905
Taro Pharmaceutical Industries Ltd.		169		13,662
				1,088,025
Professional Services 1.4%
Acacia Research Corp.*		12,146		30,851
CBIZ, Inc.*		6,170		168,873
CRA International, Inc.		1,700		83,725
Franklin Covey Co.*		269		10,276
FTI Consulting, Inc.*		646		70,330
GP Strategies Corp.*		1,197		13,287
Heidrick & Struggles International, Inc.		1,731		49,264
Hudson Global, Inc.*		305		3,416
Huron Consulting Group, Inc.*		2,362		156,223
ICF International, Inc.		2,051		175,750
InnerWorkings, Inc.*		5,863		28,436
Kelly Services, Inc., Class A		3,220		77,312
Korn Ferry		5,219		191,485
ManpowerGroup, Inc.		3,145		285,943
Mistras Group, Inc.*		3,248		50,344
Nielsen Holdings plc		5,274		106,324
RCM Technologies, Inc.*		400		1,204
Resources Connection, Inc.		5,230		76,619
TrueBlue, Inc.*		3,132		71,723
				1,651,385
Real Estate Management & Development 0.3%
Consolidated-Tomoka Land Co.		425		27,187
Forestar Group, Inc.*		2,903		54,518
FRP Holdings, Inc.*		852		44,117
Griffin Industrial Realty, Inc.		535		21,068
Rafael Holdings, Inc., Class B*		2,237		38,857

152

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development (continued)
RE/MAX Holdings, Inc., Class A		1,401	$	46,863
Realogy Holdings Corp. (a)		9,434		74,340
St Joe Co. (The)*		2,342		43,444
Tejon Ranch Co.*		3,020		48,562
				398,956
Road & Rail 2.5%
AMERCO		1,227		496,984
ArcBest Corp.		2,631		76,010
Covenant Transportation Group, Inc., Class A*		2,293		35,243
Genesee & Wyoming, Inc., Class A*		5,079		563,921
Heartland Express, Inc.		5,331		111,418
Hertz Global Holdings, Inc.*		12,828		173,306
Knight-Swift Transportation Holdings, Inc.		16,319		594,991
Marten Transport Ltd.		5,749		124,523
PAM Transportation Services, Inc.*		559		32,031
Patriot Transportation Holding, Inc.*		156		2,808
Ryder System, Inc.		4,211		204,781
Saia, Inc.*		1,691		150,837
Schneider National, Inc., Class B		8,533		195,150
USA Truck, Inc.*		1,450		11,498
Werner Enterprises, Inc.		5,843		213,270
				2,986,771
Semiconductors & Semiconductor Equipment 1.9%
Alpha & Omega Semiconductor Ltd.*		3,413		44,574
Amkor Technology, Inc.*		24,584		305,579
Amtech Systems, Inc.*		2,835		16,216
Axcelis Technologies, Inc.*		2,232		42,787
AXT, Inc.*		4,813		15,017
Cirrus Logic, Inc.*		2,971		201,909
Cohu, Inc.		4,221		70,153
CyberOptics Corp.*		960		17,645
Diodes, Inc.*		4,096		191,078
FormFactor, Inc.*		2,530		55,230
GSI Technology, Inc.*		2,857		22,342
Ichor Holdings Ltd.*		1,024		29,809
inTEST Corp.*		3,095		14,856
Kulicke & Soffa Industries, Inc.		6,257		148,572
MKS Instruments, Inc.		863		93,394
NeoPhotonics Corp.*		4,701		30,933
ON Semiconductor Corp.*		16,774		342,190
Onto Innovation, Inc.*		4,971		160,066
PDF Solutions, Inc.*		1,972		31,868
Photronics, Inc.*		9,094		107,309
Rambus, Inc.*		8,199		113,515
SMART Global Holdings, Inc.*		800		23,760
Synaptics, Inc.*		1,167		49,142
Ultra Clean Holdings, Inc.*		5,927		126,660
Veeco Instruments, Inc.*		5,185		70,723
Xperi Corp.		1,409		28,610
				2,353,937
Software 0.6%
Avaya Holdings Corp.*		6,338		76,627
Aware, Inc.*		1,965		5,227
BSQUARE Corp.*		700		756
LogMeIn, Inc.		4,781		314,016
OneSpan, Inc.*		1,358		25,408

Common Stocks (continued)
	Shares		Value
Software (continued)
RealNetworks, Inc.*		2,449	$	3,967
Seachange International, Inc.*		5,075		15,276
TiVo Corp.		27,371		222,800
				664,077
Specialty Retail 3.6%
Aaron’s, Inc.		3,803		284,959
Abercrombie & Fitch Co., Class A		6,157		99,682
American Eagle Outfitters, Inc.		14,008		215,443
America’s Car-Mart, Inc.*		299		27,206
Ascena Retail Group, Inc.*		19,140		6,741
At Home Group, Inc.* (a)		906		7,719
AutoNation, Inc.*		7,770		395,105
Barnes & Noble Education, Inc.*		6,118		25,145
Bed Bath & Beyond, Inc. (a)		9,976		136,671
Big 5 Sporting Goods Corp. (a)		1,914		6,125
Boot Barn Holdings, Inc.*		1,847		64,737
Build-A-Bear Workshop, Inc.*		3,938		13,704
Caleres, Inc.		3,629		78,096
Cato Corp. (The), Class A		1,843		32,234
Chico’s FAS, Inc.		8,971		30,860
Citi Trends, Inc.		1,494		26,668
Conn’s, Inc.* (a)		3,259		78,835
Container Store Group, Inc. (The)*		6,565		27,704
Designer Brands, Inc., Class A		6,016		99,264
Destination XL Group, Inc.*		1,161		1,683
Dick’s Sporting Goods, Inc.		5,477		213,220
Express, Inc.*		6,072		19,552
Foot Locker, Inc.		9,862		429,096
Francesca’s Holdings Corp.*		255		4,424
GameStop Corp., Class A (a)		9,043		49,194
Gap, Inc. (The)		5,273		85,739
Genesco, Inc.*		1,855		72,067
Group 1 Automotive, Inc.		1,515		150,652
Guess?, Inc.		6,959		116,563
Haverty Furniture Cos., Inc.		1,834		33,269
Hibbett Sports, Inc.* (a)		2,306		55,021
J. Jill, Inc. (a)		1,033		1,787
Kirkland’s, Inc.*		2,678		4,231
Lithia Motors, Inc., Class A		2,123		334,330
MarineMax, Inc.*		3,673		56,748
Office Depot, Inc.		33,438		68,882
Party City Holdco, Inc.* (a)		4,471		25,127
Penske Automotive Group, Inc.		7,490		364,913
Pier 1 Imports, Inc.* (a)		896		5,045
RTW RetailWinds, Inc.*		7,295		10,797
Shoe Carnival, Inc. (a)		1,568		52,042
Signet Jewelers Ltd. (a)		4,557		73,094
Sonic Automotive, Inc., Class A		2,519		81,187
Tandy Leather Factory, Inc.*		1,309		6,663
Tilly’s, Inc., Class A		2,890		29,651
Trans World Entertainment Corp.*		107		318
TravelCenters of America, Inc.*		453		5,065
Urban Outfitters, Inc.*		7,119		204,315
Vitamin Shoppe, Inc.*		1,448		9,354
Zumiez, Inc.*		3,122		99,623
				4,320,550

153

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals 0.6%
AstroNova, Inc.		765	$	12,133
Intevac, Inc.*		3,894		22,507
Stratasys Ltd.*		4,328		89,503
Super Micro Computer, Inc.*		4,582		94,756
Xerox Holdings Corp.		14,519		492,630
				711,529
Textiles, Apparel & Luxury Goods 1.1%
Capri Holdings Ltd.*		5,160		160,321
Culp, Inc.		2,016		31,188
Delta Apparel, Inc.*		158		3,942
Fossil Group, Inc.*		3,794		41,279
G-III Apparel Group Ltd.*		3,438		86,328
Lakeland Industries, Inc.*		1,538		16,995
Movado Group, Inc.		1,572		40,951
Oxford Industries, Inc.		642		44,208
PVH Corp.		5,714		498,032
Rocky Brands, Inc.		1,432		39,824
Skechers U.S.A., Inc., Class A*		812		30,344
Superior Group of Cos., Inc.		1,724		24,946
Tapestry, Inc.		6,394		165,349
Unifi, Inc.*		2,251		61,452
Vera Bradley, Inc.*		3,532		38,004
Wolverine World Wide, Inc.		410		12,169
				1,295,332
Thrifts & Mortgage Finance 3.2%
Axos Financial, Inc.*		3,022		87,789
Capitol Federal Financial, Inc.		14,907		212,723
Dime Community Bancshares, Inc.		4,953		95,543
ESSA Bancorp, Inc.		1,116		18,247
Federal Agricultural Mortgage Corp., Class C		1,176		99,595
First Defiance Financial Corp.		3,062		94,677
First Place Financial Corp.*^¥		367		0
Flagstar Bancorp, Inc.		5,493		199,616
FS Bancorp, Inc.		194		11,106
Hingham Institution for Savings		29		5,510
Home Bancorp, Inc.		1,283		48,959
HomeStreet, Inc.*		2,750		82,527
Kearny Financial Corp.		10,289		144,355
Merchants Bancorp		700		11,431
Meridian Bancorp, Inc.		3,711		72,587
Meta Financial Group, Inc.		1,744		55,215
Mr. Cooper Group, Inc.*		7,292		93,338
New York Community Bancorp, Inc.		43,858		510,946
Northfield Bancorp, Inc.		5,785		98,403
Northwest Bancshares, Inc.		9,986		168,464
OceanFirst Financial Corp.		4,092		97,922
Ocwen Financial Corp.*		11,647		19,683
Oritani Financial Corp.		6,559		122,391
PCSB Financial Corp.		1,126		22,813
PennyMac Financial Services, Inc.*		956		29,760
Provident Financial Holdings, Inc.		1,703		34,162
Provident Financial Services, Inc.		6,278		156,636
Radian Group, Inc.		7,890		198,039
Riverview Bancorp, Inc.		3,853		27,703
Southern Missouri Bancorp, Inc.		598		21,773
Territorial Bancorp, Inc.		1,453		42,951
Timberland Bancorp, Inc.		690		18,285

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp.		9,849	$	85,095
United Community Financial Corp.		6,502		74,058
United Financial Bancorp, Inc.		5,752		81,218
Walker & Dunlop, Inc.		2,180		137,318
Washington Federal, Inc.		5,849		213,255
Waterstone Financial, Inc.		4,337		80,798
Western New England Bancorp, Inc.		4,598		43,957
WSFS Financial Corp.		4,575		192,928
				3,811,776
Tobacco 0.1%
Pyxus International, Inc.* (a)		1,474		16,833
Universal Corp.		2,195		120,286
				137,119
Trading Companies & Distributors 2.3%
Air Lease Corp.		10,720		471,466
Aircastle Ltd.		7,185		195,576
Applied Industrial Technologies, Inc.		659		39,435
Beacon Roofing Supply, Inc.*		6,376		197,911
BMC Stock Holdings, Inc.*		4,685		126,448
CAI International, Inc.*		1,776		42,216
DXP Enterprises, Inc.*		2,061		71,146
GATX Corp.		3,197		254,321
GMS, Inc.*		2,584		77,417
Herc Holdings, Inc.*		425		18,810
Houston Wire & Cable Co.*		5,159		21,926
Kaman Corp.		2,660		156,062
Lawson Products, Inc.*		1,201		55,186
MRC Global, Inc.*		1,120		12,723
MSC Industrial Direct Co., Inc., Class A		623		45,610
NOW, Inc.*		9,410		99,181
Rush Enterprises, Inc., Class A		3,110		135,876
Textainer Group Holdings Ltd.*		6,209		64,263
Titan Machinery, Inc.*		3,764		62,482
Triton International Ltd.		7,702		282,663
Univar Solutions, Inc.*		2,648		56,826
Veritiv Corp.*		2,525		34,441
WESCO International, Inc.*		4,155		208,373
Willis Lease Finance Corp.*		352		19,188
				2,749,546
Transportation Infrastructure 0.3%
Macquarie Infrastructure Corp.		8,640		372,730
Water Utilities 0.0%†
AquaVenture Holdings Ltd.*		1,200		23,544
Wireless Telecommunication Services 0.4%
Spok Holdings, Inc.		3,314		39,437
Telephone & Data Systems, Inc.		9,839		256,699
United States Cellular Corp.*		4,432		164,959
				461,095
Total Common Stocks (cost $121,467,638)				120,448,634

154

Statement of Investments (Continued)

October 31, 2019

Nationwide U.S. Small Cap Value Fund (Continued)

Rights 0.0%†
	Number of Rights		Value
Diversified Financial Services 0.0%†
First Eagle Private Credit LLC, CVR*^¥		8,788	$	428
Media 0.0%†
Media General, Inc., CVR*^¥		5,993		0
Total Rights (cost $9,239)				428
Short-Term Investment 0.2%
	Shares
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		223,259		223,259
Total Short-Term Investment (cost $223,259)				223,259
Repurchase Agreements 1.9%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $1,544,750, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $1,581,462. (c)(d)	$	1,544,677		1,544,677
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $762,535, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $780,575. (c)(d)		762,500		762,500
Total Repurchase Agreements (cost $2,307,177)				2,307,177
Total Investments (cost $124,007,313) — 101.8%				122,979,498
Liabilities in excess of other assets — (1.8)%				(2,188,423	)
NET ASSETS — 100.0%			$	120,791,075

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $2,183,646, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $223,259 and $2,307,177, respectively, and by $9,419 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $2,539,855.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $2,530,436.

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

CVR Contingent Value Rights

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

155

Statement of Assets and Liabilities

October 31, 2019

	Nationwide U.S. Small Cap Value Fund
Assets:
Investment securities, at value* (cost $121,700,136)	$	120,672,321
Repurchase agreements, at value (cost $2,307,177)		2,307,177
Interest and dividends receivable		57,067
Securities lending income receivable		5,060
Receivable for investments sold		2,692,252
Receivable for capital shares issued		85,440
Prepaid expenses		23,035
Total Assets		125,842,352
Liabilities:
Payable for investments purchased		48,325
Payable for capital shares redeemed		42,129
Cash overdraft (Note 2)		2,256,011
Payable upon return of securities loaned (Note 2)		2,530,436
Accrued expenses and other payables:
Investment advisory fees		86,542
Fund administration fees		16,738
Distribution fees		1,754
Administrative servicing fees		23,269
Accounting and transfer agent fees		3,906
Trustee fees		567
Custodian fees		486
Compliance program costs (Note 3)		165
Professional fees		28,048
Printing fees		9,173
Other		3,728
Total Liabilities		5,051,277
Net Assets	$	120,791,075
Represented by:
Capital	$	115,322,678
Total distributable earnings (loss)		5,468,397
Net Assets	$	120,791,075
Net Assets:
Class A Shares	$	2,981,836
Class C Shares		1,296,587
Class R6 Shares		5,764,194
Institutional Service Class Shares		110,748,458
Total	$	120,791,075
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		258,679
Class C Shares		122,948
Class R6 Shares		487,152
Institutional Service Class Shares		9,532,270
Total		10,401,049

156

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	11.53
Class C Shares (b)	$	10.55
Class R6 Shares	$	11.83
Institutional Service Class Shares	$	11.62
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.23
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $2,183,646 (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.

157

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide U.S. Small Cap Value Fund
INVESTMENT INCOME:
Dividend income	$	2,816,488
Income from securities lending (Note 2)		35,009
Interest income		13,511
Foreign tax withholding		(2,412	)
Total Income		2,862,596
EXPENSES:
Investment advisory fees		1,300,434
Fund administration fees		118,051
Distribution fees Class A		9,746
Distribution fees Class C		18,135
Administrative servicing fees Class A		2,729
Administrative servicing fees Class C		1,813
Administrative servicing fees Institutional Service Class		353,496
Registration and filing fees		54,447
Professional fees		41,950
Printing fees		12,300
Trustee fees		5,656
Custodian fees		15,588
Accounting and transfer agent fees		11,582
Compliance program costs (Note 3)		659
Other		6,319
Total Expenses		1,952,905
NET INVESTMENT INCOME		909,691
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		6,097,019
Net change in unrealized appreciation/depreciation in the value of investment securities		(10,432,059	)
Net realized/unrealized losses		(4,335,040	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,425,349	)

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

158

Statements of Changes in Net Assets

	Nationwide U.S. Small Cap Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	909,691		$	804,654
Net realized gains		6,097,019			13,891,299
Net change in unrealized appreciation/depreciation		(10,432,059	)		(21,465,564	)
Change in net assets resulting from operations		(3,425,349	)		(6,769,611	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(430,727	)		(681,168	)
Class C		(181,468	)		(293,459	)
Class R6		(651,740	)		(461,902	)
Institutional Service Class		(13,735,686	)		(15,914,704	)
Change in net assets from shareholder distributions		(14,999,621	)		(17,351,233	)
Change in net assets from capital transactions		(36,321,917	)		17,629,924
Change in net assets		(54,746,887	)		(6,490,920	)
Net Assets:
Beginning of year		175,537,962			182,028,882
End of year	$	120,791,075		$	175,537,962
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	470,471		$	1,235,733
Proceeds from shares issued in class conversion (Note 1)		9,875			–
Dividends reinvested		304,752			504,765
Cost of shares redeemed		(2,827,335	)		(2,929,160	)
Total Class A Shares		(2,042,237	)		(1,188,662	)
Class C Shares
Proceeds from shares issued		64,420			147,687
Dividends reinvested		163,267			257,321
Cost of shares redeemed in class conversion (Note 1)		(9,875	)		–
Cost of shares redeemed		(960,906	)		(747,931	)
Total Class C Shares		(743,094	)		(342,923	)
Class R6 Shares
Proceeds from shares issued		1,760,718			4,316,671
Dividends reinvested		651,740			461,902
Cost of shares redeemed		(3,312,783	)		(1,382,236	)
Total Class R6 Shares		(900,325	)		3,396,337
Institutional Service Class Shares
Proceeds from shares issued		25,237,446			34,922,525
Dividends reinvested		13,727,912			15,746,820
Cost of shares redeemed		(71,601,619	)		(34,904,173	)
Total Institutional Service Class Shares		(32,636,261	)		15,765,172
Change in net assets from capital transactions	$	(36,321,917	)	$	17,629,924

159

Statements of Changes in Net Assets (Continued)

	Nationwide U.S. Small Cap Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		42,254			88,309
Issued in class conversion (Note 1)		900			–
Reinvested		29,345			37,418
Redeemed		(244,963	)		(212,174	)
Total Class A Shares		(172,464	)		(86,447	)
Class C Shares
Issued		6,114			11,388
Reinvested		17,132			20,504
Redeemed in class conversion (Note 1)		(984	)		–
Redeemed		(93,273	)		(58,308	)
Total Class C Shares		(71,011	)		(26,416	)
Class R6 Shares
Issued		148,228			308,000
Reinvested		61,060			33,399
Redeemed		(296,860	)		(97,098	)
Total Class R6 Shares		(87,572	)		244,301
Institutional Service Class Shares
Issued		2,136,435			2,450,360
Reinvested		1,311,650			1,157,854
Redeemed		(6,457,758	)		(2,493,617	)
Total Institutional Service Class Shares		(3,009,673	)		1,114,597
Total change in shares		(3,340,720	)		1,246,035

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

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

160

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
Year Ended October 31, 2019	$	12.67		0.06			(0.18	)		(0.12	)		(0.06	)		(0.96	)		(1.02	)	$	11.53		0.01%		$	2,981,836		1.33%		0.53%			1.33%		26.04%
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%
Class C Shares
Year Ended October 31, 2019	$	11.71		(0.03	)		(0.17	)		(0.20	)		–			(0.96	)		(0.96	)	$	10.55		(0.80%	)	$	1,296,587		2.12%		(0.26%	)		2.12%		26.04%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	13.03		0.10			(0.20	)		(0.10	)		(0.14	)		(0.96	)		(1.10	)	$	11.83		0.25%		$	5,764,194		1.02%		0.83%			1.02%		26.04%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	12.78		0.07			(0.18	)		(0.11	)		(0.09	)		(0.96	)		(1.05	)	$	11.62		0.06%		$	110,748,458		1.26%		0.59%			1.26%		26.04%
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%

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.

161

Fund Commentary Nationwide WCM Focused Small Cap Fund

For the annual period ended October 31, 2019, the Nationwide WCM Focused Small Cap Fund (Class A at NAV*) returned 14.39%** versus 4.90% for its benchmark, the Russell 2000® Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Small Blend (consisting of 721 funds as of October 31, 2019), was 4.25% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Small-capitalization markets started the reporting period in a difficult environment and experienced downside volatility through December 2018. Markets began to bounce back in January 2019 and since have enjoyed generally strong, positive returns. However, volatile moments throughout the time period offered the Fund opportunities to add new businesses and manage its exposures in several current portfolio holdings, all of which resulted in strong outperformance for the Fund against its peers and benchmark.

Contributors to Performance

The three sectors that contributed most to relative Fund performance during the reporting period were Information Technology, Energy and Health Care. Strong stock selection and overweighting in the Information Technology sector was the largest contributor, as all stocks held by the Fund enjoyed positive returns during the period. Avoiding the Energy sector, which was the worst-performing sector in the benchmark by a wide margin, also significantly contributed to Fund performance. Underweighting and strong stock selection in the Health Care sector, driven by double-digit positive returns in three of the Fund’s holdings, was a final significant contributor.

The three stocks that contributed most to relative Fund performance for the reporting period were Manhattan Associates, Cabot Microelectronics and Versum Materials. Manhattan Associates delivered strong earnings during the period, thanks to strong sales of software aimed at brick-and-mortar retailers embracing an omni-channel, Amazon-like approach. Cabot

Microelectronics, a supplier to the semiconductor industry, benefited from the growing ubiquity of semiconductor chips in everyday electronic products. Another supplier to the semiconductor space, Versum Materials, was bought by a larger competitor; this stock is no longer held by the Fund.

Detractors from Performance

The three sectors that detracted most from Fund performance for the reporting period were Communication Services, Utilities and Industrials. Overweighting and poor stock selection in Communication Services was a negative contributor. The Fund did not hold any companies in the Utilities sector, which was a drag on Fund performance. Overweighting the Industrials sector was a positive for Fund performance, but the Fund’s stock selection slightly outweighed, leaving this sector as a negative contributor during the reporting period.

The three stocks that detracted most from Fund performance for the reporting period were Emerald Exposition Events, Dycom Industries and Helios Technologies. A new CEO and changing future plans at Emerald Exposition Events created market confusion and declines. For Dycom Industries, project delays in large telecommunication fiber projects caused short-term hiccups in earnings; long-term trends are fully intact. Newer management at Helios Technologies determined an acquisition-heavy approach was the way forward for the company, but we and others disagreed; this position is no longer held by the Fund.

Derivatives Used

We did not use derivatives in managing the Fund during the reporting period.

Subadviser:

WCM Investment Management, LLC

Portfolio Manager:

Jonathon Detter, CFA; Anthony B. Glickhouse, CFA; and Patrick McGee, CFA

162

Fund Commentary (cont.) Nationwide WCM Focused Small Cap Fund

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

** High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and are highly volatile) and foreign securities (which are volatile, harder to price and less liquid than U.S. securities). Because the Fund may hold large positions in a smaller number of securities, an increase or decrease in the value of such securities may have a greater impact on the Fund’s value and total return. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

163

Fund Overview Nationwide WCM Focused Small Cap Fund

Asset Allocation¹

Common Stocks	91.5%
Other assets in excess of liabilities§	8.5%
	100.0%

Top Industries²

Commercial Services & Supplies	19.8%
IT Services	6.5%
Semiconductors & Semiconductor Equipment	6.2%
Capital Markets	6.2%
Construction & Engineering	6.1%
Electronic Equipment, Instruments & Components	5.9%
Trading Companies & Distributors	5.5%
Real Estate Management & Development	5.2%
Electrical Equipment	5.0%
Specialty Retail	4.7%
Other Industries	28.9%
	100.0%

Top Holdings²

Cabot Microelectronics Corp.	6.2%
SP Plus Corp.	6.0%
Jones Lang LaSalle, Inc.	5.2%
UniFirst Corp.	5.2%
EnerSys	5.1%
America’s Car-Mart, Inc.	4.7%
ePlus, Inc.	4.5%
KAR Auction Services, Inc.	4.4%
Verra Mobility Corp.	4.3%
Healthcare Services Group, Inc.	4.2%
Other Holdings	50.2%
	100.0%

^§  Please refer to the Statement of Assets and Liabilities for additional details.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

164

Fund Performance Nationwide WCM Focused Small Cap Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		14.39%		8.84%		14.34%
	w/SC3		7.81%		7.56%		13.70%
Class C1	w/o SC2		13.54%		8.03%		13.57%
	w/SC4		12.54%		N/A		N/A
Class R65,6			14.78%		9.23%		10.23%	7
Institutional Service Class1,5,8			14.62%		9.14%		14.67%
Russell 2000® Index			4.90%		7.37%		12.27%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.40%
Class C		2.15%
Class R6		1.05%
Institutional Service Class		1.15%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

165

Fund Performance (cont.) Nationwide WCM Focused Small Cap Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide WCM Focused Small Cap Fund versus the Russell 2000® Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on the performance of Class A shares of the Fund’s predecessor fund, the HighMark Small Cap Core Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

166

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,029.00		7.88		1.54
	Hypothetical	(a)(b)		1,000.00		1,017.44		7.83		1.54
Class C Shares	Actual	(a)		1,000.00		1,025.10		11.74		2.30
	Hypothetical	(a)(b)		1,000.00		1,013.61		11.67		2.30
Class R6 Shares	Actual	(a)		1,000.00		1,030.70		6.14		1.20
	Hypothetical	(a)(b)		1,000.00		1,019.16		6.11		1.20
Institutional Service Class Shares	Actual	(a)		1,000.00		1,030.10		6.65		1.30
	Hypothetical	(a)(b)		1,000.00		1,018.65		6.61		1.30

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

167

Statement of Investments

October 31, 2019

Nationwide WCM Focused Small Cap Fund

Common Stocks 91.5%
	Shares		Value
Auto Components 1.9%
Dorman Products, Inc.*		17,539	$	1,261,931
Biotechnology 1.1%
Emergent BioSolutions, Inc.*		13,615		778,233
Building Products 2.1%
American Woodmark Corp.*		14,319		1,419,872
Capital Markets 5.6%
Focus Financial Partners, Inc., Class A*		74,691		1,634,239
Virtus Investment Partners, Inc.		20,055		2,175,566
				3,809,805
Chemicals 1.2%
Chase Corp.		6,748		790,528
Commercial Services & Supplies 18.1%
Healthcare Services Group, Inc.		107,374		2,615,631
KAR Auction Services, Inc.		108,254		2,691,195
SP Plus Corp.*		84,561		3,735,059
UniFirst Corp.		15,860		3,185,322
				12,227,207
Construction & Engineering 5.6%
Dycom Industries, Inc.* (a)		42,514		1,938,213
EMCOR Group, Inc.		20,745		1,819,544
				3,757,757
Electrical Equipment 4.6%
EnerSys		46,760		3,126,374
Electronic Equipment, Instruments & Components 5.4%
ePlus, Inc.*		35,974		2,810,648
FLIR Systems, Inc.		15,823		815,834
				3,626,482
Health Care Equipment & Supplies 3.2%
Natus Medical, Inc.*		64,754		2,180,915
Health Care Providers & Services 2.8%
Addus HomeCare Corp.*		22,128		1,863,399
Insurance 3.8%
Enstar Group Ltd.*		12,795		2,570,516
IT Services 5.9%
Cass Information Systems, Inc.		23,948		1,372,460
Verra Mobility Corp.*		184,349		2,645,408
				4,017,868
Machinery 3.5%
Crane Co.		30,983		2,370,819
Media 4.3%
Emerald Expositions Events, Inc.		158,097		1,536,703
Hemisphere Media Group, Inc.*		104,006		1,342,717
				2,879,420

Common Stocks (continued)
	Shares		Value
Paper & Forest Products 1.0%
Neenah, Inc.		10,239	$	660,416
Real Estate Management & Development 4.8%
Jones Lang LaSalle, Inc.		22,109		3,239,411
Semiconductors & Semiconductor Equipment 5.6%
Cabot Microelectronics Corp.		25,272		3,819,105
Software 1.7%
Manhattan Associates, Inc.*		15,270		1,144,486
Specialty Retail 4.3%
America’s Car-Mart, Inc.*		32,023		2,913,773
Trading Companies & Distributors 5.0%
Beacon Roofing Supply, Inc.*		56,794		1,762,886
WESCO International, Inc.*		32,442		1,626,966
				3,389,852
Total Investments (cost $59,157,643) — 91.5%				61,848,169
Other assets in excess of liabilities — 8.5%				5,758,733
NET ASSETS — 100.0%			$	67,606,902

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $70,300, which was collateralized by $74,800 in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048.

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

168

Statement of Assets and Liabilities

October 31, 2019

	Nationwide WCM Focused Small Cap Fund
Assets:
Investment securities, at value* (cost $59,157,643)	$	61,848,169
Cash		5,642,511
Interest and dividends receivable		22,434
Securities lending income receivable		6
Receivable for capital shares issued		235,469
Reimbursement from investment adviser (Note 3)		2,602
Prepaid expenses		22,650
Total Assets		67,773,841
Liabilities:
Payable for investments purchased		3,688
Payable for capital shares redeemed		41,989
Accrued expenses and other payables:
Investment advisory fees		42,179
Fund administration fees		15,090
Distribution fees		7,422
Administrative servicing fees		10,108
Accounting and transfer agent fees		3,365
Trustee fees		256
Custodian fees		1,004
Compliance program costs (Note 3)		78
Professional fees		25,266
Printing fees		10,376
Other		6,118
Total Liabilities		166,939
Net Assets	$	67,606,902
Represented by:
Capital	$	62,866,844
Total distributable earnings (loss)		4,740,058
Net Assets	$	67,606,902
Net Assets:
Class A Shares	$	15,309,267
Class C Shares		5,004,266
Class R6 Shares		2,230,227
Institutional Service Class Shares		45,063,142
Total	$	67,606,902
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		624,432
Class C Shares		235,769
Class R6 Shares		86,324
Institutional Service Class Shares		1,755,227
Total		2,701,752

169

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	24.52
Class C Shares (b)	$	21.23
Class R6 Shares	$	25.84
Institutional Service Class Shares	$	25.67
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	26.02
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $70,300 (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.

170

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide WCM Focused Small Cap Fund
INVESTMENT INCOME:
Dividend income	$	396,374
Interest income		99,197
Income from securities lending (Note 2)		254
Total Income		495,825
EXPENSES:
Investment advisory fees		474,701
Fund administration fees		95,237
Distribution fees Class A		33,111
Distribution fees Class C		67,498
Administrative servicing fees Class A		12,050
Administrative servicing fees Class C		6,517
Administrative servicing fees Institutional Service Class		38,217
Registration and filing fees		55,131
Professional fees		40,080
Printing fees		20,508
Trustee fees		2,000
Custodian fees		4,679
Accounting and transfer agent fees		11,799
Compliance program costs (Note 3)		227
Other		4,794
Total expenses before fees waived and expenses reimbursed		866,549
Investment advisory fees waived (Note 3)		(14,127	)
Expenses reimbursed by adviser (Note 3)		(19,289	)
Net Expenses		833,133
NET INVESTMENT LOSS		(337,308	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		2,496,286
Net change in unrealized appreciation/depreciation in the value of investment securities		4,414,879
Net realized/unrealized gains		6,911,165
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,573,857

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

171

Statements of Changes in Net Assets

	Nationwide WCM Focused Small Cap Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment loss	$	(337,308	)	$	(527,158	)
Net realized gains		2,496,286			39,649,355
Net change in unrealized appreciation/depreciation		4,414,879			(37,363,879	)
Change in net assets resulting from operations		6,573,857			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		13,282,990			(125,484,573	)
Change in net assets		(3,017,962	)		(139,307,947	)
Net Assets:
Beginning of year		70,624,864			209,932,811
End of year	$	67,606,902		$	70,624,864
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,994,617		$	1,802,775
Proceeds from shares issued in class conversion (Note 1)		261,495			–
Dividends reinvested		5,305,533			1,427,357
Cost of shares redeemed		(5,296,251	)		(8,729,273	)
Total Class A Shares		4,265,394			(5,499,141	)
Class C Shares
Proceeds from shares issued		1,430,652			1,133,055
Dividends reinvested		2,671,963			621,266
Cost of shares redeemed in class conversion (Note 1)		(261,495	)		–
Cost of shares redeemed		(4,935,789	)		(1,923,869	)
Total Class C Shares		(1,094,669	)		(169,548	)
Class R6 Shares
Proceeds from shares issued		1,302,978			965,512
Dividends reinvested		532,012			3,550,768
Cost of shares redeemed		(2,087,327	)		(85,389,279	)
Total Class R6 Shares		(252,337	)		(80,872,999	)
Institutional Service Class Shares
Proceeds from shares issued		20,886,006			24,907,658
Dividends reinvested		12,782,128			3,886,785
Cost of shares redeemed		(23,303,532	)		(67,737,328	)
Total Institutional Service Class Shares		10,364,602			(38,942,885	)
Change in net assets from capital transactions	$	13,282,990		$	(125,484,573	)

172

Statements of Changes in Net Assets (Continued)

	Nationwide WCM Focused Small Cap Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		169,604			47,104
Issued in class conversion (Note 1)		11,228			–
Reinvested		263,957			38,287
Redeemed		(233,951	)		(229,147	)
Total Class A Shares		210,838			(143,756	)
Class C Shares
Issued		75,092			32,379
Reinvested		152,596			17,914
Redeemed in class conversion (Note 1)		(12,965	)		–
Redeemed		(237,229	)		(54,584	)
Total Class C Shares		(22,506	)		(4,291	)
Class R6 Shares
Issued		57,255			24,263
Reinvested		25,190			92,782
Redeemed		(71,462	)		(2,169,548	)
Total Class R6 Shares		10,983			(2,052,503	)
Institutional Service Class Shares
Issued		855,413			647,616
Reinvested		608,673			101,802
Redeemed		(914,046	)		(1,743,530	)
Total Institutional Service Class Shares		550,040			(994,112	)
Total change in shares		749,355			(3,194,662	)

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

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

173

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)			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
Year Ended October 31, 2019	$	35.90		(0.16	)		2.34			2.18			–			(13.56	)		–			(13.56	)	$	24.52		14.39%		$	15,309,267		1.54%		(0.66%	)		1.60%		52.18%
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%
Class C Shares
Year Ended October 31, 2019	$	33.18		(0.30	)		1.91			1.61			–			(13.56	)		–			(13.56	)	$	21.23		13.54%		$	5,004,266		2.29%		(1.41%	)		2.35%		52.18%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	36.97		(0.08	)		2.51			2.43			–			(13.56	)		–			(13.56	)	$	25.84		14.78%		$	2,230,227		1.20%		(0.30%	)		1.25%		52.18%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	36.86		(0.11	)		2.48			2.37			–			(13.56	)		–			(13.56	)	$	25.67		14.62%		$	45,063,142		1.31%		(0.43%	)		1.37%		52.18%
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%

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.

174

Fund Commentary Nationwide Ziegler Equity Income Fund

For the annual period ended October 31, 2019, the Nationwide Ziegler Equity Income Fund (Class A at NAV) returned 11.14% versus 11.21% for its benchmark, the Russell 1000® Value Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Large Value (consisting of 1,222 funds as of October 31, 2019), was 9.61% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

At the beginning of the Fund’s fiscal year, the U.S. economy had a positive outlook calling for clear skies, but clouds began to develop over concerns of economic and policy fundamentals. U.S. economic data remained strong, with growth exceeding 3%, the unemployment rate at a 48-year low, and inflation on target, but these favorable trends peaked, as trade policy concerns began to offset much of the pro-growth sentiment stemming from the corporate tax cut. The Federal Reserve (Fed) raised the Federal Funds target rate from 2.25% to 2.50% at the December 2018 meeting against a controversial backdrop. By quarter-end, uncertainties around mid-term election results and a partial federal government shutdown over budget negotiations also began to erode business and consumer confidence. Equity market returns fell precipitously in the last two months of 2018.

U.S. economic data began to soften in early 2019, against a backdrop of waning fiscal stimulus and uncertainties around global economic growth, heightened by the slow progress on trade discussions. Federal Reserve meetings witnessed a move toward a more neutral stance, and the U.S. equity markets advanced steadily throughout the first five months of the year before selling off in May on concerns of slowing economic growth and the escalation of trade tensions. The Fed once again responded with more-dovish comments that saw stocks rally to historically high levels in July, before selling off in August over fears of the potential for a tariff-induced recession. The Fed met in July and September, lowering its benchmark rate of interest by 0.25% each time, yet an inverted yield curve still

produced recession angst. An additional cut of 25 basis points in October left the federal funds rate at 1.50% to 1.75% and helped restore an upward slope to the yield curve. Equity markets finished the Fund’s fiscal year on a positive note, as recession fears began to abate.

U.S. equities performance for the 12-month reporting period ended October 31, 2019, saw a steady upward trend punctuated by corrections in December 2018, May 2019 and August 2019. Fund performance over the fiscal year favored growth-oriented strategies over value styles. Large-capitalization stocks demonstrating solid price momentum and higher earnings quality produced relatively strong performance, while smaller-capitalization stocks with higher volatility consistently underperformed. High-yielding stocks generally were rewarded by the market, as interest rates remained low over the year. The Fund is heavily exposed to the equity-yield factor, because of its mandate to invest only in dividend-paying stocks. While the Fund owns many high-yielding stocks, it also carries positions in stocks with favorable earnings growth and increasing dividends, which generally fared better over the fiscal year.

The Fund generally avoids large overweights or underweights to economic sectors relative to the benchmark, focusing instead on adding value through stock selection. No economic sector overweight or underweight had an effect of greater than 0.25%, positive or negative, on the Fund’s performance relative to the benchmark for the reporting period. The Fund seeks to hold a mix of dividend-paying stocks and balances the risk characteristics of the portfolio in an effort to perform consistently across all market environments. It holds positions in defensive, higher-yielding stocks with dependable but slower-growing earnings that tend to perform better during times of economic and market weakness and in a low interest rate environment. The Fund also invests in “dividend-growing” stocks that can more readily participate in an expanding economy and rising interest rate environment. The Fund carries a lower beta, relative to its benchmark and the broad market, which generally cushions it somewhat from

175

Fund Commentary (cont.) Nationwide Ziegler Equity Income Fund

market downturns, but allows for participation in market advances.

The Fund’s holdings in Target Corporation and Walmart Stores returned strong performance for the Fund as they each benefited from improved consumer spending, and in the case of Target, sustained stronger-than-expected results from remodeled stores. The Fund’s position in First Energy Corporation also contributed to Fund performance during the reporting period, aided by a strong backdrop for the Utility sector overall. JP Morgan Chase & Co was among the top contributors for the Fund due to the company’s perceived ability to out-earn its peers relative to its business risk. A holding in Microsoft Corp. also was a top contributor to Fund performance for the period, as the company benefited from increased investment in information systems by companies and governments.

Helmerich & Payne detracted from Fund performance due to a slowdown in production in the Permian Basin; the Fund no longer holds this security. Integrated global energy provider Exxon Mobile Corp. also detracted from Fund performance over the fiscal year due to concerns over exploration efforts. Losses in both Kohl’s Corporation and Tapestry due to management missteps were detractors from Fund performance for the reporting period. The Fund no longer holds its position in Kohl’s Corporation. Carnival Corporation detracted from Fund performance due to concerns over excess capacity in the industry from weakness in Europe.

The Fund does not use derivatives.

We appreciate your investment in the Nationwide Ziegler Equity Income Fund.

Subadviser:

Ziegler Capital Management, LLC

Portfolio Managers:

Christian J. Greiner, CFA; Gary Hurlbut, CFA; and Donald J. Nesbitt, CFA

The Fund is subject to the risks of investing in equity securities. The Fund also is subject to the risks of investing in fixed-income securities, including default risk and interest rate risk (if interest rates go up, bond prices go

down, and if interest rates go down, bond prices go up). The Fund may invest in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). Funds that concentrate on specific sectors may be subject to greater volatility than that of other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

176

Fund Overview Nationwide Ziegler Equity Income Fund

Asset Allocation¹

Common Stocks	99.2%
Exchange Traded Fund	0.3%
Repurchase Agreements	0.2%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	0.3%
	100.0%

Top Industries²

Banks	16.2%
Pharmaceuticals	8.8%
Oil, Gas & Consumable Fuels	7.5%
Electric Utilities	7.1%
Insurance	4.7%
Equity Real Estate Investment Trusts (REITs)	4.3%
Semiconductors & Semiconductor Equipment	4.0%
Diversified Telecommunication Services	3.7%
Media	3.6%
Food & Staples Retailing	2.8%
Other Industries#	37.3%
	100.0%

Top Holdings²

Verizon Communications, Inc.	3.7%
JPMorgan Chase & Co.	3.6%
PNC Financial Services Group, Inc. (The)	3.0%
Bank of America Corp.	2.8%
Walmart, Inc.	2.8%
CVS Health Corp.	2.7%
BB&T Corp.	2.6%
Johnson & Johnson	2.6%
Pfizer, Inc.	2.5%
Chevron Corp.	2.3%
Other Holdings#	71.4%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

177

Fund Performance Nationwide Ziegler Equity Income Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		11.14%		7.91%		12.09%
	w/SC3		4.78%		6.63%		11.46%
Class C1	w/o SC2		10.24%		7.11%		11.32%
	w/SC4		9.24%		N/A		N/A
Class R65,6			11.14%		8.21%		9.36%	7
Institutional Service Class1,5,8			11.32%		8.13%		12.28%
Russell 1000® Value Index			11.21%		7.61%		7.40%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  For the period from September 16, 2013 through July 31, 2014 a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		0.93%
Class C		1.68%
Class R6		0.60%
Institutional Service Class		0.72%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

178

Fund Performance (cont.) Nationwide Ziegler Equity Income Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Ziegler Equity Income Fund versus the Russell 1000® Value Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Equity Income Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

179

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,035.60		5.44		1.06
	Hypothetical	(a)(b)		1,000.00		1,019.86		5.40		1.06
Class C Shares	Actual	(a)		1,000.00		1,031.20		9.47		1.85
	Hypothetical	(a)(b)		1,000.00		1,015.88		9.40		1.85
Class R6 Shares	Actual	(a)		1,000.00		1,034.20		5.85		1.14
	Hypothetical	(a)(b)		1,000.00		1,019.46		5.80		1.14
Institutional Service Class Shares	Actual	(a)		1,000.00		1,035.70		4.36		0.85
	Hypothetical	(a)(b)		1,000.00		1,020.92		4.33		0.85

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

180

Statement of Investments

October 31, 2019

Nationwide Ziegler Equity Income Fund

Common Stocks 99.2%
	Shares		Value
Airlines 1.4%
Delta Air Lines, Inc.		9,466	$	521,387
Banks 16.1%
Bank of America Corp.		32,801		1,025,687
BB&T Corp.		18,502		981,531
JPMorgan Chase & Co.		10,814		1,350,885
PNC Financial Services Group, Inc. (The)		7,656		1,123,135
US Bancorp		13,592		775,016
Wells Fargo & Co.		14,443		745,692
				6,001,946
Beverages 1.7%
Coca-Cola Co. (The)		11,677		635,579
Biotechnology 2.3%
AbbVie, Inc.		7,329		583,022
Gilead Sciences, Inc.		4,258		271,277
				854,299
Capital Markets 1.2%
Legg Mason, Inc.		11,794		439,444
Chemicals 1.2%
Dow, Inc.		8,947		451,734
Communications Equipment 1.5%
Cisco Systems, Inc.		11,763		558,860
Consumer Finance 1.1%
Discover Financial Services		4,994		400,818
Containers & Packaging 2.0%
International Paper Co.		7,257		316,986
Westrock Co.		11,402		426,093
				743,079
Diversified Telecommunication Services 3.7%
Verizon Communications, Inc.		22,601		1,366,682
Electric Utilities 7.1%
Duke Energy Corp.		5,365		505,705
Edison International		7,757		487,915
FirstEnergy Corp.		16,116		778,725
PPL Corp.		14,312		479,309
Southern Co. (The)		6,299		394,696
				2,646,350
Electrical Equipment 2.1%
Eaton Corp. plc		8,988		782,945
Energy Equipment & Services 1.0%
Schlumberger Ltd.		11,499		375,902
Equity Real Estate Investment Trusts (REITs) 4.2%
Apartment Investment & Management Co., Class A		11,533		632,931
Duke Realty Corp.		17,477		614,142
Host Hotels & Resorts, Inc.		20,194		330,980
				1,578,053

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing 2.8%
Walmart, Inc.		8,745	$	1,025,439
Health Care Providers & Services 2.7%
CVS Health Corp.		15,204		1,009,394
Hotels, Restaurants & Leisure 1.4%
Carnival Corp.		4,872		208,960
McDonald’s Corp.		1,505		296,034
				504,994
Household Products 2.6%
Kimberly-Clark Corp.		3,190		423,887
Procter & Gamble Co. (The)		4,348		541,370
				965,257
Industrial Conglomerates 0.8%
3M Co.		1,883		310,676
Insurance 4.7%
Aflac, Inc.		12,179		647,436
American Financial Group, Inc.		4,561		474,526
MetLife, Inc.		13,462		629,887
				1,751,849
Machinery 2.7%
Caterpillar, Inc.		4,736		652,621
Cummins, Inc.		2,139		368,935
				1,021,556
Media 3.6%
Comcast Corp., Class A		18,523		830,201
Omnicom Group, Inc.		6,680		515,629
				1,345,830
Mortgage Real Estate Investment Trusts (REITs) 0.9%
Chimera Investment Corp.		16,172		327,645
Multiline Retail 1.9%
Target Corp.		6,719		718,328
Oil, Gas & Consumable Fuels 7.5%
Chevron Corp.		7,331		851,422
Exxon Mobil Corp.		9,703		655,632
Royal Dutch Shell plc, Class B, ADR-NL		10,990		640,607
Valero Energy Corp.		6,556		635,801
				2,783,462
Pharmaceuticals 8.8%
Eli Lilly & Co.		2,730		311,083
GlaxoSmithKline plc, ADR-UK		13,519		619,170
Johnson & Johnson		7,318		966,269
Merck & Co., Inc.		4,991		432,520
Pfizer, Inc.		24,261		930,895
				3,259,937
Road & Rail 1.0%
Union Pacific Corp.		2,279		377,083

181

Statement of Investments (Continued)

October 31, 2019

Nationwide Ziegler Equity Income Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment 4.0%
Broadcom, Inc.		1,884	$	551,730
Intel Corp.		11,257		636,358
Maxim Integrated Products, Inc.		5,226		306,557
				1,494,645
Software 1.5%
Microsoft Corp.		3,970		569,179
Specialty Retail 2.4%
Best Buy Co., Inc.		7,504		539,012
Williams-Sonoma, Inc.		5,233		349,512
				888,524
Technology Hardware, Storage & Peripherals 2.2%
Hewlett Packard Enterprise Co.		32,124		527,155
Seagate Technology plc		5,281		306,456
				833,611
Textiles, Apparel & Luxury Goods 1.1%
Tapestry, Inc.		15,142		391,572
Total Common Stocks (cost $32,181,401)				36,936,059
Exchange Traded Fund 0.3%
Exchange Traded Fund 0.3%
Vanguard Value ETF (a)		943		107,257
Total Exchange Traded Fund (cost $91,567)				107,257
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		7,195		7,195
Total Short-Term Investment (cost $7,195)				7,195
Repurchase Agreements 0.2%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $49,784, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $50,967. (c)(d)	$	49,781		49,781

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $24,575, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $25,156. (c)(d)	$	24,574	$	24,574
Total Repurchase Agreements (cost $74,355)				74,355
Total Investments (cost $32,354,518) — 99.7%				37,124,866
Other assets in excess of liabilities — 0.3%				126,921
NET ASSETS — 100.0%			$	37,251,787

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $79,618, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $7,195 and $74,355, respectively, a total value of $81,550.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $81,550.

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

ADR American Depositary Receipt

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.

182

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Ziegler Equity Income Fund
Assets:
Investment securities, at value* (cost $32,280,163)	$	37,050,511
Repurchase agreements, at value (cost $74,355)		74,355
Cash		162,035
Interest and dividends receivable		59,515
Securities lending income receivable		8
Receivable for capital shares issued		74,924
Reimbursement from investment adviser (Note 3)		12,491
Prepaid expenses		24,469
Total Assets		37,458,308
Liabilities:
Payable for capital shares redeemed		19,133
Payable upon return of securities loaned (Note 2)		81,550
Accrued expenses and other payables:
Investment advisory fees		16,701
Fund administration fees		15,740
Distribution fees		8,279
Administrative servicing fees		13,660
Accounting and transfer agent fees		3,687
Trustee fees		159
Custodian fees		2,195
Compliance program costs (Note 3)		103
Professional fees		28,433
Printing fees		6,754
Other		10,127
Total Liabilities		206,521
Net Assets	$	37,251,787
Represented by:
Capital	$	28,774,240
Total distributable earnings (loss)		8,477,547
Net Assets	$	37,251,787
Net Assets:
Class A Shares	$	20,069,263
Class C Shares		4,734,880
Class R6 Shares		571,386
Institutional Service Class Shares		11,876,258
Total	$	37,251,787
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,524,422
Class C Shares		364,590
Class R6 Shares		43,183
Institutional Service Class Shares		897,457
Total		2,829,652

183

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	13.17
Class C Shares (b)	$	12.99
Class R6 Shares	$	13.23
Institutional Service Class Shares	$	13.23
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	13.97
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $79,618 (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.

184

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Ziegler Equity Income Fund
INVESTMENT INCOME:
Dividend income	$	4,763,423
Interest income		18,643
Income from securities lending (Note 2)		6,431
Total Income		4,788,497
EXPENSES:
Investment advisory fees		654,708
Fund administration fees		111,741
Distribution fees Class A		45,604
Distribution fees Class C		62,978
Administrative servicing fees Class A		11,091
Administrative servicing fees Class C		5,665
Administrative servicing fees Institutional Service Class		11,509
Registration and filing fees		51,759
Professional fees		37,807
Printing fees		15,617
Trustee fees		5,167
Custodian fees		6,073
Accounting and transfer agent fees		13,077
Compliance program costs (Note 3)		627
Other		9,360
Total expenses before expenses reimbursed		1,042,783
Expenses reimbursed by adviser (Note 3)		(87,893	)
Net Expenses		954,890
NET INVESTMENT INCOME		3,833,607
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from:
Transactions in investment securities (Note 10)		3,419,819
Redemptions in-kind by affiliated issuers (Note 3)		57,308,737
Net realized gains		60,728,556
Net change in unrealized appreciation/depreciation in the value of investment securities		(50,526,949	)
Net realized/unrealized gains		10,201,607
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,035,214

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

185

Statements of Changes in Net Assets

	Nationwide Ziegler Equity Income Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	3,833,607		$	9,982,936
Net realized gains		60,728,556			53,479,789
Net change in unrealized appreciation/depreciation		(50,526,949	)		(39,776,380	)
Change in net assets resulting from operations		14,035,214			23,686,345
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,402,913	)		(1,902,291	)
Class C		(1,265,955	)		(761,858	)
Class R6		(49,918,070	)		(42,385,665	)
Institutional Service Class		(2,213,645	)		(1,163,480	)
Change in net assets from shareholder distributions		(56,800,583	)		(46,213,294	)
Change in net assets from capital transactions		(238,744,987	)		(136,651,524	)
Change in net assets		(281,510,356	)		(159,178,473	)
Net Assets:
Beginning of year		318,762,143			477,940,616
End of year	$	37,251,787		$	318,762,143
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,420,351		$	2,347,820
Proceeds from shares issued in class conversion (Note 1)		361,901			–
Dividends reinvested		3,329,349			1,843,468
Cost of shares redeemed		(2,994,121	)		(4,997,240	)
Total Class A Shares		4,117,480			(805,952	)
Class C Shares
Proceeds from shares issued		1,198,517			1,004,056
Dividends reinvested		1,112,633			670,679
Cost of shares redeemed in class conversion (Note 1)		(361,901	)		–
Cost of shares redeemed		(3,384,546	)		(2,244,424	)
Total Class C Shares		(1,435,297	)		(569,689	)
Class R6 Shares
Proceeds from shares issued		2,558,645			11,814,426
Dividends reinvested		49,913,807			42,347,474
Cost of shares redeemed		(295,258,414	)(a)		(190,574,848	)
Total Class R6 Shares		(242,785,962	)		(136,412,948	)
Institutional Service Class Shares
Proceeds from shares issued		2,798,365			3,778,610
Dividends reinvested		2,054,261			1,028,160
Cost of shares redeemed		(3,493,834	)		(3,669,705	)
Total Institutional Service Class Shares		1,358,792			1,137,065
Change in net assets from capital transactions	$	(238,744,987	)	$	(136,651,524	)

186

Statements of Changes in Net Assets (Continued)

	Nationwide Ziegler Equity Income Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		282,522			153,915
Issued in class conversion (Note 1)		28,860			–
Reinvested		287,195			120,703
Redeemed		(239,167	)		(324,513	)
Total Class A Shares		359,410			(49,895	)
Class C Shares
Issued		101,215			64,877
Reinvested		97,463			44,333
Redeemed in class conversion (Note 1)		(29,256	)		–
Redeemed		(273,931	)		(147,795	)
Total Class C Shares		(104,509	)		(38,585	)
Class R6 Shares
Issued		214,583			772,490
Reinvested		4,311,763			2,763,535
Redeemed		(23,479,323	)(a)		(12,299,223	)
Total Class R6 Shares		(18,952,977	)		(8,763,198	)
Institutional Service Class Shares
Issued		221,612			245,065
Reinvested		176,357			67,034
Redeemed		(276,748	)		(239,981	)
Total Institutional Service Class Shares		121,221			72,118
Total change in shares		(18,576,855	)		(8,779,560	)

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

(a) Amount includes in-kind redemptions. (See Note 3)

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

187

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)		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
Year Ended October 31, 2019	$	14.83		0.31		0.87			1.18			(0.33	)		(2.51	)		(2.84	)	$	13.17		11.14%	$	20,069,263		1.06%		2.40%		1.31%		37.15%	(g)
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%
Class C Shares
Year Ended October 31, 2019	$	14.69		0.21		0.85			1.06			(0.25	)		(2.51	)		(2.76	)	$	12.99		10.24%	$	4,734,880		1.84%		1.67%		2.08%		37.15%	(g)
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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	14.90		0.44		0.75			1.19			(0.35	)		(2.51	)		(2.86	)	$	13.23		11.14%	$	571,386		0.62%		3.38%		0.62%		37.15%	(g)
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	14.89		0.34		0.87			1.21			(0.36	)		(2.51	)		(2.87	)	$	13.23		11.32%	$	11,876,258		0.85%		2.61%		1.10%		37.15%	(g)
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%

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 securities received or delivered in-kind.

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

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

188

Notes to Financial Statements

October 31, 2019

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 October 31, 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 (“Large Cap Concentrated”)

- Nationwide Dynamic U.S. 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in each Fund’s prospectus. 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

189

Notes to Financial Statements (Continued)

October 31, 2019

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 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

190

Notes to Financial Statements (Continued)

October 31, 2019

Level 1 investments within the hierarchy. Repurchase agreements are valued at amortized cost, which approximates fair 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

191

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, 100% of the market value of Large Cap Concentrated, Long/Short Equity, All Cap 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 October 31, 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	$	61,162,005	$	—	$	—	$	61,162,005
Exchange Traded Fund		340,860		—		—		340,860
Repurchase Agreements		—		318,536		—		318,536
Short-Term Investment		30,824		—		—		30,824
Total	$	61,533,689	$	318,536	$	—	$	61,852,225

Technology & Science

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	130,049,234	$	—	$	—	$	130,049,234
Repurchase Agreements		—		782,600		—		782,600
Short-Term Investment		75,730		—		—		75,730
Total	$	130,124,964	$	782,600	$	—	$	130,907,564

U.S. Growth

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	206,869,590	$	—	$	—	$	206,869,590
Futures Contracts		1,015,041		—		—		1,015,041
Purchased Options		3,619,703		—		—		3,619,703
Repurchase Agreements		—		171,042		—		171,042
Short-Term Investments
Money Market Fund		16,551		—		—		16,551
U.S. Treasury Obligation		—		40,057,921		—		40,057,921
Total Short-Term Investments	$	16,551	$	40,057,921	$	—	$	40,074,472
Total	$	211,520,885	$	40,228,963	$	—	$	251,749,848

192

Notes to Financial Statements (Continued)

October 31, 2019

Nationwide Fund

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,007,709,600	$	—	$	—	$	1,007,709,600
Exchange Traded Fund		8,829,026		—		—		8,829,026
Repurchase Agreements		—		5,318,403		—		5,318,403
Short-Term Investment		514,647		—		—		514,647
Total	$	1,017,053,273	$	5,318,403	$	—	$	1,022,371,676

Mid Cap Growth

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	555,495,034	$	—	$	—	$	555,495,034
Repurchase Agreements		—		2,866,915		—		2,866,915
Short-Term Investment		277,423		—		—		277,423
Total	$	555,772,457	$	2,866,915	$	—	$	558,639,372

Small Company Growth

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	293,021,660	$	—	$	—	$	293,021,660
Repurchase Agreements		—		33,735		—		33,735
Short-Term Investment		3,264		—		—		3,264
Total	$	293,024,924	$	33,735	$	—	$	293,058,659

U.S. Small Cap Value

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	875,984	$	—	$	—	$	875,984
Air Freight & Logistics		560,724		—		—		560,724
Airlines		1,585,255		—		—		1,585,255
Auto Components		2,526,832		—		—		2,526,832
Automobiles		128,191		—		—		128,191
Banks		20,418,203		—		—		20,418,203
Beverages		28,096		—		—		28,096
Biotechnology		666,602		—		—		666,602
Building Products		1,811,299		—		—		1,811,299
Capital Markets		2,048,486		—		—		2,048,486
Chemicals		3,256,943		—		—		3,256,943
Commercial Services & Supplies		2,459,869		—		—		2,459,869
Communications Equipment		1,077,815		—		—		1,077,815
Construction & Engineering		2,877,669		—		—		2,877,669
Construction Materials		276,057		—		—		276,057
Consumer Finance		1,751,055		—		—		1,751,055
Containers & Packaging		657,242		—		—		657,242
Distributors		92,946		—		—		92,946
Diversified Consumer Services		892,437		—		—		892,437
Diversified Financial Services		969,422		—		—		969,422

193

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Diversified Telecommunication Services	$	340,417	$	—	$	—	$	340,417
Electric Utilities		19,370		—		—		19,370
Electrical Equipment		983,805		—		—		983,805
Electronic Equipment, Instruments & Components		6,679,306		—		—		6,679,306
Energy Equipment & Services		2,173,714		—		—		2,173,714
Entertainment		405,180		—		—		405,180
Food & Staples Retailing		1,339,059		—		—		1,339,059
Food Products		3,035,666		—		—		3,035,666
Health Care Equipment & Supplies		706,912		—		—		706,912
Health Care Providers & Services		1,824,541		—		—		1,824,541
Health Care Technology		345,295		—		—		345,295
Hotels, Restaurants & Leisure		1,245,727		—		—		1,245,727
Household Durables		4,225,278		—		—		4,225,278
Household Products		285,655		—		—		285,655
Independent Power and Renewable Electricity Producers		268,988		—		—		268,988
Insurance		6,884,969		—		—		6,884,969
Interactive Media & Services		145,331		—		—		145,331
Internet & Direct Marketing Retail		379,358		—		—		379,358
IT Services		1,235,756		—		—		1,235,756
Leisure Products		527,435		—		—		527,435
Life Sciences Tools & Services		153,861		—		—		153,861
Machinery		4,794,033		—		—		4,794,033
Marine		670,587		—		—		670,587
Media		2,666,213		—		—		2,666,213
Metals & Mining		3,106,332		—		—		3,106,332
Multiline Retail		961,103		—		—		961,103
Oil, Gas & Consumable Fuels		5,989,084		—		—		5,989,084
Paper & Forest Products		886,975		—		—		886,975
Personal Products		181,185		—		—		181,185
Pharmaceuticals		1,088,025		—		—		1,088,025
Professional Services		1,651,385		—		—		1,651,385
Real Estate Management & Development		398,956		—		—		398,956
Road & Rail		2,986,771		—		—		2,986,771
Semiconductors & Semiconductor Equipment		2,353,937		—		—		2,353,937
Software		664,077		—		—		664,077
Specialty Retail		4,320,550		—		—		4,320,550
Technology Hardware, Storage & Peripherals		711,529		—		—		711,529
Textiles, Apparel & Luxury Goods		1,295,332		—		—		1,295,332
Thrifts & Mortgage Finance		3,811,776		—		—		3,811,776
Tobacco		137,119		—		—		137,119
Trading Companies & Distributors		2,749,546		—		—		2,749,546
Transportation Infrastructure		372,730		—		—		372,730
Water Utilities		23,544		—		—		23,544
Wireless Telecommunication Services		461,095		—		—		461,095
Total Common Stocks	$	120,448,634	$	—	$	—	$	120,448,634
Repurchase Agreements	$	—	$	2,307,177	$	—	$	2,307,177
Rights		—		—		428		428
Short-Term Investment		223,259		—		—		223,259
Total	$	120,671,893	$	2,307,177	$	428	$	122,979,498

194

Notes to Financial Statements (Continued)

October 31, 2019

Equity Income

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	36,936,059	$	—	$	—	$	36,936,059
Exchange Traded Fund		107,257		—		—		107,257
Repurchase Agreements		—		74,355		—		74,355
Short-Term Investment		7,195		—		—		7,195
Total	$	37,050,511	$	74,355	$	—	$	37,124,866

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

During the year ended October 31, 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)		159			159
Purchases		—			—
Sales		(159	)		(159	)
Change in Unrealized Appreciation/Depreciation		(1,853	)		(1,853	)
Transfers Into Level 3		2,281			2,281
Transfers Out of Level 3		—			—
Balance as of 10/31/2019	$	428		$	428
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 10/31/2019*	$	(1,853	)	$	(1,853	)

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 subadviser recommendations.

(b) Cash Overdraft

As of October 31, 2019, U.S. Small Cap Value had an overdrawn balance of $2,256,011 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 apply all deposits and credits held by or owing to JPMorgan against such amount, subject to the terms of the custody agreement.

195

Notes to Financial Statements (Continued)

October 31, 2019

(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 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

Certain Funds have 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.

196

Notes to Financial Statements (Continued)

October 31, 2019

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 Funds’ purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value”, in a table in the Statement of Investments 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”, as applicable.

(e) Futures Contracts

Certain Funds are subject to equity price and interest rate risk in the normal course of pursuing their objective(s). Certain Funds 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

197

Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of October 31, 2019

U.S. Growth

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options
Equity risk	Investment securities, at value	$	2,480,000
Interest rate risk	Investment securities, at value		1,139,703
Futures Contracts(a)
Equity risk	Payable for variation margin on futures contracts		955,775
Interest rate risk	Payable for variation margin on futures contracts		59,266
Total		$	4,634,744

(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 Year Ended October 31, 2019

U.S. Growth

Realized Gains (Losses):	Total
Purchased Options(a)
Equity risk	$	100,226
Interest rate risk		5,477,383
Futures Contracts
Equity risk		768,332
Interest rate risk		4,066,617
Total	$	10,412,558

(a) Realized gains (losses) from purchased options are included in “Net realized gains (losses) from transactions in investment securities.”

198

Notes to Financial Statements (Continued)

October 31, 2019

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statement of Operations for the Year Ended October 31, 2019

U.S. Growth

Unrealized Appreciation/Depreciation:	Total
Purchased Options(a)
Equity risk	$	252,042
Interest rate risk		163,720
Futures Contracts
Equity risk		4,595,455
Interest rate risk		1,217,286
Total	$	6,228,503

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

The following table provides a summary of the Funds’ average volume of derivative instruments held during the year ended October 31, 2019:

U.S. Growth

Options:
Average Value Purchased	$	4,187,384
Average Number of Purchased Option Contracts		549
Futures Contracts:
Average Notional Balance Long	$	74,620,344

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 October 31, 2019, certain Funds have entered into futures contracts. The futures contract agreement does not provide for netting arrangements.

(f) Leverage and Short Sales

Long/Short Equity 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

199

Notes to Financial Statements (Continued)

October 31, 2019

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.

(g) Securities Lending

During the year ended October 31, 2019, certain Funds 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 October 31, 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	$	349,360
Technology & Science		858,330
U.S. Growth		187,593
Nationwide Fund		5,833,050
Mid Cap Growth		3,144,338
Small Company Growth		36,999
U.S. Small Cap Value		2,530,436
Ziegler Equity Income		81,550

200

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

(h) Joint Repurchase Agreement

During the year ended October 31, 2019, certain Funds, 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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

201

Notes to Financial Statements (Continued)

October 31, 2019

At October 31, 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.	$	213,263	$	—	$	213,263	$	(213,263	)	$	—
Cognitive Value	Royal Bank of Canada		105,273		—		105,273		(105,273	)		—
Total		$	318,536	$	—	$	318,536	$	(318,536	)	$	—

								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.	$	523,958	$	—	$	523,958	$	(523,958	)	$	—
Technology & Science	Royal Bank of Canada		258,642		—		258,642		(258,642	)		—
Total		$	782,600	$	—	$	782,600	$	(782,600	)	$	—

								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.	$	114,514	$	—	$	114,514	$	(114,514	)	$	—
U.S. Growth	Royal Bank of Canada		56,528		—		56,528		(56,528	)		—
Total		$	171,042	$	—	$	171,042	$	(171,042	)	$	—

202

Notes to Financial Statements (Continued)

October 31, 2019

								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
Nationwide Fund	BNP Paribas Securities Corp.	$	3,560,722	$	—	$	3,560,722	$	(3,560,722	)	$	—
Nationwide Fund	Royal Bank of Canada		1,757,681		—		1,757,681		(1,757,681	)		—
Total		$	5,318,403	$	—	$	5,318,403	$	(5,318,403	)	$	—

								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.	$	1,919,427	$	—	$	1,919,427	$	(1,919,427	)	$	—
Mid Cap Growth	Royal Bank of Canada		947,488		—		947,488		(947,488	)		—
Total		$	2,866,915	$	—	$	2,866,915	$	(2,866,915	)	$	—

								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 Company Growth	BNP Paribas Securities Corp.	$	22,586	$	—	$	22,586	$	(22,586	)	$	—
Small Company Growth	Royal Bank of Canada		11,149		—		11,149		(11,149	)		—
Total		$	33,735	$	—	$	33,735	$	(33,735	)	$	—

203

Notes to Financial Statements (Continued)

October 31, 2019

								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.	$	1,544,677	$	—	$	1,544,677	$	(1,544,677	)	$	—
U.S. Small Cap Value	Royal Bank of Canada		762,500		—		762,500		(762,500	)		—
Total		$	2,307,177	$	—	$	2,307,177	$	(2,307,177	)	$	—

								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
Ziegler Equity Income	BNP Paribas Securities Corp.	$	49,781	$	—	$	49,781	$	(49,781	)	$	—
Ziegler Equity Income	Royal Bank of Canada		24,574		—		24,574		(24,574	)		—
Total		$	74,355	$	—	$	74,355	$	(74,355	)	$	—

Amounts designated as “—” are zero.

* At October 31 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.

(i) 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.

(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 a Fund’s Statement of Operations. Dividend income and expenses, as applicable, 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.

204

Notes to Financial Statements (Continued)

October 31, 2019

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. The permanent differences as of October 31, 2019 are primarily attributable to investments in real estate investment trusts, non-taxable dividends, net operating losses, tax equalization, net operating loss netting to short-term gains, redemptions in-kind, investments in partnerships, dividend expense for securities sold short, and redesignation of distributions. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

205

Notes to Financial Statements (Continued)

October 31, 2019

Reclassifications for the year ended October 31, 2019 were as follows:

Fund	Capital			Total Distributable Earnings (Loss)
Cognitive Value	$	—		$	—
Technology & Science		—			—
Large Cap Concentrated		—			—
U.S. Growth		—			—
Nationwide Fund		235,404			(235,404	)
Mid Cap Growth		4,615,381			(4,615,381	)
Long/Short Equity		—			—
All Cap Growth		—			—
Small Company Growth		1,190,850			(1,190,850	)
U.S. Small Cap Value		—			—
Focused Small Cap		(67,972	)		67,972
Ziegler Equity Income		57,017,329			(57,017,329	)

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

(l) 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.

(m) 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.

(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.

206

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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
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

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 year ended October 31, 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 (a)	Up to $5 billion		0.45	%
	$5 billion and more		0.425	%
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	%

207

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Fee Schedule	Advisory Fee (annual rate)
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	%

(a) For the period August 5, 2019 through October 31, 2019.

Prior to August 5, 2019, under the terms of the Investment Advisory Agreement, U.S. Growth paid NFA an investment advisory fee based on that Fund’s average daily net assets according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
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	%

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 year ended October 31, 2019, the waiver of such investment advisory fees by NFA amounted to $449,314, 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 year ended October 31, 2019, the waiver of such investment advisory fees by NFA amounted to $14,127 for which NFA shall not be entitled to later seek recoupment.

For the year ended October 31, 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		0.71	%
Technology & Science		0.75			N/A		0.75
Large Cap Concentrated		0.60			N/A		0.00
U.S. Growth		0.56			N/A		0.35

208

Notes to Financial Statements (Continued)

October 31, 2019

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
Nationwide Fund		0.53	%		0.49	%		0.49	%
Mid Cap Growth		0.71			N/A			0.71
Long/Short Equity		1.35			N/A			0.79
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			0.78
Ziegler Equity Income		0.53			N/A			0.46

N/A — Not Applicable.

* Please see above for additional information regarding contractual waivers.

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 (a)	All Classes		0.50	%
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	%

(a) Until February 28, 2022

The Trust and NFA had entered into a written Expense Limitation Agreement that limited Dynamic U.S. Growth 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

209

Notes to Financial Statements (Continued)

October 31, 2019

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 the amounts listed in the table below.

Fund	Classes	Amount (annual rate)
Dynamic U.S. Growth (a)	All Classes		0.65	%

(a) Effective through August 5, 2019.

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 October 31, 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 2017 Amount			Period Ended April 30, 2018 Amount (a)			Fiscal Year 2018 Amount			Fiscal Year 2019 Amount		Total
Cognitive Value	$	—		$	N/A		$	—		$	28,643	$	28,643
Technology & Science		—			N/A			—			—		—
Large Cap Concentrated		57,984			N/A			117,674			176,831		352,489
U.S. Growth		405,754			N/A			449,657			472,116		1,327,527
Nationwide Fund		—			N/A			—			—		—
Mid Cap Growth		—			N/A			—			—		—
Long/Short Equity		—			34,330	(b)		55,232	(c)		126,945		216,507
All Cap Growth		69,417	(d)		N/A			367,907			129,013		566,337
Small Company Growth		23,498			N/A			657			10,977		35,132
U.S. Small Cap Value		—			N/A			—			—		—
Focused Small Cap		—			N/A			—			19,289		19,289
Equity Income		—			N/A			—			87,893		87,893

(a) For the period from December 9, 2017 through April 30, 2018.

(b) Reimbursement accrued by the Predecessor Fund in the amount of $112,633 is not eligible to be recouped by any party.

(c) For the period from May 1, 2018 through October 31, 2018.

(d) 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 year ended October 31, 2019.

210

Notes to Financial Statements (Continued)

October 31, 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 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 year ended October 31, 2019, NFM earned $1,681,302 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 year ended October 31, 2019, the Funds’ aggregate portion of such costs amounted to $14,019.

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

211

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Class A Shares			Class C Shares (a)			Class R Shares (b)
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.

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 year ended October 31, 2019, the Funds imposed front-end sales charges of $432,274. From these fees, NFD retained a portion amounting to $48,208.

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 year ended October 31, 2019, the Funds imposed CDSCs of $1,005. 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 year ended October 31, 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	%		0.07	%		N/A			N/A			0.17	%
Technology & Science		0.06			0.07			N/A			N/A			0.12
Large Cap Concentrated		0.11			0.08			N/A			N/A			0.17
U.S. Growth		0.04			0.08			0.19	%		0.07	%		0.13
Nationwide Fund		0.06			0.06			0.25			N/A			0.08
Mid Cap Growth		0.11			0.10			N/A			N/A			0.07
Long/Short Equity		0.00			N/A			N/A			N/A			0.10
All Cap Growth		0.21			N/A			N/A			0.10			0.07

212

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Class A			Class C		Class R		Eagle Class		Institutional Service Class
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			0.10		N/A		N/A		0.11
Ziegler Equity Income		0.06			0.09		N/A		N/A		0.10

N/A — Not Applicable.

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Cognitive Value	$	925
Technology & Science		5,742
Large Cap Concentrated		27,156
U.S. Growth		35,573
Nationwide Fund		737,623
Mid Cap Growth		431,408
Long/Short Equity		7,866
All Cap Growth		109,864
Small Company Growth		734,352
U.S. Small Cap Value		358,038
Focused Small Cap		56,784
Ziegler Equity Income		28,265

As of October 31, 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		—
Large Cap Concentrated		—
U.S. Growth		4.88
Nationwide Fund		35.83
Mid Cap Growth		—
Long/Short Equity		68.47
All Cap Growth		74.71
Small Company Growth		80.75
U.S. Small Cap Value		84.10
Focused Small Cap		—
Equity Income		—

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

On September 7, 2018, NFA made a contribution of $30,589 to the Large Cap Concentrated Fund primarily to offset capital losses incurred by the Fund due to a trade error on the sale of securities by an affiliate. See the Large Cap Concentrated Fund Financial Highlights for the impact to the total return of the Fund.

213

Notes to Financial Statements (Continued)

October 31, 2019

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”), 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 9, 2020. During the year ended October 31, 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 year ended October 31, 2019, none of the Funds engaged in interfund lending.

214

Notes to Financial Statements (Continued)

October 31, 2019

5.  Investment Transactions

For the year ended October 31, 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	$	163,257,999	$	184,416,420			N/A		N/A
Technology & Science		29,263,034		48,950,302			N/A		N/A
Large Cap Concentrated		8,153,722		20,577,007			N/A		N/A
U.S. Growth		26,129,019		8,114,722			N/A		N/A
Nationwide Fund		531,816,048		639,148,228			N/A		N/A
Mid Cap Growth		90,529,476		308,595,647			N/A		N/A
Long/Short Equity		5,855,446		8,861,288			32,259,160		31,977,890
All Cap Growth		153,912,833		37,900,327			N/A		N/A
Small Company Growth		52,161,308		80,623,364			N/A		N/A
U.S. Small Cap Value		40,416,383		90,585,827			N/A		N/A
Focused Small Cap		27,753,325		41,907,878			N/A		N/A
Ziegler Equity Income		45,046,140		49,880,276	#		N/A		N/A

* Includes purchases and sales of long-term U.S. Government securities, if any.

# Sales exclude securities delivered in-kind. (See Note 3)

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.

215

Notes to Financial Statements (Continued)

October 31, 2019

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 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

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.

216

Notes to Financial Statements (Continued)

October 31, 2019

9.  Other

As of October 31, 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		69.62	%		1
Technology & Science		63.58			1
Large Cap Concentrated		50.15			2
U.S. Growth		—			—
Nationwide Fund		30.17			2	(a)
Mid Cap Growth		39.03			3
Long/Short Equity		89.07			2	(a)
All Cap Growth		84.00			5	(a)
Small Company Growth		77.36			2	(a)
U.S. Small Cap Value		79.43			2	(a)
Focused Small Cap		51.37			3
Equity Income		58.46			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 year ended October 31, 2019, the Funds recaptured the following amounts of brokerage commissions:

Fund	Amount
Cognitive Value	$	—
Technology & Science		—
Large Cap Concentrated		—
U.S. Growth		—
Nationwide Fund		8,461
Mid Cap Growth		41,161
Long/Short Equity		753
All Cap Growth		1,817
Small Company Growth		9,449
U.S. Small Cap Value		—
Focused Small Cap		2,779
Equity Income		1,670

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

217

Notes to Financial Statements (Continued)

October 31, 2019

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

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Cognitive Value	$	1,347,643	$	7,175,908	$	8,523,551	$	—	$	8,523,551
Technology & Science		1,510,279		16,541,051		18,051,330		—		18,051,330
Large Cap Concentrated		5,126,226		8,075,682		13,201,908		—		13,201,908
U.S. Growth		17,839,968		49,072,138		66,912,106		—		66,912,106
Nationwide Fund		38,983,014		158,862,412		197,845,426		—		197,845,426
Mid Cap Growth		—		178,258,235		178,258,235		—		178,258,235
Long/Short Equity		—		524,766		524,766		—		524,766
All Cap Growth		8,922,390		4,659,251		13,581,641		—		13,581,641
Small Company Growth		—		14,607,089		14,607,089		—		14,607,089
U.S. Small Cap Value		3,868,603		11,131,018		14,999,621		—		14,999,621
Focused Small Cap		19,752,262		3,122,547		22,874,809		—		22,874,809
Ziegler Equity Income		6,147,815		50,652,768		56,800,583		—		56,800,583

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Cognitive Value	$	691,255	$	9,680,357	$	10,371,612	$	—	$	10,371,612
Technology & Science		1,000,396		12,459,376		13,459,772		—		13,459,772
Large Cap Concentrated		1,828,136		5,513,567		7,341,703		—		7,341,703
U.S. Growth		4,297,197		16,482,051		20,779,248		—		20,779,248
Nationwide Fund		38,767,501		59,782,579		98,550,080		—		98,550,080
Mid Cap Growth		—		105,576,718		105,576,718		—		105,576,718
Long/Short Equity		—		—		—		—		—
All Cap Growth		1,188,625		—		1,188,625		—		1,188,625
Small Company Growth		—		7,727,687		7,727,687		—		7,727,687

218

Notes to Financial Statements (Continued)

October 31, 2019

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
U.S. Small Cap Value	$	3,882,508	$	13,468,725	$	17,351,233	$	—	$	17,351,233
Focused Small Cap		217,692		15,364,000		15,581,692		—		15,581,692
Equity Income		9,729,228		36,484,066		46,213,294		—		46,213,294

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

Long/Short Equity did not make any distributions for the year ended April 30, 2018.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
Cognitive Value	$	192,676	$	—	$	192,676	$	—	$	(4,086,362	)	$	3,352,010		$	(541,676	)
Technology & Science		114,238		9,837,867		9,952,105		—		—			75,715,783			85,667,888
Large Cap Concentrated		20,636		—		20,636		—		(721,383	)		2,389,198			1,688,451
U.S. Growth		7,854,238		11,251,100		19,105,338		—		—			20,694,529			39,799,867
Nationwide Fund		228,938		21,695,078		21,924,016		—		—			149,259,805			171,183,821
Mid Cap Growth		420,227		91,057,248		91,477,475		—		—			171,839,907			263,317,382
Long/Short Equity		—		178,157		178,157		—		(131,354	)		3,091,672			3,138,475
All Cap Growth		1,002,732		3,954,313		4,957,045		—		—			40,823,575			45,780,620
Small Company Growth		—		28,143,514		28,143,514		—		(2,621,404	)		74,873,027			100,395,137
U.S. Small Cap Value		575,944		5,942,290		6,518,234		—		—			(1,049,837	)		5,468,397
Focused Small Cap		—		2,930,777		2,930,777		—		(269,336	)		2,078,617			4,740,058
Ziegler Equity Income		314,767		3,425,931		3,740,698		—		—			4,736,849			8,477,547

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 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 Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Cognitive Value	$	58,500,215	$	5,192,892	$	(1,840,882	)	$	3,352,010
Technology & Science		55,191,781		76,676,850		(961,067	)		75,715,783
Large Cap Concentrated		20,629,530		2,752,367		(363,169	)		2,389,198
U.S. Growth		231,055,319		29,961,976		(9,267,447	)		20,694,529

219

Notes to Financial Statements (Continued)

October 31, 2019

Fund	Tax Cost of Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Nationwide Fund	$	873,111,854	$	171,969,445	$	(22,709,623	)	$	149,259,822
Mid Cap Growth		386,799,465		181,038,285		(9,198,378	)		171,839,907
Long/Short Equity		19,461,373		4,215,892		(653,328	)		3,562,564
All Cap Growth		290,177,576		46,866,633		(6,043,058	)		40,823,575
Small Company Growth		218,185,632		88,222,506		(13,349,479	)		74,873,027
U.S. Small Cap Value		124,029,335		22,001,487		(23,051,324	)		(1,049,837	)
Focused Small Cap		59,769,552		6,151,728		(4,073,111	)		2,078,617
Ziegler Equity Income		32,388,017		5,377,947		(641,098	)		4,736,849

As of October 31, 2019, for federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the U.S. Treasury regulations and in any given year may be limited due to large shareholder redemptions or contributions. Capital loss carryforwards do not expire. The following table represents capital loss carryforwards available as of October 31, 2019.

Fund	Amount
Cognitive Value	$	(4,086,362	)
Large Cap Concentrated		(721,383	)

Deferred late year losses represent ordinary losses realized on investment transactions from January 1, 2019 through October 31, 2019, that in accordance with federal income tax regulations the Funds have elected to defer and treat as having arisen on the first day of the following fiscal year. For the year ended October 31, 2019, the Funds elected to defer late year losses, if any, in the amounts listed below.

Fund	Amount
Long/Short Equity	$	115,143
Small Company Growth		2,621,404
Focused Small Cap		269,336

13.  Subsequent Events

On August 2, 2019, the Board of Trustees of the Trust (the “Board of Trustees”), including a majority of the trustees who are not interested persons, unanimously approved a Plan of Reorganization between BNY Mellon Growth and Income Fund and Nationwide Dynamic U.S. Growth Fund (“U.S. Growth”), each a series of the Trust, pursuant to which BNY Mellon Growth and Income Fund was merged into U.S. Growth (the “Merger”). Further information regarding the details of the Merger and U.S. Growth will be provided in an information statement that will be delivered to BNY Mellon Growth and Income Fund shareholders. The Merger was finalized on December 13, 2019.

On December 4, 2019, the Board of Trustees approved Nationwide Dynamic U.S. Growth Fund to be renamed “Nationwide Mellon Dynamic U.S. Core Fund”. The change will be effective February 28, 2020.

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

220

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of each of the twelve funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of each of the funds listed in the table below (twelve of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations, statements of changes in net assets, and for the one fund designated with an asterisk in the table below, the statement of cash flows for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations, the changes in each of their net assets, for the one fund designated with an asterisk in the table below, its cash flows and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Nationwide Bailard Cognitive Value Fund (1)	Nationwide Long/Short Equity Fund* (2)
Nationwide Bailard Technology & Science Fund (1)	Nationwide Loomis All Cap Growth Fund (1)
Nationwide Diamond Hill Large Cap Concentrated Fund (1)	Nationwide Small Company Growth Fund (1)
Nationwide Dynamic U.S. Growth Fund (1)	Nationwide U.S. Small Cap Value Fund (1)
Nationwide Fund (1)	Nationwide WCM Focused Small Cap Fund (1)
Nationwide Geneva Mid Cap Growth Fund (1)	Nationwide Ziegler Equity Income Fund (1)
(1) Statement of operations for the year ended October 31, 2019, statement of changes in net assets for the years ended October 31, 2019 and 2018, and the financial highlights for each of the periods indicated therein (2)  Statement of operations and statement of cash flows for the year ended October 31, 2019, statement of changes in net assets for the year ended October 31, 2019 and for the period May 1, 2018 through October 31, 2018 and for the year ended April 30, 2018, and the financial highlights for the periods ended after April 30, 2017

The financial statements of the Nationwide Long/Short Equity Fund, as of and for the year ended April 30, 2017 and the financial highlights for each of the periods ended on or prior to April 30, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 29, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

221

Report of Independent Registered Public Accounting Firm (Continued)

October 31, 2019

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

222

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund
Cognitive Value	84.39	%
Technology & Science	74.78
Large Cap Concentrated	23.13
U.S. Growth	17.67
Nationwide Fund	50.09
All Cap Growth	21.54
U.S. Small Cap Value	72.91
Focused Small Cap	4.71
Ziegler Equity Income	83.34

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

Fund
Cognitive Value	$	7,175,908
Technology & Science		16,541,051
Large Cap Concentrated		8,075,682
U.S. Growth		49,072,138
Nationwide Fund		158,862,412
Mid Cap Growth		182,873,616
Long/Short Equity		524,766
All Cap Growth		4,659,251
Small Company Growth		16,302,885
U.S. Small Cap Value		11,131,018
Focused Small Cap		3,122,547
Ziegler Equity Income		50,845,853

223

Management Information

October 31, 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	119
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	119
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	119

224

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

225

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

226

Management Information (Continued)

October 31, 2019

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
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
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

227

Management Information (Continued)

October 31, 2019

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.

228

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

229

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

230

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

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Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

232

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

233

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.

234

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.

235

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.

236

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

AR-CEQ (12/19)

Annual Report

October 31, 2019

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	61
Report of Independent Registered Public Accounting Firm	86
Supplemental Information	87
Management Information	88
Market Index Definitions	93

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Multi-Cap  Portfolio

For the period from the Fund’s inception on December 6, 2018, through October 31, 2019, the Nationwide Multi-Cap Portfolio (Class R6) returned 17.11%* versus 17.82% for its benchmark, the Russell 3000® Index (Russell 3000).

This Fund uses a multi-manager approach, allocating portions of its assets to several different subadvisers. The Fund strives to benefit from the subadvisers’ specializations and diverse investment strategies. Therefore, the views of the individual managers are independent and may appear to be contradictory. Please note that each subadviser wrote its commentary to explain the performance of the portion of the Fund that it manages.

This Fund is subadvised by: Allianz Global Investors U.S. LLC; BlackRock Investment Management, LLC; and Western Asset Management Company, LLC

The following commentary is provided by Allianz Global Investors U.S. LLC

The Allianz sleeve is 100% passively invested in the Russell 3000 at all times via ownership of the stocks that constitute the index. The Allianz sleeve pursues consistent outperformance potential via its option overlay, which comprises long and short puts and calls on the S&P 500® Index (S&P 500).

The option overlay consists of (a) range-bound spreads, which are “short-volatility” positions constructed by selling options in pursuit of outperformance in normal market conditions; and (b) hedging positions, which are “long-volatility” holdings constructed by buying puts to manage option risk. The Allianz sleeve’s options portfolio is built with the aim of being as resilient as possible across a wide range of potential equity market scenarios. The Allianz sleeve continually combines long- and short-volatility exposures in targeting consistent risk-managed outperformance.

The reporting period was characterized by a strong upward trend for the U.S. equity market, yet with periodic fluctuations and favorable CBOE Volatility Index (VIX) levels. The VIX is a

measure of implied volatility for options on the S&P 500, and represents a broad proxy for options prices in general. The healthy relationship between the VIX and the S&P 500 provided a favorable backdrop for position construction throughout the year. The average VIX in 2019 has been 16, and by comparison, the average VIX in the previous year also was approximately 16. Yet 2018 was a far more turbulent year in the equity markets.

The benchmark Russell 3000 returned 14.04% in the first quarter of 2019 alone, a powerful snapback from the difficult fourth quarter of 2018. The S&P 500, which underlies the Allianz sleeve’s index option positions and is therefore the relevant index to discuss when reviewing the overlay portfolio, surged 13.65% in the first quarter of 2019.

The first real market setback came in May, when the S&P 500 fell 6.35%. The index then round-tripped and ultimately ended the second quarter up 4.30%. But notably, the May decline occurred over several weeks rather than several days — more in line with historical moves than with what markets had been demonstrating over the prior few years. Gradual market declines tend to enable more of the Fund’s short option positions to cycle through expiration and give us the opportunity to roll into new short positions in a higher-volatility environment.

The VIX increased substantially during the reporting period and remained elevated for many weeks, which was beneficial for the options portfolio. When the VIX is high, we are able to build range-bound spreads that are more resilient and profitable than positions that are built in a comparatively lower VIX environment.

The equity-index descent meant that the portfolio’s May performance was hurt by negative mark-to-market: When the S&P 500 declined closer to the Fund’s short option strikes and the VIX increased, the prices of the Fund’s short options increased. However, mark-to-market declines tend to naturally reverse as positions cycle through expiration. The true impact of an index decline is the extent to which we had to

3

Fund Commentary (cont.) Nationwide Multi-Cap Portfolio

incur realized costs to restructure our positions. Importantly, we did not have to restructure any option positions. As a result, all of May’s unrealized loss was recouped in June.

June saw a return to the accelerated market moves that have been the norm in recent years, with the S&P 500 rocketing up more than 5% in just five trading days during the first week of the month. As is typical following a sharp decline, the Allianz sleeve’s options portfolio was positioned prudently for a V-shaped rally, and was able to accommodate the index’s surge.

July and August brought another round of equity-index fluctuations. Just as it had in the second quarter, a higher prevailing level of implied volatility benefited the options portfolio’s resilience. July was calm until the end of the month, at which point the S&P 500 fell 6% over the course of just a week — akin to the May drawdown. After several additional large declines and rallies, the S&P 500 ended August registering -1.78%.

The S&P 500 recovered in September and October, returning 1.87% and 2.17%, respectively. The Russell 3000 behaved similarly, registering -3.05% in August, 1.76% in September and 2.15% in October.

In addition to the May experience, the S&P 500’s correction in early August provided a second successful test case of the Fund’s range-bound spread positions’ resilience. The Fund’s short S&P 500 options were able to withstand the equity market fluctuations throughout the reporting period, and we were able to hold all those positions to expiration, as is our goal.

Overall, we were encouraged by the improved responsiveness of the VIX to a market pullback. Unlike in prior periods, in 2019 implied volatility has tended to spike immediately when an equity decline occurs, and the VIX has been able to sustain a floor in the mid-teens.

As an example, it wasn’t just that the August drawdown sent the VIX as high as 25; it was that after the move, the VIX settled back down only to 15. This is quite an improvement over the 2018 environment, which saw post-drawdown volatility

levels decline as low as 11. Even just a few additional VIX points can have a meaningful impact on the Allianz sleeve’s resilience.

Subadviser:

Allianz Global Investors U.S. LLC

Portfolio Managers:

Stephen Bond-Nelson; Scott Powell, CFA; Trevor Taylor; and Greg Tournant

The following commentary is provided by BlackRock Investment Management, LLC

In the fourth quarter of 2018, concerns over Federal Reserve (Fed) policy, U.S.-China trade tensions, and a potential slowdown in growth contributed to investor anxiety. The quarter began with Fed chairman Powell’s comment that the U.S. federal funds rate was “a long way from neutral.” The hawkish comment drove a temporary sell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy (the Institute of Supply Management [ISM] Purchasing Managers Index [PMI])** fell from 59.8 in September to 54.1 in December) contributed to a reduction in inflation expectations. This was accompanied by a broad-based risk-off in December — the worst December performance on record since 1931 — and the 10-year Treasury yield ended the quarter 0.57% lower than intra-quarter highs to 2.68%. Even though the United States and China were able to broker a 90-day trade war “truce” on December 1, 2018, volatility abounded in the wake of the Federal Open Market Committee (FOMC) December announcement. Although the Fed’s December rate hike and lowering of interest rate projections was largely expected, the Fed’s relatively hawkish tone and Powell’s affirmation that the balance sheet run-off was to run on autopilot was punished by the market.

In the first quarter of 2019, U.S. equities advanced as positive headlines regarding U.S.-China trade negotiations, relatively strong corporate earnings growth, and the Fed’s dovish pivot helped investor sentiment recover from steep losses in the previous quarter and contributed to a meaningful rebound in equity prices. In the January announcement, the Fed indicated it

4

Fund Commentary (cont.) Nationwide Multi-Cap Portfolio

would refrain from interest rate hikes for the foreseeable future, a dovish assessment of U.S. economic conditions, and transparency around balance sheet normalization. This reduced market-based expectations of interest rates, serving as a boon for both equities and bonds. On the macroeconomic front, despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation and slowing but stable economic growth. The U-3 unemployment rate (representing the number of people actively looking for a job) remained at 3.8% in February, the lowest level since 1969. Core personal consumption expenditure dropped to 1.8% year-over-year in January, below the Fed’s inflation target of 2%. Though the ISM Manufacturing PMI was below two-year averages throughout the quarter, the indicator remained in expansionary territory at the end of the quarter (55.3). Less optimism was evident in the U.S. rates market. The pause in interest rate hiking by the Fed coupled with lowered forecasts for growth drove investors into longer-duration government bonds. The yield on the 10-year U.S. Treasury dropped from a quarterly high of 2.78% in mid-January to 2.40% at quarter end. The bid for long-term debt coupled with high short-term rates (federal funds target rate remained at 2.50% at the quarter’s end) catalyzed an inversion of the three-month 10-year Treasury spread. This spread is the Fed’s preferred measure for calculating recession probabilities, and its inversion has preceded every U.S. recession since the 1950s.

During the second quarter of 2019, the Chicago Fed National Activity Index was in contractionary territory in April and May. The ISM Manufacturing PMI decelerated throughout the quarter but remained in expansionary territory in June (51.7). The U-3 unemployment rate actually declined to 3.6% in April, but the moving average of continuing jobless claims accelerated throughout the quarter. In May, U.S. President Trump threatened an increase in tariffs and protectionism against both China and Mexico. The U.S. markets fell in May on these renewed trade concerns, and trade tensions were a source of intra-quarter volatility. However, these threats did not materialize, and sentiment eased heading into

the G-20^† meeting at the month’s end. On the macroeconomic front, there were signs of weaker U.S. economic conditions. In the June FOMC announcement, Fed Chair Powell stated that should trade tensions weigh on the FOMC’s economic outlook or should the shortfall of inflation from the target rate persist longer than expected, the Fed would provide more accommodation to sustain the expansion. The prospect of easy monetary policy broadly buoyed equities. In interest rates, the 10-year U.S. Treasury yield declined 0.50% in the quarter to 2% — the lowest level since 2016. The yield curve remained a source of uncertainty as the three-month, 10-year spread remained in negative territory while the five-year, 30-year spread expanded throughout the quarter.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. The U.S. markets suffered their worst week of 2019 to date in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks that were slated to be held in October. In monetary policy, the Fed lowered the target range for the federal funds rates in both the July and September meetings. Fed Chair Powell confirmed that the rate cuts were intended to offset potential downside risks from weak global growth and trade policy uncertainty. On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. The frequently tracked ISM Manufacturing PMI registered in contractionary territory in both August and September. The September reading was the lowest reading since the global financial crisis. Consumer sentiment also softened, with the University of Michigan Consumer Sentiment Index^‡ falling to its lowest level since 2016 in August. More constructively, labor market conditions were stable as the U-3 unemployment rate remained at 3.7% throughout the quarter and average hourly earnings modestly accelerated. In interest rates, the 10-year Treasury yield declined 0.36% from the start of the quarter to the end,

5

Fund Commentary (cont.) Nationwide Multi-Cap Portfolio

although the benchmark rate did fall as low as 1.45% intra-quarter. In August, the frequently monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis but ended the quarter in positive territory.

Eight out of 11 sectors posted positive returns during the reporting period, with bond proxies Utilities and Real Estate leading the way. Bonds rose as the Fed cut rates 0.25% twice in the quarter in July and September, marking a return to Fed loosening of monetary policy after years of rate hikes following the long period of zero or near-zero interest rates after the global financial crisis in 2008. Growth stocks continued to outperform their value counterparts despite a violent factor rotation from growth to value in September. Fund performance was not spared from this. The IPO market also came under pressure in September amid the public market struggles of recent large IPOs from Uber, Lyft, Slack and Peloton and the $50 billion WeWork IPO getting shelved on valuation and governance concerns. Negative performance from index changes and IPOs was offset by slight positive contributions from buybacks and active trading around Custom In-Kind Basket (CIB) activity in select Exchange Traded Products (ETPs).

Futures are held by the Fund to equitize accruals and cash balances for purposes of keeping the portfolio 100% invested and maintaining index exposure. Swaps also are held by the Fund as a vehicle to gain exposure to merger and acquisitions alpha-generating opportunities. These futures and swaps did not have a material impact on Fund performance.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Rachel Aguirre; Jennifer Hsui, CFA; Allan Mason; Greg Savage, CFA; and Amy Whitelaw

The following commentary is provided by Western Asset Management Company, LLC

The nature of the strategy of the WAMCO sleeve is exposed to the returns of the Russell 3000 Total Return Equity Index via total return swaps

and also is benchmarked to this index. The same set of factors that drove WAMCO sleeve returns over the inception-to-date period also drove benchmark returns.

Since inception of the WAMCO sleeve, market sentiment has been dominated by concerns around persistent low inflation, slowing global growth, escalating trade tensions between the United States and China, the effectiveness of monetary policy given negative rates and continued accommodation by global central banks, as well as continued spread sector volatility. The year 2019 began with the Federal Reserve (Fed) making explicit its dovish pivot with remarks by Fed Chair Powell at a conference in Atlanta. Though rates were kept on hold in March, three subsequent 0.25% cuts were made as the year progressed, as the Fed cited increased uncertainty regarding the economic outlook. Overseas, as economic data worsened in the eurozone, the European Central Bank (ECB) followed suit with its own dovish leanings. In September, ECB President Draghi announced a reinstatement of quantitative easing and leaned on governments to follow through with fiscal policy measures of their own, stating that “governments with fiscal space should act in an effective and timely manner.”

U.S. Treasury yields have fluctuated throughout the period and there have been multiple inversions of the yield curve; however, rates overall have declined meaningfully through October. All-in, the low rate backdrop has proved beneficial for the WAMCO sleeve’s rates positioning. In aggregate, the WAMCO sleeve’s duration and yield curve positioning was the largest positive performance driver for returns. After a period of dramatic spread widening in late 2018, spread sectors have generally tightened year-to-date; corporate credit exposures in the WAMCO sleeve (both investment grade and high-yield) have delivered strong returns. Structured products, in aggregate, also have contributed positively to the WAMCO sleeve’s returns as there has been some spread tightening and generally stable fundamentals in the sector throughout the reporting period. On the downside, the WAMCO sleeve’s exposures to Treasury Inflation-Protected Securities (TIPS)

6

Fund Commentary (cont.) Nationwide Multi-Cap Portfolio

have detracted from performance as breakeven inflation rates have fallen meaningfully throughout the reporting period. Finally, the WAMCO sleeve’s emerging markets exposures also have been a mild detractor. Though the sector has seen some recovery from late last year, throughout much of the reporting period emerging markets were negatively affected by U.S.-China trade concerns, slowing China growth and events such as the economic crisis in Argentina.

During the reporting period, interest rate options, futures and swaps were used to manage the WAMCO sleeve’s duration and yield curve exposure. Equity index options, specifically total return swaps on the Russell 3000, were utilized in order to replicate the returns of the Russell 3000, in keeping with the nature of the strategy.

Subadviser:

Western Asset Management Company, LLC

Portfolio Managers:

John L. Bellows, Ph.D., CFA and Kenneth Leech

* High double-digit returns are unusual and cannot be sustained.

The Fund employs an enhanced indexing strategy designed to match or incrementally exceed the performance of the U.S. equity market, regardless of whether the market is rising or falling. As a result, the Fund will be unable to avoid declining equity markets and may underperform actively managed non-index funds. The strategy also creates a greater chance of higher tracking error and a higher portfolio turnover rate than if the Fund were to follow a passive strategy designed to replicate an index. The Fund is subject to the risks of investing in equity securities, including small companies. Smaller companies: i) are usually less stable in price and less liquid than larger, more-established companies; ii) are more vulnerable than larger companies to adverse business and economic developments; and iii) may have more-limited resources. Therefore, they generally involve greater risk. The Fund may invest in initial public offerings (IPOs), which often are subject to greater and more-unpredictable price changes than are more-established stocks. The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds) and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They also are subject to the claims-paying ability of the issuing company. The Fund may invest in corporate loans (which have speculative characteristics

and are high risk). The Fund may invest in more-aggressive investments such as derivatives (which create investment leverage and are highly volatile). The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

Each of the Fund’s subadvisers makes investment decisions independently, and it is possible that the security selection process of one subadviser will not complement that of another subadviser. As a result, the Fund’s exposure to a given security, industry sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund’s performance.

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.

7

Fund Overview Nationwide Multi-Cap Portfolio

Asset Allocation¹

Common Stocks	64.4%
Corporate Bonds	14.5%
Mortgage-Backed Securities	5.2%
Asset-Backed Securities	4.4%
U.S. Treasury Obligations	4.2%
Commercial Mortgage-Backed Securities	2.0%
Collateralized Mortgage Obligations	2.0%
Total Return Swaps	1.7%
Foreign Government Securities	1.4%
Repurchase Agreements	0.6%
Exchange Traded Funds	0.4%
Short-Term Investment†	0.0%
Rights†	0.0%
Futures Contracts†	0.0%
Purchased Options†	0.0%
Forward Currency Contracts†	0.0%
Written Swaptions†	(0.0)%
Credit Default Swaps†	(0.0)%
Interest Rate Swaps	(0.1)%
Written Options	(0.1)%
Other assets in excess of liabilities	(0.6)%
	100.0%

Top Industries²

Banks	7.5%
Software	4.5%
Oil, Gas & Consumable Fuels	4.1%
IT Services	3.6%
Technology Hardware, Storage & Peripherals	2.9%
Interactive Media & Services	2.9%
Pharmaceuticals	2.8%
Equity Real Estate Investment Trusts (REITs)	2.7%
Health Care Providers & Services	2.6%
Semiconductors & Semiconductor Equipment	2.6%
Other Industries#	63.8%
	100.0%

Top Holdings²

Apple, Inc.	2.4%
Microsoft Corp.	2.3%
Amazon.com, Inc.	1.6%
Facebook, Inc., Class A	1.0%
Berkshire Hathaway, Inc., Class B	0.9%
JPMorgan Chase & Co.	0.9%
Alphabet, Inc., Class C	0.8%
U.S. Treasury Bonds, 3.75%, 11/15/2043	0.8%
Alphabet, Inc., Class A	0.8%
Johnson & Johnson	0.8%
Other Holdings#	87.7%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

8

Fund Performance Nationwide Multi-Cap Portfolio

Average Annual Total Return

(For periods ended October 31, 2019)

	Inception1*
Class R6	17.11%
Russell 3000® Index	17.82%

* Not annualized.

¹  Since inception date of December 6, 2018.

9

Fund Performance (cont.) Nationwide Multi-Cap Portfolio

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Multi-Cap Portfolio from inception through 10/31/19 versus the Russell 3000® Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

10

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class R6 Shares	Actual	(a)		1,000.00		1,038.70		1.44		0.28
	Hypothetical	(a)(b)		1,000.00		1,023.79		1.43		0.28

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

11

Statement of Investments

October 31, 2019

Nationwide Multi-Cap Portfolio

Asset-Backed Securities 4.4%
	Principal Amount		Value
Automobiles 0.5%
Avis Budget Rental Car Funding AESOP LLC
Series 2019-1A, Class A, 3.45%, 3/20/2023 (a)	$	1,560,000	$	1,601,831
Series 2017-2A, Class A, 2.97%, 3/20/2024 (a)		2,000,000		2,042,842
Ford Credit Floorplan Master Owner Trust
Series 2019-3, Class A1, 2.23%, 9/15/2024		6,590,000		6,628,005
Series 2018-4, Class A, 4.06%, 11/15/2030		1,150,000		1,276,763
Hertz Vehicle Financing II LP, Series 2016-4A, Class A, 2.65%, 7/25/2022 (a)		1,200,000		1,205,435
				12,754,876
Home Equity 0.6%
Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4, Class M2, 2.29%, 10/25/2035 (b)		2,330,000		2,235,140
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W5, Class M1, 2.87%, 10/25/2033 (b)		1,203,185		1,209,201
Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE7, Class M1, 2.72%, 8/25/2034 (b)		5,415,511		5,361,283
CWABS, Inc. Trust, Series 2004-6, Class 1A1, 2.36%, 12/25/2034 (b)		1,225,879		1,225,729
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (a)(b)		3,389,617		3,533,219
RAAC Series Trust, Series 2005-SP3, Class M2, 2.62%, 12/25/2035 (b)		1,370,000		1,376,460
				14,941,032
Other 2.3%
AMMC CLO 21 Ltd., Series 2017-21A, Class A, 3.52%, 11/2/2030 (a)(b)		392,000		391,639
Apidos CLO XII, Series 2013-12A, Class AR, 3.08%, 4/15/2031 (a)(b)		1,100,000		1,089,967
Avery Point V CLO Ltd., Series 2014-5A, Class AR, 2.98%, 7/17/2026 (a)(b)		819,899		820,667
Babson CLO Ltd., Series 2015-IA, Class AR, 2.96%, 1/20/2031 (a)(b)		2,600,000		2,572,609
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.48%, 8/20/2024 (a)		2,970,000		2,964,202

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, 3.22%, 1/20/2029 (a)(b)	$	1,385,000	$	1,382,810
BlueMountain CLO Ltd.
Series 2012-2A, Class AR2, 3.19%, 11/20/2028 (a)(b)		160,000		160,045
Series 2015-3A, Class A1R, 2.97%, 4/20/2031 (a)(b)		1,215,000		1,204,339
California Street CLO XII Ltd., Series 2013-12A, Class AR, 3.03%, 10/15/2025 (a)(b)		291,032		291,086
Carlyle Global Market Strategies CLO Ltd., Series 2014-2RA, Class A1, 3.21%, 5/15/2031 (a)(b)		2,710,000		2,688,632
Carlyle US CLO Ltd.
Series 2017-1A, Class A1B, 3.20%, 4/20/2031 (a)(b)		2,250,000		2,249,883
Series 2017-1A, Class A1A, 3.27%, 4/20/2031 (a)(b)		450,000		449,771
Catskill Park CLO Ltd., Series 2017-1A, Class A2, 3.67%, 4/20/2029 (a)(b)		1,300,000		1,291,837
CBAM Ltd., Series 2017-1A, Class A1, 3.22%, 7/20/2030 (a)(b)		300,000		300,204
Cumberland Park CLO Ltd., Series 2015-2A, Class BR, 3.37%, 7/20/2028 (a)(b)		760,000		754,653
Cutwater Ltd., Series 2014-1A, Class A1AR, 3.25%, 7/15/2026 (a)(b)		1,421,178		1,422,275
Flatiron CLO 17 Ltd., Series 2017-1A, Class A, 3.41%, 5/15/2030 (a)(b)		2,340,000		2,337,922
Halcyon Loan Advisors Funding Ltd., Series 2017-2A, Class A2, 3.70%, 1/17/2030 (a)(b)		750,000		737,902
JFIN CLO 2014 Ltd., Series 2014-1A, Class AR, 2.92%, 4/21/2025 (a)(b)		1,044,473		1,044,044
LCM XXIV Ltd., Series 24A, Class A, 3.28%, 3/20/2030 (a)(b)		1,250,000		1,250,356
Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, 1/25/2059 (a)(c)		3,457,407		3,498,953
Midocean Credit CLO VII, Series 2017-7A, Class B, 3.90%, 7/15/2029 (a)(b)		1,000,000		993,914
Myers Park CLO Ltd., Series 2018-1A, Class B1, 3.57%, 10/20/2030 (a)(b)		510,000		501,372
Nassau 2017-II Ltd., Series 2017-IIA, Class AF, 3.38%, 1/15/2030 (a)		1,700,000		1,683,277
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 3.20%, 4/19/2030 (a)(b)		2,400,000		2,399,678

12

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
Newark BSL CLO 1 Ltd., Series 2016-1A, Class A2, 4.46%, 12/21/2029 (a)(b)	$	1,500,000	$	1,498,816
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A1, 3.21%, 7/25/2030 (a)(b)		835,000		835,327
Parallel Ltd., Series 2018-2A, Class A2, 3.82%, 10/20/2031 (a)(b)		250,000		248,202
Shackleton 2013-III CLO Ltd., Series 2013-3A, Class BR, 3.55%, 7/15/2030 (a)(b)		750,000		737,155
Sofi Consumer Loan Program LLC, Series 2017-2, Class A, 3.28%, 2/25/2026 (a)		2,733,319		2,756,754
Sudbury Mill CLO Ltd., Series 2013-1A, Class A1R, 3.15%, 1/17/2026 (a)(b)		1,062,723		1,064,417
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A, 4.87%, 7/20/2048 (a)		2,440,093		2,546,723
Symphony CLO XVIII Ltd., Series 2016-18A, Class B, 3.73%, 1/23/2028 (a)(b)		750,000		748,508
TCW CLO AMR Ltd., Series 2019-1A, Class A, 3.60%, 2/15/2029 (a)(b)		1,310,000		1,309,417
THL Credit Wind River CLO Ltd., Series 2017-3A, Class A, 3.25%, 10/15/2030 (a)(b)		466,489		466,278
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, 2.82%, 5/25/2058 (a)(b)		5,385,827		5,426,902
Tralee Clo VI Ltd., Series 2019-6A, Class AS, 3.32%, 10/25/2032 (a)(b)		2,150,000		2,148,865
Tryon Park CLO Ltd.
Series 2013-1A, Class A1SR, 2.89%, 4/15/2029 (a)(b)		1,025,000		1,018,828
Series 2013-1A, Class A2R, 3.50%, 4/15/2029 (a)(b)		1,500,000		1,476,588
Venture 31 CLO Ltd., Series 2018-31A, Class A1, 3.00%, 4/20/2031 (a)(b)		1,300,000		1,286,195
				58,051,012
Student Loan 1.0%
Brazos Higher Education Authority, Inc., Series 2005-1, Class 1A4, 2.26%, 3/26/2029 (b)		3,856,875		3,854,754
DRB Prime Student Loan Trust, Series 2015-B, Class A1, 3.72%, 10/27/2031 (a)(b)		1,352,916		1,371,122
Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.65%, 1/25/2041 (a)		1,192,900		1,197,164

Asset-Backed Securities (continued)
	Principal Amount		Value
Student Loan (continued)
Navient Student Loan Trust
Series 2015-1, Class A2, 2.42%, 4/25/2040 (b)	$	906,929	$	894,885
Series 2017-3A, Class A2, 2.42%, 7/26/2066 (a)(b)		4,000,000		4,007,003
Nelnet Student Loan Trust
Series 2006-2, Class A6, 2.32%, 4/25/2031 (a)(b)		4,370,959		4,363,396
Series 2012-2A, Class A, 2.62%, 12/26/2033 (a)(b)		2,754,570		2,743,843
SLM Student Loan Trust, Series 2005-7, Class A4, 2.09%, 10/25/2029 (b)		575,699		570,777
SMB Private Education Loan Trust
Series 2015-C, Class A3, 3.87%, 8/16/2032 (a)(b)		3,220,000		3,305,966
Series 2017-A, Class B, 3.50%, 6/17/2041 (a)		1,000,000		1,025,792
				23,334,702
Total Asset-Backed Securities (cost $108,263,171)				109,081,622
Collateralized Mortgage Obligations 2.0%
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M1, 2.67%, 8/25/2031 (a)(b)		752,061		752,427
Series 2019-R03, Class 1M1, 2.57%, 9/25/2031 (a)(b)		1,948,554		1,948,945
Series 2019-R05, Class 1M1, 2.57%, 7/25/2039 (a)(b)		2,335,327		2,336,005
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL9, Class A1, 3.32%, 10/27/2059 (a)(b)		2,190,000		2,192,300
DSLA Mortgage Loan Trust, Series 2007-AR1, Class 1A1B, 1.99%, 4/19/2047 (b)		1,364,439		1,232,354
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA2, Class M2, 5.27%, 10/25/2029 (b)		1,990,000		2,112,980
Series 2017-DNA3, Class M2, 4.32%, 3/25/2030 (b)		1,655,000		1,688,131
FNMA
Series 2014-C02, Class 1M2, 4.42%, 5/25/2024 (b)		2,098,821		2,182,011
Series 2014-C02, Class 2M2, 4.42%, 5/25/2024 (b)		1,425,332		1,473,719
Series 2014-C03, Class 1M2, 4.82%, 7/25/2024 (b)		1,260,515		1,323,610
Series 2016-C02, Class 1M2, 7.82%, 9/25/2028 (b)		1,502,117		1,637,700
Series 2016-C04, Class 1M2, 6.07%, 1/25/2029 (b)		1,680,000		1,773,401
Series 2017-C03, Class 1M1, 2.77%, 10/25/2029 (b)		2,086,485		2,089,595
Series 2018-C01, Class 1M2, 4.07%, 7/25/2030 (b)		2,160,000		2,180,969

13

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
GNMA REMICS, Series 2019-123, Class A, 3.00%, 10/20/2049	$	400,000	$	404,625
GSMSC Resecuritization Trust, Series 2015-7R, Class A, 2.18%, 9/26/2037 (a)(b)		2,928,465		2,885,846
Morgan Stanley Mortgage Loan Trust, Series 2005-2AR, Class A, 2.08%, 4/25/2035 (b)		2,549,148		2,539,384
New Residential Mortgage Loan Trust
Series 2017-3A, Class A1, 4.00%, 4/25/2057 (a)(b)		5,412,146		5,652,748
Series 2019-2A, Class A1, 4.25%, 12/25/2057 (a)(b)		5,653,289		5,922,029
Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, 1/25/2056 (a)(b)		3,230,000		3,265,379
WaMu Mortgage Pass-Through Trust, Series 2004-AR9, Class A7, 4.41%, 8/25/2034 (b)		3,199,696		3,262,939
Total Collateralized Mortgage Obligations (cost $48,546,963)				48,857,097
Commercial Mortgage-Backed Securities 2.0%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 2.77%, 9/15/2034 (a)(b)		2,500,000		2,499,233
BANK
Series 2017-BNK8, Class A4, 3.49%, 11/15/2050		1,200,000		1,293,964
Series 2017-BNK9, Class A4, 3.54%, 11/15/2054		1,406,400		1,521,425
Series 2017-BNK5, Class A5, 3.39%, 6/15/2060		2,000,000		2,140,021
BBCMS Mortgage Trust, Series 2017-DELC, Class A, 2.76%, 8/15/2036 (a)(b)		2,610,000		2,603,427
BX Commercial Mortgage Trust, Series 2019-IMC, Class A, 2.92%, 4/15/2034 (a)(b)		4,420,000		4,419,993
BX Trust, Series 2018-MCSF, Class A, 2.49%, 4/15/2035 (a)(b)		2,660,000		2,654,142
CHT Mortgage Trust, Series 2017-CSMO, Class A, 2.85%, 11/15/2036 (a)(b)		1,670,000		1,669,998
Citigroup Commercial Mortgage Trust, Series 2019-SST2, Class A, 2.84%, 12/15/2036 (a)(b)		2,350,000		2,345,579
Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class A, 3.16%, 1/15/2034 (a)(b)		3,700,000		3,705,730

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 2.89%, 5/15/2036 (a)(b)	$	4,260,000	$	4,269,237
Great Wolf Trust, Series 2017-WOLF, Class A, 2.76%, 9/15/2034 (a)(b)		3,650,000		3,648,845
GS Mortgage Securities Corp. Trust, Series 2019-SOHO, Class A, 2.81%, 6/15/2036 (a)(b)		4,200,000		4,203,915
GS Mortgage Securities Trust
Series 2015-GS1, Class A3, 3.73%, 11/10/2048		2,000,000		2,157,016
Series 2017-GS8, Class A4, 3.47%, 11/10/2050		1,250,000		1,342,658
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A5, 3.49%, 7/15/2050		2,000,000		2,147,168
Morgan Stanley Capital I Trust
Series 2019-BPR, Class A, 3.32%, 5/15/2036 (a)(b)		1,780,000		1,777,734
Series 2018-H4, Class XA, IO, 0.87%, 12/15/2051 (b)		21,421,552		1,390,842
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A, 2.86%, 6/15/2033 (a)(b)		2,400,000		2,399,996
Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5, 4.21%, 5/15/2051		2,000,000		2,254,132
Total Commercial Mortgage-Backed Securities (cost $49,126,683)				50,445,055
Common Stocks 64.4%
	Shares
Aerospace & Defense 1.6%
AAR Corp.		1,799		75,108
Aerojet Rocketdyne Holdings, Inc.*		3,878		167,646
AeroVironment, Inc.*		1,137		65,923
Arconic, Inc.		21,066		578,683
Astronics Corp.*		1,306		37,796
Axon Enterprise, Inc.*		3,114		159,219
Boeing Co. (The)		28,488		9,683,356
BWX Technologies, Inc.		5,093		295,903
Cubic Corp.		1,676		123,588
Curtiss-Wright Corp.		2,288		309,452
Ducommun, Inc.*		578		28,657
General Dynamics Corp.		13,654		2,414,027
HEICO Corp.		6,189		648,405
Hexcel Corp.		4,557		340,043
Huntington Ingalls Industries, Inc.		2,187		493,519
Kratos Defense & Security Solutions, Inc.*		4,831		91,209
L3Harris Technologies, Inc.		11,815		2,437,553
Lockheed Martin Corp.		13,249		4,990,633
Maxar Technologies, Inc. (e)		3,243		27,533
Mercury Systems, Inc.*		2,898		213,467

14

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Aerospace & Defense (continued)
Moog, Inc., Class A		1,717	$	143,730
National Presto Industries, Inc.		270		23,244
Northrop Grumman Corp.		8,503		2,997,138
Park Aerospace Corp.		1,068		18,145
Parsons Corp.*		1,022		36,383
Raytheon Co.		14,965		3,175,723
Spirit AeroSystems Holdings, Inc., Class A		5,543		453,528
Teledyne Technologies, Inc.*		1,919		632,503
Textron, Inc.		12,379		570,548
TransDigm Group, Inc.		2,621		1,379,380
Triumph Group, Inc.		2,744		56,993
United Technologies Corp.		43,515		6,247,884
Vectrus, Inc.*		604		27,609
Wesco Aircraft Holdings, Inc.*		2,758		30,393
				38,974,921
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		3,201		66,933
Atlas Air Worldwide Holdings, Inc.*		1,212		26,579
CH Robinson Worldwide, Inc.		7,204		544,911
Echo Global Logistics, Inc.*		1,545		30,761
Expeditors International of Washington, Inc.		9,189		670,246
FedEx Corp.		12,940		1,975,420
Forward Air Corp.		1,542		106,660
Hub Group, Inc., Class A*		1,758		80,516
Radiant Logistics, Inc.*		1,760		9,486
United Parcel Service, Inc., Class B		37,427		4,310,468
XPO Logistics, Inc.*		4,905		374,742
				8,196,722
Airlines 0.3%
Alaska Air Group, Inc.		6,458		448,379
Allegiant Travel Co.		696		116,462
American Airlines Group, Inc.		21,403		643,374
Copa Holdings SA, Class A		1,689		171,839
Delta Air Lines, Inc.		31,115		1,713,814
Hawaiian Holdings, Inc.		2,538		72,612
JetBlue Airways Corp.*		15,939		307,623
Mesa Air Group, Inc.*		933		7,110
SkyWest, Inc.		2,679		159,534
Southwest Airlines Co.		25,808		1,448,603
Spirit Airlines, Inc.*		3,666		137,695
United Airlines Holdings, Inc.*		12,517		1,137,044
				6,364,089
Auto Components 0.2%
Adient plc*		4,638		98,279
American Axle & Manufacturing Holdings, Inc.*		5,970		49,909
Aptiv plc		13,670		1,224,149
BorgWarner, Inc.		11,108		462,981
Cooper Tire & Rubber Co.		2,682		75,740
Cooper-Standard Holdings, Inc.*		854		27,208
Dana, Inc.		7,709		125,117
Dorman Products, Inc.*		1,442		103,752
Fox Factory Holding Corp.*		1,994		121,514
Gentex Corp.		13,744		385,519

Common Stocks (continued)
	Shares		Value
Auto Components (continued)
Gentherm, Inc.*		1,796	$	75,019
Goodyear Tire & Rubber Co. (The)		12,502		198,407
LCI Industries		1,309		127,130
Lear Corp.		3,275		385,697
Modine Manufacturing Co.*		2,702		30,884
Motorcar Parts of America, Inc.*		1,051		20,032
Standard Motor Products, Inc.		1,079		56,496
Stoneridge, Inc.*		1,462		45,147
Tenneco, Inc., Class A		2,607		32,822
Visteon Corp.*		1,495		139,065
				3,784,867
Automobiles 0.3%
Ford Motor Co.		208,530		1,791,273
General Motors Co.		66,506		2,471,363
Harley-Davidson, Inc.		8,394		326,610
Tesla, Inc.* (e)		7,550		2,377,646
Thor Industries, Inc.		2,862		181,050
Winnebago Industries, Inc.		1,622		77,970
				7,225,912
Banks 3.7%
1st Constitution Bancorp		338		6,419
1st Source Corp.		770		39,409
ACNB Corp.		412		14,581
Allegiance Bancshares, Inc.*		876		29,136
Amalgamated Bank, Class A		626		11,399
Amerant Bancorp, Inc.*		1,072		21,065
American National Bankshares, Inc.		481		17,412
Ameris Bancorp		3,336		142,948
Ames National Corp.		912		25,262
Arrow Financial Corp.		699		24,549
Associated Banc-Corp.		8,628		173,509
Atlantic Capital Bancshares, Inc.*		1,233		22,995
Atlantic Union Bankshares Corp.		4,079		150,352
Banc of California, Inc.		2,536		34,921
BancFirst Corp.		839		48,570
Bancorp, Inc. (The)*		2,718		29,626
BancorpSouth Bank		5,168		158,503
Bank First Corp.		314		21,980
Bank of America Corp.		451,314		14,112,589
Bank of Commerce Holdings		779		8,740
Bank of Hawaii Corp.		2,165		189,026
Bank of Marin Bancorp		723		31,718
Bank of NT Butterfield & Son Ltd. (The)		2,926		96,412
Bank of Princeton (The)		251		7,219
Bank OZK		6,537		183,428
Bank7 Corp.		170		3,094
BankFinancial Corp.		627		8,076
BankUnited, Inc.		4,764		163,405
Bankwell Financial Group, Inc.		299		8,557
Banner Corp.		1,702		91,874
Bar Harbor Bankshares		832		20,842
Baycom Corp.*		489		10,337
BB&T Corp.		41,131		2,182,000
BCB Bancorp, Inc.		627		8,088
Berkshire Hills Bancorp, Inc.		2,524		78,320
BOK Financial Corp.		1,750		135,012

15

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Boston Private Financial Holdings, Inc.		3,734	$	42,007
Bridge Bancorp, Inc.		737		23,879
Brookline Bancorp, Inc.		4,328		67,950
Bryn Mawr Bank Corp.		898		34,223
Business First Bancshares, Inc.		708		17,304
Byline Bancorp, Inc.*		1,300		22,542
C&F Financial Corp.		147		7,476
Cadence Bancorp		6,729		103,492
Cambridge Bancorp		241		18,680
Camden National Corp.		691		30,618
Capital Bancorp, Inc.*		353		5,115
Capital City Bank Group, Inc.		757		21,537
Capstar Financial Holdings, Inc.		658		11,127
Carolina Financial Corp.		1,167		44,288
Carter Bank & Trust*		1,229		24,150
Cathay General Bancorp		3,850		136,944
CBTX, Inc.		974		27,905
CenterState Bank Corp.		6,224		157,841
Central Pacific Financial Corp.		1,258		36,381
Central Valley Community Bancorp		519		10,811
Century Bancorp, Inc., Class A		170		14,792
Chemung Financial Corp.		159		6,769
CIT Group, Inc.		4,559		195,536
Citigroup, Inc.		121,110		8,702,965
Citizens & Northern Corp.		687		17,663
Citizens Financial Group, Inc.		24,217		851,470
City Holding Co.		867		68,788
Civista Bancshares, Inc.		860		19,333
CNB Financial Corp.		650		20,325
Coastal Financial Corp.*		349		5,252
Codorus Valley Bancorp, Inc.		432		9,343
Colony Bankcorp, Inc.		334		5,190
Columbia Banking System, Inc.		3,751		147,414
Comerica, Inc.		8,027		525,126
Commerce Bancshares, Inc.		5,345		344,004
Community Bank System, Inc.		2,558		173,381
Community Bankers Trust Corp.		970		8,400
Community Financial Corp. (The)		220		7,330
Community Trust Bancorp, Inc.		889		38,947
ConnectOne Bancorp, Inc.		1,853		44,991
CrossFirst Bankshares, Inc.*		295		3,944
Cullen/Frost Bankers, Inc.		3,046		274,384
Customers Bancorp, Inc.*		1,520		35,842
CVB Financial Corp.		7,229		150,219
DNB Financial Corp.		156		7,095
Eagle Bancorp, Inc.		1,798		81,162
East West Bancorp, Inc.		7,826		335,892
Enterprise Bancorp, Inc.		534		15,919
Enterprise Financial Services Corp.		1,312		57,466
Equity Bancshares, Inc., Class A*		813		22,569
Esquire Financial Holdings, Inc.*		287		6,974
Evans Bancorp, Inc.		211		8,016
Farmers & Merchants Bancorp, Inc.		600		15,360
Farmers National Banc Corp.		1,424		21,246
FB Financial Corp.		934		35,184
Fidelity D&D Bancorp, Inc.		125		8,244
Fifth Third Bancorp		39,456		1,147,380
Financial Institutions, Inc.		700		22,001
First Bancorp, Inc.		607		17,160

Common Stocks (continued)
	Shares		Value
Banks (continued)
First Bancorp/NC		1,550	$	58,512
First Bancorp/PR		11,472		120,685
First Bancshares, Inc. (The)		749		24,687
First Bank		756		7,983
First Busey Corp.		2,852		75,207
First Business Financial Services, Inc.		374		9,096
First Capital, Inc.		152		8,922
First Choice Bancorp		454		10,151
First Citizens BancShares, Inc., Class A		392		192,833
First Commonwealth Financial Corp.		4,410		62,137
First Community Bankshares, Inc.		848		26,992
First Financial Bancorp		5,026		117,809
First Financial Bankshares, Inc.		6,967		231,862
First Financial Corp.		748		32,815
First Financial Northwest, Inc.		358		5,066
First Foundation, Inc.		2,120		33,941
First Guaranty Bancshares, Inc.		209		4,389
First Hawaiian, Inc.		7,267		198,607
First Horizon National Corp.		16,803		268,344
First Internet Bancorp		438		9,960
First Interstate BancSystem, Inc., Class A		2,073		86,983
First Merchants Corp.		2,923		115,605
First Mid Bancshares, Inc.		791		27,606
First Midwest Bancorp, Inc.		5,455		112,046
First Northwest Bancorp		404		7,098
First of Long Island Corp. (The)		1,317		30,870
First Republic Bank		8,954		952,347
Flushing Financial Corp.		1,528		33,066
FNB Corp.		16,595		200,136
FNCB Bancorp, Inc.		759		5,639
Franklin Financial Network, Inc.		726		24,154
Franklin Financial Services Corp.		187		6,693
Fulton Financial Corp.		8,789		149,940
FVCBankcorp, Inc.*		549		9,454
German American Bancorp, Inc.		1,397		46,171
Glacier Bancorp, Inc.		4,373		185,065
Great Southern Bancorp, Inc.		498		30,089
Great Western Bancorp, Inc.		2,574		89,755
Guaranty Bancshares, Inc.		488		15,450
Hancock Whitney Corp.		4,846		188,994
Hanmi Financial Corp.		1,364		26,257
HarborOne Bancorp, Inc.*		1,546		15,785
Hawthorn Bancshares, Inc.		252		6,048
HBT Financial, Inc.*		349		5,594
Heartland Financial USA, Inc.		1,812		84,765
Heritage Commerce Corp.		1,884		22,646
Heritage Financial Corp.		2,004		55,170
Hilltop Holdings, Inc.		3,797		88,698
Home BancShares, Inc.		7,818		144,477
HomeTrust Bancshares, Inc.		872		23,282
Hope Bancorp, Inc.		6,445		91,970
Horizon Bancorp, Inc.		1,685		30,760
Howard Bancorp, Inc.*		574		9,632
Huntington Bancshares, Inc.		56,049		791,972
IBERIABANK Corp.		2,817		206,740
Independent Bank Corp.		2,971		172,674
Independent Bank Group, Inc.		1,952		104,373
International Bancshares Corp.		3,039		124,477

16

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Investar Holding Corp.		420	$	10,420
Investors Bancorp, Inc.		12,355		148,878
JPMorgan Chase & Co.		170,480		21,296,362
KeyCorp		54,014		970,632
Lakeland Bancorp, Inc.		2,582		42,732
Lakeland Financial Corp.		1,318		61,353
LCNB Corp.		743		13,433
LegacyTexas Financial Group, Inc.		2,530		107,626
Level One Bancorp, Inc.		231		5,636
Live Oak Bancshares, Inc. (e)		1,380		25,047
M&T Bank Corp.		7,196		1,126,390
Macatawa Bank Corp.		1,176		12,295
Mackinac Financial Corp.		415		6,491
MainStreet Bancshares, Inc.*		320		6,637
Malvern Bancorp, Inc.*		340		7,609
Mercantile Bank Corp.		722		25,422
Metropolitan Bank Holding Corp.*		401		17,219
Mid Penn Bancorp, Inc.		310		7,905
Midland States Bancorp, Inc.		1,256		33,661
MidWestOne Financial Group, Inc.		672		21,904
MutualFirst Financial, Inc.		262		10,451
MVB Financial Corp.		433		8,725
National Bank Holdings Corp., Class A		1,554		53,458
National Bankshares, Inc.		380		15,990
NBT Bancorp, Inc.		2,284		90,789
Nicolet Bankshares, Inc.*		444		30,627
Northeast Bank		338		7,237
Northrim Bancorp, Inc.		407		15,853
Norwood Financial Corp.		257		8,018
Oak Valley Bancorp		305		5,093
OFG Bancorp		2,677		54,370
Ohio Valley Banc Corp.		187		6,870
Old Line Bancshares, Inc.		883		25,854
Old National Bancorp		9,251		166,472
Old Second Bancorp, Inc.		1,305		15,751
Opus Bank		1,197		29,674
Origin Bancorp, Inc.		1,053		37,055
Orrstown Financial Services, Inc.		462		10,021
Pacific Mercantile Bancorp*		866		6,201
Pacific Premier Bancorp, Inc.		3,202		108,084
PacWest Bancorp		6,362		235,330
Park National Corp.		735		74,419
Parke Bancorp, Inc.		406		9,760
PCB Bancorp		557		9,319
Peapack Gladstone Financial Corp.		1,086		31,711
Penns Woods Bancorp, Inc.		309		9,446
Peoples Bancorp of North Carolina, Inc.		206		6,126
Peoples Bancorp, Inc.		811		26,528
Peoples Financial Services Corp.		400		19,672
People’s United Financial, Inc.		21,314		344,647
People’s Utah Bancorp		862		25,084
Pinnacle Financial Partners, Inc.		4,050		238,221
PNC Financial Services Group, Inc. (The)		23,828		3,495,568
Popular, Inc.		5,133		279,543
Preferred Bank		789		42,062
Premier Financial Bancorp, Inc.		586		10,401
Prosperity Bancshares, Inc.		3,582		247,230

Common Stocks (continued)
	Shares		Value
Banks (continued)
QCR Holdings, Inc.		858	$	34,818
RBB Bancorp		921		18,549
Red River Bancshares, Inc.*		31		1,364
Regions Financial Corp.		53,972		868,949
Reliant Bancorp, Inc.		459		10,447
Renasant Corp.		3,107		107,813
Republic Bancorp, Inc., Class A		527		23,436
Republic First Bancorp, Inc.*		1,961		7,942
Richmond Mutual Bancorporation, Inc.*		589		8,217
S&T Bancorp, Inc.		1,816		68,381
Sandy Spring Bancorp, Inc.		1,853		63,928
SB One Bancorp		369		8,148
Seacoast Banking Corp. of Florida*		2,802		78,456
Select Bancorp, Inc.*		736		8,317
ServisFirst Bancshares, Inc.		2,534		88,690
Shore Bancshares, Inc.		569		8,882
Sierra Bancorp		637		17,352
Signature Bank		2,887		341,590
Simmons First National Corp., Class A		4,708		112,615
SmartFinancial, Inc.*		751		15,809
South Plains Financial, Inc.		158		2,646
South State Corp.		1,835		144,708
Southern First Bancshares, Inc.*		433		17,454
Southern National Bancorp of Virginia, Inc.		1,136		17,994
Southside Bancshares, Inc.		1,753		60,391
Spirit of Texas Bancshares, Inc.*		771		16,114
Sterling Bancorp		10,945		215,069
Stock Yards Bancorp, Inc.		1,045		41,737
Summit Financial Group, Inc.		633		16,116
SunTrust Banks, Inc.		23,665		1,617,266
SVB Financial Group*		2,786		617,043
Synovus Financial Corp.		7,959		269,571
TCF Financial Corp.		7,969		315,493
Texas Capital Bancshares, Inc.*		2,710		146,503
Tompkins Financial Corp.		786		68,783
Towne Bank		3,561		100,028
TriCo Bancshares		1,492		56,144
TriState Capital Holdings, Inc.*		1,099		25,409
Triumph Bancorp, Inc.*		1,291		41,893
Trustmark Corp.		3,443		118,164
UMB Financial Corp.		2,387		155,776
Umpqua Holdings Corp.		11,900		188,258
Union Bankshares, Inc.		175		5,817
United Bankshares, Inc.		4,949		195,683
United Community Banks, Inc.		3,547		107,155
United Security Bancshares		614		6,244
Unity Bancorp, Inc.		355		7,753
Univest Financial Corp.		1,294		33,320
US Bancorp		76,793		4,378,737
Valley National Bancorp		17,369		201,133
Veritex Holdings, Inc.		2,741		67,483
Washington Trust Bancorp, Inc.		826		42,200
Webster Financial Corp.		4,940		217,854
Wells Fargo & Co.		212,903		10,992,182
WesBanco, Inc.		2,868		107,808
West Bancorporation, Inc.		894		20,991
Westamerica Bancorp		1,387		91,570

17

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Western Alliance Bancorp		5,229	$	257,947
Wintrust Financial Corp.		3,020		192,736
Zions Bancorp NA		9,206		446,215
				91,729,601
Beverages 1.1%
Boston Beer Co., Inc. (The), Class A*		443		165,886
Brown-Forman Corp., Class A		11,472		743,423
Celsius Holdings, Inc.* (e)		1,120		3,942
Coca-Cola Co. (The)		205,441		11,182,154
Coca-Cola Consolidated, Inc.		256		70,236
Constellation Brands, Inc., Class A		8,438		1,606,005
Craft Brew Alliance, Inc.*		739		5,387
Keurig Dr Pepper, Inc. (e)		10,975		309,056
MGP Ingredients, Inc. (e)		703		30,152
Molson Coors Brewing Co., Class B		9,309		490,770
Monster Beverage Corp.*		20,793		1,167,111
National Beverage Corp. (e)		617		27,123
New Age Beverages Corp.*		4,181		11,247
PepsiCo, Inc.		75,047		10,294,197
Primo Water Corp.*		1,875		22,678
				26,129,367
Biotechnology 1.7%
AbbVie, Inc.		77,532		6,167,671
Abeona Therapeutics, Inc.*		1,438		3,408
ACADIA Pharmaceuticals, Inc.*		5,698		241,652
Acceleron Pharma, Inc.*		2,432		109,124
Achillion Pharmaceuticals, Inc.*		7,497		48,056
Acorda Therapeutics, Inc.*		2,427		4,005
Adamas Pharmaceuticals, Inc.* (e)		1,032		4,242
ADMA Biologics, Inc.*		2,264		11,071
Aduro Biotech, Inc.*		2,951		3,364
Adverum Biotechnologies, Inc.*		2,886		20,981
Aeglea BioTherapeutics, Inc.*		2,880		21,917
Affimed NV*		2,695		7,923
Agenus, Inc.*		6,102		15,804
AgeX Therapeutics, Inc.*		910		1,420
Agios Pharmaceuticals, Inc.*		2,789		83,893
Aimmune Therapeutics, Inc.*		2,300		63,986
Akcea Therapeutics, Inc.* (e)		720		13,198
Akebia Therapeutics, Inc.*		6,051		22,570
Akero Therapeutics, Inc.* (e)		203		4,712
Albireo Pharma, Inc.*		608		11,169
Aldeyra Therapeutics, Inc.*		1,009		5,640
Alector, Inc.* (e)		1,371		23,088
Alexion Pharmaceuticals, Inc.*		11,628		1,225,591
Alkermes plc*		7,042		137,530
Allakos, Inc.* (e)		1,034		70,932
Allogene Therapeutics, Inc.* (e)		2,099		60,451
Alnylam Pharmaceuticals, Inc.*		5,565		482,708
AMAG Pharmaceuticals, Inc.*		1,850		17,954
Amgen, Inc.		32,151		6,856,201
Amicus Therapeutics, Inc.*		13,568		114,378
AnaptysBio, Inc.*		1,323		49,904
Anavex Life Sciences Corp.* (e)		1,941		5,280
Anika Therapeutics, Inc.*		727		51,174
Apellis Pharmaceuticals, Inc.*		2,564		75,356
Applied Therapeutics, Inc.*		87		1,436

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Aprea Therapeutics, Inc.*		640	$	15,456
Arcus Biosciences, Inc.*		1,973		15,488
Ardelyx, Inc.*		2,089		10,445
Arena Pharmaceuticals, Inc.*		2,674		130,264
ArQule, Inc.*		5,892		59,568
Arrowhead Pharmaceuticals, Inc.*		4,927		197,326
Assembly Biosciences, Inc.*		1,258		20,770
Atara Biotherapeutics, Inc.*		2,714		29,637
Athenex, Inc.*		3,649		40,285
Athersys, Inc.*		5,879		7,525
Atreca, Inc., Class A*		291		3,274
Audentes Therapeutics, Inc.*		2,437		65,555
Avid Bioservices, Inc.*		2,516		13,461
Avrobio, Inc.*		918		13,329
Axcella Health, Inc.*		73		386
Beyondspring, Inc.* (e)		707		8,364
BioCryst Pharmaceuticals, Inc.*		5,782		11,564
Biogen, Inc.*		9,865		2,946,774
Biohaven Pharmaceutical Holding Co. Ltd.*		2,067		94,917
BioMarin Pharmaceutical, Inc.*		9,483		694,250
BioSpecifics Technologies Corp.*		344		16,660
Bioxcel Therapeutics, Inc.* (e)		271		1,127
Bluebird Bio, Inc.*		2,928		237,168
Blueprint Medicines Corp.*		2,610		179,672
Bridgebio Pharma, Inc.*		1,613		36,470
Cabaletta Bio, Inc.*		442		4,641
Calithera Biosciences, Inc.*		2,101		6,051
Calyxt, Inc.*		423		1,937
CareDx, Inc.*		2,212		57,977
CASI Pharmaceuticals, Inc.*		2,274		7,459
Castle Biosciences, Inc.*		172		4,049
Catalyst Pharmaceuticals, Inc.*		5,345		25,282
Celcuity, Inc.*		267		4,205
Celgene Corp.*		37,643		4,066,573
Cellular Biomedicine Group, Inc.*		544		9,950
CEL-SCI Corp.* (e)		1,222		8,383
Checkpoint Therapeutics, Inc.*		1,102		2,149
ChemoCentryx, Inc.*		2,265		19,479
Chimerix, Inc.*		2,197		3,142
Clovis Oncology, Inc.* (e)		2,609		8,271
Coherus Biosciences, Inc.*		3,253		56,505
Concert Pharmaceuticals, Inc.*		1,283		7,993
Constellation Pharmaceuticals, Inc.*		678		9,363
Corbus Pharmaceuticals Holdings, Inc.* (e)		2,928		15,138
Cortexyme, Inc.*		134		2,783
Crinetics Pharmaceuticals, Inc.* (e)		644		11,341
Cue Biopharma, Inc.*		879		7,542
Cyclerion Therapeutics, Inc.*		1,269		3,033
Cytokinetics, Inc.*		2,986		34,787
CytomX Therapeutics, Inc.*		2,403		14,730
Deciphera Pharmaceuticals, Inc.*		1,013		44,916
Denali Therapeutics, Inc.* (e)		2,492		39,050
Dicerna Pharmaceuticals, Inc.*		2,809		46,320
Dynavax Technologies Corp.* (e)		4,402		22,406
Eagle Pharmaceuticals, Inc.*		479		30,033
Editas Medicine, Inc.*		2,688		56,018
Eidos Therapeutics, Inc.*		497		24,104
Eiger BioPharmaceuticals, Inc.*		1,399		15,249

18

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Emergent BioSolutions, Inc.*		2,439	$	139,413
Enanta Pharmaceuticals, Inc.*		928		56,497
Enochian Biosciences, Inc.* (e)		182		1,037
Epizyme, Inc.*		4,201		48,353
Esperion Therapeutics, Inc.*		1,356		53,928
Evelo Biosciences, Inc.*		616		4,022
Exact Sciences Corp.*		6,786		590,382
Exelixis, Inc.*		16,067		248,235
Fate Therapeutics, Inc.*		2,766		41,352
FibroGen, Inc.*		4,123		161,415
Five Prime Therapeutics, Inc.*		1,564		6,178
Flexion Therapeutics, Inc.*		1,973		33,876
Forty Seven, Inc.*		1,182		8,168
Frequency Therapeutics, Inc.*		174		2,506
G1 Therapeutics, Inc.*		1,976		41,931
Galectin Therapeutics, Inc.*		1,814		7,220
Genomic Health, Inc.*		1,450		96,686
Geron Corp.* (e)		10,367		14,825
Gilead Sciences, Inc.		68,345		4,354,260
Global Blood Therapeutics, Inc.*		3,085		147,926
GlycoMimetics, Inc.*		1,874		9,895
Gossamer Bio, Inc.*		2,891		59,482
Gritstone Oncology, Inc.* (e)		1,500		12,165
Halozyme Therapeutics, Inc.*		7,083		108,512
Harpoon Therapeutics, Inc.*		325		4,322
Heron Therapeutics, Inc.* (e)		3,983		84,639
Homology Medicines, Inc.*		1,343		17,634
Hookipa Pharma, Inc.*		302		2,470
IGM Biosciences, Inc.*		621		14,407
ImmunoGen, Inc.*		7,803		18,571
Immunomedics, Inc.*		9,154		146,464
Incyte Corp.*		9,560		802,275
Inovio Pharmaceuticals, Inc.* (e)		5,367		11,432
Insmed, Inc.*		4,671		86,834
Intellia Therapeutics, Inc.*		2,133		26,630
Intercept Pharmaceuticals, Inc.*		1,351		98,326
Intrexon Corp.* (e)		3,977		20,203
Invitae Corp.*		4,607		74,219
Ionis Pharmaceuticals, Inc.*		6,912		385,137
Iovance Biotherapeutics, Inc.*		6,122		129,358
Ironwood Pharmaceuticals, Inc.*		8,257		82,900
Jounce Therapeutics, Inc.*		737		2,664
Kadmon Holdings, Inc.*		5,818		16,814
KalVista Pharmaceuticals, Inc.*		711		7,537
Karuna Therapeutics, Inc.*		206		2,868
Karyopharm Therapeutics, Inc.*		3,187		37,288
Kezar Life Sciences, Inc.*		708		2,301
Kindred Biosciences, Inc.*		2,114		17,271
Kiniksa Pharmaceuticals Ltd., Class A*		845		5,957
Kodiak Sciences, Inc.* (e)		1,379		28,559
Krystal Biotech, Inc.*		565		23,205
Kura Oncology, Inc.*		1,810		27,114
La Jolla Pharmaceutical Co.*		923		6,475
Lexicon Pharmaceuticals, Inc.*		2,515		9,331
Ligand Pharmaceuticals, Inc.*		1,003		109,136
Lineage Cell Therapeutics, Inc.*		4,852		3,785
LogicBio Therapeutics, Inc.*		373		3,711
MacroGenics, Inc.*		2,553		21,700
Madrigal Pharmaceuticals, Inc.*		414		38,266

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Magenta Therapeutics, Inc.*		1,109	$	11,545
MannKind Corp.* (e)		8,548		11,155
Marker Therapeutics, Inc.* (e)		1,219		4,681
Medicines Co. (The)*		4,014		210,695
MediciNova, Inc.* (e)		2,098		16,910
MEI Pharma, Inc.*		3,023		5,472
MeiraGTx Holdings plc*		921		13,308
Mersana Therapeutics, Inc.*		1,597		3,002
Millendo Therapeutics, Inc.*		423		3,050
Minerva Neurosciences, Inc.*		1,340		6,352
Mirati Therapeutics, Inc.*		1,443		135,902
Mirum Pharmaceuticals, Inc.*		121		869
Moderna, Inc.* (e)		10,794		180,799
Molecular Templates, Inc.*		768		6,497
Momenta Pharmaceuticals, Inc.*		5,355		82,895
Morphic Holding, Inc.*		226		3,164
Mustang Bio, Inc.*		1,258		3,334
Myriad Genetics, Inc.*		3,747		126,161
Natera, Inc.*		2,991		115,213
Neon Therapeutics, Inc.*		644		1,359
Neurocrine Biosciences, Inc.*		4,865		484,019
NextCure, Inc.*		135		3,375
Novavax, Inc.* (e)		1,222		5,096
Oncocyte Corp.*		983		1,671
OPKO Health, Inc.* (e)		18,136		25,753
Organogenesis Holdings, Inc.*		473		3,316
Oyster Point Pharma, Inc.*		699		13,127
Palatin Technologies, Inc.*		9,212		7,443
PDL BioPharma, Inc.*		6,557		18,491
Pfenex, Inc.*		2,870		26,461
PhaseBio Pharmaceuticals, Inc.*		635		2,610
Pieris Pharmaceuticals, Inc.*		2,064		6,832
PolarityTE, Inc.* (e)		658		1,783
Portola Pharmaceuticals, Inc.*		3,950		114,194
Precision BioSciences, Inc.*		412		2,674
Prevail Therapeutics, Inc.*		331		3,648
Principia Biopharma, Inc.*		728		25,706
Progenics Pharmaceuticals, Inc.*		4,735		25,143
Protagonist Therapeutics, Inc.*		765		10,289
Prothena Corp. plc*		2,308		21,003
PTC Therapeutics, Inc.*		3,219		131,625
Puma Biotechnology, Inc.*		1,495		10,166
Ra Pharmaceuticals, Inc.*		1,824		85,856
Radius Health, Inc.*		2,446		69,564
Recro Pharma, Inc.*		874		13,783
Regeneron Pharmaceuticals, Inc.*		4,393		1,345,488
REGENXBIO, Inc.*		1,792		63,956
Repligen Corp.*		2,734		217,326
Replimune Group, Inc.*		523		8,891
Retrophin, Inc.*		2,197		26,364
Rhythm Pharmaceuticals, Inc.* (e)		1,250		26,650
Rigel Pharmaceuticals, Inc.*		9,130		18,716
Rocket Pharmaceuticals, Inc.*		1,609		23,395
Rubius Therapeutics, Inc.* (e)		1,907		16,858
Sage Therapeutics, Inc.*		2,707		367,205
Sangamo Therapeutics, Inc.*		6,242		56,490
Sarepta Therapeutics, Inc.*		3,916		325,263
Savara, Inc.*		1,556		1,373
Scholar Rock Holding Corp.*		1,045		9,666
Seattle Genetics, Inc.*		6,185		664,269

19

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Seres Therapeutics, Inc.*		1,647	$	5,764
Solid Biosciences, Inc.*		901		9,956
Sorrento Therapeutics, Inc.* (e)		6,729		10,228
Spark Therapeutics, Inc.* (e)		1,837		200,545
Spectrum Pharmaceuticals, Inc.*		6,109		47,406
Spero Therapeutics, Inc.*		494		5,419
SpringWorks Therapeutics, Inc.*		853		16,292
Stemline Therapeutics, Inc.*		2,402		24,020
Stoke Therapeutics, Inc.*		399		11,308
Sutro Biopharma, Inc.*		491		4,925
Syndax Pharmaceuticals, Inc.*		890		5,981
Synlogic, Inc.*		698		1,494
Synthorx, Inc.*		425		5,839
Syros Pharmaceuticals, Inc.*		1,553		8,037
TCR2 Therapeutics, Inc.*		528		6,563
TG Therapeutics, Inc.* (e)		4,385		29,950
Tocagen, Inc.*		956		603
Translate Bio, Inc.*		1,608		14,705
Turning Point Therapeutics, Inc.*		365		14,001
Twist Bioscience Corp.*		1,168		27,822
Tyme Technologies, Inc.* (e)		2,649		3,523
Ultragenyx Pharmaceutical, Inc.*		2,921		117,249
United Therapeutics Corp.*		2,314		207,890
UNITY Biotechnology, Inc.*		1,622		10,121
UroGen Pharma Ltd.*		1,016		22,992
Vanda Pharmaceuticals, Inc.*		2,348		31,721
VBI Vaccines, Inc.*		3,740		2,188
Veracyte, Inc.*		2,520		57,784
Vericel Corp.*		2,368		37,580
Vertex Pharmaceuticals, Inc.*		13,711		2,680,226
Viela Bio, Inc.*		537		11,680
Viking Therapeutics, Inc.* (e)		3,479		22,509
Vir Biotechnology, Inc.*		520		7,332
Voyager Therapeutics, Inc.*		1,306		20,099
X4 Pharmaceuticals, Inc.*		541		6,627
XBiotech, Inc.* (e)		852		9,261
Xencor, Inc.*		2,532		86,620
Y-mAbs Therapeutics, Inc.*		1,090		33,953
ZIOPHARM Oncology, Inc.* (e)		8,508		35,904
				43,260,468
Building Products 0.3%
AAON, Inc.		2,189		106,517
Advanced Drainage Systems, Inc.		1,913		70,819
Allegion plc		5,049		585,886
American Woodmark Corp.*		874		86,666
AO Smith Corp.		7,292		362,267
Apogee Enterprises, Inc.		1,391		52,218
Armstrong Flooring, Inc.*		800		4,912
Armstrong World Industries, Inc.		2,617		244,768
Builders FirstSource, Inc.*		6,103		137,989
Caesarstone Ltd.		1,269		21,433
Continental Building Products, Inc.*		1,835		54,885
Cornerstone Building Brands, Inc.*		2,787		17,419
CSW Industrials, Inc.		804		55,653
Fortune Brands Home & Security, Inc.		7,492		449,895
Gibraltar Industries, Inc.*		1,751		93,206
Griffon Corp.		1,939		41,320

Common Stocks (continued)
	Shares		Value
Building Products (continued)
Insteel Industries, Inc.		1,015	$	19,356
JELD-WEN Holding, Inc.*		3,680		62,891
Johnson Controls International plc		42,563		1,844,255
Lennox International, Inc.		1,887		466,768
Masco Corp.		15,518		717,707
Masonite International Corp.*		1,291		79,280
Owens Corning		5,753		352,544
Patrick Industries, Inc.*		1,234		60,972
PGT Innovations, Inc.*		2,955		52,185
Quanex Building Products Corp.		1,753		33,815
Resideo Technologies, Inc.*		6,570		62,612
Simpson Manufacturing Co., Inc.		2,390		197,510
Trex Co., Inc.*		3,135		275,535
Universal Forest Products, Inc.		3,177		159,994
				6,771,277
Capital Markets 1.6%
Affiliated Managers Group, Inc.		2,394		191,233
Ameriprise Financial, Inc.		7,052		1,064,076
Ares Management Corp.		3,588		106,097
Artisan Partners Asset Management, Inc., Class A		2,746		75,103
Ashford, Inc.*		17		414
Assetmark Financial Holdings, Inc.*		633		17,369
Associated Capital Group, Inc., Class A		87		3,532
B. Riley Financial, Inc.		1,105		31,106
Bank of New York Mellon Corp. (The)		45,118		2,109,266
BGC Partners, Inc., Class A		15,729		81,791
BlackRock, Inc.		6,358		2,935,489
Blucora, Inc.*		2,598		56,195
Brightsphere Investment Group, Inc.		3,786		37,178
Cboe Global Markets, Inc.		5,866		675,470
Charles Schwab Corp. (The)		62,945		2,562,491
CME Group, Inc.		18,967		3,902,460
Cohen & Steers, Inc.		1,214		79,444
Cowen, Inc., Class A*		1,570		23,503
Diamond Hill Investment Group, Inc.		178		25,073
Donnelley Financial Solutions, Inc.*		1,776		20,069
E*TRADE Financial Corp.		12,668		529,396
Eaton Vance Corp.		6,024		274,694
Evercore, Inc., Class A		2,133		157,074
FactSet Research Systems, Inc.		2,011		509,829
Federated Investors, Inc., Class B		5,149		164,459
Focus Financial Partners, Inc., Class A*		1,579		34,549
Franklin Resources, Inc.		15,134		416,942
GAIN Capital Holdings, Inc.		882		3,722
GAMCO Investors, Inc., Class A		241		3,798
Goldman Sachs Group, Inc. (The)		17,324		3,696,595
Greenhill & Co., Inc.		948		15,358
Hamilton Lane, Inc., Class A		1,160		69,159
Houlihan Lokey, Inc.		1,902		89,889
Interactive Brokers Group, Inc., Class A		3,730		177,436
Intercontinental Exchange, Inc.		29,756		2,806,586
INTL. FCStone, Inc.*		865		34,600
Invesco Ltd.		21,236		357,190

20

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Janus Henderson Group plc		8,059	$	186,405
Ladenburg Thalmann Financial Services, Inc.		6,435		14,543
Lazard Ltd., Class A		4,682		174,779
Legg Mason, Inc.		4,585		170,837
LPL Financial Holdings, Inc.		4,409		356,424
MarketAxess Holdings, Inc.		1,975		727,965
Moelis & Co., Class A		2,544		90,770
Moody’s Corp.		8,773		1,936,113
Morgan Stanley		63,920		2,943,516
Morningstar, Inc.		1,057		171,065
MSCI, Inc.		4,408		1,033,940
Nasdaq, Inc.		6,126		611,191
Northern Trust Corp.		10,650		1,061,592
Oppenheimer Holdings, Inc., Class A		567		15,422
Piper Jaffray Cos.		740		58,120
PJT Partners, Inc., Class A		1,184		49,172
Pzena Investment Management, Inc., Class A		793		6,582
Raymond James Financial, Inc.		6,684		558,047
S&P Global, Inc.		13,165		3,396,438
Safeguard Scientifics, Inc.*		880		9,953
Sculptor Capital Management, Inc.		930		16,712
SEI Investments Co.		6,947		416,264
Siebert Financial Corp.*		351		3,148
Silvercrest Asset Management Group, Inc., Class A		392		4,712
State Street Corp.		20,014		1,322,325
Stifel Financial Corp.		3,424		191,676
T. Rowe Price Group, Inc.		12,282		1,422,256
TD Ameritrade Holding Corp.		14,400		552,672
Value Line, Inc.		47		951
Virtu Financial, Inc., Class A		2,744		46,538
Virtus Investment Partners, Inc.		346		37,534
Waddell & Reed Financial, Inc., Class A (e)		3,936		65,180
Westwood Holdings Group, Inc.		483		14,601
WisdomTree Investments, Inc.		7,048		36,015
				41,042,093
Chemicals 1.2%
Advanced Emissions Solutions, Inc.		738		10,207
AdvanSix, Inc.*		1,528		34,777
Air Products & Chemicals, Inc.		11,759		2,507,724
Albemarle Corp. (e)		5,660		343,789
American Vanguard Corp.		1,615		22,578
Amyris, Inc.* (e)		1,666		5,523
Ashland Global Holdings, Inc.		3,268		252,845
Axalta Coating Systems Ltd.*		11,096		327,221
Balchem Corp.		1,719		173,980
Cabot Corp.		3,065		133,603
Celanese Corp.		6,552		793,775
CF Industries Holdings, Inc.		11,664		528,962
Chase Corp.		396		46,391
Chemours Co. (The)		8,776		144,014
Corteva, Inc.		40,123		1,058,445
Dow, Inc.		40,026		2,020,913
DuPont de Nemours, Inc.		40,118		2,644,177
Eastman Chemical Co.		7,357		559,426

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
Ecolab, Inc.		13,500	$	2,592,945
Element Solutions, Inc.*		12,185		132,329
Ferro Corp.*		4,419		49,184
Flotek Industries, Inc.*		2,411		4,605
FMC Corp.		7,049		644,984
FutureFuel Corp.		1,501		18,507
GCP Applied Technologies, Inc.*		2,882		59,542
Hawkins, Inc.		528		22,572
HB Fuller Co.		2,717		132,590
Huntsman Corp.		11,861		262,484
Ingevity Corp.*		2,235		188,209
Innophos Holdings, Inc.		1,077		35,132
Innospec, Inc.		1,311		119,773
International Flavors & Fragrances, Inc. (e)		5,737		699,971
Intrepid Potash, Inc.*		5,393		16,664
Koppers Holdings, Inc.*		1,009		32,389
Kraton Corp.*		1,670		37,441
Kronos Worldwide, Inc.		1,266		16,053
Linde plc		29,077		5,767,423
Livent Corp.*		7,808		53,563
LSB Industries, Inc.*		1,019		4,310
LyondellBasell Industries NV, Class A		14,217		1,275,265
Marrone Bio Innovations, Inc.*		2,353		3,106
Minerals Technologies, Inc.		1,902		94,054
Mosaic Co. (The)		18,813		374,003
NewMarket Corp.		368		178,660
Olin Corp.		8,833		161,997
OMNOVA Solutions, Inc.*		2,567		25,952
Orion Engineered Carbons SA		3,191		52,843
PolyOne Corp.		4,103		131,501
PPG Industries, Inc.		12,659		1,583,894
PQ Group Holdings, Inc.*		2,111		34,768
Quaker Chemical Corp.		704		107,628
Rayonier Advanced Materials, Inc.		2,676		11,159
RPM International, Inc.		6,851		496,218
Scotts Miracle-Gro Co. (The)		2,110		211,823
Sensient Technologies Corp.		2,255		141,073
Sherwin-Williams Co. (The)		4,425		2,532,516
Stepan Co.		1,095		107,003
Trecora Resources*		962		8,437
Tredegar Corp.		1,402		27,872
Trinseo SA		2,176		92,480
Tronox Holdings plc, Class A		4,930		41,856
Valhi, Inc.		1,332		2,518
Valvoline, Inc.		10,071		214,915
Westlake Chemical Corp.		1,895		119,745
WR Grace & Co.		3,069		203,935
				30,734,241
Commercial Services & Supplies 0.4%
ABM Industries, Inc.		3,547		129,324
ACCO Brands Corp.		5,338		48,843
ADT, Inc. (e)		5,946		46,022
Advanced Disposal Services, Inc.*		3,900		127,842
Brady Corp., Class A		2,564		144,456
BrightView Holdings, Inc.*		1,676		29,833
Brink’s Co. (The)		2,664		226,333
Casella Waste Systems, Inc., Class A*		2,397		104,485

21

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
CECO Environmental Corp.*		1,790	$	12,279
Charah Solutions, Inc.*		435		831
Cimpress NV*		1,158		152,995
Cintas Corp.		4,471		1,201,224
Clean Harbors, Inc.*		2,763		227,837
CompX International, Inc.		75		1,099
Copart, Inc.*		10,609		876,728
Covanta Holding Corp.		6,308		91,088
Deluxe Corp.		2,315		119,986
Ennis, Inc.		1,362		26,682
Healthcare Services Group, Inc.		3,956		96,368
Heritage-Crystal Clean, Inc.*		823		21,842
Herman Miller, Inc.		3,182		147,963
HNI Corp.		2,323		88,274
IAA, Inc.*		7,190		274,298
Interface, Inc.		3,074		51,121
KAR Auction Services, Inc.		7,164		178,097
Kimball International, Inc., Class B		1,923		39,152
Knoll, Inc.		2,597		69,444
LSC Communications, Inc.		1,456		1,420
Matthews International Corp., Class A		1,618		59,834
McGrath RentCorp		1,300		99,203
Mobile Mini, Inc.		2,418		90,965
MSA Safety, Inc.		1,887		226,572
NL Industries, Inc.*		365		1,507
NRC Group Holdings Corp.* (e)		467		5,716
PICO Holdings, Inc.*		823		8,872
Pitney Bowes, Inc.		8,765		38,566
Quad/Graphics, Inc.		1,937		8,775
Republic Services, Inc.		11,408		998,314
Rollins, Inc.		7,624		290,551
RR Donnelley & Sons Co.		3,128		13,638
SP Plus Corp.*		1,234		54,506
Steelcase, Inc., Class A		4,649		81,218
Stericycle, Inc.*		4,752		273,715
Team, Inc.*		1,600		29,056
Tetra Tech, Inc.		2,916		255,063
UniFirst Corp.		810		162,680
US Ecology, Inc.		1,154		71,813
Viad Corp.		1,045		63,766
VSE Corp.		544		20,900
Waste Management, Inc.		22,697		2,546,830
				9,937,926
Communications Equipment 0.6%
Acacia Communications, Inc.*		2,033		133,487
ADTRAN, Inc.		2,572		22,659
Applied Optoelectronics, Inc.* (e)		859		8,040
Arista Networks, Inc.*		3,141		768,194
CalAmp Corp.*		1,847		20,723
Calix, Inc.*		2,656		20,318
Cambium Networks Corp.*		188		1,647
Casa Systems, Inc.*		1,417		9,522
Ciena Corp.*		8,264		306,760
Cisco Systems, Inc.		229,704		10,913,237
Clearfield, Inc.*		507		6,251
CommScope Holding Co., Inc.*		10,164		113,837
Comtech Telecommunications Corp.		1,289		45,051

Common Stocks (continued)
	Shares		Value
Communications Equipment (continued)
DASAN Zhone Solutions, Inc.*		353	$	2,660
Digi International, Inc.*		1,552		22,380
EchoStar Corp., Class A*		2,554		99,606
Extreme Networks, Inc.*		6,383		41,107
F5 Networks, Inc.*		3,209		462,353
Harmonic, Inc.*		4,363		33,944
Infinera Corp.*		9,185		51,344
Inseego Corp.* (e)		2,021		11,580
InterDigital, Inc.		1,688		90,528
Juniper Networks, Inc.		18,339		455,174
KVH Industries, Inc.*		729		7,450
Lumentum Holdings, Inc.*		4,059		254,337
Motorola Solutions, Inc.		8,841		1,470,435
NETGEAR, Inc.*		1,660		45,102
NetScout Systems, Inc.*		3,918		94,894
Plantronics, Inc.		1,801		70,995
Ribbon Communications, Inc.*		3,447		14,788
TESSCO Technologies, Inc.		294		3,907
Ubiquiti, Inc. (e)		813		102,918
ViaSat, Inc.*		3,027		208,379
Viavi Solutions, Inc.*		12,249		195,494
				16,109,101
Construction & Engineering 0.1%
AECOM*		8,360		334,484
Aegion Corp.*		1,651		35,777
Ameresco, Inc., Class A*		1,244		18,336
Arcosa, Inc.		2,599		99,828
Argan, Inc.		808		30,583
Comfort Systems USA, Inc.		1,951		98,350
Concrete Pumping Holdings, Inc.*		734		2,525
Construction Partners, Inc., Class A*		563		9,638
Dycom Industries, Inc.*		1,621		73,901
EMCOR Group, Inc.		2,991		262,341
Fluor Corp.		6,308		101,622
Granite Construction, Inc.		2,506		58,991
Great Lakes Dredge & Dock Corp.*		3,198		34,378
IES Holdings, Inc.*		372		7,217
Jacobs Engineering Group, Inc.		7,079		662,453
MasTec, Inc.*		3,202		201,534
MYR Group, Inc.*		922		31,726
Northwest Pipe Co.*		578		17,629
NV5 Global, Inc.*		554		40,126
Primoris Services Corp.		2,295		46,910
Quanta Services, Inc.		7,598		319,496
Sterling Construction Co., Inc.*		1,458		23,685
Tutor Perini Corp.*		2,146		33,199
Valmont Industries, Inc.		1,146		157,220
WillScot Corp.*		2,783		43,860
				2,745,809
Construction Materials 0.1%
Eagle Materials, Inc.		2,278		208,073
Forterra, Inc.*		836		6,864
Martin Marietta Materials, Inc.		3,342		875,303
Summit Materials, Inc., Class A*		6,009		137,786
United States Lime & Minerals, Inc.		90		7,965

22

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Construction Materials (continued)
US Concrete, Inc.*		881	$	46,041
Vulcan Materials Co.		6,955		993,661
				2,275,693
Consumer Finance 0.5%
Ally Financial, Inc.		20,740		635,266
American Express Co.		36,583		4,290,454
Capital One Financial Corp.		25,030		2,334,047
Credit Acceptance Corp.*		562		246,049
Curo Group Holdings Corp.*		757		10,590
Discover Financial Services		16,978		1,362,654
Elevate Credit, Inc.*		1,011		4,135
Encore Capital Group, Inc.*		1,614		53,569
Enova International, Inc.*		1,810		42,517
EZCORP, Inc., Class A*		2,749		14,460
FirstCash, Inc.		2,253		190,131
Green Dot Corp., Class A*		2,602		75,042
LendingClub Corp.*		3,491		44,126
Medallion Financial Corp.*		927		6,341
Navient Corp.		10,989		151,319
Nelnet, Inc., Class A		940		57,594
OneMain Holdings, Inc.		3,502		140,080
Oportun Financial Corp.*		731		11,784
PRA Group, Inc.*		2,479		84,112
Regional Management Corp.*		538		15,564
Santander Consumer USA Holdings, Inc.		5,629		141,175
SLM Corp.		23,100		194,964
Synchrony Financial		35,397		1,251,992
World Acceptance Corp.*		334		34,673
				11,392,638
Containers & Packaging 0.3%
AptarGroup, Inc.		3,432		405,491
Ardagh Group SA		1,060		19,790
Avery Dennison Corp.		4,526		578,694
Ball Corp.		17,782		1,244,207
Berry Global Group, Inc.*		7,083		294,015
Crown Holdings, Inc.*		6,983		508,642
Graphic Packaging Holding Co.		15,773		247,005
Greif, Inc., Class A		1,705		69,740
International Paper Co.		21,156		924,094
Myers Industries, Inc.		1,963		33,234
Owens-Illinois, Inc.		8,326		70,771
Packaging Corp. of America		4,926		539,200
Sealed Air Corp.		8,361		349,239
Silgan Holdings, Inc.		4,146		127,573
Sonoco Products Co.		5,296		305,579
UFP Technologies, Inc.*		395		16,436
Westrock Co.		13,633		509,465
				6,243,175
Distributors 0.1%
Core-Mark Holding Co., Inc.		2,417		73,767
Funko, Inc., Class A*		961		17,298
Genuine Parts Co.		7,560		775,505
Greenlane Holdings, Inc., Class A* (e)		284		1,116
LKQ Corp.*		16,626		565,118

Common Stocks (continued)
	Shares		Value
Distributors (continued)
Pool Corp.		2,066	$	428,488
Weyco Group, Inc.		277		6,833
				1,868,125
Diversified Consumer Services 0.1%
Adtalem Global Education, Inc.*		3,019		89,906
American Public Education, Inc.*		854		18,549
Bright Horizons Family Solutions, Inc.*		3,088		458,630
Career Education Corp.*		3,622		51,288
Carriage Services, Inc.		937		24,137
Chegg, Inc.*		6,381		195,641
Collectors Universe, Inc.		361		10,346
frontdoor, Inc.*		4,570		220,411
Graham Holdings Co., Class B		225		141,673
Grand Canyon Education, Inc.*		2,569		236,245
H&R Block, Inc.		10,522		262,945
Houghton Mifflin Harcourt Co.*		5,392		34,832
K12, Inc.*		2,033		40,233
Laureate Education, Inc., Class A*		5,525		85,389
OneSpaWorld Holdings Ltd.*		2,421		37,647
Regis Corp.*		1,600		32,960
Select Interior Concepts, Inc., Class A*		1,283		14,703
Service Corp. International		9,489		431,560
ServiceMaster Global Holdings, Inc.*		7,102		286,779
Strategic Education, Inc.		1,138		140,008
WW International, Inc.*		2,495		87,001
				2,900,883
Diversified Financial Services 0.9%
AXA Equitable Holdings, Inc.		15,897		343,375
Banco Latinoamericano de Comercio Exterior SA, Class E		1,643		33,895
Berkshire Hathaway, Inc., Class B*		104,856		22,290,289
Cannae Holdings, Inc.*		3,607		105,325
FGL Holdings		7,779		70,244
GWG Holdings, Inc.*		83		851
Jefferies Financial Group, Inc.		14,202		265,151
Marlin Business Services Corp.		395		9,377
On Deck Capital, Inc.*		3,922		17,492
Voya Financial, Inc.		7,576		408,801
				23,544,800
Diversified Telecommunication Services 1.2%
Anterix, Inc.*		573		23,241
AT&T, Inc.		391,233		15,058,558
ATN International, Inc.		590		34,946
Bandwidth, Inc., Class A*		864		48,514
CenturyLink, Inc.		58,281		754,156
Cincinnati Bell, Inc.*		2,222		11,354
Cogent Communications Holdings, Inc.		2,259		132,468
Consolidated Communications Holdings, Inc.		3,790		15,160
Frontier Communications Corp.* (e)		4,716		4,292
GCI Liberty, Inc., Class A*		5,274		369,074
IDT Corp., Class B*		746		5,080
Intelsat SA*		3,577		90,820

23

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Diversified Telecommunication Services (continued)
Iridium Communications, Inc.*		5,294	$	129,544
Ooma, Inc.*		889		10,090
ORBCOMM, Inc.*		4,008		16,072
Pareteum Corp.*		4,839		1,790
Verizon Communications, Inc.		221,895		13,417,991
Vonage Holdings Corp.*		12,156		118,764
Zayo Group Holdings, Inc.*		11,841		404,252
				30,646,166
Electric Utilities 1.2%
ALLETE, Inc.		2,769		238,300
Alliant Energy Corp.		12,770		681,152
American Electric Power Co., Inc.		26,437		2,495,388
Avangrid, Inc.		3,022		151,251
Duke Energy Corp.		39,075		3,683,210
Edison International		18,652		1,173,211
El Paso Electric Co.		2,170		144,761
Entergy Corp.		10,567		1,283,679
Evergy, Inc.		12,523		800,345
Eversource Energy		17,357		1,453,475
Exelon Corp.		51,912		2,361,477
FirstEnergy Corp.		28,542		1,379,149
Genie Energy Ltd., Class B		646		4,813
Hawaiian Electric Industries, Inc.		5,614		253,472
IDACORP, Inc.		2,700		290,574
MGE Energy, Inc.		1,883		145,066
NextEra Energy, Inc.		25,626		6,107,701
OGE Energy Corp.		10,482		451,355
Otter Tail Corp.		2,108		119,481
PG&E Corp.*		28,738		177,314
Pinnacle West Capital Corp.		6,015		566,132
PNM Resources, Inc.		4,263		222,316
Portland General Electric Co.		4,825		274,446
PPL Corp.		38,962		1,304,837
Southern Co. (The)		55,797		3,496,240
Spark Energy, Inc., Class A		532		5,091
Xcel Energy, Inc.		27,671		1,757,385
				31,021,621
Electrical Equipment 0.4%
Acuity Brands, Inc.		2,131		265,927
Allied Motion Technologies, Inc.		418		15,825
American Superconductor Corp.*		943		7,384
AMETEK, Inc.		12,182		1,116,480
Atkore International Group, Inc.*		2,434		84,460
AZZ, Inc.		1,417		54,965
Bloom Energy Corp., Class A* (e)		2,978		9,113
Eaton Corp. plc		22,561		1,965,289
Emerson Electric Co.		32,782		2,299,657
Encore Wire Corp.		1,061		59,628
Energous Corp.* (e)		1,258		3,447
EnerSys		2,295		153,444
Generac Holdings, Inc.*		3,259		314,754
GrafTech International Ltd.		3,321		40,118
Hubbell, Inc.		2,903		411,355
nVent Electric plc		8,178		188,585
Plug Power, Inc.* (e)		12,624		33,454
Powell Industries, Inc.		504		19,737
Preformed Line Products Co.		139		7,589

Common Stocks (continued)
	Shares		Value
Electrical Equipment (continued)
Regal Beloit Corp.		2,246	$	166,316
Rockwell Automation, Inc.		6,198		1,065,994
Sensata Technologies Holding plc*		8,293		424,519
Sunrun, Inc.*		5,997		93,193
Thermon Group Holdings, Inc.*		1,778		42,370
TPI Composites, Inc.*		1,541		31,637
Vicor Corp.*		951		34,569
Vivint Solar, Inc.* (e)		2,449		17,167
				8,926,976
Electronic Equipment, Instruments & Components 0.5%
Airgain, Inc.*		407		4,628
Akoustis Technologies, Inc.* (e)		1,127		9,208
Amphenol Corp., Class A		15,570		1,562,138
Anixter International, Inc.*		1,631		134,965
Arlo Technologies, Inc.*		3,706		12,637
Arrow Electronics, Inc.*		4,444		352,320
Avnet, Inc.		5,536		219,004
AVX Corp.		2,550		39,066
Badger Meter, Inc.		1,536		88,781
Bel Fuse, Inc., Class B		455		6,693
Belden, Inc.		2,088		107,073
Benchmark Electronics, Inc.		2,007		68,037
CDW Corp.		7,762		992,837
Coda Octopus Group, Inc.* (e)		207		1,519
Cognex Corp.		8,729		449,456
Coherent, Inc.*		1,288		191,809
Corning, Inc.		41,427		1,227,482
CTS Corp.		1,710		45,623
Daktronics, Inc.		1,651		11,326
Dolby Laboratories, Inc., Class A		3,359		216,084
ePlus, Inc.*		697		54,457
Fabrinet*		1,946		109,424
FARO Technologies, Inc.*		933		44,485
Fitbit, Inc., Class A* (e)		11,632		71,886
FLIR Systems, Inc.		7,247		373,655
II-VI, Inc.* (e)		4,779		158,424
Insight Enterprises, Inc.*		1,891		116,070
IPG Photonics Corp.*		1,892		254,058
Iteris, Inc.*		1,798		9,637
Itron, Inc.*		1,832		139,708
Jabil, Inc.		7,981		293,860
KEMET Corp.		2,948		64,090
Keysight Technologies, Inc.*		10,065		1,015,659
Kimball Electronics, Inc.*		1,343		19,957
Knowles Corp.*		4,388		94,693
Littelfuse, Inc.		1,279		224,554
Methode Electronics, Inc.		1,947		66,977
MTS Systems Corp.		959		54,164
Napco Security Technologies, Inc.*		646		19,613
National Instruments Corp.		6,978		288,819
nLight, Inc.*		1,761		23,527
Novanta, Inc.*		1,800		160,290
OSI Systems, Inc.*		893		88,621
PAR Technology Corp.* (e)		658		16,490
PC Connection, Inc.		610		29,792
Plexus Corp.*		1,553		114,829
Rogers Corp.*		985		133,448
Sanmina Corp.*		3,616		111,120

24

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ScanSource, Inc.*		1,344	$	43,411
SYNNEX Corp.		2,223		261,736
Tech Data Corp.*		1,943		236,075
Trimble, Inc.*		13,495		537,641
TTM Technologies, Inc.*		5,128		60,049
Vishay Intertechnology, Inc.		7,088		142,823
Vishay Precision Group, Inc.*		568		19,340
Wrap Technologies, Inc.* (e)		371		1,458
Zebra Technologies Corp., Class A*		2,857		679,595
				11,875,121
Energy Equipment & Services 0.2%
Apergy Corp.*		4,171		104,984
Archrock, Inc.		7,076		68,213
Baker Hughes Co.		33,958		726,701
Cactus, Inc., Class A*		2,545		75,637
Covia Holdings Corp.*		1,847		2,549
Diamond Offshore Drilling, Inc.* (e)		3,513		18,584
DMC Global, Inc.		755		33,779
Dril-Quip, Inc.*		1,912		78,430
Era Group, Inc.*		875		8,461
Exterran Corp.*		1,664		21,083
Forum Energy Technologies, Inc.*		4,817		5,588
Frank’s International NV*		5,760		28,224
FTS International, Inc.*		1,487		2,260
Geospace Technologies Corp.*		592		8,637
Halliburton Co.		46,764		900,207
Helix Energy Solutions Group, Inc.*		7,452		64,013
Helmerich & Payne, Inc.		5,077		190,388
Independence Contract Drilling, Inc.*		2,162		1,924
KLX Energy Services Holdings, Inc.*		1,130		8,972
Liberty Oilfield Services, Inc., Class A (e)		2,806		25,843
Mammoth Energy Services, Inc.		591		946
Matrix Service Co.*		1,440		27,014
McDermott International, Inc.* (e)		9,671		15,764
Nabors Industries Ltd.		18,477		34,182
National Energy Services Reunited Corp.*		1,071		7,401
National Oilwell Varco, Inc.		20,750		469,365
Natural Gas Services Group, Inc.*		562		6,682
NCS Multistage Holdings, Inc.*		508		1,143
Newpark Resources, Inc.*		4,781		28,686
NexTier Oilfield Solutions, Inc.*		8,478		36,624
Nine Energy Service, Inc.*		957		5,407
Noble Corp. plc*		13,101		16,114
Oceaneering International, Inc.*		5,300		75,048
Oil States International, Inc.*		3,112		44,408
Pacific Drilling SA* (e)		1,649		4,123
Parker Drilling Co.*		417		7,702
Patterson-UTI Energy, Inc.		10,789		89,765
ProPetro Holding Corp.*		4,276		33,139
RigNet, Inc.*		657		3,443
RPC, Inc. (e)		3,160		13,082
Schlumberger Ltd.		74,449		2,433,738
SEACOR Holdings, Inc.*		954		40,936
SEACOR Marine Holdings, Inc.*		1,165		15,157
Seadrill Ltd.* (e)		3,552		6,252
Select Energy Services, Inc., Class A*		3,176		24,138

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
Smart Sand, Inc.*		977	$	2,276
Solaris Oilfield Infrastructure, Inc., Class A		1,589		16,907
TETRA Technologies, Inc.*		5,419		9,212
Tidewater, Inc.*		2,104		34,148
Transocean Ltd.* (e)		31,155		147,986
US Silica Holdings, Inc.		3,901		17,398
US Well Services, Inc.*		884		1,688
				6,044,351
Entertainment 1.1%
Activision Blizzard, Inc.		40,664		2,278,404
AMC Entertainment Holdings, Inc., Class A (e)		2,780		26,049
Cinemark Holdings, Inc.		5,750		210,450
Electronic Arts, Inc.*		15,583		1,502,201
Eros International plc* (e)		3,876		8,682
Gaia, Inc.*		472		3,271
Glu Mobile, Inc.*		6,119		36,286
IMAX Corp.*		2,709		57,837
Liberty Media Corp.-Liberty Braves, Class C*		1,885		55,438
Liberty Media Corp.-Liberty Formula One, Class A*		1,350		54,580
Liberty Media Corp-Liberty Braves, Class A*		448		13,225
Liberty Media Corp-Liberty Formula One, Class C*		10,622		451,435
Lions Gate Entertainment Corp., Class A* (e)		8,645		66,093
Live Nation Entertainment, Inc.*		6,767		477,073
LiveXLive Media, Inc.* (e)		1,482		2,519
Madison Square Garden Co. (The), Class A*		1,006		268,522
Marcus Corp. (The)		1,168		42,165
Netflix, Inc.*		22,642		6,507,537
Reading International, Inc., Class A*		754		8,573
Rosetta Stone, Inc.*		1,097		21,019
Spotify Technology SA*		6,315		911,254
Take-Two Interactive Software, Inc.*		6,054		728,599
Viacom, Inc., Class A		19,619		424,293
Walt Disney Co. (The)		93,617		12,162,721
World Wrestling Entertainment, Inc., Class A (e)		2,355		131,974
Zynga, Inc., Class A*		45,710		282,031
				26,732,231
Equity Real Estate Investment Trusts (REITs) 2.6%
Acadia Realty Trust		4,057		113,515
Agree Realty Corp.		2,170		170,931
Alexander & Baldwin, Inc.		3,582		84,213
Alexander’s, Inc.		111		38,339
Alexandria Real Estate Equities, Inc.		5,987		950,436
American Assets Trust, Inc.		2,585		126,562
American Campus Communities, Inc.		7,324		366,054
American Finance Trust, Inc.		5,719		84,641
American Homes 4 Rent, Class A		13,752		364,015
American Tower Corp.		23,527		5,130,768
Americold Realty Trust		10,232		410,201

25

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Investment & Management Co., Class A		7,906	$	433,881
Apple Hospitality REIT, Inc.		11,333		186,768
Armada Hoffler Properties, Inc.		2,823		52,903
Ashford Hospitality Trust, Inc.		5,381		14,690
AvalonBay Communities, Inc.		7,453		1,622,220
Bluerock Residential Growth REIT, Inc.		1,199		14,412
Boston Properties, Inc.		8,291		1,137,525
Braemar Hotels & Resorts, Inc.		1,742		16,079
Brandywine Realty Trust		9,486		144,946
Brixmor Property Group, Inc.		15,401		339,130
Brookfield Property REIT, Inc., Class A		3,594		67,927
BRT Apartments Corp.		445		7,431
Camden Property Trust		5,022		574,366
CareTrust REIT, Inc.		5,091		123,406
CatchMark Timber Trust, Inc., Class A		2,616		30,006
CBL & Associates Properties, Inc.		7,694		11,079
Cedar Realty Trust, Inc.		3,851		12,862
Chatham Lodging Trust		2,522		45,522
CIM Commercial Trust Corp.		60		873
City Office REIT, Inc.		2,065		27,960
Clipper Realty, Inc.		649		6,256
Colony Capital, Inc.		25,780		144,368
Columbia Property Trust, Inc.		5,820		119,426
Community Healthcare Trust, Inc.		1,021		49,437
CoreCivic, Inc.		6,370		97,206
CorEnergy Infrastructure Trust, Inc.		723		34,827
CorePoint Lodging, Inc.		2,149		21,168
CoreSite Realty Corp.		1,967		231,122
Corporate Office Properties Trust		6,014		178,255
Cousins Properties, Inc.		7,813		313,536
Crown Castle International Corp.		22,211		3,082,665
CubeSmart		10,262		325,305
CyrusOne, Inc.		6,009		428,322
DiamondRock Hospitality Co.		9,795		97,754
Digital Realty Trust, Inc.		11,174		1,419,545
Douglas Emmett, Inc.		8,804		381,389
Duke Realty Corp.		19,245		676,269
Easterly Government Properties, Inc.		4,048		90,351
EastGroup Properties, Inc.		1,954		261,738
Empire State Realty Trust, Inc., Class A		8,066		116,715
EPR Properties		3,979		309,526
Equinix, Inc.		4,483		2,540,875
Equity Commonwealth		6,406		206,145
Equity LifeStyle Properties, Inc.		9,234		645,826
Equity Residential		19,595		1,737,293
Essential Properties Realty Trust, Inc.		3,925		100,716
Essex Property Trust, Inc.		3,519		1,151,170
Extra Space Storage, Inc.		6,627		744,013
Farmland Partners, Inc.		1,244		8,335
Federal Realty Investment Trust		3,999		543,904
First Industrial Realty Trust, Inc.		6,731		283,442
Four Corners Property Trust, Inc.		3,651		104,601
Franklin Street Properties Corp.		5,719		49,183
Front Yard Residential Corp.		2,652		32,805
Gaming and Leisure Properties, Inc.		10,850		437,906

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
GEO Group, Inc. (The)		6,403	$	97,454
Getty Realty Corp.		1,967		65,973
Gladstone Commercial Corp.		1,597		37,625
Gladstone Land Corp.		830		9,927
Global Medical REIT, Inc.		1,610		19,481
Global Net Lease, Inc.		4,582		89,257
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,384		101,046
HCP, Inc.		26,309		989,745
Healthcare Realty Trust, Inc.		6,856		238,383
Healthcare Trust of America, Inc., Class A		10,920		338,520
Hersha Hospitality Trust		1,865		25,737
Highwoods Properties, Inc.		5,483		256,604
Host Hotels & Resorts, Inc.		38,979		638,866
Hudson Pacific Properties, Inc.		8,203		294,652
Independence Realty Trust, Inc.		4,804		73,982
Industrial Logistics Properties Trust		3,504		74,425
Innovative Industrial Properties, Inc.		553		42,028
Investors Real Estate Trust		649		49,110
Invitation Homes, Inc.		24,985		769,288
Iron Mountain, Inc.		15,299		501,807
iStar, Inc.		3,164		41,164
JBG SMITH Properties		6,518		262,415
Jernigan Capital, Inc.		1,226		23,282
Kilroy Realty Corp.		5,179		434,673
Kimco Realty Corp.		21,642		466,602
Kite Realty Group Trust		4,398		78,372
Lamar Advertising Co., Class A		4,578		366,286
Lexington Realty Trust		12,347		134,335
Liberty Property Trust		8,278		488,981
Life Storage, Inc.		2,480		270,122
LTC Properties, Inc.		1,902		98,619
Macerich Co. (The)		6,766		186,065
Mack-Cali Realty Corp.		4,680		100,246
Medical Properties Trust, Inc.		23,402		485,123
Mid-America Apartment Communities, Inc.		6,079		844,920
Monmouth Real Estate Investment Corp.		5,023		75,747
National Health Investors, Inc.		2,233		191,569
National Retail Properties, Inc.		8,668		510,632
National Storage Affiliates Trust		3,171		108,353
New Senior Investment Group, Inc.		4,467		31,448
NexPoint Residential Trust, Inc.		1,044		50,916
Office Properties Income Trust		2,553		81,390
Omega Healthcare Investors, Inc.		11,486		505,843
One Liberty Properties, Inc.		897		25,484
Outfront Media, Inc.		7,638		200,956
Paramount Group, Inc.		10,837		145,974
Park Hotels & Resorts, Inc.		12,922		300,437
Pebblebrook Hotel Trust		6,948		178,633
Pennsylvania REIT		3,752		20,711
Physicians Realty Trust		9,960		185,953
Piedmont Office Realty Trust, Inc., Class A		6,216		139,487
PotlatchDeltic Corp.		3,531		149,962
Preferred Apartment Communities, Inc., Class A		2,384		34,139
Prologis, Inc.		33,648		2,952,948

26

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
PS Business Parks, Inc.		1,063	$	191,925
Public Storage		7,954		1,772,628
QTS Realty Trust, Inc., Class A		2,932		157,126
Rayonier, Inc.		6,938		187,187
Realty Income Corp.		17,050		1,394,520
Regency Centers Corp.		8,912		599,243
Retail Opportunity Investments Corp.		6,013		112,233
Retail Properties of America, Inc., Class A		10,599		145,842
Retail Value, Inc.		834		30,533
Rexford Industrial Realty, Inc.		5,794		278,633
RLJ Lodging Trust		9,203		151,021
RPT Realty		4,065		58,943
Ryman Hospitality Properties, Inc.		2,450		206,217
Sabra Health Care REIT, Inc.		10,028		246,689
Safehold, Inc.		475		16,426
Saul Centers, Inc.		639		34,212
SBA Communications Corp.		5,976		1,438,124
Senior Housing Properties Trust		12,568		124,737
Seritage Growth Properties, Class A		1,819		79,108
Service Properties Trust		8,738		221,071
Simon Property Group, Inc.		16,450		2,478,686
SITE Centers Corp.		7,532		116,972
SL Green Realty Corp.		4,440		371,184
Spirit Realty Capital, Inc.		4,801		239,282
STAG Industrial, Inc.		6,840		212,314
STORE Capital Corp.		11,292		457,326
Summit Hotel Properties, Inc.		5,671		69,526
Sun Communities, Inc.		4,703		764,943
Sunstone Hotel Investors, Inc.		12,022		162,417
Tanger Factory Outlet Centers, Inc.		4,891		78,843
Taubman Centers, Inc.		3,160		113,065
Terreno Realty Corp.		3,429		193,430
UDR, Inc.		15,412		774,453
UMH Properties, Inc.		2,048		30,577
Uniti Group, Inc.		9,884		68,397
Universal Health Realty Income Trust		681		81,196
Urban Edge Properties		6,246		131,853
Urstadt Biddle Properties, Inc., Class A		1,332		32,408
Ventas, Inc.		19,871		1,293,602
VEREIT, Inc.		54,831		539,537
VICI Properties, Inc.		24,599		579,306
Vornado Realty Trust		9,289		609,637
Washington Prime Group, Inc.		9,513		40,145
Washington REIT		4,298		133,324
Weingarten Realty Investors		6,524		207,007
Welltower, Inc.		21,773		1,974,593
Weyerhaeuser Co.		40,046		1,169,744
Whitestone REIT		2,057		29,292
WP Carey, Inc.		9,051		833,235
Xenia Hotels & Resorts, Inc.		6,079		127,963
				65,921,427
Food & Staples Retailing 0.9%
Andersons, Inc. (The)		1,631		30,043
BJ’s Wholesale Club Holdings, Inc.*		6,019		160,707
Casey’s General Stores, Inc.		1,954		333,763

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing (continued)
Chefs’ Warehouse, Inc. (The)*		1,275	$	42,234
Costco Wholesale Corp.		23,609		7,014,470
Grocery Outlet Holding Corp.*		848		27,051
HF Foods Group, Inc.*		467		9,074
Ingles Markets, Inc., Class A		770		30,361
Kroger Co. (The)		42,638		1,050,600
Natural Grocers by Vitamin Cottage, Inc.*		403		3,534
Performance Food Group Co.*		5,499		234,313
PriceSmart, Inc.		1,253		92,847
Rite Aid Corp.* (e)		2,825		25,990
SpartanNash Co.		1,914		25,064
Sprouts Farmers Market, Inc.*		6,388		123,991
Sysco Corp.		25,466		2,033,970
United Natural Foods, Inc.*		2,850		21,375
US Foods Holding Corp.*		11,370		451,048
Village Super Market, Inc., Class A		371		9,832
Walgreens Boots Alliance, Inc.		40,821		2,236,174
Walmart, Inc.		75,267		8,825,809
Weis Markets, Inc.		533		20,515
				22,802,765
Food Products 0.7%
Alico, Inc.		182		5,979
Archer-Daniels-Midland Co.		29,923		1,257,963
B&G Foods, Inc. (e)		3,466		53,896
Beyond Meat, Inc.* (e)		774		65,364
Bridgford Foods Corp.*		80		1,974
Bunge Ltd.		7,393		399,222
Calavo Growers, Inc. (e)		872		75,629
Cal-Maine Foods, Inc.		1,716		68,451
Campbell Soup Co.		8,976		415,679
Conagra Brands, Inc.		25,936		701,569
Darling Ingredients, Inc.*		8,805		169,936
Dean Foods Co. (e)		5,000		4,900
Farmer Brothers Co.*		627		8,044
Flowers Foods, Inc.		10,002		217,243
Fresh Del Monte Produce, Inc.		1,616		51,550
Freshpet, Inc.*		1,821		95,165
General Mills, Inc.		31,968		1,625,892
Hain Celestial Group, Inc. (The)*		4,943		116,853
Hershey Co. (The)		7,665		1,125,759
Hormel Foods Corp.		14,919		610,038
Hostess Brands, Inc.*		6,233		79,658
Ingredion, Inc.		3,579		282,741
J&J Snack Foods Corp.		814		155,279
JM Smucker Co. (The)		5,795		612,416
John B Sanfilippo & Son, Inc.		468		49,664
Kellogg Co.		13,003		826,081
Kraft Heinz Co. (The)		33,121		1,070,802
Lamb Weston Holdings, Inc.		7,853		612,848
Lancaster Colony Corp.		1,011		140,711
Landec Corp.*		1,099		10,825
Limoneira Co.		900		17,028
McCormick & Co., Inc. (Non-Voting)		6,510		1,046,092
Mondelez International, Inc., Class A		76,224		3,997,949
Pilgrim’s Pride Corp.*		2,818		85,554
Post Holdings, Inc.*		3,479		357,989
Sanderson Farms, Inc.		1,075		166,421

27

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Seaboard Corp.		14	$	59,067
Seneca Foods Corp., Class A*		298		10,543
Simply Good Foods Co. (The)*		3,792		93,056
Tootsie Roll Industries, Inc.		740		25,367
TreeHouse Foods, Inc.*		2,987		161,358
Tyson Foods, Inc., Class A		15,338		1,269,833
				18,202,388
Gas Utilities 0.1%
Atmos Energy Corp.		6,259		704,012
Chesapeake Utilities Corp.		913		86,552
National Fuel Gas Co.		4,373		198,141
New Jersey Resources Corp.		4,730		206,228
Northwest Natural Holding Co.		1,630		113,057
ONE Gas, Inc.		2,797		259,674
RGC Resources, Inc.		342		9,976
South Jersey Industries, Inc.		4,945		159,031
Southwest Gas Holdings, Inc.		2,776		242,345
Spire, Inc.		2,651		222,843
UGI Corp.		10,864		517,887
				2,719,746
Health Care Equipment & Supplies 2.2%
Abbott Laboratories		92,379		7,723,808
ABIOMED, Inc.*		2,387		495,493
Accuray, Inc.*		4,936		12,834
Align Technology, Inc.*		4,246		1,071,223
Alphatec Holdings, Inc.*		1,716		11,806
AngioDynamics, Inc.*		1,952		29,866
Antares Pharma, Inc.*		9,187		30,868
Apyx Medical Corp.*		1,491		9,841
AtriCure, Inc.*		2,034		54,084
Atrion Corp.		77		64,944
Avanos Medical, Inc.*		2,540		111,862
Avedro, Inc.*		350		8,134
Axogen, Inc.*		1,742		21,662
Axonics Modulation Technologies, Inc.*		830		20,518
Baxter International, Inc.		25,803		1,979,090
Becton Dickinson and Co.		14,364		3,677,184
BioLife Solutions, Inc.*		304		5,171
BioSig Technologies, Inc.* (e)		709		4,701
Boston Scientific Corp.*		74,319		3,099,102
Cantel Medical Corp.		1,987		144,832
Cardiovascular Systems, Inc.*		1,901		84,632
Cerus Corp.*		7,396		32,173
Conformis, Inc.*		3,870		7,392
CONMED Corp.		1,470		161,729
Cooper Cos., Inc. (The)		2,576		749,616
CryoLife, Inc.*		1,919		43,082
CryoPort, Inc.*		1,649		23,135
Cutera, Inc.*		736		23,184
CytoSorbents Corp.* (e)		1,374		6,526
Danaher Corp.		34,090		4,698,284
Dentsply Sirona, Inc.		11,959		655,114
DexCom, Inc.*		4,851		748,218
Edwards Lifesciences Corp.*		11,082		2,641,727
ElectroCore, Inc.* (e)		566		894
Envista Holdings Corp.*		860		25,224

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
GenMark Diagnostics, Inc.*		3,054	$	17,133
Glaukos Corp.*		1,925		122,873
Globus Medical, Inc., Class A*		4,053		212,256
Haemonetics Corp.*		2,734		330,076
Heska Corp.*		376		30,463
Hill-Rom Holdings, Inc.		3,574		374,162
Hologic, Inc.*		14,255		688,659
ICU Medical, Inc.*		1,034		167,105
IDEXX Laboratories, Inc.*		4,554		1,297,936
Inogen, Inc.*		981		53,401
Insulet Corp.*		3,177		461,682
Integer Holdings Corp.*		1,733		134,203
Integra LifeSciences Holdings Corp.*		3,797		220,454
IntriCon Corp.*		370		7,652
Intuitive Surgical, Inc.*		6,125		3,386,819
Invacare Corp.		1,492		11,518
iRadimed Corp.*		202		5,100
iRhythm Technologies, Inc.*		1,323		88,403
Lantheus Holdings, Inc.*		2,077		43,305
LeMaitre Vascular, Inc.		878		30,379
LivaNova plc*		2,607		184,393
Masimo Corp.*		2,514		366,516
Medtronic plc		71,858		7,825,336
Meridian Bioscience, Inc.		2,272		22,243
Merit Medical Systems, Inc.*		2,864		59,156
Mesa Laboratories, Inc.		205		46,689
Misonix, Inc.*		663		11,503
Natus Medical, Inc.*		1,740		58,603
Neogen Corp.*		2,741		178,329
Neuronetics, Inc.*		584		5,203
Nevro Corp.*		1,584		136,541
Novocure Ltd.*		4,498		322,237
NuVasive, Inc.*		2,780		196,101
OraSure Technologies, Inc.*		3,340		28,524
Orthofix Medical, Inc.*		937		39,382
OrthoPediatrics Corp.* (e)		500		19,340
Penumbra, Inc.* (e)		1,697		264,681
Pulse Biosciences, Inc.*		509		7,167
Quidel Corp.*		1,894		107,769
ResMed, Inc.		7,535		1,114,577
Rockwell Medical, Inc.*		2,781		6,146
RTI Surgical Holdings, Inc.*		3,403		7,487
SeaSpine Holdings Corp.*		710		9,826
Senseonics Holdings, Inc.* (e)		5,515		6,453
Shockwave Medical, Inc.*		366		12,451
SI-BONE, Inc.*		929		15,468
Sientra, Inc.*		1,733		11,143
Silk Road Medical, Inc.*		598		19,806
Soliton, Inc.* (e)		237		2,635
STAAR Surgical Co.*		2,356		77,230
STERIS plc		4,505		637,773
Stryker Corp.		18,363		3,971,366
Surmodics, Inc.*		707		33,590
Tactile Systems Technology, Inc.*		942		42,786
Tandem Diabetes Care, Inc.*		2,963		182,462
Teleflex, Inc.		2,476		860,187
TransEnterix, Inc.*		11,216		2,559
TransMedics Group, Inc.*		300		5,382
Utah Medical Products, Inc.		201		20,596
Vapotherm, Inc.*		663		6,829

28

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp.*		1,976	$	59,300
Varian Medical Systems, Inc.*		4,896		591,486
ViewRay, Inc.*		3,674		9,552
West Pharmaceutical Services, Inc.		3,941		566,873
Wright Medical Group NV*		6,722		139,818
Zimmer Biomet Holdings, Inc.		10,915		1,508,780
Zynex, Inc. (e)		701		6,477
				55,970,283
Health Care Providers & Services 1.6%
Acadia Healthcare Co., Inc.*		4,678		140,293
Addus HomeCare Corp.*		566		47,663
Amedisys, Inc.*		1,677		215,528
American Renal Associates Holdings, Inc.*		833		6,931
AmerisourceBergen Corp.		8,127		693,883
AMN Healthcare Services, Inc.*		2,465		144,843
Anthem, Inc.		13,784		3,708,999
Apollo Medical Holdings, Inc.*		1,224		18,323
Avalon GloboCare Corp.* (e)		966		1,410
BioTelemetry, Inc.*		1,781		70,100
Brookdale Senior Living, Inc.*		9,943		73,081
Cardinal Health, Inc.		16,017		792,041
Catasys, Inc.* (e)		321		5,011
Centene Corp.*		21,817		1,158,046
Chemed Corp.		835		328,915
Cigna Corp.		19,901		3,551,532
Community Health Systems, Inc.* (e)		3,860		13,664
CorVel Corp.*		490		38,769
Covetrus, Inc.*		5,254		52,093
Cross Country Healthcare, Inc.*		2,023		21,869
CVS Health Corp.		69,606		4,621,142
DaVita, Inc.*		6,616		387,698
Diplomat Pharmacy, Inc.*		3,113		16,935
Encompass Health Corp.		5,226		334,569
Ensign Group, Inc. (The)		2,685		113,441
Enzo Biochem, Inc.*		1,978		6,251
Genesis Healthcare, Inc.*		3,789		4,850
Guardant Health, Inc.*		1,924		133,718
Hanger, Inc.*		1,960		44,316
HCA Healthcare, Inc.		14,412		1,924,578
HealthEquity, Inc.*		3,591		203,933
Henry Schein, Inc.*		7,805		488,476
Humana, Inc.		7,243		2,130,891
Joint Corp. (The)*		800		15,256
Laboratory Corp. of America Holdings*		5,266		867,679
LHC Group, Inc.*		1,618		179,549
Magellan Health, Inc.*		986		63,991
McKesson Corp.		9,879		1,313,907
MEDNAX, Inc.*		4,427		97,217
Molina Healthcare, Inc.*		3,327		391,388
National HealthCare Corp.		644		52,924
National Research Corp.		645		37,042
Option Care Health, Inc.*		7,150		25,311
Owens & Minor, Inc.		2,729		18,366
Patterson Cos., Inc.		4,464		76,468
Pennant Group, Inc. (The)*		1,342		24,143
PetIQ, Inc.*		976		24,127

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services (continued)
Premier, Inc., Class A*		2,781	$	90,605
Progyny, Inc.*		895		14,705
Providence Service Corp. (The)*		624		39,855
Quest Diagnostics, Inc.		7,200		729,000
R1 RCM, Inc.*		5,443		57,859
RadNet, Inc.*		2,243		35,036
Select Medical Holdings Corp.*		5,917		107,808
Surgery Partners, Inc.* (e)		1,081		8,594
Tenet Healthcare Corp.*		5,470		138,610
Tivity Health, Inc.*		2,424		39,293
Triple-S Management Corp., Class B*		1,234		18,670
UnitedHealth Group, Inc.		50,583		12,782,324
Universal Health Services, Inc., Class B		4,267		586,542
US Physical Therapy, Inc.		671		94,926
WellCare Health Plans, Inc.*		2,660		788,956
				40,213,943
Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc.*		8,850		96,819
Castlight Health, Inc., Class B*		5,809		8,772
Cerner Corp.		16,884		1,133,254
Change Healthcare, Inc.*		2,209		29,203
Computer Programs & Systems, Inc.		709		16,357
Evolent Health, Inc., Class A*		3,733		28,445
Health Catalyst, Inc.*		366		11,771
HealthStream, Inc.*		1,389		38,975
HMS Holdings Corp.*		4,659		152,303
Inovalon Holdings, Inc., Class A* (e)		3,710		57,987
Inspire Medical Systems, Inc.*		734		44,759
Livongo Health, Inc.* (e)		647		13,969
NextGen Healthcare, Inc.*		2,851		48,196
Omnicell, Inc.*		2,203		155,069
OptimizeRx Corp.*		624		8,112
Phreesia, Inc.*		458		13,570
Simulations Plus, Inc.		664		23,512
Tabula Rasa HealthCare, Inc.* (e)		1,052		53,589
Teladoc Health, Inc.* (e)		3,881		297,285
Veeva Systems, Inc., Class A*		6,948		985,435
Vocera Communications, Inc.*		1,693		33,725
				3,251,107
Hotels, Restaurants & Leisure 1.3%
Aramark		13,134		574,744
BBX Capital Corp.		2,951		13,191
Biglari Holdings, Inc., Class B*		36		3,005
BJ’s Restaurants, Inc.		1,135		44,935
Bloomin’ Brands, Inc.		4,664		92,394
Bluegreen Vacations Corp.		325		3,123
Boyd Gaming Corp.		4,287		116,821
Brinker International, Inc.		2,005		89,122
Caesars Entertainment Corp.*		30,547		375,117
Carnival Corp.		21,165		907,767
Carrols Restaurant Group, Inc.*		1,994		14,217
Century Casinos, Inc.*		1,603		11,846
Cheesecake Factory, Inc. (The) (e)		2,248		93,944
Chipotle Mexican Grill, Inc.*		1,378		1,072,304
Choice Hotels International, Inc.		1,784		157,848
Churchill Downs, Inc.		1,865		242,431

29

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Chuy’s Holdings, Inc.*		905	$	22,055
Cracker Barrel Old Country Store, Inc. (e)		1,027		159,699
Darden Restaurants, Inc.		6,605		741,543
Dave & Buster’s Entertainment, Inc.		1,965		78,168
Del Taco Restaurants, Inc.*		1,594		12,170
Denny’s Corp.*		3,009		60,541
Dine Brands Global, Inc.		879		64,299
Domino’s Pizza, Inc.		2,203		598,379
Drive Shack, Inc.*		3,282		13,095
Dunkin’ Brands Group, Inc.		4,425		347,894
El Pollo Loco Holdings, Inc.*		929		10,795
Eldorado Resorts, Inc.* (e)		3,508		157,053
Empire Resorts, Inc.*		171		1,660
Everi Holdings, Inc.*		3,774		37,966
Extended Stay America, Inc.		10,179		144,644
Fiesta Restaurant Group, Inc.*		1,403		12,059
Golden Entertainment, Inc.*		811		11,743
Habit Restaurants, Inc. (The), Class A*		924		9,711
Hilton Grand Vacations, Inc.*		4,645		161,321
Hilton Worldwide Holdings, Inc.		15,091		1,463,223
Hyatt Hotels Corp., Class A		1,998		149,331
Inspired Entertainment, Inc.*		396		2,911
International Game Technology plc		5,287		70,000
J Alexander’s Holdings, Inc.*		578		5,578
Jack in the Box, Inc.		1,378		115,780
Kura Sushi USA, Inc., Class A*		151		2,786
Las Vegas Sands Corp.		18,298		1,131,548
Lindblad Expeditions Holdings, Inc.*		1,255		19,754
Marriott International, Inc., Class A		14,627		1,851,047
Marriott Vacations Worldwide Corp.		2,312		254,158
McDonald’s Corp.		41,150		8,094,205
MGM Resorts International		26,723		761,606
Monarch Casino & Resort, Inc.*		611		26,389
Nathan’s Famous, Inc.		132		10,045
Noodles & Co.*		1,286		6,854
Norwegian Cruise Line Holdings Ltd.*		11,500		583,740
Papa John’s International, Inc. (e)		1,147		67,157
Penn National Gaming, Inc.*		5,902		125,801
Planet Fitness, Inc., Class A*		4,533		288,571
PlayAGS, Inc.*		1,430		16,502
Potbelly Corp.*		952		4,046
RCI Hospitality Holdings, Inc.		539		10,106
Red Lion Hotels Corp.*		1,089		6,534
Red Robin Gourmet Burgers, Inc.*		709		21,625
Red Rock Resorts, Inc., Class A		3,731		81,261
Royal Caribbean Cruises Ltd.		9,231		1,004,610
Ruth’s Hospitality Group, Inc.		1,565		32,208
Scientific Games Corp.*		2,919		70,027
SeaWorld Entertainment, Inc.*		2,560		67,635
Shake Shack, Inc., Class A*		1,544		127,040
Six Flags Entertainment Corp.		4,086		172,388
Starbucks Corp.		64,263		5,434,079
Target Hospitality Corp.*		1,898		10,515
Texas Roadhouse, Inc.		3,530		199,445
Twin River Worldwide Holdings, Inc.		1,066		26,757
Vail Resorts, Inc.		2,163		502,616
Wendy’s Co. (The)		9,965		211,059

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wingstop, Inc.		1,566	$	130,651
Wyndham Destinations, Inc.		4,899		227,363
Wyndham Hotels & Resorts, Inc.		5,156		278,269
Wynn Resorts Ltd.		5,242		636,064
Yum China Holdings, Inc.		19,517		829,473
Yum! Brands, Inc.		16,354		1,663,365
				33,251,726
Household Durables 0.3%
Bassett Furniture Industries, Inc.		443		6,756
Beazer Homes USA, Inc.*		1,688		25,337
Cavco Industries, Inc.*		461		88,351
Century Communities, Inc.*		1,437		43,354
DR Horton, Inc.		18,240		955,229
Ethan Allen Interiors, Inc.		1,334		26,293
Flexsteel Industries, Inc.		339		5,617
Garmin Ltd.		7,798		731,063
GoPro, Inc., Class A* (e)		6,762		28,130
Green Brick Partners, Inc.*		1,089		10,966
Hamilton Beach Brands Holding Co., Class A		297		5,539
Helen of Troy Ltd.*		1,342		200,978
Hooker Furniture Corp.		703		16,640
Installed Building Products, Inc.*		1,222		79,699
iRobot Corp.* (e)		1,462		70,264
KB Home		4,617		164,781
La-Z-Boy, Inc.		2,430		86,289
Legacy Housing Corp.*		262		4,153
Leggett & Platt, Inc.		7,077		363,050
Lennar Corp., Class A		15,606		921,186
LGI Homes, Inc.*		1,058		83,032
Lifetime Brands, Inc.		540		4,315
Lovesac Co. (The)* (e)		392		6,401
M/I Homes, Inc.*		1,422		62,824
MDC Holdings, Inc.		2,661		103,007
Meritage Homes Corp.*		1,915		138,052
Mohawk Industries, Inc.*		3,196		458,243
Newell Brands, Inc.		20,464		388,202
NVR, Inc.*		165		600,037
PulteGroup, Inc.		13,667		536,293
Purple Innovation, Inc.*		169		1,222
Roku, Inc.*		4,562		671,526
Skyline Champion Corp.*		2,623		74,047
Sonos, Inc.*		3,789		49,560
Taylor Morrison Home Corp.*		5,664		141,883
Tempur Sealy International, Inc.*		2,465		224,192
Toll Brothers, Inc.		7,098		282,287
TopBuild Corp.*		1,802		187,282
TRI Pointe Group, Inc.*		7,697		121,151
Tupperware Brands Corp.		2,661		25,625
Universal Electronics, Inc.*		697		36,328
Whirlpool Corp.		3,328		506,255
William Lyon Homes, Class A*		1,699		32,876
ZAGG, Inc.*		1,262		9,301
				8,577,616
Household Products 1.0%
Central Garden & Pet Co.*		2,930		83,680
Church & Dwight Co., Inc.		13,231		925,376

30

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Household Products (continued)
Clorox Co. (The)		6,775	$	1,000,600
Colgate-Palmolive Co.		45,097		3,093,654
Energizer Holdings, Inc.		3,391		144,084
Kimberly-Clark Corp.		18,279		2,428,914
Oil-Dri Corp. of America		233		8,157
Procter & Gamble Co. (The) (d)		132,650		16,516,251
Spectrum Brands Holdings, Inc.		2,250		112,973
WD-40 Co.		741		138,863
				24,452,552
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		35,591		606,827
Atlantic Power Corp.*		4,795		11,172
Clearway Energy, Inc., Class A		5,789		103,172
NRG Energy, Inc.		13,702		549,724
Ormat Technologies, Inc.		2,122		162,460
Pattern Energy Group, Inc., Class A		4,743		132,946
Sunnova Energy International, Inc.*		603		6,404
TerraForm Power, Inc., Class A		3,874		65,781
Vistra Energy Corp.		22,681		613,067
				2,251,553
Industrial Conglomerates 0.7%
3M Co.		29,971		4,944,915
Carlisle Cos., Inc.		3,010		458,333
General Electric Co.		463,417		4,624,902
Honeywell International, Inc.		38,465		6,644,059
Raven Industries, Inc.		1,945		67,842
Roper Technologies, Inc.		5,449		1,836,095
				18,576,146
Insurance 1.7%
Aflac, Inc.		39,443		2,096,790
Alleghany Corp.*		753		586,052
Allstate Corp. (The)		17,614		1,874,482
Ambac Financial Group, Inc.*		2,341		47,990
American Equity Investment Life Holding Co.		4,580		113,034
American Financial Group, Inc.		3,960		411,998
American International Group, Inc.		46,635		2,469,790
American National Insurance Co.		410		49,192
AMERISAFE, Inc.		861		54,699
Aon plc		12,506		2,415,659
Arch Capital Group Ltd.*		20,638		861,843
Argo Group International Holdings Ltd.		1,764		109,139
Arthur J Gallagher & Co.		9,877		900,980
Assurant, Inc.		3,312		417,544
Assured Guaranty Ltd.		5,236		245,673
Athene Holding Ltd., Class A*		7,696		333,622
Axis Capital Holdings Ltd.		4,454		264,701
Brighthouse Financial, Inc.*		5,396		203,753
Brown & Brown, Inc.		13,731		517,384
BRP Group, Inc., Class A*		735		11,907
Chubb Ltd.		24,411		3,720,725
Cincinnati Financial Corp.		8,193		927,530
Citizens, Inc.* (e)		2,755		18,348
CNA Financial Corp.		1,556		69,771
CNO Financial Group, Inc.		7,710		120,661

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Crawford & Co., Class A		741	$	7,847
Donegal Group, Inc., Class A		464		6,830
eHealth, Inc.*		1,175		81,122
Employers Holdings, Inc.		1,422		60,207
Enstar Group Ltd.*		626		125,763
Erie Indemnity Co., Class A		1,310		241,394
Everest Re Group Ltd.		2,157		554,543
FBL Financial Group, Inc., Class A		554		31,789
FedNat Holding Co.		520		7,462
Fidelity National Financial, Inc.		14,184		650,195
First American Financial Corp.		5,865		362,340
Genworth Financial, Inc., Class A*		27,096		115,971
Global Indemnity Ltd.		401		9,929
Globe Life, Inc.		5,824		566,850
Goosehead Insurance, Inc., Class A		610		31,220
Greenlight Capital Re Ltd., Class A*		1,720		18,576
Hallmark Financial Services, Inc.*		589		10,496
Hanover Insurance Group, Inc. (The)		2,132		280,806
Hartford Financial Services Group, Inc. (The)		19,376		1,105,982
HCI Group, Inc.		376		15,811
Health Insurance Innovations, Inc., Class A*		454		12,022
Heritage Insurance Holdings, Inc.		1,452		19,341
Horace Mann Educators Corp.		2,231		97,182
Independence Holding Co.		224		8,758
Investors Title Co.		85		12,895
James River Group Holdings Ltd.		1,528		54,718
Kemper Corp.		3,313		238,138
Kinsale Capital Group, Inc.		1,084		114,600
Lincoln National Corp.		10,752		607,273
Loews Corp.		13,887		680,463
Markel Corp.*		718		840,778
Marsh & McLennan Cos., Inc.		27,163		2,814,630
MBIA, Inc.*		4,354		40,449
Mercury General Corp.		1,470		70,648
MetLife, Inc.		42,421		1,984,879
National General Holdings Corp.		3,645		77,711
National Western Life Group, Inc., Class A		125		34,075
NI Holdings, Inc.*		423		7,403
Old Republic International Corp.		15,137		338,161
Palomar Holdings, Inc.*		381		17,202
Primerica, Inc.		2,252		284,157
Principal Financial Group, Inc.		14,884		794,508
ProAssurance Corp.		2,739		107,424
Progressive Corp. (The)		31,192		2,174,082
ProSight Global, Inc.*		411		6,518
Protective Insurance Corp., Class B		415		6,603
Prudential Financial, Inc.		21,703		1,978,011
Reinsurance Group of America, Inc.		3,370		547,524
RenaissanceRe Holdings Ltd.		2,338		437,627
RLI Corp.		2,140		208,265
Safety Insurance Group, Inc.		755		73,386
Selective Insurance Group, Inc.		2,886		199,480
State Auto Financial Corp.		989		32,726
Stewart Information Services Corp.		1,244		50,904
Third Point Reinsurance Ltd.*		4,178		39,649
Tiptree, Inc.		1,114		8,188
Travelers Cos., Inc. (The)		13,986		1,833,005

31

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Trupanion, Inc.* (e)		1,547	$	36,664
United Fire Group, Inc.		1,173		53,395
United Insurance Holdings Corp.		1,188		14,565
Universal Insurance Holdings, Inc.		1,694		45,924
Unum Group		11,250		309,825
Watford Holdings Ltd.*		1,108		29,850
White Mountains Insurance Group Ltd.		167		178,857
Willis Towers Watson plc		6,870		1,284,003
WR Berkley Corp.		7,575		529,492
				42,464,358
Interactive Media & Services 2.8%
Alphabet, Inc., Class A*		32,320		40,705,753
Care.com, Inc.*		968		11,306
Cargurus, Inc.*		3,975		133,520
Cars.com, Inc.*		3,644		41,214
DHI Group, Inc.*		2,275		8,235
Eventbrite, Inc., Class A* (e)		1,959		35,223
EverQuote, Inc., Class A*		392		7,958
Facebook, Inc., Class A*		128,014		24,533,883
IAC/InterActiveCorp*		3,929		892,865
Liberty TripAdvisor Holdings, Inc., Class A*		4,011		38,706
Match Group, Inc. (e)		2,934		214,153
Meet Group, Inc. (The)*		4,417		18,816
QuinStreet, Inc.*		2,370		30,407
Travelzoo*		236		2,388
TripAdvisor, Inc.*		5,703		230,401
TrueCar, Inc.*		5,359		17,578
Twitter, Inc.*		40,238		1,205,933
Yelp, Inc.*		3,754		129,551
Zillow Group, Inc., Class A* (e)		9,498		308,820
				68,566,710
Internet & Direct Marketing Retail 1.9%
1-800-Flowers.com, Inc., Class A*		1,336		19,051
Amazon.com, Inc.*		22,171		39,390,329
Booking Holdings, Inc.*		2,280		4,671,196
Duluth Holdings, Inc., Class B*		484		4,472
eBay, Inc.		42,636		1,502,919
Etsy, Inc.*		6,225		276,950
Expedia Group, Inc.		7,448		1,017,844
Groupon, Inc.*		24,281		67,501
GrubHub, Inc.*		4,903		166,996
Lands’ End, Inc.*		476		5,745
Leaf Group Ltd.*		789		2,343
Liquidity Services, Inc.*		1,226		7,957
Overstock.com, Inc.*		2,132		22,450
PetMed Express, Inc. (e)		1,117		26,155
Quotient Technology, Inc.*		3,933		33,863
Qurate Retail, Inc. Series A*		18,176		173,399
RealReal, Inc. (The)* (e)		735		16,986
Rubicon Project, Inc. (The)*		2,193		18,640
Shutterstock, Inc.*		1,043		42,325
Stamps.com, Inc.*		953		80,462
Stitch Fix, Inc., Class A* (e)		2,207		50,452

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail (continued)
Waitr Holdings, Inc.* (e)		3,225	$	1,402
Wayfair, Inc., Class A* (e)		3,351		275,553
				47,874,990
IT Services 3.3%
Accenture plc, Class A		34,197		6,340,808
Akamai Technologies, Inc.*		8,509		736,029
Alliance Data Systems Corp.		2,110		211,000
Amdocs Ltd.		7,275		474,330
Automatic Data Processing, Inc.		23,344		3,787,097
Black Knight, Inc.*		8,905		571,701
Booz Allen Hamilton Holding Corp.		7,185		505,608
Brightcove, Inc.*		2,086		19,838
Broadridge Financial Solutions, Inc.		6,134		768,099
CACI International, Inc., Class A*		1,312		293,560
Carbonite, Inc.*		1,738		29,841
Cardtronics plc, Class A*		2,045		70,062
Cass Information Systems, Inc.		756		43,326
Cognizant Technology Solutions Corp., Class A		29,591		1,803,276
Conduent, Inc.*		9,325		57,629
CoreLogic, Inc.*		4,323		175,038
CSG Systems International, Inc.		1,771		102,080
DXC Technology Co.		14,189		392,610
Endurance International Group Holdings, Inc.*		4,033		15,809
EPAM Systems, Inc.*		2,778		488,817
Euronet Worldwide, Inc.*		2,683		375,808
EVERTEC, Inc.		3,223		98,592
Evo Payments, Inc., Class A*		1,855		52,738
Exela Technologies, Inc.*		2,003		1,224
ExlService Holdings, Inc.*		1,803		125,543
Fidelity National Information Services, Inc.		32,677		4,305,522
Fiserv, Inc.*		30,285		3,214,450
FleetCor Technologies, Inc.*		4,547		1,337,818
Gartner, Inc.*		4,687		722,173
Genpact Ltd.		9,257		362,597
Global Payments, Inc.		15,967		2,701,297
GoDaddy, Inc., Class A*		9,445		614,208
GTT Communications, Inc.* (e)		1,717		12,929
Hackett Group, Inc. (The)		1,326		22,423
I3 Verticals, Inc., Class A*		786		16,074
Information Services Group, Inc.*		1,588		3,430
International Business Machines Corp.		47,406		6,339,604
International Money Express, Inc.*		614		9,406
Jack Henry & Associates, Inc.		4,128		584,360
KBR, Inc.		7,552		212,664
Leidos Holdings, Inc.		7,323		631,462
Limelight Networks, Inc.*		6,494		27,405
LiveRamp Holdings, Inc.*		3,556		139,004
ManTech International Corp., Class A		1,434		113,544
Mastercard, Inc., Class A		48,114		13,318,436
MAXIMUS, Inc.		3,384		259,688
MongoDB, Inc.* (e)		2,083		266,145
NIC, Inc.		3,510		82,555
Okta, Inc.*		5,377		586,469
Paychex, Inc.		17,139		1,433,506

32

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
IT Services (continued)
PayPal Holdings, Inc.*		62,943	$	6,552,366
Paysign, Inc.* (e)		1,631		17,582
Perficient, Inc.*		1,745		68,404
Perspecta, Inc.		7,574		201,014
Presidio, Inc.		2,493		41,384
PRGX Global, Inc.*		935		4,675
Priority Technology Holdings, Inc.*		294		1,017
Sabre Corp.		14,803		347,574
Science Applications International Corp.		3,155		260,666
Square, Inc., Class A*		18,224		1,119,500
StarTek, Inc.*		746		4,849
Switch, Inc., Class A		3,156		46,614
Sykes Enterprises, Inc.*		2,014		62,223
TTEC Holdings, Inc.		764		36,191
Tucows, Inc., Class A* (e)		525		29,159
Twilio, Inc., Class A*		6,362		614,315
Unisys Corp.*		2,766		28,379
VeriSign, Inc.*		5,647		1,073,043
Verra Mobility Corp.*		6,035		86,602
Virtusa Corp.*		1,563		58,269
Visa, Inc., Class A		93,328		16,692,646
Western Union Co. (The)		22,812		571,669
WEX, Inc.*		2,303		435,682
				83,211,455
Leisure Products 0.1%
Acushnet Holdings Corp.		1,895		53,913
American Outdoor Brands Corp.*		2,898		20,518
Brunswick Corp.		4,587		267,147
Callaway Golf Co.		4,991		100,918
Clarus Corp.		1,048		13,362
Escalade, Inc.		487		5,581
Hasbro, Inc.		6,136		597,094
Johnson Outdoors, Inc., Class A		272		15,926
Malibu Boats, Inc., Class A*		1,114		36,339
Marine Products Corp.		332		4,455
MasterCraft Boat Holdings, Inc.*		1,007		15,860
Mattel, Inc.* (e)		18,353		219,135
Polaris, Inc.		3,100		305,815
Sturm Ruger & Co., Inc.		884		40,452
Vista Outdoor, Inc.*		3,092		20,716
YETI Holdings, Inc.* (e)		1,651		54,995
				1,772,226
Life Sciences Tools & Services 0.7%
Accelerate Diagnostics, Inc.* (e)		1,472		22,669
Adaptive Biotechnologies Corp.*		1,126		29,349
Agilent Technologies, Inc.		16,570		1,255,178
Avantor, Inc.*		11,045		156,950
Bio-Rad Laboratories, Inc., Class A*		1,146		380,037
Bio-Techne Corp.		1,947		405,307
Bruker Corp.		5,498		244,661
Cambrex Corp.*		1,807		107,932
Charles River Laboratories International, Inc.*		2,587		336,258
ChromaDex Corp.*		1,796		5,190
Codexis, Inc.*		2,733		36,950
Fluidigm Corp.*		3,698		18,194

Common Stocks (continued)
	Shares		Value
Life Sciences Tools & Services (continued)
Illumina, Inc.*		7,843	$	2,317,763
IQVIA Holdings, Inc.*		9,579		1,383,399
Luminex Corp.		2,144		43,941
Medpace Holdings, Inc.*		1,476		108,678
Mettler-Toledo International, Inc.*		1,311		924,176
NanoString Technologies, Inc.*		1,778		40,183
NeoGenomics, Inc.*		4,997		114,581
Pacific Biosciences of California, Inc.*		7,331		35,482
PerkinElmer, Inc.		5,921		508,969
Personalis, Inc.*		395		4,092
PRA Health Sciences, Inc.*		3,173		310,034
QIAGEN NV*		11,843		353,040
Quanterix Corp.*		700		14,595
Syneos Health, Inc.*		3,324		166,699
Thermo Fisher Scientific, Inc.		21,311		6,435,496
Waters Corp.*		3,520		744,902
				16,504,705
Machinery 1.3%
Actuant Corp., Class A		3,044		75,400
AGCO Corp.		3,404		261,053
Alamo Group, Inc.		528		56,528
Albany International Corp., Class A		1,625		136,467
Allison Transmission Holdings, Inc.		5,940		259,043
Altra Industrial Motion Corp.		3,452		106,322
Astec Industries, Inc.		1,231		43,196
Barnes Group, Inc.		2,527		147,703
Blue Bird Corp.*		879		17,176
Briggs & Stratton Corp.		2,207		16,266
Caterpillar, Inc.		29,226		4,027,343
Chart Industries, Inc.*		1,912		112,101
CIRCOR International, Inc.*		1,042		39,898
Colfax Corp.*		4,968		166,925
Columbus McKinnon Corp.		1,235		46,337
Commercial Vehicle Group, Inc.*		1,376		10,031
Crane Co.		2,556		195,585
Cummins, Inc.		8,244		1,421,925
Deere & Co.		16,981		2,957,071
Donaldson Co., Inc.		6,863		361,955
Douglas Dynamics, Inc.		1,198		56,102
Dover Corp.		7,761		806,290
Eastern Co. (The)		243		6,704
Energy Recovery, Inc.* (e)		2,043		19,020
EnPro Industries, Inc.		1,108		77,061
ESCO Technologies, Inc.		1,378		116,427
Evoqua Water Technologies Corp.*		4,043		70,227
Federal Signal Corp.		3,219		104,424
Flowserve Corp.		7,004		342,075
Fortive Corp.		15,855		1,093,995
Franklin Electric Co., Inc.		2,497		134,463
Gardner Denver Holdings, Inc.*		7,078		225,293
Gates Industrial Corp. plc*		2,484		24,840
Gencor Industries, Inc.*		398		4,975
Gorman-Rupp Co. (The)		952		35,167
Graco, Inc.		8,883		401,512
Graham Corp.		433		9,812
Greenbrier Cos., Inc. (The)		1,448		42,412
Harsco Corp.*		4,271		86,573
Helios Technologies, Inc.		1,590		63,012

33

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Hillenbrand, Inc.		3,343	$	102,931
Hurco Cos., Inc.		285		9,915
Hyster-Yale Materials Handling, Inc.		540		27,389
IDEX Corp.		4,054		630,519
Illinois Tool Works, Inc.		17,389		2,931,438
Ingersoll-Rand plc		12,938		1,641,703
ITT, Inc.		4,716		280,366
John Bean Technologies Corp.		1,663		170,907
Kadant, Inc.		573		52,028
Kennametal, Inc.		4,372		135,313
LB Foster Co., Class A*		597		10,865
Lincoln Electric Holdings, Inc.		3,179		284,743
Lindsay Corp.		559		52,775
Luxfer Holdings plc		1,405		23,688
Lydall, Inc.*		964		18,865
Manitowoc Co., Inc. (The)*		1,883		24,027
Meritor, Inc.*		4,230		93,187
Middleby Corp. (The)*		2,985		361,036
Milacron Holdings Corp.*		3,623		60,577
Miller Industries, Inc.		626		22,505
Mueller Industries, Inc.		2,972		91,448
Mueller Water Products, Inc., Class A		8,450		98,865
Navistar International Corp.*		2,645		82,736
NN, Inc.		2,309		16,671
Nordson Corp.		3,080		482,975
Omega Flex, Inc.		130		12,071
Oshkosh Corp.		3,647		311,381
PACCAR, Inc.		18,187		1,383,303
Parker-Hannifin Corp.		6,866		1,259,842
Park-Ohio Holdings Corp.		512		15,749
Pentair plc		8,966		371,820
Proto Labs, Inc.*		1,443		139,928
RBC Bearings, Inc.*		1,293		207,449
REV Group, Inc.		1,483		18,449
Rexnord Corp.*		5,639		159,527
Snap-on, Inc.		2,936		477,599
Spartan Motors, Inc.		1,862		32,529
SPX Corp.*		2,304		104,924
SPX FLOW, Inc.*		2,241		101,472
Standex International Corp.		660		50,015
Stanley Black & Decker, Inc.		8,135		1,231,070
Tennant Co.		974		75,417
Terex Corp.		3,391		93,422
Timken Co. (The)		3,592		176,008
Titan International, Inc.		3,062		8,176
Toro Co. (The)		5,670		437,327
TriMas Corp.*		2,473		79,927
Trinity Industries, Inc.		4,975		98,406
Twin Disc, Inc.*		453		4,874
Wabash National Corp.		2,918		41,611
WABCO Holdings, Inc.*		2,765		372,224
Wabtec Corp.		9,505		659,362
Watts Water Technologies, Inc., Class A		1,472		137,264
Welbilt, Inc.*		6,952		131,810
Woodward, Inc.		2,944		314,007
Xylem, Inc.		9,599		736,147
				31,129,291

Common Stocks (continued)
	Shares		Value
Marine 0.0%†
Costamare, Inc.		2,938	$	23,093
Eagle Bulk Shipping, Inc.* (e)		1,990		8,637
Genco Shipping & Trading Ltd.*		680		6,718
Kirby Corp.*		3,173		251,175
Matson, Inc.		2,280		87,050
Safe Bulkers, Inc.*		2,300		3,749
Scorpio Bulkers, Inc.		3,265		21,222
				401,644
Media 1.0%
Altice USA, Inc., Class A*		17,004		526,274
AMC Networks, Inc., Class A*		2,069		90,105
Boston Omaha Corp., Class A* (e)		468		10,511
Cable One, Inc.		225		298,208
Cardlytics, Inc.*		777		32,564
CBS Corp. (Non-Voting), Class B		17,814		642,017
Central European Media Enterprises Ltd., Class A*		4,866		21,824
Charter Communications, Inc., Class A*		8,571		4,010,028
Clear Channel Outdoor Holdings, Inc.*		2,214		5,159
Comcast Corp., Class A		241,731		10,834,383
comScore, Inc.*		2,854		6,593
Cumulus Media, Inc., Class A*		864		11,828
Daily Journal Corp.* (e)		50		14,051
Discovery, Inc., Class A*		27,196		700,896
DISH Network Corp., Class A*		12,566		432,019
Emerald Expositions Events, Inc.		1,451		14,104
Entercom Communications Corp., Class A		6,605		22,985
Entravision Communications Corp., Class A		2,742		7,787
EW Scripps Co. (The), Class A		2,881		38,706
Fluent, Inc.*		1,928		4,492
Fox Corp., Class A		27,748		881,984
Gannett Co., Inc.		5,471		59,360
Gray Television, Inc.*		4,915		80,655
Hemisphere Media Group, Inc.*		766		9,889
Interpublic Group of Cos., Inc. (The)		20,682		449,834
John Wiley & Sons, Inc., Class A		2,372		109,278
Lee Enterprises, Inc.*		2,423		4,386
Liberty Broadband Corp., Class A*		6,892		813,635
Liberty Latin America Ltd., Class A*		8,111		149,905
Liberty Media Corp-Liberty SiriusXM*		13,020		587,080
Loral Space & Communications, Inc.*		712		28,473
Marchex, Inc., Class B*		1,606		5,316
MDC Partners, Inc., Class A*		2,558		8,007
Meredith Corp.		2,153		81,168
MSG Networks, Inc., Class A*		3,196		51,807
National CineMedia, Inc.		2,806		23,556
New Media Investment Group, Inc. (e)		3,274		28,844
New York Times Co. (The), Class A		8,751		270,406
News Corp., Class A		27,260		376,459
Nexstar Media Group, Inc., Class A		2,390		232,523
Omnicom Group, Inc.		11,457		884,366
Saga Communications, Inc., Class A		170		5,129
Scholastic Corp.		1,637		63,025

34

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
Sinclair Broadcast Group, Inc., Class A		3,290	$	131,074
Sirius XM Holdings, Inc. (e)		72,285		485,755
TechTarget, Inc.*		1,216		29,670
TEGNA, Inc.		11,686		175,641
Tribune Publishing Co.		791		7,087
WideOpenWest, Inc.*		1,108		7,036
				23,765,882
Metals & Mining 0.3%
AK Steel Holding Corp.*		16,680		39,365
Alcoa Corp.*		9,996		207,817
Allegheny Technologies, Inc.*		6,732		141,439
Carpenter Technology Corp.		2,531		124,070
Century Aluminum Co.*		2,933		17,099
Cleveland-Cliffs, Inc. (e)		14,462		104,560
Coeur Mining, Inc.*		11,646		64,286
Commercial Metals Co.		6,249		120,793
Compass Minerals International, Inc.		1,827		103,189
Freeport-McMoRan, Inc.		76,678		752,978
Gold Resource Corp.		2,734		11,975
Haynes International, Inc.		686		23,640
Hecla Mining Co.		26,882		61,829
Kaiser Aluminum Corp.		857		91,768
Materion Corp.		1,059		60,194
Mayville Engineering Co., Inc.*		285		2,437
Newmont Goldcorp Corp.		43,283		1,719,634
Novagold Resources, Inc.*		12,376		90,097
Nucor Corp.		16,361		881,040
Olympic Steel, Inc.		411		6,157
Ramaco Resources, Inc.*		368		1,306
Reliance Steel & Aluminum Co.		3,469		402,543
Royal Gold, Inc.		3,492		403,116
Ryerson Holding Corp.*		724		6,292
Schnitzer Steel Industries, Inc., Class A		1,415		30,196
Southern Copper Corp.		4,424		157,406
Steel Dynamics, Inc.		11,278		342,400
SunCoke Energy, Inc.*		4,177		22,096
Synalloy Corp.		374		5,857
TimkenSteel Corp.*		2,278		12,802
United States Steel Corp. (e)		9,197		105,857
Warrior Met Coal, Inc.		2,763		53,823
Worthington Industries, Inc.		2,093		77,043
				6,245,104
Mortgage Real Estate Investment Trusts (REITs) 0.2%
AG Mortgage Investment Trust, Inc.		1,705		26,666
AGNC Investment Corp.		28,635		488,227
Annaly Capital Management, Inc.		77,757		698,258
Anworth Mortgage Asset Corp.		5,867		20,065
Apollo Commercial Real Estate Finance, Inc.		8,128		148,742
Ares Commercial Real Estate Corp.		1,597		24,753
Arlington Asset Investment Corp., Class A		2,176		12,577
ARMOUR Residential REIT, Inc.		3,214		53,770
Blackstone Mortgage Trust, Inc., Class A		6,680		242,484

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Capstead Mortgage Corp.		4,201	$	32,474
Cherry Hill Mortgage Investment Corp.		832		11,249
Chimera Investment Corp.		9,783		198,204
Colony Credit Real Estate, Inc.		4,386		62,851
Dynex Capital, Inc.		1,076		17,388
Ellington Financial, Inc.		1,621		29,859
Exantas Capital Corp.		1,712		20,133
Granite Point Mortgage Trust, Inc.		2,884		53,642
Great Ajax Corp.		750		11,738
Invesco Mortgage Capital, Inc.		7,651		120,427
KKR Real Estate Finance Trust, Inc.		1,347		27,007
Ladder Capital Corp.		5,477		94,588
MFA Financial, Inc.		23,788		180,551
New Residential Investment Corp.		22,250		352,440
New York Mortgage Trust, Inc.		12,181		76,253
Orchid Island Capital, Inc.		2,842		15,830
PennyMac Mortgage Investment Trust		4,516		103,371
Ready Capital Corp.		1,656		26,214
Redwood Trust, Inc.		5,243		85,671
Starwood Property Trust, Inc.		14,560		358,176
TPG RE Finance Trust, Inc.		2,660		53,812
Two Harbors Investment Corp.		14,511		201,268
Western Asset Mortgage Capital Corp.		2,329		23,383
				3,872,071
Multiline Retail 0.3%
Big Lots, Inc.		1,762		38,182
Dillard’s, Inc., Class A (e)		467		32,214
Dollar General Corp.		13,877		2,225,038
Dollar Tree, Inc.*		12,592		1,390,157
JC Penney Co., Inc.* (e)		17,754		17,754
Kohl’s Corp.		8,745		448,269
Macy’s, Inc.		16,142		244,713
Nordstrom, Inc. (e)		5,429		194,901
Ollie’s Bargain Outlet Holdings, Inc.*		2,829		180,716
Target Corp.		26,714		2,855,994
				7,627,938
Multi-Utilities 0.7%
Ameren Corp.		13,161		1,022,610
Avista Corp.		3,504		168,297
Black Hills Corp.		3,247		255,961
CenterPoint Energy, Inc.		26,995		784,745
CMS Energy Corp.		15,259		975,355
Consolidated Edison, Inc.		17,835		1,644,744
Dominion Energy, Inc.		42,925		3,543,459
DTE Energy Co.		9,827		1,251,173
MDU Resources Group, Inc.		10,181		294,129
NiSource, Inc.		20,009		561,052
NorthWestern Corp.		2,565		186,014
Public Service Enterprise Group, Inc.		26,951		1,706,268
Sempra Energy		14,673		2,120,395
Unitil Corp.		803		50,003
WEC Energy Group, Inc.		16,953		1,600,363
				16,164,568

35

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels 2.3%
Abraxas Petroleum Corp.*		7,133	$	2,069
Altus Midstream Co.* (e)		2,253		4,957
Amplify Energy Corp.		594		4,306
Antero Midstream Corp. (e)		12,231		78,768
Antero Resources Corp.*		14,403		36,007
Apache Corp.		20,196		437,445
Arch Coal, Inc., Class A		874		68,950
Ardmore Shipping Corp.*		2,022		16,156
Berry Petroleum Corp.		3,353		31,485
Bonanza Creek Energy, Inc.*		1,062		18,925
Brigham Minerals, Inc., Class A		884		16,876
Cabot Oil & Gas Corp.		21,724		404,935
California Resources Corp.* (e)		2,467		13,791
Callon Petroleum Co.* (e)		12,286		46,687
Carrizo Oil & Gas, Inc.*		4,884		35,946
Centennial Resource Development, Inc., Class A*		9,844		33,470
Chaparral Energy, Inc., Class A*		1,404		1,316
Cheniere Energy, Inc.*		12,513		770,175
Chesapeake Energy Corp.* (e)		70,840		94,926
Chevron Corp.		102,439		11,897,265
Cimarex Energy Co.		4,847		204,640
Clean Energy Fuels Corp.*		7,475		16,819
CNX Resources Corp.*		10,033		84,578
Comstock Resources, Inc.* (e)		670		4,583
Concho Resources, Inc.		10,699		722,396
ConocoPhillips		59,642		3,292,238
CONSOL Energy, Inc.*		1,430		18,919
Continental Resources, Inc.*		4,665		137,478
Contura Energy, Inc.*		1,023		23,468
CVR Energy, Inc.		1,578		74,829
Delek US Holdings, Inc.		4,005		160,000
Denbury Resources, Inc.*		23,965		23,919
Devon Energy Corp.		21,738		440,847
DHT Holdings, Inc.		4,794		37,058
Diamond S Shipping, Inc.*		1,325		19,345
Diamondback Energy, Inc.		8,811		755,631
Dorian LPG Ltd.*		1,676		20,866
Earthstone Energy, Inc., Class A*		889		3,449
Energy Fuels, Inc.* (e)		5,355		10,764
EOG Resources, Inc.		31,042		2,151,521
EQT Corp.		13,825		148,480
Equitrans Midstream Corp.		10,961		152,577
Evolution Petroleum Corp.		1,223		6,873
Extraction Oil & Gas, Inc.* (e)		5,046		8,578
Exxon Mobil Corp. (d)		226,943		15,334,538
Falcon Minerals Corp.		2,168		13,355
GasLog Ltd.		2,175		29,819
Golar LNG Ltd.		5,122		70,530
Goodrich Petroleum Corp.*		403		3,881
Green Plains, Inc.		2,020		24,907
Gulfport Energy Corp.*		8,971		24,984
Hallador Energy Co.		914		3,076
Hess Corp.		14,420		948,115
HighPoint Resources Corp.*		5,029		5,331
HollyFrontier Corp.		8,230		452,156
International Seaways, Inc.*		1,357		34,115
Jagged Peak Energy, Inc.* (e)		3,585		25,418
Kinder Morgan, Inc.		104,479		2,087,490
Kosmos Energy Ltd.		19,485		120,807

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Laredo Petroleum, Inc.*		9,767	$	23,050
Magnolia Oil & Gas Corp., Class A* (e)		5,389		52,920
Marathon Oil Corp.		42,384		488,687
Marathon Petroleum Corp.		35,058		2,241,959
Matador Resources Co.*		5,925		82,417
Montage Resources Corp.*		962		4,348
Murphy Oil Corp. (e)		8,375		172,776
NACCO Industries, Inc., Class A		165		8,332
NextDecade Corp.*		515		3,049
Noble Energy, Inc.		25,457		490,302
Nordic American Tankers Ltd.		7,931		28,393
Northern Oil and Gas, Inc.*		15,134		29,663
Oasis Petroleum, Inc.*		17,032		44,453
Occidental Petroleum Corp.		47,857		1,938,208
ONEOK, Inc.		22,083		1,542,056
Overseas Shipholding Group, Inc., Class A*		2,948		4,805
Panhandle Oil and Gas, Inc., Class A		968		13,736
Par Pacific Holdings, Inc.*		1,892		42,854
Parsley Energy, Inc., Class A		12,838		202,969
PBF Energy, Inc., Class A		6,404		206,721
PDC Energy, Inc.*		3,388		67,591
Peabody Energy Corp.		3,680		38,750
Penn Virginia Corp.*		724		17,231
Phillips 66		24,013		2,805,199
Pioneer Natural Resources Co.		8,865		1,090,572
PrimeEnergy Resources Corp.*		23		3,644
QEP Resources, Inc.		12,928		43,050
Range Resources Corp. (e)		11,274		45,434
Renewable Energy Group, Inc.*		1,922		31,405
REX American Resources Corp.*		306		24,762
Ring Energy, Inc.*		2,680		4,449
Roan Resources, Inc.*		1,620		2,430
Rosehill Resources, Inc.*		476		733
SandRidge Energy, Inc.*		1,392		6,097
Scorpio Tankers, Inc.		2,354		74,881
SemGroup Corp., Class A		4,227		68,055
Ship Finance International Ltd.		4,356		63,031
SilverBow Resources, Inc.*		318		2,512
SM Energy Co.		6,039		47,346
Southwestern Energy Co.*		29,456		60,385
SRC Energy, Inc.*		13,096		40,860
Talos Energy, Inc.*		1,093		23,532
Targa Resources Corp.		12,279		477,408
Teekay Corp.		3,066		15,667
Teekay Tankers Ltd., Class A*		8,546		17,434
Tellurian, Inc.* (e)		5,026		40,057
Unit Corp.*		2,737		5,583
Uranium Energy Corp.* (e)		7,981		7,559
Valero Energy Corp.		22,288		2,161,490
W&T Offshore, Inc.*		5,374		21,657
Whiting Petroleum Corp.* (e)		4,868		30,863
Williams Cos., Inc. (The)		65,297		1,456,776
World Fuel Services Corp.		3,454		144,274
WPX Energy, Inc.*		22,559		225,139
				58,500,387

36

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Paper & Forest Products 0.0%†
Boise Cascade Co.		2,028	$	72,542
Clearwater Paper Corp.*		934		17,316
Domtar Corp.		3,361		122,307
Louisiana-Pacific Corp.		6,667		194,876
Neenah, Inc.		917		59,147
PH Glatfelter Co.		2,333		41,994
Schweitzer-Mauduit International, Inc.		1,647		66,687
Verso Corp., Class A*		1,858		27,201
				602,070
Personal Products 0.1%
BellRing Brands, Inc., Class A*		1,552		27,113
Coty, Inc., Class A		15,451		180,622
Edgewell Personal Care Co.*		2,898		101,430
elf Beauty, Inc.*		1,445		24,276
Estee Lauder Cos., Inc. (The), Class A		11,491		2,140,429
Herbalife Nutrition Ltd.*		5,484		244,970
Inter Parfums, Inc.		914		70,771
Lifevantage Corp.*		619		8,394
Medifast, Inc.		611		67,784
Nature’s Sunshine Products, Inc.*		398		3,757
Nu Skin Enterprises, Inc., Class A		2,957		131,823
Revlon, Inc., Class A* (e)		316		8,308
USANA Health Sciences, Inc.*		699		51,803
Youngevity International, Inc.*		384		1,793
				3,063,273
Pharmaceuticals 2.5%
AcelRx Pharmaceuticals, Inc.* (e)		3,506		7,012
Acer Therapeutics, Inc.*		228		714
Aclaris Therapeutics, Inc.*		1,388		2,429
Aerie Pharmaceuticals, Inc.* (e)		2,294		50,904
Akorn, Inc.*		4,983		24,865
Allergan plc		17,574		3,094,957
Amneal Pharmaceuticals, Inc.*		4,695		14,461
Amphastar Pharmaceuticals, Inc.*		1,947		37,606
ANI Pharmaceuticals, Inc.*		507		39,602
Arvinas, Inc.*		988		20,412
Assertio Therapeutics, Inc.*		2,905		2,295
Axsome Therapeutics, Inc.* (e)		1,366		32,893
BioDelivery Sciences International, Inc.*		4,636		26,796
Bristol-Myers Squibb Co.		85,423		4,900,718
Cara Therapeutics, Inc.* (e)		2,104		43,679
Catalent, Inc.*		7,545		367,064
cbdMD, Inc.*		467		1,644
Cerecor, Inc.*		950		3,268
Chiasma, Inc.*		1,533		8,033
Collegium Pharmaceutical, Inc.*		1,720		20,640
Corcept Therapeutics, Inc.*		5,191		75,737
CorMedix, Inc.*		1,061		5,920
Cymabay Therapeutics, Inc.*		3,745		16,815
Dermira, Inc.*		2,557		17,106
Dova Pharmaceuticals, Inc.*		375		10,691
Elanco Animal Health, Inc.*		19,712		532,618
Eli Lilly & Co.		46,076		5,250,360
Eloxx Pharmaceuticals, Inc.*		1,125		6,851
Endo International plc*		12,165		55,837

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Evofem Biosciences, Inc.*		638	$	3,247
Evolus, Inc.* (e)		759		12,106
EyePoint Pharmaceuticals, Inc.*		2,804		6,337
Fulcrum Therapeutics, Inc.*		225		1,411
Horizon Therapeutics plc*		10,019		289,649
Innoviva, Inc.*		3,311		38,474
Intersect ENT, Inc.*		1,597		28,459
Intra-Cellular Therapies, Inc.*		2,496		23,088
Jazz Pharmaceuticals plc*		2,890		363,071
Johnson & Johnson (d)		142,211		18,777,540
Kala Pharmaceuticals, Inc.* (e)		986		3,579
Kaleido Biosciences, Inc.* (e)		229		1,342
Lannett Co., Inc.*		1,411		16,777
Liquidia Technologies, Inc.*		608		2,663
Mallinckrodt plc* (e)		4,640		14,662
Marinus Pharmaceuticals, Inc.*		2,239		2,620
Menlo Therapeutics, Inc.*		695		3,524
Merck & Co., Inc.		137,819		11,943,395
Mylan NV*		27,023		517,490
MyoKardia, Inc.*		2,390		137,019
Nektar Therapeutics*		8,724		149,399
NGM Biopharmaceuticals, Inc.*		303		3,930
Ocular Therapeutix, Inc.* (e)		1,867		6,049
Odonate Therapeutics, Inc.*		642		20,390
Omeros Corp.* (e)		2,546		40,329
Optinose, Inc.* (e)		1,127		8,813
Osmotica Pharmaceuticals plc*		366		1,621
Pacira BioSciences, Inc.*		2,183		88,390
Paratek Pharmaceuticals, Inc.* (e)		1,442		4,449
Perrigo Co. plc		6,789		359,953
Pfizer, Inc.		298,190		11,441,550
Phathom Pharmaceuticals, Inc.*		477		11,267
Phibro Animal Health Corp., Class A		1,120		26,835
Prestige Consumer Healthcare, Inc.*		2,720		96,451
Reata Pharmaceuticals, Inc., Class A* (e)		1,075		221,536
resTORbio, Inc.*		685		4,966
Revance Therapeutics, Inc.*		2,331		36,503
Satsuma Pharmaceuticals, Inc.*		485		5,713
SIGA Technologies, Inc.*		3,150		17,482
Strongbridge Biopharma plc*		1,627		3,449
Supernus Pharmaceuticals, Inc.*		2,668		74,144
TherapeuticsMD, Inc.* (e)		10,807		28,747
Theravance Biopharma, Inc.*		2,243		36,157
Tricida, Inc.*		1,164		43,545
Verrica Pharmaceuticals, Inc.*		578		7,815
WaVe Life Sciences Ltd.* (e)		1,150		29,084
Xeris Pharmaceuticals, Inc.*		1,549		12,671
Zoetis, Inc.		25,640		3,279,869
Zogenix, Inc.*		2,292		102,338
Zynerba Pharmaceuticals, Inc.* (e)		1,049		8,140
				63,029,965
Professional Services 0.3%
Acacia Research Corp.*		2,197		5,580
ASGN, Inc.*		2,735		173,919
Barrett Business Services, Inc.		386		33,864
BG Staffing, Inc.		449		8,589
CBIZ, Inc.*		2,718		74,392

37

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Professional Services (continued)
CoStar Group, Inc.*		1,918	$	1,053,979
CRA International, Inc.		450		22,163
Equifax, Inc.		6,448		881,506
Exponent, Inc.		2,771		176,042
Forrester Research, Inc.		600		20,688
Franklin Covey Co.*		557		21,277
FTI Consulting, Inc.*		1,993		216,978
GP Strategies Corp.*		574		6,372
Heidrick & Struggles International, Inc.		1,038		29,542
Huron Consulting Group, Inc.*		1,229		81,286
ICF International, Inc.		852		73,008
IHS Markit Ltd.*		21,065		1,474,971
InnerWorkings, Inc.*		1,998		9,690
Insperity, Inc.		2,056		217,175
Kelly Services, Inc., Class A		1,770		42,498
Kforce, Inc.		1,200		49,092
Korn Ferry		3,029		111,134
ManpowerGroup, Inc.		3,189		289,944
Mistras Group, Inc.*		810		12,555
Nielsen Holdings plc		19,140		385,862
Resources Connection, Inc.		1,657		24,275
Robert Half International, Inc.		6,220		356,219
TransUnion		10,031		828,761
TriNet Group, Inc.*		2,386		126,434
TrueBlue, Inc.*		2,090		47,861
Upwork, Inc.*		3,014		45,331
Verisk Analytics, Inc.		8,496		1,229,371
Willdan Group, Inc.*		556		16,847
				8,147,205
Real Estate Management & Development 0.1%
Altisource Portfolio Solutions SA*		260		4,628
American Realty Investors, Inc.*		113		1,802
CBRE Group, Inc., Class A*		17,947		961,062
Consolidated-Tomoka Land Co.		284		18,168
Cushman & Wakefield plc*		5,425		101,176
eXp World Holdings, Inc.*		731		6,557
Forestar Group, Inc.*		472		8,864
FRP Holdings, Inc.*		393		20,350
Griffin Industrial Realty, Inc.		44		1,733
Howard Hughes Corp. (The)*		2,156		241,084
Jones Lang LaSalle, Inc.		2,765		405,128
Kennedy-Wilson Holdings, Inc.		6,652		153,063
Marcus & Millichap, Inc.*		1,229		43,900
Maui Land & Pineapple Co., Inc.*		304		3,128
Newmark Group, Inc., Class A		7,729		82,082
Rafael Holdings, Inc., Class B*		616		10,700
RE/MAX Holdings, Inc., Class A		981		32,814
Realogy Holdings Corp. (e)		5,806		45,751
Redfin Corp.* (e)		4,728		82,220
RMR Group, Inc. (The), Class A		770		37,268
St Joe Co. (The)*		1,904		35,319
Stratus Properties, Inc.*		264		7,281
Tejon Ranch Co.*		1,174		18,878
Transcontinental Realty Investors, Inc.*		47		1,482
				2,324,438

Common Stocks (continued)
	Shares		Value
Road & Rail 0.6%
AMERCO		477	$	193,204
ArcBest Corp.		1,337		38,626
Avis Budget Group, Inc.*		3,157		93,794
Covenant Transportation Group, Inc., Class A*		570		8,761
CSX Corp.		40,828		2,868,984
Daseke, Inc.*		2,068		5,563
Genesee & Wyoming, Inc., Class A*		3,007		333,867
Heartland Express, Inc.		2,428		50,745
Hertz Global Holdings, Inc.*		5,318		71,846
JB Hunt Transport Services, Inc.		4,478		526,434
Kansas City Southern		5,294		745,289
Knight-Swift Transportation Holdings, Inc.		6,629		241,693
Landstar System, Inc.		2,124		240,331
Lyft, Inc., Class A*		1,784		73,929
Marten Transport Ltd.		2,028		43,926
Norfolk Southern Corp.		14,233		2,590,406
Old Dominion Freight Line, Inc.		3,462		630,361
PAM Transportation Services, Inc.*		86		4,928
Roadrunner Transportation Systems, Inc.*		161		1,810
Ryder System, Inc.		2,794		135,872
Saia, Inc.*		1,401		124,969
Schneider National, Inc., Class B		3,055		69,868
Uber Technologies, Inc.* (e)		9,766		307,629
Union Pacific Corp.		37,980		6,284,171
Universal Logistics Holdings, Inc.		374		7,052
US Xpress Enterprises, Inc., Class A*		998		5,180
Werner Enterprises, Inc.		2,442		89,133
YRC Worldwide, Inc.*		1,500		5,025
				15,793,396
Semiconductors & Semiconductor Equipment 2.5%
Adesto Technologies Corp.*		1,209		11,074
Advanced Energy Industries, Inc.*		2,032		120,091
Advanced Micro Devices, Inc.*		53,056		1,800,190
Alpha & Omega Semiconductor Ltd.*		899		11,741
Ambarella, Inc.*		1,691		88,997
Amkor Technology, Inc.*		5,353		66,538
Analog Devices, Inc.		19,650		2,095,279
Applied Materials, Inc.		49,913		2,708,279
Axcelis Technologies, Inc.*		1,746		33,471
AXT, Inc.*		1,723		5,376
Broadcom, Inc.		20,630		6,041,496
Brooks Automation, Inc.		3,780		160,537
Cabot Microelectronics Corp.		1,548		233,934
CEVA, Inc.*		1,191		32,419
Cirrus Logic, Inc.*		3,113		211,559
Cohu, Inc.		2,202		36,597
Cree, Inc.*		5,482		261,656
Cypress Semiconductor Corp.		19,732		459,164
Diodes, Inc.*		2,197		102,490
DSP Group, Inc.*		1,237		18,444
Enphase Energy, Inc.* (e)		4,942		96,023
Entegris, Inc.		7,214		346,272
First Solar, Inc.*		4,394		227,565
FormFactor, Inc.*		4,026		87,888
GSI Technology, Inc.*		720		5,630
Ichor Holdings Ltd.*		1,177		34,262

38

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Impinj, Inc.* (e)		797	$	26,217
Inphi Corp.*		2,391		171,865
Intel Corp.		237,607		13,431,924
KLA Corp.		8,478		1,433,121
Lam Research Corp.		7,715		2,091,074
Lattice Semiconductor Corp.*		6,667		130,607
MACOM Technology Solutions Holdings, Inc.*		2,489		56,600
Marvell Technology Group Ltd.		35,126		856,723
Maxim Integrated Products, Inc.		14,540		852,916
MaxLinear, Inc.*		3,503		66,417
Microchip Technology, Inc.		12,362		1,165,613
Micron Technology, Inc.*		59,116		2,810,966
MKS Instruments, Inc.		2,892		312,972
Monolithic Power Systems, Inc.		2,226		333,722
NeoPhotonics Corp.*		1,725		11,351
NVE Corp.		268		16,683
NVIDIA Corp.		31,168		6,265,391
ON Semiconductor Corp.*		21,839		445,516
Onto Innovation, Inc.*		2,582		83,132
PDF Solutions, Inc.*		1,558		25,177
Photronics, Inc.*		3,488		41,158
Power Integrations, Inc.		1,517		138,214
Qorvo, Inc.*		6,316		510,712
QUALCOMM, Inc.		65,119		5,238,172
Rambus, Inc.*		6,025		83,416
Semtech Corp.*		3,508		177,014
Silicon Laboratories, Inc.*		2,291		243,396
Skyworks Solutions, Inc.		9,211		838,754
SMART Global Holdings, Inc.*		757		22,483
SunPower Corp.* (e)		3,354		29,381
Synaptics, Inc.*		1,847		77,777
Teradyne, Inc.		9,167		561,204
Texas Instruments, Inc.		50,141		5,916,137
Ultra Clean Holdings, Inc.*		2,075		44,343
Universal Display Corp.		2,284		457,211
Veeco Instruments, Inc.*		2,580		35,191
Xilinx, Inc.		13,679		1,241,232
Xperi Corp.		2,592		52,631
				61,593,385
Software 4.5%
2U, Inc.*		2,989		53,578
8x8, Inc.*		5,056		97,682
A10 Networks, Inc.*		3,149		23,397
ACI Worldwide, Inc.*		6,110		191,793
Adobe, Inc.*		26,145		7,266,480
Agilysys, Inc.*		1,100		27,709
Alarm.com Holdings, Inc.*		1,964		97,022
Altair Engineering, Inc., Class A*		2,093		77,169
Alteryx, Inc., Class A*		2,416		221,064
American Software, Inc., Class A		1,581		25,628
Anaplan, Inc.*		4,472		211,078
ANSYS, Inc.*		4,476		985,391
Appfolio, Inc., Class A*		815		79,242
Appian Corp.*		1,667		74,415
Aspen Technology, Inc.*		3,693		425,101
Atlassian Corp. plc, Class A*		5,675		685,483
Autodesk, Inc.*		11,771		1,734,575

Common Stocks (continued)
	Shares		Value
Software (continued)
Avalara, Inc.*		2,445	$	173,595
Avaya Holdings Corp.*		5,937		71,778
Benefitfocus, Inc.*		1,601		36,399
Blackbaud, Inc.		2,606		218,774
Blackline, Inc.*		2,290		107,035
Bottomline Technologies DE, Inc.*		2,301		94,226
Box, Inc., Class A*		7,700		130,284
Cadence Design Systems, Inc.*		14,926		975,414
CDK Global, Inc.		6,310		318,907
Cerence, Inc.*		1,840		28,520
Ceridian HCM Holding, Inc.*		4,188		202,071
ChannelAdvisor Corp.*		1,623		15,272
Cision Ltd.*		4,978		50,128
Citrix Systems, Inc.		6,736		733,281
Cloudera, Inc.*		12,601		106,857
CommVault Systems, Inc.*		2,126		105,598
Cornerstone OnDemand, Inc.*		3,023		177,057
Coupa Software, Inc.*		3,269		449,455
Digimarc Corp.* (e)		629		22,392
Digital Turbine, Inc.*		4,322		30,211
DocuSign, Inc.*		8,198		542,626
Domo, Inc., Class B*		936		15,051
Dropbox, Inc., Class A*		11,364		225,235
Dynatrace, Inc.*		1,669		33,764
Ebix, Inc. (e)		1,212		51,668
eGain Corp.*		917		6,900
Elastic NV*		2,333		167,999
Envestnet, Inc.*		2,575		160,912
Everbridge, Inc.*		1,777		123,519
Fair Isaac Corp.*		1,519		461,837
FireEye, Inc.*		10,744		170,185
Five9, Inc.*		3,183		176,688
ForeScout Technologies, Inc.*		2,215		68,133
Fortinet, Inc.*		7,545		615,370
GTY Technology Holdings, Inc.*		2,048		10,670
Guidewire Software, Inc.*		4,409		497,071
HubSpot, Inc.*		2,136		331,294
Ideanomics, Inc.* (e)		2,315		2,662
Instructure, Inc.*		1,803		84,254
Intelligent Systems Corp.* (e)		330		14,906
Intuit, Inc.		13,333		3,433,248
j2 Global, Inc.		2,478		235,311
LivePerson, Inc.*		3,374		138,503
LogMeIn, Inc.		2,643		173,592
Majesco*		340		2,927
Manhattan Associates, Inc.*		3,458		259,177
Medallia, Inc.*		721		20,967
Microsoft Corp.		405,047		58,071,588
MicroStrategy, Inc., Class A*		432		66,204
Mitek Systems, Inc.*		1,657		15,973
MobileIron, Inc.*		5,106		31,964
Model N, Inc.*		1,733		51,626
New Relic, Inc.*		2,765		177,126
Nuance Communications, Inc.*		14,731		240,410
Nutanix, Inc., Class A*		7,513		219,530
OneSpan, Inc.*		1,762		32,967
Oracle Corp.		120,165		6,547,791
PagerDuty, Inc.*		564		12,966
Palo Alto Networks, Inc.*		4,975		1,131,265
Paycom Software, Inc.*		2,637		557,805

39

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Paylocity Holding Corp.*		1,743	$	178,832
Pegasystems, Inc.		2,051		154,256
Phunware, Inc.* (e)		1,493		2,463
Ping Identity Holding Corp.*		917		15,323
Pluralsight, Inc., Class A* (e)		3,285		59,393
Progress Software Corp.		2,325		92,721
Proofpoint, Inc.*		2,941		339,303
PROS Holdings, Inc.*		1,756		89,977
PTC, Inc.*		5,588		373,893
Q2 Holdings, Inc.*		2,289		163,641
QAD, Inc., Class A		597		27,749
Qualys, Inc.*		1,818		155,130
Rapid7, Inc.*		2,590		129,733
RealPage, Inc.*		4,089		247,589
Rimini Street, Inc.*		905		3,539
RingCentral, Inc., Class A*		3,729		602,308
SailPoint Technologies Holding, Inc.*		4,512		87,352
salesforce.com, Inc.*		43,956		6,878,674
SecureWorks Corp., Class A*		370		4,499
ServiceNow, Inc.*		9,965		2,463,946
SharpSpring, Inc.*		462		4,708
ShotSpotter, Inc.*		450		9,090
Smartsheet, Inc., Class A*		4,661		183,643
SolarWinds Corp.*		2,415		45,764
Splunk, Inc.*		7,999		959,560
SPS Commerce, Inc.*		1,877		99,049
SS&C Technologies Holdings, Inc.		11,843		615,954
SVMK, Inc.*		4,581		84,290
Symantec Corp.		31,337		716,991
Synchronoss Technologies, Inc.* (e)		2,220		13,320
Synopsys, Inc.*		7,983		1,083,692
Telaria, Inc.*		2,448		18,531
Telenav, Inc.*		1,925		9,067
Tenable Holdings, Inc.*		1,901		47,905
Teradata Corp.*		6,107		182,783
TiVo Corp.		6,454		52,536
Trade Desk, Inc. (The), Class A*		2,056		412,845
Tyler Technologies, Inc.*		2,167		581,883
Upland Software, Inc.*		1,222		45,801
Varonis Systems, Inc.*		1,585		113,407
Verint Systems, Inc.*		3,501		158,910
VirnetX Holding Corp.* (e)		3,357		19,638
VMware, Inc., Class A		4,054		641,627
Workday, Inc., Class A*		8,518		1,381,279
Workiva, Inc.*		1,951		81,298
Yext, Inc.*		4,934		81,214
Zendesk, Inc.*		5,845		412,949
Zix Corp.*		2,853		18,858
Zscaler, Inc.* (e)		3,317		145,882
Zuora, Inc., Class A*		4,622		65,864
				111,864,404
Specialty Retail 1.5%
Aaron’s, Inc.		3,606		270,198
Abercrombie & Fitch Co., Class A		3,575		57,879
Advance Auto Parts, Inc.		3,690		599,551
American Eagle Outfitters, Inc.		8,701		133,821
America’s Car-Mart, Inc.*		334		30,391
Asbury Automotive Group, Inc.*		1,045		107,771

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Ascena Retail Group, Inc.*		7,053	$	2,484
At Home Group, Inc.* (e)		2,495		21,257
AutoNation, Inc.*		2,897		147,312
AutoZone, Inc.*		1,306		1,494,560
Barnes & Noble Education, Inc.*		1,836		7,546
Bed Bath & Beyond, Inc. (e)		6,646		91,050
Best Buy Co., Inc.		12,323		885,161
Boot Barn Holdings, Inc.*		1,508		52,855
Buckle, Inc. (The) (e)		1,591		33,284
Burlington Stores, Inc.*		3,507		673,940
Caleres, Inc.		2,099		45,171
Camping World Holdings, Inc., Class A (e)		1,871		17,681
CarMax, Inc.*		8,922		831,263
Carvana Co.*		2,363		191,592
Cato Corp. (The), Class A		1,080		18,889
Chico’s FAS, Inc.		6,335		21,792
Children’s Place, Inc. (The) (e)		826		67,658
Citi Trends, Inc.		512		9,139
Conn’s, Inc.* (e)		967		23,392
Container Store Group, Inc. (The)*		712		3,005
Designer Brands, Inc., Class A		3,418		56,397
Dick’s Sporting Goods, Inc.		3,558		138,513
Express, Inc.*		3,998		12,874
Five Below, Inc.*		2,953		369,450
Floor & Decor Holdings, Inc., Class A*		3,611		165,492
Foot Locker, Inc.		5,946		258,710
GameStop Corp., Class A (e)		4,676		25,437
Gap, Inc. (The)		11,742		190,925
Genesco, Inc.*		881		34,227
GNC Holdings, Inc., Class A* (e)		3,678		9,710
Group 1 Automotive, Inc.		934		92,877
Guess?, Inc.		2,855		47,821
Haverty Furniture Cos., Inc.		998		18,104
Hibbett Sports, Inc.* (e)		956		22,810
Home Depot, Inc. (The)		59,042		13,850,072
Hudson Ltd., Class A*		1,787		22,195
J. Jill, Inc. (e)		760		1,315
L Brands, Inc.		12,288		209,388
Lithia Motors, Inc., Class A		1,185		186,614
Lowe’s Cos., Inc.		42,032		4,691,192
Lumber Liquidators Holdings, Inc.*		1,613		14,888
MarineMax, Inc.*		1,230		19,004
Michaels Cos., Inc. (The)*		4,483		39,137
Monro, Inc.		1,743		122,202
Murphy USA, Inc.*		1,632		192,462
National Vision Holdings, Inc.*		4,123		98,127
Office Depot, Inc.		29,707		61,196
O’Reilly Automotive, Inc.*		4,038		1,758,589
Party City Holdco, Inc.* (e)		2,975		16,720
Penske Automotive Group, Inc.		1,853		90,278
Rent-A-Center, Inc.		2,545		65,839
Restoration Hardware Holdings, Inc.* (e)		899		163,348
Ross Stores, Inc.		19,229		2,108,844
RTW RetailWinds, Inc.*		1,388		2,054
Sally Beauty Holdings, Inc.*		6,514		100,967
Shoe Carnival, Inc.		563		18,686
Signet Jewelers Ltd. (e)		2,899		46,500
Sleep Number Corp.*		1,492		71,795

40

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Sonic Automotive, Inc., Class A		1,295	$	41,738
Sportsman’s Warehouse Holdings, Inc.*		1,915		13,041
Tailored Brands, Inc. (e)		2,728		12,658
Tiffany & Co.		6,499		809,191
Tile Shop Holdings, Inc.		1,693		2,844
Tilly’s, Inc., Class A		977		10,024
TJX Cos., Inc. (The)		64,977		3,745,924
Tractor Supply Co.		6,414		609,458
Ulta Beauty, Inc.*		3,028		705,978
Urban Outfitters, Inc.*		3,754		107,740
Williams-Sonoma, Inc.		4,208		281,052
Winmark Corp.		110		19,800
Zumiez, Inc.*		1,065		33,984
				37,626,833
Technology Hardware, Storage & Peripherals 2.6%
3D Systems Corp.* (e)		6,174		58,591
Apple, Inc.		242,093		60,223,055
AstroNova, Inc.		304		4,821
Avid Technology, Inc.*		1,675		11,315
Dell Technologies, Inc., Class C*		8,110		428,938
Diebold Nixdorf, Inc.*		4,159		29,113
Hewlett Packard Enterprise Co.		71,499		1,173,299
HP, Inc.		80,812		1,403,704
Immersion Corp.*		1,513		12,437
NCR Corp.*		6,446		188,288
NetApp, Inc.		12,742		712,023
Pure Storage, Inc., Class A*		12,301		239,377
Sonim Technologies, Inc.*		165		394
Stratasys Ltd.*		2,792		57,739
Western Digital Corp.		15,767		814,365
Xerox Holdings Corp.		9,890		335,568
				65,693,027
Textiles, Apparel & Luxury Goods 0.5%
Capri Holdings Ltd.*		7,675		238,462
Carter’s, Inc.		2,359		236,466
Centric Brands, Inc.*		755		1,887
Columbia Sportswear Co.		1,602		144,901
Crocs, Inc.*		3,357		117,461
Culp, Inc.		496		7,673
Deckers Outdoor Corp.*		1,563		238,983
Delta Apparel, Inc.*		281		7,011
Fossil Group, Inc.*		2,473		26,906
G-III Apparel Group Ltd.*		2,423		60,842
Hanesbrands, Inc.		19,350		294,313
Kontoor Brands, Inc.		2,372		90,136
Lululemon Athletica, Inc.*		6,351		1,297,319
Movado Group, Inc.		849		22,116
NIKE, Inc., Class B		66,203		5,928,479
Oxford Industries, Inc.		871		59,977
PVH Corp.		3,998		348,466
Ralph Lauren Corp.		2,743		263,493
Rocky Brands, Inc.		313		8,705
Skechers U.S.A., Inc., Class A*		7,047		263,346
Steven Madden Ltd.		4,508		185,639
Superior Group of Cos., Inc.		480		6,946
Tapestry, Inc.		15,537		401,787

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class A*		20,560	$	402,191
Unifi, Inc.*		859		23,451
Vera Bradley, Inc.*		1,258		13,536
VF Corp.		16,398		1,349,391
Vince Holding Corp.*		138		2,915
Wolverine World Wide, Inc.		4,529		134,421
				12,177,219
Thrifts & Mortgage Finance 0.1%
Axos Financial, Inc.*		3,115		90,491
Bridgewater Bancshares, Inc.*		1,333		16,782
Capitol Federal Financial, Inc.		7,121		101,617
Columbia Financial, Inc.*		2,935		48,398
Dime Community Bancshares, Inc.		1,712		33,025
Entegra Financial Corp.*		303		9,120
ESSA Bancorp, Inc.		428		6,998
Essent Group Ltd.		5,180		269,826
Federal Agricultural Mortgage Corp., Class C		492		41,668
First Defiance Financial Corp.		876		27,086
Flagstar Bancorp, Inc.		1,531		55,637
FS Bancorp, Inc.		180		10,305
Greene County Bancorp, Inc.		149		4,145
Hingham Institution for Savings		81		15,389
Home Bancorp, Inc.		453		17,287
HomeStreet, Inc.*		1,203		36,102
Kearny Financial Corp.		4,557		63,935
LendingTree, Inc.*		414		148,978
Luther Burbank Corp.		1,281		14,821
Merchants Bancorp		389		6,352
Meridian Bancorp, Inc.		2,164		42,328
Meta Financial Group, Inc.		1,907		60,376
MGIC Investment Corp.		19,129		262,259
MMA Capital Holdings, Inc.*		221		7,034
Mr. Cooper Group, Inc.*		3,968		50,790
New York Community Bancorp, Inc.		24,410		284,377
NMI Holdings, Inc., Class A*		3,486		101,966
Northfield Bancorp, Inc.		2,343		39,854
Northwest Bancshares, Inc.		5,299		89,394
OceanFirst Financial Corp.		2,697		64,539
Ocwen Financial Corp.*		7,992		13,506
OP Bancorp		592		5,802
Oritani Financial Corp.		1,767		32,972
PCSB Financial Corp.		913		18,497
PDL Community Bancorp*		382		5,359
PennyMac Financial Services, Inc.*		1,121		34,897
Pioneer Bancorp, Inc.*		500		6,750
Provident Bancorp, Inc.*		386		4,400
Provident Financial Holdings, Inc.		263		5,276
Provident Financial Services, Inc.		3,202		79,890
Prudential Bancorp, Inc.		395		6,893
Radian Group, Inc.		11,001		276,125
Riverview Bancorp, Inc.		957		6,881
Southern Missouri Bancorp, Inc.		467		17,003
Sterling Bancorp, Inc.		743		7,200
Territorial Bancorp, Inc.		349		10,316
TFS Financial Corp.		2,634		50,731
Timberland Bancorp, Inc.		332		8,798
TrustCo Bank Corp.		4,791		41,394

41

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
United Community Financial Corp.		3,492	$	39,774
United Financial Bancorp, Inc.		2,762		38,999
Walker & Dunlop, Inc.		1,493		94,044
Washington Federal, Inc.		4,149		151,273
Waterstone Financial, Inc.		1,298		24,182
Western New England Bancorp, Inc.		1,070		10,229
WSFS Financial Corp.		2,830		119,341
				3,131,411
Tobacco 0.5%
22nd Century Group, Inc.* (e)		7,172		13,555
Altria Group, Inc.		99,989		4,478,507
Philip Morris International, Inc.		83,116		6,768,967
Pyxus International, Inc.* (e)		382		4,362
Turning Point Brands, Inc.		449		9,371
Universal Corp.		1,316		72,117
Vector Group Ltd.		5,799		70,748
				11,417,627
Trading Companies & Distributors 0.2%
Air Lease Corp.		5,591		245,892
Aircastle Ltd.		2,758		75,073
Applied Industrial Technologies, Inc.		2,057		123,091
Beacon Roofing Supply, Inc.*		3,633		112,768
BlueLinx Holdings, Inc.*		402		12,567
BMC Stock Holdings, Inc.*		3,607		97,353
CAI International, Inc.*		822		19,539
DXP Enterprises, Inc.*		845		29,169
EVI Industries, Inc.		198		6,809
Fastenal Co.		30,715		1,103,897
Foundation Building Materials, Inc.*		884		16,434
GATX Corp.		1,917		152,497
General Finance Corp.*		523		5,115
GMS, Inc.*		1,719		51,501
H&E Equipment Services, Inc.		1,683		57,121
HD Supply Holdings, Inc.*		9,219		364,519
Herc Holdings, Inc.*		1,307		57,848
Kaman Corp.		1,472		86,362
Lawson Products, Inc.*		188		8,639
MRC Global, Inc.*		4,182		47,508
MSC Industrial Direct Co., Inc., Class A		2,350		172,044
NOW, Inc.*		5,793		61,058
Rush Enterprises, Inc., Class A		1,681		73,286
SiteOne Landscape Supply, Inc.*		2,177		191,707
Systemax, Inc.		731		15,819
Textainer Group Holdings Ltd.*		1,651		17,088
Titan Machinery, Inc.*		1,042		17,297
Transcat, Inc.*		312		9,778
Triton International Ltd.		2,973		109,109
United Rentals, Inc.*		4,138		552,713
Univar Solutions, Inc.*		8,507		182,560
Veritiv Corp.*		784		10,694
Watsco, Inc.		1,744		307,467
WESCO International, Inc.*		2,274		114,041
Willis Lease Finance Corp.*		130		7,086
WW Grainger, Inc.		2,360		728,862
				5,244,311

Common Stocks (continued)
	Shares		Value
Transportation Infrastructure 0.0%†
Macquarie Infrastructure Corp.		3,963	$	170,964
Water Utilities 0.1%
American States Water Co.		1,844		175,420
American Water Works Co., Inc.		9,722		1,198,431
Aqua America, Inc.		11,621		526,780
AquaVenture Holdings Ltd.*		633		12,419
Artesian Resources Corp., Class A		360		13,356
Cadiz, Inc.* (e)		592		7,009
California Water Service Group		2,602		145,634
Consolidated Water Co. Ltd.		775		13,594
Global Water Resources, Inc.		535		6,554
Middlesex Water Co.		849		57,095
Pure Cycle Corp.*		760		8,497
SJW Group		1,415		102,375
York Water Co. (The)		675		29,727
				2,296,891
Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.*		2,253		21,336
Gogo, Inc.* (e)		2,478		15,240
Shenandoah Telecommunications Co.		2,583		83,069
Spok Holdings, Inc.		1,066		12,685
Sprint Corp.*		30,511		189,473
Telephone & Data Systems, Inc.		5,387		140,547
T-Mobile US, Inc.*		16,832		1,391,333
United States Cellular Corp.*		813		30,260
				1,883,943
Total Common Stocks (cost $1,452,008,718)				1,606,831,117
Corporate Bonds 14.5%
	Principal Amount
Aerospace & Defense 0.5%
General Dynamics Corp., (ICE LIBOR USD 3 Month + 0.38%), 2.56%, 5/11/2021 (f)	$	3,305,000		3,320,663
Northrop Grumman Corp., 2.08%, 10/15/2020		4,300,000		4,305,746
United Technologies Corp.,
1.90%, 5/4/2020		500,000		500,179
(ICE LIBOR USD 3 Month + 0.65%), 2.82%, 8/16/2021 (f)		5,310,000		5,311,025
				13,437,613
Automobiles 0.2%
BMW US Capital LLC, 2.15%, 4/6/2020 (a)		2,500,000		2,502,555
Daimler Finance North America LLC, (ICE LIBOR USD 3 Month + 0.55%), 2.84%, 5/4/2021 (a)(f)		2,400,000		2,400,645

42

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Automobiles (continued)
General Motors Co., (ICE LIBOR USD 3 Month + 0.90%), 3.03%, 9/10/2021 (f)	$	230,000	$	230,118
				5,133,318
Banks 3.8%
ABN AMRO Bank NV, (ICE LIBOR USD 3 Month + 0.57%), 2.70%, 8/27/2021 (a)(f)		3,000,000		3,011,076
Banco Santander Chile, 2.50%, 12/15/2020 (a)		1,880,000		1,877,650
Banco Santander SA, (ICE LIBOR USD 3 Month + 1.09%), 3.24%, 2/23/2023 (f)		4,400,000		4,423,438
Bank of America Corp.,
2.63%, 10/19/2020		2,000,000		2,013,389
2.63%, 4/19/2021		4,000,000		4,042,785
3.30%, 1/11/2023		2,400,000		2,488,272
(ICE LIBOR USD 3 Month + 0.79%), 2.92%, 3/5/2024 (f)		2,000,000		2,012,885
Bank of Montreal,
Series D, (ICE LIBOR USD 3 Month + 0.46%), 2.46%, 4/13/2021 (f)		3,000,000		3,012,840
2.50%, 6/28/2024		1,360,000		1,378,471
BNP Paribas SA,
2.38%, 5/21/2020		2,400,000		2,406,335
3.50%, 3/1/2023 (a)		2,000,000		2,076,281
Citigroup, Inc.,
2.70%, 3/30/2021		7,000,000		7,068,513
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (f)		1,500,000		1,529,754
Credit Agricole SA,
(ICE LIBOR USD 3 Month + 0.97%), 3.10%, 6/10/2020 (a)(f)		1,200,000		1,206,179
(ICE LIBOR USD 3 Month + 1.18%), 3.28%, 7/1/2021 (a)(f)		1,400,000		1,419,392
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/2020		500,000		505,477
HSBC Holdings plc,
3.60%, 5/25/2023		4,450,000		4,648,036
(ICE LIBOR USD 3 Month + 1.00%), 3.12%, 5/18/2024 (f)		3,450,000		3,474,081
Intesa Sanpaolo SpA,
3.13%, 7/14/2022 (a)		2,000,000		2,014,537
3.38%, 1/12/2023 (a)		2,000,000		2,021,220
JPMorgan Chase & Co., (ICE LIBOR USD 3 Month + 1.00%), 4.02%, 12/5/2024 (f)		4,520,000		4,826,446
Lloyds Banking Group plc,
3.10%, 7/6/2021		2,000,000		2,033,059
3.90%, 3/12/2024		600,000		633,853
Manufacturers & Traders Trust Co., 2.05%, 8/17/2020		4,500,000		4,505,636
MUFG Bank Ltd., 2.30%, 3/5/2020 (a)		1,950,000		1,951,626
Nordea Bank Abp, 4.88%, 5/13/2021 (a)		500,000		518,825

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Royal Bank of Canada,
2.13%, 3/2/2020	$	1,000,000	$	1,000,758
(ICE LIBOR USD 3 Month + 0.66%), 2.70%, 10/5/2023 (f)		5,400,000		5,419,445
Santander UK Group Holdings plc, 3.57%, 1/10/2023		500,000		510,922
Standard Chartered plc, 3.95%, 1/11/2023 (a)		4,000,000		4,135,890
Sumitomo Mitsui Financial Group, Inc., (ICE LIBOR USD 3 Month + 0.80%), 2.80%, 10/16/2023 (f)		2,500,000		2,507,596
Svenska Handelsbanken AB, (ICE LIBOR USD 3 Month + 0.47%), 2.60%, 5/24/2021 (f)		2,000,000		2,008,237
Toronto-Dominion Bank (The), (ICE LIBOR USD 3 Month + 0.27%), 2.41%, 3/17/2021 (f)		3,460,000		3,467,100
Wells Fargo & Co.,
Series N, 2.15%, 1/30/2020		2,000,000		2,001,258
Series N, (ICE LIBOR USD 3 Month + 0.68%), 2.62%, 1/30/2020 (f)		1,500,000		1,502,370
(ICE LIBOR USD 3 Month + 1.23%), 3.16%, 10/31/2023 (f)		4,000,000		4,070,087
				93,723,719
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc., (ICE LIBOR USD 3 Month + 0.74%), 2.74%, 1/12/2024 (f)		3,790,000		3,808,998
Constellation Brands, Inc., (ICE LIBOR USD 3 Month + 0.70%), 2.86%, 11/15/2021 (f)		3,625,000		3,625,276
Diageo Capital plc, (ICE LIBOR USD 3 Month + 0.24%), 2.36%, 5/18/2020 (f)		335,000		335,244
Molson Coors Brewing Co., 2.25%, 3/15/2020		1,554,000		1,554,506
				9,324,024
Biotechnology 0.4%
AbbVie, Inc., 2.90%, 11/6/2022		4,200,000		4,281,252
Amgen, Inc., 2.13%, 5/1/2020		1,000,000		1,001,027
Celgene Corp.,
2.88%, 8/15/2020		2,000,000		2,012,795
2.25%, 8/15/2021		1,845,000		1,854,214
Gilead Sciences, Inc., 2.55%, 9/1/2020		1,000,000		1,005,492
				10,154,780
Capital Markets 0.8%
Bank of New York Mellon Corp. (The), (ICE LIBOR USD 3 Month + 0.87%), 2.99%, 8/17/2020 (f)		4,000,000		4,024,041
Credit Suisse AG, 3.63%, 9/9/2024		2,830,000		3,007,418

43

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Capital Markets (continued)
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.36%), 3.30%, 4/23/2021 (f)	$	7,950,000	$	8,057,887
Morgan Stanley,
5.50%, 1/26/2020		1,200,000		1,209,554
(ICE LIBOR USD 3 Month + 1.40%), 3.37%, 4/21/2021 (f)		1,000,000		1,016,060
UBS Group AG, (ICE LIBOR USD 3 Month + 0.95%), 3.11%, 8/15/2023 (a)(f)		2,100,000		2,111,775
				19,426,735
Chemicals 0.1%
Equate Petrochemical BV, 3.00%, 3/3/2022 (a)		1,990,000		1,991,473
Commercial Services & Supplies 0.0%†
Republic Services, Inc., 5.25%, 11/15/2021		1,000,000		1,065,200
Consumer Finance 0.3%
AerCap Ireland Capital DAC, 4.50%, 5/15/2021		1,500,000		1,551,637
American Express Co., (ICE LIBOR USD 3 Month + 0.60%), 2.89%, 11/5/2021 (f)		2,500,000		2,513,225
American Express Credit Corp., Series F, 2.60%, 9/14/2020		2,000,000		2,011,199
General Motors Financial Co., Inc., 3.70%, 11/24/2020		1,500,000		1,522,332
Park Aerospace Holdings Ltd., 5.25%, 8/15/2022 (a)		185,000		197,016
				7,795,409
Diversified Financial Services 0.4%
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		2,500,000		2,498,439
Shell International Finance BV,
(ICE LIBOR USD 3 Month + 0.45%), 2.63%, 5/11/2020 (f)		3,457,000		3,464,748
(ICE LIBOR USD 3 Month + 0.40%), 2.58%, 11/13/2023 (f)		4,000,000		4,002,048
				9,965,235
Diversified Telecommunication Services 0.3%
AT&T, Inc., (ICE LIBOR USD 3 Month + 1.18%), 3.31%, 6/12/2024 (f)		6,000,000		6,104,264
Electric Utilities 0.5%
Duke Energy Carolinas LLC, 2.50%, 3/15/2023		1,000,000		1,019,812
Duke Energy Corp.,
3.55%, 9/15/2021		2,300,000		2,358,970
2.40%, 8/15/2022		1,000,000		1,009,797
FirstEnergy Corp.,
Series A, 2.85%, 7/15/2022		2,855,000		2,908,297
Series B, 4.25%, 3/15/2023		2,162,000		2,291,111

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Georgia Power Co., Series C, 2.00%, 9/8/2020	$	1,700,000	$	1,701,380
Perusahaan Listrik Negara PT, 5.45%, 5/21/2028 (a)		1,830,000		2,095,350
				13,384,717
Energy Equipment & Services 0.0%†
Halliburton Co., 3.25%, 11/15/2021		767,000		784,254
Food & Staples Retailing 0.2%
Walmart, Inc.,
(ICE LIBOR USD 3 Month + 0.23%), 2.39%, 6/23/2021 (f)		5,080,000		5,096,444
Food Products 0.1%
JM Smucker Co. (The), 2.50%, 3/15/2020		1,000,000		1,001,634
Kraft Heinz Foods Co., 2.80%, 7/2/2020		133,000		133,348
Tyson Foods, Inc., 2.25%, 8/23/2021		1,000,000		1,004,921
				2,139,903
Health Care Equipment & Supplies 0.2%
Becton Dickinson and Co.,
2.40%, 6/5/2020		2,097,000		2,102,415
(ICE LIBOR USD 3 Month + 0.88%), 2.98%, 12/29/2020 (f)		683,000		683,328
3.36%, 6/6/2024		1,000,000		1,047,451
				3,833,194
Health Care Providers & Services 1.0%
Anthem, Inc., 2.50%, 11/21/2020		2,200,000		2,213,102
Cigna Corp.,
(ICE LIBOR USD 3 Month + 0.65%), 2.79%, 9/17/2021 (f)		2,420,000		2,420,387
(ICE LIBOR USD 3 Month + 0.89%), 2.89%, 7/15/2023 (f)		7,160,000		7,186,319
CVS Health Corp.,
(ICE LIBOR USD 3 Month + 0.72%), 2.82%, 3/9/2021 (f)		4,980,000		5,007,490
3.70%, 3/9/2023		2,280,000		2,377,142
Humana, Inc.,
2.50%, 12/15/2020		610,000		612,612
3.15%, 12/1/2022		1,500,000		1,539,359
UnitedHealth Group, Inc.,
(ICE LIBOR USD 3 Month + 0.07%), 2.07%, 10/15/2020 (f)		2,080,000		2,077,254
2.88%, 12/15/2021		1,000,000		1,021,722
				24,455,387
Hotels, Restaurants & Leisure 0.1%
Marriott International, Inc.,
Series Y, (ICE LIBOR USD 3 Month + 0.60%), 2.74%, 12/1/2020 (f)		290,000		290,741
(ICE LIBOR USD 3 Month + 0.65%), 2.75%, 3/8/2021 (f)		300,000		301,311

44

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Hotels, Restaurants & Leisure (continued)
Sands China Ltd., 4.60%, 8/8/2023	$	2,010,000	$	2,126,419
				2,718,471
Household Products 0.1%
Reckitt Benckiser Treasury Services plc, (ICE LIBOR USD 3 Month + 0.56%), 2.69%, 6/24/2022 (a)(f)		2,100,000		2,104,556
Industrial Conglomerates 0.5%
3M Co.,
2.25%, 3/15/2023		2,000,000		2,022,023
(ICE LIBOR USD 3 Month + 0.30%), 2.48%, 2/14/2024 (f)		2,600,000		2,593,718
General Electric Co.,
3.15%, 9/7/2022		7,000,000		7,133,676
				11,749,417
Interactive Media & Services 0.1%
Tencent Holdings Ltd., Reg. S, 2.99%, 1/19/2023		1,980,000		2,016,288
Internet & Direct Marketing Retail 0.1%
Amazon.com, Inc., 1.90%, 8/21/2020		1,500,000		1,500,562
IT Services 0.2%
Visa, Inc., 2.20%, 12/14/2020		6,000,000		6,029,522
Media 0.6%
Charter Communications Operating LLC, (ICE LIBOR USD 3 Month + 1.65%), 3.90%, 2/1/2024 (f)		3,700,000		3,807,004
Comcast Corp.,
(ICE LIBOR USD 3 Month + 0.33%), 2.43%, 10/1/2020 (f)		1,650,000		1,654,141
(ICE LIBOR USD 3 Month + 0.63%), 2.63%, 4/15/2024 (f)		4,700,000		4,741,018
Time Warner Cable LLC, 5.00%, 2/1/2020		3,500,000		3,523,381
				13,725,544
Metals & Mining 0.3%
ArcelorMittal, 5.50%, 3/1/2021 (c)		1,000,000		1,040,589
Glencore Finance Canada Ltd., 4.25%, 10/25/2022 (a)(c)		1,000,000		1,045,950
Glencore Funding LLC,
3.00%, 10/27/2022 (a)		1,240,000		1,251,966
4.13%, 3/12/2024 (a)		2,000,000		2,101,511
Southern Copper Corp., 3.88%, 4/23/2025		1,860,000		1,948,987
Vale Overseas Ltd.,
4.38%, 1/11/2022		150,000		156,150
6.88%, 11/21/2036		520,000		661,440
				8,206,593

Corporate Bonds (continued)
	Principal Amount		Value
Multi-Utilities 0.1%
Consolidated Edison, Inc., 2.00%, 5/15/2021	$	1,100,000	$	1,100,739
Dominion Energy, Inc., 2.52%, 7/1/2020 (c)		1,200,000		1,203,577
				2,304,316
Oil, Gas & Consumable Fuels 1.7%
Apache Corp., 3.25%, 4/15/2022		1,000,000		1,017,725
BP Capital Markets America, Inc.,
(ICE LIBOR USD 3 Month + 0.65%), 2.81%, 9/19/2022 (f)		1,000,000		1,005,543
BP Capital Markets plc,
(ICE LIBOR USD 3 Month + 0.87%), 2.99%, 9/16/2021 (f)		590,000		596,965
3.56%, 11/1/2021		2,200,000		2,273,738
Chevron Corp.,
1.99%, 3/3/2020		700,000		700,289
2.10%, 5/16/2021		320,000		321,579
Cimarex Energy Co., 4.38%, 6/1/2024		2,300,000		2,409,698
CNOOC Finance 2015 USA LLC, 4.38%, 5/2/2028		1,840,000		2,040,258
Continental Resources, Inc., 3.80%, 6/1/2024		1,000,000		1,022,720
Ecopetrol SA, 5.88%, 9/18/2023		1,050,000		1,163,873
Enterprise Products Operating LLC, 2.80%, 2/15/2021		5,280,000		5,334,380
KazMunayGas National Co. JSC,
3.88%, 4/19/2022 (a)		4,160,000		4,265,581
4.75%, 4/24/2025 (a)		500,000		545,590
Lukoil International Finance BV, 4.75%, 11/2/2026 (a)		1,860,000		2,037,262
MPLX LP, (ICE LIBOR USD 3 Month + 1.10%), 3.20%, 9/9/2022 (f)		4,350,000		4,365,833
Occidental Petroleum Corp.,
Series 1, 4.10%, 2/1/2021		3,200,000		3,261,421
4.85%, 3/15/2021		1,400,000		1,447,013
(ICE LIBOR USD 3 Month + 1.45%), 3.64%, 8/15/2022 (f)		2,530,000		2,545,650
Petrobras Global Finance BV,
6.13%, 1/17/2022		1,510,000		1,620,985
5.30%, 1/27/2025		150,000		163,898
5.75%, 2/1/2029		300,000		333,855
Petroleos del Peru SA, 4.75%, 6/19/2032 (a)		1,970,000		2,128,979
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 4/10/2024 (a)		2,120,000		2,277,796
				42,880,631
Paper & Forest Products 0.1%
Suzano Austria GmbH, 5.75%, 7/14/2026 (a)		2,010,000		2,229,110

45

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Pharmaceuticals 0.3%
AstraZeneca plc, (ICE LIBOR USD 3 Month + 0.67%), 2.79%, 8/17/2023 (f)	$	2,186,000	$	2,188,911
Bristol-Myers Squibb Co., 2.60%, 5/16/2022 (a)		2,670,000		2,724,456
Elanco Animal Health, Inc., 3.91%, 8/27/2021		666,000		683,840
Eli Lilly & Co., 2.35%, 5/15/2022		400,000		405,611
GlaxoSmithKline Capital plc, (ICE LIBOR USD 3 Month + 0.35%), 2.53%, 5/14/2021 (f)		1,500,000		1,503,813
				7,506,631
Semiconductors & Semiconductor Equipment 0.1%
QUALCOMM, Inc., (ICE LIBOR USD 3 Month + 0.73%), 2.67%, 1/30/2023 (f)		2,700,000		2,722,294
Software 0.0%†
Microsoft Corp., 1.85%, 2/6/2020		1,000,000		1,000,245
Specialty Retail 0.1%
Home Depot, Inc. (The), (ICE LIBOR USD 3 Month + 0.31%), 2.45%, 3/1/2022 (f)		1,000,000		1,002,603
Lowe’s Cos., Inc., 3.12%, 4/15/2022		2,500,000		2,558,811
				3,561,414
Technology Hardware, Storage & Peripherals 0.2%
Apple, Inc.,
1.80%, 5/11/2020		1,500,000		1,500,053
1.55%, 8/4/2021		2,400,000		2,393,637
Dell International LLC, 4.42%, 6/15/2021 (a)		1,500,000		1,549,107
				5,442,797
Thrifts & Mortgage Finance 0.1%
BPCE SA, 3.00%, 5/22/2022 (a)		2,770,000		2,816,900
Tobacco 0.3%
Altria Group, Inc.,
3.49%, 2/14/2022		1,680,000		1,727,152
3.80%, 2/14/2024		1,200,000		1,258,971
BAT Capital Corp.,
2.76%, 8/15/2022		3,500,000		3,533,489
(ICE LIBOR USD 3 Month + 0.88%), 3.04%, 8/15/2022 (f)		40,000		40,199
Philip Morris International, Inc., 1.88%, 11/1/2019		1,000,000		1,000,000
Reynolds American, Inc., 3.25%, 6/12/2020		500,000		503,368
				8,063,179

Corporate Bonds (continued)
	Principal Amount		Value
Trading Companies & Distributors 0.1%
International Lease Finance Corp., 5.88%, 8/15/2022	$	2,600,000	$	2,850,390
Wireless Telecommunication Services 0.2%
Vodafone Group plc, (ICE LIBOR USD 3 Month + 0.99%), 2.99%, 1/16/2024 (f)		4,349,000		4,393,744
Total Corporate Bonds (cost $354,584,366)				361,638,273
Exchange Traded Funds 0.4%
	Shares
Equity Funds 0.4%
iShares Russell 3000 ETF		63,317		11,238,768
SPDR S&P 500 ETF Trust		346		104,952
Total Exchange Traded Funds (cost $10,986,214)				11,343,720
Foreign Government Securities 1.4%
	Principal Amount
ARGENTINA 0.1%
Provincia de Buenos Aires, 6.50%, 2/15/2023 (a)	$	1,200,000		402,012
Republic of Argentina, 5.63%, 1/26/2022		3,060,000		1,285,200
				1,687,212
COLOMBIA 0.1%
Republic of Colombia, 4.38%, 7/12/2021		3,070,000		3,172,845
ECUADOR 0.1%
Republic of Ecuador, 8.75%, 6/2/2023 (a)		1,560,000		1,579,516
EGYPT 0.0%†
Arab Republic of Egypt, Reg. S, 6.59%, 2/21/2028		1,220,000		1,241,350
INDONESIA 0.1%
Republic of Indonesia,
3.75%, 4/25/2022 (a)		1,200,000		1,234,181
2.95%, 1/11/2023		2,490,000		2,522,111
				3,756,292
KUWAIT 0.1%
Kuwait Government Bond,
2.75%, 3/20/2022 (a)		900,000		912,593
3.50%, 3/20/2027 (a)		1,260,000		1,355,457
				2,268,050

46

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
MEXICO 0.3%
United Mexican States,
4.00%, 10/2/2023	$	3,060,000	$	3,247,058
8.00%, 11/7/2047	MXN	53,130,000		3,041,251
				6,288,309
QATAR 0.1%
Qatar Government Bond,
2.38%, 6/2/2021 (a)	$	500,000		501,250
Reg. S, 3.88%, 4/23/2023		2,220,000		2,341,621
3.38%, 3/14/2024 (a)		760,000		794,200
				3,637,071
RUSSIA 0.2%
Russian Federal Bond — OFZ,
6.90%, 5/23/2029	RUB	121,670,000		1,967,877
7.65%, 4/10/2030		144,850,000		2,471,977
7.25%, 5/10/2034		2,250,000		37,229
				4,477,083
SAUDI ARABIA 0.1%
Kingdom of Saudi Arabia, 4.50%, 4/17/2030 (a)	$	1,450,000		1,641,081
SENEGAL 0.1%
Republic of Senegal, 6.25%, 5/23/2033 (a)		1,260,000		1,286,173
UNITED ARAB EMIRATES 0.1%
Abu Dhabi Government Bond,
2.50%, 10/11/2022 (a)		1,400,000		1,414,420
4.13%, 10/11/2047 (a)		1,970,000		2,265,015
				3,679,435
Total Foreign Government Securities (cost $34,518,913)				34,714,417
Mortgage-Backed Securities 5.2%
FHLMC Gold Pool
Pool# G67701 3.00%, 10/1/2046		2,142,830		2,207,718
Pool# G61739 3.00%, 9/1/2048		1,194,934		1,231,066
Pool# G08837 4.50%, 9/1/2048		795,470		837,956
Pool# Q59271 4.00%, 10/1/2048		82,575		85,833
Pool# V85283 3.50%, 3/1/2049		747,398		777,170
Pool# Q63195 3.00%, 4/1/2049		1,956,877		1,992,153
Pool# Q63579 3.00%, 5/1/2049		873,132		894,965
Pool# G08887 3.00%, 6/1/2049		1,057,586		1,076,198
GNMA I Pool
Pool# AB2892 3.00%, 9/15/2042		119,395		123,368

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# AB9109 3.00%, 10/15/2042	$	375,522	$	388,018
Pool# AB9108 3.00%, 10/15/2042		110,886		114,576
Pool# AB9207 3.00%, 11/15/2042		332,482		343,547
GNMA II Pool
Pool# MA2678 3.50%, 3/20/2045		36,023		37,802
Pool# MA3937 3.50%, 9/20/2046		608,950		637,287
Pool# MA4511 4.00%, 6/20/2047		684,562		718,203
Pool# MA4838 4.00%, 11/20/2047		1,066,423		1,118,997
Pool# MA4901 4.00%, 12/20/2047		143,788		150,894
Pool# MA5019 3.50%, 2/20/2048		900,270		934,946
Pool# MA5020 4.00%, 2/20/2048		367,745		385,131
Pool# MA5078 4.00%, 3/20/2048		439,324		459,889
Pool# MA5137 4.00%, 4/20/2048		437,714		457,086
Pool# MA5265 4.50%, 6/20/2048		66,954		70,496
Pool# MA5330 4.00%, 7/20/2048		75,338		78,554
Pool# MA5331 4.50%, 7/20/2048		66,912		70,535
Pool# MA5398 4.00%, 8/20/2048		303,602		316,753
Pool# MA5529 4.50%, 10/20/2048		5,132,919		5,401,971
Pool# MA5762 3.50%, 2/20/2049		1,462,972		1,518,908
Pool# MA5931 4.00%, 5/20/2049		1,473,824		1,534,976
Pool# MA6154 3.50%, 9/20/2049		2,365,036		2,458,160
Pool# 784825 3.50%, 10/20/2049		900,000		918,548
Pool# BM9734 4.00%, 10/20/2049		200,000		211,057
GNMA TBA
3.00%, 11/15/2049		4,000,000		4,117,497
3.50%, 11/15/2049		2,100,000		2,179,406
4.00%, 11/15/2049		300,000		311,953
2.50%, 12/15/2049		2,600,000		2,629,444
UMBS Pool
Pool# AL3026 3.50%, 12/1/2042		70,784		74,274
Pool# BM4751 3.50%, 3/1/2043		867,578		911,320
Pool# BM4750 3.50%, 2/1/2045		92,163		96,697
Pool# BC1509 3.00%, 8/1/2046		373,078		383,270
Pool# BC2817 3.00%, 9/1/2046		809,345		832,963

47

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AS7844 3.00%, 9/1/2046	$	525,015	$	539,299
Pool# AL9397 3.00%, 10/1/2046		534,971		549,195
Pool# BM4897 3.50%, 12/1/2046		1,251,474		1,313,037
Pool# BM4226 3.00%, 1/1/2047		172,546		178,083
Pool# CA0858 3.50%, 12/1/2047		696,936		722,080
Pool# MA3238 3.50%, 1/1/2048		1,433,002		1,484,024
Pool# MA3383 3.50%, 6/1/2048		2,716,395		2,808,115
Pool# ZT0711 3.50%, 10/1/2048		5,382,571		5,534,451
Pool# ZT1319 3.50%, 11/1/2048		3,287,525		3,378,201
Pool# ZT1320 4.00%, 11/1/2048		3,258,084		3,378,208
Pool# CA2855 4.50%, 12/1/2048		237,870		250,785
Pool# 890876 3.50%, 2/1/2049		186,006		194,717
Pool# ZN4906 3.00%, 4/1/2049		558,630		568,318
Pool# BN5424 3.50%, 4/1/2049		1,145,625		1,180,404
Pool# FM1458 4.50%, 4/1/2049		1,184,198		1,247,407
Pool# CA3471 3.50%, 5/1/2049		966,852		1,004,529
Pool# CA3478 3.50%, 5/1/2049		775,166		798,698
Pool# FM1637 4.50%, 5/1/2049		1,501,000		1,605,854
Pool# QA0241 3.00%, 6/1/2049		1,726,012		1,760,403
Pool# ZN6631 3.00%, 6/1/2049		1,649,127		1,681,543
Pool# QA0445 3.00%, 6/1/2049		1,077,427		1,096,071
Pool# ZN6682 3.00%, 6/1/2049		778,610		792,053
Pool# BO1205 3.00%, 6/1/2049		591,525		601,672
Pool# ZN6689 3.00%, 6/1/2049		589,982		600,191
Pool# QA0120 3.00%, 6/1/2049		296,753		301,876
Pool# QA0190 3.00%, 6/1/2049		198,635		202,057
Pool# BN7876 3.00%, 6/1/2049		99,406		101,118
Pool# BN5943 3.00%, 6/1/2049		99,166		100,848
Pool# MA3686 3.50%, 6/1/2049		5,894,966		6,047,409
Pool# CA3634 3.50%, 6/1/2049		494,344		514,933

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# CA3637 3.50%, 6/1/2049	$	492,468	$	507,343
Pool# BO0955 3.50%, 6/1/2049		97,736		100,688
Pool# BO0968 4.00%, 6/1/2049		593,485		617,064
Pool# RA1103 3.00%, 7/1/2049		588,377		601,826
Pool# BN9558 3.00%, 7/1/2049		392,487		399,309
Pool# CA3809 3.00%, 7/1/2049		392,294		401,838
Pool# QA0794 3.00%, 7/1/2049		196,960		200,353
Pool# BN8577 3.00%, 7/1/2049		96,833		98,535
Pool# RA1224 3.00%, 8/1/2049		3,644,876		3,707,395
Pool# CA4017 3.00%, 8/1/2049		1,089,636		1,108,995
Pool# QA1597 3.00%, 8/1/2049		883,704		898,893
Pool# BO3815 3.00%, 8/1/2049		591,386		601,541
Pool# SD8004 3.00%, 8/1/2049		394,300		400,730
Pool# FM1341 3.00%, 8/1/2049		292,712		298,273
Pool# QA2090 3.00%, 8/1/2049		197,985		201,881
Pool# QA1627 3.00%, 8/1/2049		195,074		198,578
Pool# BO3074 3.00%, 8/1/2049		193,192		196,515
Pool# CA4248 3.00%, 9/1/2049		3,292,694		3,349,163
Pool# CA4121 3.00%, 9/1/2049		1,881,844		1,923,114
Pool# CA4110 3.00%, 9/1/2049		1,789,123		1,832,773
Pool# RA1352 3.00%, 9/1/2049		1,787,296		1,819,050
Pool# RA1355 3.00%, 9/1/2049		1,686,423		1,716,385
Pool# CA4134 3.00%, 9/1/2049		1,296,164		1,324,589
Pool# RA1341 3.00%, 9/1/2049		1,293,907		1,325,476
Pool# RA1340 3.00%, 9/1/2049		1,192,049		1,218,191
Pool# QA2427 3.00%, 9/1/2049		1,090,458		1,113,321
Pool# RA1293 3.00%, 9/1/2049		988,893		1,018,205
Pool# CA4133 3.00%, 9/1/2049		794,640		815,498
Pool# FM1503 3.00%, 9/1/2049		398,411		406,720
Pool# RA1343 3.00%, 9/1/2049		398,407		407,144

48

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# CA4078 3.00%, 9/1/2049	$	299,034	$	304,162
Pool# BO5586 3.00%, 9/1/2049		196,413		199,902
Pool# QA2593 3.00%, 9/1/2049		99,292		101,469
Pool# RA1371 3.50%, 9/1/2049		3,968,498		4,124,103
Pool# RA1493 3.00%, 10/1/2049		3,795,761		3,888,370
Pool# BO2256 3.00%, 10/1/2049		2,700,000		2,759,212
Pool# RA1496 3.00%, 10/1/2049		1,596,904		1,629,462
Pool# RA1460 3.00%, 10/1/2049		898,660		918,368
Pool# BO3106 3.00%, 10/1/2049		798,699		814,953
Pool# BO2864 3.00%, 10/1/2049		497,300		505,829
Pool# BO2822 3.00%, 10/1/2049		100,000		101,715
UMBS, 30 Year, Single Family TBA
3.00%, 11/25/2049		4,300,000		4,369,376
4.00%, 11/25/2049		2,700,000		2,801,883
Total Mortgage-Backed Securities (cost $129,874,965)				130,953,354
Purchased Options 0.0%†
	Number of Contracts
Call Options 0.0%†
Future Interest Rate Options 0.0%†
Mid-Curve 1-Year Eurodollar 12/13/19 at USD 98.00, American Style, Notional Amount: USD 905,000 Exchange Traded*		362		504,537
U.S. Treasury 10 Year Note 11/22/19 at USD 130.00, American Style, Notional Amount: USD 5,500,000 Exchange Traded*		55		38,672
U.S. Treasury 10 Year Note 11/22/19 at USD 130.50, American Style, Notional Amount: USD 2,700,000 Exchange Traded*		27		12,234
U.S. Treasury 5 Year Note 11/22/19 at USD 120.00, American Style, Notional Amount: USD 10,200,000 Exchange Traded*		102		9,563
U.S. Treasury 5 Year Note 11/22/19 at USD 118.75, American Style, Notional Amount: USD 7,000,000 Exchange Traded*		70		42,109

Purchased Options (continued)
	Number of Contracts		Value
Call Options (continued)
Future Interest Rate Options (continued)
U.S. Treasury 5 Year Note 11/22/19 at USD 119.00, American Style, Notional Amount: USD 5,000,000 Exchange Traded*		50	$	22,266
				629,381
Put Options 0.0%†
Future Equity Index Options 0.0%†
S&P 500 Index 11/22/19 at USD 1,950.00, European Style, Notional Amount: USD 7,290,144 Exchange Traded*		24		240
S&P 500 Index 11/22/19 at USD 1,850.00, European Style, Notional Amount: USD 14,276,532 Exchange Traded*		47		235
S&P 500 Index 11/22/19 at USD 1,900.00, European Style, Notional Amount: USD 121,502,400 Exchange Traded*		400		2,800
S&P 500 Index 11/20/19 at USD 1,900.00, European Style, Notional Amount: USD 14,580,288 Exchange Traded*		48		480
S&P 500 Index 11/20/19 at USD 2,000.00, European Style, Notional Amount: USD 121,502,400 Exchange Traded*		400		4,000
S&P 500 Index 11/15/19 at USD 2,050.00, European Style, Notional Amount: USD 60,751,200 Exchange Traded*		200		600
S&P 500 Index 11/15/19 at USD 2,025.00, European Style, Notional Amount: USD 21,262,920 Exchange Traded*		70		210
S&P 500 Index 11/15/19 at USD 1,875.00, European Style, Notional Amount: USD 7,290,144 Exchange Traded*		24		120
S&P 500 Index 11/15/19 at USD 2,000.00, European Style, Notional Amount: USD 7,290,144 Exchange Traded*		24		120
S&P 500 Index 11/29/19 at USD 2,050.00, European Style, Notional Amount: USD 14,580,288 Exchange Traded*		48		480
S&P 500 Index 11/29/19 at USD 2,000.00, European Style, Notional Amount: USD 83,229,144 Exchange Traded*		274		1,918
S&P 500 Index 11/01/19 at USD 1,800.00, European Style, Notional Amount: USD 7,290,144 Exchange Traded*		24		240

49

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Purchased Options (continued)
	Number of Contracts		Value
Put Options (continued)
Future Equity Index Options (continued)
S&P 500 Index 11/01/19 at USD 2,000.00, European Style, Notional Amount: USD 6,682,632 Exchange Traded*		22	$	220
S&P 500 Index 11/01/19 at USD 1,900.00, European Style, Notional Amount: USD 216,881,784 Exchange Traded*		714		3,570
S&P 500 Index 11/08/19 at USD 1,800.00, European Style, Notional Amount: USD 7,290,144 Exchange Traded*		24		240
S&P 500 Index 11/08/19 at USD 1,850.00, Notional Amount: USD 53,157,300.00 Exchange Traded*		175		875
S&P 500 Index 11/08/19 at USD 1,900.00, European Style, Notional Amount: USD 120,591,132.00 Exchange Traded*		397		3,970
				20,318
Total Purchased Options (cost $280,565)				649,699
Rights 0.0%†
	Number of Rights
Biotechnology 0.0%†
Alder Biopharmaceuticals, Inc., CVR*^¥ (e)		3,287		0
Oncternal Therapeutics, Inc., CVR*¥		31		64
				64
Metals & Mining 0.0%†
Pan American Silver Corp., 2/22/2029*¥		9,275		7,859
Pharmaceuticals —%†
Elanco Animal Health, Inc., CVR*^¥		2,818		0
Total Rights (cost $—)				7,923
U.S. Treasury Obligations 4.2%
	Principal Amount
U.S. Treasury Bonds
3.75%, 11/15/2043	$	15,550,000		20,216,215
3.00%, 2/15/2048		3,970,000		4,659,012
3.00%, 2/15/2049		280,000		330,094
2.88%, 5/15/2049		2,630,000		3,030,458
U.S. Treasury Inflation Linked Bonds
1.38%, 2/15/2044 (g)		4,290,000		5,638,574
1.00%, 2/15/2046 (g)		1,830,000		2,199,660
1.00%, 2/15/2049 (g)		6,760,000		7,749,640

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes
2.13%, 5/31/2021	$	10,740,000	$	10,829,360
1.75%, 7/31/2021		1,870,000		1,875,698
2.50%, 2/15/2022		9,550,000		9,754,803
1.75%, 7/15/2022		1,050,000		1,056,193
1.50%, 10/31/2024		4,770,000		4,764,969
2.25%, 11/15/2025		3,660,000		3,798,823
2.13%, 5/31/2026		5,380,000		5,554,850
1.38%, 8/31/2026		15,360,000		15,131,400
1.63%, 8/15/2029		7,350,000		7,306,072
Total U.S. Treasury Obligations (cost $100,885,988)				103,895,821
Short-Term Investments 0.0%†
	Shares
Money Market Funds 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (h)(i)		963,008		963,008
Total Short-Term Investments (cost $963,008)				963,008
Repurchase Agreements 0.6%
	Principal Amount
BNP Paribas Securities Corp. 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $6,663,138, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $6,821,493. (i)(j)	$	6,662,823		6,662,823
Goldman Sachs & Co. LLC, 1.73%, dated 10/31/2019, due 11/1/2019, repurchase price $4,500,216, collateralized by U.S. Treasury Note, 3.00%, maturing 11/15/2045; total market value $4,593,589.		4,500,000		4,500,000
Royal Bank of Canada 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $3,289,127, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $3,366,940. (i)(j)		3,288,973		3,288,973
Total Repurchase Agreements (cost $14,451,796)				14,451,796
Total Investments (cost $2,304,491,350) — 99.1%				2,473,832,902
Other assets in excess of liabilities — 0.9%				21,249,444
NET ASSETS — 100.0%			$	2,495,082,346

50

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ 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 October 31, 2019 was $217,598,285 which represents 8.72% 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 October 31, 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 October 31, 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $10,372,415, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $963,008 and $9,951,796, respectively, a total value of $10,914,804.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(g) Principal amounts are not adjusted for inflation.

(h) Represents 7-day effective yield as of October 31, 2019.

(i) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $10,914,804.

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

CLO Collateralized Loan Obligations

CVR Contingent Value Rights

ETF Exchange Traded Fund

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

REMICS Real Estate Mortgage Investment Conduits

TBA To Be Announced; Security is subject to delayed delivery

UMBS Uniform Mortgage-Backed Securities

Currency:

MXN Mexican Peso

RUB Russian Ruble

USD United States Dollar

Centrally Cleared Credit default swap contracts outstanding — buy protection as of October 31, 2019⁽¹⁾:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)	Payment Frequency		Maturity Date		Implied Credit Spread (%)(2)		Notional Amount(3)		Upfront Payments (Receipts)  ($)(4)			Unrealized Appreciation (Depreciation) ($)			Value ($)
Markit CDX North American Investment Grade Index Series 33-V1	1.00		Quarterly		12/20/2024		0.55		USD  21,060,000		(376,379	)		(108,159	)		(484,538	)
											(376,379	)		(108,159	)		(484,538	)

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

51

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

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.

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).

Currency:

USD United States Dollar

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2019:

Floating Rate Index	Fixed Rate	Pay/ Receive Floating Rate		Maturity Date		Notional Amount		Upfront Payments (Receipts)($)			Unrealized Appreciation (Depreciation) ($)			Value ($)
1 Day Fed Funds rate	1.35% annually		Receive		9/15/2021	USD	24,437,000		(4,648	)		(35,494	)		(40,142	)
3 Month LIBOR quarterly	1.52% semi-annually		Receive		7/31/2026	USD	44,323,000		161,481			(239,401	)		(77,920	)
3 Month LIBOR quarterly	1.55% semi-annually		Receive		6/30/2026	USD	160,416,000		570,875			(1,135,657	)		(564,782	)
3 Month LIBOR quarterly	1.73% semi-annually		Receive		6/27/2021	USD	22,990,000		–			(137,518	)		(137,518	)
									727,708			(1,548,070	)		(820,362	)

Currency:

USD United States Dollar

OTC Total return swap contracts outstanding as of October 31, 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 ($)

Acacia Communications, Inc.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/18/2020

USD

247,600

–

2,907

2,907

Allergan Plc

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/18/2020

USD

326,610

–

9,515

9,515

Apple, Inc.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/6/2020

USD

225

–

23

23

Callon Petroleum Co.

Decreases in total return of reference entity

1 Day Fed Funds rate + 1.27% and increases in total return of reference

At Termination

Morgan Stanley Capital Services, Inc.

11/16/2020

USD

43,389

–

1,465

1,465

Celgene Corp.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/18/2020

USD

211,801

–

14,684

14,684

Vanguard Russell 3000 ETF

1 month USD LIBOR + 0.27% and decreases in total return of index

Increases in total return of index

Monthly

JPMorgan Chase Bank NA

12/17/2019

USD

523,822,018

–

25,969,014

25,969,014

Vanguard Russell 3000 ETF

1 month USD LIBOR + 0.27% and decreases in total return of index

Increases in total return of index

Monthly

JPMorgan Chase Bank NA

12/17/2019

USD

41,792,389

–

2,071,900

2,071,900

Vanguard Russell 3000 ETF

1 month USD LIBOR + 0.24% and decreases in total return of index

Increases in total return of index

Monthly

Bank of America NA

3/11/2020

USD

279,684,057

–

13,870,984

13,870,984

52

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

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

1 month USD LIBOR + 0.24% and decreases in total return of index

Increases in total return of index

Monthly

Bank of America NA

3/11/2020

USD

2,572,534

–

127,585

127,585

–

42,068,077

42,068,077

Carrizo Oil & Gas, Inc.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc..

11/18/2020

USD

41,876

–

(2,288

)

(2,288

)

El Paso Electric Co.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/18/2020

USD

296,158

–

(2,986

)

(2,986

)

Pacific Biosciences of California, Inc.

1 Day Fed Funds rate + 0.20% and decreases in total return of reference

Increases in total return of reference entity

At Termination

Morgan Stanley Capital Services, Inc.

11/18/2020

USD

96,832

–

(10,257

)

(10,257

)

–

(15,531

)

(15,531

)

–

42,052,546

42,052,546

Currency:

USD United States Dollar

* There are no upfront payments (receipts) on the swap contracts listed above.

At October 31, 2019, the Fund has $6,528,000 segregated as collateral for swap contracts.

Forward Foreign Currency Contracts outstanding as of October 31, 2019

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	BRL	16,870,000		USD	4,047,116	JPMorgan Chase Bank**		1/17/2020		141,554
	CAD	6,064,252		USD	4,559,969	JPMorgan Chase Bank		1/17/2020		46,259
	Total unrealized appreciation									187,813
	USD	4,176,240		RUB	271,547,503	JPMorgan Chase Bank**		1/17/2020		(16,388	)
	Total unrealized depreciation									(16,388	)
	Net unrealized appreciation									171,425

** Non-deliverable forward.

Currency:

BRL Brazilian Real

CAD Canadian Dollar

RUB Russian Ruble

USD United States Dollar

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		1		12/2019		USD		151,790		2,273
U.S. Treasury 10 Year Note		1,932		12/2019		USD		251,733,563		(796,917	)
30 Day Federal Funds		106		5/2020		USD		43,582,736		1,882

53

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
3 Month Eurodollar		176			6/2020		USD		43,335,600			508,080
30 Day Federal Funds		103			7/2020		USD		42,366,431			(47,408	)
3 Month Eurodollar		146			12/2020		USD		35,972,575			400,631
												68,541
Short Contracts
30 Day Federal Funds		(668	)		11/2019		USD		(273,936,705	)		(264,199	)
U.S. Treasury 2 Year Note		(645	)		12/2019		USD		(139,063,008	)		329,860
U.S. Treasury 5 Year Note		(1,591	)		12/2019		USD		(189,652,172	)		423,443
U.S. Treasury Long Bond		(114	)		12/2019		USD		(18,396,750	)		286,264
U.S. Treasury Ultra Bond		(89	)		12/2019		USD		(16,887,750	)		98,482
30 Day Federal Funds		(4	)		1/2020		USD		(1,641,798	)		(9,842	)
												864,008
												932,549

At October 31, 2019, the Fund had $3,776,960 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

Written Call Options Contracts as of October 31, 2019:

Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
Mid-Curve 1-Year Eurodollar		Exchange Traded		180		USD	450,000		USD      97.75		12/13/2019		(362,250	)
Mid-Curve 1-Year Eurodollar		Exchange Traded		181		USD	452,500		USD      98.50		12/13/2019		(61,087	)
U.S. Treasury 10 Year Note		Exchange Traded		56		USD	5,600,000		USD    131.00		11/22/2019		(15,750	)
U.S. Treasury 10 Year Note		Exchange Traded		55		USD	5,500,000		USD    131.00		12/27/2019		(33,516	)
U.S. Treasury 10 Year Note		Exchange Traded		54		USD	5,400,000		USD    131.50		11/22/2019		(8,437	)
U.S. Treasury 10 Year Note		Exchange Traded		75		USD	7,500,000		USD    133.00		11/22/2019		(2,344	)
U.S. Treasury 30 Year Bond		Exchange Traded		23		USD	2,300,000		USD    163.00		11/22/2019		(14,375	)
U.S. Treasury 5 Year Note		Exchange Traded		140		USD	14,000,000		USD    120.25		12/27/2019		(37,187	)
													(534,946	)
Written Put Options Contracts as of October 31, 2019:
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,000.00		12/31/2019		(240	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,000.00		1/17/2020		(480	)
S&P 500 Index		Exchange Traded		21		USD	6,378,876		USD  2,075.00		1/17/2020		(2,415	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,100.00		1/17/2020		(780	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,100.00		3/20/2020		(2,400	)
S&P 500 Index		Exchange Traded		4		USD	1,215,024		USD  2,150.00		12/20/2019		(220	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,150.00		1/17/2020		(852	)
S&P 500 Index		Exchange Traded		12		USD	3,645,072		USD  2,150.00		3/20/2020		(5,808	)
S&P 500 Index		Exchange Traded		9		USD	2,733,804		USD  2,175.00		12/20/2019		(405	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,175.00		1/17/2020		(912	)
S&P 500 Index		Exchange Traded		30		USD	9,112,680		USD  2,200.00		12/20/2019		(1,950	)
S&P 500 Index		Exchange Traded		5		USD	1,518,780		USD  2,200.00		3/20/2020		(2,825	)
S&P 500 Index¥		Exchange Traded		6		USD	1,822,536		USD  2,200.00		5/15/2020		(7,034	)
S&P 500 Index¥		Exchange Traded		11		USD	3,341,316		USD  2,200.00		5/29/2020		(14,687	)
S&P 500 Index		Exchange Traded		10		USD	3,037,560		USD  2,250.00		12/20/2019		(750	)
S&P 500 Index		Exchange Traded		15		USD	4,556,340		USD  2,250.00		12/31/2019		(1,500	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,250.00		1/17/2020		(1,350	)

54

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Written Put Options Contracts as of October 31, 2019: (continued)
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index¥		Exchange Traded		17		USD	5,163,852		USD  2,250.00		2/21/2020		(8,097	)
S&P 500 Index		Exchange Traded		5		USD	1,518,780		USD  2,250.00		3/20/2020		(3,400	)
S&P 500 Index¥		Exchange Traded		11		USD	3,341,316		USD  2,250.00		5/29/2020		(17,286	)
S&P 500 Index		Exchange Traded		12		USD	3,645,072		USD  2,250.00		6/30/2020		(36,120	)
S&P 500 Index		Exchange Traded		21		USD	6,378,876		USD  2,275.00		1/17/2020		(4,767	)
S&P 500 Index		Exchange Traded		11		USD	3,341,316		USD  2,275.00		6/30/2020		(22,693	)
S&P 500 Index		Exchange Traded		15		USD	4,556,340		USD  2,300.00		12/20/2019		(1,410	)
S&P 500 Index		Exchange Traded		120		USD	36,450,720		USD  2,300.00		12/31/2019		(16,800	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,300.00		1/17/2020		(3,689	)
S&P 500 Index		Exchange Traded		33		USD	10,023,948		USD  2,300.00		2/21/2020		(17,160	)
S&P 500 Index		Exchange Traded		10		USD	3,037,560		USD  2,300.00		3/20/2020		(8,650	)
S&P 500 Index		Exchange Traded		6		USD	1,822,536		USD  2,300.00		3/31/2020		(5,988	)
S&P 500 Index¥		Exchange Traded		16		USD	4,860,096		USD  2,300.00		5/15/2020		(26,031	)
S&P 500 Index¥		Exchange Traded		6		USD	1,822,536		USD  2,300.00		5/15/2020		(9,762	)
S&P 500 Index		Exchange Traded		20		USD	6,075,120		USD  2,300.00		6/19/2020		(40,140	)
S&P 500 Index		Exchange Traded		16		USD	4,860,096		USD  2,325.00		12/31/2019		(2,160	)
S&P 500 Index		Exchange Traded		12		USD	3,645,072		USD  2,325.00		1/17/2020		(2,904	)
S&P 500 Index		Exchange Traded		5		USD	1,518,780		USD  2,325.00		3/20/2020		(4,550	)
S&P 500 Index		Exchange Traded		60		USD	18,225,360		USD  2,350.00		12/20/2019		(7,800	)
S&P 500 Index		Exchange Traded		83		USD	25,211,748		USD  2,350.00		12/31/2019		(16,185	)
S&P 500 Index		Exchange Traded		7		USD	2,126,292		USD  2,350.00		1/17/2020		(2,226	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,350.00		1/31/2020		(7,480	)
S&P 500 Index		Exchange Traded		33		USD	10,023,948		USD  2,350.00		2/21/2020		(22,143	)
S&P 500 Index		Exchange Traded		32		USD	9,720,192		USD  2,350.00		2/28/2020		(21,920	)
S&P 500 Index		Exchange Traded		15		USD	4,556,340		USD  2,350.00		3/20/2020		(15,675	)
S&P 500 Index		Exchange Traded		40		USD	12,150,240		USD  2,350.00		3/31/2020		(45,040	)
S&P 500 Index		Exchange Traded		10		USD	3,037,560		USD  2,350.00		6/19/2020		(23,200	)
S&P 500 Index¥		Exchange Traded		11		USD	3,341,316		USD  2,350.00		7/17/2020		(37,102	)
S&P 500 Index		Exchange Traded		16		USD	4,860,096		USD  2,375.00		12/20/2019		(2,240	)
S&P 500 Index		Exchange Traded		7		USD	2,126,292		USD  2,375.00		12/31/2019		(1,435	)
S&P 500 Index		Exchange Traded		21		USD	6,378,876		USD  2,375.00		1/17/2020		(7,350	)
S&P 500 Index		Exchange Traded		32		USD	9,720,192		USD  2,375.00		3/31/2020		(49,792	)
S&P 500 Index¥		Exchange Traded		11		USD	3,341,316		USD  2,375.00		7/17/2020		(38,732	)
S&P 500 Index		Exchange Traded		60		USD	18,225,360		USD  2,400.00		12/20/2019		(8,700	)
S&P 500 Index		Exchange Traded		32		USD	9,720,192		USD  2,400.00		1/31/2020		(18,016	)
S&P 500 Index		Exchange Traded		62		USD	18,832,872		USD  2,400.00		3/20/2020		(78,740	)
S&P 500 Index		Exchange Traded		25		USD	7,593,900		USD  2,400.00		3/31/2020		(35,750	)
S&P 500 Index¥		Exchange Traded		11		USD	3,341,316		USD  2,400.00		7/31/2020		(41,934	)
S&P 500 Index		Exchange Traded		45		USD	13,669,020		USD  2,425.00		12/20/2019		(7,875	)
S&P 500 Index		Exchange Traded		5		USD	1,518,780		USD  2,425.00		3/31/2020		(10,050	)
S&P 500 Index		Exchange Traded		16		USD	4,860,096		USD  2,450.00		1/31/2020		(10,720	)
S&P 500 Index		Exchange Traded		31		USD	9,416,436		USD  2,450.00		3/20/2020		(47,120	)
S&P 500 Index		Exchange Traded		15		USD	4,556,340		USD  2,450.00		3/31/2020		(25,200	)
S&P 500 Index¥		Exchange Traded		34		USD	10,327,704		USD  2,450.00		4/17/2020		(71,284	)
S&P 500 Index		Exchange Traded		15		USD	4,556,340		USD  2,475.00		12/20/2019		(2,535	)
S&P 500 Index		Exchange Traded		24		USD	7,290,144		USD  2,475.00		12/31/2019		(6,840	)
S&P 500 Index		Exchange Traded		33		USD	10,023,948		USD  2,475.00		4/17/2020		(76,725	)
S&P 500 Index		Exchange Traded		32		USD	9,720,192		USD  2,500.00		12/31/2019		(11,232	)
S&P 500 Index		Exchange Traded		16		USD	4,860,096		USD  2,500.00		1/17/2020		(8,960	)
S&P 500 Index¥		Exchange Traded		33		USD	10,023,948		USD  2,500.00		4/30/2020		(89,670	)
S&P 500 Index		Exchange Traded		54		USD	16,402,824		USD  2,520.00		12/31/2019		(20,034	)
S&P 500 Index		Exchange Traded		32		USD	9,720,192		USD  2,525.00		12/31/2019		(12,640	)
S&P 500 Index		Exchange Traded		67		USD	20,351,652		USD  2,525.00		1/17/2020		(44,220	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,530.00		12/31/2019		(8,208	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,550.00		12/31/2019		(8,493	)

55

Statement of Investments (Continued)

October 31, 2019

Nationwide Multi-Cap Portfolio (Continued)

Written Put Options Contracts as of October 31, 2019: (continued)
Description	Counterparty		Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,560.00		12/20/2019		(4,284	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,560.00		12/31/2019		(7,769	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,570.00		12/31/2019		(15,770	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,580.00		12/31/2019		(12,730	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,590.00		12/20/2019		(6,800	)
S&P 500 Index		Exchange Traded		18		USD	5,467,608		USD  2,590.00		12/31/2019		(9,900	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,595.00		12/20/2019		(6,120	)
S&P 500 Index		Exchange Traded		38		USD	11,542,728		USD  2,595.00		1/17/2020		(50,084	)
S&P 500 Index		Exchange Traded		51		USD	15,491,556		USD  2,610.00		12/20/2019		(19,737	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,615.00		12/20/2019		(5,984	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,620.00		12/20/2019		(7,395	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,620.00		1/17/2020		(20,235	)
S&P 500 Index		Exchange Traded		34		USD	10,327,704		USD  2,625.00		12/20/2019		(16,898	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,625.00		1/31/2020		(25,992	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,630.00		12/20/2019		(8,160	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,635.00		12/20/2019		(6,800	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,635.00		1/17/2020		(21,641	)
S&P 500 Index		Exchange Traded		17		USD	5,163,852		USD  2,645.00		12/20/2019		(9,792	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,645.00		1/17/2020		(22,040	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,650.00		1/17/2020		(23,959	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,650.00		1/31/2020		(28,861	)
S&P 500 Index		Exchange Traded		38		USD	11,542,728		USD  2,655.00		1/17/2020		(62,700	)
S&P 500 Index		Exchange Traded		19		USD	5,771,364		USD  2,670.00		1/17/2020		(25,365	)
S&P 500 Index		Exchange Traded		36		USD	10,935,216		USD  2,670.00		1/31/2020		(61,560	)
S&P 500 Index		Exchange Traded		38		USD	11,542,728		USD  2,680.00		1/31/2020		(71,250	)
S&P 500 Index		Exchange Traded		36		USD	10,935,216		USD  2,690.00		1/31/2020		(70,380	)
U.S. Treasury 10 Year Note		Exchange Traded		61		USD	6,100,000		USD    128.75		11/22/2019		(4,766	)
U.S. Treasury 10 Year Note		Exchange Traded		46		USD	4,600,000		USD    129.00		11/22/2019		(5,750	)
													(1,852,203	)
Total Written Options Contracts (Premiums Received ($5,382,802))													(2,387,149	)

¥ Fair valued security.

Currency:

USD United States Dollar

OTC Interest Rate Swaptions Written

Description

Rate Paid by the Fund

Rate Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount

Value

Call

10-Year Interest Rate Swap

3 month LIBOR quarterly

1.35% Monthly

Bank of America NA

12/9/2019

1.35

%

USD  3,410,000

$

(5,818

)

10-Year Interest Rate Swap

3 month LIBOR quarterly

1.35% Monthly

Bank of America NA

12/9/2019

1.35

USD  1,980,000

(3,378

)

Put

10-Year Interest Rate Swap

1.85% Semi-Annually

3 month LIBOR quarterly

Bank of America NA

12/9/2019

1.85

USD  3,410,000

(3,936

)

10-Year Interest Rate Swap

1.85% Semi-Annually

3 month LIBOR quarterly

Bank of America NA

12/9/2019

1.85

USD  1,980,000

(2,285

)

Total OTC Interest Rate Swaptions Written (Premiums Received ($53,091))

$

(15,417

)

Currency:

USD United States Dollar

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

56

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Multi-Cap Portfolio
Assets:
Investment securities, at value* (cost $2,290,039,554)	$	2,459,381,106
Repurchase agreements, at value (cost $14,451,796)		14,451,796
Cash		795,925
Deposits with broker for futures contracts		3,776,960
Cash pledged for swap contracts		6,528,000
Foreign currencies, at value (cost $198,570)		197,896
Interest and dividends receivable		5,449,924
Securities lending income receivable		23,132
Receivable for investments sold		16,341,394
Receivable for capital shares issued		52,752
Swap contracts, at value (Note 2)		42,068,077
Unrealized appreciation on forward foreign currency contracts (Note 2)		187,813
Prepaid offering costs		14,135
Prepaid expenses		3,837
Total Assets		2,549,272,747
Liabilities:
Payable for investments purchased		34,521,182
Payable for capital shares redeemed		2,142,188
Payable for variation margin on futures contracts		1,343,498
Payable for variation margin on centrally cleared swap contracts		2,135,325
Written options, at value (premiums $5,435,893)		2,402,566
Swap contracts, at value (Note 2)		15,531
Unrealized depreciation on forward foreign currency contracts (Note 2)		16,388
Payable upon return of securities loaned (Note 2)		10,914,804
Accrued expenses and other payables:
Investment advisory fees		471,759
Fund administration fees		83,306
Accounting and transfer agent fees		4,736
Trustee fees		10,521
Compliance program costs (Note 3)		3,369
Offering costs		8,743
Professional fees		73,828
Printing fees		26,997
Other		15,660
Total Liabilities		54,190,401
Net Assets	$	2,495,082,346
Represented by:
Capital	$	2,200,939,665
Total distributable earnings (loss)		294,142,681
Net Assets	$	2,495,082,346
Net Assets:
Class R6 Shares	$	2,495,082,346
Total	$	2,495,082,346
Shares Outstanding (unlimited number of shares authorized):
Class R6 Shares		214,986,180
Total		214,986,180
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class R6 Shares	$	11.61

* Includes value of securities on loan of $10,372,415 (Note 2).

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

57

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Multi-Cap Portfolio (a)
INVESTMENT INCOME:
Dividend income	$	24,858,399
Interest income		21,442,133
Income from securities lending (Note 2)		124,034
Foreign tax withholding		(1,859	)
Total Income		46,422,707
EXPENSES:
Investment advisory fees		4,376,331
Fund administration fees		552,706
Professional fees		140,072
Printing fees		31,737
Trustee fees		68,414
Custodian fees		67,658
Offering costs^		50,865
Accounting and transfer agent fees		24,233
Compliance program costs (Note 3)		11,515
Other		36,715
Total Expenses		5,360,246
NET INVESTMENT INCOME		41,062,461
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		16,858,527
Expiration or closing of futures contracts (Note 2)		(8,395,039	)
Settlement of forward foreign currency contracts (Note 2)		(379,624	)
Foreign currency transactions (Note 2)		33,118
Expiration or closing of option contracts written (Note 2)		8,375,373
Expiration or closing of swap contracts (Note 2)		40,886,784
Net realized gains		57,379,139
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		169,341,552
Futures contracts (Note 2)		932,549
Forward foreign currency contracts (Note 2)		171,425
Translation of assets and liabilities denominated in foreign currencies		57
Options contracts written (Note 2)		3,033,327
Swap contracts (Note 2)		40,396,317
Net change in unrealized appreciation/depreciation		213,875,227
Net realized/unrealized gains		271,254,366
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	312,316,827

(a) For the period from December 7, 2018 (commencement of operations) through October 31, 2019.

^ Amounts are amortized over 12-month period.

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

58

Statement of Changes in Net Assets

	Nationwide Multi-Cap Portfolio
	Period Ended October 31, 2019 (a)
Operations:
Net investment income	$	41,062,461
Net realized gains		57,379,139
Net change in unrealized appreciation/depreciation		213,875,227
Change in net assets resulting from operations		312,316,827
Distributions to Shareholders From:
Distributable earnings:
Class R6		(18,225,011	)
Change in net assets from shareholder distributions		(18,225,011	)
Change in net assets from capital transactions		2,200,990,530
Change in net assets		2,495,082,346
Net Assets:
Beginning of period		–
End of period	$	2,495,082,346
CAPITAL TRANSACTIONS:
Class R6 Shares
Proceeds from shares issued	$	2,463,253,934
Dividends reinvested		18,225,011
Cost of shares redeemed		(280,488,415	)
Total Class R6 Shares		2,200,990,530
Change in net assets from capital transactions	$	2,200,990,530
SHARE TRANSACTIONS:
Class R6 Shares
Issued		238,700,344
Reinvested		1,673,576
Redeemed		(25,387,740	)
Total Class R6 Shares		214,986,180
Total change in shares		214,986,180

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

(a) For the period from December 7, 2018 (commencement of operations) through October 31, 2019.

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 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 October 31, 2019 (d)	$	10.00		0.21		1.49		1.70		(0.09	)		(0.09	)	$	11.61		17.11%	$	2,495,082,346		0.28%		2.14%		0.28%		74.59%

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, unless otherwise stated.

(d) For the period from December 7, 2018 (commencement of operations) through October 31, 2019. Total return is calculated based on inception date of December 6, 2018 through October 31, 2019.

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

60

Notes to Financial Statements

October 31, 2019

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 October 31, 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 the 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.)

● 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.

61

Notes to Financial Statements (Continued)

October 31, 2019

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; (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

62

Notes to Financial Statements (Continued)

October 31, 2019

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.

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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of October 31, 2019. Please refer to the Statement of Investments for additional information on portfolio holdings.

Multi-Cap Portfolio

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	—	$	109,081,622	$	—	$	109,081,622
Collateralized Mortgage Obligations		—		48,857,097		—		48,857,097
Commercial Mortgage-Backed Securities		—		50,445,055		—		50,445,055
Common Stocks		1,606,831,117		—		—		1,606,831,117
Corporate Bonds		—		361,638,273		—		361,638,273
Exchange Traded Funds		11,343,720		—		—		11,343,720
Foreign Government Securities		—		34,714,417		—		34,714,417
Forward Foreign Currency Contracts		—		187,813		—		187,813
Futures Contracts		2,050,915		—		—		2,050,915
Mortgage-Backed Securities		—		130,953,354		—		130,953,354
Purchased Options		649,699		—		—		649,699
Repurchase Agreements		—		14,451,796		—		14,451,796
Rights		—		7,923		—		7,923
Short-Term Investments		963,008		—		—		963,008
Total Return Swaps*		—		42,068,077		—		42,068,077
U.S. Treasury Obligations		—		103,895,821		—		103,895,821
Total Assets	$	1,621,838,459	$	896,301,248	$	—	$	2,518,139,707

63

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1			Level 2			Level 3		Total
Liabilities:
Credit Default Swaps*	$	—		$	(108,159	)	$	—	$	(108,159	)
Forward Foreign Currency Contracts		—			(16,388	)		—		(16,388	)
Futures Contracts		(1,118,366	)		—			—		(1,118,366	)
Interest Rate Swaps*		—			(1,548,070	)		—		(1,548,070	)
Total Return Swaps*		—			(15,531	)		—		(15,531	)
Written Options		(2,025,530	)		(361,619	)		—		(2,387,149	)
Written Swaptions		—			(15,417	)		—		(15,417	)
Total Liabilities	$	(3,143,896	)	$	(2,065,184	)	$	—	$	(5,209,080	)
Total	$	1,618,694,563		$	894,236,064		$	—	$	2,512,930,627

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

* Swap contracts are included in the table at value, with the exception of centrally cleared swap contracts, which are included in the table at unrealized appreciation/(depreciation).

During the period ended October 31, 2019, the Fund held two rights investments that were categorized as Level 3 investments which were each 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) 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, the 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 the 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 the 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 and to capitalize on the return-generating features of selling options (short volatility) while simultaneously benefiting from the risk-control attributes associated with buying options (long volatility). The Fund purchased and wrote options on indexes. Such option investments are utilized to generate consistent outperformance. The purchase of put options serves as a short

64

Notes to Financial Statements (Continued)

October 31, 2019

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 the 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 the 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 the 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. 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.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the 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 the Fund could cause material losses because the 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

65

Notes to Financial Statements (Continued)

October 31, 2019

options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”) guidelines, the 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 the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the 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”, in a table in the Statement of Investments 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”, as applicable.

The Fund’s purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value”, in the Statement of Investments 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”, as applicable.

Swaptions. The Fund may purchase and write (sell) options on swap agreements. The Fund entered into put and call swaptions to gain exposure to and/or hedge against changes in interest rates. An option on a swap agreement, or a “swaption,” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. In return, the purchaser pays a “premium” to the seller of the contract. The seller of the contract receives the premium and bears the risk of unfavorable changes on the underlying swap. The Fund may write (sell) and purchase put and call swaptions. The Fund may also enter into swaptions on either an asset-based or liability-based basis, depending on whether the Fund is hedging its assets or its liabilities. The Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. The Fund may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a duration management technique, to protect against an increase in the price of securities a Fund anticipates purchasing at a later date, or for any other purposes, such as for speculation to increase returns. Swaptions are generally subject to the same risks involved in a Fund’s use of options.

Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

The Fund’s swaption contracts are disclosed in the Statement of Assets and Liabilities under “Written options, at value”, in a table in the Statement of Investments and in the Statement of

66

Notes to Financial Statements (Continued)

October 31, 2019

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”, as applicable.

(d) Swap Contracts

Credit Default Swap Contracts — The Fund entered into credit default swap contracts during the period ended October 31, 2019. Credit default swap contracts are either privately negotiated agreements between the Fund and a counterparty or traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty.

The Fund 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 or paid at the beginning of the initiation period are included in the Statement of Assets and Liabilities under “Swap contracts, at value” for OTC swaps and under “Receivable/Payable for variation margin on centrally cleared credit default swap contracts” for centrally cleared swaps, as applicable. 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 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.

As the protection seller in a credit default swap contract, a Fund receives from 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 pay the par (or other agreed-upon) value of a referenced debt obligation to 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. In return, if no credit event or default (or similar event) occurs, a Fund keeps the stream of payments and would have no payment of obligations.

If a credit event or default (or similar event) occurs, a Fund either (i) pays to the counterparty an amount equal to the notional amount of the swap and takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pays 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. By selling a credit default swap contract, a Fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of

67

Notes to Financial Statements (Continued)

October 31, 2019

a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices include high-yield securities. Credit indices are traded using credit default swap contracts with standardized terms including a fixed spread and standard maturity dates. An index credit default swap contract references all the names in the index, and if there is a default, the credit event is settled based on the name’s weight in the index. For most indices, each name has an equal weight in the index. The composition of the indices changes periodically. The use of credit default swap contracts on indices is often less expensive than it would be to buy many issuer-specific credit default swap contracts to achieve a similar effect.

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 October 31, 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.

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 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.

68

Notes to Financial Statements (Continued)

October 31, 2019

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 the 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 the 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 the 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 “Receivable/Payable for Variation margin on centrally cleared interest rate 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”, as applicable.

(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

69

Notes to Financial Statements (Continued)

October 31, 2019

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”, as applicable.

(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 interest rates for the purpose of reducing active risk in the portfolio. 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, 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, the 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. The 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.

70

Notes to Financial Statements (Continued)

October 31, 2019

The Fund’s 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”, as applicable.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of October 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of October 31, 2019

Assets:	Statement of Assets and Liabilities	Fair Value
Purchased Options
Equity risk	Investment securities, at value	$	20,318
Interest rate risk	Investment securities, at value		629,381
Swap Contracts(a)
Equity risk	Swap contracts, at value		42,068,077
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		187,813
Futures Contracts(b)
Equity risk	Payable for variation margin on futures contracts		2,273
Interest rate risk	Payable for variation margin on futures contracts		2,048,642
Total		$	44,956,504
Liabilities:
Written Options
Equity risk	Written options, at value	$	(1,841,687	)
Interest rate risk	Written options, at value		(545,462	)
Written Swaptions
Interest rate risk	Written options, at value		(15,417	)
Swap Contracts(a)
Equity risk	Swap contracts, at value		(15,531	)
Credit risk	Receivable for variation margin on centrally cleared swap contracts		(108,159	)
Interest rate risk	Receivable for variation margin on centrally cleared swap contracts		(1,548,070	)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		(16,388	)
Futures Contracts(b)
Interest rate risk	Payable for variation margin on futures contracts		(1,118,366	)
Total		$	(5,209,080	)

(a) Swap contracts are included in the table at value, with the exception of centrally cleared swap contracts which are included in the table at unrealized appreciation/(depreciation). For centrally cleared swap contracts, only the variation margin on swap contracts is reported in the Statement of Assets and Liabilities.

71

Notes to Financial Statements (Continued)

October 31, 2019

(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.

The Effect of Derivative Instruments on the Statement of Operations for the Period Ended October 31, 2019

Realized Gains (Losses):	Total
Purchased Options(a)
Equity risk	$	(240,039	)
Interest rate risk		(271,255	)
Written Options
Equity risk		6,187,393
Interest rate risk		2,187,980
Swap Contracts
Credit risk		42,002
Equity risk		45,260,116
Interest rate risk		(4,415,334	)
Forward Foreign Currency Contracts
Currency risk		(379,624	)
Futures Contracts
Equity risk		71,026
Interest rate risk		(8,466,065	)
Total	$	39,376,200

(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 October 31, 2019

Unrealized Appreciation/Depreciation:	Total
Purchased Options(a)
Equity risk	$	(12,910	)
Interest rate risk		382,045
Written Options
Equity risk		3,229,693
Interest rate risk		(234,040	)
Written Swaptions
Interest rate risk		37,674
Swap Contracts
Credit risk		(108,159	)
Equity risk		42,052,546
Interest rate risk		(1,548,070	)
Forward Foreign Currency Contracts
Currency risk		171,425
Futures Contracts(a)
Equity risk		2,273
Interest rate risk		930,276
Total	$	44,902,753

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

72

Notes to Financial Statements (Continued)

October 31, 2019

The following tables provide a summary of the Fund’s average volume of derivative instruments held during the period ended October 31, 2019:

Options:
Average Value Purchased	$	308,030
Average Value Written	$	2,155,043
Average Number of Purchased Option Contracts		1,884
Average Number of Written Option Contracts		4,459
Written Swaptions
Average Value Written	$	5,794
Average Number of Written Swaption Contracts		1,960,000
Centrally Cleared Credit Index Swaps:
Average Notional Balance — Buy Protection	$	1,914,545
Centrally Cleared Interest Rate Swaps:
Average Notional Balance — Pays Fixed Rate	$	99,723,818
Average Notional Balance — Pays Float Rate	$	2,051,636
Total Return Swaps:
Average Notional Balance — Receives Float Rate	$	770,581,561
Average Notional Balance — Pays Float Rate	$	1,003
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	8,144,197
Average Settlement Value Sold	$	1,827,383
Futures Contracts:
Average Notional Balance Long	$	233,745,076
Average Notional Balance Short	$	495,989,720

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. At October 31, 2019, the centrally cleared swap agreements do not provide for a netting arrangement. At October 31, 2019, the Fund has entered into futures contracts. The futures contract agreements do not provide for netting arrangements.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that may be subject to netting arrangements on the “Statement of Assets and Liabilities.” The following tables set forth the Fund’s net exposure by counterparty for forward

73

Notes to Financial Statements (Continued)

October 31, 2019

foreign currency contracts, OTC swaptions and OTC swap contracts that are subject to enforceable master netting arrangements or similar arrangements as of October 31, 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	$	13,998,569	$	—		$	—	$	13,998,569
JPMorgan Chase Bank NA	Swap Contracts		28,040,914		—			—		28,040,914
	Forward Foreign Currency Contracts		187,813		(16,388	)		—		171,425
	Total JPMorgan Chase Bank NA		28,228,727		(16,388	)		—		28,212,339
Morgan Stanley Capital Services, Inc.	Swap Contracts		28,594		(15,531	)		—		13,063
Total		$	42,255,890	$	(31,919	)	$	—	$	42,223,971

Amounts designated as “—” are zero.

* Per GAAP disclosure requirements, the table above does not include the additional collateral received from the counterparties. Total additional collateral received from Bank of America NA and JPMorgan Chase Bank NA was securities with market value of $14,446,852 and $33,293,156, respectively.

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
Bank of America NA	Swaptions	$	(15,417	)	$	—	$	—	$	(15,417	)
Morgan Stanley Capital Services, Inc.	Swap Contracts		(15,531	)		15,531		—		—
JPMorgan Chase Bank NA	Forward Foreign Currency Contracts		(16,388	)		16,388		—		—
Total		$	(47,336	)	$	31,919	$	—	$	(15,417	)

Amounts designated as “—” are zero.

74

Notes to Financial Statements (Continued)

October 31, 2019

(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.

(h) Securities Lending

During the period ended October 31, 2019, the Fund entered into securities lending transactions. To generate additional income, the Fund lent its portfolio securities, up to 33¹/₃% 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 October 31, 2019, which were comprised of a money market fund and repurchase agreements purchased with cash collateral, were as follows:

Amounts of Liabilities Presented in the

Statements of Assets and Liabilities

$10,914,804

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

75

Notes to Financial Statements (Continued)

October 31, 2019

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.

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Fund to enforce a netting arrangement.

(i) Repurchase Agreements

During the period ended October 31, 2019, the Fund, 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 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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

76

Notes to Financial Statements (Continued)

October 31, 2019

At October 31, 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.	$	6,662,823	$	—	$	6,662,823	$	(6,662,823	)	$	—
Royal Bank of Canada		3,288,973		—		3,288,973		(3,288,973	)		—
Total	$	9,951,796	$	—	$	9,951,796	$	(9,951,796	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

During the period ended October 31, 2019, the Fund, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the SEC, transferred cash through an account at JPMorgan Chase Bank, N.A. (“JPMorgan”), the Fund’s custodian, the daily balance of which is invested in one or more 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.

77

Notes to Financial Statements (Continued)

October 31, 2019

At October 31, 2019, the Fund’s investment in the repo was subject to an enforceable netting arrangement. The Fund’s holding in the 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 & Co. LLC	$	4,500,000	$	—	$	4,500,000	$	(4,500,000	)	$	—
Total	$	4,500,000	$	—	$	4,500,000	$	(4,500,000	)	$	—

Amounts designated as “—” are zero.

* At October 31, 2019, the value of the collateral received exceeded the market value of the Fund’s holding in the repo. Please refer to the Statement of Investments for the Fund’s interest in the 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 the Fund’s 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, as applicable, 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”), the 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. The 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 the Fund.

78

Notes to Financial Statements (Continued)

October 31, 2019

The 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. The permanent differences as of October 31, 2019 are primarily attributable to treatment of notional principal contracts. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

Reclassifications for the period ended October 31, 2019 were as follows:

Capital				Total distributable earnings (loss)
	$	(50,865	)		$	50,865

(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 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 a U.S. federal income tax return 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.

79

Notes to Financial Statements (Continued)

October 31, 2019

(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 October 31, 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 October 31, 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.

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 period ended October 31, 2019, NFM earned $552,706 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

80

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the Fund’s portion of such costs amounted to $11,515.

As of October 31, 2019, NFA or its affiliates directly held 100% 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 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. As of July 12, 2019, the Fund was added to the credit agreement which next expires on July 9, 2020. During the period ended October 31, 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 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 October 31, 2019, the Fund did not engage in interfund lending.

81

Notes to Financial Statements (Continued)

October 31, 2019

5.  Investment Transactions

For the period ended October 31, 2019, the Fund had purchases of $3,591,921,329 and sales of $1,329,001,273 (excluding short-term securities).

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.

82

Notes to Financial Statements (Continued)

October 31, 2019

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 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

83

Notes to Financial Statements (Continued)

October 31, 2019

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 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

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.

84

Notes to Financial Statements (Continued)

October 31, 2019

9.  Other

As of October 31, 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 62.89% of the total outstanding shares of the Fund, all or a portion of which are the accounts of affiliated funds.

10.  Federal Tax Information

The tax character of distributions paid during the fiscal period ended October 31, 2019 was as follows:

Distributions paid from
Ordinary Income*			Net Long-Term Capital Gains			Total Taxable Distributions			Return of Capital			Total Distributions Paid
	$	18,225,011		$	—		$	18,225,011		$	—		$	18,225,011

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Earnings			Distributions Payable			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
	$	126,527,255		$	5,303,050		$	131,830,305		$	—		$	—		$	162,312,376		$	294,142,681

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 2019, the tax cost of investments (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) for the Fund was as follows:

Tax Cost of Investments			Unrealized Appreciation			Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
	$	2,347,087,519		$	228,298,356		$	(62,103,919	)		$	166,194,437

11.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

85

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Multi-Cap Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Nationwide Multi-Cap Portfolio (one of the funds constituting Nationwide Mutual Funds, referred to hereafter as the “Fund”) as of October 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 7, 2018 (commencement of operations) through October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period December 7, 2018 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

86

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the percentage of income dividends paid by the Fund that qualifies for the dividends received deduction available to corporations is 15.10%.

87

Management Information

October 31, 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	119
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	119
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	119

88

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

89

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

90

Management Information (Continued)

October 31, 2019

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
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
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

91

Management Information (Continued)

October 31, 2019

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.

92

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

93

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

94

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

95

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

96

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

97

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.

98

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.

99

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.

100

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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

AR-MCP (12/19)

Annual Report

October 31, 2019

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	5
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	28
Supplemental Information	29
Management Information	30
Market Index Definitions	35
Glossary	40

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Geneva Small Cap Growth Fund

For the annual period ended October 31, 2019, the Nationwide Geneva Small Cap Growth Fund (Class A at NAV*) returned 9.13% versus 6.40% for its benchmark, the Russell 2000® Growth Index. For broader comparison, the median return for the Fund’s closest Morningstar® peer category, Small Growth (consisting of 649 funds as of October 31, 2019) was 6.69% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

While the market backdrop was volatile during the 12-month reporting period, the performance of the Russell 2000 Growth Index was benign. There was certainly volatility during the reporting period, fueled by the erratic nature of the U.S.-China trade discussions, an ominous cloud of headlines surrounding the Trump administration and a slowing economy. In retrospect, we should not be entirely surprised with the decelerating economic growth rates we are witnessing, as the markets are typically forward looking and the correction in the fourth quarter of 2018 portended the slowdown. In fact, this is the third such slowdown (the others were 2015 - 2016 and 2011 - 2012) since the commencement of this expansionary period, which is now the longest in modern history. Soft periods should not be feared but rather welcomed, as they are healthy to remove some of the excess, which builds during bull markets. We have seen a healthy correction in some of the high-multiple stocks and have witnessed some of the value-oriented companies exhibit some strength. Quality metrics were mixed during the reporting period and different parts of the market experienced more of a quality rotation than others. Broadly speaking, the overall market favored quality, as high-quality companies (those rated B+ or better) returned 13.51% versus 1.37% for low-quality companies (those rated B or worse). At the index level the story was more muddled. In the Russell 2000 Growth Index we observed high return on equity and low debt-to-cap companies outperforming, signaling a bias toward high quality, but offsetting this was the outperformance of low-growth stocks.

The Fund outperformed its benchmark by 2.73% during the reporting period. At the sector level,

the top performers contributing to Fund performance during the reporting period were Financial Services, Technology and Energy, returning 3.06%, 1.69% and 0.68%, respectively. The strength in the Financial Services sector stemmed from superior stock selection. The strength in the Technology sector also was due to stock selection and a meaningful overweight. The outperformance in the Energy sector was the result of having no allocation to this sector; it was by far the worst performer during the reporting period and underperformed the broader market by 38.58%. The top-contributing holdings for the Fund during the reporting period were Paycom Software, MarketAxess Holdings and Fair Isaac Corporation (FICO), returning 1.59%, 1.55% and 1.33%, respectively. Paycom is a software provider servicing a human capital management space; throughout the year the company reported a number of “beat and raise” quarters with management most recently raising full-year guidance beyond its most recent beat. The company consistently has posted revenue growth in excess of 30% year-over-year and has driven strong EBITDA and earnings-per-share growth as well. Management has continued to make investments in new offices and has driven customer engagement, which in turn has driven higher client retention. MarketAxess Holdings operates an electronic fixed-income trading platform; good fundamentals during the reporting period drove performance. Most recently, the company reported strong results during October 2019, with broad-based growth across product category and regions. This was a consistent theme with the company during the reporting period as it continued to take market share and innovate with new opportunities for growth. FICO provides analytics and consulting services to help companies acquire customers more efficiently; during the reporting period, the company reported strong results and it is seeing a tailwind from its plan to increase scores pricing. The increased pricing drove revenue upside in the business, and the company is looking to expand margins opportunistically in other business lines.

At the sector level, the top three detractors from Fund performance during the reporting period were Consumer Discretionary, Health Care and Producer Durables, registering -1.79%, -0.68% and

3

Fund Commentary (cont.) Nationwide Geneva Small Cap Growth Fund

-0.28%, respectively. The top three detractors for the period at the holdings level were Bottomline Technologies, At Home Group and HealthEquity, registering -0.91%, -0.81% and -0.80%, respectively. Bottomline Technologies provides collaborative payment, invoice and document automation solutions to corporations worldwide; in November 2018 the company reported earnings that disappointed investors, and shares were down over 20%. This weakness continued into early 2019, but in May the company outlined its long-term operating model; in doing so, the company said it would be investing heavily during the next three to four years to drive growth. While investors appreciated the long-term visibility on the operating model, they did not appreciate the lack of margin expansion, and shares reacted negatively; over the long term we continue to believe in the thesis and opportunity for the company, but we are similarly frustrated with the lack of margin opportunity. At Home Group owns and operates home décor stores in the United States; the company reported in June and results were relatively in line with previously lowered expectations, but the company once again provided weak expectations for its current fiscal year overall. Poor results were attributed to unfavorable weather across 75% of the unit base. While weather is not controllable, the broader softer growth of the home furnishings space and the choppiness of At Home Group’s comps performance in recent quarters have been a bit unnerving to investors. Given the negative outlook for the business, we decided to move on from the position. HealthEquity provides technology-enabled services platforms that allow consumers to make healthcare saving and spending decisions; shares of the company were volatile during the reporting period as outside influences such as the 2020 U.S. presidential race and the volatility in interest rates negatively affected the company. The recent talk about universal healthcare has put pressure on shares as HealthEquity’s primary product, Health Savings Accounts (HSAs), may not be necessary in such an environment. The volatility in rates also was a negative for the company as investors believe this would negatively affect the yield the company collects on unused balances. After speaking with management, we believe this is less of an issue than investors realize. Also, in June of

2019 the company completed an all-cash offer to acquire the outstanding shares of WageWorks. This acquisition gives HealthEquity a broader portfolio of consumer-driven benefits with which to sell and will give the business greater scale, greater distribution access and a larger addressable market.

The Fund does not use derivatives.

Subadviser:

Geneva Capital Management LLC

Portfolio Managers:

José Muñoz, CFA; William A. Priebe, CFA; and William S. Priebe

*Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. Growth funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Geneva Small Cap Growth Fund

Asset Allocation¹

Common Stocks	95.6%
Repurchase Agreements	2.6%
Short-Term Investment	0.3%
Other assets in excess of liabilities	1.5%
	100.0%

Top Industries²

Software	17.9%
Health Care Equipment & Supplies	12.4%
Machinery	7.6%
Health Care Technology	4.4%
Health Care Providers & Services	3.9%
Electronic Equipment, Instruments & Components	3.7%
Semiconductors & Semiconductor Equipment	3.7%
Building Products	3.7%
Auto Components	3.5%
Diversified Consumer Services	3.3%
Other Industries#	35.9%
	100.0%

Top Holdings²

Bright Horizons Family Solutions, Inc.	3.3%
Kinsale Capital Group, Inc.	2.9%
Exponent, Inc.	2.8%
Fair Isaac Corp.	2.8%
Masimo Corp.	2.8%
Bio-Techne Corp.	2.7%
RBC Bearings, Inc.	2.6%
J&J Snack Foods Corp.	2.3%
Fox Factory Holding Corp.	2.2%
Omnicell, Inc.	2.1%
Other Holdings#	73.5%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Geneva Small Cap Growth Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		9.13%		12.26%		15.32%
	w/SC3		2.85%		10.93%		14.67%
Class C1	w/o SC2		8.34%		11.45%		14.55%
	w/SC4		7.34%		N/A		N/A
Class R65,6			9.54%		12.68%		10.91%	7
Institutional Service Class1,5,8			9.41%		12.56%		15.62%	4
Russell 2000® Growth Index			6.40%		8.38%		13.38%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.24%
Class C		1.95%
Class R6		0.86%
Institutional Service Class		0.96%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Geneva Small Cap Growth Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Geneva Small Cap Growth Fund versus the Russell 2000® Growth Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark Geneva Small Cap Growth Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		998.80		6.20		1.23
	Hypothetical(a)(b)			1,000.00		1,019.00		6.26		1.23
Class C Shares	Actual	(a)		1,000.00		995.20		9.86		1.96
	Hypothetical(a)(b)			1,000.00		1,015.32		9.96		1.96
Class R6 Shares	Actual	(a)		1,000.00		1,000.60		4.34		0.86
	Hypothetical(a)(b)			1,000.00		1,020.87		4.38		0.86
Institutional Service Class Shares	Actual	(a)		1,000.00		1,000.00		4.99		0.99
	Hypothetical(a)(b)			1,000.00		1,020.21		5.04		0.99

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Geneva Small Cap Growth Fund

Common Stocks 95.6%
	Shares		Value
Airlines 1.9%
Allegiant Travel Co.		122,542	$	20,504,953
Auto Components 3.4%
Dorman Products, Inc.*		190,777		13,726,405
Fox Factory Holding Corp.*		379,303		23,114,725
				36,841,130
Banks 2.8%
Pacific Premier Bancorp, Inc. (a)		430,374		14,527,274
Texas Capital Bancshares, Inc.*		276,753		14,961,267
				29,488,541
Biotechnology 1.0%
Ligand Pharmaceuticals, Inc.* (a)		93,841		10,210,839
Building Products 3.6%
AAON, Inc.		361,295		17,580,615
Trex Co., Inc.*		237,768		20,897,429
				38,478,044
Capital Markets 1.8%
MarketAxess Holdings, Inc.		53,181		19,601,985
Chemicals 2.9%
Balchem Corp.		181,351		18,354,534
Sensient Technologies Corp.		197,671		12,366,298
				30,720,832
Diversified Consumer Services 3.3%
Bright Horizons Family Solutions, Inc.*		236,502		35,125,277
Electronic Equipment, Instruments & Components 3.7%
ePlus, Inc.*		190,215		14,861,498
Novanta, Inc.*		155,604		13,856,536
Rogers Corp.*		78,787		10,674,063
				39,392,097
Food Products 2.3%
J&J Snack Foods Corp.		128,029		24,422,812
Health Care Equipment & Supplies 12.2%
Cantel Medical Corp.		253,807		18,499,992
Globus Medical, Inc., Class A*		337,518		17,675,818
LeMaitre Vascular, Inc.		300,657		10,402,732
Masimo Corp.*		199,359		29,064,549
Neogen Corp.*		301,642		19,624,828
STAAR Surgical Co.*		409,833		13,434,326
Tactile Systems Technology, Inc.*		465,266		21,132,382
				129,834,627
Health Care Providers & Services 3.8%
HealthEquity, Inc.*		267,454		15,188,713
LHC Group, Inc.*		128,029		14,207,378
PetIQ, Inc.* (a)		447,257		11,056,193
				40,452,284
Health Care Technology 4.3%
Omnicell, Inc.*		321,057		22,599,202

Common Stocks (continued)
	Shares		Value
Health Care Technology (continued)
Tabula Rasa HealthCare, Inc.* (a)		229,608	$	11,696,232
Vocera Communications, Inc.* (a)		576,834		11,490,533
				45,785,967
Hotels, Restaurants & Leisure 1.6%
Texas Roadhouse, Inc.		299,109		16,899,658
Insurance 2.8%
Kinsale Capital Group, Inc.		284,900		30,119,628
IT Services 2.3%
Evo Payments, Inc., Class A*		252,182		7,169,534
ExlService Holdings, Inc.*		251,134		17,486,461
				24,655,995
Life Sciences Tools & Services 2.7%
Bio-Techne Corp.		138,018		28,731,207
Machinery 7.5%
Barnes Group, Inc.		243,114		14,210,013
Donaldson Co., Inc.		378,741		19,974,800
Middleby Corp. (The)*		49,383		5,972,874
Proto Labs, Inc.*		133,938		12,987,968
RBC Bearings, Inc.*		168,126		26,974,136
				80,119,791
Multiline Retail 1.7%
Ollie’s Bargain Outlet Holdings, Inc.*		286,584		18,306,986
Pharmaceuticals 0.8%
Supernus Pharmaceuticals, Inc.*		292,075		8,116,764
Professional Services 2.8%
Exponent, Inc.		465,969		29,603,011
Road & Rail 2.9%
Genesee & Wyoming, Inc., Class A*		155,886		17,308,023
Marten Transport Ltd.		624,247		13,521,190
				30,829,213
Semiconductors & Semiconductor Equipment 3.6%
Inphi Corp.*		298,265		21,439,288
Monolithic Power Systems, Inc.		116,633		17,485,619
				38,924,907
Software 17.6%
Alarm.com Holdings, Inc.*		357,215		17,646,421
Blackbaud, Inc.		206,394		17,326,776
Blackline, Inc.*		267,735		12,513,934
Bottomline Technologies DE, Inc.*		379,303		15,532,458
Descartes Systems Group, Inc. (The)*		459,920		17,895,487
Envestnet, Inc.*		349,758		21,856,377
Fair Isaac Corp.*		97,077		29,515,291
Paycom Software, Inc.*		97,921		20,713,229
Q2 Holdings, Inc.*		219,197		15,670,394
Tyler Technologies, Inc.*		72,915		19,579,136
				188,249,503

9

Statement of Investments (Continued)

October 31, 2019

Nationwide Geneva Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance 1.0%
Axos Financial, Inc.*		353,838	$	10,278,994
Trading Companies & Distributors 1.3%
SiteOne Landscape Supply, Inc.*		155,464		13,690,160
Total Common Stocks (cost $771,099,875)				1,019,385,205
Short-Term Investment 0.3%
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		2,707,593		2,707,593
Total Short-Term Investment (cost $2,707,593)				2,707,593
Repurchase Agreements 2.6%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $18,734,080, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $19,179,311. (c)(d)	$	18,733,196		18,733,196
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $9,247,710, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $9,466,489. (c)(d)		9,247,278		9,247,278
Total Repurchase Agreements (cost $27,980,474)				27,980,474
Total Investments (cost $801,787,942) — 98.5%				1,050,073,272
Other assets in excess of liabilities — 1.5%				16,217,002
NET ASSETS — 100.0%			$	1,066,290,274

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $29,711,803, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $2,707,593 and $27,980,474, respectively, and by

$128,298 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $30,816,365.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $30,688,067.

(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.

10

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Geneva Small Cap Growth Fund
Assets:
Investment securities, at value* (cost $773,807,468)	$	1,022,092,798
Repurchase agreements, at value (cost $27,980,474)		27,980,474
Cash		47,842,447
Interest and dividends receivable		159,330
Securities lending income receivable		4,365
Receivable for capital shares issued		968,270
Prepaid expenses		45,900
Total Assets		1,099,093,584
Liabilities:
Payable for capital shares redeemed		967,057
Payable upon return of securities loaned (Note 2)		30,688,067
Accrued expenses and other payables:
Investment advisory fees		694,528
Fund administration fees		40,312
Distribution fees		49,658
Administrative servicing fees		266,202
Accounting and transfer agent fees		17,048
Trustee fees		4,479
Custodian fees		15,411
Compliance program costs (Note 3)		1,468
Professional fees		37,780
Printing fees		15,248
Other		6,052
Total Liabilities		32,803,310
Net Assets	$	1,066,290,274
Represented by:
Capital	$	801,437,324
Total distributable earnings (loss)		264,852,950
Net Assets	$	1,066,290,274
Net Assets:
Class A Shares	$	85,091,825
Class C Shares		37,438,329
Class R6 Shares		195,408,988
Institutional Service Class Shares		748,351,132
Total	$	1,066,290,274
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,401,704
Class C Shares		670,086
Class R6 Shares		3,088,859
Institutional Service Class Shares		11,918,086
Total		17,078,735

11

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	60.71
Class C Shares (b)	$	55.87
Class R6 Shares	$	63.26
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	$	64.41
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $29,711,803 (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.

12

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Geneva Small Cap Growth Fund
INVESTMENT INCOME:
Dividend income	$	4,140,109
Interest income		836,290
Income from securities lending (Note 2)		45,568
Total Income		5,021,967
EXPENSES:
Investment advisory fees		7,955,071
Fund administration fees		340,978
Distribution fees Class A		198,947
Distribution fees Class C		423,001
Administrative servicing fees Class A		98,646
Administrative servicing fees Class C		39,842
Administrative servicing fees Institutional Service Class		925,331
Registration and filing fees		87,827
Professional fees		75,827
Printing fees		109,299
Trustee fees		36,826
Custodian fees		48,420
Accounting and transfer agent fees		65,690
Compliance program costs (Note 3)		4,975
Other		29,269
Total Expenses		10,439,949
NET INVESTMENT LOSS		(5,417,982	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities (Note 10)		22,185,135
Net change in unrealized appreciation/depreciation in the value of investment securities		75,198,976
Net realized/unrealized gains		97,384,111
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	91,966,129

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

13

Statements of Changes in Net Assets

	Nationwide Geneva Small Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment loss	$	(5,417,982	)	$	(5,156,138	)
Net realized gains		22,185,135			57,776,462
Net change in unrealized appreciation/depreciation		75,198,976			16,196,770
Change in net assets resulting from operations		91,966,129			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		48,166,978			216,803,062
Change in net assets		89,368,153			253,029,687
Net Assets:
Beginning of year		976,922,121			723,892,434
End of year	$	1,066,290,274		$	976,922,121
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	26,276,928		$	26,109,218
Proceeds from shares issued in class conversion (Note 1)		22,692			–
Dividends reinvested		4,148,884			4,618,954
Cost of shares redeemed		(29,522,904	)		(63,677,631	)
Total Class A Shares		925,600			(32,949,459	)
Class C Shares
Proceeds from shares issued		2,865,140			4,705,947
Dividends reinvested		2,300,120			1,932,235
Cost of shares redeemed in class conversion (Note 1)		(22,692	)		–
Cost of shares redeemed		(12,277,664	)		(8,639,599	)
Total Class C Shares		(7,135,096	)		(2,001,417	)
Class R6 Shares
Proceeds from shares issued		85,731,129			97,700,511
Dividends reinvested		7,599,636			2,814,821
Cost of shares redeemed		(52,831,422	)		(27,061,811	)
Total Class R6 Shares		40,499,343			73,453,521
Institutional Service Class Shares
Proceeds from shares issued		220,670,547			391,021,396
Dividends reinvested		33,468,866			20,985,049
Cost of shares redeemed		(240,262,282	)		(233,706,028	)
Total Institutional Service Class Shares		13,877,131			178,300,417
Change in net assets from capital transactions	$	48,166,978		$	216,803,062

14

Statements of Changes in Net Assets (Continued)

	Nationwide Geneva Small Cap Growth Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		448,458			438,727
Issued in class conversion (Note 1)		385			–
Reinvested		81,671			84,488
Redeemed		(510,195	)		(1,075,754	)
Total Class A Shares		20,319			(552,539	)
Class C Shares
Issued		55,719			85,119
Reinvested		48,887			37,717
Redeemed in class conversion (Note 1)		(418	)		–
Redeemed		(228,498	)		(153,544	)
Total Class C Shares		(124,310	)		(30,708	)
Class R6 Shares
Issued		1,446,138			1,633,265
Reinvested		144,014			49,864
Redeemed		(862,786	)		(443,760	)
Total Class R6 Shares		727,366			1,239,369
Institutional Service Class Shares
Issued		3,723,671			6,280,713
Reinvested		638,353			373,599
Redeemed		(4,057,002	)		(3,861,846	)
Total Institutional Service Class Shares		305,022			2,792,466
Total change in shares		928,397			3,448,588

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 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 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
Year Ended October 31, 2019	$	59.11		(0.43	)		5.21		4.78			–		(3.18	)		(3.18	)	$	60.71		9.13%		$	85,091,825		1.23%		(0.74%	)		1.23%		17.37%
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%	(g)	$	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%	(g)	$	58,860,727		1.43%		(1.00%	)		1.43%		31.89%
Class C Shares
Year Ended October 31, 2019	$	55.05		(0.79	)		4.79		4.00			–		(3.18	)		(3.18	)	$	55.87		8.34%		$	37,438,329		1.95%		(1.46%	)		1.95%		17.37%
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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	61.23		(0.23	)		5.44		5.21			–		(3.18	)		(3.18	)	$	63.26		9.54%		$	195,408,988		0.85%		(0.37%	)		0.85%		17.37%
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%	(g)	$	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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	60.87		(0.30	)		5.40		5.10			–		(3.18	)		(3.18	)	$	62.79		9.41%		$	748,351,132		0.98%		(0.49%	)		0.98%		17.37%
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%

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 February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

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

16

Notes to Financial Statements

October 31, 2019

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 October 31, 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. 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.

17

Notes to Financial Statements (Continued)

October 31, 2019

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)

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 fair 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.

18

Notes to Financial Statements (Continued)

October 31, 2019

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; 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 October 31, 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	$	1,019,385,205	$	—	$	—	$	1,019,385,205
Repurchase Agreements		—		27,980,474		—		27,980,474
Short-Term Investment		2,707,593		—		—		2,707,593
Total	$	1,022,092,798	$	27,980,474	$	—	$	1,050,073,272

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

(b) Securities Lending

During the year ended October 31, 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

19

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, which were comprised of repurchase agreements purchased with cash were as follows:

Amounts of Liabilities Presented in the

Statements of Assets and Liabilities

$30,688,067

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Fund to enforce a netting arrangement.

(c) Joint Repurchase Agreement

During the year ended October 31, 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

20

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

At October 31, 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.	$	18,733,196	$	—	$	18,733,196	$	(18,733,196	)	$	—
Royal Bank of Canada		9,247,278		—		9,247,278		(9,247,278	)		—
Total	$	27,980,474	$	—	$	27,980,474	$	(27,980,474	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

(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

21

Notes to Financial Statements (Continued)

October 31, 2019

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, as applicable, are recorded on the ex-dividend date and are recorded as such on the Fund’s Statement of Operations.

(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. The permanent differences as of October 31, 2019 are primarily attributable to net operating losses. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

Reclassifications for the year ended October 31, 2019 were as follows:

Capital				Total Distributable Earnings (Loss)
	$	(1,865,679	)		$	1,865,679

(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 a U.S. federal income tax return 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.

22

Notes to Financial Statements (Continued)

October 31, 2019

(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.

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 year ended October 31, 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 year ended October 31, 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 October 31, 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.

23

Notes to Financial Statements (Continued)

October 31, 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 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 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 year ended October 31, 2019, NFM earned $340,978 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 year ended October 31, 2019, the Fund’s portion of such costs amounted to $4,975.

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 year ended October 31, 2019, the Fund imposed front-end sales charges of $64,971. From these fees, NFD retained a portion amounting to $8,740.

24

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019, the Fund imposed CDSCs of $484. 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 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 year ended October 31, 2019, the effective rate for administrative services fees were 0.12%, 0.09%, and 0.13% for Class A, Class C, and Institutional Service Class shares, respectively, for a total amount of $1,063,819.

As of October 31, 2019, NFA or its affiliates directly held 0.25% of the shares outstanding of the Fund.

4.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have renewed the 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 9, 2020. During the year ended October 31, 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 year ended October 31, 2019, the Fund did not engage in interfund lending.

25

Notes to Financial Statements (Continued)

October 31, 2019

5.  Investment Transactions

For the year ended October 31, 2019, the Fund had purchases of $171,763,626 and sales of $185,708,968 (excluding short-term securities).

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

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 October 31, 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 31.76% 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 year ended October 31, 2019, the Fund recaptured $28,438 of brokerage commissions.

26

Notes to Financial Statements (Continued)

October 31, 2019

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

Distributions paid from
Ordinary Income*			Net Long-Term Capital Gains			Total Taxable Distributions			Return of Capital			Total Distributions Paid
	$	—		$	50,764,954		$	50,764,954		$	—		$	50,764,954

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

Distributions paid from
Ordinary Income*			Net Long-Term Capital Gains			Total Taxable Distributions			Return of Capital			Total Distributions Paid
	$	—		$	32,590,469		$	32,590,469		$	—		$	32,590,469

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Earnings			Distributions Payable			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
	$	—		$	23,487,665		$	23,487,665		$	—		$	(4,873,375	)		$	246,238,660		$	264,852,950

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund was as follows:

Tax Cost of Investments			Unrealized Appreciation			Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
	$	803,834,612		$	270,451,261		$	(24,212,601	)		$	246,238,660

The Fund may elect to have certain late year losses incurred after October 31 and within the taxable year deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2019, the Fund’s qualified late year losses amounted to $4,873,375.

12.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

27

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Geneva Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Nationwide Geneva Small Cap Growth Fund (one of the funds constituting Nationwide Mutual Funds, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

28

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

The Fund designates $50,764,954, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

29

Management Information

October 31, 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	119
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	119
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	119

30

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

31

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

32

Management Information (Continued)

October 31, 2019

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
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
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

33

Management Information (Continued)

October 31, 2019

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.

34

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

35

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

36

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

37

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

38

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

39

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.

40

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.

41

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.

42

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

AR-SCG (12/19)

Annual Report

September 30, 2019

October 31, 2019

Nationwide Mutual Funds

International Funds

Nationwide AllianzGI International 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 Fund’s portfolio manager 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 Fund, 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 the Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. Form N-PORT 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 Fund 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 AllianzGI International Growth Fund	4
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	42
Supplemental Information	43
Management Information	45

Message to Investors

Dear Investor,

Nationwide Funds is pleased to welcome you as an investor in the Nationwide AllianzGI International Growth Fund (the Fund). The Fund launched on June 3, 2019 after the Fund adopted the AllianzGI International Growth Fund on June 1, 2019. The Fund is subadvised by Allianz Global Investors LLC with the same experienced team of portfolio managers that was responsible for the day-to-day management of the AllianzGI International Growth Fund. The following commentary covers the period ending October 31, 2019.*

Economic Review

Equity markets reached all-time highs during the annual reporting period, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The

1

Message to Investors (cont.)

yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

* After the close of the September 30, 2019 fiscal year, the Fund changed its fiscal year end from September 30 to October 31.

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		3.22%
S&P 500®		14.33%

Source: Morningstar

Index Definitions

Index returns do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index.

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. 1-3 Year Government/Credit Bond Index: An unmanaged index that measures the performance of the non-securitized component of the US Aggregate Bond Index with maturities of 1-3 years, including fixed-rate Treasuries, government-related issues and corporate securities.

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 US dollar-denominated, investment-grade, fixed-rate, taxable debt issues, which includes Treasuries, 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

2

Message to Investors (cont.)

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.

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: An unmanaged index that captures large- and mid-cap 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, 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.

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

A Note about Russell Indexes

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. The Fund is 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.

3

Fund Commentary Nationwide AllianzGI International Growth Fund

For the period ended September 30, 2019*, the Nationwide Fund AllianzGI International Growth Fund (Class R6) returned -0.60% versus 2.03% for its benchmark, the MSCI ACWI ex USA Growth.

For the period ended October 31, 2019, the Nationwide AllianzGI International Growth Fund (Class R6) returned 16.16% versus 16.66% for its benchmark, the MSCI ACWI ex USA Growth.

Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Review

The reporting period includes the challenging fourth quarter sell-off of late 2018 where stock performance was largely driven by sentiment-driven investors, with the Fund enjoying stronger relative performance year-to-date.

It was a volatile 12 months for international equities. Despite suffering a sizable correction in the final quarter of 2018 and two smaller set-backs in May and August of 2019, most markets advanced over the reporting period. The intensifying trade dispute between the United States and China continued to unsettle markets, with both sides raising tariffs on an ever-wider range of each other’s exports. Political risks also caused some concern, mainly due to heightened tensions in the Middle East and the ongoing uncertainty related to Brexit. However, this was frequently countered by an increasingly supportive stance from central banks.

Consequentially, this led to risk-on, risk-off behavior from investors, inflating some defensively labeled sectors and most recently leading to sharp corrections following third quarter 2018 earnings results. Higher yielding, defensive stocks in the Utilities and Real Estate sectors performed the best during the reporting period, while Energy stocks retreated sharply as oil prices fell.

Fund performance since June 2019 was restrained by uncertainty generated from trade war news flow, monetary policy decisions and Brexit to a lesser degree, which have continued to fuel more

volatile, sentiment-driven markets. This is a challenging environment for the underlying strategy, as management maintains its long-term orientation and does not try to time markets. Instead, the Investment Team is focused on structural growth drivers, quality, and the underlying earnings growth and reinvestment opportunities for those companies, as we seek to find a more sustainable level of growth that compounds over time. Therefore, the current environment has been particularly difficult, since the Fund performs best in fundamentally driven markets.

Most recently in October 2019, markets saw modest gains again. This was fueled by optimism over an improvement in U.S./China trade relations, and the prospect of further interest rate cuts, leading also to a rotation from momentum to value despite the late-cycle environment. Management believes this rotation is unsustainable because macroeconomic indicators still trend down overall, and given the stage in the cycle. Of note in October, strong performance was driven by the third quarter earnings season, with positive results announced by many companies in which the Fund holds securities.

Performance Attribution

The Fund’s strategy is sector and country agnostic, although the performance attribution shows the overweight to Information Technology had been supported by particular strength in this sector, while the underweight to Health Care was unhelpful, because it was one of the better performing sectors during the reporting period. Stock selection within Financials was particularly strong, and weakest within Communication Services.

From a country perspective, the Fund’s underweight to Japan contributed most considering country allocation, while the Fund’s underweight to France was the biggest detractor from Fund performance during the reporting period. Canada proved to be the best hunting ground for stock picking, while selection within China was more challenged.

Fund holding Shopify, which enables online merchant sales, was the best active contributor to

4

Fund Commentary (cont.) Nationwide AllianzGI International Growth Fund

Fund performance over the reporting period. Shopify is strengthening its growth profile via its new fulfillment network, international expansion and ancillary services that are becoming bigger growth drivers for Shopify than its subscription fees. ASML Holding was the second-largest contributor to Fund performance during the period, with the market appreciating the high-quality European firm’s defensive characteristics alongside its strong double-digit growth profile. ASML Holding has a monopoly-like position on its state-of-the-art extreme ultraviolet lithography technology (growing at 20% to 25%), which is essential in semiconductor production. Fund holding HDFC Bank, India’s second-largest private lender, continued to make use of its strong market position during the reporting period and is set to benefit from India’s corporate tax cuts.

Fund holding Ambu, pioneering the single-use endoscope market globally, was the top detractor from active Fund performance during the reporting period. This came about as a result of the surprise exit of the company’s CEO in May and subsequent adjustments to corporate strategy, which will see Ambu invest in more-profitable and faster direct distribution, including a tripling of its sales force. As long-term investors, we support this approach to consolidating the company’s first-mover advantage. During the reporting period, Fund holding Asos, a leader in online fashion internationally, was subject to downgrades, with both revenues and margins thought to decline on weak pricing, promotional activity, lack of product newness and adverse weather. The new CFO joined in May and has launched positive initiatives to date. Baidu, China’s dominant search engine, faced headwinds in terms of local macroeconomic conditions and slowing advertising sales; the stock was sold in August 2019.

The Fund does not hold derivatives.

Subadviser:

Allianz Global Investors U.S. LLC

Portfolio Managers:

Robert Hofmann, CFA and Tobias Kohls, CFA, FRM

*After the close of the September 30, 2019, fiscal year, the Fund changed its fiscal year end from September 30 to October 31.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies generally involve greater risk because: i) they are usually less stable in price and less liquid than larger, more-established companies; ii) they are more vulnerable than larger companies to adverse business and economic developments; and iii) they may have more-limited resources. The Fund may invest in initial public offerings (IPOs), which often are subject to greater and more-unpredictable price changes than more-established stocks. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may concentrate investments in specific countries or sectors, subjecting it to greater volatility than that of other mutual funds. Some of the Fund’s investments may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Growth funds may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

Index returns do not reflect any fees, expenses or sales charges. Investors cannot invest directly in an index.

MSCI ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

5

Fund Overview Nationwide AllianzGI International Growth Fund

September 30, 2019

Asset Allocation¹

Common Stocks	99.7%
Repurchase Agreements	4.1%
Short-Term Investment	0.3%
Liabilities in excess of other assets	(4.1)%
	100.0%

Top Industries²

IT Services	12.8%
Software	9.0%
Semiconductors & Semiconductor Equipment	7.5%
Internet & Direct Marketing Retail	7.0%
Interactive Media & Services	5.8%
Banks	5.0%
Health Care Equipment & Supplies	4.5%
Road & Rail	3.9%
Diversified Financial Services	3.8%
Insurance	3.8%
Other Industries#	36.9%
	100.0%

Top Holdings²

Alibaba Group Holding Ltd., ADR	5.3%
Tencent Holdings Ltd.	4.7%
ASML Holding NV	4.5%
HDFC Bank Ltd., ADR	4.1%
Ambu A/S, Class B	4.0%
AIA Group Ltd.	3.8%
StoneCo Ltd., Class A	3.6%
Wix.com Ltd.	3.5%
SAP SE	3.0%
Infineon Technologies AG	3.0%
Other Holdings#	60.5%
	100.0%

Top Countries²

Germany	12.1%
China	11.8%
Denmark	11.2%
Canada	10.1%
Sweden	7.1%
Brazil	4.5%
Netherlands	4.5%
Switzerland	4.5%
United Kingdom	4.3%
India	4.1%
Other Countries#	25.8%
	100.0%

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

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

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

6

Fund Overview Nationwide AllianzGI International Growth Fund

October 31, 2019

Asset Allocation¹

Common Stocks	98.2%
Repurchase Agreements	5.0%
Short-Term Investment	0.5%
Liabilities in excess of other assets	(3.7)%
	100.0%

Top Industries²

IT Services	11.2%
Software	9.0%
Semiconductors & Semiconductor Equipment	7.7%
Internet & Direct Marketing Retail	7.4%
Interactive Media & Services	5.4%
Banks	5.2%
Health Care Equipment & Supplies	4.2%
Diversified Financial Services	4.1%
Air Freight & Logistics	4.0%
Insurance	3.8%
Other Industries#	38.0%
	100.0%

Top Holdings²

Alibaba Group Holding Ltd., ADR	5.3%
ASML Holding NV	4.4%
HDFC Bank Ltd., ADR	4.3%
Tencent Holdings Ltd.	4.2%
Wix.com Ltd.	3.9%
AIA Group Ltd.	3.8%
StoneCo Ltd., Class A	3.6%
Ambu A/S, Class B	3.6%
SAP SE	3.2%
Infineon Technologies AG	3.2%
Other Holdings#	60.5%
	100.0%

Top Countries²

China	12.6%
Germany	10.9%
Denmark	10.9%
Canada	9.3%
Sweden	7.4%
Switzerland	4.6%
Netherlands	4.4%
India	4.3%
United Kingdom	4.1%
Brazil	4.0%
Other Countries#	27.5%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

7

Fund Performance Nationwide AllianzGI International Growth Fund

Average Annual Total Return

(For Periods Ended September 30, 2019)

		1 Yr.		3 Yr.		Inception
Class A1	w/o SC2		(0.88)%		7.61%		7.04%	3
	w/SC4		(6.32)%		5.61%		5.76%	3
Class R61,5,6			(0.60)%		7.88%		7.32%	3
Eagle Class5			N/A		N/A		3.88%	7*
Institutional Service Class5			N/A		N/A		3.82%	7*
MSCI ACWI® ex US Growth			(1.23)%		6.33%		4.01%	3

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

* Not annualized.

¹  Total returns prior to the Fund’s adoption of the AllianzGI International Growth Fund (predecessor fund) on June 1, 2019 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Since inception date of February 2, 2015.

⁴  For the period from June 1, 2019 through September 30, 2019, a 5.75% front-end sales charge was deducted. Prior to June 1, 2019, a front-end sales charge of 5.50% was deducted.

⁵  Not subject to any SCs.

⁶  Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of June 3, 2019.

⁸  The fiscal year end for the Fund has changed from September 30, 2019 to October 31, 2019.

⁹  For the period from June 1, 2019 through October 31, 2019, a 5.75% front-end sales charge was deducted. Prior to June 1, 2019, a front-end sales charge of 5.50% was deducted.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.94%		1.05%
Class R61		1.61%		0.72%
Eagle Class		1.71%		0.82%
Institutional Service Class		1.86%		0.97%

^ Current effective prospectus dated February 26, 2019 (as revised June 3, 2019). The difference between gross and net operating expenses reflects contractual waivers in place through June 30, 2022. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

¹  Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

Average Annual Total Return

(For Periods Ended October 31, 2019⁸)

		1 Yr.		3 Yr.		Inception
Class A1	w/o SC2		15.86%		11.20%		7.98%	3
	w/SC9		9.52%		9.11%		6.70%	3
Class R61,5,6			16.16%		11.50%		8.27%	3
Eagle Class5			N/A		N/A		8.16%	7*
Institutional Service Class5			N/A		N/A		7.99%	7*
MSCI ACWI® ex US Growth			11.27%		8.07%		4.69%	3

8

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Fund Performance (cont.) Nationwide AllianzGI International Growth Fund

September 30, 2019

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide AllianzGI International Growth Fund from inception through 9/30/19 versus the MSCI ACWI® ex US Growth for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

10

Fund Performance (cont.) Nationwide AllianzGI International Growth Fund

October 31, 2019

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide AllianzGI International Growth Fund from inception through 10/31/19 versus the MSCI ACWI® ex US Growth for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

11

Shareholder Expense Example Nationwide AllianzGI International Growth Fund

September 30, 2019

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 (April 1, 2019) and continued to hold your shares at the end of the reporting period (September 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 April 1, 2019 through September 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 April 1, 2019 through September 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 AllianzGI International Growth Fund September 30, 2019			Beginning Account Value ($) 4/1/19		Ending Account Value ($) 9/30/19		Expenses Paid During Period ($) 4/1/19 - 9/30/19		Expense Ratio During Period (%) 4/1/19 - 9/30/19
Class A Shares	Actual	(a)		1,000.00		1,000.00		5.26		1.05
	Hypothetical(a)(b)			1,000.00		1,019.80		5.32		1.05
Class R6 Shares(c)	Actual	(a)		1,000.00		1,001.20		3.91		0.78
	Hypothetical(a)(b)			1,000.00		1,021.16		3.95		0.78
Eagle Class Shares	Actual	(d)		1,000.00		1,038.80		2.86		0.86
	Hypothetical(b)(e)			1,000.00		1,020.76		4.36		0.86
Institutional Service Class Shares	Actual	(d)		1,000.00		1,038.20		3.22		0.97
	Hypothetical(b)(e)			1,000.00		1,020.21		4.91		0.97

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from April 1, 2019 through September 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.

(c) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

(d) Actual expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from June 4, 2019 through September 30, 2019 to reflect the period from commencement of operations.

(e) Hypothetical expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from April 1, 2019 through September 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.

12

Shareholder Expense Example Nationwide AllianzGI International Growth Fund

October 31, 2019

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 (October 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 October 1, 2019 through October 31, 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 October 1, 2019 through October 31, 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 AllianzGI International Growth Fund October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,047.60		0.91		1.05
	Hypothetical	(b)(c)		1,000.00		1,019.91		5.35		1.05
Class R6 Shares	Actual	(a)		1,000.00		1,048.20		0.63		0.72
	Hypothetical	(b)(c)		1,000.00		1,021.58		3.67		0.72
Eagle Class Shares	Actual	(a)		1,000.00		1,048.10		0.75		0.86
	Hypothetical	(b)(c)		1,000.00		1,020.87		4.38		0.86
Institutional Service Class Shares	Actual	(a)		1,000.00		1,048.10		0.83		0.95
	Hypothetical	(b)(c)		1,000.00		1,020.42		4.84		0.95

(a) Actual expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from October 1, 2019 through October 31, 2019 multiplied to reflect the period from change in fiscal year end.

(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 May 1, 2019 through October 31, 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.

13

Statement of Investments

September 30, 2019

Nationwide AllianzGI International Growth Fund

Common Stocks 99.7%
	Shares		Value
AUSTRALIA 2.2%
Biotechnology 1.0%
CSL Ltd.		380	$	60,047
Hotels, Restaurants & Leisure 1.2%
Domino’s Pizza Enterprises Ltd.		2,417		75,764
				135,811
BRAZIL 4.7%
Food & Staples Retailing 0.6%
Raia Drogasil SA*		1,492		34,404
IT Services 3.7%
StoneCo Ltd., Class A*		6,692		232,748
Multiline Retail 0.4%
Lojas Renner SA*		2,291		27,829
				294,981
CANADA 10.5%
Food & Staples Retailing 2.8%
Alimentation Couche-Tard, Inc., Class B		5,630		172,532
Hotels, Restaurants & Leisure 1.8%
Restaurant Brands International, Inc.		1,594		113,337
IT Services 2.0%
Shopify, Inc., Class A*		390		121,547
Road & Rail 1.2%
Canadian National Railway Co.		866		77,759
Software 2.7%
Constellation Software, Inc.		169		168,783
				653,958
CHINA 12.3%
Diversified Consumer Services 0.8%
TAL Education Group, ADR*		1,368		46,840
Interactive Media & Services 6.0%
Tencent Holdings Ltd.		7,095		301,110
Weibo Corp., ADR*		1,765		78,984
				380,094
Internet & Direct Marketing Retail 5.5%
Alibaba Group Holding Ltd., ADR*		2,035		340,313
				767,247
DENMARK 11.6%
Health Care Equipment & Supplies 4.6%
Ambu A/S, Class B (a)		15,639		259,106
Coloplast A/S, Class B		283		34,117
				293,223
Pharmaceuticals 1.6%
Novo Nordisk A/S, Class B		1,882		97,177
Road & Rail 2.8%
DSV A/S		1,836		174,884
Software 2.6%
Netcompany Group A/S Reg. S* (b)		3,981		158,853
				724,137
GERMANY 12.7%
Diversified Financial Services 1.6%
GRENKE AG		1,196		98,576

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Internet & Direct Marketing Retail 0.9%
Zalando SE Reg. S* (b)		1,246	$	56,867
IT Services 3.9%
Bechtle AG		977		99,412
Wirecard AG		890		142,235
				241,647
Semiconductors & Semiconductor Equipment 3.1%
Infineon Technologies AG		10,731		192,901
Software 3.2%
SAP SE		1,678		197,273
				787,264
HONG KONG 3.9%
Insurance 3.9%
AIA Group Ltd.		26,157		245,435
INDIA 4.3%
Banks 4.3%
HDFC Bank Ltd., ADR		4,708		268,591
INDONESIA 1.8%
Banks 0.9%
Bank Central Asia Tbk. PT		27,604		59,044
Specialty Retail 0.9%
Ace Hardware Indonesia Tbk. PT		443,908		55,359
				114,403
IRELAND 2.6%
Airlines 1.1%
Ryanair Holdings plc, ADR*		1,004		66,646
Building Products 1.5%
Kingspan Group plc		1,929		94,566
				161,212
ISRAEL 3.7%
IT Services 3.7%
Wix.com Ltd.*		1,955		228,227
JAPAN 3.8%
Electronic Equipment, Instruments & Components 2.4%
Keyence Corp.		243		151,398
Trading Companies & Distributors 1.4%
MonotaRO Co. Ltd.		3,195		84,204
				235,602
NETHERLANDS 4.7%
Semiconductors & Semiconductor Equipment 4.7%
ASML Holding NV		1,169		290,148
NEW ZEALAND 1.5%
Air Freight & Logistics 1.5%
Mainfreight Ltd.		3,671		91,617
PHILIPPINES 0.5%
Hotels, Restaurants & Leisure 0.5%
Jollibee Foods Corp.		7,319		31,362

14

Statement of Investments (Continued)

September 30, 2019

Nationwide AllianzGI International Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
SOUTH AFRICA 2.4%
Diversified Financial Services 2.4%
PSG Group Ltd.		10,580	$	147,581
SWEDEN 7.4%
Building Products 0.8%
Assa Abloy AB, Class B		2,360		52,573
Chemicals 1.4%
Hexpol AB		11,155		85,669
Electronic Equipment, Instruments & Components 1.2%
Hexagon AB, Class B		1,506		72,770
Machinery 2.3%
Atlas Copco AB, Class A		3,143		96,760
Trelleborg AB, Class B		3,181		44,612
				141,372
Trading Companies & Distributors 1.7%
AddTech AB, Class B		4,042		105,160
				457,544
SWITZERLAND 4.6%
Capital Markets 1.6%
Partners Group Holding AG		130		99,722
Chemicals 1.2%
Sika AG (Registered)		521		76,258
Machinery 0.9%
VAT Group AG Reg. S* (b)		453		57,202
Software 0.9%
Temenos AG (Registered)*		335		56,139
				289,321
UNITED KINGDOM 4.5%
Industrial Conglomerates 2.1%
DCC plc		1,510		131,700
Internet & Direct Marketing Retail 1.0%
ASOS plc*		2,008		61,106
Personal Products 1.4%
Unilever plc		1,421		85,442
				278,248
Total Common Stocks (cost $4,628,968)				6,202,689
Short-Term Investment 0.3%
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.90%, (c)(d)		16,419		16,419
Total Short-Term Investment (cost $16,419)				16,419

Repurchase Agreements 4.1%
	Principal Amount		Value
BNP Paribas Securities Corp., 2.35%, dated 9/30/2019, due 10/1/2019, repurchase price $187,014, collateralized by U.S. Treasury Notes, 2.25% - 2.88%, maturing 11/15/2025 - 5/15/2028; total market value $191,269. (d)(e)	$	187,002	$	187,002
Royal Bank of Canada, 2.25%, dated 9/30/2019, due 10/1/2019, repurchase price $69,066, collateralized by U.S. Treasury Note, 1.63%, maturing 2/15/2026; total market value $70,778. (d)(e)		69,062		69,062
Total Repurchase Agreements (cost $256,064)				256,064
Total Investments (cost $4,901,451) — 104.1%				6,475,172
Liabilities in excess of other assets — (4.1)%				(252,953	)
NET ASSETS — 100.0%			$	6,222,219

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at September 30, 2019. The total value of securities on loan at September 30, 2019 was $256,505, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $16,419 and $256,064, respectively, a total value of $272,483.

(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 September 30, 2019 was $272,922 which represents 4.39% of net assets.

(c) Represents 7-day effective yield as of September 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 September 30, 2019 was $272,483.

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

ADR American Depositary Receipt

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.

15

Statement of Investments

October 31, 2019

Nationwide AllianzGI International Growth Fund

Common Stocks 98.2%
	Shares		Value
AUSTRALIA 2.4%
Biotechnology 1.0%
CSL Ltd.		13,084	$	2,302,928
Hotels, Restaurants & Leisure 1.4%
Domino’s Pizza Enterprises Ltd.		92,418		3,243,026
				5,545,954
BRAZIL 4.2%
IT Services 3.8%
StoneCo Ltd., Class A*		235,359		8,658,858
Multiline Retail 0.4%
Lojas Renner SA		72,431		916,562
				9,575,420
CANADA 9.6%
Food & Staples Retailing 2.7%
Alimentation Couche-Tard, Inc., Class B		202,694		6,078,818
Hotels, Restaurants & Leisure 1.6%
Restaurant Brands International, Inc.		57,388		3,754,555
IT Services 1.7%
Shopify, Inc., Class A*		12,624		3,958,508
Road & Rail 1.2%
Canadian National Railway Co.		31,178		2,788,527
Software 2.4%
Constellation Software, Inc.		5,612		5,542,676
				22,123,084
CHINA 13.1%
Diversified Consumer Services 0.9%
TAL Education Group, ADR*		47,797		2,046,190
Entertainment 1.0%
Tencent Music Entertainment Group, ADR*		163,217		2,258,923
Interactive Media & Services 5.7%
Tencent Holdings Ltd.		243,522		9,930,244
Weibo Corp., ADR*		63,544		3,125,729
				13,055,973
Internet & Direct Marketing Retail 5.5%
Alibaba Group Holding Ltd., ADR*		71,566		12,643,565
				30,004,651
DENMARK 11.3%
Air Freight & Logistics 2.7%
DSV PANALPINA A/S		64,596		6,267,654
Health Care Equipment & Supplies 4.3%
Ambu A/S, Class B		546,166		8,602,280
Coloplast A/S, Class B		10,188		1,227,602
				9,829,882
Pharmaceuticals 1.4%
Novo Nordisk A/S, Class B		57,674		3,175,428
Software 2.9%
Netcompany Group A/S Reg. S* (b)		156,758		6,690,363
				25,963,327

Common Stocks (continued)
	Shares		Value
GERMANY 11.3%
Diversified Financial Services 1.8%
GRENKE AG (a)		43,058	$	4,074,843
Internet & Direct Marketing Retail 0.8%
Zalando SE Reg. S* (b)		44,858		1,943,087
IT Services 2.0%
Bechtle AG		35,174		3,810,774
Wirecard AG		7,021		892,429
				4,703,203
Semiconductors & Semiconductor Equipment 3.3%
Infineon Technologies AG		386,343		7,534,912
Software 3.4%
SAP SE		58,384		7,733,569
				25,989,614
HONG KONG 3.9%
Insurance 3.9%
AIA Group Ltd.		907,604		9,005,661
INDIA 4.5%
Banks 4.5%
HDFC Bank Ltd., ADR		169,726		10,368,561
INDONESIA 1.7%
Banks 0.9%
Bank Central Asia Tbk. PT		974,368		2,178,546
Specialty Retail 0.8%
Ace Hardware Indonesia Tbk. PT		14,940,568		1,797,270
				3,975,816
IRELAND 2.7%
Airlines 1.2%
Ryanair Holdings plc, ADR*		36,146		2,697,937
Building Products 1.5%
Kingspan Group plc		69,448		3,603,100
				6,301,037
ISRAEL 4.1%
IT Services 4.1%
Wix.com Ltd.*		76,810		9,376,197
JAPAN 3.7%
Electronic Equipment, Instruments & Components 2.3%
Keyence Corp.		8,328		5,258,361
Trading Companies & Distributors 1.4%
MonotaRO Co. Ltd.		109,185		3,302,790
				8,561,151
NETHERLANDS 4.6%
Semiconductors & Semiconductor Equipment 4.6%
ASML Holding NV		40,536		10,634,587
NEW ZEALAND 1.4%
Air Freight & Logistics 1.4%
Mainfreight Ltd.		128,174		3,297,355
PHILIPPINES 0.5%
Hotels, Restaurants & Leisure 0.5%
Jollibee Foods Corp.		258,346		1,179,842

16

Statement of Investments (Continued)

October 31, 2019

Nationwide AllianzGI International Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
SOUTH AFRICA 2.5%
Diversified Financial Services 2.5%
PSG Group Ltd.		365,675	$	5,717,107
SWEDEN 7.7%
Building Products 0.9%
Assa Abloy AB, Class B		84,965		2,015,773
Chemicals 1.6%
Hexpol AB		420,071		3,742,775
Electronic Equipment, Instruments & Components 1.2%
Hexagon AB, Class B		54,219		2,769,107
Machinery 2.4%
Atlas Copco AB, Class A		106,140		3,751,751
Trelleborg AB, Class B		114,524		1,850,419
				5,602,170
Trading Companies & Distributors 1.6%
AddTech AB, Class B		132,189		3,676,753
				17,806,578
SWITZERLAND 4.8%
Capital Markets 1.6%
Partners Group Holding AG		4,521		3,532,454
Chemicals 1.4%
Sika AG (Registered)		18,106		3,113,438
Machinery 1.0%
VAT Group AG Reg. S* (b)		16,309		2,392,665
Software 0.8%
Temenos AG (Registered)*		13,642		1,948,030
				10,986,587
UNITED KINGDOM 4.2%
Industrial Conglomerates 2.1%
DCC plc		53,407		5,007,076
Internet & Direct Marketing Retail 1.4%
ASOS plc*		69,103		3,168,976
Personal Products 0.7%
Unilever plc		26,665		1,599,927
				9,775,979
Total Common Stocks (cost $220,774,359)				226,188,508
Short-Term Investment 0.5%
Money Market Fund 0.5%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (c)(d)		1,103,871		1,103,871
Total Short-Term Investment (cost $1,103,871)				1,103,871

Repurchase Agreements 5.0%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $7,637,786, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $7,819,305. (d)(e)		$7,637,426	$	7,637,426
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $3,770,243, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $3,859,438. (d)(e)		3,770,067		3,770,067
Total Repurchase Agreements (cost $11,407,493)				11,407,493
Total Investments (cost $233,285,723) — 103.7%				238,699,872
Liabilities in excess of other assets — (3.7)%				(8,439,296	)
NET ASSETS — 100.0%			$	230,260,576

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $3,917,936, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,103,871 and $11,407,493, respectively, a total value of $12,511,364.

(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 October 31, 2019 was $11,026,115 which represents 4.79% of net assets.

(c) Represents 7-day effective yield as of October 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $12,511,364.

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

ADR American Depositary Receipt

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.

17

Statement of Assets and Liabilities

	Nationwide AllianzGI International Growth Fund
	October 31, 2019		September 30, 2019
Assets:
Investment securities, at value* (cost $221,878,230 and $4,645,387, respectively)	$	227,292,379	$	6,219,108
Repurchase agreements, at value (cost $11,407,493 and $256,064, respectively)		11,407,493		256,064
Cash		8,500,581		20,993
Foreign currencies, at value (cost $96 and $357, respectively)		96		357
Dividends receivable		13,378		2,707
Securities lending income receivable		3,026		–
Receivable for investments sold		3,425,224		–
Receivable for capital shares issued		104,586		–
Reclaims receivable		28,471		27,967
Reimbursement from investment adviser (Note 3)		8,281		10,537
Prepaid expenses		42,740		48,623
Total Assets		250,826,255		6,586,356
Liabilities:
Payable for investments purchased		7,940,850		–
Payable for capital shares redeemed		–		10
Payable upon return of securities loaned (Note 2)		12,511,364		272,483
Accrued expenses and other payables:
Investment advisory fees		61,609		3,644
Fund administration fees		15,135		6,966
Distribution fees		128		126
Administrative servicing fees		21,239		53
Accounting and transfer agent fees		2,653		2,731
Trustee fees		325		325
Custodian fees		3,151		36,416
Professional fees		3,901		36,247
Printing fees		4,999		4,988
Other		325		148
Total Liabilities		20,565,679		364,137
Net Assets	$	230,260,576	$	6,222,219
Represented by:
Capital	$	224,862,580	$	4,705,200
Total distributable earnings (loss)		5,397,996		1,517,019
Net Assets	$	230,260,576	$	6,222,219

18

Statement of Assets and Liabilities (Continued)

	Nationwide AllianzGI International Growth Fund
	October 31, 2019			September 30, 2019
Net Assets:
Class A Shares	$	621,828		$	593,320
Class R6 Shares		436,837			5,618,720
Eagle Class Shares		5,336			5,091
Institutional Service Class Shares		229,196,575			5,088
Total	$	230,260,576		$	6,222,219
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		34,463			34,465
Class R6 Shares		23,608			318,349
Eagle Class Shares		288			288
Institutional Service Class Shares		12,376,300			288
Total		12,434,659			353,390
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	18.04		$	17.22
Class R6 Shares	$	18.50		$	17.65
Eagle Class Shares	$	18.53		$	17.68
Institutional Service Class Shares	$	18.52		$	17.67
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	19.14		$	18.27
Maximum Sales Charge:
Class A Shares		5.75	%		5.75	%

* Includes value of securities on loan of $3,917,936 and $256,505, respectively (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.

19

Statement of Operations

	Nationwide AllianzGI International Growth Fund
	Period Ended October 31, 2019 (a)			Year Ended September 30, 2019
INVESTMENT INCOME:
Dividend income	$	45,871		$	246,066
Income from securities lending (Note 2)		3,697			149
Interest income		74			3,194
Foreign tax withholding		(5,099	)		(28,800	)
Total Income		44,543			220,609
EXPENSES:
Investment advisory fees		61,609			133,021
Fund administration fees		8,287			7,315
Distribution fees Class A		128			1,865
Administrative servicing fees Class A		41			170
Administrative servicing fees Eagle Class		–			1
Administrative servicing fees Institutional Service Class		21,175			5
Registration and filing fees		5,883			60,803
Professional fees		4			63,718
Printing fees		11			9,632
Trustee fees		–			2,121
Custodian fees		–			19,628
Accounting and transfer agent fees		74			5,312
Compliance program costs (Note 3)		7			7
Other		210			9,805
Total expenses before expenses reimbursed		97,429			313,403
Expenses reimbursed by adviser (Note 3)		(8,281	)		(160,539	)
Net Expenses		89,148			152,864
NET INVESTMENT INCOME (LOSS)		(44,605	)		67,745
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		44,361			(105,511	)†
Redemptions in-kind (Note 3)		–			1,964,565
Foreign currency transactions (Note 2)		(151,761	)		(15,490	)
Net realized gains (losses)		(107,400	)		1,843,564
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		3,840,428			(2,280,472	)††
Translation of assets and liabilities denominated in foreign currencies		(2,806	)		(560	)
Net change in unrealized appreciation/depreciation		3,837,622			(2,281,032	)
Net realized/unrealized gains (losses)		3,730,222			(437,468	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,685,617		$	(369,723	)

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

(a) For the period from October 1, 2019 through October 31, 2019.

† Net of capital gain country taxes of $8,603.

†† Net of decrease in deferred capital gain country tax accrual on unrealized appreciation of $2,725.

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

20

Statements of Changes in Net Assets

	Nationwide AllianzGI International Growth Fund
	Period Ended October 31, 2019 (a)			Year Ended September 30, 2019			Year Ended September 30, 2018
Operations:
Net investment income (loss)	$	(44,605	)	$	67,745		$	74,437
Net realized gains (losses)		(107,400	)		1,843,564			608,356
Net change in unrealized appreciation/depreciation		3,837,622			(2,281,032	)		55,677
Change in net assets resulting from operations		3,685,617			(369,723	)		738,470
Distributions to Shareholders From:
Distributable earnings:
Class A		–			(17,226	)		(24,200	)
Class R6 (b)		–			(670,187	)		(2,304,442	)
Eagle Class		–			–	(c)		–
Institutional Service Class		–			–	(c)		–
Change in net assets from shareholder distributions		–			(687,413	)		(2,328,642	)
Change in net assets from capital transactions		220,352,740			(21,330,682	)		11,545,769
Change in net assets		224,038,357			(22,387,818	)		9,955,597
Net Assets:
Beginning of period		6,222,219			28,610,037			18,654,440
End of period	$	230,260,576		$	6,222,219		$	28,610,037
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	115		$	262,665		$	1,293,246
Dividends reinvested		–			17,196			24,200
Cost of shares redeemed		(150	)		(802,938	)		(170,014	)
Total Class A Shares		(35	)		(523,077	)		1,147,432
Class R6 Shares (b)
Proceeds from shares issued		–			7,020,600			9,437,985
Dividends reinvested		–			670,187			2,304,442
Cost of shares redeemed		(5,368,247	)		(28,508,192	)(d)		(1,344,090	)
Total Class R6 Shares		(5,368,247	)		(20,817,405	)		10,398,337
Eagle Class Shares
Proceeds from shares issued		–			4,900	(c)		–
Dividends reinvested		–			–	(c)		–
Cost of shares redeemed		–			–	(c)		–
Total Eagle Class Shares		–			4,900	(c)		–
Institutional Service Class Shares
Proceeds from shares issued		226,602,889			4,900	(c)		–
Dividends reinvested		–			–	(c)		–
Cost of shares redeemed		(881,867	)		–	(c)		–
Total Institutional Service Class Shares		225,721,022			4,900	(c)		–
Change in net assets from capital transactions	$	220,352,740		$	(21,330,682	)	$	11,545,769

21

Statements of Changes in Net Assets (Continued)

	Nationwide AllianzGI International Growth Fund
	Period Ended October 31, 2019 (a)			Year Ended September 30, 2019			Year Ended September 30, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		6			16,033			70,377
Reinvested		–			1,171			1,355
Redeemed		(8	)		(48,796	)		(9,345	)
Total Class A Shares		(2	)		(31,592	)		62,387
Class R6 Shares (b)
Issued		–			409,852			502,575
Reinvested		–			44,440			126,340
Redeemed		(294,741	)		(1,632,773	)(d)		(66,082	)
Total Class R6 Shares		(294,741	)		(1,178,481	)		562,833
Eagle Class Shares
Issued		–			288	(c)		–
Reinvested		–			–	(c)		–
Redeemed		–			–	(c)		–
Total Eagle Class Shares		–			288	(c)		–
Institutional Service Class Shares
Issued		12,424,034			288	(c)		–
Reinvested		–			–	(c)		–
Redeemed		(48,022	)		–	(c)		–
Total Institutional Service Class Shares		12,376,012			288	(c)		–
Total change in shares		12,081,269			(1,209,497	)		625,220

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

(a) For the period from October 1, 2019 through October 31, 2019.

(b) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

(c) For the period from June 4, 2019 (commencement of operations) through September 30, 2019.

(d) Amount includes in-kind redemptions. (See Note 3)

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

22

Financial Highlights

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

Nationwide AllianzGI International 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
Period Ended October 31, 2019 (g)(h)	$	17.22		(0.01	)		0.83			0.82			–			–			–		$	18.04		4.76%	(i)	$	621,828		1.05%		(0.67%	)		2.26%		4.81%
Year Ended September 30, 2019	$	17.91		–			(0.23	)		(0.23	)		(0.06	)		(0.40	)		(0.46	)	$	17.22		(0.88%	)	$	593,320		1.05%		0.02%			2.36%		44.46%	(j)
Year Ended September 30, 2018	$	19.73		0.02			0.82			0.84			(0.31	)		(2.35	)		(2.66	)	$	17.91		4.32%		$	1,182,948		1.05%		0.10%			1.89%		17.00%
Year Ended September 30, 2017	$	16.37		0.04			3.32			3.36			–			–			–		$	19.73		20.53%		$	72,396		1.12%		0.23%			1.82%		18.00%
Year Ended September 30, 2016	$	14.13		0.09			2.29			2.38			(0.14	)		–			(0.14	)	$	16.37		16.97%		$	50,750		1.20%		0.60%			6.68%		20.00%
Period Ended September 30, 2015 (k)(l)	$	15.00		0.11			(0.98	)		(0.87	)		–			–			–		$	14.13		(5.80%	)	$	10,335		1.20%		1.12%			8.22%		3.00%
Class R6 Shares (m)
Period Ended October 31, 2019 (g)(h)	$	17.65		(0.01	)		0.86			0.85			–			–			–		$	18.50		4.82%	(i)	$	436,837		0.72%		(0.42%	)		2.93%		4.81%
Year Ended September 30, 2019	$	18.32		0.06			(0.24	)		(0.18	)		(0.09	)		(0.40	)		(0.49	)	$	17.65		(0.60%	)	$	5,618,720		0.79%		0.37%			1.62%		44.46%	(j)
Year Ended September 30, 2018	$	19.90		0.07			0.82			0.89			(0.12	)		(2.35	)		(2.47	)	$	18.32		4.54%		$	27,427,089		0.80%		0.37%			1.61%		17.00%
Year Ended September 30, 2017	$	16.49		0.08			3.35			3.43			(0.02	)		–			(0.02	)	$	19.90		20.82%		$	18,582,044		0.87%		0.49%			1.49%		18.00%
Year Ended September 30, 2016	$	14.15		0.11			2.33			2.44			(0.10	)		–			(0.10	)	$	16.49		17.34%		$	28,386,167		0.95%		0.75%			5.77%		20.00%
Period Ended September 30, 2015 (k)(l)	$	15.00		0.14			(0.99	)		(0.85	)		–			–			–		$	14.15		(5.67%	)	$	2,874,322		0.95%		1.38%			7.99%		3.00%
Eagle Class Shares
Period Ended October 31, 2019 (g)(h)	$	17.68		(0.01	)		0.86			0.85			–			–			–		$	18.53		4.81%	(i)	$	5,336		0.86%		(0.49%	)		2.06%		4.81%
Period Ended September 30, 2019 (n)	$	17.02		(0.01	)		0.67			0.66			–			–			–		$	17.68		3.88%		$	5,091		0.86%		(0.18%	)		2.75%		44.46%	(j)
Institutional Service Class Shares
Period Ended October 31, 2019 (g)(h)	$	17.67		(0.01	)		0.86			0.85			–			–			–		$	18.52		4.81%		$	229,196,575		0.95%		(0.47%	)		0.97%		4.81%
Period Ended September 30, 2019 (n)	$	17.02		(0.02	)		0.67			0.65			–			–			–		$	17.67		3.82%		$	5,088		0.97%		(0.29%	)		2.86%		44.46%	(j)

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 October 1, 2019 through October 31, 2019.

(h) Fiscal year end changed from September 30th to October 31st.

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

(k) For the period from February 2, 2015 (commencement of operations) through September 30, 2015. Total return is calculated based on inception date of February 2, 2015 through September 30, 2015.

(l) Fiscal year end changed from November 30th to September 30th.

(m) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

(n) For the period from June 4, 2019 (commencement of operations) through September 30, 2019. Total return is calculated based on inception date of June 3, 2019 through September 30, 2019.

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

23

Notes to Financial Statements

September 30, 2019 and October 31, 2019

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 October 31, 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 AllianzGI International 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 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.

The Fund commenced operations on June 3, 2019 as a result of a reorganization in which the Fund acquired all of the assets, subject to stated liabilities, of the AllianzGI International Growth Fund (“Predecessor Fund”). The Fund has adopted the historical performance of the Predecessor Fund. The Fund and its Predecessor Fund have substantially similar investment goals and strategies.

The fiscal year end for the Fund has changed from September 30, 2019 to October 31, 2019. As such, the fiscal year ended October 31, 2019 for the Fund reflects the 1 month period from October 1, 2019 through October 31, 2019.

Eagle Class and Institutional Service Class shares commenced operations on June 4, 2019.

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 their 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 a Fund’s investments in

24

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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, which approximates fair value, and are generally categorized as Level 2 investments within the hierarchy.

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

25

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of October 31, 2019.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	9,565,009	$	—	$	9,565,009
Airlines		2,697,937		—		—		2,697,937
Banks		10,368,561		2,178,546		—		12,547,107
Biotechnology		—		2,302,928		—		2,302,928
Building Products		—		5,618,873		—		5,618,873
Capital Markets		—		3,532,454		—		3,532,454
Chemicals		—		6,856,213		—		6,856,213
Diversified Consumer Services		2,046,190		—		—		2,046,190
Diversified Financial Services		—		9,791,950		—		9,791,950
Electronic Equipment, Instruments & Components		—		8,027,468		—		8,027,468
Entertainment		2,258,923		—		—		2,258,923
Food & Staples Retailing		6,078,818		—		—		6,078,818

26

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Health Care Equipment & Supplies	$	—	$	9,829,882	$	—	$	9,829,882
Hotels, Restaurants & Leisure		3,754,555		4,422,868		—		8,177,423
Industrial Conglomerates		—		5,007,076		—		5,007,076
Insurance		—		9,005,661		—		9,005,661
Interactive Media & Services		3,125,729		9,930,244		—		13,055,973
Internet & Direct Marketing Retail		12,643,565		5,112,063		—		17,755,628
IT Services		21,993,563		4,703,203		—		26,696,766
Machinery		—		7,994,835		—		7,994,835
Multiline Retail		916,562		—		—		916,562
Personal Products		—		1,599,927		—		1,599,927
Pharmaceuticals		—		3,175,428		—		3,175,428
Road & Rail		2,788,527		—		—		2,788,527
Semiconductors & Semiconductor Equipment		—		18,169,499		—		18,169,499
Software		5,542,676		16,371,962		—		21,914,638
Specialty Retail		—		1,797,270		—		1,797,270
Trading Companies & Distributors		—		6,979,543		—		6,979,543
Total Common Stocks	$	74,215,606	$	151,972,902	$	—	$	226,188,508
Repurchase Agreements	$	—	$	11,407,493	$	—	$	11,407,493
Short-Term Investment		1,103,871		—		—		1,103,871
Total	$	75,319,477	$	163,380,395	$	—	$	238,699,872

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

The following table provides a summary of the inputs used to value the Fund’s net assets as of September 30, 2019.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Air Freight & Logistics	$	—	$	91,617	$	—	$	91,617
Airlines		66,646		—		—		66,646
Banks		268,591		59,044		—		327,635
Biotechnology		—		60,047		—		60,047
Building Products		—		147,139		—		147,139
Capital Markets		—		99,722		—		99,722
Chemicals		—		161,927		—		161,927
Diversified Consumer Services		46,840		—		—		46,840
Diversified Financial Services		—		246,157		—		246,157
Electronic Equipment, Instruments & Components		—		224,168		—		224,168
Food & Staples Retailing		206,936		—		—		206,936
Health Care Equipment & Supplies		—		293,223		—		293,223
Hotels, Restaurants & Leisure		113,337		107,126		—		220,463
Industrial Conglomerates		—		131,700		—		131,700
Insurance		—		245,435		—		245,435
Interactive Media & Services		78,984		301,110		—		380,094
Internet & Direct Marketing Retail		340,313		117,973		—		458,286
IT Services		582,522		241,647		—		824,169
Machinery		—		198,574		—		198,574
Multiline Retail		27,829		—		—		27,829
Personal Products		—		85,442		—		85,442
Pharmaceuticals		—		97,177		—		97,177

27

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Road & Rail	$	77,759	$	174,884	$	—	$	252,643
Semiconductors & Semiconductor Equipment		—		483,049		—		483,049
Software		168,783		412,265		—		581,048
Specialty Retail		—		55,359		—		55,359
Trading Companies & Distributors		—		189,364		—		189,364
Total Common Stocks	$	1,978,540	$	4,224,149	$	—	$	6,202,689
Repurchase Agreements	$	—	$	256,064	$	—	$	256,064
Short-Term Investment		16,419		—		—		16,419
Total	$	1,994,959	$	4,480,213	$	—	$	6,475,172

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

Please refer to the Statements of Investments for additional information on portfolio holdings.

(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) Securities Lending

Effective June 1, 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 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 Fund. Securities lending transactions are considered to be overnight and continuous and can be terminated by a 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

28

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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 October 31, 2019 and September 30, 2019, which were comprised of a money market fund and repurchase agreements purchased with cash collateral, were as follows:

Amounts of Liabilities Presented in the Statement of Assets and Liabilities
October 31, 2019	September 30, 2019
$12,511,364	$272,483

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.

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 October 31, 2019 and September 30, 2019, the Securities Lending Agency Agreement does not permit the Fund to enforce a netting arrangement.

(d) Joint Repurchase Agreements

Effective June 1, 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,

29

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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, the 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 October 31, 2019, the joint repo on a gross basis was as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

At October 31, 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 at October 31, 2019 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.	$	7,637,426	$	—	$	7,637,426	$	(7,637,426	)	$	—
Royal Bank of Canada		3,770,067		—		3,770,067		(3,770,067	)		—
	$	11,407,493	$	—	$	11,407,493	$	(11,407,493	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

30

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

At September 30, 2019, the joint repo on a gross basis was as follows:

BNP Paribas Securities Corp., 2.35%, dated 9/30/2019, due 10/1/2019, repurchase price $112,107,318, collateralized by U.S. Treasury Notes, 2.25% - 2.88%, maturing 11/15/2025 - 5/15/2028; total market value $114,632,145.

Royal Bank of Canada, 2.25%, dated 9/30/2019, due 10/1/2019, repurchase price $41,402,588, collateralized by U.S. Treasury Note, 1.63%, maturing 2/15/2026; total market value $42,312,679.

At September 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 at September 30, 2019 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.	$	187,002	$	—	$	187,002	$	(187,002	)	$	—
Royal Bank of Canada		69,062		—		69,062		(69,062	)		—
	$	256,064	$	—	$	256,064	$	(256,064	)	$	—

Amounts designated as “—” are zero.

* At September 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.

(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. 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, as applicable, 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.

(f) Distributions to Shareholders

Effective June 1, 2019, distributions from net investment income, if any, are declared and paid quarterly by the Fund. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

31

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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. The permanent differences as of October 31, 2019 are primarily attributable to foreign currency gain/loss and net operating losses. The permanent differences as of September 30, 2019 are primarily attributable to redemptions in-kind, foreign currency gain/loss and foreign capital gains taxes. 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.

Reclassifications for the period ended October 31, 2019 and year ended September 30, 2019 were as follows:

	Capital			Total distributable earnings (loss)
October 31, 2019	$	(195,360	)	$	195,360
September 30, 2019	$	1,927,165		$	(1,927,165	)

Prior to June 1, 2019, the Predecessor Fund declared and paid distributions from net investment income annually. Any net realized capital gains, if any, were declared and distributed at least annually.

(g) 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 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 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 a U.S. federal income tax return 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) 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.

32

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

3.  Transactions with Affiliates

Effective June 1, 2019, 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 Fund in accordance with policies and procedures established by the Board of Trustees. NFA has selected Allianz Global Investors U.S. 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.

Effective June 1, 2019, 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 October 31, 2019 and year ended September 30, 2019, the Fund paid investment advisory fees to NFA according to the schedule below.

Fee Schedule	Advisory Fee (annual rate)
Up to $1 billion	0.70%
$1 billion and more	0.67%

Prior to June 1, 2019, the Predecessor Fund was managed by and paid investment advisory fees to Allianz Global Investors U.S. LLC (“Predecessor Manager”) at an annual rate of 0.70% of the Predecessor Fund’s average daily net assets.

For the period ended October 31, 2019, the Fund’s effective advisory fee rates before and after expense reimbursements, stemming from the expense limitation agreement described below, were 0.65% and 0.57%, respectively.

For the year ended September 30, 2019, the Fund’s effective advisory fee rates before and after expense reimbursements, stemming from the expense limitation agreement described below, were 0.70% and 0.00%, respectively.

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the unaffiliated subadviser.

Effective June 1, 2019, the Trust and NFA had entered into a written Expense Limitation Agreement that limits Fund’s 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 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 0.72% for each share class until June 30, 2022.

Prior to June 1, 2019, the Predecessor Manager had contractually agreed to reimburse the Predecessor Fund to ensure that net annual operating expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, did not exceed the following amounts of the average daily net assets for each class of shares:

Class	Expense Limitation
Class A	1.05%
Institutional Class	0.80%

33

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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 October 31, 2019, the cumulative potential reimbursements for the Fund, listed by the period in which NFA waived fees or reimbursed expenses to the Fund are:

Period Ended September 30, 2019 Amount(a)				Period Ended October 31, 2019 Amount(b)			Total
	$	39,968	(c)		$	8,281		$	48,249

(a) For the period from June 1, 2019 through September 30, 2019.

(b) For the period from October 1, 2019 through October 31, 2019.

(c) Reimbursement accrued by the Predecessor Fund in the amount of $120,571 is not eligible to be recouped by any party.

For the period June 1, 2019 through September 30, 2019, the cumulative potential reimbursements for the Fund, listed by the period in which NFA waived fees or reimbursed expenses to the Fund are:

Period Ended September 30, 2019 Amount(a)				Total
	$	39,968	(b)		$	39,968

(a) For the period from June 1, 2019 through September 30, 2019.

(b) Reimbursement accrued by the Predecessor Fund in the amount of $120,571 is not eligible to be recouped by any party.

For the period ended October 31, 2019 and the period June 1, 2019 through September 30, 2019, no amounts were reimbursed to NFA pursuant to the Expense Limitation Agreement.

Effective June 1, 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 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.

Effective June 1, 2019, 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%

34

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

For the period ended October 31, 2019 and the period from June 1, 2019 through September 30, 2019, NFM earned $8,287 and $7,315, respectively, in fees from the Fund under the Joint Fund Administration and Transfer Agency Agreement.

Effective June 1, 2019, 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.

Effective June 1, 2019, 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 October 31, 2019 and the period from June 1, 2019 through September 30, 2019, the Fund’s portion of such costs amounted to $7 and $7, respectively.

Effective June 1, 2019, 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% of the average daily net assets of Class A shares of the Fund (distribution or service fee).

Prior to June 1, 2019, the Predecessor Fund had adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”). The Plan permitted the Predecessor Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Predecessor Fund’s Class A shares. The expenses covered by the Plan may have included the cost in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts. For the period from October 1, 2018 through May 31, 2019, the Predecessor Fund incurred distribution expenses on its Class A shares of $1,333.

Effective June 1, 2019, pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Fund 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 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. Charges range from 0.00% to 5.75% based on the amount of the purchase. During the period ended October 31, 2019, the Fund imposed front-end sales charges of $292. From these fees, NFD retained a portion amounting to $37. During the year ended September 30, 2019, the Fund did not receive front-end sales charges. NFD did not retain any amounts.

Prior to June 1, 2019, Allianz Global Investor Distributor LLC (the “Distributor”) acted as the Predecessor Fund’s principal underwriter in a continuous public offering of the Predecessor Fund’s shares. The Distributor was an affiliate of the Predecessor Manager.

35

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

Effective June 1, 2019, NFD also receives fees in the form of contingent deferred sales charges (“CDSCs”) on Class A. 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. Applicable Class A CDSCs are 1.00% for the Fund. During the period ended October 31, 2019 and the period June 1, 2019 through September 30, 2019, the Fund imposed CDSCs of $0 and $0, respectively.

Effective June 1, 2019, 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 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 the Class A and Institutional Service Class shares of the Fund and up to 0.10% of the average daily net assets of Eagle Class shares. For the period ended October 31, 2019, the effective rates for administrative service fees were 0.08%, 0.07%, and 0.23% for Class A, Eagle Class and Institutional Service Class shares, respectively, for a total amount of $21,216. For the period June 1, 2019 through September 30, 2019, the effective rates for administrative service fees were 0.02%, 0.07%, and 0.25% for Class A, Eagle Class and Institutional Service Class shares, respectively, for a total amount of $176.

As of October 31, 2019 and September 30, 2019, NFA or its affiliates directly held 99.53% and 83.28%, respectively, of the shares outstanding of the Fund.

On May 17, 2019, shares of the Predecessor Fund held by affiliated entities of the Predecessor Fund 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.

Class	Net Assets of In-Kind Redemption		Shares		Securities Market Value		Cash		Realized Gain (Loss)
Class R6(a)	$	21,973,765		1,247,800	$	21,770,934	$	202,831	$	1,964,565

(a) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

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 bear 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

36

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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. As of July 12, 2019, the Fund was added to the credit agreement which next expires on July 9, 2020. During the period ended October 31, 2019 and the period June 1, 2019 through September 30, 2019, the Fund had no borrowings under the line of credit.

Effective June 1, 2019, pursuant to an exemptive order issued by the SEC (the “Order”), the Fund may participate in an interfund lending program among Funds managed by the 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 period ended October 31, 2019 and the period June 1, 2019 through September 30, 2019, the Fund did not engage in interfund lending.

5.  Investment Transactions

For the period ended October 31, 2019, the Fund had purchases of $221,693,309 and sales of $5,592,368 (excluding short-term securities). For the year ended September 30, 2019, the Fund had purchases of $8,483,626 and sales of $8,266,343 (excluding short-term securities and securities delivered in-kind).

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 Fund’s 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.

37

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

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

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 Fund adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of October 1, 2019. As a result of the adoption of ASU 2017-08, as of October 1, 2019, for Funds with in-scope securities, the amortized cost basis of investments was reduced and unrealized appreciation of investments was increased, but there was no impact on net assets or overall results from operations.

9.  Other

As of October 31, 2019 and September 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. At October 31, 2019, the Fund had 2 accounts holding 96.60% of the total outstanding shares of the Fund. At September 30, 2019, the Fund had 1 account holding 83.28% of the total outstanding shares of the Fund.

10.  Recaptured Brokerage Commissions

Effective June 1, 2019, the Fund has entered into agreements with brokers whereby the brokers will return a portion of the Fund’s brokerage commissions on behalf of the Fund. 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 period ended October 31, 2019 and the period June 1, 2019 through September 30, 2019, the Fund did not recapture any brokerage commissions.

11.  Reorganization

Effective June 1, 2019, Class A and Institutional Class shareholders of the Predecessor Fund received Class A and Class R6 shares, respectively, of the Fund with an aggregate share net asset value

38

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

equal to the aggregate share net asset value of their shares in the Predecessor Fund immediately prior to the reorganization. The Fund’s reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of the Fund 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 the Fund’s financial statements and financial highlights.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Predecessor Fund received the same aggregate share net asset value in the Fund as noted below:

Class	Shares		Value
Class A		43,860	$	727,970
Class R6(a)		302,879	$	5,157,535

(a) Effective June 1, 2019, Institutional Class Shares were renamed Class R6 Shares.

12.  Federal Tax Information

The Fund did not make any distributions during the period ended October 31, 2019.

The tax character of distributions paid during the year ended September 30, 2019 was as follows:

Distributions paid from
Ordinary Income*			Net Long-Term Capital Gains			Total Taxable Distributions			Return of Capital			Total Distributions Paid
	$	174,865		$	512,548		$	687,413		$	—		$	687,413

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

* Ordinary income amounts include net short-term capital gains, if any.

The tax character of distributions paid during the year ended September 30, 2018 was as follows:

Distributions paid from
Ordinary Income*			Net Long-Term Capital Gains			Total Taxable Distributions			Return of Capital			Total Distributions Paid
	$	2,328,642		$	—		$	2,328,642		$	—		$	2,328,642

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

* Ordinary income amounts include net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Earnings			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
	$	8,966		$	26,669		$	35,635		$	—		$	5,362,361		$	5,397,996

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

39

Notes to Financial Statements (Continued)

September 30, 2019 and October 31, 2019

As of September 30, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Earnings			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
	$	8,966		$	—		$	8,966		$	(48,218	)		$	1,556,271		$	1,517,019

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

As of October 31, 2019, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) was as follows:

Tax Cost of Investments			Unrealized Appreciation			Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
	$	233,333,841		$	7,359,263		$	(1,993,232	)		$	5,366,031

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

Tax Cost of Investments			Unrealized Appreciation			Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
	$	4,918,037		$	1,676,151		$	(119,016	)		$	1,557,135

Post-October capital losses represent net capital losses realized on investment transactions from November 1, 2018 through September 30, 2019, that in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen on the first day of the following fiscal year. For the year ended September 30, 2019, the Fund elected to defer the following post-October capital losses.

Short-Term Capital Losses			Long-Term Capital Gains				Post-October Capital Loss Deferral
	$	118,903		$	(70,685	)		$	48,218

13.   Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

40

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Report of Independent Registered Public Accounting Firm

September 30, 2019 and October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide AllianzGI International Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Nationwide AllianzGI International Growth Fund (one of the series constituting Nationwide Mutual Funds, referred to hereafter as the “Fund”) as of October 31, 2019 and September 30, 2019, the related statements of operations for the period October 1, 2019 through October 31, 2019 and for the year ended September 30, 2019, the statements of changes in net assets for the period October 1, 2019 through October 31, 2019 and for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019 and September 30, 2019, the results of its operations for the period October 1, 2019 through October 31, 2019 and for the year ended September 30, 2019, the changes in its net assets for the period October 1, 2019 through October 31, 2019 and for each of the two years in the period ended September 30, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 and October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 10, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

42

Supplemental Information

September 30, 2019 and October 31, 2019 (Unaudited)

Other Federal Tax Information

For the taxable years ended September 30, 2019 and October 31, 2019, certain dividends paid by the Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable years ended September 30, 2019 and October 31, 2019, the Fund designates $512,548 and $0, respectively, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals.

The Fund has derived net income from sources within foreign countries. As of September 30, 2019, the foreign source income for the Fund was $86,733 or $0.2454 per outstanding share. As of October 31, 2019, the foreign source income for the Fund was $0 or $0.0000 per outstanding share.

The Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of September 30, 2019, the foreign tax credit for the Fund was $35,788 or $0.1013 per outstanding share. As of October 31, 2019, the foreign tax credit for the Fund was $5,156 or $0.0004 per outstanding share.

Nationwide AllianzGI International Growth Fund — Initial Approval of Advisory Agreements

Summary of Factors Considered by the Board

At the December 4-5, 2018 meeting of the Board of Trustees, the Board, including the Independent Trustees, discussed and unanimously approved, for the Nationwide AllianzGI International Growth Fund (the “Fund”), the Investment Advisory Agreement with Nationwide Fund Advisors (“NFA”) and the Sub-advisory Agreement with Allianz Global Investors U.S., LLC (“Allianz”) (each, an

“Advisory Agreement,” and together, the “Advisory Agreements”). The Trustees were provided with detailed materials relating to the Fund and Allianz 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.

The Trustees considered that the Fund was being organized in connection with a fund adoption transaction involving the AllianzGI International Growth Fund (the “Original Fund”), a series of Allianz Funds Multi-Strategy Trust, and that it was expected that the Original Fund would be reorganized into the Fund in connection with that transaction. They considered that Allianz was the investment adviser to the Original Fund, and that it was the expectation in connection with the fund adoption that Allianz would continue to serve as investment adviser to the Fund following the transaction.

In making their determinations, the Trustees took into account information provided to them as to Allianz, including information relating to Allianz’s investment strategy and process. The Trustees considered the experience of the investment personnel of Allianz who would be managing the Fund. The Trustees considered information concerning the past performance record of Allianz in managing the Original Fund. The Trustees considered the services proposed to be provided by NFA to the Fund, and the bases on which NFA determined to propose Allianz to serve as sub-adviser to the Fund.

The Trustees considered that the fund adoption agreement NFA entered into with Allianz contained a non-termination or “lock-up” provision, meaning that NFA would be obligated to pay Allianz additional compensation under certain circumstances if its sub-advisory agreement relating to the Fund should be terminated, and the circumstances under which NFA would be permitted to terminate Allianz without paying a termination fee.

43

Supplemental Information (Continued)

September 30, 2019 and October 31, 2019 (Unaudited)

The Board considered the advisory fee that NFA proposed for the Fund. The Board considered the category of peer funds to which NFA expected each Fund to be assigned by Lipper Inc., and considered information prepared by the Broadridge organization showing that the Fund’s anticipated actual investment management fee would rank in the second comparative quintile against a peer group selected by Broadridge, and that its net total expense ratio was expected to rank in the first comparative quintile. 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 include a breakpoint that

should have the effect of passing on to the Fund’s shareholders some of the benefits of economies of scale.

The Board determined to defer any review of potential fallout benefits of the Advisory Agreements to NFA and Allianz, 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.

44

Management Information

October 31, 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	119
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	119
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	119

45

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

46

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

47

Management Information (Continued)

October 31, 2019

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
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
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

48

Management Information (Continued)

October 31, 2019

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.

49

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

AR-IG  (12/19)

Annual Report

October 31, 2019

Nationwide Mutual Funds

International Funds

Nationwide Amundi Global High Yield Fund

Nationwide Amundi Strategic Income 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	22
Nationwide Bailard International Equities Fund	43
Nationwide Emerging Markets Debt Fund	60
Nationwide Global Sustainable Equity Fund	78
Nationwide International Small Cap Fund	93
Notes to Financial Statements	113
Report of Independent Registered Public Accounting Firm	149
Supplemental Information	150
Management Information	151
Market Index Definitions	156
Glossary	161

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Amundi Global High Yield Fund

For the annual period ended October 31, 2019, the Nationwide Amundi Global High Yield Fund (Class R6) returned 9.10% versus 8.70% for its benchmark, the ICE BofA Merrill Lynch (BofAML) Global High Yield Index, and 9.53% for its secondary benchmark, the ICE BofAML Global High Yield Index (USD Hedged). For broader comparison, the return for the Fund’s closest Morningstar® peer category, High Yield Bond (consisting of 721 funds as of October 31, 2019), was 7.42% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The 12-month period ended October 31, 2019, opened with two consecutive months of negative returns for “risky” assets, including high-yield bonds, driven by market fears regarding Federal Reserve (Fed) interest rate increases. When signals emerged that the Fed was willing to listen to investors’ concerns, risky assets rallied, leading to strong returns through November 2019.

The fourth quarter of 2018 was a volatile period for high yield. The Fed’s campaign to raise short-term interest rates peaked with the Fed’s Board of Governors’ decision to increase the target to 2.25%–2.50% in the middle of December, even though the equity and high-yield markets had been selling off over fears that the rate increases would push the U.S. economy into joining the emerging global slowdown. Concerns over Chinese growth also had been increasing during the fourth quarter, as the U.S.–China trade war escalated, and tariffs were seen as likely to negatively affect Chinese manufacturing exports. Performance for the Fund was below benchmark in both November and December, as the Fund’s portfolio was positioned to reflect the positive economic growth environment at the time.

A strong rally in risk assets began in early 2019. The benchmark index rallied 3.97% in January and 6.75% in the first quarter as U.S. economic data remained positive and the Fed indicated that it would be patient with rate increases. The Fund’s performance in the first quarter was above its benchmark, as bonds that had declined in price during the fourth quarter of 2018 rebounded.

In the second quarter of 2019, focus remained on Fed policy as various Governors dropped hints of future policy direction during speaking engagements. Additionally, evidence emerged that certain European countries, particularly Germany, were on the brink of recession as their exports to China slowed. Volatility returned to the benchmark, with the benchmark index experiencing its only negative month in 2019 in May. However, the second quarter was the Fund’s best quarter relative to the benchmark this year, as the Fund’s focus on security selection produced positive results.

The Fed finally reduced rates at its July meeting and announced a second rate reduction in September. Third-quarter returns for the Fund’s benchmark were positive but smaller in scale than those of the year’s first two quarters, as was the Fund’s relative performance compared to the benchmark. Returns for the Energy sector became negative, with the U.S. High Yield Energy sub index losing over 3% in the quarter as crude oil retreated from its second-quarter highs. For the year ended October 31, 2019, the Energy sector lost over 7%, although the Fund’s performance in that sector was much better because of the underweight in Energy Exploration & Production companies and overweight of Midstream/Pipeline companies whose revenues are tied to volumes moved rather than the price of the commodity.

In early September 2019, the U.S. Treasury 10-year note fell to a multi-year low of 1.47%, a steep decline from the 3.22% rate in early November 2018; this steep decline in bond yields resulted in strong returns for Treasuries, investment grade corporates and BB-rated high-yield bonds with call protection. The decline in Treasury rates reflects fears that the global growth environment is likely to be challenging for many years. Further, negative yields in other markets were seen as pulling Treasury yields down. Emerging markets (EM) also had a negative surprise in the third quarter, as an Argentine primary election indicated that a bondholder-unfriendly administration would return to power, dramatically affecting Argentine debt and pulling broader EM lower. In Europe, the Brexit negotiations dragged on, with a mutually beneficial compromise remaining elusive.

3

Fund Commentary (cont.) Nationwide Amundi Global High Yield Fund

October returns were positive for the benchmark but slightly negative for the Fund. The Fed chose to reduce rates for the third time in 2019 and indicated that it would be dependent on data developments regarding additional cuts. Across the year, global economic growth slowed, with the most-frequently cited contributing reason being the U.S.–China trade war. The Fund’s positioning for the reporting period was underweight BBs, which was the best-performing rating tier, but the Fund’s positive relative performance reflected superior sector and security selection. Similarly, the Fund also was overweight Energy, the worst-performing sector, yet had good relative performance due to the portfolio management team’s strategy of focusing on better-quality companies within Energy and using the deep price decline as an opportunity to find bonds whose issuers would perform better than peers.

Security selection within the United States was the largest driver of relative returns for the Fund during the reporting period, but sector allocation also played a role. The best sectors for the Fund for security selection were Basic Industries, Energy and Consumer Goods. In Basic Industries, the Fund benefited from owning more Homebuilders than the benchmark. The Fund’s best-performing securities holdings were Enterprise Development Authority 12% of 2024, a Native American casino near Sacramento, California, that recently opened a Hard Rock-branded hotel and casino. Tervita 7.625% of 2021, an energy services company, and Simmons Foods 5.75% of 2024 also were strong performers for the Fund during the reporting period. The Fund’s weakest performers for the period were Stoneway 10% of 2027, an Argentine utility; Halcon 6.75% of 2025, a U.S. Exploration & Production energy company; and Intralot 5.25% of 2024, a gaming company. Utilities were the Fund’s worst-performing sector, largely due to the Fund’s Argentine holdings.

Currency trading is not a source of active return for the Fund; instead, holdings denominated in foreign currencies are hedged to U.S. dollars through currency forwards. The use of currency

forwards had a very small positive impact on Fund returns during the reporting period in addition to the hedging effect.

Subadviser:

Amundi Pioneer Institutional Asset Management, Inc.

Portfolio Managers:

Jonathan M. Duensing, CFA; Andrew D. Feltus, CFA; and Kenneth J. Monaghan

The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds). Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They also are subject to the claims-paying ability of the issuing company. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and illiquidity, and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

4

Fund Overview Nationwide Amundi Global High Yield Fund

Asset Allocation¹

Corporate Bonds	87.1%
Loan Participations	10.3%
Repurchase Agreements	1.6%
Short-Term Investment	0.2%
Forward Currency Contracts†	(0.0)%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries²

Oil, Gas & Consumable Fuels	8.9%
Hotels, Restaurants & Leisure	7.3%
Diversified Telecommunication Services	6.2%
Metals & Mining	6.0%
Energy Equipment & Services	4.4%
Health Care Providers & Services	4.3%
Media	4.1%
Chemicals	3.9%
Food Products	3.9%
Pharmaceuticals	3.5%
Other Industries#	47.5%
	100.0%

Top Holdings²

Enterprise Development Authority (The), 12.00%, 7/15/2024	1.4%
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/2022	1.3%
American Midstream Partners LP, 9.50%, 12/15/2021	1.2%
Aleris International, Inc., 1st Lien Term Loan, 6.54%, 2/27/2023	1.2%
Avation Capital SA, 6.50%, 5/15/2021	1.2%
Freedom Mortgage Corp., 8.13%, 11/15/2024	1.1%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022	1.1%
CCO Holdings LLC, 4.75%, 3/1/2030	1.1%
Golden Nugget, Inc., 8.75%, 10/1/2025	1.0%
Commercial Metals Co., 5.75%, 4/15/2026	1.0%
Other Holdings#	88.4%
	100.0%

Top Countries²

United States	67.3	%
Canada	5.4	%
Brazil	3.2	%
Luxembourg	2.4	%
United Kingdom	2.3	%
Mexico	2.1	%
Switzerland	1.9	%
Argentina	1.8	%
Germany	1.7	%
Chile	1.4	%
Other Countries#	10.5	%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

5

Fund Performance Nationwide Amundi Global High Yield Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		3 Yr.		Inception
Class A	w/o SC1		8.70%		6.70%		7.23%	2
	w/SC3		6.21%		5.89%		6.62%	2
Class C	w/o SC1		7.95%		5.92%		6.43%	2
	w/SC4		6.95%		5.92%		6.43%	2
Class R65,6			9.10%		7.01%		7.54%	2
Institutional Service Class5			8.99%		6.93%		7.47%	2
ICE BofA Merrill Lynch Global High Yield Index			8.70%		5.98%		6.78%
ICE BofA Merrill Lynch Global High Yield Index (USD Hedged)

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of November 2, 2015.

³  A 2.25% front-end sales charge was deducted.

⁴  A 1.00% CDSC was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Gross Expense Ratio^			Net Expense Ratio^
Class A		1.34	%		1.20	%
Class C		2.09	%		1.95	%
Class R6		0.84	%		0.70	%
Institutional Service Class		1.09	%		0.95	%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

6

Fund Performance (cont.) Nationwide Amundi Global High Yield Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Amundi Global High Yield Fund from inception through 10/31/19 versus the ICE BofA Merrill Lynch (BofAML) Global High Yield Index and the ICE BofAML Global High Yield Index (USD Hedged) for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

7

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,035.10		4.98		0.97
	Hypothetical	(a)(b)		1,000.00		1,020.32		4.94		0.97
Class C Shares	Actual	(a)		1,000.00		1,030.40		8.90		1.74
	Hypothetical	(a)(b)		1,000.00		1,016.43		8.84		1.74
Class R6 Shares	Actual	(a)		1,000.00		1,036.40		3.59		0.70
	Hypothetical	(a)(b)		1,000.00		1,021.68		3.57		0.70
Institutional Service Shares	Actual	(a)		1,000.00		1,035.90		4.11		0.80
	Hypothetical	(a)(b)		1,000.00		1,021.17		4.08		0.80

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

8

Statement of Investments

October 31, 2019

Nationwide Amundi Global High Yield Fund

Corporate Bonds 87.1%
	Principal Amount		Value
ARGENTINA 1.8%
Electric Utilities 1.4%
Pampa Energia SA, 7.50%, 1/24/2027 (a)	$	1,230,000	$	985,242
Stoneway Capital Corp., 10.00%, 3/1/2027 (a)		1,625,045		828,789
				1,814,031
Oil, Gas & Consumable Fuels 0.4%
YPF Energia Electrica SA, 10.00%, 7/25/2026 (a)		605,000		456,775
				2,270,806
AUSTRALIA 0.3%
Chemicals 0.3%
Nufarm Australia Ltd., 5.75%, 4/30/2026 (a)		410,000		412,050
BELGIUM 0.3%
Professional Services 0.3%
House of Finance NV (The), 4.38%, 7/15/2026 (a)		EUR   325,000		354,442
BRAZIL 3.2%
Banks 0.3%
Banco BTG Pactual SA, 5.50%, 1/31/2023 (a)	$	400,000		419,000
Chemicals 0.7%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028 (a)		815,000		817,852
Electric Utilities 0.5%
Light Servicos de Eletricidade SA, 7.25%, 5/3/2023 (a)		585,000		630,344
Food Products 0.7%
Minerva Luxembourg SA, 5.88%, 1/19/2028 (a)		800,000		815,600
Independent Power and Renewable Electricity Producers 0.8%
Cemig Geracao e Transmissao SA, 9.25%, 12/5/2024 (a)		860,000		1,002,769
Oil, Gas & Consumable Fuels 0.2%
Petrobras Global Finance BV, 5.09%, 1/15/2030 (a)		291,000		308,387
				3,993,952
CANADA 5.4%
Aerospace & Defense 0.8%
Bombardier, Inc., 7.88%, 4/15/2027 (a)		1,085,000		1,022,612
Chemicals 0.6%
NOVA Chemicals Corp.
4.88%, 6/1/2024 (a)		130,000		131,950
5.25%, 6/1/2027 (a)		585,000		601,087
				733,037
Commercial Services & Supplies 1.2%
GFL Environmental, Inc., 8.50%, 5/1/2027 (a)		894,000		983,400
GW B-CR Security Corp., 9.50%, 11/1/2027 (a)		530,000		544,575
				1,527,975

Corporate Bonds (continued)
	Principal Amount		Value
CANADA (continued)
Energy Equipment & Services 1.3%
Ensign Drilling, Inc., 9.25%, 4/15/2024 (a)	$	608,000	$	516,800
Tervita Corp., 7.63%, 12/1/2021 (a)		1,121,000		1,106,988
				1,623,788
Household Durables 0.5%
Brookfield Residential Properties, Inc., 6.25%, 9/15/2027 (a)		620,000		632,400
Metals & Mining 0.7%
Teck Resources Ltd., 5.20%, 3/1/2042		865,000		855,683
Oil, Gas & Consumable Fuels 0.3%
Parkland Fuel Corp., 5.88%, 7/15/2027 (a)		330,000		349,246
				6,744,741
CHILE 1.3%
Airlines 1.3%
Latam Finance Ltd.
6.88%, 4/11/2024 (a)		645,000		681,765
7.00%, 3/1/2026 (a)		935,000		1,006,995
				1,688,760
FRANCE 0.8%
Banks 0.8%
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023 (a)(b)(c)		890,000		951,187
GERMANY 1.8%
Machinery 0.6%
Platin 1426 GmbH, 5.38%, 6/15/2023 (a)		EUR 685,000		717,714
Paper & Forest Products 0.4%
Mercer International, Inc., 7.38%, 1/15/2025 (a)	$	535,000		555,062
Pharmaceuticals 0.8%
Nidda BondCo GmbH, 5.00%, 9/30/2025 (a)		EUR 300,000		341,282
Nidda Healthcare Holding GmbH, 3.50%, 9/30/2024 (a)		490,000		564,258
				905,540
				2,178,316
INDONESIA 0.3%
Oil, Gas & Consumable Fuels 0.3%
Medco Oak Tree Pte. Ltd., 7.38%, 5/14/2026 (a)	$	310,000		315,594
IRELAND 0.2%
Media 0.2%
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (a)		300,000		307,875

9

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
ISRAEL 0.6%
Pharmaceuticals 0.6%
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/2023	$	940,000	$	813,100
ITALY 1.3%
Aerospace & Defense 0.3%
F-Brasile SpA, Series XR, 7.38%, 8/15/2026 (a)		295,000		308,275
Household Durables 0.5%
International Design Group SpA, 6.50%, 11/15/2025 (a)		EUR   530,000		597,020
Pharmaceuticals 0.5%
Rossini Sarl, 6.75%, 10/30/2025 (a)		530,000		653,353
				1,558,648
LUXEMBOURG 2.4%
Chemicals 0.6%
INEOS Finance plc, 2.88%, 5/1/2026 (a)		710,000		781,965
Diversified Telecommunication Services 0.4%
Intelsat Jackson Holdings SA, 5.50%, 8/1/2023	$	505,000		472,175
Food Products 0.5%
FAGE International SA, 5.63%, 8/15/2026 (a)(d)		710,000		638,148
Media 0.8%
Altice Luxembourg SA, 10.50%, 5/15/2027 (a)		850,000		961,562
Transportation Infrastructure 0.1%
Swissport Financing Sarl, 5.25%, 8/15/2024 (a)		EUR 135,000		154,706
				3,008,556
MEXICO 2.1%
Consumer Finance 1.0%
Unifin Financiera SAB de CV, 8.38%, 1/27/2028 (a)	$	1,180,000		1,210,975
Hotels, Restaurants & Leisure 1.1%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022 (a)		1,375,000		1,375,000
				2,585,975
NETHERLANDS 0.7%
Chemicals 0.2%
OCI NV, 3.13%, 11/1/2024 (a)		EUR   265,000		301,466
Professional Services 0.5%
Intertrust Group BV, 3.38%, 11/15/2025 (a)		580,000		676,889
				978,355
NIGERIA 1.1%
Construction & Engineering 0.6%
IHS Netherlands Holdco BV
7.13%, 3/18/2025 (a)		400,000		413,080

Corporate Bonds (continued)
	Principal Amount		Value
NIGERIA (continued)
Construction & Engineering (continued)
8.00%, 9/18/2027 (a)		EUR   320,000	$	334,464
				747,544
Oil, Gas & Consumable Fuels 0.5%
SEPLAT Petroleum Development Co. plc, 9.25%, 4/1/2023 (a)	$	650,000		682,630
				1,430,174
SINGAPORE 1.2%
Consumer Finance 1.2%
Avation Capital SA, 6.50%, 5/15/2021 (a)		1,395,000		1,454,288
SWITZERLAND 1.8%
Auto Components 0.4%
Garrett LX I Sarl, 5.13%, 10/15/2026 (a)		EUR   535,000		551,934
Capital Markets 1.4%
UBS Group AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (a)(b)(c)	$	665,000		713,213
VistaJet Malta Finance plc, 10.50%, 6/1/2024 (a)		1,112,000		1,081,420
				1,794,633
				2,346,567
UKRAINE 1.0%
Food Products 0.4%
Kernel Holding SA, 6.50%, 10/17/2024 (a)		525,000		527,100
Metals & Mining 0.6%
Metinvest BV, 7.75%, 10/17/2029 (a)		865,000		855,139
				1,382,239
UNITED ARAB EMIRATES 0.8%
Energy Equipment & Services 0.8%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025 (a)		1,240,000		1,041,600
UNITED KINGDOM 2.3%
Banks 0.7%
Barclays plc, (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (b)(c)		800,000		852,000
Insurance 0.2%
Galaxy Bidco Ltd., 6.50%, 7/31/2026 (a)		GBP   225,000		295,461
Oil, Gas & Consumable Fuels 0.7%
Neptune Energy Bondco plc, 6.63%, 5/15/2025 (a)	$	905,000		900,475
Road & Rail 0.7%
Ashtead Capital, Inc.
4.13%, 8/15/2025 (a)		590,000		601,800
4.00%, 5/1/2028 (a)		135,000		135,506
4.25%, 11/1/2029 (a)		110,000		111,100
				848,406
				2,896,342

10

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES 56.4%
Auto Components 1.6%
American Axle & Manufacturing, Inc., 6.25%, 3/15/2026	$	965,000	$	916,750
JB Poindexter & Co., Inc., 7.13%, 4/15/2026 (a)		595,000		620,287
Panther BF Aggregator 2 LP, 4.38%, 5/15/2026 (a)		EUR   415,000		466,321
				2,003,358
Biotechnology 0.9%
Horizon Pharma USA, Inc., 5.50%, 8/1/2027 (a)	$	1,125,000		1,174,219
Building Products 1.7%
Builders FirstSource, Inc., 6.75%, 6/1/2027 (a)		532,000		577,220
Patrick Industries, Inc., 7.50%, 10/15/2027 (a)		479,000		496,962
Standard Industries, Inc., 4.75%, 1/15/2028 (a)		614,000		637,025
Summit Materials LLC, 6.50%, 3/15/2027 (a)		359,000		387,720
				2,098,927
Chemicals 1.5%
Olin Corp., 5.63%, 8/1/2029		885,000		918,869
Trinseo Materials Operating SCA, 5.38%, 9/1/2025 (a)		972,000		936,765
				1,855,634
Commercial Services & Supplies 1.8%
Covanta Holding Corp., 6.00%, 1/1/2027		1,025,000		1,071,125
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (a)		220,000		225,225
5.75%, 4/15/2026 (a)		975,000		999,083
				2,295,433
Communications Equipment 0.3%
Avaya, Inc., 7.00%, 4/1/2019^¥ (a)		2,135,000		0
CommScope, Inc., 6.00%, 3/1/2026 (a)		363,000		372,982
				372,982
Consumer Finance 0.6%
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		755,000		804,655
Diversified Consumer Services 0.5%
Sotheby’s, 7.38%, 10/15/2027 (a)		575,000		575,000
Diversified Financial Services 0.4%
Verscend Escrow Corp., 9.75%, 8/15/2026 (a)		478,000		508,473
Diversified Telecommunication Services 3.7%
CCO Holdings LLC, 4.75%, 3/1/2030 (a)		1,290,000		1,315,413
Frontier Communications Corp.
7.13%, 1/15/2023		900,000		405,000
8.50%, 4/1/2026 (a)		1,170,000		1,172,925
Level 3 Financing, Inc., 4.63%, 9/15/2027 (a)		1,050,000		1,068,375

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Diversified Telecommunication Services (continued)
Windstream Services LLC, 8.63%, 10/31/2025 (a)(e)	$	734,000	$	734,918
				4,696,631
Electric Utilities 0.5%
Vistra Operations Co. LLC, 5.63%, 2/15/2027 (a)		565,000		598,900
Electronic Equipment, Instruments & Components 1.1%
Belden, Inc.
3.38%, 7/15/2027 (a)		EUR   780,000		889,435
3.88%, 3/15/2028 (a)		455,000		527,985
				1,417,420
Energy Equipment & Services 2.2%
Archrock Partners LP, 6.88%, 4/1/2027 (a)		615,000		634,926
Exterran Energy Solutions LP, 8.13%, 5/1/2025		733,000		725,670
FTS International, Inc., 6.25%, 5/1/2022		540,000		385,425
Transocean Sentry Ltd., 5.38%, 5/15/2023 (a)		72,000		71,280
Transocean, Inc., 7.25%, 11/1/2025 (a)		799,000		705,117
USA Compression Partners LP, 6.88%, 9/1/2027 (a)		257,000		257,000
				2,779,418
Entertainment 1.1%
Netflix, Inc.
4.88%, 4/15/2028	$	425,000		439,148
3.88%, 11/15/2029 (a)		EUR   400,000		456,448
3.63%, 6/15/2030 (a)		445,000		495,688
				1,391,284
Equity Real Estate Investment Trusts (REITs) 1.0%
iStar, Inc., 4.75%, 10/1/2024		735,000		757,969
MPT Operating Partnership LP, 4.63%, 8/1/2029		455,000		474,628
				1,232,597
Food & Staples Retailing 1.0%
Albertsons Cos., Inc.
5.75%, 3/15/2025	$	589,000		609,438
7.50%, 3/15/2026 (a)		135,000		150,019
5.88%, 2/15/2028 (a)		425,000		453,688
				1,213,145
Food Products 2.3%
Darling Ingredients, Inc., 5.25%, 4/15/2027 (a)		585,000		614,250
JBS USA LUX SA
6.75%, 2/15/2028 (a)		185,000		203,502
5.50%, 1/15/2030 (a)		565,000		608,081
Pilgrim’s Pride Corp., 5.88%, 9/30/2027 (a)		572,000		612,909
Simmons Foods, Inc., 5.75%, 11/1/2024 (a)		870,000		851,513
				2,890,255

11

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Health Care Providers & Services 3.4%
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/2027 (a)	$	860,000	$	804,100
Encompass Health Corp.
4.50%, 2/1/2028		170,000		173,825
4.75%, 2/1/2030		295,000		304,219
HCA, Inc., 5.63%, 9/1/2028		500,000		561,875
Surgery Center Holdings, Inc.
6.75%, 7/1/2025 (a)(d)		735,000		679,875
10.00%, 4/15/2027 (a)		575,000		582,187
Tenet Healthcare Corp.
4.88%, 1/1/2026 (a)		390,000		403,650
5.13%, 11/1/2027 (a)		325,000		338,000
West Street Merger Sub, Inc., 6.38%, 9/1/2025 (a)		405,000		385,763
				4,233,494
Health Care Technology 0.3%
IQVIA, Inc., 2.25%, 1/15/2028 (a)		EUR   360,000		410,140
Hotels, Restaurants & Leisure 6.2%
Caesars Resort Collection LLC, 5.25%, 10/15/2025 (a)	$	604,000		618,345
Enterprise Development Authority (The), 12.00%, 7/15/2024 (a)		1,550,000		1,697,250
Golden Nugget, Inc., 8.75%, 10/1/2025 (a)		1,215,000		1,278,787
International Game Technology plc
6.25%, 1/15/2027 (a)		465,000		519,638
2.38%, 4/15/2028 (a)		EUR   550,000		609,090
MGM Resorts International, 5.50%, 4/15/2027		330,000		363,000
Scientific Games International, Inc.
3.38%, 2/15/2026 (a)		625,000		705,776
8.25%, 3/15/2026 (a)	$	856,000		905,220
VOC Escrow Ltd., 5.00%, 2/15/2028 (a)		1,018,000		1,058,720
				7,755,826
Household Durables 1.9%
Beazer Homes USA, Inc., 7.25%, 10/15/2029 (a)		775,000		811,813
KB Home, 6.88%, 6/15/2027		590,000		672,600
Taylor Morrison Communities, Inc., 5.88%, 6/15/2027 (a)		863,000		963,712
				2,448,125
Independent Power and Renewable Electricity Producers 0.7%
Clearway Energy Operating LLC, 5.75%, 10/15/2025		340,000		348,925
Talen Energy Supply LLC
10.50%, 1/15/2026 (a)		15,000		12,900
7.25%, 5/15/2027 (a)		398,000		397,005
6.63%, 1/15/2028 (a)		120,000		115,800
				874,630

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Insurance 0.4%
Liberty Mutual Group, Inc., (EUR Swap Annual 5 Year + 3.70%), 3.63%, 5/23/2059 (a)(c)		EUR   410,000	$	474,476
Machinery 1.7%
Cloud Crane LLC, 10.13%, 8/1/2024 (a)	$	1,000,000		1,056,250
EnPro Industries, Inc., 5.75%, 10/15/2026		405,000		428,287
Titan International, Inc., 6.50%, 11/30/2023		798,000		658,350
				2,142,887
Media 2.8%
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/2024 (a)		209,000		229,900
CSC Holdings LLC, 5.38%, 2/1/2028 (a)		460,000		486,450
Diamond Sports Group LLC, 6.63%, 8/15/2027 (a)(d)		895,000		921,850
Gray Television, Inc., 5.88%, 7/15/2026 (a)		610,000		641,275
MDC Partners, Inc., 6.50%, 5/1/2024 (a)		1,261,000		1,205,831
				3,485,306
Metals & Mining 2.9%
Commercial Metals Co., 5.75%, 4/15/2026		1,220,000		1,258,125
Freeport-McMoRan, Inc., 5.25%, 9/1/2029		730,000		742,994
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/2022 (a)		1,550,000		1,641,062
				3,642,181
Oil, Gas & Consumable Fuels 6.0%
American Midstream Partners LP, 9.50%, 12/15/2021 (a)(e)		1,641,000		1,526,130
Blue Racer Midstream LLC, 6.63%, 7/15/2026 (a)		830,000		776,050
Cheniere Energy Partners LP, 4.50%, 10/1/2029 (a)		365,000		371,844
Endeavor Energy Resources LP, 5.75%, 1/30/2028 (a)		410,000		431,533
EnLink Midstream LLC, 5.38%, 6/1/2029		70,000		62,125
Genesis Energy LP
6.50%, 10/1/2025		830,000		788,500
6.25%, 5/15/2026		865,000		800,125
Global Partners LP, 7.00%, 8/1/2027 (a)		180,000		187,231
Indigo Natural Resources LLC, 6.88%, 2/15/2026 (a)		880,000		800,800
PBF Holding Co. LLC, 7.25%, 6/15/2025		785,000		820,325
Targa Resources Partners LP
6.50%, 7/15/2027 (a)		35,000		37,451
5.00%, 1/15/2028		425,000		420,750

12

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (a)	$	445,000	$	460,019
WPX Energy, Inc., 5.25%, 10/15/2027		75,000		72,937
				7,555,820
Paper & Forest Products 0.9%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026 (a)		1,055,000		1,126,213
Pharmaceuticals 1.6%
Bausch Health Americas, Inc., 8.50%, 1/31/2027 (a)		85,000		95,387
Bausch Health Cos., Inc.
Reg. S, 4.50%, 5/15/2023		EUR   490,000		552,509
9.00%, 12/15/2025 (a)	$	460,000		516,442
5.75%, 8/15/2027 (a)		65,000		70,586
7.00%, 1/15/2028 (a)		39,000		42,071
7.25%, 5/30/2029 (a)		57,000		62,771
Par Pharmaceutical, Inc., 7.50%, 4/1/2027 (a)		710,000		674,500
				2,014,266
Road & Rail 0.2%
Hertz Corp. (The), 7.13%, 8/1/2026 (a)		245,000		252,963
Specialty Retail 1.2%
L Brands, Inc., 5.25%, 2/1/2028		760,000		704,900
Michaels Stores, Inc., 8.00%, 7/15/2027 (a)		856,000		845,043
				1,549,943
Thrifts & Mortgage Finance 2.2%
Freedom Mortgage Corp., 8.13%, 11/15/2024 (a)		1,525,000		1,429,687
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (a)		602,000		638,120
9.13%, 7/15/2026 (a)		103,000		112,914
Provident Funding Associates LP, 6.38%, 6/15/2025 (a)		665,000		646,513
				2,827,234
Trading Companies & Distributors 1.2%
Herc Holdings, Inc., 5.50%, 7/15/2027 (a)		635,000		658,019
United Rentals North America, Inc.
3.88%, 11/15/2027		205,000		207,101
5.25%, 1/15/2030		600,000		630,750
				1,495,870
Wireless Telecommunication Services 0.6%
Sprint Corp.
7.63%, 2/15/2025		100,000		109,875
7.63%, 3/1/2026		545,000		602,906
				712,781
				70,910,486
Total Corporate Bonds (cost $109,635,819)				109,624,053

Loan Participations 10.3%
	Principal Amount		Value
UNITED STATES 10.3%
Auto Components 0.7%
Trico Group LLC, Term Loan, (ICE LIBOR USD 3 Month + 7.00%), 9.10%, 2/2/2024 (c)	$	951,813	$	923,259
Commercial Services & Supplies 0.4%
West Corp., Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 10/10/2024 (c)		580,451		481,565
Communications Equipment 0.3%
CommScope, Inc., Term Loan B2, (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 4/6/2026 (c)		410,000		401,673
Containers & Packaging 0.7%
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 6.18%, 6/30/2022 (c)		1,117,200		916,104
Diversified Telecommunication Services 2.1%
CenturyLink, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (c)		947,765		937,463
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 7/31/2025 (c)		1,140,750		1,102,603
Windstream Refinance, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 9.00%, 2/17/2024 (c)		620,000		618,277
				2,658,343
Health Care Providers & Services 0.9%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 4.50%), 6.30%, 11/16/2025 (c)		1,156,263		1,152,724
IT Services 0.9%
Dyncorp International, Inc., Term Loan, (ICE LIBOR USD 1 Month + 6.00%), 7.91%, 8/18/2025 (c)		1,120,000		1,089,906
Machinery 0.5%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.93%, 4/19/2025 (c)		649,500		584,550
Media 0.3%
Diamond Sports Group LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.08%, 8/24/2026 (c)		355,000		356,331
Metals & Mining 1.6%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.54%, 2/27/2023 (c)		1,466,438		1,465,528
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.10%, 8/23/2023 (c)		607,600		601,907
				2,067,435

13

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels 0.4%
Delek US Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 3/31/2025 (c)	$	443,256	$	437,161
Personal Products 0.8%
Alphabet Holding Co., Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 9/26/2024 (c)		1,078,509		981,745
Wireless Telecommunication Services 0.7%
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.81%, 2/2/2024 (c)		888,288		882,363
Total Loan Participation (cost $13,365,748)				12,933,159
Short-Term Investment 0.2%
	Shares
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (f)(g)		196,652		196,652
Total Short-Term Investment (cost $196,652)				196,652
Repurchase Agreements 1.6%
	Principal Amount
BNP Paribas Securities Corp. 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $1,360,656, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $1,392,993. (g)(h)	$	1,360,592		1,360,592
Royal Bank of Canada 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $671,661, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $687,551. (g)(h)		671,630		671,630
Total Repurchase Agreements (cost $2,032,222)				2,032,222
Total Investments (cost $125,230,441) — 99.2%				124,786,086
Other assets in excess of liabilities — 0.8%				1,029,612
NET ASSETS — 100.0%			$	125,815,698

^ Value determined using significant unobservable inputs.

¥ Fair valued 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 October 31, 2019 was $87,837,415 which represents 69.81% of net assets.

(b) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2019. The maturity date reflects the next call date.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(d) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $2,136,370, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $196,652 and $2,032,222, respectively, a total value of $2,228,874.

(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 October 31, 2019.

(f) Represents 7-day effective yield as of October 31, 2019.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $2,228,874.

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

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

GBP British Pound

USD United States Dollar

14

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Global High Yield Fund (Continued)

Forward foreign currency contracts outstanding as of October 31, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	USD	11,553,368		EUR	10,370,000	JPMorgan Chase Bank		11/29/2019		(31,119	)
	USD	290,012		GBP	225,000	JPMorgan Chase Bank		11/29/2019		(1,670	)
	Net unrealized depreciation									(32,789	)

At October 31, 2019, the Fund has $310,000 segregated as collateral for forward foreign currency contracts.

Currency:

EUR Euro

GBP British Pound

USD United States Dollar

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

15

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Amundi Global High Yield Fund
Assets:
Investment securities, at value* (cost $123,198,219)	$	122,753,864
Repurchase agreements, at value (cost $2,032,222)		2,032,222
Cash		1,012,739
Restricted cash, collateral for forward foreign currency contracts		310,000
Foreign currencies, at value (cost $35,492)		35,853
Interest receivable		1,899,972
Securities lending income receivable		1,268
Receivable for investments sold		878,950
Receivable for capital shares issued		17,800
Reclaims receivable		5,634
Reimbursement from investment adviser (Note 3)		15,266
Prepaid expenses		34,859
Total Assets		128,998,427
Liabilities:
Payable for investments purchased		720,113
Payable for capital shares redeemed		59,142
Unrealized depreciation on forward foreign currency contracts (Note 2)		32,789
Payable upon return of securities loaned (Note 2)		2,228,874
Accrued expenses and other payables:
Investment advisory fees		68,336
Fund administration fees		16,173
Distribution fees		563
Administrative servicing fees		680
Accounting and transfer agent fees		2,258
Trustee fees		530
Custodian fees		1,789
Compliance program costs (Note 3)		171
Professional fees		34,455
Printing fees		10,109
Other		6,747
Total Liabilities		3,182,729
Net Assets	$	125,815,698
Represented by:
Capital	$	127,244,193
Total distributable earnings (loss)		(1,428,495	)
Net Assets	$	125,815,698
Net Assets:
Class A Shares	$	1,595,616
Class C Shares		293,471
Class R6 Shares		119,517,691
Institutional Service Shares		4,408,920
Total	$	125,815,698

16

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Amundi Global High Yield Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		162,597
Class C Shares		29,932
Class R6 Shares		12,167,700
Institutional Service Shares		449,129
Total		12,809,358
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.81
Class C Shares (b)	$	9.80
Class R6 Shares	$	9.82
Institutional Service Shares	$	9.82
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		2.25	%

* Includes value of securities on loan of $2,136,370 (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.

17

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Amundi Global High Yield Fund
INVESTMENT INCOME:
Interest income	$	8,577,205
Income from securities lending (Note 2)		34,281
Total Income		8,611,486
EXPENSES:
Investment advisory fees		790,444
Fund administration fees		113,132
Distribution fees Class A		3,513
Distribution fees Class C		1,665
Administrative servicing fees Class A		281
Administrative servicing fees Class C		40
Administrative servicing fees Institutional Service		2,405
Registration and filing fees		54,518
Professional fees		53,079
Printing fees		11,983
Trustee fees		4,501
Custodian fees		6,097
Accounting and transfer agent fees		8,958
Compliance program costs (Note 3)		617
Other		5,300
Total expenses before expenses reimbursed		1,056,533
Expenses reimbursed by adviser (Note 3)		(182,610	)
Net Expenses		873,923
NET INVESTMENT INCOME		7,737,563
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(2,884,518	)
Settlement of forward foreign currency contracts (Note 2)		502,879
Foreign currency transactions (Note 2)		232,982
Net realized losses		(2,148,657	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		4,999,033
Forward foreign currency contracts (Note 2)		(110,330	)
Translation of assets and liabilities denominated in foreign currencies		4,509
Net change in unrealized appreciation/depreciation		4,893,212
Net realized/unrealized gains		2,744,555
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,482,118

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

18

Statements of Changes in Net Assets

	Nationwide Amundi Global High Yield Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	7,737,563		$	8,404,283
Net realized gains (losses)		(2,148,657	)		1,851,903
Net change in unrealized appreciation/depreciation		4,893,212			(8,874,008	)
Change in net assets resulting from operations		10,482,118			1,382,178
Distributions to Shareholders From:
Distributable earnings:
Class A		(108,427	)		(97,498	)
Class C		(12,204	)		(11,890	)
Class R6		(10,180,548	)		(13,181,019	)
Institutional Service		(165,871	)		(96,190	)
Change in net assets from shareholder distributions		(10,467,050	)		(13,386,597	)
Change in net assets from capital transactions		(3,259,919	)		(5,454,683	)
Change in net assets		(3,244,851	)		(17,459,102	)
Net Assets:
Beginning of year		129,060,549			146,519,651
End of year	$	125,815,698		$	129,060,549
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	503,665		$	425,809
Dividends reinvested		58,737			71,902
Cost of shares redeemed		(228,352	)		(125,861	)
Total Class A Shares		334,050			371,850
Class C Shares
Proceeds from shares issued		164,827			63,300
Dividends reinvested		12,083			11,475
Cost of shares redeemed		(37,002	)		(45,211	)
Total Class C Shares		139,908			29,564
Class R6 Shares
Proceeds from shares issued		6,333,337			1,015,269
Dividends reinvested		10,180,548			13,181,019
Cost of shares redeemed		(23,155,081	)		(21,160,999	)
Total Class R6 Shares		(6,641,196	)		(6,964,711	)
Institutional Service Shares
Proceeds from shares issued		4,355,157			6,919,730
Dividends reinvested		163,352			95,276
Cost of shares redeemed		(1,611,190	)		(5,906,392	)
Total Institutional Service Shares		2,907,319			1,108,614
Change in net assets from capital transactions	$	(3,259,919	)	$	(5,454,683	)

19

Statements of Changes in Net Assets (Continued)

	Nationwide Amundi Global High Yield Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		52,953			42,152
Reinvested		6,226			7,135
Redeemed		(24,196	)		(12,426	)
Total Class A Shares		34,983			36,861
Class C Shares
Issued		16,849			6,365
Reinvested		1,285			1,139
Redeemed		(3,826	)		(4,546	)
Total Class C Shares		14,308			2,958
Class R6 Shares
Issued		661,750			99,632
Reinvested		1,081,163			1,306,925
Redeemed		(2,430,913	)		(2,095,994	)
Total Class R6 Shares		(688,000	)		(689,437	)
Institutional Service Shares
Issued		449,027			688,285
Reinvested		17,177			9,502
Redeemed		(168,202	)		(588,601	)
Total Institutional Service Shares		298,002			109,186
Total change in shares		(340,707	)		(540,432	)

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 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
Year Ended October 31, 2019	$	9.81		0.58		0.22			0.80		(0.76	)		(0.04	)		(0.80	)	$	9.81		8.70%		$	1,595,616		0.97%		5.97%		1.12%		74.60%
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
Year Ended October 31, 2019	$	9.80		0.50		0.23			0.73		(0.69	)		(0.04	)		(0.73	)	$	9.80		7.95%		$	293,471		1.72%		5.22%		1.87%		74.60%
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)
Year Ended October 31, 2019	$	9.81		0.61		0.22			0.83		(0.78	)		(0.04	)		(0.82	)	$	9.82		9.10%		$	119,517,691		0.70%		6.27%		0.85%		74.60%
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
Year Ended October 31, 2019	$	9.81		0.59		0.23			0.82		(0.77	)		(0.04	)		(0.81	)	$	9.82		8.99%		$	4,408,920		0.80%		6.09%		0.95%		74.60%
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.

21

Fund Commentary Nationwide Amundi Strategic Income Fund

For the annual period ended October 31, 2019, the Nationwide Amundi Strategic Income Fund (Institutional Service Class*) returned 6.18% versus 11.51% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Multisector Bond (consisting of 311 funds as of October 31, 2019), was 8.05 for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Driven by strong employment, the U.S. economy continued to expand during the one-year reporting period ended October 31, 2019, although at a slower pace than in the prior 12-month period. The unemployment rate fell from 3.8% to 3.6%, a marginal improvement, with the labor force participation rate edging up from 62.9% to 63.3%. Average hourly earnings growth flattened from the 3.3% pace in the last period to 3.0%, the lower figure indicating a tight labor market. The Core Consumer Price Index expanded from the 2.1% pace seen in October 2018 to 2.4% in September 2019.

Even with strong U.S. economic data, U.S. yields fell dramatically. Responding to the strong economic growth in 2018, the Federal Reserve (Fed) increased its short-term rate target to 2.25–2.5% at its December meeting. In contrast to the Fed’s optimism regarding the U.S. economy, markets for “risky” assets sold off strongly in late 2018 as investors became concerned about the effects of the expanding U.S.–China trade war, which many believed would push the United States into recession. The constant maturity U.S. Treasury 10-Year note, which had risen to 3.24% in early November 2018, closed 2018 at 2.69%, as bond investors’ sentiments swung from concerns about growth overheating the U.S. economy to believing there was an immediate need for interest rate cuts.

Spread assets rallied strongly at the beginning of 2019, supported by the Fed’s announcement of a policy of patience at its January meeting. Across the first half of 2019, close attention was paid to

the Fed’s Board of Governors’ comments on monetary policy, although the first rate cut didn’t occur until the Fed’s July meeting. Economic data outside the United States deteriorated during 2019, with Germany, the largest European Union economy, swinging to the brink of recession. Although economic data continued to indicate that the U.S. economy was expanding, the Fed further reduced rates in September and October of 2019, with most observers describing the rate cuts as insurance against the spreading global weakness. With the Fed cutting rates, bond yields responded across the curve, with the U.S Treasury 10-Year note yield falling to 1.47% in late August. Markets stabilized in October, with the U.S. stock market nearing new records.

The Fund management team utilizes a relative value-driven investment process supported by an active management style that focuses on security selection and sector rotation. The Fund held exposures to multiple domestic and global fixed-income asset classes in which the Fund’s portfolio managers (PMs) adjusted allocations in response to changing market conditions. These asset classes included Investment Grade and High Yield Corporate Bonds, Leveraged Loans, Mortgage-Backed Securities, Asset-Backed Securities, and Non-U.S. Securities. The Fund’s PMs are positive on corporate credit fundamentals but are concerned about current tight spreads. The Fund’s PMs view the strong consumer as beneficial for Mortgage-Backed Securities and certain Asset-Backed Securities and find more relative value in these asset classes. Given the Fund’s PMs’ views on the relative attractiveness of credit spread markets over interest rates, the Fund was positioned with duration, or interest rate sensitivity, under one year.

For the reporting period, the Fund underperformed the returns of 11.51% for the Bloomberg Barclays U.S. Aggregate Index (U.S. Aggregate) and 8.38% for the Bloomberg Barclays U.S. High Yield Index (U.S. High Yield). The return for the U.S. Aggregate was driven primarily by duration, as its yield fell 1.35% for the period. As spreads moved 0.01% wider for the U.S. Aggregate and 0.20% wider for the U.S. High Yield, returns were a function of interest rate

22

Fund Commentary (cont.) Nationwide Amundi Strategic Income Fund

positioning and coupon income. Security selection and asset allocation both contributed positively to Fund performance for the period. The Fund’s overweight to Industrials and Financial Corporate Debt as well as Securitized Credit sectors produced strong relative returns, and security selection was favorable in all three categories. The Fund’s positions in Bank Loans, Residential Mortgage-Backed Securities and Asset-Backed Securities further added to Fund performance for the period.

The Fund’s exposure to credit default swap indices, used to hedge the corporate bond exposures, detracted from Fund performance for the reporting period. Overall, the largest detractor from relative Fund return for the period was yield curve positioning and duration.

Subadviser:

Amundi Pioneer Institutional Asset Management, Inc.

Portfolio Managers:

Jonathan M. Duensing, CFA and Kenneth J. Monaghan

* Performance is shown for the Fund’s Institutional Service Class shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R6 shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds) and including default risk and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They also are subject to the claims-paying ability of the issuing company. The Fund may invest in corporate loans (which have speculative characteristics and are high risk) and sovereign debt (a governmental entity may delay or refuse to pay interest or repay principal). The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may concentrate on specific sectors or countries, subjecting it to greater volatility than that of other mutual funds. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and illiquidity and are highly volatile). The Fund’s holdings may subject the Fund to

liquidity risk, making it more volatile than other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

23

Fund Overview Nationwide Amundi Strategic Income Fund

Asset Allocation¹

Corporate Bonds	53.7%
Collateralized Mortgage Obligations	18.1%
Loan Participations	9.0%
Asset-Backed Securities	6.6%
Commercial Mortgage-Backed Securities	3.7%
Foreign Government Securities	1.7%
Repurchase Agreements	0.9%
Supranational	0.6%
Short-Term Investment	0.1%
Futures Contracts	0.3%
Forward Currency Contracts†	(0.0)%
Credit Default Swaps	(0.6)%
Other assets in excess of liabilities§	5.9%
	100.0%

Top Industries²

Banks	8.6%
Oil, Gas & Consumable Fuels	6.4%
Diversified Telecommunication Services	6.1%
Media	3.7%
Electric Utilities	2.5%
Capital Markets	2.5%
Chemicals	2.3%
Metals & Mining	2.1%
Insurance	2.1%
Hotels, Restaurants & Leisure	1.8%
Other Industries#	61.9%
	100.0%

Top Holdings²

Verizon Communications, Inc., 1.50%, 9/19/2039	1.4%
FHLMC STACR Trust, 12.57%, 1/25/2049	1.4%
Petroleos Mexicanos, 6.84%, 1/23/2030	1.3%
Duke Energy Corp., 4.88%, 9/16/2024	1.2%
Expedia Group, Inc., 3.25%, 2/15/2030	1.2%
Charter Communications Operating LLC, 4.80%, 3/1/2050	1.1%
FNMA, 3.82%, 3/25/2031	1.1%
Neptune Energy Bondco plc, 6.63%, 5/15/2025	1.1%
Connecticut Avenue Securities Trust, 5.57%, 9/25/2039	1.1%
Flex Ltd., 4.88%, 6/15/2029	1.0%
Other Holdings#	88.1%
	100.0%

Top Countries²

United States	71.8%
Bermuda	5.0%
United Kingdom	2.6%
Italy	2.2%
Switzerland	1.9%
Mexico	1.9%
Netherlands	1.6%
Singapore	1.6%
Luxembourg	1.4%
United Arab Emirates	1.2%
Other Countries#	8.8%
	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, top holdings and top countries, the repurchase agreements are included as part of Other.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

24

Fund Performance Nationwide Amundi Strategic Income Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		3 Yr.		Inception
Class A	w/o SC1		5.86%		6.38%		6.82%	2
	w/SC3		3.43%		5.57%		6.21%	2
Class C	w/o SC1		5.08%		5.59%		6.03%	2
	w/SC4		4.08%		5.59%		6.03%	2
Class R65,6			6.33%		6.73%		7.17%	2
Institutional Service Class5			6.18%		6.69%		7.12%	2
Bloomberg Barclays U.S. Aggregate Bond Index			11.51%		3.29%		3.55%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of November 2, 2015.

³  A 2.25% front-end sales charge was deducted.

⁴  A 1.00% CDSC was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.34%		1.17%
Class C		2.09%		1.92%
Class R6		0.84%		0.67%
Institutional Service Class		1.09%		0.92%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

25

Fund Performance (cont.) Nationwide Amundi Strategic Income Fund

Performance of a $50,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $50,000 invested in Institutional Service Class shares of the Nationwide Amundi Strategic Income Fund from inception through 10/31/19 versus the Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

26

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,024.30		5.61		1.10
	Hypothetical	(a)(b)		1,000.00		1,019.66		5.60		1.10
Class C Shares	Actual	(a)		1,000.00		1,021.30		9.07		1.78
	Hypothetical	(a)(b)		1,000.00		1,016.23		9.05		1.78
Class R6 Shares	Actual	(a)		1,000.00		1,027.50		3.42		0.67
	Hypothetical	(a)(b)		1,000.00		1,021.83		3.41		0.67
Institutional Service Shares	Actual	(a)		1,000.00		1,027.10		3.88		0.76
	Hypothetical	(a)(b)		1,000.00		1,021.37		3.87		0.76

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Amundi Strategic Income Fund

Asset-Backed Securities 6.6%
	Principal Amount		Value
CANADA 0.0%†
Airlines 0.0%†
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/2021 (a)	$	60,633	$	62,380
UNITED STATES 6.6%
Automobiles 2.3%
CPS Auto Receivables Trust, Series 2018-A, Class D, 3.66%, 12/15/2023 (a)		170,000		173,280
First Investors Auto Owner Trust, Series 2017-2A, Class E, 5.48%, 10/15/2024 (a)		350,000		363,025
Foursight Capital Automobile Receivables Trust
Series 2018-1, Class E, 5.56%, 1/16/2024 (a)		230,000		240,037
Series 2018-1, Class F, 6.82%, 4/15/2025 (a)		1,080,000		1,121,680
Tidewater Auto Receivables Trust, Series 2018-AA, Class E, 5.48%, 10/15/2026 (a)		750,000		767,761
United Auto Credit Securitization Trust, Series 2019-1, Class E, 4.29%, 8/12/2024 (a)		650,000		658,636
Westlake Automobile Receivables Trust, Series 2018-3A, Class E, 4.90%, 12/15/2023 (a)		490,000		507,305
				3,831,724
Credit Card 0.7%
Continental Credit Card ABS LLC, Series 2019-1A, Class C, 6.16%, 8/15/2026 (a)		1,200,000		1,213,930
Other 3.6%
BCC Funding XIV LLC, Series 2018-1A, Class E, 6.00%, 4/21/2025 (a)		750,000		770,197
Conn’s Receivables Funding LLC, Series 2018-A, Class C, 6.02%, 1/15/2023 (a)		708,144		713,974
Progress Residential Trust
Series 2017-SFR1, Class E, 4.26%, 8/17/2034 (a)		310,000		317,981
Series 2017-SFR1, Class F, 5.35%, 8/17/2034 (a)		1,200,000		1,240,402
Series 2018-SFR1, Class F, 4.78%, 3/17/2035 (a)		900,000		914,114
Series 2019-SFR2, Class E, 4.14%, 5/17/2036 (a)		1,000,000		1,025,171
Tricon American Homes Trust
Series 2016-SFR1, Class F, 5.77%, 11/17/2033 (a)		240,000		246,370
Series 2017-SFR2, Class D, 3.67%, 1/17/2036 (a)		150,000		153,771
Series 2017-SFR2, Class E, 4.22%, 1/17/2036 (a)		475,000		487,257
Series 2017-SFR2, Class F, 5.10%, 1/17/2036 (a)		140,000		145,659
				6,014,896
				11,060,550
Total Asset-Backed Securities (cost $10,878,059)				11,122,930

Collateralized Mortgage Obligations 18.1%
	Principal Amount		Value
BERMUDA 4.0%
Bellemeade Re Ltd.
Series 2018-1A, Class M1B, 3.42%, 4/25/2028 (a)(b)	$	905,005	$	905,965
Series 2018-2A, Class B1, 4.47%, 8/25/2028 (a)(b)		460,000		461,708
Eagle RE Ltd., Series 2019-1, Class M1B, 3.62%, 4/25/2029 (a)(b)		1,190,000		1,192,910
Home Re Ltd., Series 2018-1, Class M1, 3.42%, 10/25/2028 (a)(b)		790,918		791,328
Oaktown Re II Ltd., Series 2018-1A, Class M1, 3.37%, 7/25/2028 (a)(b)		1,205,687		1,205,973
Oaktown Re III Ltd., Series 2019-1A, Class B1B, 6.17%, 7/25/2029 (a)(b)		1,520,000		1,526,317
Radnor RE Ltd., Series 2019-2, Class B1, 4.52%, 6/25/2029 (a)(b)		640,000		639,804
				6,724,005
UNITED STATES 14.1%
Angel Oak Mortgage Trust LLC, Series 2017-1, Class B1, 6.18%, 1/25/2047 (a)(b)		470,000		474,157
Connecticut Avenue Securities Trust
Series 2019-R04, Class 2B1, 7.07%, 6/25/2039 (a)(b)		720,000		786,231
Series 2019-R05, Class 1B1, 5.92%, 7/25/2039 (a)(b)		500,000		518,927
Series 2019-R06, Class 2B1, 5.57%, 9/25/2039 (a)(b)		1,660,000		1,673,561
Deephaven Residential Mortgage Trust
Series 2018-2A, Class M1, 4.38%, 4/25/2058 (a)(b)		350,000		354,204
Series 2018-2A, Class B2, 6.04%, 4/25/2058 (a)(b)		940,000		977,103
Series 2019-3A, Class B2, 5.66%, 7/25/2059 (a)(b)		400,000		402,550
FHLMC REMICS
Series 4395, Class TI, IO, 4.00%, 5/15/2026		150,216		10,818
Series 3927, Class AI, IO, 4.50%, 8/15/2026		406,554		26,830
Series 4097, Class CI, IO, 3.00%, 8/15/2027		567,135		42,503
Series 4123, Class DI, IO, 3.00%, 10/15/2027		1,473,215		113,636
Series 4244, Class AI, IO, 4.50%, 8/15/2028		295,588		22,231
FHLMC STACR Trust
Series 2018-HQA2, Class B2, 12.82%, 10/25/2048 (a)(b)		1,090,000		1,374,790
Series 2019-DNA1, Class B2, 12.57%, 1/25/2049 (a)(b)		1,700,000		2,173,753
Series 2019-HRP1, Class B1, 5.87%, 2/25/2049 (a)(b)		1,100,000		1,151,084

28

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
UNITED STATES (continued)
FHLMC STACR Trust (continued)
Series 2019-HQA1, Class B2, 14.07%, 2/25/2049 (a)(b)	$	600,000	$	798,308
Series 2019-HQA2, Class B1, 5.92%, 4/25/2049 (a)(b)		100,000		104,899
Series 2019-HQA2, Class B2, 13.07%, 4/25/2049 (a)(b)		510,000		637,859
Series 2019-DNA3, Class B2, 9.97%, 7/25/2049 (a)(b)		1,410,000		1,555,408
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQ1, Class B, 12.57%, 3/25/2025(b)		404,187		530,796
Series 2015-HQA1, Class B, 10.62%, 3/25/2028 (b)		565,040		693,980
Series 2017-HQA1, Class B1, 6.82%, 8/25/2029 (b)		1,000,000		1,130,220
FNMA
Series 2016-C05, Class 2M2, 6.27%, 1/25/2029 (b)		1,342,749		1,412,712
Series 2016-C04, Class 1B, 12.07%, 1/25/2029 (b)		199,316		267,426
Series 2018-C06, Class 1M2, 3.82%, 3/25/2031 (b)		1,750,000		1,753,079
Series 2018-C06, Class 1B1, 5.57%, 3/25/2031 (b)		600,000		632,026
FNMA REMICS
Series 2012-130, Class UI, IO, 3.00%, 12/25/2027		717,522		50,194
Series 2012-150, Class BI, IO, 3.00%, 1/25/2028		671,781		50,264
Series 2013-5, Class YI, IO, 3.00%, 2/25/2028		757,387		55,492
Series 2009-31, Class PI, IO, 5.00%, 11/25/2038		167,071		19,742
GNMA REMICS
Series 2011-167, Class, IO, 5.00%, 12/16/2020		7,877		111
Series 2013-84, Class SC, IO, 4.69%, 3/16/2040 (b)		133,790		21,402
Series 2011-135, Class QI, IO, 4.50%, 6/16/2041		157,663		23,006
Series 2012-140, Class IC, IO, 3.50%, 11/20/2042		203,657		34,889
Series 2016-5, Class CS, IO, 4.30%, 1/20/2046 (b)		269,911		51,548
Series 2016-20, Class SB, IO, 4.25%, 2/20/2046 (b)		295,978		51,925
Series 2016-17, Class JS, IO, 4.25%, 2/20/2046 (b)		257,326		43,691
Series 2016-81, Class, IO, 4.00%, 6/20/2046		164,164		25,829
Series 2016-88, Class SM, IO, 4.25%, 7/20/2046 (b)		264,312		45,588
Series 2016-108, Class QI, IO, 4.00%, 8/20/2046		135,090		35,688
Series 2016-118, Class DS, IO, 4.25%, 9/20/2046 (b)		272,349		54,910
Series 2016-145, Class UI, IO, 3.50%, 10/20/2046		186,635		30,727

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
UNITED STATES (continued)
STACR Trust
Series 2018-HRP2, Class B1, 6.02%, 2/25/2047 (a)(b)	$	1,310,000	$	1,392,531
Series 2018-HRP2, Class B2, 12.32%, 2/25/2047 (a)(b)		1,380,000		1,521,946
Verus Securitization Trust, Series 2019-INV2, Class B1, 4.45%, 7/25/2059 (a)(b)		430,000		434,459
				23,563,033
Total Collateralized Mortgage Obligations (cost $28,182,200)				30,287,038
Commercial Mortgage-Backed Securities 3.7%
UNITED STATES 3.7%
COMM Mortgage Trust, Series 2015-CR26, Class D, 3.48%, 10/10/2048(b)		1,350,000		1,284,914
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D, 3.58%, 11/15/2048 (b)		250,000		247,924
GS Mortgage Securities Trust, Series 2016-GS4, Class D, 3.23%, 11/10/2049 (a)(b)		1,340,000		1,255,602
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16, Class D, 4.77%, 6/15/2047 (a)(b)		950,000		769,580
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.00%, 3/15/2049 (a)		785,000		728,211
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 5.05%, 10/15/2049 (a)(b)		500,000		514,375
UBS Commercial Mortgage Trust, Series 2017-C4, Class C, 4.45%, 10/15/2050 (b)		810,000		872,873
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class D, 4.88%, 1/15/2059 (b)		125,000		133,154
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class D, 4.40%, 3/15/2048 (a)(b)		445,000		446,913
Total Commercial Mortgage-Backed Securities (cost $5,818,390)				6,253,546
Corporate Bonds 53.7%
ARGENTINA 0.4%
Electric Utilities 0.4%
Stoneway Capital Corp., 10.00%, 3/1/2027 (a)		1,381,510		704,584
BERMUDA 0.7%
Beverages 0.7%
Bacardi Ltd., 5.30%, 5/15/2048 (a)		1,000,000		1,126,257

29

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
BRAZIL 0.5%
Chemicals 0.5%
Braskem Netherlands Finance BV, 4.50%, 1/10/2028 (a)	$	885,000	$	888,098
CANADA 0.9%
Aerospace & Defense 0.5%
Bombardier, Inc., 7.88%, 4/15/2027 (a)		835,000		786,987
Energy Equipment & Services 0.4%
Tervita Corp., 7.63%, 12/1/2021 (a)		704,000		695,200
				1,482,187
CHILE 0.6%
Airlines 0.6%
Latam Finance Ltd., 7.00%, 3/1/2026 (a)		895,000		963,915
DENMARK 0.7%
Banks 0.7%
Danske Bank A/S (ICE LIBOR USD 3 Month + 1.25%), 3.00%, 9/20/2022 (a)(c)		637,000		643,008
5.38%, 1/12/2024 (a)		448,000		493,736
				1,136,744
FRANCE 0.4%
Banks 0.4%
Societe Generale SA, (USD Swap Semi 5 Year + 4.30%), 7.38%, 10/04/2023 (a)(c)(d)		675,000		721,406
IRELAND 1.1%
Banks 0.4%
AIB Group plc, (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a)(c)		620,000		653,024
Consumer Finance 0.5%
Avolon Holdings Funding Ltd., 3.63%, 5/1/2022 (a)		800,000		816,640
Media 0.2%
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (a)		395,000		405,369
				1,875,033
ITALY 2.2%
Banks 1.4%
Intesa Sanpaolo SpA, Series XR, 4.70%, 9/23/2049 (a)		945,000		967,584
UniCredit SpA, (USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a)(c)		1,260,000		1,309,945
				2,277,529
Household Durables 0.4%
International Design Group SpA, 6.50%, 11/15/2025 (a)		EUR   585,000		658,975

Corporate Bonds (continued)
	Principal Amount		Value
ITALY (continued)
Pharmaceuticals 0.4%
Rossini Sarl, 6.75%, 10/30/2025 (a)	$	475,000	$	585,552
				3,522,056
JAPAN 0.7%
Banks 0.7%
Sumitomo Mitsui Financial Group, Inc., 3.20%, 9/17/2029		1,155,000		1,167,773
LUXEMBOURG 1.3%
Chemicals 0.5%
INEOS Finance plc, 2.88%, 5/1/2026 (a)		EUR   725,000		798,485
Media 0.8%
Altice Luxembourg SA, 10.50%, 5/15/2027 (a)	$	1,200,000		1,357,500
				2,155,985
MEXICO 1.8%
Hotels, Restaurants & Leisure 0.6%
Grupo Posadas SAB de CV, 7.88%, 6/30/2022 (a)		988,000		988,000
Oil, Gas & Consumable Fuels 1.2%
Petroleos Mexicanos, 6.84%, 1/23/2030 (a)		1,925,000		2,054,937
				3,042,937
NETHERLANDS 1.5%
Banks 0.9%
ING Groep NV, 3.55%, 4/9/2024		1,440,000		1,509,357
Chemicals 0.4%
OCI NV, 3.13%, 11/1/2024 (a)		EUR   575,000		654,123
Professional Services 0.2%
Intertrust Group BV, 3.38%, 11/15/2025 (a)		300,000		350,115
				2,513,595
SINGAPORE 1.4%
Consumer Finance 0.7%
Avation Capital SA, 6.50%, 5/15/2021 (a)	$	1,205,000		1,256,212
Trading Companies & Distributors 0.7%
BOC Aviation Ltd., 3.50%, 10/10/2024 (a)		1,160,000		1,192,653
				2,448,865
SWITZERLAND 1.8%
Auto Components 0.3%
Garrett LX I Sarl, 5.13%, 10/15/2026 (a)		EUR   475,000		490,035
Capital Markets 1.5%
Credit Suisse Group AG, (USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (a)(c)(d)	$	675,000		727,920

30

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
SWITZERLAND (continued)
Capital Markets (continued)
UBS Group AG, (USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (a)(c)(d)	$	640,000	$	686,400
VistaJet Malta Finance plc, 10.50%, 6/1/2024 (a)		1,208,000		1,174,780
				2,589,100
				3,079,135
UKRAINE 0.7%
Metals & Mining 0.7%
Metinvest BV, 7.75%, 10/17/2029 (a)		1,120,000		1,107,232
UNITED ARAB EMIRATES 0.3%
Energy Equipment & Services 0.3%
Shelf Drilling Holdings Ltd., 8.25%, 2/15/2025 (a)		560,000		470,400
UNITED KINGDOM 2.3%
Banks 0.8%
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (c)(d)		800,000		852,000
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (c)		545,000		592,332
				1,444,332
Insurance 0.2%
Galaxy Bidco Ltd., 6.50%, 7/31/2026 (a)		GBP   255,000		334,856
Oil, Gas & Consumable Fuels 1.0%
Neptune Energy Bondco plc, 6.63%, 5/15/2025 (a)	$	1,715,000		1,706,425
Road & Rail 0.3%
Ashtead Capital, Inc.
4.00%, 5/1/2028 (a)		300,000		301,125
4.25%, 11/1/2029 (a)		240,000		242,400
				543,525
				4,029,138
UNITED STATES 34.4%
Auto Components 0.2%
Panther BF Aggregator 2 LP, 4.38%, 5/15/2026 (a)		EUR   325,000		365,191
Banks 2.8%
Bank of America Corp., Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (c)(d)	$	1,410,000		1,484,025
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		1,070,000		1,113,185
JPMorgan Chase & Co., Series FF, (SOFR + 3.38%), 5.00%, 8/01/2024 (c)(d)		932,000		969,280
Wells Fargo & Co., (ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030 (c)		1,085,000		1,088,463
				4,654,953

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Biotechnology 0.8%
Horizon Pharma USA, Inc., 5.50%, 8/1/2027 (a)	$	1,215,000	$	1,268,156
Building Products 0.6%
Patrick Industries, Inc., 7.50%, 10/15/2027 (a)		617,000		640,138
Summit Materials LLC, 6.50%, 3/15/2027 (a)		345,000		372,600
				1,012,738
Capital Markets 0.8%
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (c)		1,210,000		1,284,400
Chemicals 0.8%
Hexion, Inc., 7.88%, 7/15/2027 (a)		655,000		630,438
Olin Corp., 5.63%, 8/1/2029		605,000		628,153
				1,258,591
Commercial Services & Supplies 0.8%
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (a)		220,000		225,225
5.75%, 4/15/2026 (a)		1,090,000		1,116,923
				1,342,148
Consumer Finance 0.5%
Ford Motor Credit Co. LLC, 5.58%, 3/18/2024		745,000		793,998
Diversified Consumer Services 0.4%
Sotheby’s, 7.38%, 10/15/2027 (a)		745,000		745,000
Diversified Financial Services 0.5%
Fixed Income Trust, Series 2013-A, 7.70%, 10/15/2097 (a)(e)		420,000		550,843
Verscend Escrow Corp., 9.75%, 8/15/2026 (a)		335,000		356,356
				907,199
Diversified Telecommunication Services 3.9%
CCO Holdings LLC, 4.75%, 3/1/2030 (a)		1,320,000		1,346,004
Frontier Communications Corp.
7.13%, 1/15/2023		750,000		337,500
8.50%, 4/1/2026 (a)		265,000		265,662
Level 3 Financing, Inc., 4.63%, 9/15/2027 (a)		1,345,000		1,368,538
Verizon Communications, Inc., 1.50%, 9/19/2039		EUR   2,000,000		2,210,083
Windstream Services LLC, 8.63%, 10/31/2025 (a)(e)	$	1,000,000		1,001,250
				6,529,037
Electric Utilities 1.9%
Duke Energy Corp., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024 (c)(d)		1,816,000		1,915,880

31

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Electric Utilities (continued)
Southern California Edison Co., Series B, 4.88%, 3/1/2049	$	600,000	$	713,531
Vistra Operations Co. LLC, 5.63%, 2/15/2027 (a)		540,000		572,400
				3,201,811
Electronic Equipment, Instruments & Components 1.6%
Belden, Inc., 3.88%, 3/15/2028 (a)		EUR   905,000		1,050,169
Flex Ltd., 4.88%, 6/15/2029	$	1,512,000		1,634,221
				2,684,390
Energy Equipment & Services 0.5%
Transocean Sentry Ltd., 5.38%, 5/15/2023 (a)		785,000		777,150
Entertainment 1.0%
Netflix, Inc.
3.88%, 11/15/2029 (a)		EUR   560,000		639,027
3.63%, 6/15/2030 (a)		965,000		1,074,919
				1,713,946
Equity Real Estate Investment Trusts (REITs) 0.7%
iStar, Inc., 4.75%, 10/1/2024	$	625,000		644,531
MPT Operating Partnership LP, 4.63%, 8/1/2029		505,000		526,786
				1,171,317
Food Products 0.5%
Simmons Foods, Inc., 5.75%, 11/1/2024 (a)		911,000		891,641
Health Care Providers & Services 0.9%
BCPE Cycle Merger Sub II, Inc., 10.63%, 7/15/2027 (a)		930,000		869,550
Surgery Center Holdings, Inc., 10.00%, 4/15/2027 (a)		585,000		592,312
				1,461,862
Hotels, Restaurants & Leisure 1.1%
Enterprise Development Authority (The), 12.00%, 7/15/2024 (a)		1,175,000		1,286,625
Scientific Games International, Inc., 3.38%, 2/15/2026 (a)		EUR   135,000		152,448
VOC Escrow Ltd., 5.00%, 2/15/2028 (a)	$	440,000		457,600
				1,896,673
Independent Power and Renewable Electricity Producers 0.2%
Clearway Energy Operating LLC, 5.75%, 10/15/2025		300,000		307,875
Insurance 1.8%
CNO Financial Group, Inc., 5.25%, 5/30/2029		560,000		617,607
Farmers Exchange Capital III, (ICE LIBOR USD 3 Month + 3.45%), 5.45%, 10/15/2054 (a)(c)		1,070,000		1,232,116
Liberty Mutual Group, Inc., (EUR Swap Annual 5 Year + 3.70%), 3.63%, 5/23/2059 (a)(c)		EUR   950,000		1,099,395
				2,949,118

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Internet & Direct Marketing Retail 1.1%
Expedia Group, Inc., 3.25%, 2/15/2030 (a)	$	1,905,000	$	1,906,298
IT Services 0.4%
Fiserv, Inc., 1.63%, 7/1/2030		EUR   630,000		746,579
Machinery 0.5%
EnPro Industries, Inc., 5.75%, 10/15/2026	$	790,000		835,425
Media 2.3%
Charter Communications Operating LLC, 4.80%, 3/1/2050		1,765,000		1,806,740
Diamond Sports Group LLC, 6.63%, 8/15/2027 (a)(f)		445,000		458,350
MDC Partners, Inc., 6.50%, 5/1/2024 (a)		1,517,000		1,450,631
				3,715,721
Metals & Mining 0.5%
Freeport-McMoRan, Inc., 5.25%, 9/1/2029		830,000		844,774
Oil, Gas & Consumable Fuels 3.8%
Blue Racer Midstream LLC, 6.63%, 7/15/2026 (a)		715,000		668,525
Cheniere Energy Partners LP, 4.50%, 10/1/2029 (a)		625,000		636,719
EnLink Midstream LLC, 5.38%, 6/1/2029		871,000		773,012
EQT Corp., 3.90%, 10/1/2027(f)		1,250,000		1,113,939
Genesis Energy LP
6.50%, 10/1/2025		880,000		836,000
6.25%, 5/15/2026		425,000		393,125
Midwest Connector Capital Co. LLC, 4.63%, 4/1/2029 (a)		587,000		643,964
MPLX LP, 4.50%, 4/15/2038		610,000		623,316
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (a)		575,000		594,406
				6,283,006
Paper & Forest Products 0.6%
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026 (a)		940,000		1,003,450
Pharmaceuticals 0.4%
Bausch Health Cos., Inc.
7.00%, 1/15/2028 (a)		257,000		277,239
7.25%, 5/30/2029 (a)		373,000		410,766
				688,005
Semiconductors & Semiconductor Equipment 0.2%
Broadcom, Inc., 4.25%, 4/15/2026 (a)		384,000		400,876
Specialty Retail 0.6%
Michaels Stores, Inc., 8.00%, 7/15/2027 (a)		929,000		917,109
Technology Hardware, Storage & Peripherals 0.4%
Dell International LLC, 4.90%, 10/1/2026 (a)		560,000		607,595

32

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
UNITED STATES (continued)
Thrifts & Mortgage Finance 1.0%
Freedom Mortgage Corp.
8.13%, 11/15/2024 (a)	$	1,175,000	$	1,101,562
8.25%, 4/15/2025 (a)		580,000		546,650
				1,648,212
Trading Companies & Distributors 0.3%
United Rentals North America, Inc., 3.88%, 11/15/2027		540,000		545,535
				57,359,779
Total Corporate Bonds (cost $88,301,172)				89,795,119
Foreign Government Securities 1.7%
QATAR 0.8%
Qatar Government Bond, 4.82%, 3/14/2049 (a)		1,135,000		1,395,846
UNITED ARAB EMIRATES 0.9%
Abu Dhabi Government Bond, 3.13%, 9/30/2049 (a)		1,483,000		1,427,061
Total Foreign Government Securities (cost $2,582,988)				2,822,907
Supranational 0.6%
SUPRANATIONAL 0.6%
Banque Ouest Africaine de Developpement, 4.70%, 10/22/2031 (a)		950,000		956,004
Total Supranational (cost $950,000)				956,004
Loan Participations 9.0%
UNITED STATES 9.0%
Auto Components 0.4%
Trico Group LLC, Term Loan, (ICE LIBOR USD 3 Month + 7.00%), 9.10%, 2/2/2024 (c)		611,416		593,074
Commercial Services & Supplies 0.1%
West Corp., Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 10/10/2024 (c)		120,093		99,634
Communications Equipment 0.2%
CommScope, Inc., Term Loan B2, (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 4/6/2026 (c)		395,000		386,978
Containers & Packaging 0.2%
Kloeckner Pentaplast, Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 6.18%, 6/30/2022 (c)		450,800		369,656
Diversified Telecommunication Services 1.9%
CenturyLink, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (c)		1,200,833		1,187,780

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Diversified Telecommunication Services (continued)
Numericable US LLC, Term Loan B11, (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 7/31/2025 (c)	$	438,750	$	424,078
Windstream Corp., Term Loan B, (ICE LIBOR USD 1 Month + 5.00%), 9.75%, 3/29/2021 (c)		850,278		858,025
Windstream Refinance, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 9.00%, 2/17/2024 (c)		615,000		613,290
				3,083,173
Equity Real Estate Investment Trusts (REITs) 0.2%
Iron Mountain, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 1.75%), 3.54%, 1/2/2026 (c)		329,975		324,887
Food Products 0.8%
JBS USA LLC, Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 5/1/2026 (c)		1,373,100		1,376,684
Health Care Providers & Services 0.6%
RegionalCare Hospital Partners Holdings, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 4.50%), 6.30%, 11/16/2025 (c)		1,057,013		1,053,778
IT Services 0.8%
Dyncorp International, Inc., Term Loan, (ICE LIBOR USD 1 Month + 6.00%), 7.91%, 8/18/2025 (c)		1,270,000		1,235,875
Machinery 0.5%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.93%, 4/19/2025 (c)		995,729		896,156
Media 0.2%
Diamond Sports Group LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 5.08%, 8/24/2026 (c)		380,000		381,425
Metals & Mining 0.8%
Aleris International, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.54%, 2/27/2023 (c)		1,234,375		1,233,610
Big River Steel LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.00%), 7.10%, 8/23/2023 (c)		122,500		121,352
				1,354,962
Personal Products 0.5%
Alphabet Holding Co., Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 9/26/2024 (c)		890,768		810,848
Pharmaceuticals 0.2%
Bausch Health Cos., Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.92%, 6/2/2025 (c)		378,976		380,200

33

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Loan Participations (continued)
	Principal Amount		Value
UNITED STATES (continued)
Semiconductors & Semiconductor Equipment 0.3%
Microchip Technology, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 5/29/2025 (c)	$	508,779	$	509,415
Wireless Telecommunication Services 1.3%
SBA Senior Finance II LLC, 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 4/6/2025 (c)		1,318,313		1,321,081
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.81%, 2/2/2024 (c)		808,888		803,492
				2,124,573
Total Loan Participation (cost $15,138,328)				14,981,318
Short-Term Investment 0.1%
	Shares
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (g)(h)		138,434		138,434
Total Short-Term Investment (cost $138,434)				138,434
Repurchase Agreements 0.9%
	Principal Amount
BNP Paribas Securities Corp. 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $957,836, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $980,599. (h)(i)	$	957,790		957,790
Royal Bank of Canada 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $472,817, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $484,002. (h)(i)		472,795		472,795
Total Repurchase Agreements (cost $1,430,585)				1,430,585
Total Investments (cost $153,420,156) — 94.4%				157,787,881
Other assets in excess of liabilities — 5.6%				9,374,051
NET ASSETS — 100.0%			$	167,161,932

† 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 October 31, 2019 was $102,557,991 which represents 61.35% 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 October 31, 2019.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 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 October 31, 2019.

(f) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $1,550,497, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $138,434 and $1,430,585, respectively, a total value of $1,569,019.

(g) Represents 7-day effective yield as of October 31, 2019.

(h) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $1,569,019.

(i) Please refer to Note 2(j) 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

IO Interest only

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

REMICS Real Estate Mortgage Investment Conduits

SOFR Secured Overnight Financing Rate

Currency:

EUR Euro

GBP British Pound

USD United States Dollar

34

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Centrally Cleared Credit default swap contracts outstanding — buy protection as of October 31, 2019⁽¹⁾:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		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 33-V1		5.00		Quarterly		12/20/2024		3.39		USD  42,800,000		(2,472,415	)		(820,410	)		(3,292,825	)
Markit CDX North American Investment Grade Index Series 33-V1		1.00		Quarterly		12/20/2024		0.55		USD  34,750,000		(649,955	)		(149,555	)		(799,510	)
												(3,122,370	)		(969,965	)		(4,092,335	)

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.

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 October 31, 2019, the Fund has $1,846,451 segregated as collateral for swap contracts.

Currency:

USD United States Dollar

Forward foreign currency contracts outstanding as of October 31, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	USD	9,018,758		EUR	8,095,000	JPMorgan Chase Bank		11/29/2019		(24,292	)
	USD	328,680		GBP	255,000	JPMorgan Chase Bank		11/29/2019		(1,893	)
	Net unrealized depreciation									(26,185	)

At October 31, 2019, the Fund has $270,000 segregated as collateral for forward foreign currency contracts.

Currency:

EUR Euro

GBP British Pound

USD United States Dollar

35

Statement of Investments (Continued)

October 31, 2019

Nationwide Amundi Strategic Income Fund (Continued)

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
Euro-Bund		(51	)		12/2019		EUR		(9,769,760	)		230,195
U.S. Treasury 2 Year Note		(72	)		12/2019		USD		(15,523,312	)		(15,551	)
U.S. Treasury 5 Year Note		(301	)		12/2019		USD		(35,880,141	)		133,965
U.S. Treasury 10 Year Note		(27	)		12/2019		USD		(3,518,016	)		(17,838	)
U.S. Treasury 10 Year Ultra Note		(51	)		12/2019		USD		(7,247,578	)		75,791
U.S. Treasury Ultra Bond		(60	)		12/2019		USD		(11,385,000	)		46,120
USD 10 Year Interest Rate		(26	)		12/2019		USD		(2,575,219	)		43,492
												496,174

At October 31, 2019, the Fund had $899,953 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.

36

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Amundi Strategic Income Fund
Assets:
Investment securities, at value* (cost $151,989,571)	$	156,357,296
Repurchase agreements, at value (cost $1,430,585)		1,430,585
Cash		6,871,904
Cash pledged for centrally cleared swap contracts		1,846,451
Deposits with broker for futures contracts		899,953
Restricted cash, collateral for forward foreign currency contracts		270,000
Foreign currencies, at value (cost $21,420)		21,482
Interest receivable		1,318,906
Securities lending income receivable		386
Receivable for investments sold		1,189,669
Receivable for capital shares issued		250,800
Reclaims receivable		521
Receivable for variation margin on futures contracts		229,303
Receivable for variation margin on centrally cleared swap contracts		122,592
Reimbursement from investment adviser (Note 3)		9,752
Prepaid expenses		36,090
Total Assets		170,855,690
Liabilities:
Payable for investments purchased		1,866,569
Payable for capital shares redeemed		66,868
Unrealized depreciation on forward foreign currency contracts (Note 2)		26,185
Payable upon return of securities loaned (Note 2)		1,569,019
Accrued expenses and other payables:
Investment advisory fees		78,121
Fund administration fees		16,843
Distribution fees		1,624
Administrative servicing fees		10,651
Accounting and transfer agent fees		2,783
Trustee fees		683
Custodian fees		1,909
Compliance program costs (Note 3)		219
Professional fees		38,345
Printing fees		9,124
Other		4,815
Total Liabilities		3,693,758
Net Assets	$	167,161,932
Represented by:
Capital	$	166,324,653
Total distributable earnings (loss)		837,279
Net Assets	$	167,161,932
Net Assets:
Class A Shares	$	4,882,738
Class C Shares		728,956
Class R6 Shares		108,035,017
Institutional Service Shares		53,515,221
Total	$	167,161,932

37

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Amundi Strategic Income Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		470,176
Class C Shares		70,298
Class R6 Shares		10,401,720
Institutional Service Shares		5,153,970
Total		16,096,164
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.38
Class C Shares (b)	$	10.37
Class R6 Shares	$	10.39
Institutional Service Shares	$	10.38
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.62
Maximum Sales Charge:
Class A Shares		2.25	%

* Includes value of securities on loan of $1,550,497 (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.

38

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Amundi Strategic Income Fund
INVESTMENT INCOME:
Interest income	$	7,936,947
Income from securities lending (Note 2)		2,370
Total Income		7,939,317
EXPENSES:
Investment advisory fees		748,492
Fund administration fees		115,221
Distribution fees Class A		8,272
Distribution fees Class C		4,173
Administrative servicing fees Class A		4,664
Administrative servicing fees Class C		423
Administrative servicing fees Institutional Service		16,597
Registration and filing fees		55,009
Professional fees		57,921
Printing fees		13,861
Trustee fees		4,947
Custodian fees		6,302
Accounting and transfer agent fees		12,761
Compliance program costs (Note 3)		716
Other		4,518
Total expenses before expenses reimbursed		1,053,877
Expenses reimbursed by adviser (Note 3)		(121,719	)
Net Expenses		932,158
NET INVESTMENT INCOME		7,007,159
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		1,237,942
Expiration or closing of futures contracts (Note 2)		(4,736,258	)
Settlement of forward foreign currency contracts (Note 2)		216,649
Foreign currency transactions (Note 2)		137,300
Expiration or closing of swap contracts (Note 2)		(1,594,793	)
Net realized losses		(4,739,160	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		6,589,201
Futures contracts (Note 2)		272,698
Forward foreign currency contracts (Note 2)		(46,926	)
Translation of assets and liabilities denominated in foreign currencies		609
Swap contracts (Note 2)		(969,852	)
Net change in unrealized appreciation/depreciation		5,845,730
Net realized/unrealized gains		1,106,570
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,113,729

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

39

Statements of Changes in Net Assets

	Nationwide Amundi Strategic Income Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	7,007,159		$	4,375,192
Net realized losses		(4,739,160	)		(431,443	)
Net change in unrealized appreciation/depreciation		5,845,730			(2,820,614	)
Change in net assets resulting from operations		8,113,729			1,123,135
Distributions to Shareholders From:
Distributable earnings:
Class A		(128,693	)		(48,094	)
Class C		(12,867	)		(11,503	)
Class R6		(4,661,521	)		(2,828,759	)
Institutional Service		(921,479	)		(1,656,472	)
Change in net assets from shareholder distributions		(5,724,560	)		(4,544,828	)
Change in net assets from capital transactions		47,672,592			90,114,973
Change in net assets		50,061,761			86,693,280
Net Assets:
Beginning of year		117,100,171			30,406,891
End of year	$	167,161,932		$	117,100,171
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,601,009		$	1,967,348
Proceeds from shares issued in class conversion (Note 1)		54,878			–
Dividends reinvested		127,030			47,157
Cost of shares redeemed		(2,967,876	)		(414,154	)
Total Class A Shares		2,815,041			1,600,351
Class C Shares
Proceeds from shares issued		686,377			68,016
Dividends reinvested		12,867			11,503
Cost of shares redeemed in class conversion (Note 1)		(54,878	)		–
Cost of shares redeemed		(126,085	)		(39,394	)
Total Class C Shares		518,281			40,125
Class R6 Shares
Proceeds from shares issued		13,144,521			114,216,141
Dividends reinvested		4,661,521			2,828,759
Cost of shares redeemed		(23,217,370	)		(2,982,220	)
Total Class R6 Shares		(5,411,328	)		114,062,680
Institutional Service Shares
Proceeds from shares issued		51,487,504			3,371,022
Dividends reinvested		918,203			1,653,599
Cost of shares redeemed		(2,655,109	)		(30,612,804	)
Total Institutional Service Shares		49,750,598			(25,588,183	)
Change in net assets from capital transactions	$	47,672,592		$	90,114,973

40

Statements of Changes in Net Assets (Continued)

	Nationwide Amundi Strategic Income Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		549,932			190,431
Issued in class conversion (Note 1)		5,297			–
Reinvested		12,448			4,568
Redeemed		(293,725	)		(40,356	)
Total Class A Shares		273,952			154,643
Class C Shares
Issued		66,791			6,572
Reinvested		1,260			1,114
Redeemed in class conversion (Note 1)		(5,302	)		–
Redeemed		(12,208	)		(3,843	)
Total Class C Shares		50,541			3,843
Class R6 Shares
Issued		1,281,440			10,951,781
Reinvested		458,886			274,811
Redeemed		(2,286,279	)		(290,172	)
Total Class R6 Shares		(545,953	)		10,936,420
Institutional Service Shares
Issued		5,017,826			326,784
Reinvested		89,400			159,877
Redeemed		(258,650	)		(2,960,623	)
Total Institutional Service Shares		4,848,576			(2,473,962	)
Total change in shares		4,627,116			8,620,944

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 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
Year Ended October 31, 2019	$	10.21		0.50		0.08			0.58		(0.41	)		–			(0.41	)	$	10.38		5.86%	$	4,882,738		1.06%		4.83%		1.15%		93.97%
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
Year Ended October 31, 2019	$	10.21		0.42		0.09			0.51		(0.35	)		–			(0.35	)	$	10.37		5.08%	$	728,956		1.77%		4.11%		1.86%		93.97%
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)
Year Ended October 31, 2019	$	10.21		0.54		0.09			0.63		(0.45	)		–			(0.45	)	$	10.39		6.33%	$	108,035,017		0.67%		5.29%		0.76%		93.97%
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
Year Ended October 31, 2019	$	10.21		0.52		0.09			0.61		(0.44	)		–			(0.44	)	$	10.38		6.18%	$	53,515,221		0.74%		5.07%		0.82%		93.97%
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.

42

Fund Commentary Nationwide Bailard International Equities Fund

For the annual period ended October 31, 2019, the Nationwide Bailard International Equities Fund (Class A at NAV*) returned 7.62% versus 11.04% for its benchmark, the MSCI EAFE® Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Foreign Large Blend (consisting of 724 funds as of October 31, 2019), was 10.21% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Which sectors and holdings contributed the most to the Fund’s performance relative to its benchmark?

The Fund focuses first on country allocation and then on stock selection within each market; sector selection is not pursued as part of the strategy. The shortfall relative to the Fund’s benchmark over the reporting period was attributable to negative results from both country allocation and stock selection.

Though international equities finished the one-year period in strongly positive territory, the last two months of 2018 realized steep declines, before a turnaround began in the last few days of the calendar year and persisted for several months. Foreign currencies held their ground against the U.S. dollar, though U.S. equity indices led foreign ones slightly (due in part to a greater concentration of strong-performing technology firms). The Fund’s allocation timing to Hong Kong was additive, benefiting from improving sentiment over U.S.-China trade negotiations earlier in the period, shifting to underweight before the worst impacts of recent political protests were felt on its market. Emerging market allocations to Russia and Egypt also were significant contributors. A tactical hedge on the British pound also was well-timed, as initial pessimism about Boris Johnson’s political ascendency led to a sudden fall in the currency, before limits to his political sway were revealed.

The Fund’s stock selection in the UK and Australia, where stable, quality characteristics were rewarded by investors, made significant positive impacts on Fund performance for the

reporting period. Israel and Argentina also were markets in which the Fund’s stock selection during the reporting period preserved value despite falling MSCI country indices. Notable individual contributors to Fund performance included Japanese semiconductor testing device producer Advantest, private-equity and infrastructure investor 3i Group of the UK, and Argentina-based e-commerce platform MercadoLibre.

Which sectors and holdings detracted the most from the Fund’s performance relative to its benchmark?

Despite the successes noted above, country allocation results were negative overall due to the Fund’s ill-timed allocations to Israel and Argentina in addition to Norway, where a steep drop in oil prices reversed the country’s previous strength. The former two names deserve special mention, as portfolio holdings in those countries were selected specifically to avoid key risks in those markets (opioid litigation for Israeli index giant Teva Pharmaceutical Industries Ltd. and domestic political risks in Argentina), and so stock selection largely neutralized the country allocation shortfalls. The Fund’s emerging market allocations to Pakistan, Indonesia and Colombia also detracted from Fund performance for the period (the latter name due to oil weakness).

During the reporting period, the benefits to Fund performance from stock selection in the markets mentioned above were outweighed by underperformance in Hong Kong, Norway, Brazil and Japan. Broadly speaking, the period was a difficult one for valuation-sensitive investors, as cheap stocks underperformed expensive ones. In Hong Kong, the portfolio’s selection of smaller local bank Dah Sing Group instead of large insurer AIA Group detracted significantly from Fund performance. French media company Lagardere also fell during the period, as did previous high-fliers Wirecard of Germany and Fevertree Drinks of the UK prior to their liquidation from the Fund.

The Fund employed a currency hedge (forward contract) on the British pound, opened in July 2019 and closed in September 2019,

43

Fund Commentary (cont.) Nationwide Bailard International Equities Fund

capturing a period of modest weakness in the currency and adding 0.07% to Fund return. The hedge was closed before the pound’s recent run of strength; there was no currency hedging or other derivative exposure as of the end of the reporting period.

Subadviser:

Bailard, Inc.

Portfolio Managers:

Anthony Craddock; Peter M. Hill; Eric P. Leve, CFA; and Daniel McKellar, CFA

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class M shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging and frontier markets). The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and are highly volatile). The Fund may concentrate on specific sectors, subjecting it to greater volatility than that of other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

44

Fund Overview Nationwide Bailard International Equities Fund

Asset Allocation¹

Common Stocks	97.9%
Exchange Traded Fund	0.8%
Repurchase Agreements	0.3%
Short-Term Investment†	0.0%
Other assets in excess of liabilities	1.0%
	100.0%

Top Industries²

Banks	8.6%
Pharmaceuticals	8.6%
Insurance	6.0%
Oil, Gas & Consumable Fuels	4.9%
Capital Markets	4.4%
Professional Services	4.3%
Automobiles	3.8%
Construction & Engineering	3.6%
Food Products	3.5%
Metals & Mining	3.4%
Other Industries#	48.9%
	100.0%

Top Holdings²

Nestle SA (Registered)	2.3%
Roche Holding AG	2.0%
Eiffage SA	1.4%
Logitech International SA (Registered)	1.3%
Novartis AG (Registered)	1.3%
Allianz SE (Registered)	1.3%
L’Oreal SA	1.3%
Royal Dutch Shell plc, Class B	1.3%
Schneider Electric SE	1.2%
3i Group plc	1.2%
Other Holdings#	85.4%
	100.0%

Top Countries²

Japan	20.0%
France	13.4%
United Kingdom	11.9%
Switzerland	9.6%
Australia	8.3%
Netherlands	6.2%
Germany	4.1%
Italy	2.9%
Singapore	1.9%
United States	1.8%
Other Countries#	19.9%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

45

Fund Performance Nationwide Bailard International Equities Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		7.62%		2.16%		4.78%
	w/SC3		1.37%		0.96%		4.19%
Class C1	w/o SC2		7.00%		1.41%		4.04%
	w/SC4		6.00%		N/A		N/A
Class M1,5			8.17%		2.54%		5.14%
Class R65,6			8.03%		2.54%		3.10%	7
Institutional Service Class1,5,8			7.95%		2.44%		5.02%
MSCI EAFE® Index			11.04%		4.31%		5.41%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% CDSC was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of September 18, 2013.

⁸  Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		1.20%
Class C		1.95%
Class M		0.85%
Class R6		0.85%
Institutional Service Class		0.95%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

46

Fund Performance (cont.) Nationwide Bailard International Equities Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bailard International Equities Fund versus the MSCI EAFE® Index over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark International Opportunities Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,024.90		6.48		1.27
	Hypothetical	(a)(b)		1,000.00		1,018.80		6.46		1.27
Class C Shares	Actual	(a)		1,000.00		1,020.60		10.29		2.02
	Hypothetical	(a)(b)		1,000.00		1,015.02		10.26		2.02
Class M Shares	Actual	(a)		1,000.00		1,027.20		4.75		0.93
	Hypothetical	(a)(b)		1,000.00		1,020.52		4.74		0.93
Class R6 Shares	Actual	(a)		1,000.00		1,027.20		4.75		0.93
	Hypothetical	(a)(b)		1,000.00		1,020.52		4.74		0.93
Institutional Service Class Shares	Actual	(a)		1,000.00		1,026.50		5.01		0.98
	Hypothetical	(a)(b)		1,000.00		1,020.27		4.99		0.98

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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

October 31, 2019

Nationwide Bailard International Equities Fund

Common Stocks 97.9%
	Shares		Value
ARGENTINA 0.7%
Internet & Direct Marketing Retail 0.3%
MercadoLibre, Inc.*		1,500	$	782,280
Software 0.4%
Globant SA*		10,000		932,600
				1,714,880
AUSTRALIA 8.2%
Banks 0.4%
Commonwealth Bank of Australia		15,000		811,850
Biotechnology 0.9%
CSL Ltd.		12,500		2,200,138
Capital Markets 1.6%
ASX Ltd.		45,000		2,548,166
Macquarie Group Ltd.		6,000		552,558
Magellan Financial Group Ltd.		25,000		827,893
				3,928,617
Equity Real Estate Investment Trusts (REITs) 0.8%
Goodman Group		175,000		1,733,234
Food Products 0.1%
Inghams Group Ltd.		150,000		320,100
Health Care Equipment & Supplies 0.6%
Cochlear Ltd.		9,000		1,309,511
Hotels, Restaurants & Leisure 0.7%
Aristocrat Leisure Ltd.		70,000		1,522,066
Metals & Mining 1.8%
BHP Group Ltd.		70,000		1,711,765
BHP Group plc		50,000		1,059,306
Rio Tinto plc		30,000		1,558,634
				4,329,705
Multiline Retail 0.4%
Wesfarmers Ltd.		30,000		820,401
Oil, Gas & Consumable Fuels 0.4%
Beach Energy Ltd.		550,000		858,630
Professional Services 0.5%
SEEK Ltd.		70,000		1,091,627
				18,925,879
BELGIUM 0.5%
Insurance 0.5%
Ageas		18,000		1,037,075
BRAZIL 1.5%
Beverages 0.4%
Ambev SA, ADR*		200,000		862,000
Capital Markets 0.4%
B3 SA — Brasil Bolsa Balcao		70,000		844,433
Diversified Telecommunication Services 0.4%
Telefonica Brasil SA, ADR		80,000		1,053,601
Metals & Mining 0.3%
Vale SA*		60,000		706,146
				3,466,180

Common Stocks (continued)
	Shares		Value
CANADA 0.6%
Food & Staples Retailing 0.3%
Empire Co. Ltd., Class A		25,000	$	663,769
Software 0.3%
Open Text Corp.		15,000		606,104
				1,269,873
CHINA 1.0%
Entertainment 0.5%
NetEase, Inc., ADR		4,000		1,143,440
Internet & Direct Marketing Retail 0.5%
Alibaba Group Holding Ltd., ADR*		6,000		1,060,020
				2,203,460
COLOMBIA 1.2%
Banks 0.8%
Bancolombia SA, ADR		17,900		928,652
Grupo Aval Acciones y Valores SA, ADR		120,000		978,000
				1,906,652
Oil, Gas & Consumable Fuels 0.4%
Ecopetrol SA, ADR		51,100		932,575
				2,839,227
DENMARK 1.5%
Air Freight & Logistics 0.3%
DSV PANALPINA A/S		8,000		776,228
Electric Utilities 0.3%
Orsted A/S Reg. S (a)		8,000		702,482
Pharmaceuticals 0.9%
Novo Nordisk A/S, Class B		35,000		1,927,038
				3,405,748
EGYPT 1.0%
Banks 1.0%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S		447,693		2,209,839
FINLAND 0.3%
Multiline Retail 0.3%
Tokmanni Group Corp.		55,000		704,407
FRANCE 13.4%
Auto Components 0.6%
Faurecia SE		31,500		1,469,464
Automobiles 1.0%
Peugeot SA		90,000		2,280,267
Banks 0.3%
BNP Paribas SA		15,000		783,659
Chemicals 1.0%
Air Liquide SA		16,500		2,192,852
Construction & Engineering 2.4%
Bouygues SA		30,000		1,272,059
Eiffage SA		30,000		3,223,743
Vinci SA (b)		7,000		785,676
				5,281,478
Electrical Equipment 1.2%
Schneider Electric SE		30,000		2,794,828

49

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Food & Staples Retailing 0.3%
Carrefour SA		38,000	$	646,996
Food Products 0.5%
Danone SA		13,000		1,079,617
IT Services 0.6%
Capgemini SE		12,500		1,408,169
Media 0.7%
Lagardere SCA		70,000		1,564,733
Multi-Utilities 0.7%
Engie SA		100,000		1,672,901
Oil, Gas & Consumable Fuels 1.0%
TOTAL SA		45,000		2,371,899
Personal Products 1.3%
L’Oreal SA		10,000		2,920,953
Pharmaceuticals 0.3%
Sanofi		7,500		691,371
Textiles, Apparel & Luxury Goods 1.5%
Kering SA		1,900		1,082,102
LVMH Moet Hennessy Louis Vuitton SE		5,500		2,348,065
				3,430,167
				30,589,354
GERMANY 4.1%
Aerospace & Defense 0.3%
MTU Aero Engines AG		3,000		801,322
Air Freight & Logistics 0.3%
Deutsche Post AG (Registered)		20,000		708,184
Construction Materials 0.2%
HeidelbergCement AG		7,000		520,157
Diversified Telecommunication Services 0.4%
Deutsche Telekom AG (Registered)		55,000		967,253
Insurance 1.4%
Allianz SE (Registered)		12,000		2,928,690
Professional Services 0.6%
Amadeus Fire AG		11,536		1,458,964
Textiles, Apparel & Luxury Goods 0.4%
adidas AG		3,000		925,306
Transportation Infrastructure 0.5%
Hamburger Hafen und Logistik AG		40,128		1,039,453
				9,349,329
HONG KONG 1.2%
Diversified Telecommunication Services 0.3%
HKT Trust & HKT Ltd.		400,000		620,493
Food Products 0.4%
WH Group Ltd. Reg. S (a)		850,000		891,376
Hotels, Restaurants & Leisure 0.1%
Cafe de Coral Holdings Ltd.		126,000		343,318
Insurance 0.4%
AIA Group Ltd.		100,000		992,245
				2,847,432

Common Stocks (continued)
	Shares		Value
HUNGARY 1.1%
Banks 0.6%
OTP Bank Nyrt.		30,000	$	1,383,168
Oil, Gas & Consumable Fuels 0.3%
MOL Hungarian Oil & Gas plc		65,000		642,679
Pharmaceuticals 0.2%
Richter Gedeon Nyrt		26,000		482,296
				2,508,143
INDONESIA 0.5%
Diversified Telecommunication Services 0.3%
Telekomunikasi Indonesia Persero Tbk. PT		2,500,000		726,956
Food Products 0.2%
Indofood CBP Sukses Makmur Tbk. PT		650,000		537,012
				1,263,968
ISRAEL 1.3%
Banks 0.9%
Bank Leumi Le-Israel BM		170,000		1,238,891
Israel Discount Bank Ltd., Class A		180,000		822,872
				2,061,763
Software 0.4%
Nice Ltd., ADR*		6,000		946,740
				3,008,503
ITALY 2.9%
Automobiles 0.3%
Ferrari NV		5,000		802,839
Banks 1.1%
Intesa Sanpaolo SpA		400,000		1,005,915
Mediobanca Banca di Credito Finanziario SpA		120,000		1,429,766
				2,435,681
Electric Utilities 0.7%
Enel SpA		220,000		1,703,605
Insurance 0.4%
Assicurazioni Generali SpA		40,000		812,549
Oil, Gas & Consumable Fuels 0.4%
Eni SpA		60,000		909,362
				6,664,036
JAPAN 19.9%
Auto Components 0.7%
Bridgestone Corp.		20,900		868,190
Denso Corp.		15,000		696,184
				1,564,374
Automobiles 2.4%
Mazda Motor Corp.		120,000		1,103,120
Suzuki Motor Corp.		12,800		601,387
Toyota Motor Corp.		35,000		2,424,922
Yamaha Motor Co. Ltd.		60,000		1,174,517
				5,303,946
Banks 1.8%
Mitsubishi UFJ Financial Group, Inc.		350,000		1,831,171
Sumitomo Mitsui Financial Group, Inc.		60,000		2,136,828
				3,967,999

50

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Chemicals 1.8%
Mitsui Chemicals, Inc.		80,000	$	1,902,042
Teijin Ltd.		100,000		2,002,346
				3,904,388
Commercial Services & Supplies 0.8%
Kokuyo Co. Ltd.		130,000		1,908,684
Construction & Engineering 1.0%
Obayashi Corp.		225,000		2,311,623
Diversified Financial Services 0.3%
ORIX Corp.		45,000		705,350
Diversified Telecommunication Services 1.0%
Nippon Telegraph & Telephone Corp.		45,000		2,229,820
Electrical Equipment 0.5%
Fuji Electric Co. Ltd.		33,000		1,044,875
Electronic Equipment, Instruments & Components 1.4%
Hitachi Ltd.		60,000		2,237,142
Topcon Corp.		73,000		1,002,746
				3,239,888
Entertainment 0.9%
Nintendo Co. Ltd.		6,000		2,140,074
Food & Staples Retailing 0.3%
Seven & i Holdings Co. Ltd.		20,000		754,224
Health Care Equipment & Supplies 0.8%
Hoya Corp.		20,000		1,774,548
Household Durables 1.0%
Haseko Corp.		130,000		1,674,768
Sekisui Chemical Co. Ltd.		40,000		695,222
				2,369,990
Insurance 0.6%
MS&AD Insurance Group Holdings, Inc.		44,000		1,417,725
Machinery 0.5%
Komatsu Ltd.		50,000		1,171,766
Pharmaceuticals 1.6%
Astellas Pharma, Inc.		115,000		1,974,532
Shionogi & Co. Ltd.		30,000		1,795,437
				3,769,969
Professional Services 0.6%
Recruit Holdings Co. Ltd.		45,000		1,491,990
Real Estate Management & Development 0.3%
Daito Trust Construction Co. Ltd.		6,000		794,093
Semiconductors & Semiconductor Equipment 0.4%
Advantest Corp.		20,000		912,593
Technology Hardware, Storage & Peripherals 0.9%
Canon, Inc.		75,000		2,040,951
Trading Companies & Distributors 0.3%
Sumitomo Corp.		45,000		728,716
				45,547,586
NETHERLANDS 6.1%
Capital Markets 0.4%
Euronext NV Reg. S (a)		10,000		806,698
Chemicals 0.4%
Koninklijke DSM NV		7,000		829,937

Common Stocks (continued)
	Shares		Value
NETHERLANDS (continued)
Food & Staples Retailing 0.9%
Koninklijke Ahold Delhaize NV		80,000	$	1,992,519
Health Care Equipment & Supplies 0.5%
Koninklijke Philips NV		25,000		1,095,390
Insurance 0.6%
NN Group NV		35,000		1,334,510
IT Services 0.3%
Adyen NV Reg. S* (a)		1,000		702,280
Oil, Gas & Consumable Fuels 1.2%
Royal Dutch Shell plc, Class B		100,000		2,880,008
Professional Services 0.7%
Wolters Kluwer NV		22,000		1,620,264
Semiconductors & Semiconductor Equipment 1.1%
ASML Holding NV (Registered), NYRS		6,600		1,729,002
NXP Semiconductors NV		10,000		1,136,800
				2,865,802
				14,127,408
NEW ZEALAND 1.0%
Diversified Telecommunication Services 0.4%
Spark New Zealand Ltd.		317,515		911,210
Health Care Equipment & Supplies 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		60,000		733,040
Independent Power and Renewable Electricity Producers 0.3%
Meridian Energy Ltd.		230,000		677,580
				2,321,830
NORWAY 0.6%
Banks 0.3%
DNB ASA		35,000		635,973
Oil, Gas & Consumable Fuels 0.3%
Equinor ASA		35,000		650,523
				1,286,496
PAKISTAN 0.4%
Banks 0.1%
MCB Bank Ltd.		200,000		222,039
Chemicals 0.1%
Engro Fertilizers Ltd.		600,000		274,911
Oil, Gas & Consumable Fuels 0.2%
Oil & Gas Development Co. Ltd.		500,000		414,655
				911,605
RUSSIA 1.3%
Banks 0.4%
Sberbank of Russia PJSC, ADR		60,000		882,469
Metals & Mining 0.2%
Severstal PJSC, GDR Reg. S		40,000		546,377
Oil, Gas & Consumable Fuels 0.7%
LUKOIL PJSC, ADR		12,000		1,105,194
Rosneft Oil Co. PJSC, GDR Reg. S		80,000		530,657
				1,635,851
				3,064,697

51

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard International Equities Fund (Continued)

Common Stocks (continued)
	Shares		Value
SINGAPORE 1.9%
Banks 0.6%
DBS Group Holdings Ltd.		75,000	$	1,430,203
Real Estate Management & Development 0.6%
CapitaLand Ltd.		522,162		1,374,045
Road & Rail 0.7%
ComfortDelGro Corp. Ltd.		953,733		1,610,045
				4,414,293
SOUTH AFRICA 1.1%
Metals & Mining 1.1%
Anglo American plc		100,000		2,570,675
SPAIN 0.2%
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA		13,005		528,133
SWEDEN 1.5%
Banks 0.4%
Skandinaviska Enskilda Banken AB, Class A		100,000		958,542
Communications Equipment 0.7%
Telefonaktiebolaget LM Ericsson, Class B		200,000		1,745,117
Specialty Retail 0.4%
Hennes & Mauritz AB, Class B (b)		40,000		836,077
				3,539,736
SWITZERLAND 9.5%
Beverages 0.4%
Coca-Cola HBC AG*		30,000		913,389
Capital Markets 0.6%
Partners Group Holding AG		1,800		1,406,418
Food Products 2.3%
Nestle SA (Registered)		50,000		5,338,849
Health Care Equipment & Supplies 0.5%
Sonova Holding AG (Registered)		5,000		1,145,710
Insurance 1.1%
Swiss Life Holding AG (Registered)		5,000		2,504,354
Pharmaceuticals 3.3%
Novartis AG (Registered)		35,000		3,057,518
Roche Holding AG		15,000		4,524,152
				7,581,670
Technology Hardware, Storage & Peripherals 1.3%
Logitech International SA (Registered)		75,000		3,070,384
				21,960,774
TAIWAN 0.6%
Entertainment 0.6%
Sea Ltd., ADR*		45,000		1,339,200
UNITED KINGDOM 11.9%
Aerospace & Defense 0.3%
BAE Systems plc		100,000		746,487
Beverages 1.1%
Diageo plc		60,000		2,456,392

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Capital Markets 1.4%
3i Group plc		180,000	$	2,634,991
Man Group plc		280,000		520,620
				3,155,611
Electronic Equipment, Instruments & Components 0.4%
Electrocomponents plc		100,000		881,442
Hotels, Restaurants & Leisure 1.4%
Compass Group plc		70,000		1,865,874
InterContinental Hotels Group plc		20,882		1,263,212
				3,129,086
Insurance 1.1%
Direct Line Insurance Group plc		300,000		1,058,135
Phoenix Group Holdings plc		150,000		1,369,737
				2,427,872
Interactive Media & Services 0.6%
Auto Trader Group plc Reg. S (a)		200,000		1,458,343
Personal Products 1.0%
Unilever NV		17,000		1,005,144
Unilever plc		20,000		1,200,020
				2,205,164
Pharmaceuticals 2.2%
AstraZeneca plc, ADR		50,000		2,451,500
GlaxoSmithKline plc		110,000		2,521,121
				4,972,621
Professional Services 1.7%
Experian plc		40,000		1,258,243
Intertek Group plc		12,000		833,983
RELX plc		80,000		1,926,092
				4,018,318
Specialty Retail 0.7%
WH Smith plc		60,000		1,701,614
				27,152,950
UNITED STATES 0.9%
Software 0.4%
CyberArk Software Ltd.*		8,000		812,640
Trading Companies & Distributors 0.5%
Ferguson plc		16,000		1,365,182
				2,177,822
Total Common Stocks (cost $200,459,702)				224,950,538
Exchange Traded Fund 0.8%
			Market Value
UNITED STATES 0.8%
VanEck Vectors Vietnam ETF		120,000		1,946,400
Total Exchange Traded Fund (cost $2,217,415)				1,946,400

52

Statement of Investments (Continued)

October 31, 2019

Nationwide Bailard International Equities Fund (Continued)

Short-Term Investment 0.0%†
	Shares		Value
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (c)(d)		71,256	$	71,256
Total Short-Term Investment (cost $71,256)				71,256
Repurchase Agreements 0.3%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $493,027, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $504,745. (d)(e)	$	493,004		493,004
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $243,373, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $249,131. (d)(e)		243,362		243,362
Total Repurchase Agreements (cost $736,366)				736,366
Total Investments (cost $203,484,739) — 99.0%				227,704,560
Other assets in excess of liabilities — 1.0%				2,396,137
NET ASSETS — 100.0%			$	230,100,697

* Denotes a non-income producing 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 October 31, 2019 was $4,561,179 which represents 1.98% of net assets.

(b) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $1,605,536, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $71,256 and $736,366, respectively, and by $951,603 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $1,759,225.

(c) Represents 7-day effective yield as of October 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $807,622.

(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

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.

53

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Bailard International Equities Fund
Assets:
Investment securities, at value* (cost $202,748,373)	$	226,968,194
Repurchase agreements, at value (cost $736,366)		736,366
Cash		2,302,944
Foreign currencies, at value (cost $77,189)		79,725
Interest and dividends receivable		572,341
Securities lending income receivable		1,569
Receivable for investments sold		4,934,491
Receivable for capital shares issued		19,648
Reclaims receivable		547,180
Prepaid expenses		28,118
Total Assets		236,190,576
Liabilities:
Payable for investments purchased		4,634,407
Payable for capital shares redeemed		390,051
Payable upon return of securities loaned (Note 2)		807,622
Accrued expenses and other payables:
Investment advisory fees		143,896
Fund administration fees		18,954
Distribution fees		4,231
Administrative servicing fees		30,409
Accounting and transfer agent fees		4,576
Trustee fees		883
Custodian fees		116
Compliance program costs (Note 3)		262
Professional fees		36,016
Printing fees		11,992
Other		6,464
Total Liabilities		6,089,879
Net Assets	$	230,100,697
Represented by:
Capital	$	216,465,687
Total distributable earnings (loss)		13,635,010
Net Assets	$	230,100,697
Net Assets:
Class A Shares	$	5,542,966
Class C Shares		3,584,256
Class M Shares		188,067,638
Class R6 Shares		9,033,643
Institutional Service Class Shares		23,872,194
Total	$	230,100,697

54

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Bailard International Equities Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		712,288
Class C Shares		466,252
Class M Shares		24,183,236
Class R6 Shares		1,161,703
Institutional Service Class Shares		3,071,675
Total		29,595,154
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)	$	7.69
Class M Shares	$	7.78
Class R6 Shares	$	7.78
Institutional Service Class Shares	$	7.77
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 $1,605,536 (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 Year Ended October 31, 2019

	Nationwide Bailard International Equities Fund
INVESTMENT INCOME:
Dividend income	$	8,262,106
Income from securities lending (Note 2)		109,215
Interest income		47,509
Foreign tax withholding		(681,181	)
Total Income		7,737,649
EXPENSES:
Investment advisory fees		1,753,890
Fund administration fees		136,806
Distribution fees Class A		17,734
Distribution fees Class C		43,880
Administrative servicing fees Class A		6,516
Administrative servicing fees Class C		4,030
Administrative servicing fees Institutional Service Class		22,729
Registration and filing fees		65,937
Professional fees		68,186
Printing fees		34,538
Trustee fees		8,576
Custodian fees		27,818
Accounting and transfer agent fees		27,271
Compliance program costs (Note 3)		922
Other		11,626
Total Expenses		2,230,459
NET INVESTMENT INCOME		5,507,190
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		(1,745,638	)
Settlement of forward foreign currency contracts (Note 2)		(111,911	)
Foreign currency transactions (Note 2)		(135,707	)
Net realized losses		(1,993,256	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		8,186,904
Forward foreign currency contracts (Note 2)		330,717
Translation of assets and liabilities denominated in foreign currencies		13,581
Net change in unrealized appreciation/depreciation		8,531,202
Net realized/unrealized gains		6,537,946
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,045,136

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

56

Statements of Changes in Net Assets

	Nationwide Bailard International Equities Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	5,507,190		$	10,605,628
Net realized losses		(1,993,256	)		(1,845,637	)
Net change in unrealized appreciation/depreciation		8,531,202			(65,057,682	)
Change in net assets resulting from operations		12,045,136			(56,297,691	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(410,395	)		(225,637	)
Class C		(218,305	)		(84,979	)
Class M		(7,782,987	)		(4,481,732	)
Class R6		(2,267,848	)		(4,403,408	)
Institutional Service Class		(2,651,584	)		(2,062,888	)
Change in net assets from shareholder distributions		(13,331,119	)		(11,258,644	)
Change in net assets from capital transactions		(156,898,931	)		(43,642,723	)
Change in net assets		(158,184,914	)		(111,199,058	)
Net Assets:
Beginning of year		388,285,611			499,484,669
End of year	$	230,100,697		$	388,285,611
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	969,645		$	5,449,953
Proceeds from shares issued in class conversion (Note 1)		82,053			–
Dividends reinvested		377,793			209,023
Cost of shares redeemed		(4,702,330	)		(13,192,102	)
Total Class A Shares		(3,272,839	)		(7,533,126	)
Class C Shares
Proceeds from shares issued		242,289			1,530,180
Dividends reinvested		195,401			73,657
Cost of shares redeemed in class conversion (Note 1)		(82,053	)		–
Cost of shares redeemed		(2,212,453	)		(1,927,572	)
Total Class C Shares		(1,856,816	)		(323,735	)
Class M Shares
Proceeds from shares issued		55,560,078			10,035,884
Dividends reinvested		5,577,369			3,288,403
Cost of shares redeemed		(42,761,305	)		(12,008,899	)
Total Class M Shares		18,376,142			1,315,388
Class R6 Shares
Proceeds from shares issued		1,366,311			28,608,517
Dividends reinvested		778,176			2,022,254
Cost of shares redeemed		(133,901,913	)		(63,903,466	)
Total Class R6 Shares		(131,757,426	)		(33,272,695	)

57

Statements of Changes in Net Assets (Continued)

	Nationwide Bailard International Equities Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	5,806,818		$	50,247,449
Dividends reinvested		2,179,026			1,605,410
Cost of shares redeemed		(46,373,836	)		(55,681,414	)
Total Institutional Service Class Shares		(38,387,992	)		(3,828,555	)
Change in net assets from capital transactions	$	(156,898,931	)	$	(43,642,723	)
SHARE TRANSACTIONS:
Class A Shares
Issued		130,403			612,932
Issued in class conversion (Note 1)		11,103			–
Reinvested		54,342			23,883
Redeemed		(637,214	)		(1,494,009	)
Total Class A Shares		(441,366	)		(857,194	)
Class C Shares
Issued		33,004			172,246
Reinvested		28,738			8,431
Redeemed in class conversion (Note 1)		(11,225	)		–
Redeemed		(303,951	)		(229,183	)
Total Class C Shares		(253,434	)		(48,506	)
Class M Shares
Issued		7,429,519			1,124,738
Reinvested		793,241			377,014
Redeemed		(5,900,955	)		(1,396,807	)
Total Class M Shares		2,321,805			104,945
Class R6 Shares
Issued		184,432			3,293,348
Reinvested		112,344			231,303
Redeemed		(17,972,859	)		(7,423,686	)
Total Class R6 Shares		(17,676,083	)		(3,899,035	)
Institutional Service Class Shares
Issued		785,593			5,655,241
Reinvested		314,152			184,049
Redeemed		(6,370,382	)		(6,526,450	)
Total Institutional Service Class Shares		(5,270,637	)		(687,160	)
Total change in shares		(21,319,715	)		(5,386,950	)

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

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 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)			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
Year Ended October 31, 2019	$	7.63		0.16		0.37			0.53			(0.38	)		(0.38	)	$	7.78		7.62%		$	5,542,966		1.26%		2.16%		1.26%		71.60%
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%
Class C Shares
Year Ended October 31, 2019	$	7.54		0.10		0.37			0.47			(0.32	)		(0.32	)	$	7.69		6.86%	(f)	$	3,584,256		2.01%		1.39%		2.01%		71.60%
Year Ended October 31, 2018	$	8.77		0.10		(1.22	)		(1.12	)		(0.11	)		(0.11	)	$	7.54		(12.97%	)(f)	$	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%
Class M Shares
Year Ended October 31, 2019	$	7.63		0.19		0.37			0.56			(0.41	)		(0.41	)	$	7.78		8.03%	(f)	$	188,067,638		0.92%		2.50%		0.92%		71.60%
Year Ended October 31, 2018	$	8.87		0.19		(1.23	)		(1.04	)		(0.20	)		(0.20	)	$	7.63		(11.95%	)(f)	$	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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	7.63		0.14		0.42			0.56			(0.41	)		(0.41	)	$	7.78		8.03%		$	9,033,643		0.90%		1.93%		0.90%		71.60%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	7.62		0.17		0.39			0.56			(0.41	)		(0.41	)	$	7.77		7.95%		$	23,872,194		0.98%		2.24%		0.98%		71.60%
Year Ended October 31, 2018	$	8.86		0.19		(1.23	)		(1.04	)		(0.20	)		(0.20	)	$	7.62		(12.06%	)(f)	$	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%	(f)	$	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%

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) 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.

(g) 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 Commentary Nationwide Emerging Markets Debt Fund

For the annual period ended October 31, 2019, the Nationwide Emerging Markets Debt Fund (Class R6) returned 15.04%* versus 14.35% for its benchmark, the JPM EMBI Global Diversified Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Emerging Markets Bond (consisting of 285 funds as of October 31, 2019), was 10.94% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The beginning of the new fiscal year for the Fund in November 2018 coincided with cheap emerging market (EM) assets and the beginnings of the pivot from the Federal Reserve (Fed) from tightening toward easing that drove double-digit annual returns from EM bond markets. Investment-grade EM sovereigns gave the strongest returns as the very long maturity bonds in the investment universe responded to lower Treasury yields. EM local currency bonds followed; their returns were not driven by currency particularly (the broad U.S. dollar [USD] index actually was stronger over the period) but by the high yields on offer in local market assets and a switch from several EM central banks away from tightening in 2018 toward rate cutting in 2019 that has driven returns from domestic bond markets. Frontier sovereign bonds and high-yield corporates also have delivered strong returns but were under pressure in the last two months of 2018, meaning they lagged a modest amount over the full period.

Despite the high headline return, the reporting period was not without volatility, most notably in Argentina. With the finances of Argentina so stretched, the poor relationship that the incoming Fernández-Kirchner administration is likely to have with the International Monetary Fund (IMF), and the history of Kirchner’s relationship with bondholders caused the prices of bonds to drop to the low 40s or even lower. Other stressed credits also have struggled this year, with Zambia underperforming (although staying current has still delivered a 9% return to bondholders) and Lebanon also weakening gradually throughout

the year as deposit growth in the banking system

turned negative, drying up a traditional source of finance for the government.

Corporate bond markets have seen heavy gross issuance in the past 12 months, but the focus of companies has been on liability management with maturities and buybacks also being large. Very few companies have come to the bond market to finance expansion of capital expenditure plans. It also was another year of low defaults in the asset class with less than 1% of companies defaulting. This has helped EM corporates be the least-volatile part of the asset classes again. The market also has remained disciplined, with a trend that weaker companies have been unable to come to the market to borrow. The one country that stood out for corporate performance was Argentina, which was weak following the volatility in sovereign bond markets described above. Corporates fared far better than the sovereign, as most are expected to be able to keep current on obligations despite rising risks to the operating and financial environment.

Local market returns were driven by a relatively stable U.S. dollar and returns from carry and movements in the yield curve. While low-yielding markets did well during the second quarter of 2019, the real value was in high-yielding curves, where central banks had been forced either to hike rates last year to defend currencies or to put off interest rate cuts. Cycles have been reversed or resumed in 2019 as the change in stance of the Federal Open Market Committee (FOMC) opened up space, pulling bond yields lower in many markets.

Fund Performance

The Fund outperformed its benchmark by 0.69% during the reporting period. The biggest driver of relative Fund performance by country was the Fund’s allocation to Mexico, which was composed of two parts. In USD assets, there are several investment-grade corporates from Mexico that have had attractive long-duration bonds that the Fund has held for some time. The rally in U.S. Treasuries was the main driver behind the outperformance here, although spreads also tightened for these names. The larger

contribution to Fund performance, though, came

60

Fund Commentary (cont.) Nationwide Emerging Markets Debt Fund

from the Fund’s allocation to domestic Mexican fixed income, which was increased substantially in December 2018 following a conservative budget proposal from the incoming administration. Yields remain high, and in recent months returns have been driven by slowing growth and the start of a rate-cutting cycle from Banxico.

A heavy allocation to Saudi Arabian bonds was the next-biggest contributor to Fund performance for the reporting period, again driven by the strong returns from U.S. Treasuries and the effect on other high-quality USD-denominated fixed income. Saudi Arabia remains cheap to comparably rated sovereigns from Latin America despite spread tightening in the last 12 months driven by the inclusion of the country in the JPMorgan EMBI Global suite of indexes in early 2019. Allocations to Egypt and Costa Rica (in both cases a combination of local markets and USD sovereigns) also contributed to Fund returns for the period.

The biggest drags on Fund returns for the reporting period came from an underweight in Thailand (both duration in the local market and an underweight in the Thai baht, which continues to perform well) and from an underweight in Turkey, primarily because the allocations to USD-denominated Turkish bonds have been very low. Other areas that have been a drag have primarily been parts of the market that had responded well to lower U.S. yields and in which the Fund was underexposed. While the allocation to Argentina was not zero, security selection protected the Fund from too much damage. Local market investments were in floating-rate notes that outperformed immensely in the first half of 2019 and were sold ahead of the Argentine election, while most USD exposure was taken through corporates whose prices fell only to the 80–95 range rather than sovereign bonds, whose prices fell into the 40s.

Interest rate swaps were used to take a negative view on interest rates in Poland and the Czech Republic, a position that cost the Fund some return during the reporting period as global bond markets were strong. Foreign exchange options also were used to take a negative view on the South Korean currency, the won, versus the USD.

This position benefited the Fund as the won softened on the back of trade concerns, the weakening Chinese economy and falling semiconductor prices.

Subadviser:

Standard Life Investments (Corporate Funds) Limited

Portfolio Managers:

Mark Baker, CFA and Kieran Curtis

* High double-digit returns are unusual and cannot be sustained.

The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds) and including default risk and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They also are subject to the claims-paying ability of the issuing company. The Fund may invest in sovereign debt (a governmental entity may delay or refuse to pay interest or repay principal). The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging and frontier markets). The Fund may concentrate on specific countries, subjecting it to greater volatility than that of other mutual funds. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and illiquidity, and are highly volatile). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

61

Fund Overview Nationwide Emerging Markets Debt Fund

Asset Allocation¹

Foreign Government Securities	71.5%
Corporate Bonds	24.6%
Asset-Backed Security	0.6%
Forward Currency Contracts†	(0.0)%
Interest Rate Swaps	(0.1)%
Other assets in excess of liabilities	3.4%
	100.0%

Top Industries²

Banks	5.4%
Oil, Gas & Consumable Fuels	4.2%
Consumer Finance	2.3%
Electric Utilities	2.2%
Metals & Mining	1.8%
Chemicals	1.5%
Construction & Engineering	1.3%
Wireless Telecommunication Services	1.2%
Diversified Telecommunication Services	1.0%
Automobiles	1.0%
Other Industries	78.1%
	100.0%

Top Holdings²

Federative Republic of Brazil, 10.00%, 1/1/2025	5.1%
Republic of South Africa, 8.25%, 3/31/2032	3.9%
Kingdom of Thailand, 1.25%, 3/12/2028	2.9%
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%
Qatar Government Bond, 4.82%, 3/14/2049	2.0%
Commonwealth of the Bahamas, 6.00%, 11/21/2028	2.0%
Titulos de Tesoreria, 7.75%, 9/18/2030	1.9%
Ukraine Government Bond, 7.75%, 9/1/2023	1.9%
Other Holdings	73.3%
	100.0%

Top Countries²

Mexico	12.0%
Brazil	6.7%
Indonesia	5.9%
South Africa	5.2%
Russia	4.8%
Thailand	4.3%
Qatar	4.2%
Saudi Arabia	4.0%
Ukraine	3.2%
Peru	3.1%
Other Countries	46.6%
	100.0%

† Amount rounds to less than 0.1%.

¹  Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

62

Fund Performance Nationwide Emerging Markets Debt Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		3 Yr.		Inception
Class A	w/o SC1		14.75%		5.19%		7.11%	2
	w/SC3		12.16%		4.39%		6.45%	2
Class C	w/o SC1		13.77%		4.39%		6.29%	2
	w/SC4		12.77%		N/A		N/A
Class R65,6			15.04%		5.46%		7.39%	2
Institutional Service Class5			15.05%		5.46%		7.38%	2
JPM EMBI Global Diversified Index			14.35%		5.14%		7.33%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of February 29, 2016.

³  A 2.25% front-end sales charge was deducted.

⁴  A 1.00% CDSC was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.50%		1.40%
Class C		2.25%		2.15%
Class R6		1.00%		0.90%
Institutional Service Class		1.25%		1.15%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

63

Fund Performance (cont.) Nationwide Emerging Markets Debt Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Emerging Markets Debt Fund from inception through 10/31/19 versus the JPM EMBI Global Diversified Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

64

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,071.10		6.00		1.15
	Hypothetical	(a)(b)		1,000.00		1,019.41		5.85		1.15
Class C Shares	Actual	(a)		1,000.00		1,066.40		10.16		1.95
	Hypothetical	(a)(b)		1,000.00		1,015.38		9.91		1.95
Class R6 Shares	Actual	(a)		1,000.00		1,072.50		4.70		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.67		4.58		0.90
Institutional Service Class Shares	Actual	(a)		1,000.00		1,071.60		4.70		0.90
	Hypothetical	(a)(b)		1,000.00		1,020.67		4.58		0.90

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

65

Statement of Investments

October 31, 2019

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	$	453,833	$	469,717
Total Asset-Backed Securities (cost $438,263)				469,717
Corporate Bonds 24.6%
ARGENTINA 0.5%
Diversified Telecommunication Services 0.5%
Telecom Argentina SA, Reg. S, 6.50%, 6/15/2021		410,000		388,475
BAHRAIN 0.6%
Oil, Gas & Consumable Fuels 0.6%
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/7/2024 (a)		380,000		430,350
BRAZIL 1.6%
Chemicals 1.1%
Braskem Netherlands Finance BV, 4.50%, 1/31/2030 (a)		820,000		812,620
Paper & Forest Products 0.5%
Suzano Austria GmbH, 5.00%, 1/15/2030		383,000		394,299
				1,206,919
CHINA 0.9%
Automobiles 0.9%
Geely Automobile Holdings Ltd., Reg. S, 3.63%, 1/25/2023		700,000		708,058
COLOMBIA 0.6%
Oil, Gas & Consumable Fuels 0.6%
Transportadora de Gas Internacional SA ESP, 5.55%, 11/1/2028 (a)		400,000		462,500
CONGO, DEMOCRATIC REPUBLIC OF THE 0.5%
Machinery 0.5%
HTA Group Ltd., Reg. S, 9.13%, 3/8/2022		390,000		405,662
DOMINICAN REPUBLIC 0.5%
Electric Utilities 0.5%
AES Andres BV, Reg. S, 7.95%, 5/11/2026		340,000		362,103
GEORGIA 1.0%
Banks 1.0%
Bank of Georgia JSC, Reg. S, 6.00%, 7/26/2023		749,000		773,642
INDIA 1.1%
Electric Utilities 0.6%
Adani Transmission Ltd., 4.00%, 8/3/2026 (a)		500,000		511,813

Corporate Bonds (continued)
	Principal Amount		Value
INDIA (continued)
Metals & Mining 0.5%
Vedanta Resources Ltd., Reg. S, 6.13%, 8/9/2024	$	450,000	$	416,949
				928,762
INDONESIA 1.0%
Electric Utilities 1.0%
Perusahaan Listrik Negara PT, 6.25%, 1/25/2049 (a)		620,000		792,534
JAMAICA 0.2%
Wireless Telecommunication Services 0.2%
Digicel Group One Ltd., 8.25%, 12/30/2022 (a)		200,000		118,250
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		408,979
Consumer Finance 1.1%
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/2026 (a)		370,000		425,500
Unifin Financiera SAB de CV Reg. S, 7.00%, 1/15/2025		238,000		238,024
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.31%), 8.88%, 1/29/2025 (a)(b)(c)		259,000		234,397
				897,921
Equity Real Estate Investment Trusts (REITs) 0.6%
Trust F/1401, Reg. S, 6.95%, 1/30/2044		375,000		433,598
Oil, Gas & Consumable Fuels 1.2%
Petroleos Mexicanos, Reg. S, 7.19%, 9/12/2024	MXN	11,891,200		550,161
Petroleos Mexicanos, Series 14-2, 7.47%, 11/12/2026		9,600,000		421,698
				971,859
Wireless Telecommunication Services 1.0%
Sixsigma Networks Mexico SA de CV, 7.50%, 5/2/2025 (a)	$	800,000		800,000
				3,512,357
NIGERIA 0.8%
Construction & Engineering 0.8%
IHS Netherlands Holdco BV, 7.13%, 3/18/2025 (a)		580,000		598,966
PANAMA 1.5%
Banks 1.1%
Global Bank Corp., (ICE LIBOR USD 3 Month + 3.30%), 5.25%, 4/16/2029 (a)(b)		770,000		824,285

66

Statement of Investments (Continued)

October 31, 2019

Nationwide Emerging Markets Debt Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
PANAMA (continued)
Entertainment 0.4%
Cable Onda SA, 4.50%, 1/30/2030 (a)	$	283,000	$	286,755
				1,111,040
RUSSIA 1.0%
Consumer Finance 1.0%
GTLK Europe DAC, Reg. S, 5.13%, 5/31/2024		740,000		769,600
SAUDI ARABIA 0.3%
Oil, Gas & Consumable Fuels 0.3%
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (a)		200,000		214,378
SINGAPORE 0.5%
Oil, Gas & Consumable Fuels 0.5%
Puma International Financing SA, 5.00%, 1/24/2026 (a)		404,000		386,794
SOUTH AFRICA 0.9%
Chemicals 0.4%
Sasol Financing USA LLC, 5.88%, 3/27/2024		307,000		331,050
Diversified Telecommunication Services 0.5%
Liquid Telecommunications Financing plc, Reg. S, 8.50%, 7/13/2022		365,000		363,394
				694,444
SPAIN 0.5%
Construction & Engineering 0.5%
International Airport Finance SA, 12.00%, 3/15/2033 (a)		357,000		385,025
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		615,655
TUNISIA 1.6%
Banks 1.6%
Banque Centrale de Tunisie International Bond
6.75%, 10/31/2023 (a)	EUR	608,000		683,460
6.38%, 7/15/2026 (a)		479,000		521,033
				1,204,493
TURKEY 1.0%
Banks 1.0%
Turkiye Garanti Bankasi A/S, Reg. S, 5.88%, 3/16/2023	$	800,000		811,195
UKRAINE 0.5%
Metals & Mining 0.5%
Metinvest BV, 8.50%, 4/23/2026 (a)		338,000		353,941

Corporate Bonds (continued)
	Principal Amount		Value
UNITED ARAB EMIRATES 1.5%
Airlines 0.7%
Zahidi Ltd., Reg. S, 4.50%, 3/22/2028	$	511,359	$	519,838
Diversified Financial Services 0.5%
ICD Sukuk Co. Ltd., Reg. S, 5.00%, 2/1/2027		370,000		387,368
Multi-Utilities 0.3%
Abu Dhabi National Energy Co. PJSC, 4.88%, 4/23/2030 (a)		200,000		226,348
				1,133,554
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.0%†
Oil, Gas & Consumable Fuels 0.0%†
Petroleos de Venezuela SA, Reg. S, 5.50%, 4/12/2037 (d)		560,000		33,600
ZAMBIA 0.8%
Metals & Mining 0.8%
First Quantum Minerals Ltd.
Reg. S, 7.25%, 5/15/2022		400,000		400,000
Reg. S, 6.88%, 3/1/2026		200,000		195,750
				595,750
Total Corporate Bonds (cost $18,409,550)				18,998,047
Foreign Government Securities 71.5%
ARMENIA 1.5%
Republic of Armenia
Reg. S, 7.15%, 3/26/2025		448,000		520,738
3.95%, 9/26/2029 (a)		670,000		652,726
				1,173,464
BAHAMAS 2.0%
Commonwealth of the Bahamas, 6.00%, 11/21/2028 (a)		1,390,000		1,506,426
BAHRAIN 1.0%
CBB International Sukuk Programme Co. SPC, 4.50%, 3/30/2027 (a)		770,000		795,684
BELIZE 0.5%
Republic of Belize,Reg. S, 4.94%, 2/20/2034 (e)		685,400		418,094
BENIN 1.0%
Benin Government International Bond,Reg. S, 5.75%, 3/26/2026	EUR	670,000		768,734
BRAZIL 4.9%
Federative Republic of Brazil, 10.00%, 1/1/2025	BRL	12,889,000		3,770,790
COLOMBIA 2.3%
Republic of Colombia, 7.50%, 8/26/2026	COP	1,053,700,000		345,147
Titulos de Tesoreria, 7.75%, 9/18/2030		4,303,200,000		1,444,764
				1,789,911

67

Statement of Investments (Continued)

October 31, 2019

Nationwide Emerging Markets Debt Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
COSTA RICA 0.8%
Republic of Costa Rica
Reg. S, 10.35%, 6/19/2030	CRC	204,000,000	$	370,063
Reg. S, 7.00%, 4/4/2044	$	200,000		197,252
Reg. S, 7.16%, 3/12/2045		21,000		20,895
				588,210
DOMINICAN REPUBLIC 1.4%
Dominican Republic Bond
Reg. S, 5.50%, 1/27/2025		705,000		751,713
Reg. S, 9.75%, 6/5/2026	DOP	16,300,000		313,808
				1,065,521
ECUADOR 2.4%
Republic of Ecuador
Reg. S, 10.75%, 3/28/2022	$	752,000		795,248
7.88%, 3/27/2025 (a)		297,000		279,922
Reg. S, 9.65%, 12/13/2026		766,000		752,603
				1,827,773
EGYPT 2.1%
Arab Republic of Egypt
6.13%, 1/31/2022 (a)		388,000		400,959
6.20%, 3/1/2024 (a)		212,000		223,660
7.60%, 3/1/2029 (a)		242,000		255,781
5.63%, 4/16/2030 (a)	EUR	668,000		746,511
				1,626,911
EL SALVADOR 1.4%
Republic of El Salvador
Reg. S, 5.88%, 1/30/2025	$	626,000		648,699
Reg. S, 8.63%, 2/28/2029		224,000		265,442
Reg. S, 8.25%, 4/10/2032		119,000		137,000
				1,051,141
GEORGIA 1.2%
Republic of Georgia, Reg. S, 6.88%, 4/12/2021		911,000		962,371
GHANA 0.6%
Ghana Government Bond, 8.63%, 6/16/2049 (a)		467,000		465,832
INDONESIA 4.7%
Republic of Indonesia
8.38%, 3/15/2024	IDR	8,352,000,000		638,077
8.38%, 9/15/2026		11,666,000,000		907,981
6.63%, 5/15/2033		12,831,000,000		859,559
8.38%, 3/15/2034		15,714,000,000		1,210,214
				3,615,831
IRAQ 0.6%
Republic of Iraq, Reg. S, 6.75%, 3/9/2023	$	456,000		459,383
JAMAICA 1.5%
Jamaica Government Bond, 7.88%, 7/28/2045		900,000		1,186,884

Foreign Government Securities (continued)
	Principal Amount		Value
JORDAN 0.3%
Hashemite Kingdom of Jordan, Reg. S, 7.38%, 10/10/2047	$	200,000	$	210,570
MALAYSIA 0.9%
Malaysia Government Bond
3.84%, 4/15/2033	MYR	1,507,000		364,785
4.64%, 11/7/2033		1,320,000		346,305
				711,090
MEXICO 7.1%
United Mexican States
10.00%, 12/5/2024	MXN	6,603,600		393,195
5.75%, 3/5/2026		40,426,600		2,000,094
7.50%, 6/3/2027		16,504,600		896,542
8.50%, 5/31/2029		20,750,300		1,208,752
8.50%, 11/18/2038		15,968,200		952,057
				5,450,640
MONTENEGRO 0.5%
Republic of Montenegro, 2.55%, 10/3/2029 (a)	EUR	370,000		410,598
NIGERIA 0.4%
Nigeria Government Bond, 7.14%, 2/23/2030 (a)	$	297,000		297,821
PARAGUAY 1.3%
Republic of Paraguay, 5.40%, 3/30/2050 (a)		920,000		1,043,059
PERU 3.0%
Republic of Peru
Reg. S, 8.20%, 8/12/2026	PEN	2,066,000		782,323
Reg. S, 5.94%, 2/12/2029 (a)		3,664,000		1,241,391
Reg. S, 6.90%, 8/12/2037		713,000		263,349
				2,287,063
PHILIPPINES 1.8%
Republic of Philippines
6.25%, 3/22/2028	PHP	15,700,000		345,145
6.88%, 1/10/2029		36,000,000		833,526
6.25%, 1/14/2036		10,000,000		237,314
				1,415,985
QATAR 4.1%
Qatar Government Bond
4.50%, 4/23/2028 (a)	$	1,450,000		1,656,741
Reg. S, 4.82%, 3/14/2049		1,230,000		1,512,679
				3,169,420
ROMANIA 0.1%
Socialist Republic of Romania, 5.00%, 2/12/2029	RON	250,000		62,208
RUSSIA 3.7%
Russian Federal Bond — OFZ
7.10%, 10/16/2024	RUB	51,085,000		829,438
6.90%, 5/23/2029		75,154,000		1,215,532

68

Statement of Investments (Continued)

October 31, 2019

Nationwide Emerging Markets Debt Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
RUSSIA (continued)
Russian Federal Bond — OFZ (continued)
7.70%, 3/16/2039	RUB	45,024,000	$	783,276
				2,828,246
SAUDI ARABIA 3.6%
Kingdom of Saudi Arabia
Reg. S, 3.63%, 3/4/2028	$	1,481,000		1,558,255
4.38%, 4/16/2029 (a)		443,000		494,517
Reg. S, 4.50%, 4/17/2030		356,000		402,914
Reg. S, 4.63%, 10/4/2047		270,000		302,176
				2,757,862
SENEGAL 1.4%
Republic of Senegal
Reg. S, 4.75%, 3/13/2028	EUR	573,000		660,763
6.25%, 5/23/2033 (a)	$	380,000		387,894
				1,048,657
SERBIA 0.5%
Republic of Serbia, 1.50%, 6/26/2029 (a)	EUR	358,000		410,777
SOUTH AFRICA 4.1%
Republic of South Africa
8.25%, 3/31/2032	ZAR	49,183,000		2,947,060
6.25%, 3/31/2036		5,000,000		236,442
				3,183,502
SRI LANKA 1.0%
Democratic Socialist Republic of Sri Lanka, 7.55%, 3/28/2030 (a)	$	780,000		788,870
THAILAND 3.3%
Kingdom of Thailand Reg. S, 1.25%, 3/12/2028 (f)	THB	66,213,107		2,136,146
3.78%, 6/25/2032		10,456,000		431,647
				2,567,793
TURKEY 0.9%
Republic of Turkey, 12.20%, 1/18/2023	TRY	4,085,000		713,075
UKRAINE 2.6%
Ukraine Government Bond
Reg. S, 7.75%, 9/1/2023	$	1,298,000		1,387,237
Reg. S, 7.38%, 9/25/2032		600,000		627,599
				2,014,836
URUGUAY 0.9%
Oriental Republic of Uruguay, 4.38%, 12/15/2028 (f)	UYU	24,923,798		704,111

Foreign Government Securities (continued)
	Principal Amount		Value
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.1%
Bolivarian Republic of Venezuela Reg. S,Reg. S, 11.75%, 10/21/2026 (d)	$	445,000	$	46,169
Total Foreign Government Securities (cost $52,318,070)				55,195,312
Total Investments (cost $71,165,883) — 96.7%				74,663,076
Other assets in excess of liabilities — 3.3%				2,551,481
NET ASSETS — 100.0%			$	77,214,557

† 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 October 31, 2019 was $21,743,773 which represents 28.16% of net assets.

(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

(c) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 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 October 31, 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:

BRL Brazilian Real

COP Colombian Peso

69

Statement of Investments (Continued)

October 31, 2019

Nationwide Emerging Markets Debt Fund (Continued)

CRC Costa Rica Colón

DOP Dominican Peso

EUR Euro

IDR Indonesian Rupiah

MXN Mexican Peso

MYR Malaysia Ringgit

PEN Peru Nuevo Sol

PHP Philippines Peso

RON Romanian Leu

RUB Russia Ruble

THB Thailand Baht

TRY Turkish Lira

USD United States Dollar

UYU Uruguay Peso

ZAR South Africa Rand

Forward Foreign Currency Contracts outstanding as of October 31, 2019:

Currency Purchased			Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
	CZK	56,357,057		USD	2,409,734	Barclays Bank plc		1/23/2020		56,691
	EGP	14,324,836		USD	864,927	Barclays Bank plc**		1/23/2020		3,803
	INR	113,500,000		USD	1,574,884	Royal Bank of Canada**		1/23/2020		12,412
	KZT	280,000,000		USD	702,899	Barclays Bank plc**		1/23/2020		5,864
	PLN	5,800,174		USD	1,487,903	JPMorgan Chase Bank		1/23/2020		31,078
	USD	1,274,758		ZAR	19,330,000	Royal Bank of Canada		1/23/2020		9,501
	Total unrealized appreciation									119,349
	CLP	200,000,000		USD	278,633	Deutsche Bank Securities, Inc.**		1/23/2020		(8,360	)
	USD	1,203,015		BRL	5,015,000	Royal Bank of Canada**		1/23/2020		(41,762	)
	USD	3,967,748		EUR	3,569,592	Credit Lyonnais London		1/23/2020		(36,400	)
	USD	2,398,453		MXN	46,830,000	Barclays Bank plc		1/23/2020		(6,199	)
	USD	1,078,118		PEN	3,650,000	Royal Bank of Canada**		1/23/2020		(10,378	)
	USD	1,292,085		PHP	66,700,000	Deutsche Bank Securities, Inc.**		1/23/2020		(18,221	)
	USD	749,041		RUB	48,730,000	HSBC Bank plc**		1/23/2020		(2,893	)
	USD	2,044,147		THB	62,000,000	HSBC Bank plc		1/23/2020		(11,170	)
	Total unrealized depreciation									(135,383	)
	Net unrealized depreciation									(16,034	)

** Non-deliverable forward.

Currency:

BRL Brazilian Real

CLP Chilean Peso

CZK Czech Republic Koruna

EGP Egyptian Pound

EUR Euro

INR Indian Rupee

70

Statement of Investments (Continued)

October 31, 2019

Nationwide Emerging Markets Debt Fund (Continued)

KZT Kazakhstani Tenge

MXN Mexican Peso

PEN Peru Nuevo Sol

PHP Philippines Peso

PLN Poland New Zloty

RUB Russia Ruble

THB Thailand Baht

USD United States Dollar

ZAR South African Rand

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2019:

Floating Rate Index

Fixed Rate

Pay/ Receive Floating Rate

Maturity Date

Notional Amount

Upfront Payments (Receipts) ($)*

Unrealized Appreciation (Depreciation) ($)

Value ($)

6 Month WIBOR semi-annually

2.25 annually

Receive

5/7/2024

PLN   14,400,000

–

(91,356

)

(91,356

)

–

(91,356

)

(91,356

)

* There are no upfront payments (receipts) on the swap contracts listed above.

At October 31, 2019, the Fund had $81,235 segregated as collateral for swap contracts.

Currency:

PLN Poland New Zloty

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

71

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Emerging Markets Debt Fund
Assets:
Investment securities, at value (cost $71,165,883)	$	74,663,076
Cash		2,703,422
Cash pledged for centrally cleared swap contracts		81,235
Foreign currencies, at value (cost $214,676)		217,493
Interest receivable		1,110,808
Receivable for investments sold		426,236
Reclaims receivable		30,761
Unrealized appreciation on forward foreign currency contracts (Note 2)		119,349
Due from custodian		173,549
Reimbursement from investment adviser (Note 3)		8,466
Receivable for capital gain country tax		28,176
Prepaid expenses		16,719
Total Assets		79,579,290
Liabilities:
Payable for investments purchased		1,713,282
Payable for capital shares redeemed		37,587
Payable for variation margin on centrally cleared swap contracts		3,756
Unrealized depreciation on forward foreign currency contracts (Note 2)		135,383
Accrued expenses and other payables:
Investment advisory fees		45,833
Fund administration fees		15,459
Distribution fees		26
Administrative servicing fees		112
Accounting and transfer agent fees		2,344
Trustee fees		327
Due to broker		320,000
Deferred capital gain country tax		30,941
Custodian fees		1,029
Compliance program costs (Note 3)		107
Professional fees		42,785
Printing fees		9,263
Other		6,499
Total Liabilities		2,364,733
Net Assets	$	77,214,557
Represented by:
Capital	$	74,937,103
Total distributable earnings (loss)		2,277,454
Net Assets	$	77,214,557
Net Assets:
Class A Shares	$	92,331
Class C Shares		7,762
Class R6 Shares		77,094,995
Institutional Service Class Shares		19,469
Total	$	77,214,557

72

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Emerging Markets Debt Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		9,064
Class C Shares		767
Class R6 Shares		7,568,686
Institutional Service Class Shares		1,912
Total		7,580,429
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	10.19
Class C Shares (b)	$	10.12
Class R6 Shares	$	10.19
Institutional Service Class Shares	$	10.18
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.42
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.

73

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Emerging Markets Debt Fund
INVESTMENT INCOME:
Interest income	$	5,177,760
Foreign tax withholding		(33,026	)
Total Income		5,144,734
EXPENSES:
Investment advisory fees		536,917
Fund administration fees		100,012
Distribution fees Class A		302
Distribution fees Class C		531
Registration and filing fees		52,906
Professional fees		64,756
Printing fees		11,983
Trustee fees		2,796
Custodian fees		3,745
Accounting and transfer agent fees		10,745
Compliance program costs (Note 3)		394
Other		3,551
Total expenses before expenses reimbursed		788,638
Expenses reimbursed by adviser (Note 3)		(96,599	)
Net Expenses		692,039
NET INVESTMENT INCOME		4,452,695
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities†		(3,880,148	)
Settlement of forward foreign currency contracts (Note 2)		103,887
Foreign currency transactions (Note 2)		(60,536	)
Expiration or closing of swap contracts (Note 2)		76,650
Net realized losses		(3,760,147	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities††		10,255,490
Forward foreign currency contracts (Note 2)		(173,301	)
Translation of assets and liabilities denominated in foreign currencies		18,315
Swap contracts (Note 2)		(170,302	)
Net change in unrealized appreciation/depreciation		9,930,202
Net realized/unrealized gains		6,170,055
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,622,750

† Net of capital gain country taxes of $1,581.

†† Net of increase in deferred capital gain country tax accrual on unrealized appreciation of $28,179.

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

74

Statements of Changes in Net Assets

	Nationwide Emerging Markets Debt Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	4,452,695		$	4,659,125
Net realized gains (losses)		(3,760,147	)		1,226,828
Net change in unrealized appreciation/depreciation		9,930,202			(9,315,251	)
Change in net assets resulting from operations		10,622,750			(3,429,298	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(9,802	)		(8,408	)
Class C		(5,897	)		(4,895	)
Class R6		(5,513,230	)		(4,623,698	)
Institutional Service Class		(6,337	)		(5,799	)
Change in net assets from shareholder distributions		(5,535,266	)		(4,642,800	)
Change in net assets from capital transactions		(8,588,051	)		(6,235,734	)
Change in net assets		(3,500,567	)		(14,307,832	)
Net Assets:
Beginning of year		80,715,124			95,022,956
End of year	$	77,214,557		$	80,715,124
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	19,230		$	4,550
Dividends reinvested		9,802			8,408
Cost of shares redeemed		(88,619	)		(30,008	)
Total Class A Shares		(59,587	)		(17,050	)
Class C Shares
Proceeds from shares issued		–			–
Dividends reinvested		5,897			4,895
Cost of shares redeemed		(91,013	)		(18,000	)
Total Class C Shares		(85,116	)		(13,105	)
Class R6 Shares
Proceeds from shares issued		3,896,755			5,474,158
Dividends reinvested		5,513,230			4,623,698
Cost of shares redeemed		(17,778,122	)		(16,289,234	)
Total Class R6 Shares		(8,368,137	)		(6,191,378	)
Institutional Service Class Shares
Proceeds from shares issued		10,500			–
Dividends reinvested		6,337			5,799
Cost of shares redeemed		(92,048	)		(20,000	)
Total Institutional Service Class Shares		(75,211	)		(14,201	)
Change in net assets from capital transactions	$	(8,588,051	)	$	(6,235,734	)

75

Statements of Changes in Net Assets (Continued)

	Nationwide Emerging Markets Debt Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		1,931			443
Reinvested		1,090			824
Redeemed		(9,272	)		(3,113	)
Total Class A Shares		(6,251	)		(1,846	)
Class C Shares
Issued		–			1
Reinvested		660			479
Redeemed		(9,600	)		(1,869	)
Total Class C Shares		(8,940	)		(1,389	)
Class R6 Shares
Issued		407,556			559,149
Reinvested		611,006			454,036
Redeemed		(1,893,312	)		(1,585,441	)
Total Class R6 Shares		(874,750	)		(572,256	)
Institutional Service Class Shares
Issued		1,094			–
Reinvested		704			569
Redeemed		(9,664	)		(2,075	)
Total Institutional Service Class Shares		(7,866	)		(1,506	)
Total change in shares		(897,807	)		(576,997	)

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

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 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
Year Ended October 31, 2019	$	9.52		0.54		0.78			1.32			(0.56	)		(0.09	)		(0.65	)	$	10.19		14.75%		$	92,331		1.15%		5.61%		1.28%		74.40%
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
Year Ended October 31, 2019	$	9.50		0.48		0.75			1.23			(0.52	)		(0.09	)		(0.61	)	$	10.12		13.77%		$	7,762		1.91%		5.11%		2.03%		74.40%
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)
Year Ended October 31, 2019	$	9.52		0.56		0.78			1.34			(0.58	)		(0.09	)		(0.67	)	$	10.19		15.04%		$	77,094,995		0.90%		5.81%		1.03%		74.40%
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
Year Ended October 31, 2019	$	9.52		0.57		0.77			1.34			(0.59	)		(0.09	)		(0.68	)	$	10.18		14.94%	(g)	$	19,469		0.90%		6.05%		1.03%		74.40%
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.

77

Fund Commentary Nationwide Global Sustainable Equity Fund

For the annual period ended October 31, 2019, the Nationwide Global Sustainable Equity Fund (Class R6*) returned 13.20% versus 12.69% for its benchmark, the MSCI World Index^SM Free. For broader comparison, the return for the Fund’s closest Morningstar® peer category, World Large Stock (consisting of 870 funds as of October 31, 2019), was 11.86% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

The Fund outperformed its benchmark by 0.51% for the reporting period. Fund performance came from stock selection, while sector allocation was negative.

Stock selection in Financials, Materials and Consumer Staples contributed the most to Fund performance for the reporting period. The strategy’s small underweight to the Energy sector and small overweight to Communication Services were the only positive contributors to Fund performance in terms of sector allocation for the period.

In terms of individual stocks, Medicines Company, Sage Group and Zurich Insurance were the largest positive contributors to Fund performance for the reporting period.

Medicines Company announced positive efficacy and, more important, clean safety data for the two remaining pivotal trials for Inclisiran, a cholesterol drug. This puts the company on track for regulatory submission in the U.S. in the fourth quarter of 2019 and the European Union in the first quarter of 2020, with approval expected by year-end 2020.

Sage Group performed well during the reporting period, thanks to continued strong cash generation, high-20s margins and a solid position in the accounting software market. Sage Group is a high-quality and very cash-generative software company selling into the small and medium-sized enterprises market, with the potential for improved organic growth and eventually higher margins. In the third quarter of 2019, Sage

Group’s share price declined because its July trading statement was mildly disappointing, with third-quarter organic sales growth below the first half of 2019 and about 100 basis points (bps) below market consensus estimates.

Zurich Insurance reported strong results for the first half of 2019, with business operating profit up 16%, driven by the company’s Property and Casualty business (up 46%). Targets announced in 2016 were overachieved and the business is now much less volatile than it was three years ago. The company has a very solid balance sheet and limited asset risks, with still some dividend yield and share price appreciation potential.

The Fund’s stock selection in Utilities, HealthCare and Real Estate detracted the most from Fund performance for the reporting period. In addition, sector allocation to these sectors constituted a negative contribution to Fund performance (underweight to Utilities and Real Estate, overweight to Health Care).

Fund holdings Centrica, LivaNova and Simon Property Group were the three individual stocks that detracted the most from Fund performance for the reporting period.

Centrica was the largest detractor. Our initial thesis on the company was based around our expectation that Centrica could maintain market share leadership while significantly reducing costs. The introduction of a price cap and the fact that key competitors were all loss-making strengthened our belief that the company would be able to maintain leadership. While the company was rated in the top decile on environmental, social and governance (ESG) scoring, Fund management believed that there needed to be improvements in Centrica’s management of its business. In July 2019, Centrica’s management reported on the much-anticipated restructuring. The price of Centrica shares fell dramatically since that time as Centrica announced first-half 2019 losses of British pound sterling (GBP) 446 million, a re-basing of the dividend and the departure of its chief executive officer (CEO). The departure of the CEO was both expected and a desired outcome. However, the

78

Fund Commentary (cont.) Nationwide Global Sustainable Equity Fund

additional restructuring costs of around GBP 1.3 billion were not expected. The Fund reduced its position in Centrica and sold it after the end of the reporting period.

LivaNova shares traded off sharply in early April after the company pre-announced flat first-quarter 2019 revenues on an as-reported basis and suspended its fiscal-year 2019 earnings-per-share guidance, driven primarily by weakness in the U.S. neuromodulation business. The U.S. neuromodulation business was affected by competition and salesforce turnover. In addition, there are delays in the ongoing effort to expand the use of vagus nerve stimulation to patients with treatment-resistant depression. Despite these near-term challenges, LivaNova remains one of the only medical technology companies with a significant portion of its products in growing end markets and that is trading at attractive valuation.

Commercial real estate company Simon Property Group was directly affected by the sluggish landscape for the retail industry and a drop in tourism. The most-recent results show an improvement, with normalized funds from operations up 7% year-to-date 2019. We believe that any temporary dislocation related to specific retailer weakness could be compensated for by new tenants paying higher rents, and therefore we would expect same-store net operating income to pick up in the medium term.

Country/region performance attribution reflects the bottom-up stock-picking approach, with most of the Fund’s performance coming from stock selection within countries, particularly in the United States and Europe. Stock selection in Asia had a negative impact on Fund performance for the reporting period.

No derivatives were held in the portfolio during the reporting period.

Subadviser:

UBS Asset Management (Americas) Inc.

Portfolio Managers:

Bruno Bertocci and Joseph Elegante, CFA

* Performance is shown for the Fund’s Class R6 shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class A shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). Funds that concentrate on specific countries may be subject to greater volatility than that of other mutual funds. Sustainability factors used in the subadviser’s investment process will likely make the Fund perform differently from a fund that relies solely or primarily on financial metrics. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and are highly volatile). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

79

Fund Overview Nationwide Global Sustainable Equity Fund

Asset Allocation¹

Common Stocks	98.3%
Other assets in excess of liabilities	1.7%
	100.0%

Top Industries²

Banks	7.0%
Pharmaceuticals	6.9%
Chemicals	6.0%
Machinery	5.3%
Insurance	5.3%
Software	5.3%
Entertainment	5.1%
Internet & Direct Marketing Retail	4.2%
Oil, Gas & Consumable Fuels	4.0%
Biotechnology	4.0%
Other Industries	46.9%
	100.0%

Top Holdings²

Amazon.com, Inc.	3.0%
Microsoft Corp.	2.8%
TJX Cos., Inc. (The)	2.4%
Sony Corp.	2.3%
Ecolab, Inc.	2.2%
Zurich Insurance Group AG	2.1%
UnitedHealth Group, Inc.	2.0%
T. Rowe Price Group, Inc.	1.9%
Linde plc	1.9%
Unilever NV	1.9%
Other Holdings	77.5%
	100.0%

Top Countries²

United States	51.0%
Japan	10.4%
United Kingdom	10.0%
Germany	4.9%
Switzerland	4.5%
China	3.0%
Netherlands	2.7%
Denmark	2.3%
Finland	2.0%
India	1.6%
Other Countries	7.6%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

80

Fund Performance Nationwide Global Sustainable Equity Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		12.83%		6.11%		8.00%
	w/SC3		6.33%		4.86%		7.40%
Class C1	w/o SC2		11.83%		5.28%		7.21%
	w/SC4		10.84%		5.28%		7.21%
Class R61,5,6,7			13.20%		6.53%		8.39%
Institutional Service Class5			13.07%		6.42%		9.51%	8
MSCI World IndexSM Free			12.69%		7.58%		9.48%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

¹  Total returns prior to the Fund’s inception on November 19, 2012 are based on the performance of the Fund’s predecessor fund.

²  These returns do not reflect the effects of SCs.

³  A 5.75% front-end sales charge was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective November 19, 2012, Class Y Shares were renamed Institutional Class Shares.

⁷  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁸  Since inception date of November 21, 2012.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.61%		1.35%
Class C		2.37%		2.11%
Class R6		1.21%		0.95%
Institutional Service Class		1.29%		1.03%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

81

Fund Performance (cont.) Nationwide Global Sustainable Equity Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide Global Sustainable Equity Fund versus the MSCI World Index^SM Free over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 11/19/12 is based on Class Y shares of the Fund’s predecessor fund, the UBS Global Equity Fund. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expense, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

82

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,021.10		6.62		1.30
	Hypothetical	(a)(b)		1,000.00		1,018.65		6.61		1.30
Class C Shares	Actual	(a)		1,000.00		1,017.20		10.73		2.11
	Hypothetical	(a)(b)		1,000.00		1,014.57		10.71		2.11
Class R6 Shares	Actual	(a)		1,000.00		1,022.90		4.84		0.95
	Hypothetical	(a)(b)		1,000.00		1,020.42		4.84		0.95
Institutional Service Class Shares	Actual	(a)		1,000.00		1,022.10		5.20		1.02
	Hypothetical	(a)(b)		1,000.00		1,020.06		5.19		1.02

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

83

Statement of Investments

October 31, 2019

Nationwide Global Sustainable Equity Fund

Common Stocks 98.3%
	Shares		Value
AUSTRALIA 1.4%
Commercial Services & Supplies 1.4%
Brambles Ltd.		90,559	$	745,771
AUSTRIA 0.8%
Banks 0.8%
Erste Group Bank AG		11,672		412,478
BELGIUM 0.8%
Banks 0.8%
KBC Group NV		6,071		426,051
CANADA 1.0%
Entertainment 1.0%
Entertainment One Ltd.		73,181		527,993
CHINA 3.0%
Chemicals 0.0%†
Tianhe Chemicals Group Ltd. Reg. S*^¥ (a)		2,702,000		0
Insurance 1.5%
Ping An Insurance Group Co. of China Ltd., Class H		69,000		790,768
Internet & Direct Marketing Retail 0.4%
Prosus NV*		3,103		213,980
Wireless Telecommunication Services 1.1%
China Mobile Ltd.		70,000		568,148
				1,572,896
DENMARK 2.3%
Biotechnology 0.8%
Genmab A/S*		1,882		410,160
Marine 1.1%
AP Moller — Maersk A/S, Class B		477		607,894
Pharmaceuticals 0.4%
H Lundbeck A/S		5,831		199,068
				1,217,122
FINLAND 2.0%
Banks 0.9%
Nordea Bank Abp		64,774		475,075
Oil, Gas & Consumable Fuels 1.1%
Neste OYJ		16,176		584,709
				1,059,784
GERMANY 4.8%
Auto Components 1.4%
Continental AG		5,289		707,015
Chemicals 1.1%
LANXESS AG		9,308		605,452
Household Products 1.0%
Henkel AG & Co. KGaA (Preference)		5,160		536,386
Machinery 1.3%
Jungheinrich AG (Preference)		11,761		298,345
KION Group AG		5,960		398,576
				696,921
				2,545,774

Common Stocks (continued)
	Shares		Value
INDIA 1.6%
Banks 1.6%
Axis Bank Ltd., GDR Reg. S		16,366	$	849,493
INDONESIA 1.0%
Banks 1.0%
Bank Mandiri Persero Tbk. PT		1,085,500		541,776
JAPAN 10.2%
Diversified Financial Services 0.7%
ORIX Corp.		24,800		388,726
Diversified Telecommunication Services 0.8%
Nippon Telegraph & Telephone Corp.		8,500		421,188
Entertainment 1.0%
Nintendo Co. Ltd.		1,500		535,019
Household Durables 2.3%
Sony Corp.		19,600		1,194,287
Machinery 1.4%
MINEBEA MITSUMI, Inc.		14,600		276,901
Nabtesco Corp.		14,600		465,727
				742,628
Personal Products 1.8%
Kao Corp.		11,900		957,249
Pharmaceuticals 1.7%
Takeda Pharmaceutical Co. Ltd.		24,859		899,279
Professional Services 0.5%
TechnoPro Holdings, Inc.		4,200		258,243
				5,396,619
NETHERLANDS 2.6%
Chemicals 0.7%
Koninklijke DSM NV		2,981		353,434
Food & Staples Retailing 1.0%
Koninklijke Ahold Delhaize NV		20,474		509,936
Semiconductors & Semiconductor Equipment 0.9%
NXP Semiconductors NV		4,585		521,223
				1,384,593
NORWAY 1.1%
Oil, Gas & Consumable Fuels 1.1%
Equinor ASA		30,788		572,237
SOUTH AFRICA 0.8%
Internet & Direct Marketing Retail 0.8%
Naspers Ltd., Class N		2,982		423,751
SPAIN 0.6%
Biotechnology 0.6%
Grifols SA, ADR		15,300		335,223
SWITZERLAND 4.4%
Health Care Equipment & Supplies 0.7%
Alcon, Inc.*		6,568		388,038
Insurance 2.0%
Zurich Insurance Group AG		2,743		1,072,246
Pharmaceuticals 0.8%
Novartis AG (Registered)		4,738		413,901

84

Statement of Investments (Continued)

October 31, 2019

Nationwide Global Sustainable Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Textiles, Apparel & Luxury Goods 0.9%
Cie Financiere Richemont SA (Registered)		5,782	$	455,199
				2,329,384
UNITED KINGDOM 9.8%
Chemicals 1.8%
Linde plc		5,003		992,345
Electronic Equipment, Instruments & Components 1.3%
Spectris plc		21,932		679,960
Multi-Utilities 0.5%
Centrica plc		272,164		257,175
Personal Products 1.8%
Unilever NV		16,441		972,093
Pharmaceuticals 1.7%
GlaxoSmithKline plc		38,992		893,668
Software 1.7%
Sage Group plc (The)		94,519		881,575
Trading Companies & Distributors 1.0%
Ashtead Group plc		17,247		524,732
				5,201,548
UNITED STATES 50.1%
Airlines 1.4%
Delta Air Lines, Inc.		13,848		762,748
Banks 1.9%
Investors Bancorp, Inc.		14,047		169,266
US Bancorp		8,758		499,382
Wells Fargo & Co.		6,243		322,326
				990,974
Biotechnology 2.6%
Incyte Corp.*		6,081		510,318
Ironwood Pharmaceuticals, Inc.*		47,952		481,438
Medicines Co. (The)*		6,966		365,645
				1,357,401
Building Products 1.4%
Allegion plc		6,600		765,864
Capital Markets 3.0%
Ameriprise Financial, Inc.		3,831		578,060
T. Rowe Price Group, Inc.		8,730		1,010,934
				1,588,994
Chemicals 2.2%
Ecolab, Inc.		6,073		1,166,441
Commercial Services & Supplies 0.8%
MSA Safety, Inc.		3,589		430,931
Entertainment 3.0%
Electronic Arts, Inc.*		6,951		670,076
Walt Disney Co. (The)		7,170		931,527
				1,601,603
Equity Real Estate Investment Trusts (REITs) 1.0%
Simon Property Group, Inc.		3,516		529,791
Food & Staples Retailing 1.4%
Costco Wholesale Corp.		2,459		730,593

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Health Care Equipment & Supplies 1.5%
LivaNova plc*		6,300	$	445,599
Medtronic plc		3,100		337,590
				783,189
Health Care Providers & Services 2.5%
Laboratory Corp. of America Holdings*		1,625		267,751
UnitedHealth Group, Inc.		4,143		1,046,936
				1,314,687
Household Durables 1.5%
Mohawk Industries, Inc.*		5,722		820,420
Household Products 1.5%
Procter & Gamble Co. (The)		6,461		804,459
Insurance 1.7%
Marsh & McLennan Cos., Inc.		8,451		875,693
Internet & Direct Marketing Retail 2.9%
Amazon.com, Inc.*		873		1,551,024
IT Services 1.5%
Visa, Inc., Class A		4,571		817,569
Life Sciences Tools & Services 1.5%
Bio-Rad Laboratories, Inc., Class A*		2,476		821,091
Machinery 2.5%
AGCO Corp.		10,328		792,054
Gardner Denver Holdings, Inc.*		17,294		550,468
				1,342,522
Media 1.8%
Comcast Corp., Class A		20,997		941,086
Oil, Gas & Consumable Fuels 1.8%
Hess Corp.		14,553		956,860
Pharmaceuticals 2.2%
Elanco Animal Health, Inc.*		17,102		462,095
Eli Lilly & Co.		3,070		349,827
Johnson & Johnson		2,816		371,825
				1,183,747
Semiconductors & Semiconductor Equipment 1.2%
Micron Technology, Inc.*		13,935		662,609
Software 3.6%
Adobe, Inc.*		1,286		357,418
Microsoft Corp.		10,344		1,483,020
				1,840,438
Specialty Retail 2.3%
TJX Cos., Inc. (The)		21,237		1,224,313
Technology Hardware, Storage & Peripherals 1.4%
Western Digital Corp.		14,127		729,660
				26,594,707
Total Investments (cost $44,256,499) — 98.3%				52,137,200
Other assets in excess of liabilities — 1.7%				927,817
NET ASSETS — 100.0%			$	53,065,017

85

Statement of Investments (Continued)

October 31, 2019

Nationwide Global Sustainable Equity Fund (Continued)

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ 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 October 31, 2019 was $0 which represents 0.0% of net assets.

ADR American Depositary Receipt

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.

86

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Global Sustainable Equity Fund
Assets:
Investment securities, at value (cost $44,256,499)	$	52,137,200
Cash		111,114
Foreign currencies, at value (cost $90,949)		91,649
Interest and dividends receivable		66,228
Securities lending income receivable		17
Receivable for investments sold		694,246
Receivable for capital shares issued		57
Reclaims receivable		76,049
Reimbursement from investment adviser (Note 3)		14,313
Prepaid expenses		23,236
Total Assets		53,214,109
Liabilities:
Payable for capital shares redeemed		12,346
Accrued expenses and other payables:
Investment advisory fees		33,063
Fund administration fees		14,933
Distribution fees		10,514
Administrative servicing fees		21,739
Accounting and transfer agent fees		3,273
Trustee fees		230
Custodian fees		241
Compliance program costs (Note 3)		74
Professional fees		33,887
Printing fees		14,081
Other		4,711
Total Liabilities		149,092
Net Assets	$	53,065,017
Represented by:
Capital	$	42,088,891
Total distributable earnings (loss)		10,976,126
Net Assets	$	53,065,017
Net Assets:
Class A Shares	$	38,590,822
Class C Shares		2,268,427
Class R6 Shares		6,548,746
Institutional Service Class Shares		5,657,022
Total	$	53,065,017

87

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Global Sustainable Equity Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,107,898
Class C Shares		132,462
Class R6 Shares		346,169
Institutional Service Class Shares		298,765
Total		2,885,294
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	18.31
Class C Shares (b)	$	17.13
Class R6 Shares	$	18.92
Institutional Service Class Shares	$	18.93
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	19.43
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.

88

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Global Sustainable Equity Fund
INVESTMENT INCOME:
Dividend income	$	1,089,234
Income from non-cash dividends		265,175
Interest income		19,094
Income from securities lending (Note 2)		15,550
Foreign tax withholding		(65,778	)
Total Income		1,323,275
EXPENSES:
Investment advisory fees		395,863
Fund administration fees		94,587
Distribution fees Class A		79,824
Distribution fees Class C		91,808
Administrative servicing fees Class A		31,945
Administrative servicing fees Class C		13,822
Administrative servicing fees Institutional Service Class		3,307
Registration and filing fees		53,764
Professional fees		47,782
Printing fees		29,115
Trustee fees		1,913
Custodian fees		3,766
Accounting and transfer agent fees		21,839
Compliance program costs (Note 3)		258
Other		3,866
Total expenses before expenses reimbursed		873,459
Expenses reimbursed by adviser (Note 3)		(150,643	)
Net Expenses		722,816
NET INVESTMENT INCOME		600,459
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		2,946,974
Foreign currency transactions (Note 2)		7,006
Net realized gains		2,953,980
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		2,668,378
Translation of assets and liabilities denominated in foreign currencies		3,820
Net change in unrealized appreciation/depreciation		2,672,198
Net realized/unrealized gains		5,626,178
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,226,637

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

89

Statements of Changes in Net Assets

	Nationwide Global Sustainable Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	600,459		$	250,256
Net realized gains		2,953,980			5,150,014
Net change in unrealized appreciation/depreciation		2,672,198			(4,522,009	)
Change in net assets resulting from operations		6,226,637			878,261
Distributions to Shareholders From:
Distributable earnings:
Class A		(3,382,374	)		(120,099	)
Class C		(1,070,153	)		–
Class R6		(795,064	)		(52,101	)
Institutional Service Class		(487,876	)		(14,887	)
Change in net assets from shareholder distributions		(5,735,467	)		(187,087	)
Change in net assets from capital transactions		(435,488	)		(4,396,630	)
Change in net assets		55,682			(3,705,456	)
Net Assets:
Beginning of year		53,009,335			56,714,791
End of year	$	53,065,017		$	53,009,335
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	7,715,240		$	821,265
Dividends reinvested		3,205,761			114,563
Cost of shares redeemed		(5,243,824	)		(4,472,059	)
Total Class A Shares		5,677,177			(3,536,231	)
Class C Shares
Proceeds from shares issued		193,882			515,003
Dividends reinvested		1,048,410			–
Cost of shares redeemed		(8,660,872	)		(1,560,893	)
Total Class C Shares		(7,418,580	)		(1,045,890	)
Class R6 Shares
Proceeds from shares issued		4,287			759,866
Dividends reinvested		717,656			48,620
Cost of shares redeemed		(1,647,768	)		(1,807,042	)
Total Class R6 Shares		(925,825	)		(998,556	)
Institutional Service Class Shares
Proceeds from shares issued		4,730,289			2,625,804
Dividends reinvested		298,647			12,755
Cost of shares redeemed		(2,797,196	)		(1,454,512	)
Total Institutional Service Class Shares		2,231,740			1,184,047
Change in net assets from capital transactions	$	(435,488	)	$	(4,396,630	)

90

Statements of Changes in Net Assets (Continued)

	Nationwide Global Sustainable Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		446,096			42,048
Reinvested		206,682			6,021
Redeemed		(304,601	)		(233,739	)
Total Class A Shares		348,177			(185,670	)
Class C Shares
Issued		12,144			27,776
Reinvested		72,506			–
Redeemed		(538,401	)		(86,032	)
Total Class C Shares		(453,751	)		(58,256	)
Class R6 Shares
Issued		237			38,821
Reinvested		44,748			2,474
Redeemed		(91,494	)		(93,055	)
Total Class R6 Shares		(46,509	)		(51,760	)
Institutional Service Class Shares
Issued		264,179			129,872
Reinvested		18,531			645
Redeemed		(158,325	)		(74,753	)
Total Institutional Service Class Shares		124,385			55,764
Total change in shares		(27,698	)		(239,922	)

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

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 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
Year Ended October 31, 2019	$	18.30		0.22			1.75			1.97			(0.18	)		(1.78	)		(1.96	)	$	18.31		12.83%		$	38,590,822		1.30%		1.29%			1.59%		47.52%
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%
Class C Shares
Year Ended October 31, 2019	$	17.25		0.01			1.70			1.71			(0.05	)		(1.78	)		(1.83	)	$	17.13		11.90%	(g)	$	2,268,427		2.10%		0.09%			2.39%		47.52%
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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	18.85		0.27			1.83			2.10			(0.25	)		(1.78	)		(2.03	)	$	18.92		13.20%		$	6,548,746		0.95%		1.53%			1.24%		47.52%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	18.86		0.29			1.79			2.08			(0.23	)		(1.78	)		(2.01	)	$	18.93		13.07%		$	5,657,022		1.02%		1.59%			1.31%		47.52%
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%

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 February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

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

92

Fund Commentary Nationwide International Small Cap Fund

For the annual period ended October 31, 2019, the Nationwide International Small Cap Fund (Class R6) returned 11.37% versus 8.82% for its benchmark, the MSCI EAFE® Small Cap Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Foreign Small/Mid Blend (consisting of 117 funds as of October 31, 2019), was 7.41% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

Market Commentary

Global equities, as measured by the MSCI ACWI, rose more than 13.2% for the reporting period. Toward the end of 2018, global equities tumbled as concerns about slowing global growth weighed heavily on the markets. China’s economy grew at the weakest pace in a decade, and economic growth in the eurozone moderated. On the monetary policy front, the Federal Reserve (Fed) raised rates by 0.25%, to the highest level in a decade.

In the first quarter of 2019, global markets recovered and surged due to productive trade negotiations between the United States and China, and by dovish rhetoric and policy actions for the major central banks. The United States delayed its plan to increase tariffs on US$200 billion of imports from China amid constructive dialogue between U.S. and Chinese trade representatives. Brexit remained a key area of concern, with the British Parliament rejecting Prime Minister Theresa May’s deal for the third time.

In the second quarter of 2019, global equities rose for the second straight quarter. Trade tensions between China and the United States escalated in May but eased at the end of the quarter after the two countries agreed at the G20 summit to resume trade negotiations. Brexit was a major concern, with the United Kingdom (UK) avoiding an abrupt no-deal departure after the European Union (EU) leaders granted the UK a flexible extension until October 31. Prime Minister May announced that she would resign on June 7 after failing to secure a Brexit deal.

In the third quarter of 2019, Boris Johnson was appointed as the new prime minister of the UK after his victory in the Conservative Party leadership contest. UK opposition parties vowed to block Prime Minister Johnson’s bid for a general election, and Parliament passed legislation requiring him to request an extension to the Brexit process if he fails to secure an acceptable deal. On the monetary front, the Federal Reserve (Fed) cut interest rates in July and September in an effort to extend the U.S. economic expansion amid a slowdown in growth and trade uncertainty. The European Central Bank unveiled a sweeping, long-term economic stimulus package to bolster the eurozone economy against slowing growth and trade frictions, including an open-ended asset purchase program and more-favorable bank lending conditions.

In the final month of the reporting period, markets benefited from easing geopolitical tension. U.S. President Donald Trump canceled a tariff increase scheduled for October, and the United States and China have made substantial progress toward a “phase one” trade agreement. The risk of a no-deal Brexit declined significantly after a draft Brexit deal was agreed upon by the UK and the EU. On the monetary front, most global central banks reiterated their dovish policy stances. The Fed cut interest rates for the third time this year, signaling that it intends to pause the current easing cycle.

Portfolio Review

The Fund outperformed the MSCI EAFE Small Cap Index by 2.55% during the reporting period. The Fund’s relative outperformance during the period was driven by strong stock selection in the Utilities, Information Technology and Health Care sectors. This strong selection was partially offset by weaker selection in the Consumer Discretionary sector.

Top contributors to relative Fund performance during the reporting period included AltaGas Canada (Utilities), Cellnex Telecom (Communication Services) and Catena (Real Estate). AltaGas Canada, a Canada-based natural gas distribution company, was the top

93

Fund Commentary (cont.) Nationwide International Small Cap Fund

contributor during the period. The stock rose sharply in October after the company announced that it would be acquired by the Public Sector Pension Investment Board and the Alberta Teachers’ Retirement Fund Board in an all-cash deal for a substantial premium. Cellnex Telecom, a Spain-based wireless telecommunications company, also was a top contributor during the period. Shares rose toward the end of the period after the company announced the acquisition of 7,400 mobile towers in the UK from privately held Arqiva. The transaction makes the company Britain’s largest independent wireless tower operator and a central player in the country’s rollout of 5G. Catena, a Sweden-based logistics real estate company, rose in August after CLS Holdings, a major shareholder of Catena, announced double-digit profit growth in the first half of 2019 boosted by portfolio valuation gains. In early September, CLS announced that it will explore a potential sale of its entire stake in Catena.

Top detractors from relative Fund performance during the reporting period included Yume No Machi Souzou (Consumer Discretionary), UroGen Pharma (Health Care) and Maisons du Monde (Consumer Discretionary). Yume No Machi Souzou, the leading food delivery company in Japan, was the top detractor during the period. Shares fell in late March after the company announced first-half fiscal-year results at a loss, driven by weaker-than-expected sales growth and a high cost basis. Shares fell again in October following a downgrade by a key analyst who viewed the emergence of Uber Eats as a direct threat to the company’s market share. UroGen Pharma, a biopharmaceutical company focused on treatments for urothelial cancer, detracted from relative results. The stock declined in September after the company reported that response rates for its bladder cancer treatment, UGN-102, were in line with expectations, but were not accompanied by a durability study to enable investors to assess results compared to a bladder tumor removal procedure. Maisons du Monde, a France-based home décor and furniture company, reported lower-than-expected EBITDA* with margins down during the period, highlighting a combination of currency headwinds, heightened

promotional activity (to reduce inventory) and increased marketing costs as some of the drivers of weakness.

The portfolio utilized exchange-traded funds (ETFs) during the reporting period to equitize cash. The positions did not have a material impact on the portfolio during the period.

Subadviser:

Wellington Management Company LLP

Portfolio Managers:

Mary L. Pryshlak, CFA, and Jonathan D. White, CFA

* EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure of a company’s overall financial performance.

The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies are usually less stable in price and less liquid than larger, more-established companies. Smaller companies are more vulnerable than larger companies to adverse business and economic developments and may have more-limited resources. Therefore, they generally involve greater risk. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and illiquidity, and are highly volatile). The Fund’s holdings may subject the Fund to liquidity risk, making it more volatile than other mutual funds. The Fund uses both a growth style and a value style of investing, and may underperform other funds that use different investing styles. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

94

Fund Overview Nationwide International Small Cap Fund

Asset Allocation¹

Common Stocks	98.5%
Repurchase Agreements	3.1%
Exchange Traded Fund	0.5%
Short-Term Investment	0.3%
Rights†	0.0%
Liabilities in excess of other assets	(2.4)%
	100.0%

Top Industries²

Equity Real Estate Investment Trusts (REITs)	7.9%
IT Services	6.2%
Machinery	4.9%
Real Estate Management & Development	4.3%
Gas Utilities	3.4%
Chemicals	3.2%
Health Care Equipment & Supplies	3.2%
Capital Markets	3.1%
Banks	2.9%
Hotels, Restaurants & Leisure	2.9%
Other Industries#	58.0%
	100.0%

Top Holdings²

AltaGas Canada, Inc.	2.6%
Tecan Group AG (Registered)	1.5%
DiaSorin SpA	1.3%
GMO Payment Gateway, Inc.	1.2%
Derwent London plc	1.2%
Catena AB	1.2%
Fastighets AB Balder, Class B	1.1%
Ichigo Office REIT Investment	1.1%
Comforia Residential REIT, Inc.	1.1%
Nippon Accommodations Fund, Inc.	1.1%
Other Holdings#	86.6%
	100.0%

Top Countries²

Japan	24.7%
United Kingdom	11.4%
Italy	6.3%
Sweden	5.0%
Australia	4.7%
Switzerland	4.4%
Canada	3.2%
China	3.0%
Netherlands	3.0%
France	3.0%
Other Countries#	31.3%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

95

Fund Performance Nationwide International Small Cap Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		Inception*
Class A	w/o SC1		11.12%		8.23%	2
	w/SC3		4.75%		6.00%	2
Class R64			11.37%		8.58%	2
Institutional Service Class4			11.20%		8.50%	2
MSCI EAFE® Small Cap Index			8.82%		9.45%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

* Not annualized.

¹  These returns do not reflect the effects of SCs.

²  Since inception date of December 29, 2016.

³  A 5.75% front-end sales charge was deducted.

⁴  Not subject to any SCs.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		1.54%		1.50%
Class R6		1.04%		1.00%
Institutional Service Class		1.29%		1.25%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

96

Fund Performance (cont.) Nationwide International Small Cap Fund

Performance of a $1,000,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $1,000,000 invested in Class R6 shares of the Nationwide International Small Cap Fund from inception through 10/31/19 versus the MSCI EAFE® Small Cap Index for the same period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

97

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,032.00		6.40		1.25
	Hypothetical	(a)(b)		1,000.00		1,018.90		6.36		1.25
Class R6 Shares	Actual	(a)		1,000.00		1,033.90		5.08		0.99
	Hypothetical	(a)(b)		1,000.00		1,020.21		5.04		0.99
Institutional Service Class Shares	Actual	(a)		1,000.00		1,033.30		5.69		1.11
	Hypothetical	(a)(b)		1,000.00		1,019.61		5.65		1.11

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

98

Statement of Investments

October 31, 2019

Nationwide International Small Cap Fund

Common Stocks 98.5%
	Shares		Value
AUSTRALIA 4.8%
Capital Markets 0.4%
Pendal Group Ltd.		426,442	$	2,094,799
Chemicals 0.3%
Nufarm Ltd.*		358,942		1,460,450
Containers & Packaging 0.6%
Orora Ltd.		1,456,065		3,092,207
Equity Real Estate Investment Trusts (REITs) 0.5%
Charter Hall Social Infrastructure REIT		988,067		2,467,105
Insurance 0.5%
AUB Group Ltd.		397,458		3,381,463
Metals & Mining 0.4%
Evolution Mining Ltd.		357,153		1,031,840
Northern Star Resources Ltd.		137,566		943,220
				1,975,060
Oil, Gas & Consumable Fuels 0.4%
Beach Energy Ltd.		337,116		526,287
Karoon Energy Ltd.* (a)		929,385		613,867
Whitehaven Coal Ltd.		442,688		1,003,634
				2,143,788
Professional Services 0.2%
IPH Ltd.		151,850		842,868
Software 0.6%
Bravura Solutions Ltd.		1,073,654		3,031,559
Trading Companies & Distributors 0.3%
Seven Group Holdings Ltd.		113,313		1,461,256
Transportation Infrastructure 0.6%
Atlas Arteria Ltd.		331,261		1,831,915
Qube Holdings Ltd.		774,709		1,732,393
				3,564,308
				25,514,863
AUSTRIA 0.6%
Banks 0.4%
BAWAG Group AG Reg. S (b)		52,436		2,167,302
Construction Materials 0.1%
Wienerberger AG		26,314		711,672
Electrical Equipment 0.1%
Zumtobel Group AG*		69,955		555,570
				3,434,544
BELGIUM 1.4%
Biotechnology 0.8%
Galapagos NV* (a)		21,000		3,867,979
Equity Real Estate Investment Trusts (REITs) 0.6%
Warehouses De Pauw CVA		17,677		3,276,993
				7,144,972
BRAZIL 1.8%
Chemicals 0.3%
Braskem SA (Preference), Class A		244,300		1,687,348
Hotels, Restaurants & Leisure 0.3%
Arcos Dorados Holdings, Inc., Class A		235,253		1,757,340

Common Stocks (continued)
	Shares		Value
BRAZIL (continued)
IT Services 1.1%
Pagseguro Digital Ltd., Class A*		69,069	$	2,561,079
StoneCo Ltd., Class A* (a)		80,863		2,974,950
				5,536,029
Water Utilities 0.1%
Cia de Saneamento do Parana		27,400		623,084
				9,603,801
CANADA 3.2%
Chemicals 0.2%
EcoSynthetix, Inc.*		604,202		1,293,637
Gas Utilities 2.7%
AltaGas Canada, Inc.		558,182		14,205,650
Metals & Mining 0.2%
ERO Copper Corp.*		101,161		1,264,224
Oil, Gas & Consumable Fuels 0.1%
Parex Resources, Inc.*		28,928		392,047
				17,155,558
CHINA 3.1%
Air Freight & Logistics 0.5%
Kerry Logistics Network Ltd.		977,500		1,556,765
Sinotrans Ltd., Class H		3,968,355		1,160,105
				2,716,870
Auto Components 0.1%
Nexteer Automotive Group Ltd.		676,000		628,307
Biotechnology 0.3%
Zai Lab Ltd., ADR*		52,209		1,764,142
Chemicals 0.3%
Sinopec Shanghai Petrochemical Co. Ltd., Class H		6,070,000		1,677,869
Containers & Packaging 0.3%
AMVIG Holdings Ltd.		5,991,891		1,541,303
Electronic Equipment, Instruments & Components 0.3%
Kingboard Holdings Ltd.		569,500		1,510,510
Independent Power and Renewable Electricity Producers 0.4%
China Longyuan Power Group Corp. Ltd., Class H		2,104,245		1,136,831
Huaneng Renewables Corp. Ltd., Class H		2,596,000		988,854
				2,125,685
Interactive Media & Services 0.2%
Wise Talent Information Technology Co. Ltd. Reg. S* (a)		335,600		841,304
Internet & Direct Marketing Retail 0.1%
Maoyan Entertainment Reg. S* (b)		237,254		341,884
Machinery 0.1%
Precision Tsugami China Corp. Ltd. Reg. S		780,000		749,287
Marine 0.3%
SITC International Holdings Co. Ltd.		1,244,000		1,372,068
Professional Services 0.1%
51job, Inc., ADR*		4,914		387,076

99

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
CHINA (continued)
Software 0.1%
Kingdee International Software Group Co. Ltd.		583,000	$	634,624
				16,290,929
COLOMBIA 0.7%
Oil, Gas & Consumable Fuels 0.2%
Canacol Energy Ltd.*		349,829		1,288,187
Wireless Telecommunication Services 0.5%
Millicom International Cellular SA, SDR		56,503		2,575,590
				3,863,777
DENMARK 1.1%
Biotechnology 0.4%
Ascendis Pharma A/S, ADR*		7,177		793,633
Zealand Pharma A/S* (a)		43,742		1,306,631
				2,100,264
Building Products 0.5%
Rockwool International A/S, Class B		13,099		2,573,326
Machinery 0.2%
FLSmidth & Co. A/S		25,340		906,658
				5,580,248
FINLAND 1.7%
Chemicals 0.3%
Kemira OYJ		94,863		1,540,204
Machinery 0.5%
Cargotec OYJ, Class B (a)		29,989		1,050,747
Konecranes OYJ		30,769		949,118
Valmet OYJ		38,948		870,640
				2,870,505
Real Estate Management & Development 0.9%
Kojamo OYJ		276,949		4,666,955
				9,077,664
FRANCE 3.0%
Airlines 0.1%
Air France-KLM*		53,544		637,767
Commercial Services & Supplies 0.2%
SPIE SA		40,897		862,276
Gas Utilities 0.0%†
Rubis SCA		97		5,627
Health Care Equipment & Supplies 0.6%
BioMerieux		38,212		3,126,666
Household Durables 1.0%
Kaufman & Broad SA		133,993		5,108,054
IT Services 0.2%
Worldline SA Reg. S* (b)		21,628		1,314,048
Media 0.2%
JCDecaux SA		35,612		973,338
Semiconductors & Semiconductor Equipment 0.4%
SOITEC*		20,157		2,219,342

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Specialty Retail 0.3%
Maisons du Monde SA Reg. S (b)		133,765	$	1,848,923
				16,096,041
GERMANY 2.6%
Biotechnology 0.2%
Affimed NV*		329,217		967,898
Electrical Equipment 0.3%
OSRAM Licht AG (a)		30,591		1,367,185
Health Care Equipment & Supplies 0.4%
Sartorius AG (Preference)		12,517		2,430,444
Industrial Conglomerates 0.4%
Rheinmetall AG		22,201		2,671,718
Internet & Direct Marketing Retail 0.5%
Delivery Hero SE Reg. S* (b)		51,578		2,416,552
Metals & Mining 0.3%
Aurubis AG		28,656		1,405,285
Professional Services 0.3%
Bertrandt AG		28,997		1,446,675
Road & Rail 0.2%
Sixt SE		9,417		919,842
				13,625,599
GHANA 0.5%
Oil, Gas & Consumable Fuels 0.5%
Kosmos Energy Ltd.		154,355		957,001
Tullow Oil plc		656,915		1,757,505
				2,714,506
GREECE 0.4%
Diversified Telecommunication Services 0.4%
Hellenic Telecommunications Organization SA		133,953		2,028,297
HONG KONG 1.1%
IT Services 0.5%
SUNeVision Holdings Ltd.*		3,666,611		2,701,316
Machinery 0.2%
Singamas Container Holdings Ltd.		11,477,427		1,286,350
Marine 0.4%
Pacific Basin Shipping Ltd.		8,489,000		1,968,094
				5,955,760
INDIA 0.3%
Capital Markets 0.1%
Edelweiss Financial Services Ltd.		493,594		642,828
Entertainment 0.1%
PVR Ltd.		34,039		852,733
Software 0.1%
Cyient Ltd.		57,773		331,220
				1,826,781
INDONESIA 0.2%
Diversified Telecommunication Services 0.2%
Link Net Tbk. PT		3,849,835		1,206,971

100

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
IRELAND 1.8%
Containers & Packaging 1.0%
Smurfit Kappa Group plc		146,253	$	4,879,552
Equity Real Estate Investment Trusts (REITs) 0.6%
Irish Residential Properties REIT plc		1,730,329		3,389,245
Marine 0.2%
Irish Continental Group plc		214,406		1,024,297
Irish Continental Group plc		152		746
				1,025,043
				9,293,840
ISRAEL 0.8%
IT Services 0.5%
Wix.com Ltd.*		20,937		2,555,779
Oil, Gas & Consumable Fuels 0.2%
Delek Group Ltd.		5,762		719,341
Tamar Petroleum Ltd. Reg. S (b)		110,155		284,470
				1,003,811
Pharmaceuticals 0.1%
MediWound Ltd.*		227,990		668,011
				4,227,601
ITALY 6.5%
Automobiles 0.1%
Piaggio & C SpA		142,560		448,602
Capital Markets 0.5%
Anima Holding SpA Reg. S (b)		193,467		842,364
Banca Generali SpA		51,281		1,676,798
				2,519,162
Commercial Services & Supplies 0.6%
Fila SpA (a)		191,918		3,302,231
Construction Materials 0.3%
Buzzi Unicem SpA		68,072		1,649,267
Diversified Financial Services 0.9%
Banca Farmafactoring SpA Reg. S (b)		378,712		2,294,503
Cerved Group SpA		277,545		2,704,356
				4,998,859
Gas Utilities 0.7%
Italgas SpA		593,492		3,827,276
Health Care Equipment & Supplies 1.4%
DiaSorin SpA		62,841		7,097,906
Hotels, Restaurants & Leisure 0.5%
Autogrill SpA		243,841		2,409,638
Independent Power and Renewable Electricity Producers 0.0%†
ERG SpA		8,143		172,609
Machinery 0.4%
Interpump Group SpA		71,616		1,964,280
Textiles, Apparel & Luxury Goods 1.0%
OVS SpA Reg. S* (a)(b)		1,557,108		3,114,174
Salvatore Ferragamo SpA (a)		117,320		2,196,842
				5,311,016

Common Stocks (continued)
	Shares		Value
ITALY (continued)
Transportation Infrastructure 0.1%
Enav SpA Reg. S (b)		68,732	$	400,647
				34,101,493
JAPAN 25.3%
Auto Components 0.8%
Musashi Seimitsu Industry Co. Ltd.		48,400		670,926
NGK Spark Plug Co. Ltd.		51,400		1,042,040
Nippon Seiki Co. Ltd.		81,900		1,263,356
TPR Co. Ltd.		42,200		754,741
Unipres Corp.		44,100		719,770
				4,450,833
Banks 1.2%
Bank of Kyoto Ltd. (The)		51,316		2,035,641
Fukuoka Financial Group, Inc.		107,300		2,068,654
Shiga Bank Ltd. (The)		84,900		2,045,864
				6,150,159
Beverages 0.4%
Ito En Ltd.		46,400		2,257,986
Capital Markets 0.4%
DSB Co. Ltd.		80,000		436,202
Ichiyoshi Securities Co. Ltd.		145,000		935,537
Marusan Securities Co. Ltd.		193,000		929,361
				2,301,100
Chemicals 0.5%
JSR Corp.		106,407		1,998,894
Tokyo Ohka Kogyo Co. Ltd.		17,330		684,553
				2,683,447
Commercial Services & Supplies 0.1%
Raksul, Inc.* (a)		15,074		497,378
Construction & Engineering 0.5%
Chiyoda Corp.* (a)		279,671		724,870
JGC Holdings Corp.		129,962		1,884,365
				2,609,235
Construction Materials 0.2%
Taiheiyo Cement Corp.		40,409		1,141,982
Consumer Finance 0.5%
Acom Co. Ltd.		598,250		2,402,963
Diversified Financial Services 0.6%
Mitsubishi UFJ Lease & Finance Co. Ltd.		331,800		2,037,123
NEC Capital Solutions Ltd.		52,300		1,110,871
				3,147,994
Entertainment 0.5%
DeNA Co. Ltd.		30,178		515,470
Heroz, Inc.* (a)		1,660		185,309
Toei Co. Ltd.		14,790		2,047,121
				2,747,900
Equity Real Estate Investment Trusts (REITs) 3.2%
Comforia Residential REIT, Inc.		1,757		5,726,384
Ichigo Office REIT Investment		5,587		5,748,723
Nippon Accommodations Fund, Inc.		908		5,716,715
				17,191,822

101

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Food & Staples Retailing 1.2%
Create SD Holdings Co. Ltd.		80,000	$	1,980,169
Kobe Bussan Co. Ltd. (a)		73,000		2,163,534
Tsuruha Holdings, Inc.		19,700		2,215,257
				6,358,960
Food Products 0.8%
Itoham Yonekyu Holdings, Inc.		309,000		1,987,677
Nichirei Corp.		90,800		2,075,790
				4,063,467
Gas Utilities 0.0%†
Nippon Gas Co. Ltd.		8,600		244,513
Health Care Equipment & Supplies 0.3%
Asahi Intecc Co. Ltd.		55,300		1,512,278
Hotels, Restaurants & Leisure 0.8%
Kyoritsu Maintenance Co. Ltd.		90,800		4,010,482
Interactive Media & Services 0.5%
Dip Corp. (a)		95,800		2,599,916
Internet & Direct Marketing Retail 1.5%
ASKUL Corp.		123,400		3,390,557
Yume No Machi Souzou Iinkai Co. Ltd. (a)		163,300		1,505,275
ZOZO, Inc. (a)		131,181		3,067,289
				7,963,121
IT Services 2.9%
Argo Graphics, Inc.		16,302		451,684
GMO Payment Gateway, Inc.		89,769		6,622,842
NET One Systems Co. Ltd.		57,653		1,557,180
Nihon Unisys Ltd.		21,000		695,588
Obic Co. Ltd.		41,030		5,150,939
TechMatrix Corp.		31,405		703,196
				15,181,429
Machinery 0.8%
Daifuku Co. Ltd.		3,774		200,231
Fuji Corp.		20,974		348,437
MINEBEA MITSUMI, Inc.		51,100		969,151
Nabtesco Corp.		15,660		499,540
OKUMA Corp.		16,100		958,632
THK Co. Ltd.		29,200		835,792
Yamashin-Filter Corp. (a)		73,800		607,238
				4,419,021
Media 1.3%
CyberAgent, Inc.		10,941		354,036
Hakuhodo DY Holdings, Inc.		223,054		3,323,062
Nippon Television Holdings, Inc.		242,573		3,164,737
				6,841,835
Multiline Retail 0.5%
H2O Retailing Corp.		214,715		2,432,635
Oil, Gas & Consumable Fuels 0.4%
Idemitsu Kosan Co. Ltd.		62,200		1,829,067
Japan Petroleum Exploration Co. Ltd.		4,400		112,594
				1,941,661
Personal Products 0.4%
Fancl Corp.		76,000		2,157,610

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Professional Services 0.7%
BayCurrent Consulting, Inc.		29,550	$	1,493,371
Grace Technology, Inc. (a)		13,157		372,982
TechnoPro Holdings, Inc.		27,600		1,697,027
				3,563,380
Real Estate Management & Development 0.6%
Tokyo Tatemono Co. Ltd.		238,700		3,395,726
Road & Rail 0.6%
Sankyu, Inc.		31,700		1,612,036
Seino Holdings Co. Ltd.		122,445		1,571,759
				3,183,795
Semiconductors & Semiconductor Equipment 0.9%
Lasertec Corp.		19,810		1,419,139
SCREEN Holdings Co. Ltd.		20,901		1,461,594
Tri Chemical Laboratories, Inc. (a)		7,100		466,292
Ulvac, Inc.		28,800		1,257,072
				4,604,097
Software 0.8%
Infomart Corp.		161,450		2,427,548
Sansan, Inc.*		20,441		728,252
Systena Corp.		50,650		726,687
TeamSpirit, Inc.* (a)		23,800		404,699
				4,287,186
Textiles, Apparel & Luxury Goods 0.8%
Asics Corp.		255,500		4,380,225
Transportation Infrastructure 0.6%
Japan Airport Terminal Co. Ltd. (a)		37,500		1,851,269
Mitsubishi Logistics Corp.		51,500		1,306,502
				3,157,771
				133,881,907
JERSEY 0.5%
Capital Markets 0.5%
Sanne Group plc		364,655		2,497,286
KAZAKHSTAN 0.7%
Metals & Mining 0.4%
KAZ Minerals plc		339,257		2,064,067
Oil, Gas & Consumable Fuels 0.3%
NAC Kazatomprom JSC, GDR Reg. S		109,660		1,474,532
				3,538,599
LUXEMBOURG 0.5%
Banks 0.5%
Addiko Bank AG*		139,903		2,447,747
MALAYSIA 0.2%
Electronic Equipment, Instruments & Components 0.1%
Inari Amertron Bhd.		1,095,800		511,736
Semiconductors & Semiconductor Equipment 0.1%
ViTrox Corp. Bhd.		274,300		506,933
				1,018,669

102

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
MEXICO 0.7%
Chemicals 0.7%
Alpek SAB de CV		1,572,900	$	1,694,201
Orbia Advance Corp. SAB de CV		884,041		1,907,651
				3,601,852
NETHERLANDS 3.1%
Biotechnology 0.7%
Argenx SE, ADR*		13,700		1,677,701
Merus NV* (a)		61,648		965,408
ProQR Therapeutics NV*		166,457		1,131,908
				3,775,017
Chemicals 0.4%
Corbion NV		67,786		1,957,662
Construction & Engineering 0.2%
Boskalis Westminster (a)		59,563		1,307,811
Hotels, Restaurants & Leisure 0.3%
DP Eurasia NV Reg. S* (b)		1,649,592		1,476,338
IT Services 0.7%
InterXion Holding NV*		42,466		3,746,351
Trading Companies & Distributors 0.8%
IMCD NV		51,429		4,016,309
				16,279,488
NEW ZEALAND 1.0%
Health Care Equipment & Supplies 0.6%
Fisher & Paykel Healthcare Corp. Ltd.		256,032		3,128,028
Oil, Gas & Consumable Fuels 0.3%
New Zealand Refining Co. Ltd. (The)		1,327,801		1,744,801
Software 0.1%
Xero Ltd.*		8,047		381,415
				5,254,244
NORWAY 1.3%
Banks 0.7%
SpareBank 1 SMN		361,072		3,887,076
Energy Equipment & Services 0.3%
Aker Solutions ASA*		586,641		1,349,201
Food Products 0.3%
Salmar ASA		38,103		1,777,246
				7,013,523
PORTUGAL 0.2%
Media 0.2%
NOS SGPS SA		220,860		1,312,074
RUSSIA 0.2%
Interactive Media & Services 0.1%
Mail.Ru Group Ltd., GDR Reg. S*		22,048		468,588
Professional Services 0.1%
HeadHunter Group plc, ADR		19,100		333,486
				802,074

Common Stocks (continued)
	Shares		Value
SINGAPORE 0.1%
Semiconductors & Semiconductor Equipment 0.1%
Kulicke & Soffa Industries, Inc.		13,285	$	315,452
SOUTH AFRICA 0.5%
Construction Materials 0.3%
PPC Ltd.*		5,328,001		1,359,340
Containers & Packaging 0.2%
Nampak Ltd.*		2,362,111		1,254,872
				2,614,212
SOUTH KOREA 0.6%
Auto Components 0.2%
S&T Motiv Co. Ltd.		23,267		911,027
Diversified Telecommunication Services 0.2%
LG Uplus Corp.		121,170		1,399,894
Software 0.2%
Douzone Bizon Co. Ltd.		13,057		823,096
				3,134,017
SPAIN 2.4%
Banks 0.2%
Liberbank SA		2,374,181		759,149
Unicaja Banco SA Reg. S (b)		422,159		382,227
				1,141,376
Commercial Services & Supplies 0.1%
Atento SA* (a)		211,222		633,666
Diversified Telecommunication Services 0.8%
Cellnex Telecom SA Reg. S* (b)		100,286		4,325,050
Equity Real Estate Investment Trusts (REITs) 0.4%
Arima Real Estate SOCIMI SA*		201,041		2,264,848
Food Products 0.9%
Ebro Foods SA		92,425		2,030,687
Viscofan SA		43,374		2,350,996
				4,381,683
				12,746,623
SWEDEN 5.1%
Aerospace & Defense 0.2%
Saab AB, Class B		41,489		1,279,719
Capital Markets 0.4%
Vostok Emerging Finance Ltd., SDR*		8,348,774		2,371,630
Commercial Services & Supplies 0.1%
Bravida Holding AB Reg. S (b)		67,254		619,699
Construction & Engineering 0.1%
Sweco AB, Class B		15,162		533,309
Containers & Packaging 0.3%
BillerudKorsnas AB (a)		117,222		1,410,865
Hotels, Restaurants & Leisure 0.3%
SkiStar AB		150,784		1,808,403
Machinery 0.9%
Trelleborg AB, Class B		290,068		4,686,767

103

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWEDEN (continued)
Paper & Forest Products 0.2%
Svenska Cellulosa AB SCA, Class B		121,022	$	1,236,408
Real Estate Management & Development 2.4%
Catena AB		171,760		6,282,780
Fastighets AB Balder, Class B*		157,348		6,103,065
				12,385,845
Trading Companies & Distributors 0.2%
Indutrade AB		26,372		813,890
				27,146,535
SWITZERLAND 4.5%
Air Freight & Logistics 0.1%
Panalpina Welttransport Holding AG (Registered)		2,182		504,427
Commercial Services & Supplies 0.1%
IWG plc		138,171		686,511
Life Sciences Tools & Services 1.5%
Tecan Group AG (Registered)		33,868		8,013,842
Machinery 1.2%
Bucher Industries AG (Registered)		4,037		1,246,916
OC Oerlikon Corp. AG (Registered)		212,401		2,175,227
Sulzer AG (Registered) REG		11,046		1,115,625
VAT Group AG Reg. S* (b)		13,070		1,917,477
				6,455,245
Real Estate Management & Development 0.6%
PSP Swiss Property AG (Registered)		23,198		3,069,528
Software 0.5%
Temenos AG (Registered)*		16,929		2,417,403
Specialty Retail 0.5%
Dufry AG (Registered)*		27,946		2,432,631
				23,579,587
TAIWAN 2.0%
Electrical Equipment 0.1%
Bizlink Holding, Inc.		96,000		648,968
Electronic Equipment, Instruments & Components 0.7%
Chroma ATE, Inc.		288,358		1,439,847
ITEQ Corp.		326,000		1,640,985
Walsin Technology Corp.		60,753		366,228
				3,447,060
Industrial Conglomerates 0.4%
Far Eastern New Century Corp.		1,973,115		1,911,806
Machinery 0.1%
Airtac International Group		27,000		365,039
Semiconductors & Semiconductor Equipment 0.7%
Globalwafers Co. Ltd.		15,790		186,959
King Yuan Electronics Co. Ltd.		1,224,000		1,523,341
LandMark Optoelectronics Corp.		60,000		506,038
Novatek Microelectronics Corp.		75,000		480,942
Realtek Semiconductor Corp.		185,000		1,365,132
Vanguard International Semiconductor Corp.		150,000		320,662
				4,383,074
				10,755,947

Common Stocks (continued)
	Shares		Value
THAILAND 0.2%
Marine 0.2%
Precious Shipping PCL*		3,427,500	$	956,293
UKRAINE 0.1%
Metals & Mining 0.1%
Ferrexpo plc		197,273		322,167
UNITED ARAB EMIRATES 0.9%
Health Care Providers & Services 0.4%
NMC Health plc (a)		82,958		2,353,611
IT Services 0.5%
Network International Holdings plc Reg. S* (b)		379,166		2,656,663
				5,010,274
UNITED KINGDOM 11.7%
Aerospace & Defense 0.4%
Cobham plc		638,377		1,304,831
QinetiQ Group plc		115,250		470,534
Ultra Electronics Holdings plc		12,904		326,032
				2,101,397
Beverages 0.3%
Fevertree Drinks plc		73,048		1,761,019
Capital Markets 0.8%
Intermediate Capital Group plc		175,087		3,373,711
XPS Pensions Group plc Reg. S		526,895		854,478
				4,228,189
Chemicals 0.3%
Synthomer plc		401,337		1,450,934
Commercial Services & Supplies 0.4%
Aggreko plc		54,080		555,444
Rentokil Initial plc		267,729		1,576,455
				2,131,899
Construction & Engineering 0.2%
Balfour Beatty plc		139,906		409,967
John Laing Group plc Reg. S (b)		97,887		462,974
				872,941
Equity Real Estate Investment Trusts (REITs) 2.6%
Derwent London plc		142,509		6,553,731
Safestore Holdings plc		477,524		4,334,712
UNITE Group plc (The)		234,148		3,413,077
				14,301,520
Food Products 0.8%
Cranswick plc		52,002		2,091,481
Tate & Lyle plc		254,679		2,220,785
				4,312,266
Hotels, Restaurants & Leisure 0.8%
Domino’s Pizza Group plc		330,925		1,227,747
Restaurant Group plc (The)		1,247,678		2,197,504
SSP Group plc		73,130		603,889
				4,029,140
Insurance 1.3%
Beazley plc		432,876		3,291,246
Direct Line Insurance Group plc		1,013,663		3,575,308
				6,866,554

104

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Internet & Direct Marketing Retail 0.4%
Just Eat plc*		208,640	$	1,989,183
Machinery 0.6%
IMI plc		53,950		701,152
Rotork plc		591,389		2,309,940
				3,011,092
Multiline Retail 0.7%
B&M European Value Retail SA		754,325		3,621,940
Oil, Gas & Consumable Fuels 0.3%
Cairn Energy plc*		477,780		1,102,613
Hurricane Energy plc* (a)		699,617		386,128
				1,488,741
Road & Rail 0.9%
Firstgroup plc*		709,934		1,187,401
Go-Ahead Group plc (The)		36,544		967,936
National Express Group plc		444,277		2,572,396
				4,727,733
Trading Companies & Distributors 0.3%
Grafton Group plc		52,482		531,099
Travis Perkins plc		50,193		933,816
				1,464,915
Transportation Infrastructure 0.6%
BBA Aviation plc		858,566		3,381,887
				61,741,350
UNITED STATES 1.1%
Auto Components 0.2%
TI Fluid Systems plc Reg. S (b)		450,982		1,076,364
Biotechnology 0.3%
UroGen Pharma Ltd.* (a)		77,549		1,754,934
Building Products 0.5%
Caesarstone Ltd.		63,305		1,069,221
Reliance Worldwide Corp. Ltd.		456,735		1,312,921
				2,382,142
Oil, Gas & Consumable Fuels 0.1%
Diversified Gas & Oil plc Reg. S		347,820		482,874
				5,696,314
Total Common Stocks (cost $484,122,403)				520,409,479
Exchange Traded Fund 0.5%
			Market Value
UNITED STATES 0.5%
iShares MSCI EAFE Small-Cap ETF		42,413		2,526,967
Total Exchange Traded Fund (cost $2,340,590)				2,526,967

Rights 0.0%†
	Number of Rights		Value
CANADA 0.0%†
Biotechnology 0.0%†
Clementia Pharmaceuticals, Inc., CVR*¥		16,268	$	17,407
Total Rights (cost $—)				17,407
Short-Term Investment 0.3%
	Shares
Money Market Fund 0.3%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76%, (c)(d)		1,611,123		1,611,123
Total Short-Term Investment (cost $1,611,123)				1,611,123
Repurchase Agreements 3.1%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $11,147,505, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $11,412,435. (d)(e)	$	11,146,979		11,146,979
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $5,502,746, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $5,632,929. (d)(e)		5,502,490		5,502,490
Total Repurchase Agreements (cost $16,649,469)				16,649,469
Total Investments (cost $504,723,585) — 102.4%				541,214,445
Liabilities in excess of other assets — (2.4)%				(12,585,410	)
NET ASSETS — 100.0%			$	528,629,035

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $24,518,062, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,611,123 and $16,649,469, respectively, and by $8,576,980 of collateral in the form of U.S. Government

105

Statement of Investments (Continued)

October 31, 2019

Nationwide International Small Cap Fund (Continued)

Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $26,837,572.

(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 October 31, 2019 was $27,941,659 which represents 5.29% of net assets.

(c) Represents 7-day effective yield as of October 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $18,260,592.

(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

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.

106

Statement of Assets and Liabilities

October 31, 2019

	Nationwide International Small Cap Fund
Assets:
Investment securities, at value* (cost $488,074,116)	$	524,564,976
Repurchase agreements, at value (cost $16,649,469)		16,649,469
Cash		2,590,747
Interest and dividends receivable		1,032,784
Securities lending income receivable		61,599
Receivable for investments sold		13,985,994
Receivable for capital shares issued		6,903
Reclaims receivable		380,044
Reimbursement from investment adviser (Note 3)		23,416
Prepaid expenses		11,088
Total Assets		559,307,020
Liabilities:
Payable for investments purchased		9,700,249
Payable for capital shares redeemed		1,941,923
Foreign currency overdraft payable (cost 260,494)		264,269
Payable upon return of securities loaned (Note 2)		18,260,592
Accrued expenses and other payables:
Investment advisory fees		417,774
Fund administration fees		24,375
Distribution fees		22
Administrative servicing fees		3,414
Accounting and transfer agent fees		1,103
Trustee fees		2,078
Deferred capital gain country tax		12,358
Custodian fees		1,397
Compliance program costs (Note 3)		660
Professional fees		34,928
Printing fees		9,954
Other		2,889
Total Liabilities		30,677,985
Net Assets	$	528,629,035
Represented by:
Capital	$	508,771,315
Total distributable earnings (loss)		19,857,720
Net Assets	$	528,629,035
Net Assets:
Class A Shares	$	107,676
Class R6 Shares		514,642,742
Institutional Service Class Shares		13,878,617
Total	$	528,629,035
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		11,005
Class R6 Shares		52,405,877
Institutional Service Class Shares		1,414,127
Total		53,831,009

107

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide International 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)	$	9.78
Class R6 Shares	$	9.82
Institutional Service Class Shares	$	9.81
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.38
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $24,518,062 (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.

108

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide International Small Cap Fund
INVESTMENT INCOME:
Dividend income	$	11,256,365
Income from securities lending (Note 2)		512,520
Interest income		180,666
Foreign tax withholding		(1,100,657	)
Total Income		10,848,894
EXPENSES:
Investment advisory fees		4,264,094
Fund administration fees		182,268
Distribution fees Class A		258
Administrative servicing fees Class A		11
Administrative servicing fees Institutional Service Class		7,920
Registration and filing fees		44,330
Professional fees		82,110
Printing fees		11,625
Trustee fees		16,235
Custodian fees		21,884
Accounting and transfer agent fees		5,280
Compliance program costs (Note 3)		2,230
Other		16,017
Total expenses before and expenses reimbursed		4,654,262
Expenses reimbursed by adviser (Note 3)		(193,035	)
Net Expenses		4,461,227
NET INVESTMENT INCOME		6,387,667
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities (Note 10)†		(17,961,190	)
Foreign currency transactions (Note 2)		4,007
Net realized losses		(17,957,183	)
Net change in unrealized appreciation/depreciation in the value of:
Investment securities††		62,879,446
Translation of assets and liabilities denominated in foreign currencies		5,860
Net change in unrealized appreciation/depreciation		62,885,306
Net realized/unrealized gains		44,928,123
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,315,790

† Net of capital gain country taxes of $9,176.

†† Net of increase in deferred capital gain country tax accrual on unrealized appreciation of $12,358.

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

109

Statements of Changes in Net Assets

	Nationwide International Small Cap Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	6,387,667		$	5,867,894
Net realized gains (losses)		(17,957,183	)		48,049,376
Net change in unrealized appreciation/depreciation		62,885,306			(92,702,823	)
Change in net assets resulting from operations		51,315,790			(38,785,553	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(13,109	)		(6,386	)
Class R6		(52,271,332	)		(55,168,342	)
Institutional Service Class		(37,487	)		(1,243	)
Change in net assets from shareholder distributions		(52,321,928	)		(55,175,971	)
Change in net assets from capital transactions		128,666,735			(71,635,159	)
Change in net assets		127,660,597			(165,596,683	)
Net Assets:
Beginning of year		400,968,438			566,565,121
End of year	$	528,629,035		$	400,968,438
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	6,833		$	71,883
Dividends reinvested		13,109			6,386
Cost of shares redeemed		(10,533	)		(19,565	)
Total Class A Shares		9,409			58,704
Class R6 Shares
Proceeds from shares issued		96,421,790			8,787,926
Dividends reinvested		52,255,420			55,168,342
Cost of shares redeemed		(33,073,344	)		(135,655,145	)
Total Class R6 Shares		115,603,866			(71,698,877	)
Institutional Service Class Shares
Proceeds from shares issued		14,852,071			6,771
Dividends reinvested		37,487			1,243
Cost of shares redeemed		(1,836,098	)		(3,000	)
Total Institutional Service Class Shares		13,053,460			5,014
Change in net assets from capital transactions	$	128,666,735		$	(71,635,159	)

110

Statements of Changes in Net Assets (Continued)

	Nationwide International Small Cap Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		704			6,027
Reinvested		1,591			551
Redeemed		(1,121	)		(1,708	)
Total Class A Shares		1,174			4,870
Class R6 Shares
Issued		10,477,616			746,794
Reinvested		6,304,459			4,756,875
Redeemed		(3,531,340	)		(11,272,850	)
Total Class R6 Shares		13,250,735			(5,769,181	)
Institutional Service Class Shares
Issued		1,596,315			571
Reinvested		4,026			107
Redeemed		(187,637	)		(255	)
Total Institutional Service Class Shares		1,412,704			423
Total change in shares		14,664,613			(5,763,888	)

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

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

111

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
Year Ended October 31, 2019	$	10.21		0.11		0.77			0.88			(0.29	)		(1.02	)		(1.31	)	$	9.78		11.01%	(g)	$	107,676		1.25%		1.17%		1.29%		71.10%
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)
Year Ended October 31, 2019	$	10.24		0.13		0.78			0.91			(0.31	)		(1.02	)		(1.33	)	$	9.82		11.37%		$	514,642,742		0.99%		1.42%		1.03%		71.10%
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
Year Ended October 31, 2019	$	10.24		0.13		0.77			0.90			(0.31	)		(1.02	)		(1.33	)	$	9.81		11.20%		$	13,878,617		1.11%		1.33%		1.15%		71.10%
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.

112

Notes to Financial Statements

October 31, 2019

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 October 31, 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 Amundi Global High Yield Fund (“Global High Yield”)

- Nationwide Amundi Strategic Income Fund (“Strategic Income”)

- 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in each Fund’s prospectus. 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”),

113

Notes to Financial Statements (Continued)

October 31, 2019

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, which approximates fair 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

114

Notes to Financial Statements (Continued)

October 31, 2019

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.

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.

115

Notes to Financial Statements (Continued)

October 31, 2019

At October 31, 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 October 31, 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	$	—	$	1,330,887	$	—	$	1,330,887
Airlines		—		1,688,760		—		1,688,760
Auto Components		—		2,555,292		—		2,555,292
Banks		—		2,222,187		—		2,222,187
Biotechnology		—		1,174,219		—		1,174,219
Building Products		—		2,098,927		—		2,098,927
Capital Markets		—		1,794,633		—		1,794,633
Chemicals		—		4,902,004		—		4,902,004
Commercial Services & Supplies		—		3,823,408		—		3,823,408
Communications Equipment		—		372,982		—		372,982
Construction & Engineering		—		747,544		—		747,544
Consumer Finance		—		3,469,918		—		3,469,918
Diversified Consumer Services		—		575,000		—		575,000
Diversified Financial Services		—		508,473		—		508,473
Diversified Telecommunication Services		—		5,168,806		—		5,168,806
Electric Utilities		—		3,043,275		—		3,043,275
Electronic Equipment, Instruments & Components		—		1,417,420		—		1,417,420
Energy Equipment & Services		—		5,444,806		—		5,444,806
Entertainment		—		1,391,284		—		1,391,284
Equity Real Estate Investment Trusts (REITs)		—		1,232,597		—		1,232,597
Food & Staples Retailing		—		1,213,145		—		1,213,145
Food Products		—		4,871,103		—		4,871,103
Health Care Providers & Services		—		4,233,494		—		4,233,494
Health Care Technology		—		410,140		—		410,140
Hotels, Restaurants & Leisure		—		9,130,826		—		9,130,826
Household Durables		—		3,677,545		—		3,677,545
Independent Power and Renewable Electricity Producers		—		1,877,399		—		1,877,399
Insurance		—		769,937		—		769,937
Machinery		—		2,860,601		—		2,860,601
Media		—		4,754,743		—		4,754,743
Metals & Mining		—		5,353,003		—		5,353,003
Oil, Gas & Consumable Fuels		—		10,568,927		—		10,568,927
Paper & Forest Products		—		1,681,275		—		1,681,275
Pharmaceuticals		—		4,386,259		—		4,386,259
Professional Services		—		1,031,331		—		1,031,331
Road & Rail		—		1,101,369		—		1,101,369
Specialty Retail		—		1,549,943		—		1,549,943
Thrifts & Mortgage Finance		—		2,827,234		—		2,827,234
Trading Companies & Distributors		–		1,495,870		–		1,495,870
Transportation Infrastructure		–		154,706		–		154,706
Wireless Telecommunication Services		—		712,781		—		712,781
Total Corporate Bonds	$	—	$	109,624,053	$	—	$	109,624,053

116

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2			Level 3		Total
Assets: (continued)
Loan Participations	$	—	$	12,933,159		$	—	$	12,933,159
Repurchase Agreements		—		2,032,222			—		2,032,222
Short-Term Investment		196,652		—			—		196,652
Total Assets	$	196,652	$	124,589,434		$	—	$	124,786,086
Liabilities:
Forward Foreign Currency Contracts	$	—	$	(32,789	)	$	—	$	(32,789	)
Total Liabilities	$	—	$	(32,789	)	$	—	$	(32,789	)
Total	$	196,652	$	124,556,645		$	—	$	124,753,297

Strategic Income

	Level 1			Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	—		$	11,122,930		$	—	$	11,122,930
Collateralized Mortgage Obligations		—			30,287,038			—		30,287,038
Commercial Mortgage-Backed Securities		—			6,253,546			—		6,253,546
Corporate Bonds		—			89,795,119			—		89,795,119
Foreign Government Securities		—			2,822,907			—		2,822,907
Futures Contracts		529,563			—			—		529,563
Loan Participations		—			14,981,318			—		14,981,318
Repurchase Agreements		—			1,430,585			—		1,430,585
Short-Term Investment		138,434			—			—		138,434
Supranational		—			956,004			—		956,004
Total Assets	$	667,997		$	157,649,447		$	—	$	158,317,444
Liabilities:
Swap Contracts*	$	—		$	(969,965	)	$	—	$	(969,965	)
Forward Foreign Currency Contracts		—			(26,185	)		—		(26,185	)
Futures Contracts		(33,389	)		—			—		(33,389	)
Total Liabilities	$	(33,389	)	$	(996,150	)	$	—	$	(1,029,539	)
Total	$	634,608		$	156,653,297		$	—	$	157,287,905

International Equities

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	1,547,809	$	—	$	1,547,809
Air Freight & Logistics		—		1,484,412		—		1,484,412
Auto Components		—		3,033,838		—		3,033,838
Automobiles		—		8,387,052		—		8,387,052
Banks		2,542,625		17,147,212		—		19,689,837
Beverages		862,000		3,369,781		—		4,231,781
Biotechnology		—		2,200,138		—		2,200,138
Capital Markets		844,433		9,297,344		—		10,141,777
Chemicals		—		7,202,088		—		7,202,088
Commercial Services & Supplies		—		1,908,684		—		1,908,684
Communications Equipment		—		1,745,117		—		1,745,117
Construction & Engineering		—		8,121,234		—		8,121,234
Construction Materials		—		520,157		—		520,157

117

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Diversified Financial Services	$	—	$	705,350	$	—	$	705,350
Diversified Telecommunication Services		1,053,601		5,455,732		—		6,509,333
Electric Utilities		—		2,406,087		—		2,406,087
Electrical Equipment		—		3,839,703		—		3,839,703
Electronic Equipment, Instruments & Components		—		4,121,330		—		4,121,330
Entertainment		2,482,640		2,140,074		—		4,622,714
Equity Real Estate Investment Trusts (REITs)		—		1,733,234		—		1,733,234
Food & Staples Retailing		663,769		3,393,739		—		4,057,508
Food Products		—		8,166,954		—		8,166,954
Health Care Equipment & Supplies		—		6,058,199		—		6,058,199
Hotels, Restaurants & Leisure		—		4,994,470		—		4,994,470
Household Durables		—		2,369,990		—		2,369,990
Independent Power and Renewable Electricity Producers		—		677,580		—		677,580
Insurance		—		13,455,020		—		13,455,020
Interactive Media & Services		—		1,458,343		—		1,458,343
Internet & Direct Marketing Retail		1,842,300		—		—		1,842,300
IT Services		—		2,110,449		—		2,110,449
Machinery		—		1,171,766		—		1,171,766
Media		—		1,564,733		—		1,564,733
Metals & Mining		706,146		7,446,757		—		8,152,903
Multiline Retail		—		1,524,808		—		1,524,808
Multi-Utilities		—		1,672,901		—		1,672,901
Oil, Gas & Consumable Fuels		932,575		10,363,607		—		11,296,182
Personal Products		—		5,126,117		—		5,126,117
Pharmaceuticals		2,451,500		16,973,465		—		19,424,965
Professional Services		—		9,681,163		—		9,681,163
Real Estate Management & Development		—		2,168,138		—		2,168,138
Road & Rail		—		1,610,045		—		1,610,045
Semiconductors & Semiconductor Equipment		2,865,802		912,593		—		3,778,395
Software		3,298,084		—		—		3,298,084
Specialty Retail		—		2,537,691		—		2,537,691
Technology Hardware, Storage & Peripherals		—		5,111,335		—		5,111,335
Textiles, Apparel & Luxury Goods		—		4,355,473		—		4,355,473
Trading Companies & Distributors		—		2,093,898		—		2,093,898
Transportation Infrastructure		—		1,039,453		—		1,039,453
Total Common Stocks	$	20,545,475	$	204,405,063	$	—	$	224,950,538
Exchange Traded Fund	$	1,946,400	$	—	$	—	$	1,946,400
Repurchase Agreements		—		736,366		—		736,366
Short-Term Investment		71,256		—		—		71,256
Total	$	22,563,131	$	205,141,429	$	—	$	227,704,560

Global Sustainable Equity

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Airlines	$	762,748	$	—	$	—	$	762,748
Auto Components		—		707,015		—		707,015

118

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Banks	$	990,974	$	2,704,873	$	—	$	3,695,847
Biotechnology		1,692,624		410,160		—		2,102,784
Building Products		765,864		—		—		765,864
Capital Markets		1,588,994		—		—		1,588,994
Chemicals		2,158,786		958,886		—		3,117,672
Commercial Services & Supplies		430,931		745,771		—		1,176,702
Diversified Financial Services		—		388,726		—		388,726
Diversified Telecommunication Services		—		421,188		—		421,188
Electronic Equipment, Instruments & Components		—		679,960		—		679,960
Entertainment		1,601,603		1,063,012		—		2,664,615
Equity Real Estate Investment Trusts (REITs)		529,791		—		—		529,791
Food & Staples Retailing		730,593		509,936		—		1,240,529
Health Care Equipment & Supplies		783,189		388,038		—		1,171,227
Health Care Providers & Services		1,314,687		—		—		1,314,687
Household Durables		820,420		1,194,287		—		2,014,707
Household Products		804,459		536,386		—		1,340,845
Insurance		875,693		1,863,014		—		2,738,707
Internet & Direct Marketing Retail		1,765,004		423,751		—		2,188,755
IT Services		817,569		—		—		817,569
Life Sciences Tools & Services		821,091		—		—		821,091
Machinery		1,342,522		1,439,549		—		2,782,071
Marine		—		607,894		—		607,894
Media		941,086		—		—		941,086
Multi-Utilities		—		257,175		—		257,175
Oil, Gas & Consumable Fuels		956,860		1,156,946		—		2,113,806
Personal Products		—		1,929,342		—		1,929,342
Pharmaceuticals		1,183,747		2,405,916		—		3,589,663
Professional Services		—		258,243		—		258,243
Semiconductors & Semiconductor Equipment		1,183,832		—		—		1,183,832
Software		1,840,438		881,575		—		2,722,013
Specialty Retail		1,224,313		—		—		1,224,313
Technology Hardware, Storage & Peripherals		729,660		—		—		729,660
Textiles, Apparel & Luxury Goods		—		455,199		—		455,199
Trading Companies & Distributors		—		524,732		—		524,732
Wireless Telecommunication Services		—		568,148		—		568,148
Total Common Stocks	$	28,657,478	$	23,479,722	$	—	$	52,137,200
Total Assets	$	28,657,478	$	23,479,722	$	—	$	52,137,200

International Small Cap

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	—	$	3,381,116	$	—	$	3,381,116
Air Freight & Logistics		—		3,221,297		—		3,221,297
Airlines		—		637,767		—		637,767
Auto Components		—		7,066,531		—		7,066,531
Automobiles		—		448,602		—		448,602
Banks		3,887,076		11,906,584		—		15,793,660

119

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Beverages	$	—	$	4,019,005	$	—	$	4,019,005
Biotechnology		9,055,624		5,174,610		—		14,230,234
Building Products		1,069,221		3,886,247		—		4,955,468
Capital Markets		—		16,654,994		—		16,654,994
Chemicals		6,582,837		10,770,566		—		17,353,403
Commercial Services & Supplies		633,666		8,099,994		—		8,733,660
Construction & Engineering		—		5,323,296		—		5,323,296
Construction Materials		—		4,862,261		—		4,862,261
Consumer Finance		—		2,402,963		—		2,402,963
Containers & Packaging		—		12,178,799		—		12,178,799
Diversified Financial Services		—		8,146,853		—		8,146,853
Diversified Telecommunication Services		—		8,960,212		—		8,960,212
Electrical Equipment		—		2,571,723		—		2,571,723
Electronic Equipment, Instruments & Components		—		5,469,306		—		5,469,306
Energy Equipment & Services		1,349,201		—		—		1,349,201
Entertainment		—		3,600,633		—		3,600,633
Equity Real Estate Investment Trusts (REITs)		—		42,891,533		—		42,891,533
Food & Staples Retailing		—		6,358,960		—		6,358,960
Food Products		—		14,534,662		—		14,534,662
Gas Utilities		14,205,650		4,077,416		—		18,283,066
Health Care Equipment & Supplies		—		17,295,322		—		17,295,322
Health Care Providers & Services		—		2,353,611		—		2,353,611
Hotels, Restaurants & Leisure		1,757,340		13,734,001		—		15,491,341
Household Durables		—		5,108,054		—		5,108,054
Independent Power and Renewable Electricity Producers		—		2,298,294		—		2,298,294
Industrial Conglomerates		—		4,583,524		—		4,583,524
Insurance		—		10,248,017		—		10,248,017
Interactive Media & Services		—		3,909,808		—		3,909,808
Internet & Direct Marketing Retail		—		12,710,740		—		12,710,740
IT Services		11,838,159		21,853,456		—		33,691,615
Life Sciences Tools & Services		—		8,013,842		—		8,013,842
Machinery		—		26,714,244		—		26,714,244
Marine		746		5,320,752		—		5,321,498
Media		—		9,127,247		—		9,127,247
Metals & Mining		1,264,224		5,766,579		—		7,030,803
Multiline Retail		—		6,054,575		—		6,054,575
Oil, Gas & Consumable Fuels		3,356,576		11,318,372		—		14,674,948
Paper & Forest Products		—		1,236,408		—		1,236,408
Personal Products		—		2,157,610		—		2,157,610
Pharmaceuticals		668,011		—		—		668,011
Professional Services		720,562		5,852,923		—		6,573,485
Real Estate Management & Development		—		23,518,054		—		23,518,054
Road & Rail		—		8,831,370		—		8,831,370
Semiconductors & Semiconductor Equipment		315,452		11,713,446		—		12,028,898
Software		—		11,906,503		—		11,906,503
Specialty Retail		—		4,281,554		—		4,281,554
Textiles, Apparel & Luxury Goods		—		9,691,241		—		9,691,241
Trading Companies & Distributors		—		7,756,370		—		7,756,370
Transportation Infrastructure		—		10,504,613		—		10,504,613

120

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Water Utilities	$	623,084	$	—	$	—	$	623,084
Wireless Telecommunication Services		—		2,575,590		—		2,575,590
Total Common Stocks	$	57,327,429	$	463,082,050	$	—	$	520,409,479
Exchange Traded Fund	$	2,526,967	$	—	$	—	$	2,526,967
Repurchase Agreements		—		16,649,469		—		16,649,469
Rights		—		17,407		—		17,407
Short-Term Investment		1,611,123		—		—		1,611,123
Total	$	61,465,519	$	479,748,926	$	—	$	541,214,445

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

* Centrally cleared swap contracts are included in the table at unrealized appreciation/(depreciation).

During the year ended October 31, 2019, Global High Yield held one corporate bond investment that was categorized as a Level 3 investment which was valued at $0. During the year ended October 31, 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 October 31, 2019, International Small Cap had an overdrawn foreign currency balance of $264,269 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 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

121

Notes to Financial Statements (Continued)

October 31, 2019

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

Certain Funds have 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 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

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Notes to Financial Statements (Continued)

October 31, 2019

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 Funds’ options contracts written are disclosed in the Statement of Assets and Liabilities under “Option contracts written, at value”, in a table in the Statement of Investments 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”, as applicable.

The Funds’ purchased options are disclosed in the Statement of Assets and Liabilities under “Investment securities, at value”, in the Statement of Investments 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”, as applicable.

At October 31, 2019, the Funds had no open option contracts.

(e) Swap Contracts

Credit Default Swaps — Certain Funds entered into credit default swap contracts during the year ended October 31, 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.

Certain Funds 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 or paid at the beginning of the initiation period are included in the Statement of Assets and Liabilities under “Swap contracts, at value” for OTC swaps and under “Receivable/Payable for variation margin on centrally cleared credit default swap contracts” for centrally cleared swaps, as applicable. 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 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.

123

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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 — Certain Funds 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 Funds’ swap agreements are disclosed in the Statement of Assets and Liabilities under “Swap contracts, at value” for OTC swaps and under “Receivable/Payable for variation margin on centrally cleared interest rate swap contracts” for centrally cleared swaps and in the

124

Notes to Financial Statements (Continued)

October 31, 2019

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”, as applicable.

(f) Forward Foreign Currency Contracts

The Funds are subject to foreign currency exchange risk in the normal course of pursuing their objective(s). Certain Funds 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. 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 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”, as applicable

At October 31, 2019, International Equities and International Small Cap had no open forward foreign currency contracts.

(g) Futures Contracts

Certain Funds are subject to interest rate risk in the normal course of pursuing their objective(s). Certain Funds entered into financial futures contracts (“futures contracts”) 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.

125

Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of October 31, 2019

Global High Yield

Liabilities:	Statement of Assets and Liabilities	Fair Value
Forward Foreign Currency Contracts Currency risk	Unrealized depreciation on forward foreign currency contracts	$	(32,789	)
Total		$	(32,789	)

Strategic Income

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a) Interest rate risk	Receivable for variation margin on futures contracts	$	529,563
Total		$	529,563
Liabilities:
Swap Contracts (b) Credit risk	Receivable for variation margin on centrally cleared swap contracts	$	(969,965	)
Forward Foreign Currency Contracts Currency risk	Unrealized depreciation on forward foreign currency contracts		(26,185	)
Futures Contracts (a) Interest rate risk	Receivable for variation margin on futures contract		(33,389	)
Total		$	(1,029,539	)

126

Notes to Financial Statements (Continued)

October 31, 2019

Emerging Markets Debt

Assets:	Statement of Assets and Liabilities	Fair Value
Forward Foreign Currency Contracts Currency risk	Unrealized appreciation on forward foreign currency contracts	$	119,349
Total		$	119,349
Liabilities:
Swap Contracts (b) Interest rate risk	Payable for variation margin on centrally cleared swap contracts	$	(91,356	)
Forward Foreign Currency Contracts Currency risk	Unrealized depreciation on forward foreign currency contracts		(135,383	)
Total		$	(226,739	)

(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 swap contracts which are included in the table at unrealized appreciation/(depreciation). For centrally cleared credit 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 Year Ended October 31, 2019

Global High Yield

Realized Gains (Losses):	Total
Forward Foreign Currency Contracts
Currency risk	$	502,879
Total	$	502,879

Strategic Income

Realized Gains (Losses):	Total
Swap Contracts
Credit risk	$	(1,594,793	)
Forward Foreign Currency Contracts
Currency risk		216,649
Futures Contracts
Interest rate risk		(4,736,258	)
Total	$	(6,114,402	)

127

Notes to Financial Statements (Continued)

October 31, 2019

International Equities

Realized Gains (Losses):	Total
Forward Foreign Currency Contracts
Currency risk	$	(111,911	)
Total	$	(111,911	)

Emerging Markets Debt

Realized Gains (Losses):	Total
Purchased Options (a)
Currency risk	$	45,955
Swap Contracts
Interest rate risk		76,650
Forward Foreign Currency Contracts
Currency risk		103,887
Total	$	226,492

(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 October 31, 2019

Global High Yield

Unrealized Appreciation/Depreciation:	Total
Forward Foreign Currency Contracts
Currency risk	$	(110,330	)
Total	$	(110,330	)

Strategic Income

Unrealized Appreciation/Depreciation:	Total
Swap Contracts
Credit risk	$	(969,852	)
Forward Foreign Currency Contracts
Currency risk		(46,926	)
Futures Contracts
Interest rate risk		272,698
Total	$	(744,080	)

International Equities

Unrealized Appreciation/Depreciation:	Total
Forward Foreign Currency Contracts
Currency risk	$	330,717
Total	$	330,717

128

Notes to Financial Statements (Continued)

October 31, 2019

Emerging Markets Debt

Unrealized Appreciation/Depreciation:	Total
Purchased Options (a)
Currency risk	$	(17,570	)
Swap Contracts
Interest rate risk		(170,302	)
Forward Foreign Currency Contracts
Currency risk		(173,301	)
Total	$	(361,173	)

(a) Change in unrealized appreciation/depreciation from purchased options is included in “Net change in unrealized appreciation/depreciation in the value of investment securities.”

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the year ended October 31, 2019:

Global High Yield

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	44,446
Average Settlement Value Sold	$	13,511,053

Strategic Income

Centrally Cleared Credit Index Rate Swaps:
Average Notional Balance — Sell Protection	$	54,973,077

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Sold	$	6,854,931

Futures Contracts:
Average Notional Balance Long	$	3,242,244
Average Notional Balance Short	$	57,420,169

International Equities

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	2,927,645
Average Settlement Value Sold	$	2,315,862

Emerging Markets Debt

Options:
Average Value Purchased	$	62,247
Average Number of Purchased Option Contracts		2,619,231

Centrally Cleared Interest Rate Swaps:
Average Notional Balance — Buy Protection	$	5,045,092

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	8,996,320
Average Settlement Value Sold	$	13,836,180

129

Notes to Financial Statements (Continued)

October 31, 2019

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, certain 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 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 October 31, 2019, certain Funds have entered into futures contracts. The futures contract agreement does not provide for a netting arrangement.

For financial reporting purposes, certain Funds do not offset derivative assets and derivative liabilities that may be subject to netting arrangements on the “Statement of Assets and Liabilities.”

The following tables set forth the Funds’ net exposure by counterparty for forward foreign currency contracts that are subject to enforceable master netting arrangements or similar arrangements as of October 31, 2019:

Global High Yield

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	$	(32,789	)	$	—	$	32,789	$	—
Total		$	(32,789	)	$	—	$	32,789	$	—

Amounts designated as “—” are zero.

130

Notes to Financial Statements (Continued)

October 31, 2019

Strategic Income

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	$	(26,185	)	$	—	$	26,185	$	—
Total		$	(26,185	)	$	—	$	26,185	$	—

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 Asset Derivatives		Derivatives Available for Offset			Collateral Received		Net Amount of Asset Derivatives
Barclays Bank plc		Forward Foreign Currency Contracts	$	66,358	$	(6,199	)	$	—	$	60,159
JPMorgan Chase Bank		Forward Foreign Currency Contracts		31,078		—			—		31,078
Royal Bank of Canada		Forward Foreign Currency Contracts		21,913		(21,913	)		—		—
Total			$	119,349	$	(28,112	)	$	—	$	91,237

Amounts designated as “—” are zero.

131

Notes to Financial Statements (Continued)

October 31, 2019

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
Barclays Bank plc		Forward Foreign Currency Contracts	$	(6,199	)	$	6,199	$	—	$	—
Credit Lyonnais London		Forward Foreign Currency Contracts		(36,400	)		—		—		(36,400	)
Deutsche Bank Securities, Inc.		Forward Foreign Currency Contracts		(26,581	)		—		—		(26,581	)
HSBC Bank plc		Forward Foreign Currency Contracts		(14,063	)		—		—		(14,063	)
Royal Bank of Canada		Forward Foreign Currency Contracts		(52,140	)		21,913		—		(30,227	)
Total			$	(135,383	)	$	28,112	$	—	$	(107,271	)

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 year ended October 31, 2019, certain Funds 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 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

132

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 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	$	2,228,874
Strategic Income		1,569,019
International Equities		807,622
International Small Cap		18,260,592

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

(j) Joint Repurchase Agreements

During the year ended October 31, 2019, certain Funds, along with other series of the Trust, pursuant to procedures adopted by the Board of Trustees and applicable guidance from the

133

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303.

At October 31, 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.	$	1,360,592	$	—	$	1,360,592	$	(1,360,592	)	$	—
Global High Yield		Royal Bank of Canada		671,630		—		671,630		(671,630	)		—
Total			$	2,032,222	$	—	$	2,032,222	$	(2,032,222	)	$	—

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October 31, 2019

									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
Strategic Income		BNP Paribas Securities Corp.	$	957,790	$	—	$	957,790	$	(957,790	)	$	—
Strategic Income		Royal Bank of Canada		472,795		—		472,795		(472,795	)		—
Total			$	1,430,585	$	—	$	1,430,585	$	(1,430,585	)	$	—

									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.	$	493,004	$	—	$	493,004	$	(493,004	)	$	—
International Equities		Royal Bank of Canada		243,362		—		243,362		(243,362	)		—
Total			$	736,366	$	—	$	736,366	$	(736,366	)	$	—

									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.	$	11,146,979	$	—	$	11,146,979	$	(11,146,979	)	$	—
International Small Cap		Royal Bank of Canada		5,502,490		—		5,502,490		(5,502,490	)		—
Total			$	16,649,469	$	—	$	16,649,469	$	(16,649,469	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

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Notes to Financial Statements (Continued)

October 31, 2019

(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. 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, as applicable 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.

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.

(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 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. The permanent differences as of October 31, 2018 are primarily attributable to foreign currency gain/loss, redesignation of distributions, tax equalization, treatment of notional principal contracts, and investments in passive foreign investment companies (PFICs). Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will

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October 31, 2019

reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

Reclassifications for the year ended October 31, 2019 were as follows:

Fund	Capital			Total Distributable Earnings (Loss)
Global High Yield	$	—		$	—
Strategic Income		(1	)		1
International Equities		—			—
Emerging Markets Debt		48,300			(48,300	)
Global Sustainable Equity		—			—
International Small Cap		—			—

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

(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

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Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the subadviser for each Fund is as follows:

Fund	Subadviser
Global High Yield	Amundi Pioneer Institutional Asset Management, Inc. (“Amundi”)
Strategic Income	Amundi
International Equities	Bailard, Inc. (‘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

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 year ended October 31, 2019, the Funds paid investment advisory fees to NFA according to the schedule below.

Fund	Fee Schedule	Advisory Fee (annual rate)
Global High Yield	Up to $500 million		0.64	%
	$500 million and more		0.62	%
Strategic Income	All Assets		0.56	%
International Equities	Up to $1 billion		0.75	%
	$1 billion and more		0.70	%
Emerging Markets Debt	All Assets		0.70	%
Global Sustainable Equity	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	Up to $500 million		0.95	%
	$500 million up to $1 billion		0.925	%
	$1 billion and more		0.90	%

For the year ended October 31, 2019, the effective advisory fee rates before and after expense reimbursementsdue to 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			0.47
International Equities		0.75			0.75
Emerging Markets Debt		0.70			0.57
Global Sustainable Equity		0.75			0.46
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

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Notes to Financial Statements (Continued)

October 31, 2019

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 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
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 October 31, 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     2017 Amount			Fiscal Year     2018 Amount		Fiscal Year     2019 Amount		Total
Global High Yield	$	154,808		$	185,412	$	182,610	$	522,830
Strategic Income		172,109			149,735		121,719		443,563
International Equities		—			—		—		—
Emerging Markets Debt		73,719			84,709		96,599		255,027
Global Sustainable Equity		128,621			151,155		150,643		430,419
International Small Cap		160,480	(a)		187,748		193,035		541,263

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

(a) For the period from December 30, 2016 (commencement of operations) through October 31, 2017.

During the year ended October 31, 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.

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Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019, NFM earned $ $742,026 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 year ended October 31, 2019, the Funds’ aggregate portion of such costs amounted to $5,137.

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)

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 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 year ended October 31, 2019, the Funds imposed front-end sales charges of $32,030. From these fees, NFD retained a portion amounting to $4,588.

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Notes to Financial Statements (Continued)

October 31, 2019

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 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 year ended October 31, 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 year ended October 31, 2019, the effective rates for administrative services fees were as follows:

Fund	Class A			Class C			Institutional Service Class
Global High Yield		0.02	%		0.02	%		0.10	%
Strategic Income		0.14			0.10			0.07
International Equities		0.09			0.09			0.06
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			0.11

N/A — Not Applicable.

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Global High Yield	$	2,726
Strategic Income		21,684
International Equities		33,275
Emerging Markets Debt		N/A
Global Sustainable Equity		49,074
International Small Cap		7,931

N/A — Not Applicable.

As of October 31, 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		95.07	%
Strategic Income		64.70
International Equities		—
Emerging Markets Debt		99.86
Global Sustainable Equity		—
International Small Cap		83.85

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

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Notes to Financial Statements (Continued)

October 31, 2019

4.  Line of Credit and Interfund Lending

The Trust and NVIT (together, the “Trusts”) have renewed the 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 9, 2020. During the year ended October 31, 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 year ended October 31, 2019, none of the Funds engaged in interfund lending.

5.  Investment Transactions

For the year ended October 31, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Global High Yield	$	89,475,134	$	93,762,426
Strategic Income		158,323,921		118,612,135
International Equities		168,665,255		331,573,765
Emerging Markets Debt		54,109,440		60,681,086
Global Sustainable Equity		24,470,275		29,375,677
International Small Cap		399,717,181		312,344,884

* 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

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Notes to Financial Statements (Continued)

October 31, 2019

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.

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.

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Notes to Financial Statements (Continued)

October 31, 2019

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 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

144

Notes to Financial Statements (Continued)

October 31, 2019

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 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

145

Notes to Financial Statements (Continued)

October 31, 2019

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

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 October 31, 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		87.29	%		4	(a)
Strategic Income		47.70			4	(a)
International Equities		56.33			1
Emerging Markets Debt		85.27			3	(a)
Global Sustainable Equity		45.90			1
International Small Cap		63.76			5	(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 year ended October 31, 2019, the Funds recaptured the following amounts of brokerage commissions:

Fund	Amount
International Small Cap	$	1,787

146

Notes to Financial Statements (Continued)

October 31, 2019

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Global High Yield	$	10,316,268	$	150,782	$	10,467,050	$	—	$	10,467,050
Strategic Income		5,724,560		—		5,724,560		—		5,724,560
International Equities		13,331,119		—		13,331,119		—		13,331,119
Emerging Markets Debt		5,042,251		493,015		5,535,266		—		5,535,266
Global Sustainable Equity		420,568		5,314,899		5,735,467		—		5,735,467
International Small Cap		29,840,942		22,480,986		52,321,928		—		52,321,928

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Global High Yield	$	9,591,680	$	3,794,917	$	13,386,597	$	—	$	13,386,597
Strategic Income		4,104,512		440,316		4,544,828		—		4,544,828
International Equities		11,258,644		—		11,258,644		—		11,258,644
Emerging Markets Debt		3,464,446		1,178,354		4,642,800		—		4,642,800
Global Sustainable Equity		187,087		—		187,087		—		187,087
International Small Cap		55,175,971		—		55,175,971		—		55,175,971

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Other Gains and Losses		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Total Accumulated Earnings/ (Deficit)
Global High Yield	$	1,588,735	$	—	$	1,588,735	$	24,612	$	(2,598,337	)	$	(443,505	)	$	(1,428,495	)
Strategic Income		537,525		—		537,525		87,124		(4,118,643	)		4,331,273			837,279
International Equities		3,309,172		—		3,309,172		—		(11,578,720	)		21,904,558			13,635,010
Emerging Markets Debt		462,401		—		462,401		13,848		(292,589	)		2,093,794			2,277,454
Global Sustainable Equity		872,204		2,409,967		3,282,171		—		—			7,693,955			10,976,126
International Small Cap		12,280,194		—		12,280,194		—		(21,311,375	)		28,888,901			19,857,720

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

* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

147

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 2019, the tax cost of securities (including derivative contracts) and the breakdown of unrealized appreciation/(depreciation) was as follows:

Fund	Tax Cost of Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global High Yield	$	125,197,652	$	3,525,698	$	(3,970,053	)	$	(444,355	)
Strategic Income		149,855,458		7,307,399		(2,997,322	)		4,310,077
International Equities		205,793,985		28,879,776		(6,969,201	)		21,910,575
Emerging Markets Debt		71,239,515		4,443,532		(1,127,361	)		3,316,171
Global Sustainable Equity		44,443,124		9,883,005		(2,188,929	)		7,694,076
International Small Cap		512,311,139		66,299,322		(37,396,016	)		28,903,306

As of October 31, 2019, for federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the U.S. Treasury regulations and in any given year may be limited due to large shareholder redemptions or contributions. Capital loss carryforwards do not expire. The following table represents capital loss carryforwards available as of October 31, 2019.

Fund	Amount
Global High Yield	$	(2,598,337	)
Strategic Income		(4,118,643	)
International Equities		(11,578,720	)
Emerging Markets Debt		(292,589	)
Global Sustainable Equity		—
International Small Cap		(21,311,375	)

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

12.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

148

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of Nationwide Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bailard International Equities Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund and Nationwide International Small Cap Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Nationwide Amundi Global High Yield Fund, Nationwide Amundi Strategic Income Fund, Nationwide Bailard International Equities Fund, Nationwide Emerging Markets Debt Fund, Nationwide Global Sustainable Equity Fund and Nationwide International Small Cap Fund (six of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year ended October 31, 2019, the changes in each of their net assets for each of the two years in the period ended October 31, 2019, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

149

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund	Dividends Received Deductions
International Equities		0.19	%
Global Sustainable Equity		62.28	%
International Small Cap		0.05	%

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

Fund	Amount
Global High Yield	$	150,782
Emerging Markets Debt		493,015
Global Sustainable Equity		5,314,899
International Small Cap		22,480,986

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2019, the foreign source income for each Fund was as follows:

Fund	Amount		Per Share
International Equities	$	6,222,412	$	0.2103
Emerging Markets Debt		4,367,603		0.5762
Global Sustainable Equity		547,818		0.1899
International Small Cap		8,712,815		0.1619

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2019, the foreign tax credit for each Fund was as follows:

Fund	Amount		Per Share
International Equities	$	530,561	$	0.0179
Emerging Markets Debt		33,262		0.0044
Global Sustainable Equity		54,812		0.0190
International Small Cap		1,068,387		0.0198

150

Management Information

October 31, 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	119
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	119
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	119

151

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

152

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

153

Management Information (Continued)

October 31, 2019

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
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
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

154

Management Information (Continued)

October 31, 2019

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.

155

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

156

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

157

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

158

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

159

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

160

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.

161

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.

162

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.

163

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

AR-INT  (12/19)

Annual Report

October 31, 2019

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	6
Nationwide International Index Fund	53
Nationwide Mid Cap Market Index Fund	83
Nationwide S&P 500 Index Fund	102
Nationwide Small Cap Index Fund	122
Nationwide Ziegler NYSE Arca Tech 100 Index Fund	154
Notes to Financial Statements	166
Report to Independent Registered Public Accounting Firm	195
Supplemental Information	196
Management Information	197
Market Index Definitions	202
Glossary	207

Message to Investors

Dear Investor,

Equity markets reached all-time highs during the annual reporting period ended October 31, 2019, as investors were encouraged by an incrementally dovish Federal Reserve (Fed) and hopes for a trade deal with China.

Leading into the reporting period and through the last two months of 2018, however, markets were weak in reaction to a global economic slowdown driven by trade concerns and geopolitical uncertainty. The S&P 500® Index (S&P 500) registered -13.7% in the fourth calendar quarter of 2018 — the worst quarter in seven years. Conditions improved immediately, however, with the S&P 500 returning 13.5% in the first calendar quarter of 2019 (the best quarter since the financial crisis of 2008) and delivering a 14.3% return overall for the reporting period. Fixed-income returns were sharply higher on falling interest rates and tightening credit spreads as demand for yield by investors continued to be strong.

International stocks also rallied during the reporting period, although both developed and emerging market indexes lagged the S&P 500, with the MSCI EAFE® Index returning 11.0% and the MSCI Emerging Markets® Index returning 11.9%. Investors initially were concerned that the synchronized global growth story was cracking due to disappointing economic growth and the prospect for trade tariffs. Markets recovered on stabilizing economic data and accommodative monetary policy by central banks across the globe.

The S&P 500 was higher in nine of the 12 months during the reporting period.

Universally, risk assets (those with a significant degree of price volatility) were higher during the 12-month reporting period, led by strength in the equity market and the long-dated bond market. Growth stocks substantially outperformed value, while large-capitalization stocks beat small-cap stocks.

Economic growth was modest for the reporting period due to trade disputes and sluggishness

overseas, with gross domestic product (GDP) growth in the fourth calendar quarter of 2018 at 1.1%, followed by 3.1% in the first quarter of 2019, 2.0% in the second quarter and 1.9% in the third quarter. Corporate profit growth was weak for the reporting period. S&P 500 earnings growth spiked in 2018 to 21% but has been negative in the first three quarters of 2019, driven by overseas weakness and the strong U.S. dollar. The profit picture appears to be stabilizing, with healthy growth projected for 2020, providing a strong backdrop for equity returns.

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

The performance of fixed-income markets was broadly higher for the reporting period as falling interest rates and tightening credit spreads drove performance. The Fed reversed course following a steady path of hikes to the federal funds rate. At the December 2018 meeting, the Federal Open Market Committee (FOMC) hiked the rate for the fourth time in 2018 and guided two additional hikes for 2019. By the August 2019 meeting, the FOMC entered an easing phase to address a mid-cycle slowdown that followed with additional cuts in September and October. The Fed is expected to pause for the remainder of the calendar year, with fading expectations for additional cuts in 2020 as the economy shows signs of rebounding. The shift to a dovish stance led to a drastic drop in interest rates across the yield curve, with the 10-year Treasury yield falling from 3.15% to 1.69% during the reporting period, and the 2-year Treasury yield dropping from 2.88% to 1.52%. The yield curve was flat by historical standards, with the spread between the 10-year and 2-year yields at 0.17% at period end.

As volatility continues in the markets, it is important to remember that investing is a long-term process. Nationwide Funds encourages you to speak with your financial professional to ensure that your portfolio maintains the right balance for your goals. Thank you for your continued support and confidence.

1

Message to Investors (cont.)

Sincerely,

Michael S. Spangler

President and CEO

Nationwide Funds

Index	Annual Total Return (as of October 31, 2019)
Bloomberg Barclays Emerging Markets USD Aggregate Bond		12.73%
Bloomberg Barclays Municipal Bond		9.42%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond		4.89%
Bloomberg Barclays U.S. 10-20 Year Treasury Bond		20.14%
Bloomberg Barclays U.S. Aggregate Bond		11.51%
Bloomberg Barclays U.S. Corporate High Yield		8.38%
MSCI EAFE®		11.04%
MSCI Emerging Markets®		11.86%
MSCI World ex USA		11.27%
Russell 1000® Growth		17.10%
Russell 1000® Value		11.21%
Russell 2000®		4.90%
S&P 500®		14.33%

Source: Morningstar

2

Fund Commentary Nationwide Bond Index Fund

For the annual period ended October 31, 2019, the Nationwide Bond Index Fund (Class A at NAV*) returned 10.75% versus 11.51% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Intermediate Core Bond (consisting of 410 funds as of October 31, 2019), was 5.07% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

In the fourth quarter of 2018, concerns over Federal Reserve (Fed) policy, U.S.-China trade tensions, and a potential slowdown in growth contributed to investor anxiety. The quarter began with Fed chairman Powell’s comment that the U.S. federal funds rate was “a long way from neutral.” The hawkish comment drove a temporary sell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy (the Institute of Supply Management [ISM] Purchasing Managers Index [PMI]** fell from 59.8 in September to 54.1 in December) contributed to a reduction in inflation expectations. This was accompanied by a broad-based risk-off in December — the worst December performance on record since 1931 — and the 10-year Treasury yield ended the quarter 0.57% lower than intra-quarter highs to 2.68%. Even though the United States and China were able to broker a 90-day trade war “truce” on December 1, 2018, volatility abounded in the wake of the Federal Open Market Committee (FOMC) December announcement. Although the Fed’s December rate hike and lowering of interest rate projections was largely expected, the Fed’s relatively hawkish tone and Powell’s affirmation that the balance sheet run-off was to run on autopilot was punished by the market.

In the first quarter of 2019, U.S. equities advanced as positive headlines regarding U.S.-China trade negotiations, relatively strong corporate earnings growth, and the Fed’s dovish pivot helped investor sentiment recover from steep losses in the previous quarter and contributed to a meaningful rebound in equity prices. In the

January announcement, the Fed indicated it would refrain from interest rate hikes for the foreseeable future, a dovish assessment of U.S. economic conditions, and transparency around balance sheet normalization. This reduced market-based expectations of interest rates, serving as a boon for both equities and bonds. On the macroeconomic front, despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation and slowing but stable economic growth. The U-3 unemployment rate (representing the number of people actively looking for a job) remained at 3.8% in February, the lowest level since 1969. Core personal consumption expenditure dropped to 1.8% year-over-year in January, below the Fed’s inflation target of 2%. Though the ISM Manufacturing PMI was below two-year averages throughout the quarter, the indicator remained in expansionary territory at the end of the quarter (55.3). Less optimism was evident in the U.S. rates market. The pause in interest rate hiking by the Fed coupled with lowered forecasts for growth drove investors into longer-duration government bonds. The yield on the 10-year U.S. Treasury dropped from a quarterly high of 2.78% in mid-January to 2.40% at quarter end. The bid for long-term debt coupled with high short-term rates (federal funds target rate remained at 2.50% at the quarter’s end) catalyzed an inversion of the three-month, 10-year Treasury spread. This spread is the Fed’s preferred measure for calculating recession probabilities, and its inversion has preceded every U.S. recession since the 1950s.

During the second quarter of 2019, the Chicago Fed National Activity Index was in contractionary territory in April and May. The ISM Manufacturing PMI decelerated throughout the quarter but remained in expansionary territory in June (51.7). The U-3 unemployment rate actually declined to 3.6% in April, but the moving average of continuing jobless claims accelerated throughout the quarter. In May, U.S. President Trump threatened an increase in tariffs and protectionism against both China and Mexico. The U.S. markets fell in May on these renewed trade concerns, and trade tensions were a source of

3

Fund Commentary (cont.) Nationwide Bond Index Fund

intra-quarter volatility. However, these threats did not materialize, and sentiment eased heading into the G-20† meeting at the month’s end. On the macroeconomic front, there were signs of weaker U.S. economic conditions. In the June FOMC announcement, Fed Chair Powell stated that should trade tensions weigh on the FOMC’s economic outlook or should the shortfall of inflation from the target rate persist longer than expected, the Fed would provide more accommodation to sustain the expansion. The prospect of easy monetary policy broadly buoyed equities. In interest rates, the 10-year U.S. Treasury yield declined 0.50% in the quarter to 2% — the lowest level since 2016. The yield curve remained a source of uncertainty as the three-month, 10-year spread remained in negative territory while the five-year, 30-year spread expanded throughout the quarter.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. The U.S. markets suffered their worst week of 2019 in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks that were slated to be held in October. In monetary policy, the Fed lowered the target range for the federal funds rates in both the July and September meetings. Fed Chair Powell confirmed that the rate cuts were intended to offset potential downside risks from weak global growth and trade policy uncertainty. On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. The frequently tracked ISM Manufacturing PMI registered in contractionary territory in both August and September. The September reading was the lowest reading since the global financial crisis. Consumer sentiment also softened, with the University of Michigan Consumer Sentiment Index‡ falling to its lowest level since 2016 in August. More constructively, labor market conditions were stable as the U-3 unemployment rate remained at 3.7% throughout the quarter and average hourly earnings modestly accelerated. In

interest rates, the 10-year Treasury yield declined 0.36% from the start of the quarter to the end, although the benchmark rate did fall as low as 1.45% intra-quarter. In August, the frequently monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis, but ended the quarter in positive territory.

U.S. bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, increased approximately 11.51% for the year ended October 31, 2019. From a sector perspective, security sampling in the Industrials, Commercial Mortgage-Backed Securities, and Treasury sectors contributed positively, while sampling in the Mortgage, Utilities, and Asset-Backed Securities sectors detracted.

The Fund did not use derivatives for the reporting period.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Scott Radell and Karen Uyehara

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R6 shares previously were shown in the Fund’s annual reports for performance reporting.

** The ISM Manufacturing Index is a widely anticipated indicator of recent U.S. economic activity and is released on the first business day of each month. A number above 50 indicates a growing manufacturing sector.

† The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU) created for the purpose of international coordination of economic policy.

‡ The University of Michigan Consumer Sentiment Index is a monthly survey of consumers, which is used to estimate future spending and saving.

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the risks of investing in fixed-income securities (including high-yield bonds), and including default risk and interest rate risk. Funds that invest in high-yield securities are subject to greater default risk, liquidity risk, and price fluctuations than funds that invest in higher-quality securities. The

4

Fund Commentary (cont.) Nationwide Bond Index Fund

prices of high-yield bonds tend to be more sensitive to adverse economic and business conditions than are higher-rated corporate bonds. Increased volatility may reduce the market value of high-yield bonds. They are also subject to the claims paying ability of the issuing company. The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

5

Fund Overview Nationwide Bond Index Fund

Asset Allocation¹

U.S. Treasury Obligations	38.6%
Mortgage-Backed Securities	26.6%
Corporate Bonds	25.5%
Commercial Mortgage-Backed Securities	2.4%
Foreign Government Securities	1.8%
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	1.4%
	100.0%

Top Industries²

Banks	4.7%
Oil, Gas & Consumable Fuels	2.4%
Electric Utilities	1.3%
Capital Markets	1.3%
Diversified Telecommunication Services	1.1%
Health Care Providers & Services	1.1%
Pharmaceuticals	0.9%
Consumer Finance	0.9%
Insurance	0.9%
Media	0.8%
Other Industries	84.6%
	100.0%

Top Holdings²

U.S. Treasury Notes, 2.25%, 12/31/2023	1.4%
U.S. Treasury Notes, 2.25%, 11/15/2027	1.3%
U.S. Treasury Notes, 2.50%, 2/28/2021	1.2%
UMBS, 30 Year, Single Family, 3.50%, 11/25/2049	1.0%
U.S. Treasury Bonds, 3.00%, 11/15/2044	1.0%
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, 2.25%, 11/15/2024	0.8%
U.S. Treasury Notes, 1.50%, 8/15/2026	0.8%
Other Holdings	90.1%
	100.0%

¹   Percentages indicated are based upon net assets as of October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

6

Fund Performance Nationwide Bond Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		10.75%		2.55%		3.05%
	w/SC2		8.28%		2.08%		2.45%
Class C	w/o SC1		10.11%		1.86%		2.38%
	w/SC3		9.11%		N/A		N/A
Class R64,5			11.34%		2.98%		3.46%
Institutional Service Class4			11.06%		N/A		3.83%	6*
Bloomberg Barclays U.S. Aggregate Bond Index			11.51%		3.24%		3.73%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

* Not annualized.

¹ These returns do not reflect the effects of SCs.

² Effective October 29, 2013, a 2.25% front-end sales charge was deducted. For the period from March 1, 2011 through October 29, 2013 a 4.25% front-end sales charge was deducted. Prior to February 28, 2011, a 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁶  Since inception date of December 6, 2016.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.67%		0.65%
Class C		1.35%		1.33%
Class R		1.01%		0.99%
Class R6		0.26%		0.24%
Institutional Service Class		0.51%		0.49%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

7

Fund Performance (cont.) Nationwide Bond Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bond Index Fund versus the Bloomberg Barclays (BBgBarc) U.S. Aggregate Bond Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

8

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,054.10		3.42		0.66
	Hypothetical	(a)(b)		1,000.00		1,021.88		3.36		0.66
Class C Shares	Actual	(a)		1,000.00		1,050.50		6.93		1.34
	Hypothetical	(a)(b)		1,000.00		1,018.45		6.82		1.34
Class R6 Shares	Actual	(a)		1,000.00		1,056.50		1.24		0.24
	Hypothetical	(a)(b)		1,000.00		1,024.00		1.22		0.24
Institutional Service Class Shares	Actual	(a)		1,000.00		1,055.10		2.54		0.49
	Hypothetical	(a)(b)		1,000.00		1,022.74		2.50		0.49

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

9

Statement of Investments

October 31, 2019

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	$	124,152	$	130,222
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/2025		188,162		202,848
				333,070
Credit Card 0.5%
BA Credit Card Trust, Series 2018-A3, Class A3, 3.10%, 12/15/2023		2,500,000		2,554,924
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/15/2024		625,000		630,339
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.92%, 4/7/2022		1,000,000		1,000,304
				4,185,567
Total Asset-Backed Securities (cost $4,439,298)				4,518,637
Commercial Mortgage-Backed Securities 2.4%
BBCMS Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 2/15/2050		450,000		487,918
Benchmark Mortgage Trust, Series 2019-B11, Class A4, 3.28%, 5/15/2052		1,000,000		1,069,045
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 6/15/2050		850,000		909,201
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class A4, 4.13%, 11/10/2046		650,000		696,900
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500,000		534,400
Series 2019-GC43, Class A4, 3.04%, 11/10/2052		980,000		1,023,507
COMM Mortgage Trust
Series 2013-CR12, Class A4, 4.05%, 10/10/2046		300,000		319,548
Series 2014-CR16, Class A4, 4.05%, 4/10/2047		750,000		804,232
FHLMC Multifamily Structured Pass-Through Certificates REMICS
Series K020, Class A2, 2.37%, 5/25/2022		600,000		605,808
Series K026, Class A2, 2.51%, 11/25/2022		200,000		203,343
Series K031, Class A2, 3.30%, 4/25/2023 (a)		100,000		104,362
Series K033, Class A2, 3.06%, 7/25/2023 (a)		100,000		103,786
Series K038, Class A1, 2.60%, 10/25/2023		82,992		83,940
Series K037, Class A2, 3.49%, 1/25/2024		200,000		211,383

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Multifamily Structured Pass-Through Certificates REMICS (continued)
Series K038, Class A2, 3.39%, 3/25/2024	$	800,000	$	844,591
Series K066, Class A2, 3.12%, 6/25/2027		750,000		801,454
FNMA ACES REMICS
Series 2014-M6, Class A2, 2.68%, 5/25/2021 (a)		86,525		87,332
Series 2014-M2, Class ASV2, 2.78%, 6/25/2021 (a)		217,528		218,445
GS Mortgage Securities Trust
Series 2015-GC28, Class A2, 2.90%, 2/10/2048		841,160		840,923
Series 2015-GC30, Class A4, 3.38%, 5/10/2050		750,000		795,390
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3, 4.17%, 8/15/2046		135,692		139,722
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 9/15/2050		750,000		803,668
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C7, Class A4, 2.92%, 2/15/2046		1,300,000		1,330,528
Series 2013-C10, Class ASB, 3.91%, 7/15/2046 (a)		999,266		1,027,518
Series 2013-C10, Class A5, 4.08%, 7/15/2046 (a)		250,000		266,292
Series 2014-C17, Class A5, 3.74%, 8/15/2047		1,500,000		1,598,472
Morgan Stanley Capital I Trust
Series 2016-UBS9, Class A4, 3.59%, 3/15/2049		900,000		964,613
Series 2017-H1, Class A5, 3.53%, 6/15/2050		750,000		807,741
Series 2019-H6, Class A4, 3.42%, 6/15/2052		150,000		161,147
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.79%, 9/15/2048		1,700,000		1,829,381
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class A4, 3.04%, 3/15/2045		500,000		512,663
Series 2012-C7, Class A2, 3.43%, 6/15/2045		300,000		308,974
Total Commercial Mortgage-Backed Securities (cost $20,104,373)				20,496,227
Corporate Bonds 25.5%
Aerospace & Defense 0.4%
Boeing Co. (The),
3.20%, 3/1/2029		500,000		526,117
3.30%, 3/1/2035		65,000		65,726
3.75%, 2/1/2050		150,000		159,773
General Dynamics Corp., 3.88%, 7/15/2021		150,000		154,255
L3Harris Technologies, Inc.,
4.95%, 2/15/2021 (b)		250,000		257,008

10

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Aerospace & Defense (continued)
L3Harris Technologies, Inc., (continued)
3.83%, 4/27/2025	$	250,000	$	268,315
4.85%, 4/27/2035		55,000		65,272
Lockheed Martin Corp.,
3.55%, 1/15/2026		150,000		162,016
3.60%, 3/1/2035		55,000		59,709
4.07%, 12/15/2042		191,000		220,181
Northrop Grumman Corp., 4.75%, 6/1/2043		250,000		306,046
Raytheon Co.,
3.15%, 12/15/2024		75,000		78,872
Rockwell Collins, Inc., 3.50%, 3/15/2027		150,000		160,454
Textron, Inc.,
4.30%, 3/1/2024		250,000		268,639
United Technologies Corp.,
3.65%, 8/16/2023		200,000		211,553
4.13%, 11/16/2028		150,000		170,210
6.13%, 7/15/2038		150,000		207,869
4.50%, 6/1/2042		250,000		299,990
4.05%, 5/4/2047		100,000		115,525
				3,757,530
Air Freight & Logistics 0.1%
FedEx Corp.,
3.25%, 4/1/2026		45,000		46,703
3.30%, 3/15/2027		70,000		72,420
3.88%, 8/1/2042		50,000		48,784
4.55%, 4/1/2046		250,000		262,023
United Parcel Service, Inc.,
2.50%, 9/1/2029		55,000		55,320
6.20%, 1/15/2038		205,000		287,923
3.40%, 9/1/2049		35,000		35,713
				808,886
Airlines 0.0%†
Delta Air Lines, Inc.,
3.75%, 10/28/2029		100,000		99,587
Auto Components 0.0%†
Aptiv Corp., 4.15%, 3/15/2024		150,000		159,187
BorgWarner, Inc.,
3.38%, 3/15/2025		70,000		73,206
				232,393
Automobiles 0.1%
Ford Motor Co.,
7.45%, 7/16/2031		100,000		116,259
5.29%, 12/8/2046		250,000		230,990
General Motors Co.,
4.20%, 10/1/2027		250,000		255,656
5.20%, 4/1/2045		250,000		248,395
Toyota Motor Corp.,
3.42%, 7/20/2023		200,000		210,762
				1,062,062
Banks 4.7%
Banco Santander SA, 4.25%, 4/11/2027		200,000		216,338
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (c)		250,000		251,950

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Bank of America Corp., (continued)
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)	$	250,000	$	255,215
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (c)		500,000		507,810
4.10%, 7/24/2023		250,000		266,886
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		271,000		277,214
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (c)		250,000		261,207
3.88%, 8/1/2025		250,000		269,605
4.45%, 3/3/2026		55,000		60,061
3.50%, 4/19/2026		145,000		154,181
4.25%, 10/22/2026		145,000		157,418
3.25%, 10/21/2027		250,000		259,934
Series L, 4.18%, 11/25/2027		100,000		108,166
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		281,000		294,126
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (c)		250,000		272,171
(ICE LIBOR USD 3 Month + 1.31%), 4.27%, 7/23/2029 (c)		500,000		555,119
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (c)		250,000		272,813
5.88%, 2/7/2042		250,000		352,028
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048 (c)		250,000		300,481
Bank of Montreal,
Series D, 3.10%, 4/13/2021		100,000		101,795
2.90%, 3/26/2022		500,000		510,204
Bank of Nova Scotia (The),
2.70%, 3/7/2022		100,000		101,729
2.38%, 1/18/2023		350,000		353,313
Barclays plc,
3.65%, 3/16/2025		200,000		206,924
4.34%, 1/10/2028		250,000		270,334
(ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029 (c)		250,000		281,624
BB&T Corp.,
2.75%, 4/1/2022		250,000		254,236
2.85%, 10/26/2024		250,000		258,208
BBVA USA, 3.88%, 4/10/2025		250,000		263,624
BNP Paribas SA,
4.25%, 10/15/2024		250,000		266,389
Branch Banking & Trust Co.,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.15%), 2.64%, 9/17/2029 (c)		250,000		249,344
Citibank NA, 3.65%, 1/23/2024		250,000		265,507
Citigroup, Inc.,
3.88%, 10/25/2023		100,000		106,109
3.75%, 6/16/2024		300,000		318,657
3.30%, 4/27/2025		155,000		162,309
5.50%, 9/13/2025		250,000		285,985
3.70%, 1/12/2026		250,000		265,854
4.60%, 3/9/2026		105,000		115,229
3.40%, 5/1/2026		200,000		209,843
4.30%, 11/20/2026		200,000		216,687
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		250,000		264,521

11

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Citigroup, Inc., (continued)
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (c)	$	250,000	$	263,174
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		350,000		381,536
6.63%, 6/15/2032		182,000		241,962
4.65%, 7/23/2048		250,000		308,356
Citizens Financial Group, Inc., 2.85%, 7/27/2026		250,000		254,087
Comerica, Inc.,
4.00%, 2/1/2029		100,000		110,932
Cooperatieve Rabobank UA,
3.88%, 2/8/2022		250,000		260,216
3.75%, 7/21/2026		250,000		261,989
5.25%, 5/24/2041		125,000		172,375
Credit Suisse Group Funding Guernsey Ltd.,
3.13%, 12/10/2020		250,000		252,739
3.80%, 9/15/2022		250,000		260,537
Discover Bank, 4.20%, 8/8/2023		250,000		266,891
Fifth Third Bancorp,
3.50%, 3/15/2022		300,000		309,764
3.95%, 3/14/2028		250,000		274,255
HSBC Bank USA NA, 5.88%, 11/1/2034		498,000		644,844
HSBC Holdings plc,
3.60%, 5/25/2023		200,000		208,900
4.25%, 3/14/2024		250,000		265,479
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		200,000		209,868
4.30%, 3/8/2026		200,000		218,077
3.90%, 5/25/2026		250,000		267,107
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c)		500,000		540,641
Huntington Bancshares, Inc., 3.15%, 3/14/2021		250,000		253,617
ING Groep NV,
3.55%, 4/9/2024		400,000		419,266
JPMorgan Chase & Co.,
2.55%, 3/1/2021		250,000		252,115
4.35%, 8/15/2021		1,000,000		1,041,862
3.38%, 5/1/2023		250,000		260,414
3.63%, 5/13/2024		350,000		372,210
3.13%, 1/23/2025		250,000		259,850
(SOFR + 1.16%), 2.30%, 10/15/2025 (c)		250,000		249,491
3.30%, 4/1/2026		250,000		262,736
4.13%, 12/15/2026		250,000		272,969
(ICE LIBOR USD 3 Month + 1.25%), 3.96%, 1/29/2027 (c)		250,000		270,634
8.00%, 4/29/2027		202,000		269,818
(ICE LIBOR USD 3 Month + 1.36%), 3.88%, 7/24/2038 (c)		300,000		328,601
5.60%, 7/15/2041		200,000		268,569
4.85%, 2/1/2044		250,000		315,151
(ICE LIBOR USD 3 Month + 1.58%), 4.26%, 2/22/2048 (c)		250,000		291,760
KeyCorp,
5.10%, 3/24/2021		150,000		156,160
2.55%, 10/1/2029		250,000		244,705

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Korea Development Bank (The), 4.63%, 11/16/2021	$	200,000	$	209,712
Kreditanstalt fuer Wiederaufbau,
2.00%, 11/30/2021		1,000,000		1,007,911
2.13%, 3/7/2022		2,000,000		2,024,215
2.88%, 4/3/2028		200,000		217,794
Landwirtschaftliche Rentenbank,
Series 36, 2.00%, 12/6/2021		500,000		503,919
Lloyds Banking Group plc,
4.50%, 11/4/2024		250,000		266,693
4.34%, 1/9/2048		250,000		264,721
Mitsubishi UFJ Financial Group, Inc.,
3.46%, 3/2/2023		750,000		778,669
3.76%, 7/26/2023		200,000		210,849
3.85%, 3/1/2026		250,000		269,071
Mizuho Financial Group, Inc.,
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (c)		400,000		404,347
3.17%, 9/11/2027		250,000		259,328
MUFG Americas Holdings Corp., 3.00%, 2/10/2025		200,000		205,237
National Australia Bank Ltd.,
3.38%, 1/14/2026		250,000		264,520
PNC Bank NA,
2.95%, 1/30/2023		350,000		358,796
3.30%, 10/30/2024		250,000		263,563
Royal Bank of Canada,
2.50%, 1/19/2021		250,000		252,248
2.80%, 4/29/2022		350,000		357,203
2.25%, 11/1/2024		250,000		250,569
Royal Bank of Scotland Group plc,
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		200,000		204,319
4.80%, 4/5/2026		250,000		277,340
(ICE LIBOR USD 3 Month + 1.91%), 5.08%, 1/27/2030 (c)		250,000		286,503
Santander Holdings USA, Inc., 4.40%, 7/13/2027		200,000		215,279
Santander UK plc,
2.50%, 1/5/2021		500,000		502,839
Sumitomo Mitsui Financial Group, Inc.,
2.78%, 7/12/2022		750,000		762,540
2.45%, 9/27/2024		250,000		251,248
3.78%, 3/9/2026		250,000		269,100
3.20%, 9/17/2029		250,000		252,765
SunTrust Bank, 2.45%, 8/1/2022		500,000		505,663
Toronto-Dominion Bank (The),
1.80%, 7/13/2021		750,000		749,602
US Bancorp,
4.13%, 5/24/2021		100,000		103,328
3.38%, 2/5/2024		250,000		263,920
Series X, 3.15%, 4/27/2027		250,000		264,581
Wells Fargo & Co.,
3.00%, 1/22/2021		500,000		506,740
2.50%, 3/4/2021		240,000		241,630
2.63%, 7/22/2022		250,000		253,380
3.75%, 1/24/2024		750,000		793,627
3.00%, 2/19/2025		60,000		61,754

12

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Wells Fargo & Co., (continued)
3.00%, 4/22/2026	$	250,000	$	257,047
4.30%, 7/22/2027		200,000		218,901
5.38%, 2/7/2035		118,000		151,299
5.61%, 1/15/2044		333,000		435,962
3.90%, 5/1/2045		150,000		169,509
4.90%, 11/17/2045		250,000		302,498
4.40%, 6/14/2046		100,000		113,385
Wells Fargo Bank NA,
(ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022 (c)		250,000		250,180
Westpac Banking Corp.,
2.10%, 5/13/2021		100,000		100,347
3.30%, 2/26/2024		350,000		367,488
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c)		250,000		266,161
Zions Bancorp NA,
3.25%, 10/29/2029		250,000		249,524
				40,202,629
Beverages 0.7%
Anheuser-Busch Cos. LLC,
3.65%, 2/1/2026		250,000		267,708
4.70%, 2/1/2036		350,000		406,391
4.90%, 2/1/2046		215,000		257,906
Anheuser-Busch InBev Worldwide, Inc.,
4.00%, 4/13/2028		100,000		110,386
4.75%, 1/23/2029		100,000		116,221
4.38%, 4/15/2038		100,000		111,703
4.60%, 4/15/2048		150,000		171,164
4.44%, 10/6/2048		130,000		145,920
5.55%, 1/23/2049		350,000		462,213
4.75%, 4/15/2058		150,000		176,406
5.80%, 1/23/2059		50,000		67,371
Coca-Cola Co. (The),
3.15%, 11/15/2020		200,000		202,731
3.20%, 11/1/2023		150,000		158,088
1.75%, 9/6/2024		250,000		248,705
2.90%, 5/25/2027		100,000		105,501
Constellation Brands, Inc., 3.50%, 5/9/2027		400,000		420,974
Diageo Investment Corp.,
2.88%, 5/11/2022		500,000		511,677
Keurig Dr Pepper, Inc.,
3.20%, 11/15/2021		250,000		253,698
5.09%, 5/25/2048		175,000		210,379
Molson Coors Brewing Co.,
3.50%, 5/1/2022		100,000		102,973
3.00%, 7/15/2026		95,000		95,892
5.00%, 5/1/2042		150,000		163,305
PepsiCo, Inc.,
3.13%, 11/1/2020		200,000		202,686
3.60%, 3/1/2024		250,000		267,104
2.85%, 2/24/2026		175,000		182,982
3.45%, 10/6/2046		250,000		271,908
2.88%, 10/15/2049		100,000		97,570
				5,789,562
Biotechnology 0.5%
AbbVie, Inc.,
2.90%, 11/6/2022		500,000		509,673
3.20%, 5/14/2026		185,000		189,457

Corporate Bonds (continued)
	Principal Amount		Value
Biotechnology (continued)
AbbVie, Inc., (continued)
4.50%, 5/14/2035	$	135,000	$	146,500
4.30%, 5/14/2036		100,000		106,208
4.40%, 11/6/2042		75,000		77,711
4.88%, 11/14/2048		150,000		165,610
Amgen, Inc.,
2.70%, 5/1/2022		500,000		508,540
4.56%, 6/15/2048		187,000		214,938
4.66%, 6/15/2051		279,000		326,184
Baxalta, Inc., 4.00%, 6/23/2025		30,000		32,234
Biogen, Inc.,
3.63%, 9/15/2022		250,000		261,272
4.05%, 9/15/2025		95,000		104,119
Celgene Corp.,
3.25%, 8/15/2022		200,000		206,314
4.63%, 5/15/2044		150,000		181,120
5.00%, 8/15/2045		250,000		318,340
Gilead Sciences, Inc.,
4.50%, 4/1/2021		100,000		103,247
3.70%, 4/1/2024		150,000		159,489
3.65%, 3/1/2026		75,000		80,647
4.50%, 2/1/2045		250,000		287,492
4.75%, 3/1/2046		150,000		179,547
				4,158,642
Building Products 0.1%
Allegion plc, 3.50%, 10/1/2029		100,000		103,107
Fortune Brands Home & Security, Inc.,
3.25%, 9/15/2029		150,000		152,144
Johnson Controls International plc,
3.90%, 2/14/2026		46,000		49,164
4.50%, 2/15/2047		100,000		108,582
Masco Corp., 3.50%, 11/15/2027		100,000		102,932
Owens Corning,
4.30%, 7/15/2047		150,000		138,439
				654,368
Capital Markets 1.2%
Ameriprise Financial, Inc., 4.00%, 10/15/2023		250,000		267,055
Bank of New York Mellon Corp. (The),
2.95%, 1/29/2023		100,000		103,208
Series G, 3.00%, 2/24/2025		105,000		110,022
3.30%, 8/23/2029		250,000		264,844
Brookfield Finance, Inc., 4.25%, 6/2/2026		250,000		270,403
Charles Schwab Corp. (The),
4.00%, 2/1/2029		250,000		278,885
CME Group, Inc., 3.00%, 3/15/2025		250,000		262,835
Credit Suisse USA, Inc.,
7.13%, 7/15/2032		195,000		282,112
Deutsche Bank AG,
Series D, 5.00%, 2/14/2022		250,000		260,891
4.10%, 1/13/2026		100,000		101,560
Franklin Resources, Inc., 2.80%, 9/15/2022		250,000		255,204
Goldman Sachs Group, Inc. (The),
5.75%, 1/24/2022		250,000		269,402

13

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Capital Markets (continued)
Goldman Sachs Group, Inc. (The), (continued)
3.20%, 2/23/2023	$	500,000	$	515,622
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		500,000		507,667
3.63%, 2/20/2024		250,000		262,800
4.00%, 3/3/2024		250,000		267,329
3.75%, 2/25/2026		315,000		335,111
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)		200,000		218,571
6.75%, 10/1/2037		100,000		136,068
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (c)		250,000		269,915
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039 (c)		250,000		282,385
6.25%, 2/1/2041		250,000		350,247
Intercontinental Exchange, Inc.,
3.45%, 9/21/2023		100,000		105,250
3.75%, 12/1/2025		80,000		86,647
Jefferies Group LLC,
6.88%, 4/15/2021		250,000		265,454
4.15%, 1/23/2030		100,000		101,139
Moody’s Corp., 4.50%, 9/1/2022		100,000		106,218
Morgan Stanley,
5.50%, 7/28/2021		150,000		158,704
2.75%, 5/19/2022		350,000		355,406
4.10%, 5/22/2023		350,000		370,617
4.00%, 7/23/2025		155,000		168,098
3.88%, 1/27/2026		250,000		270,023
3.13%, 7/27/2026		250,000		259,622
4.35%, 9/8/2026		250,000		272,283
3.63%, 1/20/2027		250,000		266,594
3.95%, 4/23/2027		250,000		266,321
7.25%, 4/1/2032		226,000		323,163
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		100,000		116,068
4.38%, 1/22/2047		250,000		294,888
Northern Trust Corp.,
3.38%, 8/23/2021		50,000		51,260
3.65%, 8/3/2028		50,000		55,039
S&P Global, Inc., 4.40%, 2/15/2026		250,000		280,087
State Street Corp.,
4.38%, 3/7/2021		300,000		309,785
3.30%, 12/16/2024		155,000		163,861
TD Ameritrade Holding Corp.,
2.95%, 4/1/2022		250,000		255,530
				10,774,193
Chemicals 0.4%
Cabot Corp., 4.00%, 7/1/2029		100,000		105,202
Dow Chemical Co. (The),
4.13%, 11/15/2021		150,000		155,447
3.50%, 10/1/2024		250,000		262,395
4.25%, 10/1/2034		100,000		107,447
4.38%, 11/15/2042		150,000		157,199
DuPont de Nemours, Inc.,
4.73%, 11/15/2028		500,000		570,119
Eastman Chemical Co., 3.60%, 8/15/2022		250,000		258,297

Corporate Bonds (continued)
	Principal Amount		Value
Chemicals (continued)
Ecolab, Inc.,
4.35%, 12/8/2021	$	81,000	$	85,123
3.25%, 1/14/2023		250,000		259,621
Lubrizol Corp. (The), 6.50%, 10/1/2034		103,000		146,207
LyondellBasell Industries NV,
6.00%, 11/15/2021		400,000		427,003
4.63%, 2/26/2055		100,000		104,607
Mosaic Co. (The), 5.45%, 11/15/2033		150,000		172,106
Nutrien Ltd.,
3.15%, 10/1/2022		50,000		51,289
5.88%, 12/1/2036		125,000		151,310
6.13%, 1/15/2041		100,000		124,233
PPG Industries, Inc., 2.80%, 8/15/2029		100,000		100,482
Praxair, Inc.,
4.05%, 3/15/2021		150,000		154,537
3.20%, 1/30/2026		250,000		264,843
Sherwin-Williams Co. (The),
4.50%, 6/1/2047		150,000		168,253
				3,825,720
Commercial Services & Supplies 0.1%
Cintas Corp. No. 2, 4.30%, 6/1/2021		100,000		103,319
Republic Services, Inc.,
5.25%, 11/15/2021		350,000		372,820
3.20%, 3/15/2025		100,000		104,577
Waste Management, Inc.,
2.90%, 9/15/2022		300,000		308,410
3.90%, 3/1/2035		90,000		100,033
				989,159
Communications Equipment 0.1%
Cisco Systems, Inc.,
2.50%, 9/20/2026		250,000		257,474
5.50%, 1/15/2040		250,000		343,903
Motorola Solutions, Inc.,
4.00%, 9/1/2024		150,000		159,031
				760,408
Construction Materials 0.0%†
Vulcan Materials Co.,
3.90%, 4/1/2027		100,000		106,251
Consumer Finance 0.9%
AerCap Ireland Capital DAC, 3.65%, 7/21/2027		250,000		257,619
Ally Financial, Inc.,
3.88%, 5/21/2024		250,000		261,100
American Express Co.,
2.50%, 8/1/2022		1,000,000		1,012,580
3.63%, 12/5/2024		150,000		159,471
American Honda Finance Corp.,
2.20%, 6/27/2022		250,000		252,750
3.45%, 7/14/2023		100,000		105,374
Capital One Financial Corp.,
3.50%, 6/15/2023		350,000		364,715
3.75%, 4/24/2024		100,000		105,674
3.30%, 10/30/2024		100,000		104,114
3.75%, 3/9/2027		250,000		265,560

14

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Consumer Finance (continued)
Caterpillar Financial Services Corp., 2.75%, 8/20/2021	$	500,000	$	506,952
Discover Financial Services,
4.50%, 1/30/2026		100,000		109,828
Ford Motor Credit Co. LLC,
3.34%, 3/18/2021		250,000		251,428
5.88%, 8/2/2021		250,000		262,279
3.35%, 11/1/2022		200,000		200,596
3.66%, 9/8/2024		250,000		247,294
4.54%, 8/1/2026		200,000		201,456
General Motors Financial Co., Inc.,
4.38%, 9/25/2021		100,000		103,658
4.15%, 6/19/2023		500,000		520,208
5.25%, 3/1/2026		350,000		379,830
4.00%, 10/6/2026		250,000		255,276
John Deere Capital Corp.,
2.65%, 1/6/2022		140,000		142,543
2.70%, 1/6/2023		200,000		204,865
2.25%, 9/14/2026		250,000		250,608
Synchrony Financial, 4.50%, 7/23/2025		190,000		205,072
Toyota Motor Credit Corp.,
2.95%, 4/13/2021		200,000		203,137
3.65%, 1/8/2029		500,000		555,082
				7,489,069
Containers & Packaging 0.0%†
International Paper Co., 4.80%, 6/15/2044		250,000		271,204
WRKCo, Inc.,
4.20%, 6/1/2032		100,000		110,987
				382,191
Diversified Consumer Services 0.1%
Massachusetts Institute of Technology, 4.68%, 7/1/2114		200,000		271,912
Northwestern University,
Series 2017, 3.66%, 12/1/2057		12,000		13,846
President & Fellows of Harvard College,
3.15%, 7/15/2046		50,000		53,347
3.30%, 7/15/2056		100,000		108,961
Princeton University, 5.70%, 3/1/2039		200,000		284,481
University of Notre Dame du Lac,
Series 2017, 3.39%, 2/15/2048		30,000		32,851
				765,398
Diversified Financial Services 0.3%
AXA Equitable Holdings, Inc.,
7.00%, 4/1/2028		92,000		114,430
5.00%, 4/20/2048		50,000		53,910
Berkshire Hathaway, Inc., 2.75%, 3/15/2023		200,000		206,009
GE Capital International Funding Co. Unlimited Co.,
2.34%, 11/15/2020		206,000		205,871
4.42%, 11/15/2035		382,000		403,181
National Rural Utilities Cooperative Finance Corp.,
3.40%, 2/7/2028		50,000		53,825
8.00%, 3/1/2032		61,000		91,569

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Financial Services (continued)
Shell International Finance BV,
1.88%, 5/10/2021	$	250,000	$	250,330
4.13%, 5/11/2035		150,000		172,723
6.38%, 12/15/2038		250,000		364,046
4.00%, 5/10/2046		150,000		171,568
3.75%, 9/12/2046		150,000		167,078
Voya Financial, Inc.,
3.65%, 6/15/2026		100,000		105,460
				2,360,000
Diversified Telecommunication Services 1.1%
AT&T, Inc.,
3.80%, 3/15/2022		500,000		520,043
3.95%, 1/15/2025		350,000		375,002
3.60%, 7/15/2025		250,000		263,531
4.13%, 2/17/2026		250,000		271,884
2.95%, 7/15/2026		250,000		254,806
4.25%, 3/1/2027		250,000		274,576
4.50%, 5/15/2035		310,000		341,975
5.25%, 3/1/2037		250,000		294,241
5.35%, 9/1/2040		175,000		207,292
4.30%, 12/15/2042		267,000		282,615
4.65%, 6/1/2044		150,000		163,163
4.80%, 6/15/2044		150,000		167,039
4.75%, 5/15/2046		250,000		277,560
5.45%, 3/1/2047		200,000		241,665
4.50%, 3/9/2048		160,000		171,119
4.55%, 3/9/2049		100,000		107,598
British Telecommunications plc, 9.63%, 12/15/2030 (d)		191,000		293,079
Deutsche Telekom International Finance BV,
8.75%, 6/15/2030 (d)		106,000		156,674
Orange SA,
9.00%, 3/1/2031 (d)		133,000		207,584
5.50%, 2/6/2044		100,000		132,236
Telefonica Emisiones SA,
5.46%, 2/16/2021		150,000		156,487
4.57%, 4/27/2023		200,000		216,207
4.10%, 3/8/2027		350,000		380,894
4.90%, 3/6/2048		150,000		167,892
5.52%, 3/1/2049		150,000		182,572
TELUS Corp., 4.30%, 6/15/2049		100,000		113,501
Verizon Communications, Inc.,
3.50%, 11/1/2024		400,000		424,959
4.13%, 3/16/2027		250,000		278,789
4.33%, 9/21/2028		254,000		289,241
4.02%, 12/3/2029		500,000		559,646
4.40%, 11/1/2034		300,000		346,321
4.81%, 3/15/2039		269,000		327,120
3.85%, 11/1/2042		250,000		268,110
6.55%, 9/15/2043		250,000		372,360
4.52%, 9/15/2048		250,000		297,404
5.01%, 4/15/2049		95,000		122,667
				9,507,852
Electric Utilities 1.3%
Appalachian Power Co.,
Series Y, 4.50%, 3/1/2049		250,000		302,317
Arizona Public Service Co., 4.20%, 8/15/2048		50,000		57,754

15

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
Baltimore Gas & Electric Co.,
3.20%, 9/15/2049	$	45,000	$	44,720
CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/2048		150,000		173,869
Cleco Corporate Holdings LLC,
3.38%, 9/15/2029 (b)		100,000		99,847
Cleveland Electric Illuminating Co. (The), 5.50%, 8/15/2024		200,000		231,512
Connecticut Light & Power Co. (The),
Series A, 3.20%, 3/15/2027		100,000		106,256
4.00%, 4/1/2048		100,000		117,558
Dominion Energy South Carolina, Inc., 6.05%, 1/15/2038		200,000		273,328
DTE Electric Co.,
3.65%, 3/15/2024		250,000		265,658
3.70%, 3/15/2045		80,000		88,818
Duke Energy Corp.,
3.05%, 8/15/2022		200,000		205,344
3.75%, 4/15/2024		150,000		159,385
3.75%, 9/1/2046		250,000		258,772
4.20%, 6/15/2049		150,000		167,065
Duke Energy Florida LLC, 4.20%, 7/15/2048		50,000		57,823
Duke Energy Indiana LLC,
3.75%, 5/15/2046		250,000		268,559
Duke Energy Ohio, Inc.,
Series A, 5.40%, 6/15/2033		51,000		63,038
3.70%, 6/15/2046		100,000		108,112
Emera US Finance LP, 3.55%, 6/15/2026		250,000		262,577
Entergy Arkansas LLC,
3.50%, 4/1/2026		100,000		106,392
4.20%, 4/1/2049		150,000		177,539
Entergy Corp., 4.00%, 7/15/2022		200,000		209,217
Evergy Metro, Inc.,
3.65%, 8/15/2025		100,000		106,934
Series 2019, 4.13%, 4/1/2049		150,000		173,236
Evergy, Inc.,
4.85%, 6/1/2021		100,000		103,608
2.90%, 9/15/2029		100,000		100,554
Eversource Energy,
Series H, 3.15%, 1/15/2025		125,000		129,999
Exelon Corp.,
3.50%, 6/1/2022 (d)		250,000		257,263
5.63%, 6/15/2035		250,000		312,464
FirstEnergy Corp.,
Series B, 4.25%, 3/15/2023		500,000		529,859
Florida Power & Light Co.,
5.65%, 2/1/2037		200,000		269,722
4.05%, 10/1/2044		100,000		116,245
4.13%, 6/1/2048		150,000		179,041
Georgia Power Co.,
Series A, 2.20%, 9/15/2024		250,000		249,640
4.30%, 3/15/2042		100,000		109,843
Hydro-Quebec,
8.40%, 1/15/2022		153,000		173,999
Series GF, 8.88%, 3/1/2026		109,000		151,651
Iberdrola International BV, 5.81%, 3/15/2025		82,000		94,745

Corporate Bonds (continued)
	Principal Amount		Value
Electric Utilities (continued)
MidAmerican Energy Co.,
5.80%, 10/15/2036	$	200,000	$	267,807
Nevada Power Co., 5.45%, 5/15/2041		100,000		126,204
Northern States Power Co.,
4.00%, 8/15/2045		85,000		96,975
Ohio Power Co., 4.15%, 4/1/2048		150,000		175,747
Oncor Electric Delivery Co. LLC,
5.30%, 6/1/2042		150,000		199,395
PacifiCorp, 5.25%, 6/15/2035		123,000		152,985
PPL Capital Funding, Inc.,
5.00%, 3/15/2044		250,000		294,487
Progress Energy, Inc., 7.75%, 3/1/2031		164,000		234,508
Public Service Co. of Colorado,
3.60%, 9/15/2042		100,000		108,102
Public Service Electric & Gas Co., 3.95%, 5/1/2042		200,000		228,990
Southern California Edison Co.,
Series B, 2.40%, 2/1/2022		250,000		250,004
6.00%, 1/15/2034		123,000		150,371
4.00%, 4/1/2047		250,000		262,813
Southern Co. (The),
3.25%, 7/1/2026		210,000		219,214
4.40%, 7/1/2046		250,000		281,890
Union Electric Co., 3.25%, 10/1/2049		100,000		102,122
Virginia Electric & Power Co.,
Series B, 4.20%, 5/15/2045		120,000		138,026
Wisconsin Electric Power Co.,
2.95%, 9/15/2021		250,000		253,917
5.63%, 5/15/2033		41,000		54,124
Wisconsin Power & Light Co., 3.00%, 7/1/2029		250,000		261,003
Xcel Energy, Inc.,
6.50%, 7/1/2036		123,000		167,429
				10,890,376
Electrical Equipment 0.1%
ABB Finance USA, Inc., 4.38%, 5/8/2042		100,000		121,366
Eaton Corp.,
2.75%, 11/2/2022		250,000		255,463
4.00%, 11/2/2032		150,000		172,542
				549,371
Electronic Equipment, Instruments & Components 0.1%
Amphenol Corp., 2.80%, 2/15/2030		100,000		98,574
Arrow Electronics, Inc.,
4.50%, 3/1/2023		100,000		105,156
Corning, Inc.,
2.90%, 5/15/2022		365,000		370,876
5.35%, 11/15/2048		100,000		130,435
Tyco Electronics Group SA,
3.50%, 2/3/2022		150,000		154,496
				859,537

16

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC,
3.20%, 8/15/2021	$	250,000	$	255,742
3.34%, 12/15/2027		145,000		149,393
Halliburton Co.,
3.80%, 11/15/2025		100,000		105,343
6.70%, 9/15/2038		100,000		131,216
5.00%, 11/15/2045		100,000		110,225
National Oilwell Varco, Inc.,
3.95%, 12/1/2042		100,000		92,644
				844,563
Entertainment 0.2%
NBCUniversal Media LLC, 5.95%, 4/1/2041		100,000		137,844
TWDC Enterprises 18 Corp.,
3.00%, 2/13/2026		50,000		52,815
3.70%, 12/1/2042		100,000		111,526
3.00%, 7/30/2046		60,000		59,995
Viacom, Inc., 4.38%, 3/15/2043		200,000		206,256
Walt Disney Co. (The),
3.70%, 9/15/2024 (b)		100,000		107,308
3.70%, 10/15/2025 (b)		100,000		108,761
7.28%, 6/30/2028 (b)		53,000		71,032
2.00%, 9/1/2029		100,000		97,494
6.55%, 3/15/2033 (b)		450,000		640,404
				1,593,435
Equity Real Estate Investment Trusts (REITs) 0.7%
Alexandria Real Estate Equities, Inc., 4.00%, 2/1/2050		100,000		109,893
American Tower Corp.,
4.40%, 2/15/2026		25,000		27,399
3.95%, 3/15/2029		250,000		269,206
AvalonBay Communities, Inc., 3.45%, 6/1/2025		100,000		106,485
Boston Properties LP,
2.75%, 10/1/2026		150,000		152,359
2.90%, 3/15/2030		100,000		100,440
Camden Property Trust, 3.35%, 11/1/2049		100,000		101,298
Crown Castle International Corp.,
3.70%, 6/15/2026		280,000		296,983
4.00%, 11/15/2049		60,000		62,665
CubeSmart LP, 3.00%, 2/15/2030		100,000		99,864
Duke Realty LP,
3.88%, 10/15/2022		250,000		261,323
ERP Operating LP,
2.85%, 11/1/2026		250,000		257,652
3.00%, 7/1/2029		100,000		103,627
2.50%, 2/15/2030		150,000		149,517
Essex Portfolio LP, 3.00%, 1/15/2030		150,000		152,435
GLP Capital LP,
5.38%, 11/1/2023		50,000		54,310
5.30%, 1/15/2029		50,000		55,280
HCP, Inc., 3.40%, 2/1/2025		300,000		315,123
Healthcare Trust of America Holdings LP,
3.10%, 2/15/2030		100,000		100,064

Corporate Bonds (continued)
	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Highwoods Realty LP, 3.05%, 2/15/2030	$	100,000	$	98,595
Host Hotels & Resorts LP,
Series D, 3.75%, 10/15/2023		100,000		104,301
Series E, 4.00%, 6/15/2025		190,000		202,359
Series H, 3.38%, 12/15/2029		50,000		50,100
Kilroy Realty LP, 3.05%, 2/15/2030		100,000		99,388
Kimco Realty Corp.,
4.45%, 9/1/2047		100,000		111,111
Omega Healthcare Investors, Inc., 4.50%, 4/1/2027		250,000		269,960
Realty Income Corp.,
4.65%, 8/1/2023		250,000		271,817
3.25%, 6/15/2029		150,000		158,039
Regency Centers LP, 4.65%, 3/15/2049		100,000		119,888
Sabra Health Care LP,
3.90%, 10/15/2029		100,000		99,250
Service Properties Trust, 4.38%, 2/15/2030		100,000		96,508
Simon Property Group LP,
2.45%, 9/13/2029		100,000		98,818
4.75%, 3/15/2042		250,000		305,418
Spirit Realty LP, 4.00%, 7/15/2029		85,000		89,848
UDR, Inc.,
3.20%, 1/15/2030		150,000		154,762
Ventas Realty LP, 4.88%, 4/15/2049		150,000		179,714
Welltower, Inc.,
4.13%, 3/15/2029		250,000		273,604
Weyerhaeuser Co., 7.38%, 3/15/2032		100,000		139,781
WP Carey, Inc.,
3.85%, 7/15/2029		50,000		53,244
				5,752,428
Food & Staples Retailing 0.4%
Costco Wholesale Corp.,
2.25%, 2/15/2022		85,000		86,122
2.75%, 5/18/2024		200,000		207,618
Kroger Co. (The),
4.00%, 2/1/2024		100,000		106,904
7.50%, 4/1/2031		178,000		247,596
5.40%, 1/15/2049		100,000		118,687
Sysco Corp.,
3.75%, 10/1/2025		75,000		81,069
3.30%, 7/15/2026		130,000		137,234
Walgreen Co., 3.10%, 9/15/2022		150,000		154,749
Walgreens Boots Alliance, Inc.,
3.45%, 6/1/2026		305,000		316,195
4.50%, 11/18/2034		155,000		166,758
Walmart, Inc.,
3.40%, 6/26/2023		500,000		528,295
3.55%, 6/26/2025		100,000		108,469
7.55%, 2/15/2030		82,000		119,995
5.25%, 9/1/2035		92,000		121,296
6.20%, 4/15/2038		198,000		293,784
4.05%, 6/29/2048		250,000		298,468
				3,093,239

17

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Food Products 0.4%
Archer-Daniels-Midland Co., 2.50%, 8/11/2026	$	250,000	$	253,614
Campbell Soup Co.,
4.25%, 4/15/2021		100,000		102,924
4.15%, 3/15/2028		150,000		161,786
4.80%, 3/15/2048		50,000		56,755
Conagra Brands, Inc.,
4.60%, 11/1/2025		100,000		110,964
7.00%, 10/1/2028		154,000		194,973
5.40%, 11/1/2048		100,000		118,477
General Mills, Inc.,
3.15%, 12/15/2021		200,000		204,438
4.70%, 4/17/2048		150,000		176,739
Hershey Co. (The), 2.45%, 11/15/2029		150,000		151,761
JM Smucker Co. (The),
4.25%, 3/15/2035		100,000		108,035
Kellogg Co.,
3.25%, 4/1/2026		40,000		41,721
4.30%, 5/15/2028		250,000		278,700
Kraft Heinz Foods Co.,
3.00%, 6/1/2026		60,000		59,776
6.88%, 1/26/2039		70,000		86,934
5.20%, 7/15/2045		150,000		159,457
4.38%, 6/1/2046		250,000		244,259
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		110,000		120,777
Tyson Foods, Inc.,
4.50%, 6/15/2022		250,000		264,733
4.35%, 3/1/2029		250,000		285,181
4.55%, 6/2/2047		50,000		57,211
Unilever Capital Corp., 2.00%, 7/28/2026		250,000		247,220
5.90%, 11/15/2032		50,000		68,043
				3,554,478
Gas Utilities 0.1%
Atmos Energy Corp., 4.13%, 10/15/2044		100,000		116,237
CenterPoint Energy Resources Corp.,
4.50%, 1/15/2021		212,000		216,955
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		335,000		337,604
National Fuel Gas Co.,
3.75%, 3/1/2023		250,000		256,917
Washington Gas Light Co.,
3.65%, 9/15/2049		50,000		51,610
				979,323
Health Care Equipment & Supplies 0.3%
Abbott Laboratories,
3.88%, 9/15/2025		45,000		49,251
3.75%, 11/30/2026		226,000		247,616
5.30%, 5/27/2040		250,000		323,102
Baxter International, Inc., 2.60%, 8/15/2026		100,000		101,190
Becton Dickinson and Co.,
3.13%, 11/8/2021		250,000		255,099
3.30%, 3/1/2023		250,000		256,527
4.67%, 6/6/2047		100,000		120,276

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corp., 4.70%, 3/1/2049	$	150,000	$	182,356
DH Europe Finance II Sarl,
2.60%, 11/15/2029		45,000		45,464
Koninklijke Philips NV, 5.00%, 3/15/2042		100,000		120,643
Medtronic, Inc.,
3.15%, 3/15/2022		135,000		139,265
4.38%, 3/15/2035		175,000		208,838
4.63%, 3/15/2045		150,000		192,638
Stryker Corp.,
3.38%, 11/1/2025		80,000		85,203
3.50%, 3/15/2026		35,000		37,314
4.63%, 3/15/2046		150,000		183,389
Zimmer Biomet Holdings, Inc.,
3.38%, 11/30/2021		150,000		153,410
4.25%, 8/15/2035		48,000		48,340
				2,749,921
Health Care Providers & Services 1.0%
Advocate Health & Hospitals Corp., 4.27%, 8/15/2048		21,000		25,010
Aetna, Inc.,
6.63%, 6/15/2036		100,000		131,338
3.88%, 8/15/2047		100,000		96,840
AmerisourceBergen Corp., 4.25%, 3/1/2045		100,000		103,208
Anthem, Inc.,
3.50%, 8/15/2024		250,000		262,960
4.65%, 8/15/2044		250,000		275,374
Cardinal Health, Inc.,
3.20%, 6/15/2022		200,000		204,633
3.75%, 9/15/2025		170,000		178,861
Cigna Corp.,
3.40%, 9/17/2021		100,000		102,418
3.90%, 2/15/2022 (b)		250,000		259,354
3.25%, 4/15/2025 (b)		250,000		257,443
4.50%, 2/25/2026 (b)		100,000		108,868
3.05%, 10/15/2027 (b)		100,000		100,684
4.38%, 10/15/2028		200,000		219,653
4.80%, 7/15/2046 (b)		150,000		167,291
4.90%, 12/15/2048		150,000		174,222
CommonSpirit Health,
4.35%, 11/1/2042		50,000		52,742
4.19%, 10/1/2049		25,000		25,611
CVS Health Corp.,
3.50%, 7/20/2022		500,000		517,222
3.70%, 3/9/2023		250,000		260,652
4.10%, 3/25/2025		250,000		268,574
4.30%, 3/25/2028		500,000		543,818
4.88%, 7/20/2035		100,000		113,685
4.78%, 3/25/2038		250,000		277,479
5.05%, 3/25/2048		350,000		403,421
Duke University Health System, Inc.,
Series 2017, 3.92%, 6/1/2047		138,000		156,658
HCA, Inc.,
5.00%, 3/15/2024		200,000		217,962
4.50%, 2/15/2027		250,000		270,421
5.13%, 6/15/2039		30,000		32,948
5.25%, 6/15/2049		100,000		110,663

18

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
Humana, Inc.,
3.15%, 12/1/2022	$	250,000	$	256,560
2.90%, 12/15/2022		250,000		254,719
3.95%, 8/15/2049		100,000		102,565
Kaiser Foundation Hospitals, 4.15%, 5/1/2047		150,000		176,281
Laboratory Corp. of America Holdings,
3.75%, 8/23/2022		200,000		207,474
McKesson Corp., 3.95%, 2/16/2028		100,000		106,233
Northwell Healthcare, Inc.,
4.26%, 11/1/2047		20,000		22,131
Providence St Joseph Health Obligated Group,
Series A, 3.93%, 10/1/2048		15,000		16,954
Quest Diagnostics, Inc., 4.20%, 6/30/2029		50,000		55,311
Stanford Health Care,
Series 2018, 3.80%, 11/15/2048		12,000		13,584
Sutter Health,
Series 2018, 4.09%, 8/15/2048		36,000		41,023
UnitedHealth Group, Inc.,
2.88%, 12/15/2021		500,000		510,861
3.70%, 12/15/2025		250,000		271,157
3.38%, 4/15/2027		250,000		266,604
4.63%, 7/15/2035		25,000		30,283
5.80%, 3/15/2036		200,000		265,808
4.45%, 12/15/2048		250,000		295,048
3.88%, 8/15/2059		150,000		158,758
				8,971,367
Hotels, Restaurants & Leisure 0.2%
Hyatt Hotels Corp., 5.38%, 8/15/2021		100,000		104,400
Marriott International, Inc.,
Series N, 3.13%, 10/15/2021		250,000		254,491
McDonald’s Corp.,
3.70%, 1/30/2026		250,000		269,931
4.88%, 7/15/2040		50,000		59,868
4.88%, 12/9/2045		250,000		302,675
Sands China Ltd., 5.40%, 8/8/2028		200,000		226,278
Starbucks Corp.,
3.80%, 8/15/2025		100,000		108,738
4.00%, 11/15/2028		250,000		280,456
				1,606,837
Household Durables 0.1%
DR Horton, Inc., 2.50%, 10/15/2024		85,000		85,104
Newell Brands, Inc.,
4.20%, 4/1/2026		280,000		292,641
Whirlpool Corp.,
3.70%, 5/1/2025		100,000		105,531
				483,276
Household Products 0.1%
Colgate-Palmolive Co., 2.45%, 11/15/2021		100,000		101,452

Corporate Bonds (continued)
	Principal Amount		Value
Household Products (continued)
Kimberly-Clark Corp.,
3.20%, 7/30/2046	$	210,000	$	212,958
Procter & Gamble Co. (The),
3.50%, 10/25/2047		100,000		114,384
				428,794
Independent Power and Renewable Electricity Producers 0.1%
Exelon Generation Co. LLC,
5.75%, 10/1/2041		150,000		176,317
5.60%, 6/15/2042		200,000		234,186
Oglethorpe Power Corp., 5.05%, 10/1/2048		75,000		90,779
Southern Power Co.,
4.15%, 12/1/2025		250,000		273,461
				774,743
Industrial Conglomerates 0.3%
3M Co.,
3.00%, 8/7/2025		250,000		263,479
3.38%, 3/1/2029		250,000		269,791
5.70%, 3/15/2037		50,000		67,374
3.25%, 8/26/2049		25,000		25,299
General Electric Co.,
5.30%, 2/11/2021		72,000		74,610
3.15%, 9/7/2022		200,000		203,819
2.70%, 10/9/2022		250,000		251,617
3.38%, 3/11/2024		150,000		154,919
6.75%, 3/15/2032		106,000		135,022
6.15%, 8/7/2037		144,000		177,084
6.88%, 1/10/2039		100,000		132,391
Honeywell International, Inc., 1.85%, 11/1/2021		500,000		500,991
Ingersoll-Rand Global Holding Co. Ltd.,
5.75%, 6/15/2043		50,000		64,096
Ingersoll-Rand Luxembourg Finance SA,
3.55%, 11/1/2024		250,000		262,608
				2,583,100
Insurance 0.9%
Aflac, Inc., 3.63%, 11/15/2024		250,000		267,415
Alleghany Corp.,
4.95%, 6/27/2022		250,000		267,704
Allstate Corp. (The),
(ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057 (c)		145,000		179,061
American International Group, Inc.,
3.30%, 3/1/2021		445,000		452,232
4.25%, 3/15/2029		250,000		277,560
4.80%, 7/10/2045		100,000		117,255
4.75%, 4/1/2048		150,000		176,788
Aon plc, 3.88%, 12/15/2025		100,000		108,171
Arch Capital Finance LLC,
4.01%, 12/15/2026		250,000		275,492
Berkshire Hathaway Finance Corp., 4.40%, 5/15/2042		150,000		178,592
4.25%, 1/15/2049		100,000		119,217
Brighthouse Financial, Inc., 3.70%, 6/22/2027		250,000		245,599

19

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
Chubb INA Holdings, Inc.,
2.70%, 3/13/2023	$	250,000	$	255,378
3.35%, 5/3/2026		45,000		48,383
4.35%, 11/3/2045		250,000		307,564
CNA Financial Corp., 5.75%, 8/15/2021		250,000		265,875
Hartford Financial Services Group, Inc. (The),
6.10%, 10/1/2041		100,000		135,874
Loews Corp., 4.13%, 5/15/2043		100,000		109,430
Manulife Financial Corp.,
4.15%, 3/4/2026		100,000		111,512
Markel Corp.,
3.35%, 9/17/2029		100,000		102,152
5.00%, 5/20/2049		100,000		116,125
Marsh & McLennan Cos., Inc.,
4.80%, 7/15/2021		300,000		311,386
4.90%, 3/15/2049		150,000		188,558
MetLife, Inc.,
3.05%, 12/15/2022 (d)		250,000		258,255
5.70%, 6/15/2035		86,000		115,917
6.40%, 12/15/2036		200,000		242,922
4.60%, 5/13/2046		85,000		104,715
Nationwide Financial Services, Inc., 6.75%, 5/15/2037 (e)		75,000		87,192
Principal Financial Group, Inc.,
3.30%, 9/15/2022		250,000		258,122
Progressive Corp. (The),
3.75%, 8/23/2021		150,000		155,120
6.25%, 12/1/2032		113,000		157,497
Prudential Financial, Inc.,
6.63%, 6/21/2040		100,000		144,405
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (c)		150,000		162,375
3.91%, 12/7/2047		130,000		140,293
Reinsurance Group of America, Inc., 5.00%, 6/1/2021		100,000		104,393
Travelers Cos., Inc. (The),
4.00%, 5/30/2047		150,000		173,210
Travelers Property Casualty Corp., 6.38%, 3/15/2033		133,000		186,764
Unum Group,
4.00%, 6/15/2029		250,000		262,797
Willis North America, Inc., 2.95%, 9/15/2029		30,000		29,852
Willis Towers Watson plc,
5.75%, 3/15/2021		100,000		104,697
XLIT Ltd.,
4.45%, 3/31/2025		150,000		163,699
				7,469,548
Interactive Media & Services 0.0%†
Alphabet, Inc., 3.63%, 5/19/2021		100,000		102,865
Baidu, Inc.,
4.38%, 5/14/2024		200,000		212,631
				315,496

Corporate Bonds (continued)
	Principal Amount		Value
Internet & Direct Marketing Retail 0.2%
Alibaba Group Holding Ltd.,
3.13%, 11/28/2021	$	200,000	$	203,584
4.20%, 12/6/2047		250,000		282,776
Amazon.com, Inc.,
3.30%, 12/5/2021		250,000		257,542
2.80%, 8/22/2024		150,000		155,995
3.15%, 8/22/2027		250,000		266,730
4.80%, 12/5/2034		100,000		124,842
3.88%, 8/22/2037		100,000		113,706
4.05%, 8/22/2047		200,000		237,749
eBay, Inc., 3.80%, 3/9/2022		140,000		144,730
Expedia Group, Inc.,
3.25%, 2/15/2030 (b)		65,000		65,044
QVC, Inc.,
4.38%, 3/15/2023		100,000		103,873
				1,956,571
IT Services 0.4%
Broadridge Financial Solutions, Inc., 3.40%, 6/27/2026		80,000		83,942
DXC Technology Co.,
4.45%, 9/18/2022		100,000		104,635
Fidelity National Information Services, Inc., 5.00%, 10/15/2025		250,000		285,699
Fiserv, Inc.,
4.75%, 6/15/2021		200,000		208,735
4.40%, 7/1/2049		200,000		223,988
International Business Machines Corp.,
2.90%, 11/1/2021		150,000		153,051
3.45%, 2/19/2026		250,000		267,234
5.88%, 11/29/2032		250,000		330,423
4.25%, 5/15/2049		300,000		341,824
Mastercard, Inc., 3.95%, 2/26/2048		150,000		176,961
PayPal Holdings, Inc.,
2.40%, 10/1/2024		35,000		35,236
2.85%, 10/1/2029		70,000		70,418
Visa, Inc.,
3.15%, 12/14/2025		195,000		208,459
4.15%, 12/14/2035		150,000		180,508
4.30%, 12/14/2045		200,000		247,931
Western Union Co. (The),
6.20%, 11/17/2036		100,000		113,946
				3,032,990
Life Sciences Tools & Services 0.1%
Agilent Technologies, Inc., 2.75%, 9/15/2029		100,000		99,602
Bio-Rad Laboratories, Inc.,
4.88%, 12/15/2020		100,000		102,260
PerkinElmer, Inc., 3.30%, 9/15/2029		50,000		50,410
Thermo Fisher Scientific, Inc.,
3.20%, 8/15/2027		250,000		262,686
2.60%, 10/1/2029		65,000		64,667
				579,625

20

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Machinery 0.2%
Caterpillar, Inc.,
2.60%, 6/26/2022	$	250,000	$	254,212
6.05%, 8/15/2036		123,000		169,096
3.80%, 8/15/2042		97,000		108,524
Deere & Co., 3.90%, 6/9/2042		100,000		113,970
Dover Corp.,
5.38%, 3/1/2041		50,000		62,329
IDEX Corp., 4.20%, 12/15/2021		200,000		206,284
Illinois Tool Works, Inc.,
4.88%, 9/15/2041		200,000		258,237
Parker-Hannifin Corp., 4.20%, 11/21/2034		250,000		281,225
Stanley Black & Decker, Inc.,
2.90%, 11/1/2022		150,000		154,393
				1,608,270
Media 0.8%
CBS Corp.,
2.50%, 2/15/2023		250,000		251,758
3.70%, 8/15/2024		250,000		262,912
5.50%, 5/15/2033		82,000		99,751
Charter Communications Operating LLC,
3.75%, 2/15/2028		500,000		515,139
5.05%, 3/30/2029		250,000		281,929
6.83%, 10/23/2055		250,000		319,348
Comcast Corp.,
3.45%, 10/1/2021		250,000		257,638
3.00%, 2/1/2024		250,000		259,797
3.15%, 3/1/2026		250,000		263,810
4.25%, 1/15/2033		100,000		115,378
7.05%, 3/15/2033		105,000		150,560
4.20%, 8/15/2034		150,000		173,316
6.50%, 11/15/2035		70,000		98,659
4.60%, 10/15/2038		250,000		297,055
4.00%, 8/15/2047		250,000		276,223
3.97%, 11/1/2047		296,000		324,249
4.70%, 10/15/2048		500,000		615,719
Discovery Communications LLC,
3.45%, 3/15/2025		135,000		139,949
4.90%, 3/11/2026		50,000		55,975
3.95%, 3/20/2028		100,000		105,312
5.00%, 9/20/2037		100,000		108,595
5.30%, 5/15/2049		100,000		112,422
Fox Corp., 5.48%, 1/25/2039 (b)		150,000		184,461
Grupo Televisa SAB,
5.00%, 5/13/2045		250,000		264,749
Omnicom Group, Inc.,
3.63%, 5/1/2022		50,000		51,855
3.60%, 4/15/2026		250,000		263,963
Time Warner Cable LLC,
6.75%, 6/15/2039		150,000		184,210
5.50%, 9/1/2041		100,000		110,262
4.50%, 9/15/2042		250,000		250,208
WPP Finance 2010,
4.75%, 11/21/2021		100,000		104,920
3.75%, 9/19/2024		250,000		262,661
				6,762,783

Corporate Bonds (continued)
	Principal Amount		Value
Metals & Mining 0.2%
ArcelorMittal, 6.75%, 3/1/2041 (d)	$	150,000	$	178,472
Barrick Gold Corp.,
5.25%, 4/1/2042		200,000		244,367
BHP Billiton Finance USA Ltd.,
6.42%, 3/1/2026		55,000		67,030
5.00%, 9/30/2043		150,000		195,944
Newmont Goldcorp Corp., 5.88%, 4/1/2035		164,000		210,562
Nucor Corp.,
4.00%, 8/1/2023		250,000		265,487
Rio Tinto Alcan, Inc., 5.75%, 6/1/2035		144,000		187,027
Rio Tinto Finance USA plc,
4.13%, 8/21/2042		50,000		57,759
Southern Copper Corp.,
6.75%, 4/16/2040		100,000		129,125
5.88%, 4/23/2045		50,000		60,626
Teck Resources Ltd., 5.20%, 3/1/2042		150,000		148,384
Vale Overseas Ltd.,
6.88%, 11/10/2039		100,000		127,876
				1,872,659
Multiline Retail 0.1%
Dollar Tree, Inc., 3.70%, 5/15/2023		200,000		209,305
Kohl’s Corp.,
3.25%, 2/1/2023		150,000		152,033
Nordstrom, Inc., 4.00%, 10/15/2021		250,000		256,135
Target Corp.,
2.50%, 4/15/2026		250,000		257,197
3.90%, 11/15/2047		100,000		114,529
				989,199
Multi-Utilities 0.5%
Ameren Corp., 3.65%, 2/15/2026		250,000		264,256
Ameren Illinois Co.,
2.70%, 9/1/2022		350,000		356,850
Berkshire Hathaway Energy Co.,
3.50%, 2/1/2025		250,000		265,766
4.45%, 1/15/2049		250,000		299,888
Black Hills Corp., 3.05%, 10/15/2029		125,000		126,341
CenterPoint Energy, Inc.,
2.50%, 9/1/2022		100,000		100,895
CMS Energy Corp., 3.00%, 5/15/2026		250,000		257,232
Consolidated Edison Co. of New York, Inc.,
5.70%, 6/15/2040		150,000		201,047
3.95%, 3/1/2043		250,000		274,612
Consumers Energy Co., 3.75%, 2/15/2050		150,000		169,459
Dominion Energy, Inc.,
4.25%, 6/1/2028		500,000		560,578
Series B, 5.95%, 6/15/2035		174,000		222,921
Series C, 4.90%, 8/1/2041		100,000		118,277

21

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Multi-Utilities (continued)
DTE Energy Co., 2.95%, 3/1/2030	$	100,000	$	100,510
NiSource, Inc.,
5.95%, 6/15/2041		150,000		189,932
Puget Energy, Inc., 3.65%, 5/15/2025		250,000		260,126
Sempra Energy,
4.05%, 12/1/2023		200,000		211,779
6.00%, 10/15/2039		100,000		127,324
4.00%, 2/1/2048		150,000		157,079
Southern Co. Gas Capital Corp., 4.40%, 6/1/2043		100,000		111,680
WEC Energy Group, Inc.,
3.55%, 6/15/2025		100,000		106,828
				4,483,380
Oil, Gas & Consumable Fuels 2.3%
Apache Corp., 4.75%, 4/15/2043		250,000		228,103
BP Capital Markets America, Inc.,
3.41%, 2/11/2026		250,000		265,433
BP Capital Markets plc,
3.56%, 11/1/2021		250,000		258,379
3.06%, 3/17/2022		210,000		215,747
3.51%, 3/17/2025		250,000		266,473
Canadian Natural Resources Ltd., 6.25%, 3/15/2038		210,000		265,529
Cenovus Energy, Inc.,
5.40%, 6/15/2047		175,000		196,435
Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/2027		100,000		107,750
Chevron Corp.,
2.36%, 12/5/2022		250,000		253,743
2.95%, 5/16/2026		250,000		262,927
Concho Resources, Inc., 4.30%, 8/15/2028		250,000		269,777
ConocoPhillips,
5.90%, 10/15/2032		123,000		162,413
6.50%, 2/1/2039		200,000		292,956
Devon Energy Corp., 5.00%, 6/15/2045		200,000		227,556
Ecopetrol SA,
5.88%, 5/28/2045		125,000		144,094
Enable Midstream Partners LP, 5.00%, 5/15/2044 (d)		50,000		44,077
Enbridge Energy Partners LP,
5.88%, 10/15/2025		250,000		290,718
Enbridge, Inc., 5.50%, 12/1/2046		150,000		189,960
Encana Corp.,
6.50%, 2/1/2038		150,000		175,246
Energy Transfer Operating LP,
4.65%, 6/1/2021		100,000		102,984
5.20%, 2/1/2022		250,000		263,242
5.25%, 4/15/2029		250,000		281,197
6.05%, 6/1/2041		100,000		112,782
6.50%, 2/1/2042		250,000		299,426
Enterprise Products Operating LLC,
3.13%, 7/31/2029		100,000		102,668
6.13%, 10/15/2039		215,000		278,782

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC, (continued)
4.85%, 8/15/2042	$	150,000	$	172,772
4.95%, 10/15/2054		250,000		290,462
EOG Resources, Inc., 4.10%, 2/1/2021		200,000		205,442
EQM Midstream Partners LP,
6.50%, 7/15/2048		100,000		91,569
Equinor ASA,
2.75%, 11/10/2021		500,000		509,260
2.45%, 1/17/2023		250,000		254,417
3.95%, 5/15/2043		150,000		172,339
Exxon Mobil Corp.,
3.18%, 3/15/2024		200,000		210,548
2.71%, 3/6/2025		250,000		259,044
3.04%, 3/1/2026		75,000		79,227
3.00%, 8/16/2039		100,000		101,338
4.11%, 3/1/2046		100,000		119,231
Hess Corp.,
4.30%, 4/1/2027		250,000		262,714
7.30%, 8/15/2031		127,000		160,017
Husky Energy, Inc., 3.95%, 4/15/2022		200,000		206,947
Kinder Morgan Energy Partners LP,
5.80%, 3/15/2035		144,000		168,825
6.38%, 3/1/2041		100,000		122,214
Kinder Morgan, Inc.,
4.30%, 6/1/2025		85,000		91,937
5.30%, 12/1/2034		200,000		230,182
5.05%, 2/15/2046		250,000		273,768
Magellan Midstream Partners LP, 4.25%, 9/15/2046		100,000		106,141
Marathon Oil Corp.,
6.80%, 3/15/2032		82,000		103,296
Marathon Petroleum Corp.,
5.13%, 3/1/2021		300,000		312,287
6.50%, 3/1/2041		100,000		128,218
MPLX LP,
4.50%, 7/15/2023		150,000		159,326
4.13%, 3/1/2027		250,000		262,372
4.00%, 3/15/2028		250,000		259,891
4.70%, 4/15/2048		150,000		152,807
Nexen, Inc.,
5.88%, 3/10/2035		92,000		118,966
6.40%, 5/15/2037		100,000		138,141
Noble Energy, Inc.,
3.90%, 11/15/2024		250,000		263,400
6.00%, 3/1/2041		150,000		173,785
Occidental Petroleum Corp.,
3.13%, 2/15/2022		200,000		203,325
5.55%, 3/15/2026		250,000		283,847
3.40%, 4/15/2026		140,000		142,501
3.00%, 2/15/2027		50,000		49,576
6.45%, 9/15/2036		269,000		329,726
4.20%, 3/15/2048		150,000		146,020
ONEOK, Inc., 4.95%, 7/13/2047		250,000		270,700
Petroleos Mexicanos,
6.38%, 2/4/2021		350,000		365,050
4.50%, 1/23/2026		250,000		247,125
6.50%, 3/13/2027		250,000		265,000
6.84%, 1/23/2030 (b)		200,000		213,500

22

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos, (continued)
6.63%, 6/15/2035	$	201,000	$	204,728
5.50%, 6/27/2044		80,000		71,700
6.38%, 1/23/2045		250,000		242,500
5.63%, 1/23/2046		100,000		89,900
6.75%, 9/21/2047		359,000		357,205
7.69%, 1/23/2050 (b)		150,000		162,996
Phillips 66, 5.88%, 5/1/2042		150,000		200,066
Phillips 66 Partners LP,
3.75%, 3/1/2028		250,000		262,535
Pioneer Natural Resources Co., 3.95%, 7/15/2022		50,000		52,141
Plains All American Pipeline LP,
4.70%, 6/15/2044		200,000		186,765
Sabine Pass Liquefaction LLC,
6.25%, 3/15/2022		250,000		269,417
5.00%, 3/15/2027		250,000		274,600
Spectra Energy Partners LP, 3.50%, 3/15/2025		250,000		260,954
Suncor Energy, Inc.,
3.60%, 12/1/2024		120,000		126,795
5.95%, 5/15/2035		189,000		242,369
Sunoco Logistics Partners Operations LP, 5.35%, 5/15/2045		150,000		160,670
Total Capital International SA,
3.70%, 1/15/2024		500,000		534,769
TransCanada PipeLines Ltd.,
4.25%, 5/15/2028		250,000		276,269
4.63%, 3/1/2034		250,000		285,382
5.85%, 3/15/2036		150,000		184,276
Transcanada Trust,
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (c)		100,000		106,750
Valero Energy Corp.,
3.65%, 3/15/2025		205,000		216,463
7.50%, 4/15/2032		82,000		112,345
6.63%, 6/15/2037		100,000		130,489
Western Midstream Operating LP, 5.30%, 3/1/2048		150,000		127,132
Williams Cos., Inc. (The),
3.90%, 1/15/2025		250,000		262,871
5.40%, 3/4/2044		250,000		277,480
4.85%, 3/1/2048		100,000		107,077
				20,022,294
Paper & Forest Products 0.0%†
Georgia-Pacific LLC,
8.88%, 5/15/2031		100,000		158,300
Pharmaceuticals 0.9%
Allergan Finance LLC, 3.25%, 10/1/2022		200,000		204,472
Allergan Funding SCS,
3.45%, 3/15/2022		155,000		158,821
3.85%, 6/15/2024		40,000		42,212
4.55%, 3/15/2035		100,000		106,951
4.75%, 3/15/2045		84,000		89,405
AstraZeneca plc,
3.38%, 11/16/2025		250,000		264,412
6.45%, 9/15/2037		50,000		70,613
4.38%, 8/17/2048		150,000		178,139

Corporate Bonds (continued)
	Principal Amount		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co.,
2.00%, 8/1/2022	$	350,000	$	352,030
2.90%, 7/26/2024 (b)		250,000		259,078
4.25%, 10/26/2049 (b)		350,000		409,317
Eli Lilly & Co.,
2.75%, 6/1/2025		45,000		47,066
3.10%, 5/15/2027		200,000		212,272
3.88%, 3/15/2039		250,000		289,680
GlaxoSmithKline Capital plc,
2.85%, 5/8/2022		250,000		255,841
3.38%, 6/1/2029		250,000		270,386
GlaxoSmithKline Capital, Inc., 5.38%, 4/15/2034		139,000		181,711
Johnson & Johnson,
2.45%, 12/5/2021		250,000		252,834
2.45%, 3/1/2026		75,000		76,935
4.95%, 5/15/2033		287,000		365,176
3.63%, 3/3/2037		250,000		280,237
Merck & Co., Inc.,
2.75%, 2/10/2025		220,000		228,406
4.15%, 5/18/2043		250,000		300,250
Mylan NV,
3.15%, 6/15/2021		250,000		253,139
3.95%, 6/15/2026		100,000		104,037
Mylan, Inc., 4.55%, 4/15/2028		150,000		160,668
Novartis Capital Corp.,
3.40%, 5/6/2024		250,000		265,985
3.00%, 11/20/2025		250,000		264,432
Pfizer, Inc.,
3.00%, 12/15/2026		250,000		265,167
7.20%, 3/15/2039		375,000		590,433
4.00%, 3/15/2049		100,000		116,888
Pharmacia LLC, 6.60%, 12/1/2028 (d)		123,000		162,566
Shire Acquisitions Investments Ireland DAC,
2.40%, 9/23/2021		250,000		251,556
3.20%, 9/23/2026		190,000		196,215
Zoetis, Inc.,
3.25%, 2/1/2023		250,000		258,212
4.50%, 11/13/2025		115,000		128,022
				7,913,564
Professional Services 0.0%†
Thomson Reuters Corp.,
3.35%, 5/15/2026		140,000		145,065
Road & Rail 0.4%
Burlington Northern Santa Fe LLC,
7.95%, 8/15/2030		144,000		208,724
5.05%, 3/1/2041		350,000		437,896
4.70%, 9/1/2045		150,000		183,899
Canadian National Railway Co.,
6.90%, 7/15/2028		168,000		225,048
6.20%, 6/1/2036		64,000		90,611
Canadian Pacific Railway Co.,
2.90%, 2/1/2025		100,000		103,138
4.80%, 8/1/2045		150,000		190,072

23

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Road & Rail (continued)
CSX Corp.,
5.50%, 4/15/2041	$	100,000	$	125,219
3.95%, 5/1/2050		250,000		269,668
Norfolk Southern Corp.,
2.90%, 2/15/2023		92,000		94,128
4.84%, 10/1/2041		15,000		17,982
4.45%, 6/15/2045		50,000		58,165
3.40%, 11/1/2049		70,000		70,095
4.05%, 8/15/2052		132,000		146,542
Ryder System, Inc., 2.50%, 9/1/2024		45,000		45,360
Union Pacific Corp.,
3.25%, 8/15/2025		250,000		263,644
3.60%, 9/15/2037		250,000		261,100
4.05%, 3/1/2046		105,000		115,527
4.50%, 9/10/2048		150,000		181,113
				3,087,931
Semiconductors & Semiconductor Equipment 0.5%
Applied Materials, Inc.,
4.30%, 6/15/2021		300,000		311,530
4.35%, 4/1/2047		100,000		121,745
Broadcom Corp., 3.63%, 1/15/2024		750,000		772,129
Broadcom, Inc.,
3.63%, 10/15/2024 (b)		200,000		205,481
Intel Corp.,
1.70%, 5/19/2021		500,000		500,118
2.70%, 12/15/2022		250,000		256,874
3.70%, 7/29/2025		150,000		163,125
4.10%, 5/11/2047		100,000		116,888
3.73%, 12/8/2047		207,000		233,157
KLA Corp., 4.65%, 11/1/2024		215,000		237,354
Lam Research Corp.,
3.80%, 3/15/2025		145,000		155,478
NXP BV, 4.30%, 6/18/2029 (b)		150,000		159,901
QUALCOMM, Inc.,
2.60%, 1/30/2023		70,000		71,362
3.25%, 5/20/2027		250,000		263,019
4.65%, 5/20/2035		250,000		293,133
Texas Instruments, Inc.,
4.15%, 5/15/2048		100,000		121,200
				3,982,494
Software 0.5%
Adobe, Inc., 3.25%, 2/1/2025		70,000		74,083
CA, Inc.,
4.50%, 8/15/2023		240,000		251,690
Microsoft Corp.,
2.00%, 8/8/2023		250,000		252,498
2.88%, 2/6/2024		185,000		192,876
2.40%, 8/8/2026		215,000		220,521
3.30%, 2/6/2027		250,000		270,616
3.50%, 2/12/2035		65,000		71,270
3.45%, 8/8/2036		250,000		274,405
4.45%, 11/3/2045		75,000		95,252
3.70%, 8/8/2046		500,000		568,978
4.25%, 2/6/2047		250,000		310,466
4.50%, 2/6/2057		150,000		194,912

Corporate Bonds (continued)
	Principal Amount		Value
Software (continued)
Oracle Corp.,
1.90%, 9/15/2021	$	500,000	$	501,034
2.40%, 9/15/2023		100,000		101,371
2.65%, 7/15/2026		145,000		148,537
3.25%, 5/15/2030		100,000		106,514
4.30%, 7/8/2034		350,000		410,161
4.13%, 5/15/2045		150,000		169,015
4.00%, 7/15/2046		100,000		111,225
4.00%, 11/15/2047		250,000		280,224
				4,605,648
Specialty Retail 0.2%
AutoZone, Inc.,
4.00%, 11/15/2020		200,000		203,086
3.25%, 4/15/2025		165,000		171,919
Home Depot, Inc. (The),
2.63%, 6/1/2022		250,000		255,499
3.35%, 9/15/2025		45,000		48,516
5.88%, 12/16/2036		230,000		319,758
5.95%, 4/1/2041		100,000		141,403
4.40%, 3/15/2045		200,000		240,420
Lowe’s Cos., Inc.,
6.50%, 3/15/2029		164,000		211,017
4.25%, 9/15/2044		250,000		272,707
				1,864,325
Technology Hardware, Storage & Peripherals 0.5%
Apple, Inc.,
2.30%, 5/11/2022		750,000		760,009
1.70%, 9/11/2022		130,000		130,009
3.45%, 5/6/2024		300,000		320,054
2.50%, 2/9/2025		170,000		174,989
3.25%, 2/23/2026		95,000		101,281
2.45%, 8/4/2026		190,000		194,032
3.00%, 11/13/2027		100,000		105,684
2.20%, 9/11/2029		235,000		231,132
3.85%, 5/4/2043		250,000		280,623
4.38%, 5/13/2045		145,000		175,477
4.65%, 2/23/2046		230,000		288,247
2.95%, 9/11/2049		100,000		96,678
Dell International LLC,
4.42%, 6/15/2021 (b)		500,000		516,369
6.02%, 6/15/2026 (b)		240,000		273,931
8.35%, 7/15/2046 (b)		150,000		199,736
Hewlett Packard Enterprise Co.,
2.25%, 4/1/2023		250,000		249,812
4.90%, 10/15/2025 (d)		250,000		279,856
HP, Inc., 6.00%, 9/15/2041		100,000		115,255
NetApp, Inc.,
3.38%, 6/15/2021		150,000		152,800
Seagate HDD Cayman,
4.75%, 1/1/2025		98,000		103,696
				4,749,670
Textiles, Apparel & Luxury Goods 0.0%†
NIKE, Inc., 3.38%, 11/1/2046		100,000		105,620
VF Corp.,
3.50%, 9/1/2021		200,000		204,894
				310,514

24

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Thrifts & Mortgage Finance 0.0%†
BPCE SA,
4.00%, 4/15/2024	$	250,000	$	268,698
Tobacco 0.3%
Altria Group, Inc.,
2.85%, 8/9/2022		250,000		253,734
4.25%, 8/9/2042		100,000		97,461
5.38%, 1/31/2044		100,000		111,801
5.95%, 2/14/2049		250,000		294,079
BAT Capital Corp.,
2.76%, 8/15/2022		150,000		151,435
3.22%, 8/15/2024		150,000		152,282
4.39%, 8/15/2037		100,000		98,757
4.54%, 8/15/2047		250,000		241,780
Philip Morris International, Inc.,
3.60%, 11/15/2023		250,000		263,665
3.25%, 11/10/2024		350,000		367,045
4.88%, 11/15/2043		150,000		176,666
4.25%, 11/10/2044		100,000		110,252
Reynolds American, Inc.,
4.45%, 6/12/2025		250,000		268,285
5.70%, 8/15/2035		75,000		84,716
				2,671,958
Trading Companies & Distributors 0.0%†
Air Lease Corp., 3.63%, 12/1/2027		250,000		259,940
Aircastle Ltd.,
5.00%, 4/1/2023		50,000		53,523
4.13%, 5/1/2024		100,000		104,589
				418,052
Water Utilities 0.0%†
American Water Capital Corp.,
4.30%, 9/1/2045		150,000		174,724
Wireless Telecommunication Services 0.2%
America Movil SAB de CV,
3.13%, 7/16/2022		250,000		256,277
6.38%, 3/1/2035		123,000		165,879
Rogers Communications, Inc., 5.00%, 3/15/2044		250,000		307,567
Vodafone Group plc,
7.88%, 2/15/2030		144,000		200,299
6.15%, 2/27/2037		75,000		95,736
5.25%, 5/30/2048		250,000		291,244
4.25%, 9/17/2050		40,000		41,020
				1,358,022
Total Corporate Bonds (cost $204,040,804)				220,242,468
Foreign Government Securities 1.8%
CANADA 0.4%
Canada Government Bond, 2.00%, 11/15/2022		250,000		253,104
Export Development Canada,
2.50%, 1/24/2023		500,000		513,820
Province of Alberta, 3.30%, 3/15/2028		100,000		110,151

Foreign Government Securities (continued)
	Principal Amount		Value
CANADA (continued)
Province of British Columbia,
2.00%, 10/23/2022	$	500,000	$	505,007
Province of New Brunswick, 3.63%, 2/24/2028		100,000		111,534
Province of Ontario,
2.20%, 10/3/2022		500,000		506,743
3.05%, 1/29/2024		500,000		525,956
Province of Quebec,
2.50%, 4/20/2026		200,000		207,729
7.50%, 9/15/2029		200,000		295,181
				3,029,225
CHILE 0.1%
Republic of Chile, 3.24%, 2/6/2028		500,000		532,640
COLOMBIA 0.1%
Republic of Colombia,
4.00%, 2/26/2024		250,000		264,155
3.88%, 4/25/2027		200,000		212,400
7.38%, 9/18/2037		100,000		141,751
5.00%, 6/15/2045		350,000		407,400
				1,025,706
HUNGARY 0.1%
Hungary Government Bond, 5.38%, 3/25/2024		500,000		562,555
INDONESIA 0.0%†
Republic of Indonesia, 4.35%, 1/11/2048		250,000		272,956
ISRAEL 0.1%
Israel Government Bond,
3.15%, 6/30/2023		250,000		260,080
2.88%, 3/16/2026		250,000		262,072
				522,152
ITALY 0.0%†
Republic of Italy, 5.38%, 6/15/2033		234,000		281,239
JAPAN 0.2%
Japan Bank for International Cooperation,
3.38%, 10/31/2023		1,000,000		1,057,914
2.88%, 6/1/2027		500,000		531,137
				1,589,051
MEXICO 0.2%
United Mexican States,
3.63%, 3/15/2022		500,000		515,755
4.13%, 1/21/2026		250,000		268,378
3.75%, 1/11/2028		250,000		260,625
6.75%, 9/27/2034		200,000		270,752
5.55%, 1/21/2045		200,000		243,790
4.60%, 1/23/2046		250,000		266,565
5.75%, 10/12/2110		200,000		231,752
				2,057,617

25

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Foreign Government Securities (continued)
	Principal Amount		Value
PANAMA 0.1%
Republic of Panama,
3.88%, 3/17/2028	$	200,000	$	217,252
3.16%, 1/23/2030		200,000		206,500
6.70%, 1/26/2036		250,000		351,877
				775,629
PERU 0.0%†
Republic of Peru, 5.63%, 11/18/2050		200,000		293,252
PHILIPPINES 0.1%
Republic of Philippines,
7.75%, 1/14/2031		250,000		369,945
6.38%, 10/23/2034		250,000		352,429
3.95%, 1/20/2040		250,000		287,100
				1,009,474
POLAND 0.1%
Republic of Poland,
5.13%, 4/21/2021		125,000		130,515
3.00%, 3/17/2023		500,000		515,630
4.00%, 1/22/2024		250,000		270,254
				916,399
SOUTH KOREA 0.1%
Export-Import Bank of Korea,
4.00%, 1/29/2021		350,000		357,773
2.88%, 1/21/2025		350,000		361,801
Republic of Korea,
5.63%, 11/3/2025		200,000		239,517
2.50%, 6/19/2029		200,000		204,434
				1,163,525
SWEDEN 0.1%
Svensk Exportkredit AB,
3.13%, 11/8/2021		500,000		514,194
2.88%, 3/14/2023		200,000		208,052
				722,246
URUGUAY 0.1%
Oriental Republic of Uruguay,
4.50%, 8/14/2024		350,000		377,825
4.38%, 10/27/2027		250,000		275,628
5.10%, 6/18/2050		300,000		359,250
				1,012,703
Total Foreign Government Securities (cost $14,792,341)				15,766,369
Mortgage-Backed Securities 26.6%
FHLMC Gold Pool
Pool# G18022 5.50%, 11/1/2019		20		19
Pool# B14288 5.50%, 12/1/2019		122		122
Pool# J00935 5.00%, 12/1/2020		1,737		1,790
Pool# J00854 5.00%, 1/1/2021		2,177		2,243

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# J00855 5.50%, 1/1/2021	$	2,032	$	2,049
Pool# J01279 5.50%, 2/1/2021		621		628
Pool# J01570 5.50%, 4/1/2021		1,225		1,241
Pool# J06015 5.00%, 5/1/2021		3,415		3,519
Pool# J01771 5.00%, 5/1/2021		2,278		2,347
Pool# J05950 5.50%, 5/1/2021		8,410		8,515
Pool# G18122 5.00%, 6/1/2021		1,988		2,048
Pool# J01980 6.00%, 6/1/2021		2,808		2,818
Pool# J03074 5.00%, 7/1/2021		1,135		1,170
Pool# J03028 5.50%, 7/1/2021		535		537
Pool# C00351 8.00%, 7/1/2024		171		184
Pool# D60780 8.00%, 6/1/2025		924		998
Pool# G30267 5.00%, 8/1/2025		93,595		100,002
Pool# J13883 3.50%, 12/1/2025		281,587		291,727
Pool# J18702 3.00%, 3/1/2027		151,712		156,139
Pool# J18127 3.00%, 3/1/2027		145,397		149,640
Pool# J19106 3.00%, 5/1/2027		63,606		65,462
Pool# J20471 3.00%, 9/1/2027		278,003		286,110
Pool# D82854 7.00%, 10/1/2027		410		434
Pool# G14609 3.00%, 11/1/2027		375,534		386,489
Pool# C00566 7.50%, 12/1/2027		614		695
Pool# G15100 2.50%, 7/1/2028		118,482		120,288
Pool# C18271 7.00%, 11/1/2028		1,493		1,634
Pool# C00678 7.00%, 11/1/2028		866		983
Pool# C00836 7.00%, 7/1/2029		423		481
Pool# C31285 7.00%, 9/1/2029		976		1,091
Pool# C31282 7.00%, 9/1/2029		46		47
Pool# C32914 8.00%, 11/1/2029		693		708
Pool# G18536 2.50%, 1/1/2030		1,413,787		1,432,918
Pool# C37436 8.00%, 1/1/2030		1,347		1,571
Pool# C36429 7.00%, 2/1/2030		445		456

26

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# C36306 7.00%, 2/1/2030	$	442	$	456
Pool# C00921 7.50%, 2/1/2030		722		828
Pool# G01108 7.00%, 4/1/2030		317		360
Pool# C37703 7.50%, 4/1/2030		490		514
Pool# G18552 3.00%, 5/1/2030		640,204		658,877
Pool# J32243 3.00%, 7/1/2030		602,257		620,028
Pool# J32257 3.00%, 7/1/2030		40,865		42,107
Pool# J32255 3.00%, 7/1/2030		36,232		37,300
Pool# C41561 8.00%, 8/1/2030		1,369		1,422
Pool# C01051 8.00%, 9/1/2030		1,380		1,620
Pool# C43550 7.00%, 10/1/2030		2,213		2,353
Pool# C44017 7.50%, 10/1/2030		321		325
Pool# C43967 8.00%, 10/1/2030		3,280		3,287
Pool# C44957 8.00%, 11/1/2030		1,167		1,231
Pool# C01106 7.00%, 12/1/2030		6,158		7,052
Pool# C01103 7.50%, 12/1/2030		679		808
Pool# C46932 7.50%, 1/1/2031		465		479
Pool# C01116 7.50%, 1/1/2031		422		491
Pool# C47287 7.50%, 2/1/2031		999		1,043
Pool# G01217 7.00%, 3/1/2031		6,335		7,314
Pool# C48206 7.50%, 3/1/2031		1,232		1,234
Pool# C91366 4.50%, 4/1/2031		99,004		106,322
Pool# G18601 3.00%, 5/1/2031		37,055		38,136
Pool# G18605 3.00%, 6/1/2031		19,599		20,170
Pool# C91377 4.50%, 6/1/2031		51,640		55,467
Pool# C53324 7.00%, 6/1/2031		1,133		1,191
Pool# C01209 8.00%, 6/1/2031		478		541
Pool# C54792 7.00%, 7/1/2031		1,630		1,691
Pool# J35107 2.50%, 8/1/2031		40,845		41,468
Pool# G01309 7.00%, 8/1/2031		936		1,069
Pool# G01311 7.00%, 9/1/2031		6,503		7,459

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# C01222 7.00%, 9/1/2031	$	778	$	898
Pool# G01315 7.00%, 9/1/2031		221		254
Pool# J35522 2.50%, 10/1/2031		207,420		210,231
Pool# C58694 7.00%, 10/1/2031		3,116		3,339
Pool# C60012 7.00%, 11/1/2031		526		540
Pool# C61298 8.00%, 11/1/2031		1,829		1,874
Pool# J35957 2.50%, 12/1/2031		359,396		364,268
Pool# C61105 7.00%, 12/1/2031		3,883		4,120
Pool# C01305 7.50%, 12/1/2031		537		601
Pool# C63171 7.00%, 1/1/2032		4,276		4,847
Pool# V61548 2.50%, 2/1/2032		381,836		387,663
Pool# G01391 7.00%, 4/1/2032		11,143		12,800
Pool# C01345 7.00%, 4/1/2032		3,595		4,132
Pool# C01370 8.00%, 4/1/2032		779		867
Pool# G16285 3.50%, 5/1/2032		30,753		32,153
Pool# C66916 7.00%, 5/1/2032		8,203		8,725
Pool# C01381 8.00%, 5/1/2032		9,937		11,621
Pool# C68300 7.00%, 6/1/2032		2,493		2,623
Pool# C68290 7.00%, 6/1/2032		1,676		1,799
Pool# G01449 7.00%, 7/1/2032		7,000		8,049
Pool# C69908 7.00%, 8/1/2032		17,600		19,669
Pool# C91558 3.50%, 9/1/2032		113,625		118,397
Pool# G16407 2.50%, 1/1/2033		143,391		145,881
Pool# G16408 2.50%, 1/1/2033		85,433		86,779
Pool# G01536 7.00%, 3/1/2033		9,038		10,438
Pool# G30646 3.00%, 5/1/2033		169,094		174,568
Pool# G30642 3.00%, 5/1/2033		75,584		78,051
Pool# K90535 3.00%, 5/1/2033		31,608		32,641
Pool# G18696 3.50%, 7/1/2033		34,890		36,194
Pool# A16419 6.50%, 11/1/2033		11,002		12,261

27

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# A16522 6.50%, 12/1/2033	$	19,500	$	22,360
Pool# C01806 7.00%, 1/1/2034		8,701		9,116
Pool# A21356 6.50%, 4/1/2034		34,682		39,647
Pool# C01851 6.50%, 4/1/2034		19,239		22,359
Pool# A22067 6.50%, 5/1/2034		23,302		26,432
Pool# A24301 6.50%, 5/1/2034		20,124		22,427
Pool# G18737 3.50%, 6/1/2034		255,314		264,678
Pool# A24988 6.50%, 7/1/2034		8,061		8,983
Pool# G01741 6.50%, 10/1/2034		7,902		9,079
Pool# G08023 6.50%, 11/1/2034		17,038		19,541
Pool# A33137 6.50%, 1/1/2035		2,717		3,027
Pool# G08064 6.50%, 4/1/2035		8,206		9,508
Pool# G01947 7.00%, 5/1/2035		8,043		9,293
Pool# G08088 6.50%, 10/1/2035		72,504		83,590
Pool# A39759 5.50%, 11/1/2035		7,520		8,460
Pool# A40376 5.50%, 12/1/2035		5,898		6,634
Pool# A42305 5.50%, 1/1/2036		15,781		17,351
Pool# A41548 7.00%, 1/1/2036		12,013		13,571
Pool# G08111 5.50%, 2/1/2036		20,621		23,227
Pool# A43886 5.50%, 3/1/2036		263,446		296,033
Pool# A43861 5.50%, 3/1/2036		47,317		50,939
Pool# G08116 5.50%, 3/1/2036		23,457		26,439
Pool# A43534 6.50%, 3/1/2036		1,587		1,769
Pool# A48735 5.50%, 5/1/2036		5,136		5,530
Pool# G08136 6.50%, 6/1/2036		10,012		11,393
Pool# A53039 6.50%, 10/1/2036		32,805		36,558
Pool# A53219 6.50%, 10/1/2036		845		942
Pool# G04251 6.50%, 4/1/2038		4,596		5,309
Pool# G04569 6.50%, 8/1/2038		5,721		6,457
Pool# C92013 3.50%, 9/1/2038		408,098		423,295

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# A84252 6.50%, 1/1/2039	$	18,851	$	21,367
Pool# A84287 6.50%, 1/1/2039		9,521		11,012
Pool# G05535 4.50%, 7/1/2039		766,245		831,053
Pool# A91165 5.00%, 2/1/2040		1,274,166		1,408,782
Pool# G60342 4.50%, 5/1/2042		158,678		172,052
Pool# G60195 4.00%, 6/1/2042		375,576		401,870
Pool# G07158 3.50%, 10/1/2042		240,274		252,221
Pool# Q12051 3.50%, 10/1/2042		150,425		157,970
Pool# G07163 3.50%, 10/1/2042		122,429		128,570
Pool# Q11532 3.50%, 10/1/2042		103,265		108,444
Pool# Q12052 3.50%, 10/1/2042		65,949		69,243
Pool# C09020 3.50%, 11/1/2042		559,648		587,719
Pool# G07264 3.50%, 12/1/2042		262,051		275,158
Pool# Q14292 3.50%, 1/1/2043		50,758		53,305
Pool# Q14881 3.50%, 1/1/2043		47,664		50,048
Pool# Q15884 3.00%, 2/1/2043		541,644		559,046
Pool# V80002 2.50%, 4/1/2043		286,028		286,363
Pool# Q16915 3.00%, 4/1/2043		513,792		530,312
Pool# Q17675 3.50%, 4/1/2043		246,637		259,002
Pool# Q18523 3.50%, 5/1/2043		643,143		675,488
Pool# Q18751 3.50%, 6/1/2043		1,006,428		1,055,853
Pool# G07410 3.50%, 7/1/2043		95,245		100,490
Pool# Q20332 3.50%, 7/1/2043		23,633		24,809
Pool# G07459 3.50%, 8/1/2043		488,199		512,648
Pool# G60038 3.50%, 1/1/2044		727,374		763,773
Pool# Q26869 4.00%, 6/1/2044		740,755		788,571
Pool# G07946 4.00%, 7/1/2044		133,883		142,128
Pool# Q28607 3.50%, 9/1/2044		137,427		144,556
Pool# G61231 3.50%, 9/1/2044		23,270		24,433
Pool# G08609 3.50%, 10/1/2044		73,844		77,186

28

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# Q30833 4.00%, 1/1/2045	$	12,638	$	13,367
Pool# G60400 4.50%, 1/1/2045		124,845		134,186
Pool# Q34165 4.00%, 6/1/2045		249,302		263,738
Pool# V81873 4.00%, 8/1/2045		33,175		35,090
Pool# G08669 4.00%, 9/1/2045		185,486		196,198
Pool# Q38357 4.00%, 1/1/2046		12,672		13,391
Pool# G61365 4.50%, 1/1/2046		126,893		136,259
Pool# Q39434 3.50%, 3/1/2046		54,762		57,184
Pool# Q39440 4.00%, 3/1/2046		14,675		15,351
Pool# G08704 4.50%, 4/1/2046		24,022		25,694
Pool# Q40097 4.50%, 4/1/2046		1,765		1,880
Pool# G60582 3.50%, 5/1/2046		144,504		151,775
Pool# Q40718 3.50%, 5/1/2046		53,218		55,389
Pool# G08707 4.00%, 5/1/2046		230,124		242,829
Pool# G08708 4.50%, 5/1/2046		18,404		19,666
Pool# Q40728 4.50%, 5/1/2046		1,716		1,813
Pool# Q41548 3.00%, 7/1/2046		37,895		38,961
Pool# Q41903 3.50%, 7/1/2046		259,111		269,906
Pool# Q41491 3.50%, 7/1/2046		37,151		38,685
Pool# Q41935 3.50%, 7/1/2046		17,736		18,658
Pool# G61791 4.00%, 7/1/2046		22,530		23,827
Pool# Q41947 4.50%, 7/1/2046		10,536		11,156
Pool# G08715 3.00%, 8/1/2046		351,437		361,267
Pool# Q42596 3.50%, 8/1/2046		236,947		246,686
Pool# Q42393 3.50%, 8/1/2046		48,013		49,973
Pool# Q42203 3.50%, 8/1/2046		35,631		37,151
Pool# G61323 3.00%, 9/1/2046		321,085		331,299
Pool# G08721 3.00%, 9/1/2046		260,891		268,444
Pool# V82617 3.50%, 9/1/2046		145,493		152,149
Pool# G08722 3.50%, 9/1/2046		41,783		43,572

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G60733 4.50%, 9/1/2046	$	48,070	$	52,187
Pool# G60722 3.00%, 10/1/2046		456,527		469,225
Pool# Q44035 3.00%, 10/1/2046		323,254		331,975
Pool# G61815 4.00%, 10/1/2046		21,627		22,865
Pool# G61257 3.00%, 11/1/2046		599,309		613,962
Pool# Q44452 3.00%, 11/1/2046		127,584		131,027
Pool# G08732 3.00%, 11/1/2046		40,966		42,072
Pool# Q44473 3.50%, 11/1/2046		35,870		37,284
Pool# Q44223 3.50%, 11/1/2046		25,818		26,677
Pool# G08734 4.00%, 11/1/2046		319,179		335,937
Pool# V82849 3.00%, 12/1/2046		1,650,241		1,700,216
Pool# G08737 3.00%, 12/1/2046		1,424,338		1,462,781
Pool# G60989 3.00%, 12/1/2046		186,593		191,743
Pool# Q45878 3.00%, 12/1/2046		48,899		50,142
Pool# G08738 3.50%, 12/1/2046		1,154,266		1,200,913
Pool# Q45024 3.50%, 12/1/2046		71,407		75,245
Pool# G61862 3.50%, 12/1/2046		47,424		49,430
Pool# G08741 3.00%, 1/1/2047		334,964		343,936
Pool# G08747 3.00%, 2/1/2047		524,904		538,839
Pool# G08748 3.50%, 2/1/2047		68,135		70,961
Pool# G08749 4.00%, 2/1/2047		562,566		591,280
Pool# G08751 3.50%, 3/1/2047		317,318		329,799
Pool# Q47592 3.50%, 4/1/2047		154,032		160,006
Pool# Q47484 3.50%, 4/1/2047		63,353		66,158
Pool# G60988 3.00%, 5/1/2047		995,390		1,023,070
Pool# Q48098 3.50%, 5/1/2047		238,754		249,529
Pool# G61390 3.00%, 6/1/2047		288,618		296,335
Pool# V83270 3.50%, 7/1/2047		114,991		119,244
Pool# G08770 3.50%, 7/1/2047		113,000		117,166
Pool# G61339 3.00%, 8/1/2047		114,436		117,485

29

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G08774 3.50%, 8/1/2047	$	179,754	$	186,450
Pool# Q49917 3.50%, 8/1/2047		77,849		80,676
Pool# Q53085 3.00%, 9/1/2047		90,895		93,515
Pool# G08779 3.50%, 9/1/2047		285,929		296,662
Pool# G61295 3.50%, 9/1/2047		178,543		188,099
Pool# G61622 3.00%, 10/1/2047		264,201		271,482
Pool# G08785 4.00%, 10/1/2047		19,000		19,945
Pool# Q52075 4.00%, 11/1/2047		349,373		367,413
Pool# V83598 3.50%, 12/1/2047		105,921		109,795
Pool# G67707 3.50%, 1/1/2048		207,123		220,531
Pool# T65458 3.50%, 2/1/2048		494,986		504,322
Pool# G61311 3.50%, 2/1/2048		378,144		391,655
Pool# G08800 3.50%, 2/1/2048		47,812		49,613
Pool# Q54460 4.00%, 2/1/2048		171,190		180,927
Pool# G08801 4.00%, 2/1/2048		124,520		130,402
Pool# G61298 4.00%, 2/1/2048		21,756		23,075
Pool# G61929 3.50%, 3/1/2048		118,830		123,135
Pool# Q54727 3.50%, 3/1/2048		89,111		92,220
Pool# Q55401 5.00%, 4/1/2048		23,475		25,125
Pool# V84237 3.50%, 5/1/2048		375,525		387,947
Pool# G08820 4.50%, 5/1/2048		511,164		538,528
Pool# G08816 3.50%, 6/1/2048		116,317		120,018
Pool# G67713 4.00%, 6/1/2048		43,132		45,746
Pool# G08817 4.00%, 6/1/2048		41,340		43,152
Pool# G67712 4.00%, 6/1/2048		21,475		23,201
Pool# G08824 4.00%, 7/1/2048		2,359,021		2,455,188
Pool# G08827 4.50%, 7/1/2048		266,147		279,819
Pool# Q57401 4.50%, 7/1/2048		61,736		65,812
Pool# Q57402 4.50%, 7/1/2048		22,708		24,346
Pool# G08831 4.00%, 8/1/2048		362,644		376,931

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC Gold Pool (continued)
Pool# G08836 4.00%, 9/1/2048	$	1,348,580	$	1,401,745
Pool# G67716 4.50%, 10/1/2048		169,385		183,460
Pool# G08843 4.50%, 10/1/2048		71,430		75,246
Pool# G08852 4.00%, 12/1/2048		303,670		315,538
Pool# V85044 4.00%, 12/1/2048		111,759		118,253
Pool# V85082 4.50%, 12/1/2048		788,786		828,827
Pool# G61846 4.00%, 1/1/2049		787		817
Pool# V85139 4.50%, 1/1/2049		40,346		42,581
Pool# V85279 3.50%, 4/1/2049		78,668		82,402
Pool# Q63655 3.00%, 5/1/2049		156,056		158,845
Pool# Q63556 3.00%, 6/1/2049		29,605		30,137
Pool# G08882 4.00%, 6/1/2049		429,907		446,107
FHLMC Non Gold Pool
Pool# 1B8478 4.57%, 7/1/2041 (a)		53,662		56,027
Pool# 2B0108 4.85%, 1/1/2042 (a)		3,475		3,628
FNMA Pool
Pool# AC9890 4.59%, 4/1/2040 (a)		355,910		373,818
Pool# AJ1249 4.07%, 9/1/2041 (a)		87,205		91,210
Pool# AL1437 4.82%, 1/1/2042 (a)		31,780		33,497
Pool# AK0714 4.93%, 2/1/2042 (a)		7,682		8,004
Pool# AP1961 4.45%, 8/1/2042 (a)		50,227		52,103
Pool# BF0203 3.00%, 2/1/2047		384,909		388,720
Pool# BF0206 4.00%, 2/1/2047		87,080		92,020
Pool# BF0200 3.50%, 11/1/2051		413,441		432,968
GNMA I Pool
Pool# 376510 7.00%, 5/15/2024		401		421
Pool# 457801 7.00%, 8/15/2028		1,639		1,765
Pool# 486936 6.50%, 2/15/2029		829		935
Pool# 502969 6.00%, 3/15/2029		2,375		2,625
Pool# 487053 7.00%, 3/15/2029		1,209		1,319
Pool# 781014 6.00%, 4/15/2029		1,933		2,186
Pool# 509099 7.00%, 6/15/2029		2,212		2,260

30

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 470643 7.00%, 7/15/2029	$	8,630	$	9,052
Pool# 434505 7.50%, 8/15/2029		38		38
Pool# 416538 7.00%, 10/15/2029		86		86
Pool# 524269 8.00%, 11/15/2029		3,752		3,761
Pool# 781124 7.00%, 12/15/2029		5,807		6,725
Pool# 507396 7.50%, 9/15/2030		28,778		29,829
Pool# 531352 7.50%, 9/15/2030		1,792		1,840
Pool# 536334 7.50%, 10/15/2030		125		128
Pool# 540659 7.00%, 1/15/2031		576		582
Pool# 486019 7.50%, 1/15/2031		645		667
Pool# 535388 7.50%, 1/15/2031		395		401
Pool# 537406 7.50%, 2/15/2031		239		239
Pool# 528589 6.50%, 3/15/2031		14,014		15,520
Pool# 508473 7.50%, 4/15/2031		2,768		2,943
Pool# 544470 8.00%, 4/15/2031		1,726		1,730
Pool# 781287 7.00%, 5/15/2031		2,830		3,269
Pool# 781319 7.00%, 7/15/2031		848		991
Pool# 485879 7.00%, 8/15/2031		5,164		5,715
Pool# 572554 6.50%, 9/15/2031		31,042		34,377
Pool# 781328 7.00%, 9/15/2031		2,763		3,237
Pool# 550991 6.50%, 10/15/2031		527		584
Pool# 571267 7.00%, 10/15/2031		752		848
Pool# 574837 7.50%, 11/15/2031		1,373		1,397
Pool# 555171 6.50%, 12/15/2031		903		1,000
Pool# 781380 7.50%, 12/15/2031		843		1,003
Pool# 781481 7.50%, 1/15/2032		4,037		4,802
Pool# 580972 6.50%, 2/15/2032		131		145
Pool# 781401 7.50%, 2/15/2032		2,511		3,006
Pool# 781916 6.50%, 3/15/2032		40,537		45,846
Pool# 552474 7.00%, 3/15/2032		3,381		3,852

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 781478 7.50%, 3/15/2032	$	1,582	$	1,886
Pool# 781429 8.00%, 3/15/2032		2,820		3,400
Pool# 781431 7.00%, 4/15/2032		10,215		12,096
Pool# 552616 7.00%, 6/15/2032		27,796		31,417
Pool# 570022 7.00%, 7/15/2032		10,358		12,015
Pool# 595077 6.00%, 10/15/2032		5,650		6,478
Pool# 552903 6.50%, 11/15/2032		69,435		76,896
Pool# 552952 6.00%, 12/15/2032		3,842		4,289
Pool# 602102 6.00%, 2/15/2033		10,682		11,806
Pool# 588192 6.00%, 2/15/2033		2,958		3,269
Pool# 553144 5.50%, 4/15/2033		16,393		18,240
Pool# 604243 6.00%, 4/15/2033		7,587		8,698
Pool# 611526 6.00%, 5/15/2033		6,003		6,635
Pool# 553320 6.00%, 6/15/2033		18,521		20,963
Pool# 573916 6.00%, 11/15/2033		24,150		26,691
Pool# 604788 6.50%, 11/15/2033		54,621		61,409
Pool# 781688 6.00%, 12/15/2033		25,852		29,614
Pool# 604875 6.00%, 12/15/2033		20,305		23,254
Pool# 781690 6.00%, 12/15/2033		10,422		11,945
Pool# 781699 7.00%, 12/15/2033		3,910		4,478
Pool# 621856 6.00%, 1/15/2034		6,587		7,280
Pool# 564799 6.00%, 3/15/2034		23,693		26,185
Pool# 630038 6.50%, 8/15/2034		45,922		51,030
Pool# 781804 6.00%, 9/15/2034		28,476		32,652
Pool# 781847 6.00%, 12/15/2034		22,648		25,944
Pool# 486921 5.50%, 2/15/2035		8,740		9,811
Pool# 781902 6.00%, 2/15/2035		25,314		29,010
Pool# 649513 5.50%, 10/15/2035		208,868		230,410
Pool# 649510 5.50%, 10/15/2035		103,010		114,576
Pool# 652207 5.50%, 3/15/2036		31,011		33,299

31

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 655519 5.00%, 5/15/2036	$	14,457	$	15,500
Pool# 652539 5.00%, 5/15/2036		10,658		11,734
Pool# 606308 5.50%, 5/15/2036		15,777		17,247
Pool# 606314 5.50%, 5/15/2036		5,109		5,485
Pool# 656666 6.00%, 6/15/2036		25,913		29,644
Pool# 657912 6.50%, 8/15/2036		3,376		3,739
Pool# 704630 5.50%, 7/15/2039		34,468		38,688
Pool# 757039 4.00%, 12/15/2040		236,983		256,962
Pool# 757038 4.00%, 12/15/2040		193,933		211,724
Pool# 755656 4.00%, 12/15/2040		79,816		87,147
Pool# 757044 4.00%, 12/15/2040		76,370		81,486
Pool# 742235 4.00%, 12/15/2040		70,677		75,573
Pool# 755655 4.00%, 12/15/2040		51,193		55,534
Pool# 757043 4.00%, 12/15/2040		35,584		38,823
Pool# 756631 4.00%, 12/15/2040		21,823		23,826
Pool# 755959 4.00%, 1/15/2041		165,290		177,544
Pool# 742244 4.00%, 1/15/2041		163,914		175,407
Pool# 753826 4.00%, 1/15/2041		71,666		77,735
Pool# 690662 4.00%, 1/15/2041		64,536		70,018
Pool# 719486 4.00%, 1/15/2041		24,547		26,149
Pool# 757557 4.00%, 2/15/2041		41,992		45,452
Pool# 757555 4.00%, 2/15/2041		32,083		33,739
Pool# AD6012 3.50%, 4/15/2043		338,092		356,654
Pool# AD7471 3.50%, 4/15/2043		293,430		309,547
Pool# AA6307 3.50%, 4/15/2043		196,216		206,991
Pool# AD9472 3.50%, 4/15/2043		179,893		190,174
Pool# AD7472 3.50%, 4/15/2043		139,613		147,575
Pool# AB3946 3.50%, 4/15/2043		95,798		101,020
Pool# AA6403 3.00%, 5/15/2043		679,377		701,987
Pool# 783781 3.50%, 6/15/2043		99,339		104,833

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA I Pool (continued)
Pool# 784015 3.00%, 7/15/2043	$	38,781	$	40,071
Pool# 784714 3.00%, 1/15/2044		145,309		150,169
Pool# 784459 3.00%, 12/15/2046		100,027		103,160
Pool# 784355 4.00%, 12/15/2046		78,388		84,358
Pool# 784500 3.00%, 2/15/2047		151,773		156,259
Pool# 784713 3.00%, 2/15/2047		30,268		31,167
Pool# 784458 3.50%, 12/15/2047		273,364		287,142
Pool# 784747 4.00%, 5/15/2048		184,000		193,182
GNMA II Pool
Pool# 3851 5.50%, 5/20/2036		153,175		171,069
Pool# 4559 5.00%, 10/20/2039		233,617		258,655
Pool# 4715 5.00%, 6/20/2040		236,549		261,941
Pool# 4747 5.00%, 7/20/2040		130,648		144,610
Pool# 4771 4.50%, 8/20/2040		394,436		426,455
Pool# 4834 4.50%, 10/20/2040		1,053,263		1,139,018
Pool# 737727 4.00%, 12/20/2040		783,344		842,453
Pool# 737730 4.00%, 12/20/2040		237,785		255,664
Pool# 4923 4.50%, 1/20/2041		153,628		166,154
Pool# 4978 4.50%, 3/20/2041		22,990		24,862
Pool# 5017 4.50%, 4/20/2041		246,659		266,720
Pool# 5082 4.50%, 6/20/2041		413,754		447,416
Pool# 5175 4.50%, 9/20/2041		302,395		326,991
Pool# 675523 3.50%, 3/20/2042		303,225		320,071
Pool# MA0392 3.50%, 9/20/2042		1,669,262		1,773,522
Pool# MA0462 3.50%, 10/20/2042		593,599		630,675
Pool# MA0534 3.50%, 11/20/2042		1,536,698		1,632,681
Pool# MA0625 3.50%, 12/20/2042		436,470		463,732
Pool# MA0698 3.00%, 1/20/2043		373,862		388,049
Pool# MA0852 3.50%, 3/20/2043		686,302		729,170
Pool# MA0934 3.50%, 4/20/2043		805,509		855,824
Pool# AF1001 3.50%, 6/20/2043		236,179		249,693

32

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA II Pool (continued)
Pool# MA1376 4.00%, 10/20/2043	$	670,359	$	714,475
Pool# AJ9335 3.50%, 10/20/2044		23,497		24,725
Pool# MA2754 3.50%, 4/20/2045		310,222		325,534
Pool# MA2824 2.50%, 5/20/2045		343,442		348,790
Pool# MA2825 3.00%, 5/20/2045		641,073		665,110
Pool# MA2891 3.00%, 6/20/2045		1,691,505		1,754,415
Pool# AO1103 3.50%, 9/20/2045		519,945		546,947
Pool# AO1099 3.50%, 9/20/2045		17,669		18,587
Pool# MA3106 4.00%, 9/20/2045		91,992		97,733
Pool# MA3172 3.00%, 10/20/2045		185,380		191,824
Pool# MA3173 3.50%, 10/20/2045		11,812		12,438
Pool# MA3174 4.00%, 10/20/2045		17,262		18,281
Pool# MA3243 3.00%, 11/20/2045		161,808		167,441
Pool# MA3244 3.50%, 11/20/2045		218,688		229,502
Pool# MA3309 3.00%, 12/20/2045		323,843		335,109
Pool# MA3310 3.50%, 12/20/2045		89,222		93,824
Pool# MA3377 4.00%, 1/20/2046		47,495		50,459
Pool# 784119 3.00%, 2/20/2046		648,588		672,787
Pool# MA3521 3.50%, 3/20/2046		524,812		550,549
Pool# MA3522 4.00%, 3/20/2046		496,675		527,671
Pool# MA3596 3.00%, 4/20/2046		302,135		312,640
Pool# MA3597 3.50%, 4/20/2046		94,249		98,908
Pool# MA3662 3.00%, 5/20/2046		549,205		567,794
Pool# MA3735 3.00%, 6/20/2046		626,633		647,732
Pool# MA3736 3.50%, 6/20/2046		1,810,292		1,895,463
Pool# MA3802 3.00%, 7/20/2046		1,101,295		1,138,968
Pool# MA3804 4.00%, 7/20/2046		44,553		46,903
Pool# MA3873 3.00%, 8/20/2046		1,090,678		1,128,009
Pool# MA3876 4.50%, 8/20/2046		17,468		18,634
Pool# MA3936 3.00%, 9/20/2046		964,435		997,947

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA II Pool (continued)
Pool# MA3939 4.50%, 9/20/2046	$	9,751	$	10,401
Pool# MA4126 3.00%, 12/20/2046		2,061,651		2,132,746
Pool# MA4127 3.50%, 12/20/2046		453,101		473,101
Pool# MA4194 2.50%, 1/20/2047		386,230		391,296
Pool# MA4196 3.50%, 1/20/2047		62,241		64,933
Pool# MA4261 3.00%, 2/20/2047		480,445		496,619
Pool# MA4262 3.50%, 2/20/2047		3,281,500		3,420,733
Pool# MA4264 4.50%, 2/20/2047		21,663		22,970
Pool# MA4321 3.50%, 3/20/2047		905,649		944,144
Pool# MA4382 3.50%, 4/20/2047		488,570		509,539
Pool# AZ1974 3.50%, 4/20/2047		204,738		215,372
Pool# MA4384 4.50%, 4/20/2047		22,675		23,873
Pool# MA4511 4.00%, 6/20/2047		914,716		959,667
Pool# MA4512 4.50%, 6/20/2047		65,128		68,540
Pool# MA4585 3.00%, 7/20/2047		38,117		39,292
Pool# MA4587 4.00%, 7/20/2047		1,009,263		1,059,023
Pool# BC1888 3.50%, 8/20/2047		307,036		322,985
Pool# MA4652 3.50%, 8/20/2047		266,198		277,277
Pool# 784471 3.50%, 8/20/2047		239,862		252,321
Pool# MA4653 4.00%, 8/20/2047		36,967		38,816
Pool# 784408 3.50%, 10/20/2047		143,088		150,547
Pool# MA4836 3.00%, 11/20/2047		396,853		409,191
Pool# MA4837 3.50%, 11/20/2047		790,596		823,187
Pool# MA4838 4.00%, 11/20/2047		1,955,545		2,051,952
Pool# MA4899 3.00%, 12/20/2047		406,016		418,434
Pool# MA4900 3.50%, 12/20/2047		607,804		631,387
Pool# 784421 3.50%, 12/20/2047		276,067		290,467
Pool# MA4962 3.50%, 1/20/2048		594,549		617,900
Pool# MA5078 4.00%, 3/20/2048		961,576		1,006,588
Pool# 784480 3.50%, 4/20/2048		108,897		114,574

33

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
GNMA II Pool (continued)
Pool# 784479 3.50%, 4/20/2048	$	68,823	$	72,412
Pool# 784481 3.50%, 4/20/2048		24,179		25,379
Pool# MA5137 4.00%, 4/20/2048		387,537		404,688
Pool# BD4034 4.00%, 4/20/2048		65,123		68,710
Pool# MA5139 5.00%, 4/20/2048		99,233		105,411
Pool# MA5192 4.00%, 5/20/2048		1,402,340		1,463,486
Pool# MA5194 5.00%, 5/20/2048		48,542		51,534
Pool# MA5265 4.50%, 6/20/2048		758,270		798,389
Pool# MA5331 4.50%, 7/20/2048		273,000		287,783
Pool# MA5398 4.00%, 8/20/2048		851,190		888,060
Pool# MA5399 4.50%, 8/20/2048		591,389		622,393
Pool# BJ2692 4.00%, 11/20/2048		44,237		45,997
Pool# MA5597 5.00%, 11/20/2048		69,646		73,798
Pool# 784656 4.50%, 12/20/2048		274,727		288,203
Pool# BK2856 4.50%, 12/20/2048		41,779		43,782
Pool# MA5653 5.00%, 12/20/2048		120,024		126,830
Pool# MA5712 5.00%, 1/20/2049		601,900		636,026
Pool# MA5818 4.50%, 3/20/2049		231,559		242,632
Pool# MA5878 5.00%, 4/20/2049		80,691		85,366
Pool# MA5933 5.00%, 5/20/2049		54,527		57,698
Pool# MA5987 4.50%, 6/20/2049		1,121,833		1,179,355
Pool# MA6040 4.00%, 7/20/2049		204,332		213,057
Pool# MA6041 4.50%, 7/20/2049		472,038		496,808
Pool# MA6092 4.50%, 8/20/2049		149,896		157,881
GNMA TBA
2.50%, 11/15/2049		35,000		35,465
3.00%, 11/15/2049		2,233,000		2,298,592
3.50%, 11/15/2049		3,002,000		3,115,513
4.00%, 11/15/2049		2,140,500		2,225,786
4.50%, 11/15/2049		352,000		368,500
5.00%, 11/15/2049		31,000		32,728
UMBS Pool
Pool# 969977 5.00%, 5/1/2023		87,782		90,413
Pool# AA2549 4.00%, 4/1/2024		44,677		46,544

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# 935348 5.50%, 6/1/2024	$	9,195	$	9,230
Pool# AC1374 4.00%, 8/1/2024		58,625		61,095
Pool# AC1529 4.50%, 9/1/2024		23,753		24,584
Pool# AD0244 4.50%, 10/1/2024		19,997		20,825
Pool# AD4089 4.50%, 5/1/2025		204,996		215,209
Pool# 890216 4.50%, 7/1/2025		34,813		36,557
Pool# AH1361 3.50%, 12/1/2025		134,205		138,979
Pool# AH1518 3.50%, 12/1/2025		65,786		68,117
Pool# AE6384 4.00%, 1/1/2026		12,412		12,937
Pool# AL0298 4.00%, 5/1/2026		191,179		199,775
Pool# AB4277 3.00%, 1/1/2027		593,175		610,145
Pool# AP4746 3.00%, 8/1/2027		95,172		97,924
Pool# AP7855 3.00%, 9/1/2027		598,192		615,450
Pool# AP4640 3.00%, 9/1/2027		64,867		66,744
Pool# AQ5096 3.00%, 11/1/2027		128,055		131,756
Pool# AB6887 3.00%, 11/1/2027		103,842		106,848
Pool# AQ4532 3.00%, 11/1/2027		89,279		91,868
Pool# AQ7406 3.00%, 11/1/2027		66,757		68,694
Pool# AQ3758 3.00%, 11/1/2027		65,070		66,957
Pool# AB6886 3.00%, 11/1/2027		50,160		51,651
Pool# AQ2884 3.00%, 12/1/2027		58,862		60,566
Pool# AS0487 2.50%, 9/1/2028		247,642		251,621
Pool# 930998 4.50%, 4/1/2029		31,137		33,088
Pool# MA0243 5.00%, 11/1/2029		17,209		18,392
Pool# BM1507 2.50%, 12/1/2029		93,995		95,106
Pool# AL8077 3.50%, 12/1/2029		20,763		21,583
Pool# MA0268 5.00%, 12/1/2029		14,661		15,669
Pool# AX7727 2.50%, 3/1/2030		389,945		394,513
Pool# AD5655 5.00%, 5/1/2030		34,490		36,886
Pool# AB1038 5.00%, 5/1/2030		21,736		23,247

34

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# MA0443 5.00%, 5/1/2030	$	20,652	$	22,087
Pool# AS5412 2.50%, 7/1/2030		56,694		57,432
Pool# AS5420 3.00%, 7/1/2030		82,056		84,427
Pool# AL7152 3.50%, 7/1/2030		495,002		516,578
Pool# AS5702 2.50%, 8/1/2030		431,051		436,663
Pool# AZ4898 2.50%, 8/1/2030		308,239		312,250
Pool# AY8448 3.00%, 8/1/2030		267,530		275,164
Pool# AZ2953 3.00%, 9/1/2030		325,023		334,318
Pool# AZ5718 3.00%, 9/1/2030		314,195		322,374
Pool# MA0559 5.00%, 9/1/2030		7,273		7,779
Pool# AS6060 3.00%, 10/1/2030		359,398		369,453
Pool# AZ9234 3.50%, 10/1/2030		22,621		23,444
Pool# AS6272 2.50%, 12/1/2030		80,853		81,905
Pool# AH1515 4.00%, 12/1/2030		311,408		329,822
Pool# AD0716 6.50%, 12/1/2030		204,177		228,756
Pool# BA6532 2.50%, 1/1/2031		71,480		72,307
Pool# BM5016 3.00%, 1/1/2031		249,721		257,161
Pool# MA0641 4.00%, 2/1/2031		314,069		332,614
Pool# 560868 7.50%, 2/1/2031		476		482
Pool# BC0774 3.00%, 3/1/2031		59,355		61,237
Pool# AS6919 3.50%, 3/1/2031		61,483		63,758
Pool# BC5968 2.50%, 4/1/2031		94,072		95,238
Pool# BC4430 3.00%, 4/1/2031		26,497		27,218
Pool# AL8566 3.00%, 6/1/2031		75,422		77,600
Pool# AL8565 3.00%, 6/1/2031		65,092		67,033
Pool# AL8561 3.50%, 6/1/2031		49,387		51,881
Pool# AS8028 2.50%, 9/1/2031		243,285		246,461
Pool# BM1888 2.50%, 10/1/2031		698,081		707,077
Pool# MA2775 2.50%, 10/1/2031		496,432		502,905
Pool# AS8038 2.50%, 10/1/2031		266,048		269,518

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# BC4777 2.50%, 10/1/2031	$	166,521	$	168,693
Pool# AS8612 3.00%, 10/1/2031		97,631		100,124
Pool# 607212 7.50%, 10/1/2031		2,532		2,590
Pool# 607632 6.50%, 11/1/2031		61		67
Pool# MA2830 2.50%, 12/1/2031		185,520		187,941
Pool# BM3814 2.50%, 12/1/2031		125,160		127,004
Pool# AS8609 3.00%, 1/1/2032		97,981		100,608
Pool# AL9786 3.00%, 1/1/2032		65,626		67,763
Pool# AL9585 3.50%, 1/1/2032		24,043		25,259
Pool# BM1036 2.50%, 2/1/2032		805,157		817,862
Pool# BM4624 3.00%, 2/1/2032		87,785		90,536
Pool# AS8767 3.00%, 2/1/2032		83,132		85,614
Pool# AL9740 3.00%, 2/1/2032		42,055		43,311
Pool# AL9871 3.00%, 2/1/2032		33,673		34,770
Pool# BM1007 2.50%, 3/1/2032		208,848		211,568
Pool# AL9899 3.00%, 3/1/2032		127,524		131,336
Pool# BM3269 2.50%, 4/1/2032		206,847		209,569
Pool# MA1029 3.50%, 4/1/2032		281,041		292,667
Pool# AS9695 3.50%, 5/1/2032		112,472		117,695
Pool# BM4088 3.00%, 6/1/2032		78,827		81,142
Pool# 890786 3.50%, 6/1/2032		79,654		83,676
Pool# MA1107 3.50%, 7/1/2032		76,725		79,891
Pool# BH6610 3.50%, 7/1/2032		25,743		26,754
Pool# BM1669 3.00%, 8/1/2032		40,716		42,043
Pool# BH5355 3.50%, 8/1/2032		32,285		33,540
Pool# MA1166 3.50%, 9/1/2032		439,590		457,759
Pool# BM5167 3.50%, 9/1/2032		22,674		23,552
Pool# CA0586 2.50%, 10/1/2032		20,578		20,924
Pool# BH9391 3.50%, 10/1/2032		24,812		25,776
Pool# BM3389 3.00%, 11/1/2032		81,268		83,919

35

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# BM3977 3.00%, 12/1/2032	$	183,778	$	189,096
Pool# CA0951 3.00%, 12/1/2032		124,580		127,962
Pool# BM4338 2.50%, 1/1/2033		195,780		198,334
Pool# BM3919 3.00%, 2/1/2033		39,611		40,904
Pool# 656559 6.50%, 2/1/2033		24,339		27,109
Pool# 694846 6.50%, 4/1/2033		7,648		8,519
Pool# AB9402 3.00%, 5/1/2033		202,353		208,843
Pool# AB9403 3.00%, 5/1/2033		82,630		85,280
Pool# AB9300 3.00%, 5/1/2033		71,121		73,385
Pool# MA3372 4.00%, 5/1/2033		56,112		58,523
Pool# 254767 5.50%, 6/1/2033		486,941		544,923
Pool# MA1527 3.00%, 8/1/2033		407,515		420,585
Pool# 750229 6.50%, 10/1/2033		19,916		22,183
Pool# 725228 6.00%, 3/1/2034		507,676		583,726
Pool# 725424 5.50%, 4/1/2034		551,737		621,391
Pool# QN0248 3.00%, 7/1/2034		96,989		99,365
Pool# MA3739 3.50%, 8/1/2034		244,895		253,741
Pool# SB0069 3.00%, 9/1/2034		2,002,945		2,061,420
Pool# 788027 6.50%, 9/1/2034		16,715		18,618
Pool# 735141 5.50%, 1/1/2035		281,871		317,405
Pool# 735227 5.50%, 2/1/2035		314,145		353,698
Pool# AL4260 5.50%, 9/1/2036		40,297		45,391
Pool# 310104 5.50%, 8/1/2037		303,434		341,724
Pool# 955194 7.00%, 11/1/2037		153,325		179,641
Pool# MA3464 3.50%, 9/1/2038		209,773		217,561
Pool# AB1735 3.50%, 11/1/2040		7,674		7,879
Pool# AB2067 3.50%, 1/1/2041		378,892		398,080
Pool# AB2068 3.50%, 1/1/2041		221,665		232,596
Pool# 932888 3.50%, 1/1/2041		123,549		131,114
Pool# 932891 3.50%, 1/1/2041		22,356		23,480

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AL6521 5.00%, 4/1/2041	$	757,948	$	836,959
Pool# AL5863 4.50%, 6/1/2041		481,957		522,022
Pool# AI9920 4.00%, 9/1/2041		13,815		14,335
Pool# AI9851 4.50%, 9/1/2041		53,298		57,783
Pool# AL0761 5.00%, 9/1/2041		549,730		605,999
Pool# AJ5431 4.50%, 10/1/2041		107,387		116,436
Pool# AL0933 5.00%, 10/1/2041		106,140		116,971
Pool# AJ4861 4.00%, 12/1/2041		202,118		215,835
Pool# AX5316 4.50%, 1/1/2042		18,892		20,482
Pool# AL2499 4.50%, 1/1/2042		8,587		9,331
Pool# AX5297 5.00%, 1/1/2042		24,695		27,255
Pool# AW8167 3.50%, 2/1/2042		512,582		537,821
Pool# AB5185 3.50%, 5/1/2042		355,167		372,565
Pool# AO3575 4.50%, 5/1/2042		60,377		64,416
Pool# 890621 5.00%, 5/1/2042		71,680		79,045
Pool# AO4647 3.50%, 6/1/2042		601,762		631,572
Pool# AO8036 4.50%, 7/1/2042		751,996		805,473
Pool# AP2092 4.50%, 8/1/2042		32,521		34,198
Pool# AP6579 3.50%, 9/1/2042		689,525		723,634
Pool# AP7489 4.00%, 9/1/2042		454,898		485,051
Pool# AP6756 4.00%, 9/1/2042		14,687		15,604
Pool# AL2782 4.50%, 9/1/2042		79,856		86,575
Pool# AB6524 3.50%, 10/1/2042		1,135,606		1,191,858
Pool# AB7074 3.00%, 11/1/2042		939,691		969,235
Pool# AP8785 3.00%, 11/1/2042		130,376		134,486
Pool# AB6786 3.50%, 11/1/2042		384,665		403,719
Pool# AL2677 3.50%, 11/1/2042		173,782		182,348
Pool# AB7362 3.00%, 12/1/2042		515,547		531,784
Pool# MA1273 3.50%, 12/1/2042		276,332		290,021
Pool# AR4210 3.50%, 1/1/2043		237,150		248,891

36

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AR8213 3.50%, 4/1/2043	$	236,627	$	248,341
Pool# AB9238 3.00%, 5/1/2043		649,200		669,647
Pool# AB9237 3.00%, 5/1/2043		459,690		474,192
Pool# AB9236 3.00%, 5/1/2043		108,818		112,318
Pool# AB9362 3.50%, 5/1/2043		472,770		496,761
Pool# AT4145 3.00%, 6/1/2043		217,815		224,687
Pool# AB9814 3.00%, 7/1/2043		620,632		640,212
Pool# AS0203 3.00%, 8/1/2043		274,016		282,519
Pool# AS0255 4.50%, 8/1/2043		208,331		225,523
Pool# AS0516 3.00%, 9/1/2043		285,851		294,574
Pool# AL6951 3.50%, 10/1/2043		418,272		438,942
Pool# BM4222 3.00%, 1/1/2044		393,983		406,389
Pool# AS2276 4.50%, 4/1/2044		352,068		378,199
Pool# AW1006 4.00%, 5/1/2044		149,365		161,308
Pool# AL7767 4.50%, 6/1/2044		12,165		13,184
Pool# AS3161 4.00%, 8/1/2044		423,290		447,401
Pool# BM4650 3.00%, 10/1/2044		720,167		742,946
Pool# CA0688 3.50%, 10/1/2044		241,309		253,149
Pool# BC5090 4.00%, 10/1/2044		60,037		63,600
Pool# AS3946 4.00%, 12/1/2044		557,541		597,404
Pool# AL8303 3.00%, 1/1/2045		129,883		133,973
Pool# BM4384 4.00%, 1/1/2045		151,634		160,583
Pool# BM3611 4.00%, 1/1/2045		104,909		111,865
Pool# BM3804 3.50%, 2/1/2045		43,883		46,042
Pool# AL9555 4.00%, 2/1/2045		1,365,568		1,459,607
Pool# AX9524 4.00%, 2/1/2045		429,779		467,197
Pool# AS4418 4.00%, 2/1/2045		304,310		330,801
Pool# AS4375 4.00%, 2/1/2045		213,223		231,787
Pool# AL6889 4.50%, 2/1/2045		88,774		96,324
Pool# BM3931 3.00%, 3/1/2045		88,773		91,517

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AY1312 3.50%, 3/1/2045	$	869,825	$	918,074
Pool# AS4578 4.00%, 3/1/2045		144,171		156,723
Pool# BM3664 3.00%, 5/1/2045		393,963		406,356
Pool# AS4921 3.50%, 5/1/2045		584,875		614,941
Pool# AS5012 4.00%, 5/1/2045		566,759		616,101
Pool# BM5562 4.00%, 6/1/2045		136,772		145,282
Pool# AL7207 4.50%, 8/1/2045		109,760		119,111
Pool# AZ2947 4.00%, 9/1/2045		345,595		365,279
Pool# BA2164 3.00%, 11/1/2045		91,561		94,153
Pool# AS6213 4.00%, 11/1/2045		33,742		35,636
Pool# AS6282 3.50%, 12/1/2045		1,025,382		1,077,979
Pool# AS6311 3.50%, 12/1/2045		801,776		835,815
Pool# BC0326 3.50%, 12/1/2045		186,916		194,829
Pool# AS6362 4.50%, 12/1/2045		22,483		24,121
Pool# AS6474 3.50%, 1/1/2046		136,957		145,770
Pool# AS6539 3.50%, 1/1/2046		122,138		129,995
Pool# AS6527 4.00%, 1/1/2046		122,115		129,013
Pool# BC2667 4.00%, 2/1/2046		35,374		36,939
Pool# AL9781 4.50%, 2/1/2046		185,724		201,110
Pool# BM4621 3.50%, 3/1/2046		113,135		118,700
Pool# BA6972 4.00%, 3/1/2046		41,251		43,559
Pool# BC0823 3.50%, 4/1/2046		182,952		190,734
Pool# AS7026 4.00%, 4/1/2046		221,207		233,491
Pool# AS7251 4.00%, 5/1/2046		281,996		297,218
Pool# AL8833 4.00%, 6/1/2046		150,411		163,502
Pool# AS7593 3.50%, 7/1/2046		716,047		748,305
Pool# AS7594 3.50%, 7/1/2046		668,457		698,571
Pool# AS7545 3.50%, 7/1/2046		286,390		298,339
Pool# AL8824 3.50%, 7/1/2046		86,502		92,067
Pool# BC1452 4.00%, 7/1/2046		856,859		903,456

37

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# MA2705 3.00%, 8/1/2046	$	500,782	$	513,985
Pool# BC1489 3.00%, 8/1/2046		44,241		45,553
Pool# BD4890 3.50%, 8/1/2046		598,714		623,024
Pool# AS7760 4.00%, 8/1/2046		189,981		202,007
Pool# AS7648 4.00%, 8/1/2046		151,832		158,543
Pool# AS7795 4.00%, 8/1/2046		123,236		129,797
Pool# BD3911 4.00%, 8/1/2046		19,258		20,086
Pool# BD3923 4.00%, 8/1/2046		15,959		16,778
Pool# AS7770 4.50%, 8/1/2046		21,109		22,413
Pool# AL8947 3.50%, 9/1/2046		27,938		29,422
Pool# AL9263 3.00%, 10/1/2046		96,037		98,591
Pool# BM3932 3.50%, 10/1/2046		195,300		203,350
Pool# AL9234 3.50%, 10/1/2046		48,897		52,043
Pool# BC4766 4.50%, 10/1/2046		32,822		34,884
Pool# AS8154 4.50%, 10/1/2046		21,848		23,231
Pool# BC9003 3.00%, 11/1/2046		134,109		137,675
Pool# MA2806 3.00%, 11/1/2046		107,349		110,197
Pool# AS8369 3.50%, 11/1/2046		534,822		558,943
Pool# BE5067 3.50%, 11/1/2046		411,262		428,747
Pool# BE5038 4.00%, 11/1/2046		23,341		25,571
Pool# MA2833 3.00%, 12/1/2046		2,583,740		2,651,832
Pool# AS8483 3.00%, 12/1/2046		686,663		704,638
Pool# BC9067 3.00%, 12/1/2046		126,263		129,594
Pool# AS8488 3.00%, 12/1/2046		125,064		128,776
Pool# AS8509 3.00%, 12/1/2046		25,418		26,345
Pool# BM1121 3.50%, 12/1/2046		457,822		483,190
Pool# AS8572 3.50%, 12/1/2046		396,013		411,386
Pool# AS8417 3.50%, 12/1/2046		183,086		190,256
Pool# AS8492 3.50%, 12/1/2046		103,315		109,962
Pool# AS8650 3.00%, 1/1/2047		880,867		903,744

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# AL9697 3.00%, 1/1/2047	$	325,345	$	334,998
Pool# AS8647 3.00%, 1/1/2047		243,299		249,718
Pool# BE5775 3.00%, 1/1/2047		193,752		198,784
Pool# AS8692 3.50%, 1/1/2047		260,094		270,750
Pool# BM3204 3.50%, 1/1/2047		186,433		198,414
Pool# BD2440 3.50%, 1/1/2047		64,955		67,489
Pool# AL9774 3.50%, 1/1/2047		64,031		68,383
Pool# BE7115 4.50%, 1/1/2047		10,456		11,053
Pool# MA2895 3.00%, 2/1/2047		3,403,981		3,492,905
Pool# BM3688 3.50%, 2/1/2047		418,255		435,678
Pool# BD5046 3.50%, 2/1/2047		75,905		78,955
Pool# AL9859 3.00%, 3/1/2047		576,754		592,035
Pool# AL9848 3.00%, 3/1/2047		340,857		349,844
Pool# AS8966 4.00%, 3/1/2047		65,339		68,604
Pool# AS8979 4.50%, 3/1/2047		43,657		46,824
Pool# BM3707 2.50%, 4/1/2047		90,171		90,222
Pool# AS9463 3.50%, 4/1/2047		351,771		371,223
Pool# AS9451 3.50%, 4/1/2047		330,175		342,150
Pool# BD7122 4.00%, 4/1/2047		608,688		639,413
Pool# AS9467 4.00%, 4/1/2047		18,954		20,158
Pool# AS9470 4.50%, 4/1/2047		151,132		161,965
Pool# BH0304 4.50%, 4/1/2047		22,354		23,599
Pool# AS9562 3.00%, 5/1/2047		63,146		64,740
Pool# BM3237 3.50%, 5/1/2047		233,001		247,189
Pool# AS9577 3.50%, 5/1/2047		198,267		208,790
Pool# AS9586 4.00%, 5/1/2047		1,059,905		1,135,462
Pool# BM1268 4.00%, 5/1/2047		312,878		332,813
Pool# BE3670 3.50%, 6/1/2047		421,297		437,333
Pool# AS9794 3.50%, 6/1/2047		193,159		204,718
Pool# BM3549 4.00%, 6/1/2047		262,759		277,368

38

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# BE3702 4.00%, 6/1/2047	$	168,463	$	177,256
Pool# BM1295 4.50%, 6/1/2047		144,056		154,318
Pool# BE9624 4.50%, 6/1/2047		88,041		93,031
Pool# BM3801 3.00%, 7/1/2047		303,418		311,452
Pool# BM1551 3.50%, 7/1/2047		258,152		272,457
Pool# AS9909 3.50%, 7/1/2047		142,426		150,244
Pool# AS9973 4.00%, 7/1/2047		21,100		22,026
Pool# 890673 3.00%, 8/1/2047		243,414		250,007
Pool# MA3087 3.50%, 8/1/2047		511,226		529,850
Pool# BM1658 3.50%, 8/1/2047		249,095		261,751
Pool# CA0240 3.50%, 8/1/2047		200,000		207,493
Pool# BH7375 3.50%, 8/1/2047		148,085		153,517
Pool# CA0123 4.00%, 8/1/2047		318,108		339,850
Pool# BH2597 4.00%, 8/1/2047		212,687		223,457
Pool# CA0133 4.00%, 8/1/2047		92,609		97,043
Pool# CA0407 3.50%, 9/1/2047		412,106		427,281
Pool# CA0265 4.00%, 9/1/2047		661,615		695,119
Pool# BH4004 4.00%, 9/1/2047		236,395		248,365
Pool# CA0392 4.00%, 9/1/2047		109,287		114,659
Pool# BM3556 4.00%, 9/1/2047		43,537		47,596
Pool# CA0487 3.50%, 10/1/2047		739,226		766,430
Pool# BM1959 3.50%, 10/1/2047		263,197		280,114
Pool# CA0493 4.00%, 10/1/2047		513,785		539,645
Pool# CA0549 4.00%, 10/1/2047		138,860		146,104
Pool# CA0496 4.50%, 10/1/2047		164,138		177,959
Pool# CA0623 4.50%, 10/1/2047		39,416		41,576
Pool# CA0693 3.50%, 11/1/2047		602,356		622,095
Pool# BM3358 3.50%, 11/1/2047		68,134		72,943
Pool# CA0696 4.00%, 11/1/2047		488,072		509,642
Pool# CA0808 4.00%, 11/1/2047		149,990		157,432

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# BM3191 4.00%, 11/1/2047	$	53,404	$	55,709
Pool# BM3379 3.00%, 12/1/2047		401,179		412,751
Pool# BJ1699 4.00%, 12/1/2047		180,674		191,472
Pool# MA3238 3.50%, 1/1/2048		475,000		491,912
Pool# CA1015 4.00%, 1/1/2048		273,820		286,603
Pool# CA1025 4.50%, 1/1/2048		905,645		956,868
Pool# CA1242 3.50%, 2/1/2048		115,198		122,529
Pool# MA3277 4.00%, 2/1/2048		372,731		390,317
Pool# BK1972 4.50%, 3/1/2048		45,242		48,650
Pool# CA1510 3.50%, 4/1/2048		153,717		159,128
Pool# CA1531 3.50%, 4/1/2048		45,790		48,578
Pool# CA1551 4.00%, 4/1/2048		2,471,366		2,584,238
Pool# CA1560 4.50%, 4/1/2048		100,297		107,309
Pool# BJ2681 5.00%, 4/1/2048		31,657		33,864
Pool# BM4024 3.50%, 5/1/2048		23,798		25,329
Pool# MA3358 4.50%, 5/1/2048		484,905		511,700
Pool# MA3384 4.00%, 6/1/2048		82,797		86,517
Pool# CA1898 4.50%, 6/1/2048		155,958		168,855
Pool# CA1951 4.00%, 7/1/2048		146,350		152,827
Pool# CA1988 4.50%, 7/1/2048		122,994		129,673
Pool# BK6577 4.50%, 7/1/2048		30,883		32,568
Pool# CA2065 5.00%, 7/1/2048		79,434		85,913
Pool# BK4766 4.50%, 8/1/2048		378,547		405,475
Pool# CA2216 5.00%, 8/1/2048		94,617		103,054
Pool# CA2376 4.00%, 9/1/2048		310,615		322,957
Pool# MA3495 4.00%, 10/1/2048		494,158		513,387
Pool# BM4664 4.50%, 10/1/2048		111,564		119,416
Pool# FM1001 3.50%, 11/1/2048		57,000		59,007
Pool# MA3521 4.00%, 11/1/2048		379,212		393,674
Pool# ZT1321 4.50%, 11/1/2048		460,840		484,863

39

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
UMBS Pool (continued)
Pool# MA3536 4.00%, 12/1/2048	$	387,490	$	402,125
Pool# BN0340 4.50%, 12/1/2048		497,850		523,177
Pool# CA2779 4.50%, 12/1/2048		134,966		144,568
Pool# BN3944 4.00%, 1/1/2049		89,713		94,823
Pool# BN6135 4.00%, 2/1/2049		202,853		211,190
Pool# ZA6536 4.00%, 3/1/2049		70,074		72,950
Pool# ZA6380 4.00%, 3/1/2049		60,287		62,663
Pool# CA3387 4.00%, 4/1/2049		222,473		236,958
Pool# CA3382 5.00%, 4/1/2049		49,762		54,199
Pool# CA3489 4.00%, 5/1/2049		133,504		142,359
Pool# MA3665 4.50%, 5/1/2049		378,829		398,488
Pool# FM1051 4.50%, 5/1/2049		205,091		216,654
Pool# CA3669 4.00%, 6/1/2049		256,060		271,409
Pool# CA3639 4.00%, 6/1/2049		104,757		110,813
Pool# CA3825 4.00%, 7/1/2049		66,996		71,765
Pool# CA3844 4.50%, 7/1/2049		358,593		378,767
Pool# CA4030 4.00%, 8/1/2049		660,718		687,738
Pool# CA4035 4.50%, 8/1/2049		236,059		249,333
Pool# BJ9610 4.00%, 9/1/2049		300,000		311,873
UMBS, 15 Year, Single Family TBA
4.00%, 11/25/2033		625,000		651,533
2.50%, 11/25/2034		1,071,000		1,082,505
3.00%, 11/25/2034		737,598		755,260
3.50%, 11/25/2034		1,436,000		1,487,550
UMBS, 30 Year, Single Family TBA
2.50%, 11/25/2049		306,000		304,267
3.00%, 11/25/2049		3,875,000		3,937,519
3.50%, 11/25/2049		8,496,000		8,723,002
4.00%, 11/25/2049		3,423,504		3,552,688
4.50%, 11/25/2049		2,071,000		2,178,271
5.50%, 11/25/2049		23,000		24,794
Total Mortgage-Backed Securities (cost $224,987,841)				229,470,615
Municipal Bonds 0.7%
California 0.3%
Bay Area Toll Authority, RB
Series F-2, 6.26%, 4/1/2049		150,000		234,258
Series S-3, 6.91%, 10/1/2050		100,000		166,089
California State, GO, 7.60%, 11/1/2040		100,000		168,730

Municipal Bonds (continued)
	Principal Amount		Value
California (continued)
East Bay Municipal Utility District, RB, 5.87%, 6/1/2040	$	100,000	$	139,618
Los Angeles Community College District, GO, 6.75%, 8/1/2049		100,000		166,460
Los Angeles Unified School District, GO, Series RY, 6.76%, 7/1/2034		100,000		140,211
Los Angeles, Department of Water & Power, RB, Series D, 6.57%, 7/1/2045		210,000		328,190
San Diego County Water Authority, RB, Series B, 6.14%, 5/1/2049		125,000		182,354
Santa Clara Valley Transportation Authority, RB, Series A, 5.88%, 4/1/2032		200,000		249,620
State of California, GO
7.55%, 4/1/2039		125,000		205,019
7.63%, 3/1/2040		220,000		358,309
University of California, RB
Series AX, 3.06%, 7/1/2025		50,000		52,544
Series R, 5.77%, 5/15/2043		50,000		68,440
Series AD, 4.86%, 5/15/2112		200,000		259,216
				2,719,058
Connecticut 0.0%†
State of Connecticut, GO, Series D, 5.09%, 10/1/2030		200,000		231,894
Georgia 0.0%†
Municipal Electric Authority of Georgia, Refunding, RB, Series A, 6.66%, 4/1/2057		149,000		216,096
Illinois 0.1%
State of Illinois, GO, 5.10%, 6/1/2033		435,000		470,318
Massachusetts 0.0%†
Commonwealth of Massachusetts, RB, Series A, 5.73%, 6/1/2040		150,000		200,407
New Jersey 0.1%
New Jersey Economic Development Authority, RB, NATL-RE Insured, Series A, 7.43%, 2/15/2029		150,000		191,050
New Jersey Turnpike Authority, RB, Series F, 7.41%, 1/1/2040		165,000		264,221
Rutgers-State University of New Jersey, RB, Series H, 5.67%, 5/1/2040		250,000		327,813
				783,084
New York 0.1%
Metropolitan Transportation Authority, RB, Series C, 7.34%, 11/15/2039		140,000		220,681
New York City Municipal Water Finance Authority, Water and Sewer System Revenue Taxable, Second General Resolution, RB, 5.88%, 6/15/2044		100,000		146,825

40

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

Municipal Bonds (continued)
	Principal Amount		Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured, RB, Series B, 5.57%, 11/1/2038	$	100,000	$	128,949
Port Authority of New York & New Jersey, RB
6.04%, 12/1/2029		300,000		394,110
4.46%, 10/1/2062		100,000		126,155
				1,016,720
Oregon 0.0%†
Oregon School Boards Association, Limited Tax Pension, GO, AGM Insured, 5.53%, 6/30/2028		200,000		237,246
Texas 0.1%
Dallas Independent School District, Texas School Building, GO, PSF-GTD, Series C, 6.45%, 2/15/2035		150,000		157,933
Texas State Taxable Build America Bond, GO, 5.52%, 4/1/2039		50,000		68,320
Texas Transportation Commission, RB, Series B, 5.18%, 4/1/2030		100,000		122,254
				348,507
Wisconsin 0.0%†
State of Wisconsin Bond, RB, Series C, 3.15%, 5/1/2027		20,000		21,075
Total Municipal Bonds (cost $5,001,071)				6,244,405
Supranational 1.2%
Asian Development Bank
1.75%, 6/8/2021		500,000		500,717
2.63%, 1/30/2024		500,000		520,822
2.50%, 11/2/2027		500,000		528,884
2.75%, 1/19/2028		200,000		215,443
European Bank for Reconstruction & Development, 2.75%, 3/7/2023		250,000		259,267
European Investment Bank
1.63%, 6/15/2021		500,000		499,819
1.38%, 9/15/2021		750,000		746,603
2.13%, 10/15/2021		250,000		252,447
2.25%, 3/15/2022		750,000		761,420
2.63%, 3/15/2024		500,000		521,385
2.50%, 10/15/2024		500,000		520,830
Inter-American Development Bank
1.88%, 3/15/2021		250,000		250,774
2.13%, 1/18/2022		500,000		505,582
1.75%, 9/14/2022		250,000		251,215
2.63%, 1/16/2024		500,000		520,105
2.00%, 6/2/2026		200,000		203,898
International Bank for Reconstruction & Development
2.75%, 7/23/2021		500,000		509,575
1.38%, 9/20/2021		500,000		497,685
7.63%, 1/19/2023		677,000		802,351
3.00%, 9/27/2023		250,000		263,307

Supranational (continued)
	Principal Amount		Value
International Bank for Reconstruction & Development (continued)
2.50%, 3/19/2024	$	500,000	$	519,198
2.50%, 7/29/2025		250,000		262,067
International Finance Corp., 2.25%, 1/25/2021		500,000		503,454
Total Supranational (cost $10,108,749)				10,416,848
U.S. Government Agency Securities 1.3%
FFCB, 2.85%, 9/20/2021		745,000		762,180
FHLB
3.63%, 6/11/2021		1,200,000		1,238,870
3.13%, 6/13/2025		1,075,000		1,160,839
5.50%, 7/15/2036		300,000		433,268
FHLMC
2.38%, 2/16/2021		2,000,000		2,020,586
1.13%, 8/12/2021		1,137,000		1,127,957
2.38%, 1/13/2022		1,650,000		1,678,568
6.75%, 9/15/2029		388,000		555,158
6.75%, 3/15/2031		400,000		591,452
6.25%, 7/15/2032		365,000		537,745
FNMA
2.63%, 1/11/2022		355,000		363,062
6.25%, 5/15/2029		500,000		689,672
Tennessee Valley Authority, 4.88%, 1/15/2048		300,000		422,740
Total U.S. Government Agency Securities (cost $10,721,653)				11,582,097
U.S. Treasury Obligations 38.6%
U.S. Treasury Bonds
8.13%, 8/15/2021		1,800,000		2,006,227
7.13%, 2/15/2023		1,000,000		1,178,750
6.25%, 8/15/2023		869,000		1,019,310
6.00%, 2/15/2026		1,444,500		1,825,374
5.50%, 8/15/2028		5,300,000		6,961,219
5.25%, 11/15/2028		1,000,000		1,300,117
4.50%, 5/15/2038		500,000		698,809
4.50%, 8/15/2039		185,000		260,597
4.38%, 11/15/2039		1,080,000		1,499,133
3.88%, 8/15/2040		600,000		784,008
4.25%, 11/15/2040		500,000		686,172
3.75%, 8/15/2041		3,250,000		4,184,375
3.13%, 11/15/2041		2,000,000		2,355,859
3.13%, 2/15/2042		2,650,000		3,122,135
3.13%, 2/15/2043		1,750,000		2,062,607
3.63%, 8/15/2043		2,000,000		2,549,609
3.75%, 11/15/2043		1,850,000		2,405,145
3.63%, 2/15/2044		800,000		1,022,437
3.38%, 5/15/2044		1,700,000		2,094,254
3.13%, 8/15/2044		2,400,000		2,843,812
3.00%, 11/15/2044		7,000,000		8,130,117
2.88%, 8/15/2045		2,500,000		2,848,340
3.00%, 11/15/2045		3,200,000		3,732,125
2.50%, 2/15/2046		4,200,000		4,471,687
2.50%, 5/15/2046		2,950,000		3,141,059
2.25%, 8/15/2046		6,000,000		6,083,906
2.88%, 11/15/2046		2,700,000		3,088,230

41

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Bonds (continued)
3.00%, 2/15/2047	$	400,000	$	468,594
3.00%, 5/15/2047		1,600,000		1,873,500
2.75%, 8/15/2047		1,000,000		1,118,750
3.00%, 8/15/2048		1,250,000		1,469,385
2.25%, 8/15/2049		1,200,000		1,219,031
U.S. Treasury Notes
1.75%, 12/31/2020		4,000,000		4,005,781
2.38%, 12/31/2020		3,000,000		3,025,781
2.13%, 1/31/2021		3,000,000		3,019,688
2.25%, 2/15/2021		6,000,000		6,049,922
3.63%, 2/15/2021		2,500,000		2,564,453
2.50%, 2/28/2021		10,000,000		10,116,797
2.25%, 3/31/2021		3,000,000		3,027,305
2.25%, 4/30/2021		2,000,000		2,019,297
3.13%, 5/15/2021		1,250,000		1,278,955
1.38%, 5/31/2021		2,000,000		1,993,125
1.13%, 6/30/2021		2,000,000		1,984,922
2.13%, 6/30/2021		3,500,000		3,531,309
2.25%, 7/31/2021		5,000,000		5,057,812
2.13%, 8/15/2021		1,500,000		1,514,355
1.50%, 9/30/2021		1,750,000		1,748,359
2.88%, 10/15/2021		6,500,000		6,663,516
1.25%, 10/31/2021		4,000,000		3,975,312
1.75%, 11/30/2021		2,000,000		2,008,125
2.00%, 12/31/2021		2,000,000		2,019,141
1.50%, 1/31/2022		2,000,000		1,998,594
1.75%, 2/28/2022		3,000,000		3,014,531
1.75%, 3/31/2022		1,000,000		1,005,234
1.75%, 4/30/2022		2,000,000		2,010,781
1.88%, 4/30/2022		2,000,000		2,016,719
1.75%, 5/15/2022		1,700,000		1,709,563
1.75%, 5/31/2022		2,000,000		2,011,406
1.75%, 6/30/2022		1,000,000		1,006,211
2.13%, 6/30/2022		500,000		507,891
1.88%, 7/31/2022		4,000,000		4,037,344
2.00%, 7/31/2022		3,000,000		3,038,789
1.63%, 8/15/2022		5,200,000		5,215,844
1.63%, 8/31/2022		1,750,000		1,755,127
1.88%, 8/31/2022		3,500,000		3,534,863
1.75%, 9/30/2022		2,000,000		2,013,359
1.88%, 9/30/2022		500,000		505,176
1.38%, 10/15/2022		3,500,000		3,485,645
2.00%, 11/30/2022		1,400,000		1,419,852
2.13%, 12/31/2022		4,500,000		4,584,023
1.50%, 2/28/2023		1,000,000		999,219
1.50%, 3/31/2023		2,500,000		2,498,633
1.63%, 5/31/2023		2,000,000		2,007,031
1.38%, 6/30/2023		2,700,000		2,685,656
2.50%, 8/15/2023		3,800,000		3,935,375
1.38%, 8/31/2023		3,700,000		3,680,344
2.75%, 8/31/2023		2,000,000		2,090,547
2.13%, 11/30/2023		3,900,000		3,991,406
2.25%, 12/31/2023		11,500,000		11,831,523
2.25%, 1/31/2024		4,800,000		4,941,375
2.75%, 2/15/2024		4,500,000		4,727,285
2.13%, 3/31/2024		4,500,000		4,613,730
2.00%, 4/30/2024		2,000,000		2,040,078
2.25%, 4/30/2024		2,700,000		2,784,059
2.50%, 5/15/2024		1,700,000		1,771,719
2.00%, 5/31/2024		3,500,000		3,574,375
2.00%, 6/30/2024		2,500,000		2,551,660

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued)
2.13%, 7/31/2024	$	1,500,000	$	1,540,020
2.38%, 8/15/2024		3,250,000		3,374,414
1.88%, 8/31/2024		1,000,000		1,015,703
2.13%, 9/30/2024		2,500,000		2,568,652
2.25%, 10/31/2024		1,000,000		1,033,867
2.25%, 11/15/2024		6,160,000		6,368,141
2.13%, 11/30/2024		1,200,000		1,233,516
2.50%, 1/31/2025		1,500,000		1,571,484
2.00%, 2/15/2025		6,500,000		6,645,234
2.63%, 3/31/2025		3,200,000		3,375,625
2.13%, 5/15/2025		1,600,000		1,646,812
2.00%, 8/15/2025		2,000,000		2,046,484
3.00%, 10/31/2025		500,000		540,254
2.25%, 11/15/2025		1,500,000		1,556,895
1.63%, 2/15/2026		1,500,000		1,502,578
1.63%, 5/15/2026		3,000,000		3,004,805
1.50%, 8/15/2026		6,400,000		6,357,250
2.00%, 11/15/2026		1,000,000		1,026,367
2.25%, 2/15/2027		5,300,000		5,533,531
2.38%, 5/15/2027		4,000,000		4,217,188
2.25%, 8/15/2027		3,500,000		3,660,098
2.25%, 11/15/2027		10,370,000		10,850,828
2.75%, 2/15/2028		1,000,000		1,085,508
2.88%, 5/15/2028		3,000,000		3,290,742
2.88%, 8/15/2028		3,000,000		3,295,547
2.63%, 2/15/2029		1,657,000		1,791,502
2.38%, 5/15/2029		2,000,000		2,120,703
1.63%, 8/15/2029		1,500,000		1,491,035
Total U.S. Treasury Obligations (cost $318,265,150)				333,448,378
Total Investments (cost $812,461,280) — 98.6%				852,186,044
Other assets in excess of liabilities — 1.4%				12,056,069
NET ASSETS — 100.0%			$	864,242,113

† 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 October 31, 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 October 31, 2019 was $4,827,814 which represents 0.56% of net assets.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2019.

42

Statement of Investments (Continued)

October 31, 2019

Nationwide Bond Index Fund (Continued)

(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 October 31, 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

SOFR Secured Overnight Financing Rate

TBA To Be Announced; Security is subject to delayed delivery

UMBS Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

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

43

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Bond Index Fund
Assets:
Investment security of affiliated issuer, at value (cost $43,860)	$	87,192
Investment securities of unaffiliated issuers, at value (cost $812,417,420)		852,098,852
Cash		38,543,710
Interest receivable		5,115,904
Securities lending income receivable		3
Receivable for investments sold		20,639,093
Receivable for capital shares issued		298,939
Reclaims receivable		312
Prepaid expenses		20,796
Total Assets		916,804,801
Liabilities:
Payable for investments purchased		51,455,873
Distributions payable		75,127
Payable for capital shares redeemed		704,146
Accrued expenses and other payables:
Investment advisory fees		120,882
Fund administration fees		34,528
Distribution fees		48,180
Administrative servicing fees		27,111
Accounting and transfer agent fees		11,655
Trustee fees		3,580
Custodian fees		12,317
Compliance program costs (Note 3)		1,191
Professional fees		47,631
Printing fees		11,620
Other		8,847
Total Liabilities		52,562,688
Net Assets	$	864,242,113
Represented by:
Capital	$	833,449,880
Total distributable earnings (loss)		30,792,233
Net Assets	$	864,242,113
Net Assets:
Class A Shares	$	226,260,387
Class C Shares		1,037,563
Class R6 Shares		629,549,890
Institutional Service Class Shares		7,394,273
Total	$	864,242,113
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		19,900,128
Class C Shares		91,253
Class R6 Shares		55,481,205
Institutional Service Class Shares		651,750
Total		76,124,336

44

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	11.37
Class C Shares (b)	$	11.37
Class R6 Shares	$	11.35
Institutional Service Class Shares	$	11.35
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.63
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.

45

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Bond Index Fund
INVESTMENT INCOME:
Interest income from unaffiliated issuers	$	23,998,231
Interest income from affiliated issuer		5,063
Income from securities lending (Note 2)		626
Total Income		24,003,920
EXPENSES:
Investment advisory fees		1,531,052
Fund administration fees		283,308
Distribution fees Class A		539,678
Distribution fees Class C		12,343
Administrative servicing fees Class A		360,365
Administrative servicing fees Class C		1,234
Administrative servicing fees Institutional Service Class		14,352
Registration and filing fees		58,399
Professional fees		83,105
Printing fees		17,787
Trustee fees		29,952
Custodian fees		40,016
Accounting and transfer agent fees		62,903
Compliance program costs (Note 3)		4,223
Other		22,975
Total expenses before fees waived		3,061,692
Investment advisory fees waived (Note 3)		(114,448	)
Net Expenses		2,947,244
NET INVESTMENT INCOME		21,056,676
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities of unaffiliated issuers		2,613,922
Closed short positions in securities (Note 2)		(18,572	)
Net realized gains		2,595,350
Net change in unrealized appreciation/depreciation in the value of:
Investment securities of affiliated issuers		6,940
Investment securities of unaffiliated issuers		63,726,940
Net change in unrealized appreciation/depreciation		63,733,880
Net realized/unrealized gains		66,329,230
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	87,385,906

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

46

Statements of Changes in Net Assets

	Nationwide Bond Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	21,056,676		$	21,170,642
Net realized gains (losses)		2,595,350			(8,282,249	)
Net change in unrealized appreciation/depreciation		63,733,880			(36,393,047	)
Change in net assets resulting from operations		87,385,906			(23,504,654	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(5,091,134	)		(4,656,012	)
Class C		(20,654	)		(20,737	)
Class R6		(16,806,642	)		(17,478,413	)
Institutional Service Class		(144,793	)		(53,505	)
Change in net assets from shareholder distributions		(22,063,223	)		(22,208,667	)
Change in net assets from capital transactions		25,255,817			(216,123,536	)
Change in net assets		90,578,500			(261,836,857	)
Net Assets:
Beginning of year		773,663,613			1,035,500,470
End of year	$	864,242,113		$	773,663,613
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	87,281,932		$	47,221,453
Dividends reinvested		4,210,906			3,957,341
Cost of shares redeemed		(71,261,618	)		(64,942,779	)
Total Class A Shares		20,231,220			(13,763,985	)
Class C Shares
Proceeds from shares issued		355,197			113,333
Dividends reinvested		20,170			20,330
Cost of shares redeemed		(585,029	)		(853,891	)
Total Class C Shares		(209,662	)		(720,228	)
Class R6 Shares
Proceeds from shares issued		132,222,253			70,111,403
Dividends reinvested		16,806,642			17,478,115
Cost of shares redeemed		(147,591,451	)		(292,336,337	)
Total Class R6 Shares		1,437,444			(204,746,819	)
Institutional Service Class Shares
Proceeds from shares issued		5,586,481			5,707,865
Dividends reinvested		144,793			53,452
Cost of shares redeemed		(1,934,459	)		(2,653,821	)
Total Institutional Service Class Shares		3,796,815			3,107,496
Change in net assets from capital transactions	$	25,255,817		$	(216,123,536	)

47

Statements of Changes in Net Assets (Continued)

	Nationwide Bond Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		8,032,822			4,365,202
Reinvested		382,245			368,178
Redeemed		(6,495,749	)		(6,041,484	)
Total Class A Shares		1,919,318			(1,308,104	)
Class C Shares
Issued		32,102			10,557
Reinvested		1,832			1,890
Redeemed		(52,079	)		(78,676	)
Total Class C Shares		(18,145	)		(66,229	)
Class R6 Shares
Issued		12,148,901			6,487,899
Reinvested		1,527,800			1,627,283
Redeemed		(13,557,557	)		(27,179,247	)
Total Class R6 Shares		119,144			(19,064,065	)
Institutional Service Class Shares
Issued		514,547			530,941
Reinvested		13,106			5,002
Redeemed		(177,066	)		(250,343	)
Total Institutional Service Class Shares		350,587			285,600
Total change in shares		2,370,904			(20,152,798	)

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

48

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)(e)		Portfolio Turnover (c)(f)
Class A Shares
Year Ended October 31, 2019	$	10.51		0.25		0.87			1.12			(0.26	)		–			(0.26	)	$	11.37		10.75%		$	226,260,387		0.66%		2.24%		0.67%		98.29%
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%
Class C Shares
Year Ended October 31, 2019	$	10.50		0.17		0.88			1.05			(0.18	)		–			(0.18	)	$	11.37		10.11%		$	1,037,563		1.34%		1.55%		1.36%		98.29%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	10.48		0.29		0.88			1.17			(0.30	)		–			(0.30	)	$	11.35		11.34%		$	629,549,890		0.24%		2.66%		0.26%		98.29%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	10.48		0.26		0.89			1.15			(0.28	)		–			(0.28	)	$	11.35		11.06%		$	7,394,273		0.49%		2.40%		0.51%		98.29%
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 (h)	$	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) 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.

49

Fund Commentary Nationwide International Index Fund

For the annual period ended October 31, 2019, the Nationwide International Index Fund (Class A at NAV*) returned 10.47% versus 11.04% for its benchmark, the MSCI EAFE® Index. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Foreign Large Blend (consisting of 724 funds as of October 31, 2019), was 10.21% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

In the fourth quarter of 2018, developed markets (DM), as represented by the MSCI EAFE Index (EAFE), registered -12.49%. DM faced considerable headwinds from tightening global financial conditions, slowing growth and heightened macroeconomic uncertainty throughout 2018. The Western European region fell 12.8% in the quarter and contributed to 63% of the index’s quarterly decline. Slowing economic activity, broad-market risk-off behavior and political uncertainty marred the region. The euro and the pound sterling both moved lower against the U.S. dollar, with -4.8% and -5.9% for 2018, respectively. Within Europe, the United Kingdom fell 11% for the fourth quarter and contributed to a 1.6% drop in the EAFE. Continued Brexit turbulence weighed on both consumer and investor sentiment. Elsewhere, French equities dropped 15% during the fourth quarter as the “Yellow Vest” political movement raised domestic uncertainty. German manufacturing orders declined throughout the quarter, catalyzing a 16% drop in Germany’s component of the EAFE. The safe-haven 10-year German bund yield ended 2018 at 0.23%, 34 basis points (bps) lower from intra-quarter highs. In the Asia-Pacific (APAC) region, Japan fell 14.3% in the fourth quarter. A roughly 3.5% jump in the yen against the U.S. dollar weighed broadly on the export-oriented equity market. Elsewhere, Australian equities fell 9.7% for the fourth quarter as the slowdown in China weighed on the country’s domestic growth prospects. From a sector perspective, energy companies, with -17.44%, trailed the market as Brent crude (one of the main benchmark prices for purchases of oil) fell from $86.3 per barrel (bbl) to $53.8/bbl by the end of the quarter.

Information Technology shares, with -16.47%, did not perform much better, as global growth concerns weighed on Semiconductor shares. The Utilities sector, with 0.00%, was the only non-negative sector during the fourth quarter.

In the first quarter of 2019, DM increased 10%. Eurozone equity markets all advanced in varying degrees as the recovery in equity market sentiment from 2018 lows occurred despite slowing economic activity across the region. Partially contributing to the bullish sentiment was the European Central Bank’s (ECB) reaffirmation of accommodative monetary policy and announcement of a new round of targeted longer-term refinancing operations. Within the eurozone, Germany, with 6.7%, underperformed amid continued weakness in the manufacturing and export sectors. Germany’s manufacturing purchasing managers’ index fell from 51.8 in December 2018 to 44.1 in March 2019. Declines in industrial production and factory orders also provided headwinds for the eurozone’s largest economy. Amid the weak economic growth, the 10-year German bund yield turned negative for the first time since 2016. Elsewhere in the eurozone, Italy, with 16.0%, outperformed major European countries despite two consecutive quarters of real gross domestic product (GDP) contraction and political uncertainty as first-quarter macroeconomic trends were relatively constructive. Italy’s Composite PMI rose into expansionary territory in March (51.5) and inflation registered slightly above expectations at 1.2% year-over-year (YoY). The U.K. equity component rallied 12.5% and contributed the most to EAFE’s total return despite ongoing Brexit uncertainty. Though Prime Minister May’s withdrawal agreement was rejected by Parliament three times, the extension of the Brexit deadline to April 12 was viewed as a constructive development that reduced the probability of a “no-deal” Brexit. Coupled with a strong labor market — particularly evident from an unemployment rate of 3.9% and a 3.4% YoY increase to wages — the pound sterling appreciated 2.5% against the U.S. dollar in the quarter. Additionally, the Bank of England remained on hold throughout the quarter. In APAC, Japan, with 6.7%, underperformed as

50

Fund Commentary Nationwide International Index Fund

uncertainty around U.S. trade protectionism, an upcoming sales-tax hike and low levels of growth weighed on sentiment. Still, continued monetary support by the Bank of Japan (BoJ) and global risk-on appetite benefited the country’s equity market. The yen fell 3.7% from intra-quarter highs, a tailwind for export names. Elsewhere, Hong Kong rallied 15.9% amid a rebound in mainland Chinese sentiment. All eleven GICS 1 sectors advanced in the quarter. Technology shares outperformed, with 15.41%, as restored global risk appetite benefited higher-beta names. Real estate was the second-best-performing sector, with 14.19%, amid the decline in sovereign bond yields. The third-best-performing sector was materials, with 13.28%. All other sectors returned positive results: the lowest sector returns were communication services, with 4.41%; financials, with 7.05%; and consumer discretionary, with 7.62%.

In the second quarter of 2019, DM, as represented by the MSCI EAFE Index, increased 3.94%. European equity markets contributed to just over three-quarters of the MSCI EAFE Index’s total return. Although low on an absolute basis, first-quarter eurozone GDP growth increased 1.2%, beating expectations and accelerating from the fourth quarter of 2018. Sentiment in the region also was supported by accommodative monetary policy, the increased expectations of further stimulus, higher-than-normal capacity utilization rates, and labor markets near full employment. Within the eurozone, Germany, with 8.1%, and France, with 7.4%, outperformed while Finland, with -0.04%, and Luxembourg, with -2.5%, underperformed. In interest rates, the 10-year German bund yield declined to -0.3% in the quarter, the lowest on record. In the APAC region, Australia, with 7.5%, outperformed as a decline in economic growth was halted by a June rate cut. Japan, with 1%, underperformed the benchmark but registered in positive territory as investors balanced risk-on bids for the yen, trade tensions and declining export volumes. Ten out of 11 GICS 1 sectors advanced in the quarter. Information Technology shares, with 6.70%, outperformed and constituted the best-performing sector in the index for the second consecutive quarter followed by Consumer Discretionary, with 6.21%,

and Industrials, with 6.11%. Real Estate, with -2.08%, was the single negative contributor over the quarter.

In the third quarter of 2019, DM, as represented by the MSCI EAFE Index, declined 1% from a U.S. dollar perspective. Within the APAC region, Japanese equities, with 3.2%, outperformed despite deteriorating economic conditions and an impending sales-tax hike. However, Japanese President Shinzō Abe and U.S. President Donald Trump reached a limited trade agreement that removed the threat of tariffs on Japan’s auto exports for the time being. Elsewhere, Hong Kong, with 12.2%, underperformed amid mounting political unrest. In Europe, Germany, with -3.9%, underperformed and contributed the most to the index’s decline. Belgium, with 3.5%, was the best-performing country in the eurozone thanks to an outsized gain in materials giant Umicore. Eurozone economic activity showed signs of synchronized deceleration. Germany’s manufacturing PMI fell to the worst reading in more than a decade, and the eurozone manufacturing PMI fell to a nearly seven-year low. This prompted an aggressive response from the ECB, which announced a stimulus package that included a rate cut, resumption of quantitative easing (QE) and a two-tier excess liquidity system for banks. Simultaneously, the ECB cut both its growth and inflation forecasts, and lowered its forward guidance. In the U.K., with -1.3%, continued Brexit uncertainty drove volatility throughout the quarter ahead of the October 31 deadline. Parliament passed legislation that forced the government to ask for an extension if it cannot reach a deal with the E.U., which buoyed the pound sterling. Separately, the Bank of England remained on hold despite economic weakness. U.K. GDP registered its first quarterly contraction in seven years in the second quarter of 2019, while the August manufacturing PMI results showed the steepest monthly contraction since July 2012. Four out of 11 GICS sectors advanced in the quarter. Defensive sectors — Health Care, with 2.5%; Utilities, with 2.4%; and Consumer Staples. with 1.9%—led the market amid increased global protectionism and economic weakness. Energy, with -6.3%, and Materials, with -5.3%, trailed the market amid the

51

Fund Commentary Nationwide International Index Fund

2% decline in the Bloomberg Commodity Total Return Index.

Exchange-traded futures are employed to equitize dividend accruals as well as to manage day-to-day cash flows generated from clients’ trades, dividends, interest received and other activity associated with securities in the portfolio. Specifically, futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio. While we seek to remain fully invested, a small amount of spendable cash is retained to minimize trading and transactions costs. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Rachel Aguirre; Jennifer Hsui, CFA; Alan Mason; Greg Savage, CFA; and Amy Whitelaw

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R6 shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the risks of investing in equity securities (including mid-sized companies). Smaller companies involve greater risk than larger, more established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more limited resources. The Fund also is subject to the risks of investing in foreign securities (currency fluctuations, political risks, differences in accounting and limited availability of information, all of which are magnified in emerging markets). Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

The Fund is indexed to an MSCI index. The Fund is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

52

Fund Overview Nationwide International Index Fund

Asset Allocation¹

Common Stocks	99.5%
Repurchase Agreements	1.0%
Short-Term Investment	0.1%
Preferred Stock†	0.0%
Futures Contracts†	0.0%
Liabilities in excess of other assets	(0.6)%
	100.0%

Top Industries²

Banks	9.7%
Pharmaceuticals	8.3%
Insurance	5.3%
Oil, Gas & Consumable Fuels	5.0%
Food Products	3.8%
Chemicals	3.4%
Automobiles	3.3%
Machinery	2.8%
Metals & Mining	2.6%
Textiles, Apparel & Luxury Goods	2.6%
Other Industries#	53.2%
	100.0%

Top Countries²

Japan	24.5%
United Kingdom	14.0%
France	11.0%
Switzerland	9.6%
Germany	8.6%
Australia	7.5%
Netherlands	4.6%
Hong Kong	3.0%
Spain	2.8%
Sweden	2.4%
Other Countries#	12.0%
	100.0%

Top Holdings²

Nestle SA (Registered)	2.3%
Roche Holding AG	1.5%
Novartis AG (Registered)	1.3%
Toyota Motor Corp.	1.1%
HSBC Holdings plc	1.1%
SAP SE	0.9%
BP plc	0.9%
AstraZeneca plc	0.9%
Royal Dutch Shell plc, Class A	0.9%
TOTAL SA	0.9%
Other Holdings#	88.2%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

53

Fund Performance Nationwide International Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		10.47%		3.65%		4.97%
	w/SC2		4.14%		2.42%		4.34%
Class C	w/o SC1		9.75%		2.96%		4.31%
	w/SC3		8.75%		N/A		N/A
Class R4,5			10.29%		3.36%		4.79%
Class R64,6			11.02%		4.07%		5.40%
Institutional Service Class4			10.78%		N/A		8.64%	7*
MSCI EAFE® Index			11.04%		4.31%		5.41%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

* Not annualized.

¹ These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³ A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of December 6, 2016.

Expense Ratios

	Expense Ratio^
Class A		0.71%
Class C		1.37%
Class R		1.01%
Class R6		0.30%
Institutional Service Class		0.46%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

54

Fund Performance (cont.) Nationwide International Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide International Index Fund versus the MSCI EAFE® Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

55

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,028.10		3.83		0.75
	Hypothetical	(a)(b)		1,000.00		1,021.42		3.82		0.75
Class C Shares	Actual	(a)		1,000.00		1,025.30		7.40		1.45
	Hypothetical	(a)(b)		1,000.00		1,017.90		7.38		1.45
Class R Shares	Actual	(a)		1,000.00		1,026.50		5.36		1.05
	Hypothetical	(a)(b)		1,000.00		1,019.91		5.35		1.05
Class R6 Shares	Actual	(a)		1,000.00		1,030.10		1.69		0.33
	Hypothetical	(a)(b)		1,000.00		1,023.54		1.68		0.33
Institutional Service Class Shares	Actual	(a)		1,000.00		1,029.30		2.51		0.49
	Hypothetical	(a)(b)		1,000.00		1,022.74		2.50		0.49

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

56

Statement of Investments

October 31, 2019

Nationwide International Index Fund

Common Stocks 99.5%
	Shares		Value
AUSTRALIA 7.5%
Banks 1.9%
Australia & New Zealand Banking Group Ltd.		265,038	$	4,876,113
Bank of Queensland Ltd.		40,530		252,394
Bendigo & Adelaide Bank Ltd.		46,113		337,823
Commonwealth Bank of Australia		165,099		8,935,712
National Australia Bank Ltd.		264,399		5,204,504
Westpac Banking Corp.		320,858		6,227,318
				25,833,864
Beverages 0.1%
Coca-Cola Amatil Ltd.		47,888		334,529
Treasury Wine Estates Ltd.		69,773		843,093
				1,177,622
Biotechnology 0.6%
CSL Ltd.		42,333		7,451,075
Capital Markets 0.3%
ASX Ltd.		17,503		991,123
Macquarie Group Ltd.		30,147		2,776,329
Magellan Financial Group Ltd.		11,801		390,799
				4,158,251
Chemicals 0.1%
Incitec Pivot Ltd.		161,079		382,085
Orica Ltd.		35,732		562,938
				945,023
Commercial Services & Supplies 0.1%
Brambles Ltd.		150,198		1,236,910
Construction & Engineering 0.0%†
CIMIC Group Ltd.		8,551		193,897
Construction Materials 0.0%†
Boral Ltd.		103,823		356,106
Diversified Financial Services 0.0%†
AMP Ltd.		277,480		349,811
Challenger Ltd.		47,382		259,270
				609,081
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.		398,216		956,066
TPG Telecom Ltd.		32,780		147,440
				1,103,506
Electric Utilities 0.0%†
AusNet Services		181,656		232,077
Energy Equipment & Services 0.0%†
Worley Ltd.		28,634		266,695
Equity Real Estate Investment Trusts (REITs) 0.5%
Dexus		98,757		813,481
Goodman Group		152,135		1,506,774
GPT Group (The)		172,557		706,838
Mirvac Group		344,412		760,629
Scentre Group		492,656		1,296,009
Stockland		236,355		793,301
Vicinity Centres		313,997		577,310
				6,454,342
Food & Staples Retailing 0.3%
Coles Group Ltd.		108,861		1,122,719

Common Stocks (continued)
	Shares		Value
AUSTRALIA (continued)
Food & Staples Retailing (continued)
Woolworths Group Ltd.		117,799	$	3,024,176
				4,146,895
Gas Utilities 0.1%
APA Group		111,013		889,979
Health Care Equipment & Supplies 0.1%
Cochlear Ltd.		5,463		794,873
Health Care Providers & Services 0.1%
Ramsay Health Care Ltd.		13,102		617,539
Sonic Healthcare Ltd.		42,425		833,090
				1,450,629
Hotels, Restaurants & Leisure 0.2%
Aristocrat Leisure Ltd.		55,795		1,213,195
Crown Resorts Ltd.		35,525		304,788
Flight Centre Travel Group Ltd.		6,025		176,523
Tabcorp Holdings Ltd.		176,350		583,025
				2,277,531
Insurance 0.3%
Insurance Australia Group Ltd.		212,679		1,162,328
Medibank Pvt Ltd.		251,759		585,512
QBE Insurance Group Ltd.		124,313		1,077,719
Suncorp Group Ltd.		115,337		1,067,422
				3,892,981
Interactive Media & Services 0.0%†
REA Group Ltd.		5,289		394,973
IT Services 0.0%†
Computershare Ltd.		43,467		473,072
Metals & Mining 1.7%
Alumina Ltd.		250,230		390,697
BHP Group Ltd.		275,858		6,745,774
BHP Group plc		197,904		4,192,818
BlueScope Steel Ltd.		52,360		479,669
Fortescue Metals Group Ltd.		132,486		802,414
Newcrest Mining Ltd.		72,927		1,592,766
Rio Tinto Ltd.		34,206		2,123,765
Rio Tinto plc		106,212		5,518,189
South32 Ltd.		460,290		801,592
				22,647,684
Multiline Retail 0.2%
Harvey Norman Holdings Ltd.		59,475		167,514
Wesfarmers Ltd.		105,666		2,889,616
				3,057,130
Multi-Utilities 0.1%
AGL Energy Ltd.		63,672		866,827
Oil, Gas & Consumable Fuels 0.4%
Caltex Australia Ltd.		25,321		473,246
Oil Search Ltd.		133,132		652,342
Origin Energy Ltd.		170,818		922,952
Santos Ltd.		168,889		938,215
Washington H Soul Pattinson & Co. Ltd.		11,597		173,125
Woodside Petroleum Ltd.		88,816		1,958,441
				5,118,321
Professional Services 0.0%†
SEEK Ltd.		31,885		497,236

57

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
AUSTRALIA (continued)
Real Estate Management & Development 0.0%†
Lendlease Group		49,928	$	641,558
Road & Rail 0.1%
Aurizon Holdings Ltd.		192,301		780,845
Transportation Infrastructure 0.2%
Sydney Airport		106,608		643,698
Transurban Group		247,525		2,528,029
				3,171,727
				101,120,710
AUSTRIA 0.2%
Banks 0.1%
Erste Group Bank AG		29,209		1,032,221
Raiffeisen Bank International AG		14,875		366,121
				1,398,342
Electric Utilities 0.0%†
Verbund AG		6,001		325,013
Machinery 0.0%†
ANDRITZ AG		6,555		294,543
Metals & Mining 0.0%†
voestalpine AG (a)		10,207		255,721
Oil, Gas & Consumable Fuels 0.1%
OMV AG		13,902		812,746
				3,086,365
BELGIUM 0.9%
Banks 0.1%
KBC Group NV		23,618		1,657,465
Beverages 0.4%
Anheuser-Busch InBev SA/NV		71,280		5,757,231
Chemicals 0.1%
Solvay SA		7,172		780,400
Umicore SA		18,785		775,451
				1,555,851
Diversified Financial Services 0.1%
Groupe Bruxelles Lambert SA		7,833		786,330
Diversified Telecommunication Services 0.0%†
Proximus SADP		13,940		427,878
Food & Staples Retailing 0.0%†
Colruyt SA		5,305		294,938
Insurance 0.1%
Ageas		16,225		934,808
Media 0.0%†
Telenet Group Holding NV*		4,656		228,528
Pharmaceuticals 0.1%
UCB SA		11,271		908,533
				12,551,562
CHILE 0.0%†
Metals & Mining 0.0%†
Antofagasta plc		39,306		441,975

Common Stocks (continued)
	Shares		Value
CHINA 0.4%
Banks 0.1%
BOC Hong Kong Holdings Ltd.		347,100	$	1,193,000
Beverages 0.0%†
Budweiser Brewing Co. APAC Ltd. Reg. S* (b)		112,300		410,594
Biotechnology 0.0%†
BeiGene Ltd., ADR*		3,420		473,123
Internet & Direct Marketing Retail 0.3%
Prosus NV*		45,930		3,167,287
Machinery 0.0%†
Yangzijiang Shipbuilding Holdings Ltd.		239,666		166,916
				5,410,920
COLOMBIA 0.0%†
Wireless Telecommunication Services 0.0%†
Millicom International Cellular SA, SDR		6,049		275,733
DENMARK 1.8%
Air Freight & Logistics 0.2%
DSV PANALPINA A/S		20,270		1,966,768
Banks 0.1%
Danske Bank A/S		59,423		848,255
Beverages 0.1%
Carlsberg A/S, Class B		10,385		1,460,919
Biotechnology 0.1%
Genmab A/S*		5,769		1,257,288
Chemicals 0.1%
Chr Hansen Holding A/S		10,086		774,175
Novozymes A/S, Class B		19,683		927,421
				1,701,596
Commercial Services & Supplies 0.0%†
ISS A/S		15,223		398,348
Electric Utilities 0.1%
Orsted A/S Reg. S (b)		17,652		1,550,027
Electrical Equipment 0.1%
Vestas Wind Systems A/S		17,565		1,433,682
Health Care Equipment & Supplies 0.1%
Coloplast A/S, Class B		10,993		1,324,600
Demant A/S*		10,859		286,592
				1,611,192
Insurance 0.0%†
Tryg A/S		10,895		304,295
Marine 0.1%
AP Moller — Maersk A/S, Class A		343		411,638
AP Moller — Maersk A/S, Class B		635		809,250
				1,220,888
Pharmaceuticals 0.7%
H Lundbeck A/S		7,229		246,795
Novo Nordisk A/S, Class B		165,527		9,113,621
				9,360,416
Textiles, Apparel & Luxury Goods 0.1%
Pandora A/S		9,205		452,624
				23,566,298

58

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FINLAND 1.1%
Auto Components 0.0%†
Nokian Renkaat OYJ		11,788	$	337,205
Banks 0.2%
Nordea Bank Abp		293,027		2,149,084
Communications Equipment 0.1%
Nokia OYJ		525,765		1,936,064
Diversified Telecommunication Services 0.1%
Elisa OYJ		13,148		718,507
Electric Utilities 0.1%
Fortum OYJ		42,872		1,047,016
Insurance 0.1%
Sampo OYJ, Class A		41,889		1,716,864
Machinery 0.2%
Kone OYJ, Class B		31,785		2,022,476
Metso OYJ		8,768		331,447
Wartsila OYJ Abp		42,969		455,125
				2,809,048
Oil, Gas & Consumable Fuels 0.1%
Neste OYJ		38,366		1,386,804
Paper & Forest Products 0.2%
Stora Enso OYJ, Class R		55,627		721,557
UPM-Kymmene OYJ		49,509		1,609,871
				2,331,428
Pharmaceuticals 0.0%†
Orion OYJ, Class B		9,760		432,688
				14,864,708
FRANCE 11.1%
Aerospace & Defense 1.0%
Airbus SE		54,390		7,794,524
Dassault Aviation SA		257		358,031
Safran SA		30,767		4,870,822
Thales SA		9,708		949,389
				13,972,766
Air Freight & Logistics 0.0%†
Bollore SA		81,557		353,045
Auto Components 0.2%
Cie Generale des Etablissements Michelin SCA		15,889		1,934,545
Faurecia SE		6,859		319,970
Valeo SA		21,657		805,995
				3,060,510
Automobiles 0.2%
Peugeot SA		55,440		1,404,644
Renault SA		17,560		897,541
				2,302,185
Banks 0.7%
BNP Paribas SA		105,656		5,519,887
Credit Agricole SA		107,408		1,400,738
Societe Generale SA		70,541		2,004,816
				8,925,441
Beverages 0.3%
Pernod Ricard SA		19,991		3,691,159
Remy Cointreau SA		2,184		292,151
				3,983,310

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Building Products 0.1%
Cie de Saint-Gobain		45,414	$	1,848,167
Capital Markets 0.1%
Amundi SA Reg. S (b)		5,500		392,722
Natixis SA		94,702		434,477
				827,199
Chemicals 0.5%
Air Liquide SA		44,369		5,896,645
Arkema SA		6,503		665,187
				6,561,832
Commercial Services & Supplies 0.1%
Edenred		21,875		1,151,821
Societe BIC SA (a)		2,723		189,105
				1,340,926
Construction & Engineering 0.5%
Bouygues SA		20,311		861,226
Eiffage SA		7,612		817,971
Vinci SA (a)		47,685		5,352,139
				7,031,336
Construction Materials 0.0%†
Imerys SA (a)		3,788		146,424
Diversified Financial Services 0.1%
Eurazeo SE		3,736		260,517
Wendel SA		2,490		352,803
				613,320
Diversified Telecommunication Services 0.3%
Iliad SA		2,730		282,803
Orange SA		186,464		3,005,744
				3,288,547
Electric Utilities 0.0%†
Electricite de France SA		52,862		546,432
Electrical Equipment 0.5%
Legrand SA		25,168		1,965,029
Schneider Electric SE		51,452		4,793,316
				6,758,345
Electronic Equipment, Instruments & Components 0.0%†
Ingenico Group SA		5,574		595,373
Entertainment 0.2%
Ubisoft Entertainment SA*		8,126		479,846
Vivendi SA		85,056		2,371,625
				2,851,471
Equity Real Estate Investment Trusts (REITs) 0.3%
Covivio		4,179		473,106
Gecina SA		4,285		735,477
ICADE		3,124		305,964
Klepierre SA		18,847		702,067
Unibail-Rodamco-Westfield		13,109		2,027,355
				4,243,969
Food & Staples Retailing 0.1%
Carrefour SA		53,821		916,368
Casino Guichard Perrachon SA (a)		4,862		262,899
				1,179,267
Food Products 0.4%
Danone SA		57,851		4,804,381

59

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Health Care Equipment & Supplies 0.0%†
BioMerieux		3,645	$	298,249
Hotels, Restaurants & Leisure 0.1%
Accor SA		16,576		712,481
Sodexo SA		8,273		910,115
				1,622,596
Household Durables 0.0%†
SEB SA		2,138		324,633
Insurance 0.4%
AXA SA		181,948		4,808,609
CNP Assurances		15,763		312,686
SCOR SE		14,148		596,342
				5,717,637
IT Services 0.2%
Atos SE		9,320		721,959
Capgemini SE		15,145		1,706,137
Worldline SA Reg. S* (b)		7,842		476,455
				2,904,551
Life Sciences Tools & Services 0.0%†
Sartorius Stedim Biotech		2,447		366,417
Machinery 0.1%
Alstom SA		17,965		776,547
Media 0.1%
Eutelsat Communications SA		15,743		298,554
JCDecaux SA		7,695		210,318
Publicis Groupe SA		18,982		816,049
				1,324,921
Multi-Utilities 0.4%
Engie SA		169,794		2,840,485
Suez		32,568		508,143
Veolia Environnement SA		49,334		1,297,255
				4,645,883
Oil, Gas & Consumable Fuels 0.9%
TOTAL SA		223,674		11,789,604
Personal Products 0.5%
L’Oreal SA		23,582		6,888,192
Pharmaceuticals 0.8%
Ipsen SA		3,462		369,266
Sanofi		105,250		9,702,235
				10,071,501
Professional Services 0.2%
Bureau Veritas SA		27,472		701,675
Teleperformance		5,587		1,266,700
				1,968,375
Software 0.1%
Dassault Systemes SE		12,347		1,878,192
Textiles, Apparel & Luxury Goods 1.6%
EssilorLuxottica SA		26,486		4,045,525
Hermes International		2,997		2,156,898
Kering SA		7,075		4,029,406
LVMH Moet Hennessy Louis Vuitton SE		25,989		11,095,248
				21,327,077

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Transportation Infrastructure 0.1%
Aeroports de Paris		2,930	$	557,571
Getlink SE		41,931		702,084
				1,259,655
				148,398,276
GERMANY 8.7%
Aerospace & Defense 0.1%
MTU Aero Engines AG		4,815		1,286,121
Air Freight & Logistics 0.3%
Deutsche Post AG (Registered)		92,196		3,264,588
Airlines 0.0%†
Deutsche Lufthansa AG (Registered)		21,700		376,148
Auto Components 0.1%
Continental AG		10,370		1,386,225
Automobiles 0.9%
Bayerische Motoren Werke AG		30,393		2,329,240
Bayerische Motoren Werke AG (Preference)		5,317		327,560
Daimler AG (Registered)		84,643		4,944,623
Porsche Automobil Holding SE (Preference)		14,719		1,082,861
Volkswagen AG		2,859		541,623
Volkswagen AG (Preference)		17,245		3,283,169
				12,509,076
Banks 0.0%†
Commerzbank AG		95,802		572,491
Capital Markets 0.3%
Deutsche Bank AG (Registered)		184,414		1,335,046
Deutsche Boerse AG		17,775		2,753,771
				4,088,817
Chemicals 0.7%
BASF SE		85,757		6,527,201
Covestro AG Reg. S (b)		16,624		798,075
Evonik Industries AG		17,824		469,944
Fuchs Petrolub SE (Preference)		6,531		280,107
LANXESS AG		8,441		549,057
Symrise AG		12,302		1,183,792
				9,808,176
Construction & Engineering 0.0%†
Hochtief AG		2,534		315,963
Construction Materials 0.1%
HeidelbergCement AG		13,523		1,004,869
Diversified Telecommunication Services 0.5%
Deutsche Telekom AG (Registered)		312,731		5,499,819
Telefonica Deutschland Holding AG		85,329		270,925
United Internet AG (Registered)		11,075		333,705
				6,104,449
Food & Staples Retailing 0.0%†
METRO AG		18,069		294,812
Health Care Equipment & Supplies 0.1%
Carl Zeiss Meditec AG		3,849		419,130
Sartorius AG (Preference)		3,337		647,950
Siemens Healthineers AG Reg. S (b)		14,275		606,102
				1,673,182

60

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Health Care Providers & Services 0.3%
Fresenius Medical Care AG & Co. KGaA		20,321	$	1,470,357
Fresenius SE & Co. KGaA		39,541		2,076,061
				3,546,418
Hotels, Restaurants & Leisure 0.0%†
TUI AG		39,770		520,459
Household Products 0.2%
Henkel AG & Co. KGaA		9,903		951,711
Henkel AG & Co. KGaA (Preference)		16,761		1,742,319
				2,694,030
Independent Power and Renewable Electricity Producers 0.1%
Uniper SE		19,541		609,187
Industrial Conglomerates 0.6%
Siemens AG (Registered)		71,564		8,254,799
Insurance 1.1%
Allianz SE (Registered)		39,605		9,665,897
Hannover Rueck SE		5,742		1,015,948
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		13,465		3,739,941
				14,421,786
Internet & Direct Marketing Retail 0.1%
Delivery Hero SE Reg. S* (b)		10,755		503,897
Zalando SE Reg. S* (b)		11,984		519,104
				1,023,001
IT Services 0.1%
Wirecard AG (a)		11,163		1,418,912
Machinery 0.1%
GEA Group AG		14,620		446,816
KION Group AG		6,376		426,396
Knorr-Bremse AG		4,624		466,651
				1,339,863
Media 0.0%†
Axel Springer SE*		5,054		352,589
Metals & Mining 0.0%†
thyssenkrupp AG (a)		38,562		550,502
Multi-Utilities 0.3%
E.ON SE		208,815		2,107,897
RWE AG		50,143		1,528,598
				3,636,495
Personal Products 0.1%
Beiersdorf AG		9,448		1,119,489
Pharmaceuticals 0.6%
Bayer AG (Registered)		87,182		6,763,978
Merck KGaA		11,951		1,425,289
				8,189,267
Real Estate Management & Development 0.3%
Aroundtown SA		75,065		633,416
Deutsche Wohnen SE		33,477		1,260,929
Vonovia SE		47,107		2,508,772
				4,403,117
Semiconductors & Semiconductor Equipment 0.2%
Infineon Technologies AG		115,942		2,261,236

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Software 0.9%
SAP SE		91,939	$	12,178,277
Textiles, Apparel & Luxury Goods 0.5%
adidas AG		16,874		5,204,540
HUGO BOSS AG		6,042		254,312
Puma SE		7,859		590,994
				6,049,846
Trading Companies & Distributors 0.1%
Brenntag AG		15,000		752,805
Transportation Infrastructure 0.0%†
Fraport AG Frankfurt Airport Services Worldwide		4,070		340,165
Wireless Telecommunication Services 0.0%†
1&1 Drillisch AG (a)		3,615		96,722
				116,443,882
HONG KONG 3.0%
Banks 0.1%
Bank of East Asia Ltd. (The)		130,350		313,743
Hang Seng Bank Ltd.		72,100		1,503,729
				1,817,472
Capital Markets 0.3%
Hong Kong Exchanges & Clearing Ltd.		113,000		3,499,002
Diversified Telecommunication Services 0.1%
HKT Trust & HKT Ltd.		355,420		551,339
PCCW Ltd.		449,000		266,610
				817,949
Electric Utilities 0.2%
CK Infrastructure Holdings Ltd.		59,500		427,954
CLP Holdings Ltd.		154,500		1,601,675
HK Electric Investments & HK Electric Investments Ltd. Reg. S		211,500		211,016
Power Assets Holdings Ltd.		131,800		939,906
				3,180,551
Equity Real Estate Investment Trusts (REITs) 0.2%
Link REIT		194,051		2,111,371
Food & Staples Retailing 0.0%†
Dairy Farm International Holdings Ltd.		35,400		213,119
Food Products 0.1%
Vitasoy International Holdings Ltd.		72,000		292,501
WH Group Ltd. Reg. S (b)		831,000		871,452
				1,163,953
Gas Utilities 0.1%
Hong Kong & China Gas Co. Ltd.		926,831		1,796,579
Hotels, Restaurants & Leisure 0.0%†
Melco Resorts & Entertainment Ltd., ADR		19,790		426,276
Shangri-La Asia Ltd.		123,333		126,254
				552,530
Industrial Conglomerates 0.2%
Jardine Matheson Holdings Ltd.		19,700		1,113,050
Jardine Matheson Holdings Ltd.		400		22,788
Jardine Strategic Holdings Ltd.		19,800		631,818
Jardine Strategic Holdings Ltd.		1,700		54,872
NWS Holdings Ltd.		151,645		224,362
				2,046,890

61

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
HONG KONG (continued)
Insurance 0.8%
AIA Group Ltd.		1,130,800	$	11,220,314
Machinery 0.1%
Techtronic Industries Co. Ltd.		131,500		1,017,454
Real Estate Management & Development 0.7%
CK Asset Holdings Ltd.		244,886		1,703,968
Hang Lung Properties Ltd.		184,000		404,243
Henderson Land Development Co. Ltd.		136,352		680,784
Hongkong Land Holdings Ltd.		104,700		574,803
Hongkong Land Holdings Ltd.		8,700		47,738
Hysan Development Co. Ltd.		63,673		249,720
Kerry Properties Ltd.		61,000		197,225
New World Development Co. Ltd.		593,829		843,373
Sino Land Co. Ltd.		290,200		433,736
Sun Hung Kai Properties Ltd.		146,700		2,205,512
Swire Pacific Ltd., Class A		46,500		439,419
Swire Properties Ltd.		104,400		326,808
Wharf Holdings Ltd. (The)		125,270		284,256
Wharf Real Estate Investment Co. Ltd.		116,270		683,808
Wheelock & Co. Ltd.		71,000		439,465
				9,514,858
Road & Rail 0.1%
MTR Corp. Ltd.		147,714		846,151
Semiconductors & Semiconductor Equipment 0.0%†
ASM Pacific Technology Ltd.		26,900		373,650
Textiles, Apparel & Luxury Goods 0.0%†
Yue Yuen Industrial Holdings Ltd.		63,000		176,619
				40,348,462
IRELAND 0.6%
Banks 0.1%
AIB Group plc		80,348		257,650
Bank of Ireland Group plc		94,265		453,806
				711,456
Building Products 0.1%
Kingspan Group plc		13,628		707,047
Construction Materials 0.2%
CRH plc		75,372		2,748,733
Containers & Packaging 0.0%†
Smurfit Kappa Group plc		21,037		701,874
Food Products 0.1%
Kerry Group plc, Class A		14,916		1,805,176
Hotels, Restaurants & Leisure 0.1%
Flutter Entertainment plc		7,362		760,611
Trading Companies & Distributors 0.0%†
AerCap Holdings NV*		12,082		699,306
				8,134,203
ISRAEL 0.6%
Aerospace & Defense 0.0%†
Elbit Systems Ltd.		2,177		356,781
Banks 0.2%
Bank Hapoalim BM		108,401		867,998
Bank Leumi Le-Israel BM		142,064		1,035,305
Israel Discount Bank Ltd., Class A		111,305		508,832
Mizrahi Tefahot Bank Ltd.		14,257		353,874
				2,766,009

Common Stocks (continued)
	Shares		Value
ISRAEL (continued)
Chemicals 0.0%†
Israel Chemicals Ltd.		72,254	$	321,361
IT Services 0.1%
Wix.com Ltd.*		4,145		505,980
Pharmaceuticals 0.1%
Teva Pharmaceutical Industries Ltd., ADR*		104,190		849,148
Real Estate Management & Development 0.0%†
Azrieli Group Ltd.		4,017		309,652
Software 0.2%
Check Point Software Technologies Ltd.*		11,538		1,296,987
Nice Ltd.*		5,910		933,174
				2,230,161
				7,339,092
ITALY 2.1%
Aerospace & Defense 0.0%†
Leonardo SpA		37,717		438,234
Auto Components 0.0%†
Pirelli & C SpA Reg. S (b)		39,668		230,550
Automobiles 0.2%
Ferrari NV		11,640		1,869,009
Banks 0.5%
FinecoBank Banca Fineco SpA		56,749		639,943
Intesa Sanpaolo SpA		1,398,303		3,516,436
Mediobanca Banca di Credito Finanziario SpA		58,006		691,125
UniCredit SpA		185,795		2,369,284
				7,216,788
Beverages 0.0%†
Davide Campari-Milano SpA		53,307		488,633
Diversified Telecommunication Services 0.1%
Telecom Italia SpA*		1,405,766		822,435
Electric Utilities 0.5%
Enel SpA		760,287		5,887,402
Terna Rete Elettrica Nazionale SpA		135,250		894,205
				6,781,607
Electrical Equipment 0.0%†
Prysmian SpA		21,810		504,095
Gas Utilities 0.1%
Snam SpA		185,691		955,563
Insurance 0.2%
Assicurazioni Generali SpA		100,911		2,049,877
Poste Italiane SpA Reg. S (b)		47,782		582,237
				2,632,114
Oil, Gas & Consumable Fuels 0.3%
Eni SpA		240,024		3,637,813
Pharmaceuticals 0.0%†
Recordati SpA		9,593		403,926
Textiles, Apparel & Luxury Goods 0.1%
Moncler SpA		17,102		660,639
Transportation Infrastructure 0.1%
Atlantia SpA		48,103		1,192,462
				27,833,868

62

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN 24.6%
Air Freight & Logistics 0.1%
SG Holdings Co. Ltd.		13,800	$	341,074
Yamato Holdings Co. Ltd.		29,100		485,645
				826,719
Airlines 0.1%
ANA Holdings, Inc.		11,500		394,143
Japan Airlines Co. Ltd.		11,074		344,282
				738,425
Auto Components 0.6%
Aisin Seiki Co. Ltd.		15,300		610,234
Bridgestone Corp.		52,900		2,197,476
Denso Corp.		40,900		1,898,263
Koito Manufacturing Co. Ltd.		10,400		542,447
NGK Spark Plug Co. Ltd.		13,700		277,742
Stanley Electric Co. Ltd.		12,400		343,135
Sumitomo Electric Industries Ltd.		68,200		933,891
Sumitomo Rubber Industries Ltd.		14,100		186,570
Toyoda Gosei Co. Ltd.		6,700		156,747
Toyota Industries Corp.		14,100		847,433
Yokohama Rubber Co. Ltd. (The)		11,300		251,905
				8,245,843
Automobiles 1.9%
Honda Motor Co. Ltd.		153,400		4,141,392
Isuzu Motors Ltd.		51,700		599,331
Mazda Motor Corp.		52,160		479,489
Mitsubishi Motors Corp.		60,099		274,292
Nissan Motor Co. Ltd.		219,000		1,388,039
Subaru Corp.		57,300		1,642,428
Suzuki Motor Corp.		35,200		1,653,814
Toyota Motor Corp.		213,720		14,807,260
Yamaha Motor Co. Ltd.		26,000		508,957
				25,495,002
Banks 1.4%
Aozora Bank Ltd.		10,200		262,168
Bank of Kyoto Ltd. (The)		5,300		210,244
Chiba Bank Ltd. (The)		52,700		287,287
Concordia Financial Group Ltd.		98,700		402,615
Fukuoka Financial Group, Inc.		16,720		322,348
Japan Post Bank Co. Ltd.		37,800		376,029
Mebuki Financial Group, Inc.		80,630		204,832
Mitsubishi UFJ Financial Group, Inc.		1,149,884		6,016,099
Mizuho Financial Group, Inc.		2,266,819		3,520,293
Resona Holdings, Inc.		199,601		869,395
Seven Bank Ltd.		37,000		107,317
Shinsei Bank Ltd.		16,800		262,781
Shizuoka Bank Ltd. (The)		44,100		336,137
Sumitomo Mitsui Financial Group, Inc.		125,105		4,455,464
Sumitomo Mitsui Trust Holdings, Inc.		30,376		1,107,187
				18,740,196
Beverages 0.3%
Asahi Group Holdings Ltd.		33,900		1,696,614
Coca-Cola Bottlers Japan Holdings, Inc.		11,800		267,254
Kirin Holdings Co. Ltd.		77,500		1,645,041
Suntory Beverage & Food Ltd.		13,900		595,449
				4,204,358
Biotechnology 0.0%†
PeptiDream, Inc.*		8,900		446,192

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Building Products 0.4%
AGC, Inc.		17,020	$	596,656
Daikin Industries Ltd.		23,200		3,261,521
LIXIL Group Corp.		24,100		448,115
TOTO Ltd.		13,700		558,597
				4,864,889
Capital Markets 0.2%
Daiwa Securities Group, Inc.		145,800		655,238
Japan Exchange Group, Inc.		49,500		815,931
Nomura Holdings, Inc.		299,100		1,358,656
SBI Holdings, Inc.		23,770		515,917
				3,345,742
Chemicals 1.0%
Air Water, Inc.		13,400		250,893
Asahi Kasei Corp.		114,800		1,273,125
Daicel Corp.		22,800		203,691
Hitachi Chemical Co. Ltd.		9,700		320,369
JSR Corp.		16,800		315,594
Kaneka Corp.		4,700		156,301
Kansai Paint Co. Ltd.		17,800		428,585
Kuraray Co. Ltd.		31,600		375,454
Mitsubishi Chemical Holdings Corp.		123,100		937,530
Mitsubishi Gas Chemical Co., Inc.		14,500		204,561
Mitsui Chemicals, Inc.		16,820		399,904
Nippon Paint Holdings Co. Ltd.		13,300		726,489
Nissan Chemical Corp.		11,200		460,072
Nitto Denko Corp.		14,910		824,654
Shin-Etsu Chemical Co. Ltd.		33,900		3,773,306
Showa Denko KK		12,600		353,768
Sumitomo Chemical Co. Ltd.		139,000		635,220
Taiyo Nippon Sanso Corp.		13,700		321,190
Teijin Ltd.		17,760		355,617
Toray Industries, Inc.		133,000		940,924
Tosoh Corp.		24,900		341,040
				13,598,287
Commercial Services & Supplies 0.3%
Dai Nippon Printing Co. Ltd.		22,050		587,600
Park24 Co. Ltd. (a)		9,900		234,807
Secom Co. Ltd.		19,600		1,813,671
Sohgo Security Services Co. Ltd.		6,400		347,606
Toppan Printing Co. Ltd.		25,000		460,768
				3,444,452
Construction & Engineering 0.2%
JGC Holdings Corp.		18,900		274,038
Kajima Corp.		41,200		564,892
Obayashi Corp.		61,000		626,707
Shimizu Corp.		53,300		495,943
Taisei Corp.		18,500		729,370
				2,690,950
Construction Materials 0.0%†
Taiheiyo Cement Corp.		10,700		302,388
Consumer Finance 0.0%†
Acom Co. Ltd.		38,600		155,043
AEON Financial Service Co. Ltd.		9,600		146,071
Credit Saison Co. Ltd.		17,000		246,331
				547,445
Containers & Packaging 0.0%†
Toyo Seikan Group Holdings Ltd.		9,900		156,510
Diversified Consumer Services 0.0%†
Benesse Holdings, Inc.		6,900		184,725

63

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Diversified Financial Services 0.2%
Mitsubishi UFJ Lease & Finance Co. Ltd.		37,300	$	229,007
ORIX Corp.		124,800		1,956,172
Tokyo Century Corp.		4,500		207,672
				2,392,851
Diversified Telecommunication Services 0.2%
Nippon Telegraph & Telephone Corp.		59,708		2,958,624
Electric Utilities 0.3%
Chubu Electric Power Co., Inc.		61,600		921,656
Chugoku Electric Power Co., Inc. (The)		28,100		374,148
Kansai Electric Power Co., Inc. (The)		67,600		786,605
Kyushu Electric Power Co., Inc.		34,400		342,602
Tohoku Electric Power Co., Inc.		42,600		436,473
Tokyo Electric Power Co. Holdings, Inc.*		140,400		648,620
				3,510,104
Electrical Equipment 0.4%
Fuji Electric Co. Ltd.		12,240		387,554
Mitsubishi Electric Corp.		173,200		2,464,068
Nidec Corp.		20,800		3,058,696
				5,910,318
Electronic Equipment, Instruments & Components 1.5%
Alps Alpine Co. Ltd.		17,300		371,121
Hamamatsu Photonics KK		13,100		506,790
Hirose Electric Co. Ltd.		2,765		347,387
Hitachi High-Technologies Corp.		6,100		378,833
Hitachi Ltd.		90,360		3,369,136
Keyence Corp.		8,536		5,389,694
Kyocera Corp.		30,300		1,983,060
Murata Manufacturing Co. Ltd.		53,600		2,872,102
Nippon Electric Glass Co. Ltd.		8,000		179,920
Omron Corp.		18,600		1,087,400
Shimadzu Corp.		20,700		553,207
TDK Corp.		12,400		1,225,048
Yaskawa Electric Corp.		21,600		821,232
Yokogawa Electric Corp.		21,300		392,536
				19,477,466
Entertainment 0.4%
Konami Holdings Corp.		8,800		386,502
Nexon Co. Ltd.*		47,000		546,399
Nintendo Co. Ltd.		10,400		3,709,462
Toho Co. Ltd.		11,100		448,481
				5,090,844
Equity Real Estate Investment Trusts (REITs) 0.4%
Daiwa House REIT Investment Corp.		173		503,687
Japan Prime Realty Investment Corp.		75		360,700
Japan Real Estate Investment Corp.		121		826,098
Japan Retail Fund Investment Corp.		231		539,374
Nippon Building Fund, Inc.		127		963,675
Nippon Prologis REIT, Inc.		159		443,981
Nomura Real Estate Master Fund, Inc.		360		687,832
United Urban Investment Corp.		260		524,571
				4,849,918
Food & Staples Retailing 0.4%
Aeon Co. Ltd.		62,500		1,255,937
FamilyMart Co. Ltd.		24,800		614,160
Lawson, Inc.		4,600		253,800

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Food & Staples Retailing (continued)
Seven & i Holdings Co. Ltd.		70,100	$	2,643,555
Sundrug Co. Ltd.		6,000		199,500
Tsuruha Holdings, Inc.		3,700		416,064
Welcia Holdings Co. Ltd.		3,700		212,922
				5,595,938
Food Products 0.4%
Ajinomoto Co., Inc.		40,100		760,863
Calbee, Inc.		6,800		226,574
Kikkoman Corp.		13,500		647,589
MEIJI Holdings Co. Ltd.		10,898		785,670
NH Foods Ltd.		8,500		357,102
Nisshin Seifun Group, Inc.		19,952		394,397
Nissin Foods Holdings Co. Ltd.		5,900		444,956
Toyo Suisan Kaisha Ltd.		7,700		324,522
Yakult Honsha Co. Ltd.		11,600		663,448
Yamazaki Baking Co. Ltd.		8,300		141,723
				4,746,844
Gas Utilities 0.1%
Osaka Gas Co. Ltd.		35,880		700,520
Toho Gas Co. Ltd.		7,200		279,410
Tokyo Gas Co. Ltd.		37,280		907,869
				1,887,799
Health Care Equipment & Supplies 0.6%
Asahi Intecc Co. Ltd.		18,200		497,712
Hoya Corp.		35,400		3,140,950
Olympus Corp.		107,500		1,461,277
Sysmex Corp.		16,000		1,041,876
Terumo Corp.		59,600		1,942,369
				8,084,184
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		18,100		403,905
Medipal Holdings Corp.		16,200		369,478
Suzuken Co. Ltd.		7,180		381,824
				1,155,207
Health Care Technology 0.1%
M3, Inc.		39,900		954,407
Hotels, Restaurants & Leisure 0.2%
McDonald’s Holdings Co. Japan Ltd.		5,824		292,603
Oriental Land Co. Ltd.		18,900		2,768,792
				3,061,395
Household Durables 0.9%
Casio Computer Co. Ltd.		19,300		314,963
Iida Group Holdings Co. Ltd.		12,400		205,996
Nikon Corp.		30,800		391,750
Panasonic Corp.		208,402		1,752,961
Rinnai Corp.		3,500		256,470
Sekisui Chemical Co. Ltd.		35,900		623,962
Sekisui House Ltd.		57,200		1,232,912
Sharp Corp.		19,700		226,077
Sony Corp.		118,500		7,220,561
				12,225,652
Household Products 0.2%
Lion Corp.		20,700		433,095
Pigeon Corp.		10,800		530,862
Unicharm Corp.		37,100		1,259,466
				2,223,423
Independent Power and Renewable Electricity Producers 0.0%†
Electric Power Development Co. Ltd.		13,000		314,598

64

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Industrial Conglomerates 0.2%
Keihan Holdings Co. Ltd.		8,500	$	400,451
Toshiba Corp.		49,270		1,688,072
				2,088,523
Insurance 0.7%
Dai-ichi Life Holdings, Inc.		100,300		1,635,202
Japan Post Holdings Co. Ltd.		146,100		1,339,675
MS&AD Insurance Group Holdings, Inc.		44,055		1,419,497
Sompo Holdings, Inc.		32,125		1,258,420
Sony Financial Holdings, Inc.		14,500		311,158
T&D Holdings, Inc.		51,100		569,273
Tokio Marine Holdings, Inc.		60,200		3,247,333
				9,780,558
Interactive Media & Services 0.1%
Kakaku.com, Inc.		11,900		277,423
LINE Corp.*		5,700		209,079
Z Holdings Corp.		254,000		778,122
				1,264,624
Internet & Direct Marketing Retail 0.1%
Mercari, Inc.* (a)		7,100		159,674
Rakuten, Inc.		76,200		729,946
ZOZO, Inc. (a)		18,200		425,554
				1,315,174
IT Services 0.4%
Fujitsu Ltd.		18,210		1,613,847
GMO Payment Gateway, Inc.		3,900		287,728
Itochu Techno-Solutions Corp.		9,200		248,435
Nomura Research Institute Ltd.		31,654		672,747
NTT Data Corp.		58,300		765,915
Obic Co. Ltd.		5,800		728,137
Otsuka Corp.		9,700		390,221
				4,707,030
Leisure Products 0.2%
Bandai Namco Holdings, Inc.		18,149		1,117,912
Sankyo Co. Ltd.		3,500		122,749
Sega Sammy Holdings, Inc.		18,200		255,294
Shimano, Inc.		7,200		1,198,182
Yamaha Corp.		13,000		602,369
				3,296,506
Machinery 1.3%
Amada Holdings Co. Ltd.		28,100		319,296
Daifuku Co. Ltd.		9,300		493,414
FANUC Corp.		18,100		3,573,035
Hino Motors Ltd.		27,500		260,058
Hitachi Construction Machinery Co. Ltd.		9,400		242,470
Hoshizaki Corp.		5,000		424,833
IHI Corp.		14,600		361,107
JTEKT Corp.		21,800		277,785
Kawasaki Heavy Industries Ltd.		14,320		342,839
Komatsu Ltd.		87,500		2,050,590
Kubota Corp.		100,200		1,590,003
Kurita Water Industries Ltd.		9,400		270,701
Makita Corp.		21,600		726,826
MINEBEA MITSUMI, Inc.		31,900		605,009
MISUMI Group, Inc.		27,500		689,573
Mitsubishi Heavy Industries Ltd.		30,620		1,237,741
Nabtesco Corp.		9,900		315,801

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Machinery (continued)
NGK Insulators Ltd.		24,200	$	371,552
NSK Ltd.		33,500		311,062
SMC Corp.		5,300		2,288,010
Sumitomo Heavy Industries Ltd.		10,900		337,973
THK Co. Ltd.		10,600		303,404
				17,393,082
Marine 0.0%†
Mitsui OSK Lines Ltd.		10,000		272,153
Nippon Yusen KK		15,140		271,749
				543,902
Media 0.1%
CyberAgent, Inc.		9,100		294,464
Dentsu, Inc.		20,761		741,258
Hakuhodo DY Holdings, Inc.		22,100		329,246
				1,364,968
Metals & Mining 0.2%
Hitachi Metals Ltd.		15,900		199,274
JFE Holdings, Inc.		46,800		585,841
Kobe Steel Ltd.		26,700		143,729
Maruichi Steel Tube Ltd. (a)		5,800		158,440
Mitsubishi Materials Corp.		9,400		269,571
Nippon Steel Corp.		76,106		1,109,668
Sumitomo Metal Mining Co. Ltd.		22,000		736,453
				3,202,976
Multiline Retail 0.2%
Isetan Mitsukoshi Holdings Ltd.		29,378		234,289
J Front Retailing Co. Ltd.		22,600		287,350
Marui Group Co. Ltd.		16,900		375,216
Pan Pacific International Holdings Corp.		41,600		655,246
Ryohin Keikaku Co. Ltd.		22,000		490,066
				2,042,167
Oil, Gas & Consumable Fuels 0.2%
Idemitsu Kosan Co. Ltd.		18,044		530,606
Inpex Corp.		90,200		835,731
JXTG Holdings, Inc.		305,217		1,429,069
				2,795,406
Paper & Forest Products 0.0%†
Oji Holdings Corp.		83,200		430,360
Personal Products 0.6%
Kao Corp.		45,400		3,652,025
Kobayashi Pharmaceutical Co. Ltd.		4,100		327,072
Kose Corp.		3,200		570,295
Pola Orbis Holdings, Inc.		9,600		216,916
Shiseido Co. Ltd.		37,300		3,089,415
				7,855,723
Pharmaceuticals 1.6%
Astellas Pharma, Inc.		174,500		2,996,138
Chugai Pharmaceutical Co. Ltd.		21,100		1,776,983
Daiichi Sankyo Co. Ltd.		52,800		3,472,086
Eisai Co. Ltd.		23,700		1,709,554
Hisamitsu Pharmaceutical Co., Inc.		5,300		246,054
Kyowa Kirin Co. Ltd.		24,400		447,520
Mitsubishi Tanabe Pharma Corp.		20,900		249,960
Ono Pharmaceutical Co. Ltd.		36,700		690,272
Otsuka Holdings Co. Ltd.		36,300		1,508,687

65

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Pharmaceuticals (continued)
Santen Pharmaceutical Co. Ltd.		35,300	$	624,731
Shionogi & Co. Ltd.		25,700		1,538,091
Sumitomo Dainippon Pharma Co. Ltd.		15,300		266,770
Taisho Pharmaceutical Holdings Co. Ltd.		3,270		233,065
Takeda Pharmaceutical Co. Ltd.		139,297		5,039,093
				20,799,004
Professional Services 0.3%
Persol Holdings Co. Ltd.		16,700		319,161
Recruit Holdings Co. Ltd.		126,100		4,180,887
				4,500,048
Real Estate Management & Development 0.7%
Aeon Mall Co. Ltd.		11,250		179,725
Daito Trust Construction Co. Ltd.		6,800		899,973
Daiwa House Industry Co. Ltd.		53,100		1,821,592
Hulic Co. Ltd.		26,500		287,641
Mitsubishi Estate Co. Ltd.		111,500		2,160,446
Mitsui Fudosan Co. Ltd.		84,300		2,155,080
Nomura Real Estate Holdings, Inc.		13,000		307,639
Sumitomo Realty & Development Co. Ltd.		31,900		1,156,105
Tokyu Fudosan Holdings Corp.		58,600		388,188
				9,356,389
Road & Rail 1.0%
Central Japan Railway Co.		13,300		2,726,756
East Japan Railway Co.		28,390		2,576,591
Hankyu Hanshin Holdings, Inc.		21,700		867,565
Keikyu Corp.		22,000		437,721
Keio Corp.		9,980		616,565
Keisei Electric Railway Co. Ltd.		11,800		482,539
Kintetsu Group Holdings Co. Ltd.		16,650		906,745
Kyushu Railway Co.		14,700		484,669
Nagoya Railroad Co. Ltd.		16,600		527,195
Nippon Express Co. Ltd.		7,650		434,978
Odakyu Electric Railway Co. Ltd.		27,250		662,784
Seibu Holdings, Inc.		17,500		308,340
Tobu Railway Co. Ltd.		17,100		570,127
Tokyu Corp.		47,650		899,287
West Japan Railway Co.		15,100		1,309,636
				13,811,498
Semiconductors & Semiconductor Equipment 0.4%
Advantest Corp.		19,100		871,526
Disco Corp.		2,600		566,388
Renesas Electronics Corp.*		71,200		485,751
Rohm Co. Ltd.		8,500		678,843
SUMCO Corp.		24,300		402,712
Tokyo Electron Ltd.		14,800		3,014,530
				6,019,750
Software 0.1%
Oracle Corp. Japan		3,200		281,347
Trend Micro, Inc.		11,900		601,000
				882,347
Specialty Retail 0.5%
ABC-Mart, Inc.		3,500		239,998
Fast Retailing Co. Ltd.		5,500		3,391,661
Hikari Tsushin, Inc.		1,900		416,550
Nitori Holdings Co. Ltd.		7,300		1,114,659
Shimamura Co. Ltd.		2,400		203,375

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Specialty Retail (continued)
USS Co. Ltd.		20,400	$	394,247
Yamada Denki Co. Ltd.		63,600		306,223
				6,066,713
Technology Hardware, Storage & Peripherals 0.5%
Brother Industries Ltd.		20,300		380,962
Canon, Inc.		92,700		2,522,616
FUJIFILM Holdings Corp.		34,400		1,509,702
Konica Minolta, Inc.		43,100		314,824
NEC Corp.		23,600		933,458
Ricoh Co. Ltd.		62,000		551,749
Seiko Epson Corp.		28,400		400,822
				6,614,133
Tobacco 0.2%
Japan Tobacco, Inc.		111,700		2,533,598
Trading Companies & Distributors 0.9%
ITOCHU Corp.		126,600		2,642,430
Marubeni Corp.		140,700		989,309
Mitsubishi Corp.		126,700		3,220,944
Mitsui & Co. Ltd.		157,300		2,699,810
MonotaRO Co. Ltd.		9,900		299,470
Sumitomo Corp.		113,600		1,839,603
Toyota Tsusho Corp.		19,400		670,644
				12,362,210
Transportation Infrastructure 0.0%†
Japan Airport Terminal Co. Ltd.		4,800		236,963
Kamigumi Co. Ltd.		9,600		217,467
				454,430
Wireless Telecommunication Services 1.2%
KDDI Corp.		165,000		4,575,503
NTT DOCOMO, Inc.		126,000		3,453,889
Softbank Corp.		158,200		2,170,196
SoftBank Group Corp.		154,400		5,964,493
				16,164,081
				329,916,895
LUXEMBOURG 0.2%
Energy Equipment & Services 0.0%†
Tenaris SA		44,355		449,614
Life Sciences Tools & Services 0.0%†
Eurofins Scientific SE (a)		1,055		534,635
Media 0.1%
RTL Group SA		3,311		168,326
SES SA, FDR		34,353		665,652
				833,978
Metals & Mining 0.1%
ArcelorMittal		59,963		885,790
				2,704,017
MACAU 0.2%
Hotels, Restaurants & Leisure 0.2%
Galaxy Entertainment Group Ltd.		207,000		1,413,223
MGM China Holdings Ltd. (a)		94,000		147,560
Sands China Ltd.		221,100		1,081,387
SJM Holdings Ltd.		177,000		187,785
Wynn Macau Ltd.		143,600		310,223
				3,140,178

66

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
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		210,409
NETHERLANDS 4.6%
Banks 0.4%
ABN AMRO Bank NV, CVA Reg. S (b)		40,950		763,580
ING Groep NV		362,740		4,098,497
				4,862,077
Beverages 0.3%
Heineken Holding NV		10,492		1,001,423
Heineken NV		24,031		2,452,161
				3,453,584
Chemicals 0.3%
Akzo Nobel NV		20,958		1,930,268
Koninklijke DSM NV		17,150		2,033,344
				3,963,612
Diversified Financial Services 0.0%†
EXOR NV		9,836		756,947
Diversified Telecommunication Services 0.1%
Koninklijke KPN NV		321,415		996,832
Food & Staples Retailing 0.2%
Koninklijke Ahold Delhaize NV		111,627		2,780,237
Health Care Equipment & Supplies 0.3%
Koninklijke Philips NV		86,598		3,794,344
Insurance 0.1%
Aegon NV		172,940		748,037
NN Group NV		27,684		1,055,559
				1,803,596
IT Services 0.0%†
Adyen NV Reg. S* (b)		995		698,769
Oil, Gas & Consumable Fuels 1.7%
Koninklijke Vopak NV		6,967		382,631
Royal Dutch Shell plc, Class A		406,795		11,795,181
Royal Dutch Shell plc, Class B		350,382		10,091,028
				22,268,840
Professional Services 0.2%
Randstad NV		11,567		640,707
Wolters Kluwer NV		26,403		1,944,538
				2,585,245
Semiconductors & Semiconductor Equipment 1.0%
ASML Holding NV		39,820		10,446,745
NXP Semiconductors NV		26,572		3,020,705
				13,467,450
				61,431,533
NEW ZEALAND 0.2%
Construction Materials 0.0%†
Fletcher Building Ltd.		80,227		234,901
Diversified Telecommunication Services 0.0%†
Spark New Zealand Ltd.		175,830		504,600

Common Stocks (continued)
	Shares		Value
NEW ZEALAND (continued)
Food Products 0.1%
a2 Milk Co. Ltd.*		69,521	$	577,708
Health Care Equipment & Supplies 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		56,363		688,605
Health Care Providers & Services 0.0%†
Ryman Healthcare Ltd.		34,475		284,540
Independent Power and Renewable Electricity Producers 0.0%†
Meridian Energy Ltd.		121,902		359,124
Transportation Infrastructure 0.0%†
Auckland International Airport Ltd.		89,442		532,871
				3,182,349
NORWAY 0.6%
Banks 0.1%
DNB ASA		91,274		1,658,508
Chemicals 0.1%
Yara International ASA		16,618		647,883
Diversified Telecommunication Services 0.1%
Telenor ASA		68,383		1,280,115
Food Products 0.1%
Mowi ASA (a)		42,907		1,047,750
Orkla ASA		75,201		722,893
				1,770,643
Insurance 0.0%†
Gjensidige Forsikring ASA		19,306		361,195
Media 0.0%†
Schibsted ASA, Class B		8,471		237,018
Metals & Mining 0.0%†
Norsk Hydro ASA		123,820		437,796
Oil, Gas & Consumable Fuels 0.2%
Aker BP ASA (a)		9,479		263,201
Equinor ASA		91,539		1,701,378
				1,964,579
				8,357,737
PORTUGAL 0.2%
Electric Utilities 0.1%
EDP — Energias de Portugal SA		247,505		1,018,844
Food & Staples Retailing 0.0%†
Jeronimo Martins SGPS SA		22,323		375,132
Oil, Gas & Consumable Fuels 0.1%
Galp Energia SGPS SA		47,164		752,345
				2,146,321
RUSSIA 0.0%†
Metals & Mining 0.0%†
Evraz plc		48,296		229,818
SINGAPORE 1.3%
Aerospace & Defense 0.0%†
Singapore Technologies Engineering Ltd.		141,200		413,424
Airlines 0.0%†
Singapore Airlines Ltd.		48,913		337,953
Banks 0.6%
DBS Group Holdings Ltd.		171,250		3,265,630
Oversea-Chinese Banking Corp. Ltd.		296,289		2,371,961

67

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SINGAPORE (continued)
Banks (continued)
United Overseas Bank Ltd.		120,562	$	2,373,455
				8,011,046
Capital Markets 0.1%
Singapore Exchange Ltd.		76,600		502,495
Distributors 0.0%†
Jardine Cycle & Carriage Ltd.		8,726		208,598
Diversified Telecommunication Services 0.2%
Singapore Telecommunications Ltd.		769,803		1,864,460
Electronic Equipment, Instruments & Components 0.0%†
Venture Corp. Ltd.		24,800		287,640
Equity Real Estate Investment Trusts (REITs) 0.1%
Ascendas REIT		229,875		535,093
CapitaLand Commercial Trust		259,886		391,096
CapitaLand Mall Trust		241,700		451,087
Suntec REIT		211,000		287,995
				1,665,271
Food Products 0.1%
Golden Agri-Resources Ltd.		492,571		73,915
Wilmar International Ltd.		174,758		480,451
				554,366
Hotels, Restaurants & Leisure 0.0%†
Genting Singapore Ltd.		569,417		392,751
Industrial Conglomerates 0.1%
Keppel Corp. Ltd.		141,400		708,909
Sembcorp Industries Ltd.		103,843		173,731
				882,640
Media 0.0%†
Singapore Press Holdings Ltd.		135,400		219,828
Real Estate Management & Development 0.1%
CapitaLand Ltd.		226,845		596,932
City Developments Ltd.		43,499		342,686
UOL Group Ltd.		44,213		252,981
				1,192,599
Road & Rail 0.0%†
ComfortDelGro Corp. Ltd.		199,720		337,157
Transportation Infrastructure 0.0%†
SATS Ltd.		57,200		211,613
				17,081,841
SOUTH AFRICA 0.2%
Capital Markets 0.0%†
Investec plc		65,733		373,433
Metals & Mining 0.2%
Anglo American plc		97,837		2,515,071
				2,888,504
SPAIN 2.9%
Banks 0.9%
Banco Bilbao Vizcaya Argentaria SA		618,436		3,242,619
Banco de Sabadell SA		546,302		599,743
Banco Santander SA		1,575,096		6,317,889
Bankia SA		107,396		204,713
Bankinter SA		65,090		450,838

Common Stocks (continued)
	Shares		Value
SPAIN (continued)
Banks (continued)
CaixaBank SA		325,869	$	932,840
				11,748,642
Biotechnology 0.1%
Grifols SA		28,573		920,785
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA		24,523		995,879
Ferrovial SA		46,405		1,371,361
				2,367,240
Diversified Telecommunication Services 0.3%
Cellnex Telecom SA Reg. S* (b)		23,950		1,032,896
Telefonica SA		438,698		3,364,946
				4,397,842
Electric Utilities 0.6%
Endesa SA		28,311		770,536
Iberdrola SA		561,997		5,772,535
Red Electrica Corp. SA		38,754		780,762
				7,323,833
Electrical Equipment 0.0%†
Siemens Gamesa Renewable Energy SA		23,792		327,234
Gas Utilities 0.1%
Enagas SA		21,065		521,475
Naturgy Energy Group SA		28,706		782,696
				1,304,171
Insurance 0.0%†
Mapfre SA		94,665		264,068
IT Services 0.2%
Amadeus IT Group SA		40,977		3,033,463
Oil, Gas & Consumable Fuels 0.2%
Repsol SA		137,080		2,251,505
Specialty Retail 0.2%
Industria de Diseno Textil SA (a)		102,122		3,192,542
Transportation Infrastructure 0.1%
Aena SME SA Reg. S (b)		6,169		1,132,230
				38,263,555
SWEDEN 2.5%
Banks 0.3%
Skandinaviska Enskilda Banken AB, Class A		148,791		1,426,225
Svenska Handelsbanken AB, Class A		143,518		1,437,129
Swedbank AB, Class A		83,392		1,169,600
				4,032,954
Building Products 0.2%
Assa Abloy AB, Class B		94,936		2,252,332
Commercial Services & Supplies 0.0%†
Securitas AB, Class B		29,567		472,954
Communications Equipment 0.2%
Telefonaktiebolaget LM Ericsson, Class B		292,960		2,556,246
Construction & Engineering 0.1%
Skanska AB, Class B		31,852		679,032
Diversified Financial Services 0.3%
Industrivarden AB, Class C		14,961		323,792
Investor AB, Class B		43,077		2,210,542

68

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWEDEN (continued)
Diversified Financial Services (continued)
Kinnevik AB, Class B		21,818	$	596,501
L E Lundbergforetagen AB, Class B		6,536		246,505
				3,377,340
Diversified Telecommunication Services 0.1%
Telia Co. AB		258,750		1,137,871
Electronic Equipment, Instruments & Components 0.1%
Hexagon AB, Class B		25,099		1,281,872
Food & Staples Retailing 0.0%†
ICA Gruppen AB		7,862		347,734
Household Durables 0.1%
Electrolux AB Series B		20,733		544,578
Husqvarna AB, Class B		41,324		316,634
				861,212
Household Products 0.1%
Essity AB, Class B		56,628		1,769,835
Machinery 0.7%
Alfa Laval AB		30,082		695,410
Atlas Copco AB, Class A		61,601		2,177,423
Atlas Copco AB, Class B		37,885		1,174,236
Epiroc AB, Class A (a)		63,981		721,027
Epiroc AB, Class B (a)		35,206		383,690
Sandvik AB		106,745		1,884,305
SKF AB, Class B		35,088		634,690
Volvo AB, Class B		136,971		2,055,245
				9,726,026
Metals & Mining 0.1%
Boliden AB		26,033		700,399
Oil, Gas & Consumable Fuels 0.0%†
Lundin Petroleum AB		18,331		607,150
Specialty Retail 0.1%
Hennes & Mauritz AB, Class B (a)		73,721		1,540,912
Tobacco 0.1%
Swedish Match AB		15,432		724,750
Wireless Telecommunication Services 0.0%†
Tele2 AB, Class B		47,371		678,066
				32,746,685
SWITZERLAND 9.6%
Beverages 0.0%†
Coca-Cola HBC AG*		19,126		582,316
Building Products 0.1%
Geberit AG (Registered)		3,455		1,755,384
Capital Markets 0.7%
Credit Suisse Group AG (Registered)*		238,168		2,954,799
Julius Baer Group Ltd.*		21,348		942,319
Partners Group Holding AG		1,701		1,329,065
UBS Group AG (Registered)*		359,914		4,249,414
				9,475,597
Chemicals 0.4%
Clariant AG (Registered)*		17,775		364,350
EMS-Chemie Holding AG (Registered)		764		478,367
Givaudan SA (Registered)		852		2,504,021
Sika AG (Registered)		12,106		2,081,701
				5,428,439

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered)*		46,111	$	2,379,466
Diversified Financial Services 0.0%†
Pargesa Holding SA		3,702		292,489
Diversified Telecommunication Services 0.1%
Swisscom AG (Registered)		2,375		1,215,321
Electrical Equipment 0.3%
ABB Ltd. (Registered)		172,392		3,618,136
Food Products 2.4%
Barry Callebaut AG (Registered)		199		420,419
Chocoladefabriken Lindt & Spruengli AG		101		751,194
Chocoladefabriken Lindt & Spruengli AG (Registered)		9		737,218
Nestle SA (Registered)		286,537		30,595,553
				32,504,384
Health Care Equipment & Supplies 0.3%
Alcon, Inc.*		39,584		2,338,625
Sonova Holding AG (Registered)		5,100		1,168,624
Straumann Holding AG (Registered)		926		826,092
				4,333,341
Insurance 0.8%
Baloise Holding AG (Registered)		4,738		875,298
Swiss Life Holding AG (Registered)		3,241		1,623,322
Swiss Re AG		28,393		2,976,217
Zurich Insurance Group AG		14,124		5,521,112
				10,995,949
Life Sciences Tools & Services 0.2%
Lonza Group AG (Registered)*		7,053		2,539,239
Machinery 0.1%
Schindler Holding AG		3,825		935,547
Schindler Holding AG (Registered)		1,853		438,102
				1,373,649
Marine 0.1%
Kuehne + Nagel International AG (Registered)		5,107		825,230
Metals & Mining 0.2%
Glencore plc*		1,035,198		3,123,343
Pharmaceuticals 2.8%
Novartis AG (Registered)		200,966		17,555,919
Roche Holding AG		65,723		19,822,725
Vifor Pharma AG		4,162		655,519
				38,034,163
Professional Services 0.2%
Adecco Group AG (Registered)		15,184		900,282
SGS SA (Registered)		492		1,284,709
				2,184,991
Real Estate Management & Development 0.1%
Swiss Prime Site AG (Registered)*		7,373		759,935
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV		64,181		1,457,572
Software 0.1%
Temenos AG (Registered)*		6,114		873,058
Specialty Retail 0.0%†
Dufry AG (Registered)*		4,121		358,723

69

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Textiles, Apparel & Luxury Goods 0.4%
Cie Financiere Richemont SA (Registered)		49,209	$	3,874,077
Swatch Group AG (The)		2,763		765,314
Swatch Group AG (The) (Registered)		4,961		265,992
				4,905,383
				129,016,108
UNITED ARAB EMIRATES 0.0%†
Health Care Providers & Services 0.0%†
NMC Health plc (a)		8,929		253,326
UNITED KINGDOM 14.1%
Aerospace & Defense 0.3%
BAE Systems plc		301,738		2,252,436
Meggitt plc		70,516		570,922
Rolls-Royce Holdings plc*		163,362		1,500,797
				4,324,155
Airlines 0.0%†
easyJet plc		12,834		205,835
Automobiles 0.1%
Fiat Chrysler Automobiles NV		101,985		1,590,319
Banks 2.0%
Barclays plc		1,605,116		3,486,368
HSBC Holdings plc		1,893,134		14,315,355
Lloyds Banking Group plc		6,634,940		4,881,518
Royal Bank of Scotland Group plc		452,036		1,246,235
Standard Chartered plc		258,807		2,352,641
				26,282,117
Beverages 0.8%
Coca-Cola European Partners plc		21,547		1,152,980
Diageo plc		221,661		9,074,771
				10,227,751
Capital Markets 0.5%
3i Group plc		90,676		1,327,392
Hargreaves Lansdown plc		25,238		580,631
London Stock Exchange Group plc		29,581		2,667,736
Schroders plc		11,841		477,087
St James’s Place plc		49,900		674,443
Standard Life Aberdeen plc		222,357		875,656
				6,602,945
Chemicals 0.1%
Croda International plc		12,433		776,213
Johnson Matthey plc		17,083		679,685
				1,455,898
Commercial Services & Supplies 0.1%
G4S plc		144,899		388,376
Rentokil Initial plc		176,835		1,041,249
				1,429,625
Diversified Financial Services 0.0%†
M&G plc*		238,485		660,474
Diversified Telecommunication Services 0.1%
BT Group plc		775,338		2,056,600
Electric Utilities 0.1%
SSE plc		94,649		1,574,015

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Electrical Equipment 0.1%
Melrose Industries plc		445,734	$	1,231,058
Electronic Equipment, Instruments & Components 0.1%
Halma plc		36,302		881,344
Energy Equipment & Services 0.0%†
John Wood Group plc		61,198		268,898
Equity Real Estate Investment Trusts (REITs) 0.2%
British Land Co. plc (The)		85,605		691,405
Land Securities Group plc		67,126		820,385
Segro plc		105,425		1,153,560
				2,665,350
Food & Staples Retailing 0.3%
J Sainsbury plc		170,907		450,641
Tesco plc		912,168		2,784,119
Wm Morrison Supermarkets plc		226,455		583,591
				3,818,351
Food Products 0.1%
Associated British Foods plc		34,482		995,676
Health Care Equipment & Supplies 0.1%
Smith & Nephew plc		82,190		1,761,375
Hotels, Restaurants & Leisure 0.5%
Compass Group plc		148,960		3,970,581
GVC Holdings plc		55,639		641,791
InterContinental Hotels Group plc		16,143		976,536
Merlin Entertainments plc Reg. S (b)		66,868		393,710
Whitbread plc		12,780		673,047
				6,655,665
Household Durables 0.2%
Barratt Developments plc		95,300		782,361
Berkeley Group Holdings plc		11,303		644,548
Persimmon plc		30,266		894,254
Taylor Wimpey plc		321,092		691,885
				3,013,048
Household Products 0.4%
Reckitt Benckiser Group plc		65,990		5,101,722
Industrial Conglomerates 0.3%
CK Hutchison Holdings Ltd.		249,886		2,307,536
DCC plc		8,785		823,622
Smiths Group plc		36,586		764,869
				3,896,027
Insurance 0.7%
Admiral Group plc		18,519		485,117
Aviva plc		370,564		1,994,068
Direct Line Insurance Group plc		130,580		460,571
Legal & General Group plc		564,481		1,932,876
Prudential plc		238,485		4,178,438
RSA Insurance Group plc		95,454		646,456
				9,697,526
Interactive Media & Services 0.0%†
Auto Trader Group plc Reg. S (b)		82,272		599,904
Internet & Direct Marketing Retail 0.1%
Ocado Group plc*		43,465		748,613

70

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Machinery 0.2%
CNH Industrial NV		92,133	$	1,007,228
Spirax-Sarco Engineering plc		7,039		723,638
Weir Group plc (The)		24,631		429,858
				2,160,724
Media 0.3%
Informa plc		117,826		1,183,210
ITV plc		348,268		605,036
Pearson plc		75,147		665,811
WPP plc		118,102		1,475,982
				3,930,039
Multiline Retail 0.1%
Marks & Spencer Group plc		189,295		445,206
Next plc		12,525		1,071,837
				1,517,043
Multi-Utilities 0.3%
Centrica plc		547,801		517,631
National Grid plc		318,669		3,725,339
				4,242,970
Oil, Gas & Consumable Fuels 0.9%
BP plc		1,903,301		12,093,947
Paper & Forest Products 0.1%
Mondi plc		46,411		963,488
Personal Products 1.1%
Unilever NV (a)		136,348		8,061,728
Unilever plc		103,753		6,225,286
				14,287,014
Pharmaceuticals 1.7%
AstraZeneca plc		122,689		11,965,396
GlaxoSmithKline plc		466,599		10,694,110
				22,659,506
Professional Services 0.6%
Experian plc		84,535		2,659,139
Intertek Group plc		15,104		1,049,706
RELX plc		181,177		4,359,770
				8,068,615
Software 0.1%
Micro Focus International plc		32,908		451,945
Sage Group plc (The)		97,934		913,426
				1,365,371
Specialty Retail 0.0%†
Kingfisher plc		195,773		526,467
Textiles, Apparel & Luxury Goods 0.1%
Burberry Group plc		37,389		991,591
Tobacco 0.7%
British American Tobacco plc		215,180		7,520,893
Imperial Brands plc		88,263		1,938,858
				9,459,751
Trading Companies & Distributors 0.2%
Ashtead Group plc		42,828		1,303,023
Bunzl plc		30,066		782,312
				2,085,335

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Water Utilities 0.1%
Severn Trent plc		23,015	$	672,746
United Utilities Group plc		63,225		712,812
				1,385,558
Wireless Telecommunication Services 0.4%
Vodafone Group plc		2,506,089		5,126,861
				188,608,571
UNITED STATES 0.3%
Construction Materials 0.1%
James Hardie Industries plc CHDI		39,653		678,436
Hotels, Restaurants & Leisure 0.1%
Carnival plc		15,822		633,743
Life Sciences Tools & Services 0.0%†
QIAGEN NV*		20,601		619,088
Software 0.0%†
CyberArk Software Ltd.*		3,557		361,320
Trading Companies & Distributors 0.1%
Ferguson plc		21,747		1,855,538
				4,148,125
Total Common Stocks (cost $1,118,967,490)			1,334,142,026
Preferred Stock 0.0%†
UNITED KINGDOM 0.0%†
Diversified Financial Services 0.0%†
Rolls-Royce International Ltd. (Preference), Class C*¥		7,514,652		9,734
Total Preferred Stock (cost $9,654)			9,734
Short-Term Investment 0.1%
Money Market Fund 0.1%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (c)(d)		1,280,517		1,280,517
Total Short-Term Investment (cost $1,280,517)				1,280,517
Repurchase Agreements 1.0%
	Principal Amount
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $8,860,013, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $9,070,579. (d)(e)	$	8,859,595		8,859,595

71

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $4,373,571, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $4,477,039. (d)(e)	$	4,373,367	$	4,373,367
Total Repurchase Agreements (cost $13,232,962)				13,232,962
Total Investments (cost $1,133,490,623) — 100.6%				1,348,665,239
Liabilities in excess of other assets — (0.6)%				(7,841,173	)
NET ASSETS — 100.0%			$	1,340,824,066

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $24,781,705, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,280,517 and $13,232,962, respectively, and by $12,012,185 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $26,525,664.

(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 October 31, 2019 was $11,562,304 which represents 0.86% of net assets.

(c) Represents 7-day effective yield as of October 31, 2019.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $14,513,479.

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

ADR American Depositary Receipt

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

72

Statement of Investments (Continued)

October 31, 2019

Nationwide International Index Fund (Continued)

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		57		12/2019		EUR		2,294,317		26,532
FTSE 100 Index		14		12/2019		GBP		1,314,055		21,848
SGX Nikkei 225 Index		30		12/2019		JPY		3,189,184		87,909
SPI 200 Index		11		12/2019		AUD		1,258,563		1,758
										138,047

At October 31, 2019, the Fund had $720,482 segregated in foreign currency as collateral with the broker for open futures contracts.

Currency:

AUD Australian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

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

73

Statement of Assets and Liabilities

October 31, 2019

	Nationwide International Index Fund
Assets:
Investment securities, at value* (cost $1,120,257,661)	$	1,335,432,277
Repurchase agreements, at value (cost $13,232,962)		13,232,962
Deposits with broker for futures contracts		720,482
Foreign currencies, at value (cost $8,122,443)		8,138,751
Interest and dividends receivable		3,932,249
Securities lending income receivable		23,017
Receivable for investments sold		7,210,529
Receivable for capital shares issued		177,045
Reclaims receivable		2,670,628
Prepaid expenses		26,162
Total Assets		1,371,564,102
Liabilities:
Payable for investments purchased		7,215,305
Payable for capital shares redeemed		1,359,395
Payable for variation margin on futures contracts		40,457
Cash overdraft (Note 2)		7,029,884
Payable upon return of securities loaned (Note 2)		14,513,479
Accrued expenses and other payables:
Investment advisory fees		274,537
Fund administration fees		49,148
Distribution fees		47,214
Administrative servicing fees		53,162
Accounting and transfer agent fees		5,781
Trustee fees		5,590
Custodian fees		3,230
Compliance program costs (Note 3)		1,765
Professional fees		54,989
Printing fees		9,910
Other		76,190
Total Liabilities		30,740,036
Net Assets	$	1,340,824,066
Represented by:
Capital	$	1,199,733,555
Total distributable earnings (loss)		141,090,511
Net Assets	$	1,340,824,066
Net Assets:
Class A Shares	$	191,579,164
Class C Shares		2,888,515
Class R Shares		10,553,339
Class R6 Shares		1,128,270,647
Institutional Service Class Shares		7,532,401
Total	$	1,340,824,066

74

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide International Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		24,408,548
Class C Shares		394,831
Class R Shares		1,346,882
Class R6 Shares		142,830,499
Institutional Service Class Shares		954,652
Total		169,935,412
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	7.85
Class C Shares (b)	$	7.32
Class R Shares	$	7.84
Class R6 Shares	$	7.90
Institutional Service Class Shares	$	7.89
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.33
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $24,781,705 (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.

75

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide International Index Fund
INVESTMENT INCOME:
Dividend income	$	48,759,287
Income from securities lending (Note 2)		478,216
Foreign tax withholding		(3,987,651	)
Total Income		45,249,852
EXPENSES:
Investment advisory fees		3,312,220
Fund administration fees		429,275
Distribution fees Class A		473,317
Distribution fees Class C		32,353
Distribution fees Class R		44,031
Administrative servicing fees Class A		321,854
Administrative servicing fees Class C		3,027
Administrative servicing fees Class R		19,270
Administrative servicing fees Institutional Service Class		11,800
Registration and filing fees		67,215
Professional fees		166,902
Printing fees		14,030
Trustee fees		49,435
Custodian fees		71,280
Accounting and transfer agent fees		29,977
Compliance program costs (Note 3)		6,663
Other		209,110
Total Expenses		5,261,759
NET INVESTMENT INCOME		39,988,093
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		38,918,726
Expiration or closing of futures contracts (Note 2)		1,518,381
Foreign currency transactions (Note 2)		(175,723	)
Net realized gains		40,261,384
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		58,179,395
Futures contracts (Note 2)		631,885
Translation of assets and liabilities denominated in foreign currencies		117,551
Net change in unrealized appreciation/depreciation		58,928,831
Net realized/unrealized gains		99,190,215
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	139,178,308

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

76

Statements of Changes in Net Assets

	Nationwide International Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	39,988,093		$	42,026,476
Net realized gains		40,261,384			35,694,631
Net change in unrealized appreciation/depreciation		58,928,831			(188,874,630	)
Change in net assets resulting from operations		139,178,308			(111,153,523	)
Distributions to Shareholders From:
Distributable earnings:
Class A		(11,309,836	)		(14,185,717	)
Class C		(192,648	)		(377,392	)
Class R		(474,500	)		(399,261	)
Class R6		(77,508,546	)		(85,510,721	)
Institutional Service Class		(402,730	)		(149,056	)
Change in net assets from shareholder distributions		(89,888,260	)		(100,622,147	)
Change in net assets from capital transactions		(158,764,873	)		112,689,180
Change in net assets		(109,474,825	)		(99,086,490	)
Net Assets:
Beginning of year		1,450,298,891			1,549,385,381
End of year	$	1,340,824,066		$	1,450,298,891
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	42,731,628		$	80,367,851
Proceeds from shares issued in class conversion (Note 1)		19,021			–
Dividends reinvested		10,752,228			13,453,800
Cost of shares redeemed		(68,242,701	)		(55,730,072	)
Total Class A Shares		(14,739,824	)		38,091,579
Class C Shares
Proceeds from shares issued		578,820			819,743
Dividends reinvested		173,872			335,506
Cost of shares redeemed in class conversion (Note 1)		(19,021	)		–
Cost of shares redeemed		(1,802,507	)		(2,672,526	)
Total Class C Shares		(1,068,836	)		(1,517,277	)
Class R Shares
Proceeds from shares issued		5,926,592			7,010,781
Dividends reinvested		386,636			244,934
Cost of shares redeemed		(3,540,490	)		(4,502,543	)
Total Class R Shares		2,772,738			2,753,172
Class R6 Shares
Proceeds from shares issued		91,405,665			168,432,878
Dividends reinvested		77,508,501			85,500,338
Cost of shares redeemed		(315,596,647	)		(186,133,363	)
Total Class R6 Shares		(146,682,481	)		67,799,853

77

Statements of Changes in Net Assets (Continued)

	Nationwide International Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	7,102,946		$	8,268,312
Dividends reinvested		343,289			122,115
Cost of shares redeemed		(6,492,705	)		(2,828,574	)
Total Institutional Service Class Shares		953,530			5,561,853
Change in net assets from capital transactions	$	(158,764,873	)	$	112,689,180
SHARE TRANSACTIONS:
Class A Shares
Issued		5,658,555			9,382,406
Issued in class conversion (Note 1)		2,560			–
Reinvested		1,513,509			1,599,040
Redeemed		(9,009,065	)		(6,644,414	)
Total Class A Shares		(1,834,441	)		4,337,032
Class C Shares
Issued		82,164			101,849
Reinvested		26,274			42,454
Redeemed in class conversion (Note 1)		(2,745	)		–
Redeemed		(259,239	)		(343,846	)
Total Class C Shares		(153,546	)		(199,543	)
Class R Shares
Issued		790,251			838,096
Reinvested		54,400			29,136
Redeemed		(479,247	)		(543,753	)
Total Class R Shares		365,404			323,479
Class R6 Shares
Issued		12,206,584			20,021,176
Reinvested		10,856,606			10,102,281
Redeemed		(42,145,329	)		(21,703,012	)
Total Class R6 Shares		(19,082,139	)		8,420,445
Institutional Service Class Shares
Issued		940,034			981,631
Reinvested		47,964			14,478
Redeemed		(836,375	)		(338,583	)
Total Institutional Service Class Shares		151,623			657,526
Total change in shares		(20,553,099	)		13,538,939

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

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

78

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
Year Ended October 31, 2019	$	7.57		0.20		0.54			0.74			(0.29	)		(0.17	)		(0.46	)	$	7.85		10.47%		$	191,579,164		0.74%		2.65%		0.74%		3.75%
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%
Class C Shares
Year Ended October 31, 2019	$	7.08		0.14		0.50			0.64			(0.23	)		(0.17	)		(0.40	)	$	7.32		9.75%		$	2,888,515		1.42%		1.97%		1.42%		3.75%
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%
Class R Shares
Year Ended October 31, 2019	$	7.55		0.18		0.54			0.72			(0.26	)		(0.17	)		(0.43	)	$	7.84		10.29%		$	10,553,339		1.04%		2.34%		1.04%		3.75%
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%
Class R6 Shares (f)
Year Ended October 31, 2019	$	7.62		0.23		0.55			0.78			(0.33	)		(0.17	)		(0.50	)	$	7.90		11.02%		$	1,128,270,647		0.32%		3.02%		0.32%		3.75%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	7.61		0.22		0.54			0.76			(0.31	)		(0.17	)		(0.48	)	$	7.89		10.78%		$	7,532,401		0.49%		2.96%		0.49%		3.75%
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 (g)	$	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%

(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.

79

Fund Commentary Nationwide Mid Cap Market Index Fund

For the annual period ended October 31, 2019, the Nationwide Mid Cap Market Index Fund (Class A at NAV*) returned 8.25% versus 9.02% for its benchmark, the S&P MidCap 400® Index (S&P 400). For broader comparison, the return for the Fund’s closest Morningstar® peer category, Mid-Cap Blend (consisting of 421 funds as of October 31, 2019), was 9.03% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

In the fourth quarter of 2018, concerns over Federal Reserve (Fed) policy, U.S.-China trade tensions, and a potential slowdown in growth contributed to investor anxiety. The quarter began with Fed chairman Powell’s comment that the U.S. federal funds rate was “a long way from neutral.” The hawkish comment drove a temporary sell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy (the Institute of Supply Management [ISM] Purchasing Managers Index [PMI]** fell from 59.8 in September to 54.1 in December) contributed to a reduction in inflation expectations. This was accompanied by a broad-based risk-off in December — the worst December performance on record since 1931 — and the 10-year Treasury yield ended the quarter 0.57% lower than intra-quarter highs to 2.68%. Even though the United States and China were able to broker a 90-day trade war “truce” on December 1, 2018, volatility abounded in the wake of the Federal Open Market Committee (FOMC) December announcement. Although the Fed’s December rate hike and lowering of interest rate projections was largely expected, the Fed’s relatively hawkish tone and Powell’s affirmation that the balance sheet run-off was to run on autopilot was punished by the market.

In the first quarter of 2019, U.S. equities advanced as positive headlines regarding U.S.-China trade negotiations, relatively strong corporate earnings growth, and the Fed’s dovish pivot helped investor sentiment recover from steep losses in the previous quarter and contributed to a meaningful rebound in equity prices. In the

January announcement, the Fed indicated it would refrain from interest rate hikes for the foreseeable future, a dovish assessment of U.S. economic conditions, and transparency around balance sheet normalization. This reduced market-based expectations of interest rates, serving as a boon for both equities and bonds. On the macroeconomic front, despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation and slowing but stable economic growth. The U-3 unemployment rate (representing the number of people actively looking for a job) remained at 3.8% in February, the lowest level since 1969. Core personal consumption expenditure dropped to 1.8% year-over-year in January, below the Fed’s inflation target of 2%. Though the ISM Manufacturing PMI was below two-year averages throughout the quarter, the indicator remained in expansionary territory at the end of the quarter (55.3). Less optimism was evident in the U.S. rates market. The pause in interest rate hiking by the Fed coupled with lowered forecasts for growth drove investors into longer-duration government bonds. The yield on the 10-year U.S. Treasury dropped from a quarterly high of 2.78% in mid-January to 2.40% at quarter end. The bid for long-term debt coupled with high short-term rates (federal funds target rate remained at 2.50% at the quarter’s end) catalyzed an inversion of the three-month, 10-year Treasury spread. This spread is the Fed’s preferred measure for calculating recession probabilities, and its inversion has preceded every U.S. recession since the 1950s.

During the second quarter of 2019, the Chicago Fed National Activity Index was in contractionary territory in April and May. The ISM Manufacturing PMI decelerated throughout the quarter but remained in expansionary territory in June (51.7). The U-3 unemployment rate actually declined to 3.6% in April, but the moving average of continuing jobless claims accelerated throughout the quarter. In May, U.S. President Trump threatened an increase in tariffs and protectionism against both China and Mexico. The U.S. markets fell in May on these renewed trade concerns, and trade tensions were a source of

80

Fund Commentary (cont.) Nationwide Mid Cap Market Index Fund

intra-quarter volatility. However, these threats did not materialize, and sentiment eased heading into the G-20† meeting at the month’s end. On the macroeconomic front, there were signs of weaker U.S. economic conditions. In the June FOMC announcement, Fed Chair Powell stated that should trade tensions weigh on the FOMC’s economic outlook or should the shortfall of inflation from the target rate persist longer than expected, the Fed would provide more accommodation to sustain the expansion. The prospect of easy monetary policy broadly buoyed equities. In interest rates, the 10-year U.S. Treasury yield declined 0.50% in the quarter to 2% — the lowest level since 2016. The yield curve remained a source of uncertainty as the three-month, 10-year spread remained in negative territory while the five-year, 30-year spread expanded throughout the quarter.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. The U.S. markets suffered their worst week of 2019 in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks that were slated to be held in October. In monetary policy, the Fed lowered the target range for the federal funds rates in both the July and September meetings. Fed Chair Powell confirmed that the rate cuts were intended to offset potential downside risks from weak global growth and trade policy uncertainty. On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. The frequently tracked ISM Manufacturing PMI registered in contractionary territory in both August and September. The September reading was the lowest reading since the global financial crisis. Consumer sentiment also softened, with the University of Michigan Consumer Sentiment Index‡ falling to its lowest level since 2016 in August. More constructively, labor market conditions were stable as the U-3 unemployment rate remained at 3.7% throughout the quarter and average hourly earnings modestly accelerated. In

interest rates, the 10-year Treasury yield declined 0.36% from the start of the quarter to the end, although the benchmark rate did fall as low as 1.45% intra-quarter. In August, the frequently monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis, but ended the quarter in positive territory.

U.S. mid-capitalization stocks, as represented by the S&P 400, increased approximately 9.02% for the year ended October 31, 2019. From a sector perspective, top returns came from Information Technology, with 21.56%; Industrials, with 18.06%; and Real Estate, with 16.89%. Bottom sector returns came from Energy, with -46.50%; and Consumer Staples, with -0.92%; followed by the lowest positive sector, Health Care, with 0.12%.

Exchange-traded futures are employed to equitize dividend accruals as well as to manage day-to-day cash flows generated from clients’ trades, dividends, interest received and other activity associated with securities in the portfolio. Specifically, futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the Fund’s portfolio. While the Fund seeks to remain fully invested, a small amount of spendable cash is retained to minimize trading and transactions costs. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Rachel Aguirre; Jennifer Hsui, CFA; Alan Mason; Greg Savage, CFA; and Amy Whitelaw

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Class R6 shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the risks of investing in equity securities (including mid-sized

81

Fund Commentary (cont.) Nationwide Mid Cap Market Index Fund

companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

82

Fund Overview Nationwide Mid Cap Market Index Fund

Asset Allocation¹

Common Stocks	97.4%
Repurchase Agreements	2.4%
Short-Term Investment	0.2%
Futures Contracts†	0.0%
Liabilities in excess of other assets†	0.0%
	100.0%

Top Industries²

Equity Real Estate Investment Trusts (REITs)	10.8%
Banks	6.8%
Insurance	5.5%
Electronic Equipment, Instruments & Components	4.3%
Machinery	4.1%
Hotels, Restaurants & Leisure	4.1%
Health Care Equipment & Supplies	4.0%
Semiconductors & Semiconductor Equipment	3.7%
Software	3.2%
Chemicals	2.5%
Other Industries#	51.0%
	100.0%

Top Holdings²

Zebra Technologies Corp., Class A	0.7%
Teledyne Technologies, Inc.	0.7%
STERIS plc	0.7%
Old Dominion Freight Line, Inc.	0.6%
Alleghany Corp.	0.6%
Domino’s Pizza, Inc.	0.6%
Camden Property Trust	0.6%
West Pharmaceutical Services, Inc.	0.6%
Teradyne, Inc.	0.6%
Tyler Technologies, Inc.	0.6%
Other Holdings#	93.7%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

83

Fund Performance Nationwide Mid Cap Market Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		8.25%		7.64%		12.44%
	w/SC2		2.04%		6.37%		11.78%
Class C	w/o SC1		7.55%		6.92%		11.72%
	w/SC3		6.68%		N/A		N/A
Class R4,5,			7.96%		7.33%		12.21%
Class R64,6			8.74%		8.10%		12.89%
Institutional Service Class4			8.48%		N/A		7.08%	7*
S&P MidCap 400® Index			9.02%		8.37%		13.21%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

* Not annualized.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective February 28, 2009, Class R Shares were remaned Class R2 Shares. Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of December 6, 2016.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.68%		0.67%
Class C		1.36%		1.35%
Class R		0.98%		0.97%
Class R6		0.27%		0.26%
Institutional Service Class		0.52%		0.51%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

84

Fund Performance (cont.) Nationwide Mid Cap Market Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Mid Cap Market Index Fund versus the S&P MidCap 400® Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

85

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		997.10		3.42		0.68
	Hypothetical	(a)(b)		1,000.00		1,021.78		3.47		0.68
Class C Shares	Actual	(a)		1,000.00		994.30		6.84		1.36
	Hypothetical	(a)(b)		1,000.00		1,018.35		6.92		1.36
Class R Shares	Actual	(a)		1,000.00		995.40		5.03		1.00
	Hypothetical	(a)(b)		1,000.00		1,020.16		5.09		1.00
Class R6 Shares	Actual	(a)		1,000.00		999.70		1.41		0.28
	Hypothetical	(a)(b)		1,000.00		1,023.79		1.43		0.28
Institutional Service Class Shares	Actual	(a)		1,000.00		998.10		2.22		0.44
	Hypothetical	(a)(b)		1,000.00		1,022.99		2.24		0.44

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

86

Statement of Investments

October 31, 2019

Nationwide Mid Cap Market Index Fund

Common Stocks 97.4%
	Shares		Value
Aerospace & Defense 1.4%
Axon Enterprise, Inc.*		27,614	$	1,411,904
Curtiss-Wright Corp.		19,900		2,691,475
Mercury Systems, Inc.*		25,845		1,903,743
Teledyne Technologies, Inc.*		16,945		5,585,072
				11,592,194
Air Freight & Logistics 0.4%
XPO Logistics, Inc.*		42,956		3,281,838
Airlines 0.3%
JetBlue Airways Corp.*		138,070		2,664,751
Auto Components 1.0%
Adient plc*		40,590		860,102
Dana, Inc.		67,138		1,089,650
Delphi Technologies plc		40,057		489,096
Gentex Corp.		118,736		3,330,545
Goodyear Tire & Rubber Co. (The)		108,436		1,720,879
Visteon Corp.*		13,032		1,212,237
				8,702,509
Automobiles 0.2%
Thor Industries, Inc.		25,666		1,623,631
Banks 6.8%
Associated Banc-Corp.		75,678		1,521,885
BancorpSouth Bank		43,625		1,337,979
Bank of Hawaii Corp.		18,874		1,647,889
Bank OZK		56,339		1,580,872
Cathay General Bancorp		35,401		1,259,214
Commerce Bancshares, Inc.		45,930		2,956,055
Cullen/Frost Bankers, Inc.		26,526		2,389,462
East West Bancorp, Inc.		67,786		2,909,375
First Financial Bankshares, Inc.		63,283		2,106,058
First Horizon National Corp.		145,612		2,325,424
FNB Corp.		151,776		1,830,419
Fulton Financial Corp.		77,745		1,326,330
Hancock Whitney Corp.		42,276		1,648,764
Home BancShares, Inc.		72,719		1,343,847
International Bancshares Corp.		26,953		1,103,995
PacWest Bancorp		55,099		2,038,112
Pinnacle Financial Partners, Inc.		33,674		1,980,705
Prosperity Bancshares, Inc.		44,143		3,046,750
Signature Bank		25,489		3,015,858
Sterling Bancorp		95,648		1,879,483
Synovus Financial Corp.		71,901		2,435,287
TCF Financial Corp.		71,538		2,832,189
Texas Capital Bancshares, Inc.*		23,435		1,266,896
Trustmark Corp.		30,067		1,031,899
UMB Financial Corp.		20,098		1,311,595
Umpqua Holdings Corp.		102,788		1,626,106
United Bankshares, Inc.		47,472		1,877,043
Valley National Bancorp		155,038		1,795,340
Webster Financial Corp.		42,928		1,893,125
Wintrust Financial Corp.		26,388		1,684,082
				57,002,038
Beverages 0.2%
Boston Beer Co., Inc. (The), Class A*		4,280		1,602,689

Common Stocks (continued)
	Shares		Value
Biotechnology 0.8%
Exelixis, Inc.*		141,167	$	2,181,030
Ligand Pharmaceuticals, Inc.* (a)		8,863		964,383
Repligen Corp.*		21,613		1,718,017
United Therapeutics Corp.*		20,433		1,835,701
				6,699,131
Building Products 1.2%
Lennox International, Inc.		16,419		4,061,404
Owens Corning		50,685		3,105,977
Resideo Technologies, Inc.*		56,057		534,223
Trex Co., Inc.*		27,223		2,392,629
				10,094,233
Capital Markets 2.4%
Eaton Vance Corp.		52,688		2,402,573
Evercore, Inc., Class A		18,574		1,367,789
FactSet Research Systems, Inc.		17,822		4,518,234
Federated Investors, Inc., Class B		44,827		1,431,774
Interactive Brokers Group, Inc., Class A		35,761		1,701,151
Janus Henderson Group plc		74,146		1,714,997
Legg Mason, Inc.		38,023		1,416,737
SEI Investments Co.		59,100		3,541,272
Stifel Financial Corp.		32,432		1,815,543
				19,910,070
Chemicals 2.5%
Ashland Global Holdings, Inc.		28,175		2,179,900
Cabot Corp.		26,964		1,175,361
Chemours Co. (The)		76,209		1,250,590
Ingevity Corp.*		19,506		1,642,600
Minerals Technologies, Inc.		16,346		808,310
NewMarket Corp.		3,438		1,669,114
Olin Corp.		76,609		1,405,009
PolyOne Corp.		35,873		1,149,730
RPM International, Inc.		60,413		4,375,713
Scotts Miracle-Gro Co. (The)		18,356		1,842,759
Sensient Technologies Corp.		19,730		1,234,309
Valvoline, Inc.		87,696		1,871,432
				20,604,827
Commercial Services & Supplies 1.9%
Brink’s Co. (The)		23,299		1,979,483
Clean Harbors, Inc.*		23,946		1,974,587
Deluxe Corp.		20,037		1,038,518
Healthcare Services Group, Inc. (a)		34,475		839,811
Herman Miller, Inc.		27,534		1,280,331
HNI Corp.		19,914		756,732
KAR Auction Services, Inc.		62,204		1,546,391
MSA Safety, Inc.		16,601		1,993,282
Stericycle, Inc.*		42,465		2,445,984
Tetra Tech, Inc.		25,465		2,227,424
				16,082,543
Communications Equipment 1.1%
Ciena Corp.*		72,284		2,683,182
InterDigital, Inc.		14,482		776,670
Lumentum Holdings, Inc.*		35,839		2,245,672
NetScout Systems, Inc.*		30,899		748,374
Plantronics, Inc.		14,931		588,580

87

Statement of Investments (Continued)

October 31, 2019

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Communications Equipment (continued)
ViaSat, Inc.*		26,865	$	1,849,386
				8,891,864
Construction & Engineering 1.3%
AECOM*		73,494		2,940,495
Dycom Industries, Inc.*(a)		14,555		663,562
EMCOR Group, Inc.		26,149		2,293,529
Fluor Corp.		65,227		1,050,807
Granite Construction, Inc.		21,437		504,627
MasTec, Inc.*		28,087		1,767,796
Valmont Industries, Inc.		10,088		1,383,973
				10,604,789
Construction Materials 0.2%
Eagle Materials, Inc.		19,587		1,789,077
Consumer Finance 0.6%
FirstCash, Inc.		20,020		1,689,488
Green Dot Corp., Class A*		21,907		631,798
Navient Corp.		94,682		1,303,771
SLM Corp.		199,049		1,679,973
				5,305,030
Containers & Packaging 1.0%
AptarGroup, Inc.		29,849		3,526,659
Greif, Inc., Class A		11,979		469,217
Owens-Illinois, Inc.		72,060		612,510
Silgan Holdings, Inc.		36,319		1,117,536
Sonoco Products Co.		46,651		2,691,763
				8,417,685
Distributors 0.5%
Pool Corp.		18,595		3,856,603
Diversified Consumer Services 0.8%
Adtalem Global Education, Inc.*		25,623		763,053
Graham Holdings Co., Class B		2,026		1,275,691
Service Corp. International		84,979		3,864,845
WW International, Inc.*		21,531		750,786
				6,654,375
Diversified Financial Services 0.3%
Jefferies Financial Group, Inc.		117,427		2,192,362
Electric Utilities 1.5%
ALLETE, Inc.		24,045		2,069,313
Hawaiian Electric Industries, Inc.		50,764		2,291,995
IDACORP, Inc.		23,459		2,524,658
OGE Energy Corp.		93,273		4,016,335
PNM Resources, Inc.		37,122		1,935,912
				12,838,213
Electrical Equipment 1.2%
Acuity Brands, Inc.		18,588		2,319,597
EnerSys		19,805		1,324,162
Hubbell, Inc.		25,349		3,591,953
nVent Electric plc		72,574		1,673,557
Regal Beloit Corp.		19,541		1,447,011
				10,356,280

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components 4.3%
Arrow Electronics, Inc.*		38,722	$	3,069,880
Avnet, Inc.		48,289		1,910,313
Belden, Inc.		18,021		924,117
Cognex Corp.		79,533		4,095,154
Coherent, Inc.* (a)		11,176		1,664,330
II-VI, Inc.*		40,389		1,338,895
Jabil, Inc.		64,839		2,387,372
Littelfuse, Inc.		11,457		2,011,506
National Instruments Corp.		55,326		2,289,943
SYNNEX Corp.		19,042		2,242,005
Tech Data Corp.*		16,586		2,015,199
Trimble, Inc.*		117,353		4,675,344
Vishay Intertechnology, Inc.		61,749		1,244,242
Zebra Technologies Corp., Class A*		25,214		5,997,654
				35,865,954
Energy Equipment & Services 0.5%
Apergy Corp.*		36,101		908,662
Core Laboratories NV		20,665		910,087
Oceaneering International, Inc.*		45,503		644,322
Patterson-UTI Energy, Inc.		94,353		785,017
Transocean Ltd.* (a)		268,258		1,274,226
				4,522,314
Entertainment 0.9%
Cinemark Holdings, Inc.		49,687		1,818,544
Live Nation Entertainment, Inc.*		64,796		4,568,118
World Wrestling Entertainment, Inc., Class A (a)		22,165		1,242,127
				7,628,789
Equity Real Estate Investment Trusts (REITs) 10.9%
Alexander & Baldwin, Inc.		31,460		739,625
American Campus Communities, Inc.		64,038		3,200,619
Brixmor Property Group, Inc.		138,866		3,057,829
Camden Property Trust		45,085		5,156,371
CoreCivic, Inc.		55,362		844,824
CoreSite Realty Corp.		17,191		2,019,942
Corporate Office Properties Trust		52,230		1,548,097
Cousins Properties, Inc.		68,388		2,744,410
CyrusOne, Inc.		52,742		3,759,450
Douglas Emmett, Inc.		76,771		3,325,720
EastGroup Properties, Inc.		17,487		2,342,384
EPR Properties		36,124		2,810,086
First Industrial Realty Trust, Inc.		58,932		2,481,626
GEO Group, Inc. (The)		56,387		858,210
Healthcare Realty Trust, Inc.		60,249		2,094,858
Highwoods Properties, Inc.		48,316		2,261,189
JBG SMITH Properties		55,026		2,215,347
Kilroy Realty Corp.		43,276		3,632,155
Lamar Advertising Co., Class A		40,058		3,205,041
Liberty Property Trust		73,511		4,342,295
Life Storage, Inc.		21,721		2,365,851
Mack-Cali Realty Corp.		42,176		903,410
Medical Properties Trust, Inc.		208,045		4,312,773
National Retail Properties, Inc.		79,947		4,709,678
Omega Healthcare Investors, Inc.		100,911		4,444,120
Park Hotels & Resorts, Inc.		111,743		2,598,025
Pebblebrook Hotel Trust		60,960		1,567,282

88

Statement of Investments (Continued)

October 31, 2019

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
PotlatchDeltic Corp.		31,340	$	1,331,010
PS Business Parks, Inc.		9,328		1,684,170
Rayonier, Inc.		60,459		1,631,184
Sabra Health Care REIT, Inc.		88,390		2,174,394
Senior Housing Properties Trust		110,915		1,100,831
Service Properties Trust		76,716		1,940,915
Spirit Realty Capital, Inc.		41,984		2,092,482
Tanger Factory Outlet Centers, Inc.		43,417		699,882
Taubman Centers, Inc.		28,593		1,023,057
Uniti Group, Inc.		89,129		616,773
Urban Edge Properties		53,817		1,136,077
Weingarten Realty Investors		56,379		1,788,906
				90,760,898
Food & Staples Retailing 0.5%
Casey’s General Stores, Inc.		17,128		2,925,634
Sprouts Farmers Market, Inc.*		55,144		1,070,345
				3,995,979
Food Products 1.6%
Flowers Foods, Inc.		89,752		1,949,413
Hain Celestial Group, Inc. (The)*		37,394		883,994
Ingredion, Inc.		31,093		2,456,347
Lancaster Colony Corp.		9,222		1,283,518
Pilgrim’s Pride Corp.*		24,210		735,016
Post Holdings, Inc.*		31,996		3,292,388
Sanderson Farms, Inc.		9,186		1,422,085
Tootsie Roll Industries, Inc.		8,086		277,188
TreeHouse Foods, Inc.*		26,195		1,415,054
				13,715,003
Gas Utilities 1.8%
National Fuel Gas Co.		40,237		1,823,138
New Jersey Resources Corp.		41,941		1,828,628
ONE Gas, Inc.		24,559		2,280,058
Southwest Gas Holdings, Inc.		25,303		2,208,952
Spire, Inc.		23,665		1,989,280
UGI Corp.		97,347		4,640,531
				14,770,587
Health Care Equipment & Supplies 4.0%
Avanos Medical, Inc.*		22,239		979,406
Cantel Medical Corp.		17,128		1,248,460
Globus Medical, Inc., Class A*		35,714		1,870,342
Haemonetics Corp.*		23,655		2,855,868
Hill-Rom Holdings, Inc.		31,122		3,258,162
ICU Medical, Inc.*		8,956		1,447,379
Integra LifeSciences Holdings Corp.*		33,084		1,920,857
LivaNova plc*		22,554		1,595,244
Masimo Corp.*		22,857		3,332,322
NuVasive, Inc.*		24,252		1,710,736
Penumbra, Inc.* (a)		14,916		2,326,449
STERIS plc		39,444		5,584,087
West Pharmaceutical Services, Inc.		34,357		4,941,911
				33,071,223
Health Care Providers & Services 2.1%
Acadia Healthcare Co., Inc.*		41,267		1,237,597
Amedisys, Inc.*		14,991		1,926,643

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services (continued)
Chemed Corp.		7,416	$	2,921,237
Covetrus, Inc.*		46,759		463,616
Encompass Health Corp.		45,966		2,942,743
HealthEquity, Inc.*		32,910		1,868,959
MEDNAX, Inc.*		39,294		862,896
Molina Healthcare, Inc.*		29,216		3,436,970
Patterson Cos., Inc.		39,682		679,753
Tenet Healthcare Corp.*		48,220		1,221,895
				17,562,309
Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc.*		77,448		847,281
Hotels, Restaurants & Leisure 4.1%
Boyd Gaming Corp.		37,325		1,017,106
Brinker International, Inc. (a)		17,365		771,874
Caesars Entertainment Corp.*		259,044		3,181,060
Cheesecake Factory, Inc. (The) (a)		19,096		798,022
Churchill Downs, Inc.		16,597		2,157,444
Cracker Barrel Old Country Store, Inc. (a)		11,205		1,742,377
Domino’s Pizza, Inc.		19,212		5,218,363
Dunkin’ Brands Group, Inc.		38,564		3,031,902
Eldorado Resorts, Inc.* (a)		30,443		1,362,933
Jack in the Box, Inc.		12,041		1,011,685
Marriott Vacations Worldwide Corp.		18,054		1,984,676
Papa John’s International, Inc. (a)		10,088		590,652
Penn National Gaming, Inc.*		50,758		1,081,907
Scientific Games Corp.*		24,860		596,391
Six Flags Entertainment Corp.		36,561		1,542,509
Texas Roadhouse, Inc.		30,495		1,722,968
Wendy’s Co. (The)		85,992		1,821,311
Wyndham Destinations, Inc.		42,977		1,994,563
Wyndham Hotels & Resorts, Inc.		44,944		2,425,628
				34,053,371
Household Durables 1.0%
Helen of Troy Ltd.*		11,697		1,751,743
KB Home		39,852		1,422,318
Tempur Sealy International, Inc.*		21,456		1,951,423
Toll Brothers, Inc.		60,161		2,392,603
TRI Pointe Group, Inc.*		66,429		1,045,592
				8,563,679
Household Products 0.2%
Energizer Holdings, Inc. (a)		29,878		1,269,516
Industrial Conglomerates 0.5%
Carlisle Cos., Inc.		26,372		4,015,664
Insurance 5.5%
Alleghany Corp.*		6,724		5,233,222
American Financial Group, Inc.		34,489		3,588,236
Brighthouse Financial, Inc.*		51,908		1,960,046
Brown & Brown, Inc.		108,859		4,101,807
CNO Financial Group, Inc.		73,133		1,144,531
First American Financial Corp.		52,245		3,227,696
Genworth Financial, Inc., Class A*		234,666		1,004,371
Hanover Insurance Group, Inc. (The)		18,434		2,427,942
Kemper Corp.		29,175		2,097,099
Mercury General Corp.		12,448		598,251

89

Statement of Investments (Continued)

October 31, 2019

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Old Republic International Corp.		132,942	$	2,969,924
Primerica, Inc.		19,508		2,461,519
Reinsurance Group of America, Inc.		29,248		4,751,923
RenaissanceRe Holdings Ltd.		20,583		3,852,726
Selective Insurance Group, Inc.		27,683		1,913,449
WR Berkley Corp.		67,446		4,714,475
				46,047,217
Interactive Media & Services 0.1%
Yelp, Inc.*		30,050		1,037,025
Internet & Direct Marketing Retail 0.5%
Etsy, Inc.*		56,129		2,497,179
GrubHub, Inc.* (a)		42,576		1,450,139
				3,947,318
IT Services 2.4%
CACI International, Inc., Class A*		11,592		2,593,710
CoreLogic, Inc.*		37,341		1,511,937
KBR, Inc.		65,996		1,858,447
LiveRamp Holdings, Inc.*		31,529		1,232,469
MAXIMUS, Inc.		29,722		2,280,866
Perspecta, Inc.		64,314		1,706,894
Sabre Corp.		127,540		2,994,639
Science Applications International Corp.		22,854		1,888,198
WEX, Inc.*		20,167		3,815,193
				19,882,353
Leisure Products 0.8%
Brunswick Corp.		39,949		2,326,630
Mattel, Inc.* (a)		161,086		1,923,367
Polaris, Inc.		26,774		2,641,255
				6,891,252
Life Sciences Tools & Services 1.7%
Bio-Rad Laboratories, Inc., Class A*		10,012		3,320,180
Bio-Techne Corp.		17,737		3,692,311
Charles River Laboratories International, Inc.*		22,737		2,955,355
PRA Health Sciences, Inc.*		29,258		2,858,799
Syneos Health, Inc.*		28,933		1,450,990
				14,277,635
Machinery 4.1%
AGCO Corp.		29,476		2,260,515
Colfax Corp.*		38,959		1,309,022
Crane Co.		23,750		1,817,350
Donaldson Co., Inc.		59,446		3,135,182
Graco, Inc.		77,747		3,514,164
ITT, Inc.		41,012		2,438,163
Kennametal, Inc.		38,487		1,191,173
Lincoln Electric Holdings, Inc.		28,793		2,578,989
Nordson Corp.		23,844		3,738,978
Oshkosh Corp.		31,867		2,720,805
Terex Corp.		30,475		839,586
Timken Co. (The)		31,910		1,563,590
Toro Co. (The)		49,670		3,831,047
Trinity Industries, Inc.		47,767		944,831
Woodward, Inc.		26,225		2,797,159
				34,680,554

Common Stocks (continued)
	Shares		Value
Marine 0.3%
Kirby Corp.*		27,920	$	2,210,147
Media 1.1%
AMC Networks, Inc., Class A*		20,594		896,869
Cable One, Inc.		2,339		3,100,040
John Wiley & Sons, Inc., Class A		20,555		946,969
Meredith Corp.		18,506		697,676
New York Times Co. (The), Class A		66,982		2,069,744
TEGNA, Inc.		101,063		1,518,977
				9,230,275
Metals & Mining 1.9%
Allegheny Technologies, Inc.*		58,820		1,235,808
Carpenter Technology Corp.		22,235		1,089,960
Commercial Metals Co.		55,054		1,064,194
Compass Minerals International, Inc.		15,777		891,085
Reliance Steel & Aluminum Co.		31,041		3,601,997
Royal Gold, Inc.		30,547		3,526,346
Steel Dynamics, Inc.		102,358		3,107,589
United States Steel Corp. (a)		79,696		917,301
Worthington Industries, Inc.		17,109		629,782
				16,064,062
Multiline Retail 0.2%
Dillard’s, Inc., Class A (a)		4,895		337,657
Ollie’s Bargain Outlet Holdings, Inc.* (a)		25,479		1,627,599
				1,965,256
Multi-Utilities 0.8%
Black Hills Corp.		28,442		2,242,083
MDU Resources Group, Inc.		92,835		2,682,003
NorthWestern Corp.		23,478		1,702,625
				6,626,711
Oil, Gas & Consumable Fuels 1.5%
Antero Midstream Corp. (a)		120,232		774,294
Chesapeake Energy Corp.* (a)		522,447		700,079
CNX Resources Corp.*		86,631		730,299
EQT Corp.		119,134		1,279,499
Equitrans Midstream Corp.		95,109		1,323,917
Matador Resources Co.*		50,676		704,903
Murphy Oil Corp. (a)		71,817		1,481,585
Oasis Petroleum, Inc.*		138,499		361,483
PBF Energy, Inc., Class A		47,493		1,533,074
Southwestern Energy Co.* (a)		258,806		530,552
World Fuel Services Corp.		30,463		1,272,440
WPX Energy, Inc.*		196,870		1,964,763
				12,656,888
Paper & Forest Products 0.3%
Domtar Corp.		29,201		1,062,625
Louisiana-Pacific Corp.		57,597		1,683,560
				2,746,185
Personal Products 0.2%
Edgewell Personal Care Co.*		25,199		881,965
Nu Skin Enterprises, Inc., Class A		25,901		1,154,667
				2,036,632

90

Statement of Investments (Continued)

October 31, 2019

Nationwide Mid Cap Market Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals 0.7%
Catalent, Inc.*		68,047	$	3,310,487
Nektar Therapeutics*		81,692		1,398,975
Prestige Consumer Healthcare, Inc.*		23,381		829,090
				5,538,552
Professional Services 1.0%
ASGN, Inc.*		24,656		1,567,875
FTI Consulting, Inc.*		17,965		1,955,849
Insperity, Inc.		18,039		1,905,460
ManpowerGroup, Inc.		27,878		2,534,668
				7,963,852
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.		24,006		3,517,359
Road & Rail 1.8%
Avis Budget Group, Inc.*		27,240		809,300
Genesee & Wyoming, Inc., Class A*		26,373		2,928,194
Knight-Swift Transportation Holdings, Inc. (a)		57,220		2,086,241
Landstar System, Inc.		18,465		2,089,315
Old Dominion Freight Line, Inc.		29,821		5,429,808
Ryder System, Inc.		24,878		1,209,817
Werner Enterprises, Inc.		20,452		746,498
				15,299,173
Semiconductors & Semiconductor Equipment 3.7%
Cirrus Logic, Inc.*		27,090		1,841,036
Cree, Inc.*		49,849		2,379,293
Cypress Semiconductor Corp.		172,076		4,004,209
First Solar, Inc.*		35,356		1,831,087
MKS Instruments, Inc.		25,387		2,747,381
Monolithic Power Systems, Inc.		18,737		2,809,051
Semtech Corp.*		31,016		1,565,067
Silicon Laboratories, Inc.*		20,197		2,145,729
SolarEdge Technologies, Inc.*		22,350		1,898,856
Synaptics, Inc.*		15,198		639,988
Teradyne, Inc.		79,178		4,847,277
Universal Display Corp.		19,754		3,954,356
				30,663,330
Software 3.2%
ACI Worldwide, Inc.*		54,411		1,707,961
Blackbaud, Inc.		22,919		1,924,050
CDK Global, Inc.		56,481		2,854,550
CommVault Systems, Inc.*		19,351		961,164
Fair Isaac Corp.*		13,464		4,093,595
j2 Global, Inc.		21,655		2,056,359
LogMeIn, Inc.		23,046		1,513,661
Manhattan Associates, Inc.*		29,972		2,246,401
PTC, Inc.*		48,302		3,231,887
Teradata Corp.*		53,198		1,592,216
Tyler Technologies, Inc.*		17,975		4,826,647
				27,008,491
Specialty Retail 2.2%
Aaron’s, Inc.		31,463		2,357,523
American Eagle Outfitters, Inc.		74,038		1,138,704
AutoNation, Inc.*		27,378		1,392,171

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Bed Bath & Beyond, Inc. (a)		59,564	$	816,027
Dick’s Sporting Goods, Inc.		30,680		1,194,372
Five Below, Inc.*		25,935		3,244,728
Foot Locker, Inc.		51,109		2,223,753
Murphy USA, Inc.*		13,993		1,650,194
Sally Beauty Holdings, Inc.*		56,202		871,131
Urban Outfitters, Inc.* (a)		32,869		943,340
Williams-Sonoma, Inc.		36,430		2,433,160
				18,265,103
Technology Hardware, Storage & Peripherals 0.2%
NCR Corp.*		59,398		1,735,016
Textiles, Apparel & Luxury Goods 0.8%
Carter’s, Inc.		20,846		2,089,603
Deckers Outdoor Corp.*		13,457		2,057,575
Skechers U.S.A., Inc., Class A*		62,327		2,329,160
				6,476,338
Thrifts & Mortgage Finance 0.6%
LendingTree, Inc.* (a)		3,572		1,285,384
New York Community Bancorp, Inc.		217,806		2,537,440
Washington Federal, Inc.		37,000		1,349,020
				5,171,844
Trading Companies & Distributors 0.7%
GATX Corp.		16,643		1,323,951
MSC Industrial Direct Co., Inc., Class A		20,971		1,535,287
NOW, Inc.*		52,016		548,249
Watsco, Inc.		15,192		2,678,349
				6,085,836
Water Utilities 0.5%
Aqua America, Inc.		100,558		4,558,294
Wireless Telecommunication Services 0.1%
Telephone & Data Systems, Inc.		45,494		1,186,938
Total Common Stocks (cost $686,384,145)				815,178,935
Short-Term Investment 0.2%
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		1,921,139		1,921,139
Total Short-Term Investment (cost $1,921,139)				1,921,139

91

Statement of Investments (Continued)

October 31, 2019

Nationwide Mid Cap Market Index Fund (Continued)

Repurchase Agreements 2.4%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $13,292,532, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $13,608,440. (c)(d)	$	13,291,905	$	13,291,905
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $6,561,597, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $6,716,829. (c)(d)		6,561,290		6,561,290
Total Repurchase Agreements (cost $19,853,195)				19,853,195
Total Investments (cost $708,158,479) — 100.0%				836,953,269
Liabilities in excess of other assets — 0.0%†				(391,257	)
NET ASSETS — 100.0%			$	836,562,012

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $25,448,052, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,921,139 and $19,853,195, respectively, and by $4,687,617 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $26,461,951.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $21,774,334.

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

REIT Real Estate Investment Trust

Futures contracts outstanding as of October 31, 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		116		12/2019		USD		22,678,000		(231,646	)
										(231,646	)

At October 31, 2019, the Fund had $933,800 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.

92

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Mid Cap Market Index Fund
Assets:
Investment securities, at value* (cost $688,305,284)	$	817,100,074
Repurchase agreements, at value (cost $19,853,195)		19,853,195
Cash		22,399,525
Deposits with broker for futures contracts		933,800
Interest and dividends receivable		505,550
Securities lending income receivable		12,024
Receivable for investments sold		112,283
Receivable for capital shares issued		267,879
Prepaid expenses		26,730
Total Assets		861,211,060
Liabilities:
Payable for investments purchased		830,269
Payable for capital shares redeemed		1,380,309
Payable for variation margin on futures contracts		176,407
Payable upon return of securities loaned (Note 2)		21,774,334
Accrued expenses and other payables:
Investment advisory fees		130,484
Fund administration fees		35,031
Distribution fees		79,739
Administrative servicing fees		69,623
Accounting and transfer agent fees		7,982
Trustee fees		3,610
Custodian fees		13,613
Compliance program costs (Note 3)		1,140
Professional fees		37,329
Printing fees		16,315
Other		92,863
Total Liabilities		24,649,048
Net Assets	$	836,562,012
Represented by:
Capital	$	674,713,917
Total distributable earnings (loss)		161,848,095
Net Assets	$	836,562,012
Net Assets:
Class A Shares	$	273,120,931
Class C Shares		15,300,757
Class R Shares		20,785,845
Class R6 Shares		511,164,558
Institutional Service Class Shares		16,189,921
Total	$	836,562,012

93

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Mid Cap Market Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		17,953,908
Class C Shares		1,114,570
Class R Shares		1,390,206
Class R6 Shares		32,920,348
Institutional Service Class Shares		1,042,898
Total		54,421,930
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	15.21
Class C Shares (b)	$	13.73
Class R Shares	$	14.95
Class R6 Shares	$	15.53
Institutional Service Class Shares	$	15.52
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	16.14
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $25,448,052 (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.

94

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Mid Cap Market Index Fund
INVESTMENT INCOME:
Dividend income	$	14,452,089
Interest income		467,012
Income from securities lending (Note 2)		119,348
Foreign tax withholding		(7,298	)
Total Income		15,031,151
EXPENSES:
Investment advisory fees		1,743,442
Fund administration fees		304,056
Distribution fees Class A		703,257
Distribution fees Class C		169,798
Distribution fees Class R		114,137
Administrative servicing fees Class A		424,336
Administrative servicing fees Class C		13,736
Administrative servicing fees Class R		50,220
Administrative servicing fees Institutional Service Class		43,770
Registration and filing fees		70,233
Professional fees		69,608
Printing fees		25,544
Trustee fees		32,200
Custodian fees		43,455
Accounting and transfer agent fees		31,156
Compliance program costs (Note 3)		3,775
Other		202,994
Total expenses before fees waived		4,045,717
Investment advisory fees waived (Note 3)		(89,416	)
Net Expenses		3,956,301
NET INVESTMENT INCOME		11,074,850
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		34,676,333
Redemptions in-kind by affiliated issuers (Note 3)		117,854,062
Expiration or closing of futures contracts (Note 2)		(2,559,170	)
Net realized gains		149,971,225
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(100,889,063	)
Futures contracts (Note 2)		4,203,600
Net change in unrealized appreciation/depreciation		(96,685,463	)
Net realized/unrealized gains		53,285,762
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	64,360,612

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

95

Statements of Changes in Net Assets

	Nationwide Mid Cap Market Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	11,074,850		$	16,202,313
Net realized gains		149,971,225			130,294,578
Net change in unrealized appreciation/depreciation		(96,685,463	)		(131,658,376	)
Change in net assets resulting from operations		64,360,612			14,838,515
Distributions to Shareholders From:
Distributable earnings:
Class A		(47,454,247	)		(42,390,385	)
Class C		(3,347,223	)		(2,719,793	)
Class R		(3,899,008	)		(3,173,750	)
Class R6		(79,781,848	)		(105,933,110	)
Institutional Service Class		(3,602,947	)		(314,947	)
Change in net assets from shareholder distributions		(138,085,273	)		(154,531,985	)
Change in net assets from capital transactions		(329,962,615	)		122,031,312
Change in net assets		(403,687,276	)		(17,662,158	)
Net Assets:
Beginning of year		1,240,249,288			1,257,911,446
End of year	$	836,562,012		$	1,240,249,288
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	38,903,844		$	41,077,204
Proceeds from shares issued in class conversion (Note 1)		55,007			–
Dividends reinvested		43,305,230			38,842,505
Cost of shares redeemed		(73,273,999	)		(103,743,687	)
Total Class A Shares		8,990,082			(23,823,978	)
Class C Shares
Proceeds from shares issued		2,254,708			4,057,466
Dividends reinvested		3,290,386			2,644,535
Cost of shares redeemed in class conversion (Note 1)		(55,007	)		–
Cost of shares redeemed		(7,107,729	)		(6,277,019	)
Total Class C Shares		(1,617,642	)		424,982
Class R Shares
Proceeds from shares issued		9,323,072			13,547,055
Dividends reinvested		2,099,101			1,153,196
Cost of shares redeemed		(13,089,835	)		(12,760,293	)
Total Class R Shares		(1,667,662	)		1,939,958
Class R6 Shares
Proceeds from shares issued		78,041,715			207,880,918
Dividends reinvested		79,340,654			105,916,347
Cost of shares redeemed		(488,912,755	)(a)		(191,956,659	)
Total Class R6 Shares		(331,530,386	)		121,840,606

96

Statements of Changes in Net Assets (Continued)

	Nationwide Mid Cap Market Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Service Class Shares
Proceeds from shares issued	$	4,164,506		$	24,040,700
Dividends reinvested		3,602,947			314,947
Cost of shares redeemed		(11,904,460	)		(2,705,903	)
Total Institutional Service Class Shares		(4,137,007	)		21,649,744
Change in net assets from capital transactions	$	(329,962,615	)	$	122,031,312
SHARE TRANSACTIONS:
Class A Shares
Issued		2,574,418			2,256,064
Issued in class conversion (Note 1)		3,752			–
Reinvested		3,288,570			2,180,652
Redeemed		(4,836,255	)		(5,676,757	)
Total Class A Shares		1,030,485			(1,240,041	)
Class C Shares
Issued		167,680			239,048
Reinvested		276,733			160,978
Redeemed in class conversion (Note 1)		(4,158	)		–
Redeemed		(545,472	)		(371,551	)
Total Class C Shares		(105,217	)		28,475
Class R Shares
Issued		653,779			754,456
Reinvested		162,096			65,604
Redeemed		(888,195	)		(704,298	)
Total Class R Shares		(72,320	)		115,762
Class R6 Shares
Issued		5,525,363			11,637,019
Reinvested		5,895,360			5,841,641
Redeemed		(29,425,844	)(a)		(10,331,159	)
Total Class R6 Shares		(18,005,121	)		7,147,501
Institutional Service Class Shares
Issued		278,491			1,302,612
Reinvested		268,206			17,272
Redeemed		(783,672	)		(146,212	)
Total Institutional Service Class Shares		(236,975	)		1,173,672
Total change in shares		(17,389,148	)		7,225,369

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

(a) Amount includes in-kind redemptions. (See Note 3)

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

97

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
Year Ended October 31, 2019	$	17.09		0.15		0.81			0.96		(0.21	)		(2.63	)		(2.84	)	$	15.21		8.25%		$	273,120,931		0.67%		1.00%		0.68%		16.22%	(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%
Class C Shares
Year Ended October 31, 2019	$	15.74		0.04		0.72			0.76		(0.14	)		(2.63	)		(2.77	)	$	13.73		7.55%		$	15,300,757		1.36%		0.33%		1.37%		16.22%	(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%
Class R Shares
Year Ended October 31, 2019	$	16.85		0.10		0.80			0.90		(0.17	)		(2.63	)		(2.80	)	$	14.95		7.96%		$	20,785,845		0.99%		0.69%		1.00%		16.22%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	17.38		0.22		0.83			1.05		(0.27	)		(2.63	)		(2.90	)	$	15.53		8.74%		$	511,164,558		0.27%		1.41%		0.28%		16.22%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	17.37		0.18		0.83			1.01		(0.23	)		(2.63	)		(2.86	)	$	15.52		8.48%		$	16,189,921		0.48%		1.19%		0.49%		16.22%	(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 (i)	$	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 February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

(i) 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.

98

Fund Commentary Nationwide S&P 500 Index Fund

For the annual period ended October 31, 2019, the Nationwide S&P 500 Index Fund (Class A at NAV*) returned 13.64% versus 14.33% for its benchmark, the S&P 500® Index (S&P 500). For broader comparison, the return for the Fund’s closest Morningstar® peer category, Large Blend (consisting of 1,396 funds as of October 31, 2019), was 12.45% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

In the fourth quarter of 2018, concerns over Federal Reserve (Fed) policy, U.S.-China trade tensions, and a potential slowdown in growth contributed to investor anxiety. The quarter began with Fed chairman Powell’s comment that the U.S. federal funds rate was “a long way from neutral.” The hawkish comment drove a temporary sell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy (the Institute of Supply Management [ISM] Purchasing Managers Index [PMI]** fell from 59.8 in September to 54.1 in December) contributed to a reduction in inflation expectations. This was accompanied by a broad-based risk-off in December — the worst December performance on record since 1931 — and the 10-year Treasury yield ended the quarter 0.57% lower than intra-quarter highs to 2.68%. Even though the United States and China were able to broker a 90-day trade war “truce” on December 1, 2018, volatility abounded in the wake of the Federal Open Market Committee (FOMC) December announcement. Although the Fed’s December rate hike and lowering of interest rate projections was largely expected, the Fed’s relatively hawkish tone and Powell’s affirmation that the balance sheet run-off was to run on autopilot was punished by the market.

In the first quarter of 2019, U.S. equities advanced as positive headlines regarding U.S.-China trade negotiations, relatively strong corporate earnings growth, and the Fed’s dovish pivot helped investor sentiment recover from steep losses in the previous quarter and contributed to a meaningful rebound in equity prices. In the

January announcement, the Fed indicated it would refrain from interest rate hikes for the foreseeable future, a dovish assessment of U.S. economic conditions, and transparency around balance sheet normalization. This reduced market-based expectations of interest rates, serving as a boon for both equities and bonds. On the macroeconomic front, despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation, and slowing but stable economic growth. The U-3 unemployment rate (representing the number of people actively looking for a job) remained at 3.8% in February, the lowest level since 1969. Core personal consumption expenditure dropped to 1.8% year-over-year in January, below the Fed’s inflation target of 2%. Though the ISM Manufacturing PMI was below two-year averages throughout the quarter, the indicator remained in expansionary territory at the end of the quarter (55.3). Less optimism was evident in the U.S. rates market. The pause in interest rate hiking by the Fed coupled with lowered forecasts for growth drove investors into longer-duration government bonds. The yield on the 10-year U.S. Treasury dropped from a quarterly high of 2.78% in mid-January to 2.40% at quarter end. The bid for long-term debt coupled with high short-term rates (federal funds target rate remained at 2.50% at the quarter’s end) catalyzed an inversion of the three-month, 10-year Treasury spread. This spread is the Fed’s preferred measure for calculating recession probabilities and its inversion has preceded every U.S. recession since the 1950s.

During the second quarter of 2019, the Chicago Fed National Activity Index was in contractionary territory in April and May. The ISM Manufacturing PMI decelerated throughout the quarter but remained in expansionary territory in June (51.7). The U-3 unemployment rate actually declined to 3.6% in April, but the moving average of continuing jobless claims accelerated throughout the quarter. In May, U.S. President Trump threatened an increase in tariffs and protectionism against both China and Mexico. The U.S. markets fell in May on these renewed trade concerns, and trade tensions were a source of

99

Fund Commentary (cont.) Nationwide S&P 500 Index Fund

intra-quarter volatility. However, these threats did not materialize, and sentiment eased heading into the G-20† meeting at the month’s end. On the macroeconomic front, there were signs of weaker U.S. economic conditions. In the June FOMC announcement, Fed Chair Powell stated that should trade tensions weigh on the FOMC’s economic outlook or should the shortfall of inflation from the target rate persist longer than expected, the Fed would provide more accommodation to sustain the expansion. The prospect of easy monetary policy broadly buoyed equities. In interest rates, the 10-year U.S. Treasury yield declined 0.50% in the quarter to 2% — the lowest level since 2016. The yield curve remained a source of uncertainty as the three-month, 10-year spread remained in negative territory while the five-year, 30-year spread expanded throughout the quarter.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. The U.S. markets suffered their worst week of 2019 in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks that were slated to be held in October. In monetary policy, the Fed lowered the target range for the federal funds rates in both the July and September meetings. Fed Chair Powell confirmed that the rate cuts were intended to offset potential downside risks from weak global growth and trade policy uncertainty. On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. The frequently tracked ISM Manufacturing PMI registered in contractionary territory in both August and September. The September reading was the lowest reading since the global financial crisis. Consumer sentiment also softened, with the University of Michigan Consumer Sentiment Index‡ falling to its lowest level since 2016 in August. More constructively, labor market conditions were stable as the U-3 unemployment rate remained at 3.7% throughout the quarter and average hourly earnings modestly accelerated. In

interest rates, the 10-year Treasury yield declined 0.36% from the start of the quarter to the end, although the benchmark rate did fall as low as 1.45% intra-quarter. In August, the frequently monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis, but ended the quarter in positive territory.

U.S. large-capitalization stocks, as represented by the S&P 500, increased approximately 14.33% for the year ended October 31, 2019. From a sector perspective, top returns came from Real Estate, with 26.73%; Utilities, with 23.71%; and Information Technology, with 22.60%. Bottom sector returns came from Energy, with -11.04%; followed by lowest positive sectors Health Care, with 8.65%; and Financials, with 11.72%.

Exchange-traded futures are employed to equitize dividend accruals as well as to manage day-to-day cash flows generated from clients’ trades, dividends, interest received and other activity associated with securities in the portfolio. Specifically, futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the Fund’s portfolio. While the Fund seeks to remain fully invested, a small amount of spendable cash is retained to minimize trading and transactions costs. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Rachel Aguirre; Jennifer Hsui, CFA; Alan Mason; Greg Savage, CFA; and Amy Whitelaw

* Performance is shown for the Fund’s Class A shares to correspond with the class used for performance reporting in the Fund’s prospectus. Institutional Service Class shares previously were shown in the Fund’s annual reports for performance reporting.

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the

100

Fund Commentary (cont.) Nationwide S&P 500 Index Fund

risks of investing in equity securities. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

101

Fund Overview Nationwide S&P 500 Index Fund

Asset Allocation¹

Common Stocks	98.8%
Repurchase Agreements	0.1%
Short-Term Investment†	0.0%
Futures Contracts†	0.0%
Other assets in excess of liabilities	1.1%
	100.0%

Top Industries²

Software	6.7%
Banks	5.6%
IT Services	5.4%
Interactive Media & Services	4.9%
Technology Hardware, Storage & Peripherals	4.6%
Pharmaceuticals	4.4%
Semiconductors & Semiconductor Equipment	4.1%
Oil, Gas & Consumable Fuels	3.9%
Health Care Equipment & Supplies	3.6%
Internet & Direct Marketing Retail	3.5%
Other Industries#	53.3%
	100.0%

Top Holdings²

Microsoft Corp.	4.3%
Apple, Inc.	4.2%
Amazon.com, Inc.	2.9%
Facebook, Inc., Class A	1.8%
Berkshire Hathaway, Inc., Class B	1.7%
JPMorgan Chase & Co.	1.6%
Alphabet, Inc., Class C	1.5%
Alphabet, Inc., Class A	1.5%
Johnson & Johnson	1.4%
Procter & Gamble Co. (The)	1.2%
Other Holdings#	77.9%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

102

Fund Performance Nationwide S&P 500 Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC1		13.64%		10.12%		13.03%
	w/SC2		7.13%		8.83%		12.36%
Class C	w/o SC1		12.85%		9.41%		12.33%
	w/SC3		11.89%		N/A		N/A
Class R4,5			13.40%		9.87%		12.71%
Class R64,6			14.09%		10.59%		13.51%
Institutional Service Class4			13.84%		10.32%		13.21%
Service Class4			13.68%		10.16%		13.06%
S&P 500® Index			14.33%		10.78%		13.70%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹ These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³ A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵ Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

Expense Ratios

	Expense Ratio^
Class A		0.59%
Class C		1.23%
Class R		0.76%
Class R6		0.16%
Institutional Service Class		0.41%
Service Class		0.56%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

103

Fund Performance (cont.) Nationwide S&P 500 Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide S&P 500 Index Fund versus the S&P 500® Index over the 10-year period ended 10/31/19. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

104

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,038.00		3.34		0.65
	Hypothetical	(a)(b)		1,000.00		1,021.93		3.31		0.65
Class C Shares	Actual	(a)		1,000.00		1,034.50		6.56		1.28
	Hypothetical	(a)(b)		1,000.00		1,018.75		6.51		1.28
Class R Shares	Actual	(a)		1,000.00		1,036.80		4.52		0.88
	Hypothetical	(a)(b)		1,000.00		1,020.77		4.48		0.88
Class R6 Shares	Actual	(a)		1,000.00		1,040.60		1.08		0.21
	Hypothetical	(a)(b)		1,000.00		1,024.15		1.07		0.21
Institutional Service Class Shares	Actual	(a)		1,000.00		1,038.70		2.36		0.46
	Hypothetical	(a)(b)		1,000.00		1,022.89		2.35		0.46
Service Class Shares	Actual	(a)		1,000.00		1,038.80		3.13		0.61
	Hypothetical	(a)(b)		1,000.00		1,022.13		3.11		0.61

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

105

Statement of Investments

October 31, 2019

Nationwide S&P 500 Index Fund

Common Stocks 98.8%
	Shares		Value
Aerospace & Defense 2.5%
Arconic, Inc.		16,237	$	446,030
Boeing Co. (The)		22,407		7,616,363
General Dynamics Corp.		9,807		1,733,878
Huntington Ingalls Industries, Inc.		1,738		392,197
L3Harris Technologies, Inc.		9,325		1,923,841
Lockheed Martin Corp.		10,417		3,923,876
Northrop Grumman Corp.		6,596		2,324,958
Raytheon Co.		11,673		2,477,127
Textron, Inc.		9,646		444,584
TransDigm Group, Inc.		2,070		1,089,400
United Technologies Corp.		34,000		4,881,720
				27,253,974
Air Freight & Logistics 0.6%
CH Robinson Worldwide, Inc.		5,637		426,383
Expeditors International of Washington, Inc.		7,143		521,011
FedEx Corp.		10,096		1,541,255
United Parcel Service, Inc., Class B		29,272		3,371,256
				5,859,905
Airlines 0.4%
Alaska Air Group, Inc.		5,116		355,204
American Airlines Group, Inc.		16,788		504,647
Delta Air Lines, Inc.		24,256		1,336,021
Southwest Airlines Co.		20,278		1,138,204
United Airlines Holdings, Inc.*		9,223		837,817
				4,171,893
Auto Components 0.1%
Aptiv plc		10,739		961,677
BorgWarner, Inc.		8,820		367,618
				1,329,295
Automobiles 0.3%
Ford Motor Co.		165,040		1,417,694
General Motors Co.		52,664		1,956,994
Harley-Davidson, Inc.		6,477		252,020
				3,626,708
Banks 5.5%
Bank of America Corp.		351,153		10,980,554
BB&T Corp.		32,061		1,700,836
Citigroup, Inc.		94,691		6,804,495
Citizens Financial Group, Inc.		18,740		658,898
Comerica, Inc.		6,261		409,595
Fifth Third Bancorp		30,625		890,575
First Republic Bank		6,987		743,137
Huntington Bancshares, Inc.		43,258		611,236
JPMorgan Chase & Co.		134,027		16,742,653
KeyCorp		42,419		762,269
M&T Bank Corp.		5,603		877,038
People’s United Financial, Inc.		16,320		263,894
PNC Financial Services Group, Inc. (The)		18,664		2,738,009
Regions Financial Corp.		41,758		672,304
SunTrust Banks, Inc.		18,692		1,277,411
SVB Financial Group*		2,160		478,397
US Bancorp		60,108		3,427,358
Wells Fargo & Co.		168,066		8,677,248

Common Stocks (continued)
	Shares		Value
Banks (continued)
Zions Bancorp NA		7,418	$	359,551
				59,075,458
Beverages 1.9%
Brown-Forman Corp., Class B		7,697		504,308
Coca-Cola Co. (The)		161,312		8,780,212
Constellation Brands, Inc., Class A		7,042		1,340,304
Molson Coors Brewing Co., Class B		7,927		417,911
Monster Beverage Corp.*		16,216		910,204
PepsiCo, Inc.		58,606		8,038,985
				19,991,924
Biotechnology 2.2%
AbbVie, Inc.		61,973		4,929,952
Alexion Pharmaceuticals, Inc.*		9,397		990,444
Amgen, Inc.		25,137		5,360,465
Biogen, Inc.*		7,731		2,309,327
Celgene Corp.*		29,703		3,208,815
Gilead Sciences, Inc.		53,085		3,382,045
Incyte Corp.*		7,464		626,379
Regeneron Pharmaceuticals, Inc.*		3,302		1,011,337
Vertex Pharmaceuticals, Inc.*		10,787		2,108,643
				23,927,407
Building Products 0.3%
Allegion plc		3,911		453,833
AO Smith Corp.		5,799		288,094
Fortune Brands Home & Security, Inc.		5,824		349,731
Johnson Controls International plc		33,267		1,441,459
Masco Corp.		12,133		561,151
				3,094,268
Capital Markets 2.7%
Affiliated Managers Group, Inc.		2,155		172,141
Ameriprise Financial, Inc.		5,486		827,782
Bank of New York Mellon Corp. (The)		35,957		1,680,990
BlackRock, Inc.		4,925		2,273,872
Cboe Global Markets, Inc.		4,728		544,429
Charles Schwab Corp. (The)		48,765		1,985,223
CME Group, Inc.		15,010		3,088,307
E*TRADE Financial Corp.		9,506		397,256
Franklin Resources, Inc.		11,823		325,724
Goldman Sachs Group, Inc. (The)		13,564		2,894,286
Intercontinental Exchange, Inc.		23,491		2,215,671
Invesco Ltd.		16,147		271,593
MarketAxess Holdings, Inc.		1,596		588,270
Moody’s Corp.		6,820		1,505,106
Morgan Stanley		52,651		2,424,579
MSCI, Inc.		3,566		836,441
Nasdaq, Inc.		4,881		486,977
Northern Trust Corp.		9,007		897,818
Raymond James Financial, Inc.		5,149		429,890
S&P Global, Inc.		10,321		2,662,715
State Street Corp.		15,716		1,038,356
T. Rowe Price Group, Inc.		9,927		1,149,547
				28,696,973
Chemicals 1.9%
Air Products & Chemicals, Inc.		9,221		1,966,470
Albemarle Corp. (a)		4,467		271,326

106

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
Celanese Corp.		5,187	$	628,405
CF Industries Holdings, Inc.		9,218		418,036
Corteva, Inc.		31,433		829,202
Dow, Inc.		31,153		1,572,915
DuPont de Nemours, Inc.		31,248		2,059,556
Eastman Chemical Co.		5,742		436,622
Ecolab, Inc.		10,494		2,015,583
FMC Corp.		5,513		504,439
International Flavors & Fragrances, Inc. (a)		4,515		550,875
Linde plc		22,660		4,494,611
LyondellBasell Industries NV, Class A		10,800		968,760
Mosaic Co. (The)		15,130		300,784
PPG Industries, Inc.		9,915		1,240,565
Sherwin-Williams Co. (The)		3,421		1,957,907
				20,216,056
Commercial Services & Supplies 0.4%
Cintas Corp.		3,480		934,971
Copart, Inc.*		8,509		703,184
Republic Services, Inc.		8,874		776,564
Rollins, Inc.		5,903		224,963
Waste Management, Inc.		16,360		1,835,756
				4,475,438
Communications Equipment 1.0%
Arista Networks, Inc.*		2,205		539,277
Cisco Systems, Inc.		177,947		8,454,262
F5 Networks, Inc.*		2,534		365,099
Juniper Networks, Inc.		14,458		358,847
Motorola Solutions, Inc.		6,931		1,152,764
				10,870,249
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		5,730		536,213
Quanta Services, Inc.		5,891		247,717
				783,930
Construction Materials 0.1%
Martin Marietta Materials, Inc.		2,640		691,443
Vulcan Materials Co.		5,590		798,643
				1,490,086
Consumer Finance 0.7%
American Express Co.		28,517		3,344,474
Capital One Financial Corp.		19,778		1,844,299
Discover Financial Services		13,340		1,070,668
Synchrony Financial		25,512		902,359
				7,161,800
Containers & Packaging 0.4%
Amcor plc		68,801		654,986
Avery Dennison Corp.		3,552		454,159
Ball Corp.		13,916		973,702
International Paper Co.		16,466		719,235
Packaging Corp. of America		3,935		430,725
Sealed Air Corp.		6,404		267,495
Westrock Co.		10,860		405,838
				3,906,140

Common Stocks (continued)
	Shares		Value
Distributors 0.1%
Genuine Parts Co.		6,109	$	626,661
LKQ Corp.*		12,919		439,117
				1,065,778
Diversified Consumer Services 0.0%†
H&R Block, Inc.		8,486		212,065
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B*		82,192		17,472,375
Diversified Telecommunication Services 2.1%
AT&T, Inc.		306,283		11,788,833
CenturyLink, Inc.		40,724		526,968
Verizon Communications, Inc.		173,366		10,483,442
				22,799,243
Electric Utilities 2.1%
Alliant Energy Corp.		10,052		536,174
American Electric Power Co., Inc.		20,670		1,951,041
Duke Energy Corp.		30,540		2,878,700
Edison International		14,850		934,065
Entergy Corp.		8,320		1,010,714
Evergy, Inc.		9,870		630,792
Eversource Energy		13,465		1,127,559
Exelon Corp.		40,663		1,849,760
FirstEnergy Corp.		22,615		1,092,757
NextEra Energy, Inc.		20,487		4,882,871
Pinnacle West Capital Corp.		4,706		442,929
PPL Corp.		30,262		1,013,474
Southern Co. (The)		43,836		2,746,764
Xcel Energy, Inc.		21,676		1,376,643
				22,474,243
Electrical Equipment 0.5%
AMETEK, Inc.		9,596		879,473
Eaton Corp. plc		17,605		1,533,572
Emerson Electric Co.		25,736		1,805,380
Rockwell Automation, Inc.		4,905		843,611
				5,062,036
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		12,457		1,249,811
CDW Corp.		6,110		781,530
Corning, Inc.		32,731		969,820
FLIR Systems, Inc.		5,792		298,635
IPG Photonics Corp.*		1,486		199,540
Keysight Technologies, Inc.*		7,925		799,712
TE Connectivity Ltd.		14,069		1,259,175
				5,558,223
Energy Equipment & Services 0.4%
Baker Hughes Co.		27,208		582,251
Halliburton Co.		36,639		705,301
Helmerich & Payne, Inc.		4,520		169,500
National Oilwell Varco, Inc.		16,079		363,707
Schlumberger Ltd.		57,971		1,895,072
TechnipFMC plc		17,810		351,391
				4,067,222

107

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment 1.8%
Activision Blizzard, Inc.		32,261	$	1,807,584
Electronic Arts, Inc.*		12,353		1,190,829
Netflix, Inc.*		18,352		5,274,548
Take-Two Interactive Software, Inc.*		4,736		569,978
Viacom, Inc., Class B		14,749		317,988
Walt Disney Co. (The)		75,507		9,809,870
				18,970,797
Equity Real Estate Investment Trusts (REITs) 3.0%
Alexandria Real Estate Equities, Inc.		4,781		758,984
American Tower Corp.		18,556		4,046,692
Apartment Investment & Management Co., Class A		6,221		341,408
AvalonBay Communities, Inc.		5,863		1,276,141
Boston Properties, Inc.		5,999		823,063
Crown Castle International Corp.		17,427		2,418,693
Digital Realty Trust, Inc.		8,758		1,112,616
Duke Realty Corp.		15,074		529,700
Equinix, Inc.		3,541		2,006,968
Equity Residential		14,612		1,295,500
Essex Property Trust, Inc.		2,744		897,645
Extra Space Storage, Inc.		5,359		601,655
Federal Realty Investment Trust		2,922		397,421
HCP, Inc.		20,131		757,328
Host Hotels & Resorts, Inc.		30,415		498,502
Iron Mountain, Inc.		11,955		392,124
Kimco Realty Corp.		17,928		386,528
Macerich Co. (The)		4,578		125,895
Mid-America Apartment Communities, Inc.		4,814		669,098
Prologis, Inc.		26,451		2,321,340
Public Storage		6,321		1,408,698
Realty Income Corp.		13,297		1,087,562
Regency Centers Corp.		6,969		468,596
SBA Communications Corp.		4,751		1,143,328
Simon Property Group, Inc.		12,911		1,945,429
SL Green Realty Corp.		3,447		288,169
UDR, Inc.		11,946		600,286
Ventas, Inc.		15,508		1,009,571
Vornado Realty Trust		6,697		439,524
Welltower, Inc.		17,055		1,546,718
Weyerhaeuser Co.		31,312		914,624
				32,509,806
Food & Staples Retailing 1.6%
Costco Wholesale Corp.		18,434		5,476,926
Kroger Co. (The)		33,483		825,021
Sysco Corp.		21,511		1,718,084
Walgreens Boots Alliance, Inc.		31,799		1,741,949
Walmart, Inc.		59,611		6,989,986
				16,751,966
Food Products 1.1%
Archer-Daniels-Midland Co.		23,313		980,079
Campbell Soup Co. (a)		7,132		330,283
Conagra Brands, Inc.		20,510		554,795
General Mills, Inc.		25,219		1,282,638
Hershey Co. (The)		6,225		914,266
Hormel Foods Corp.		11,525		471,257
JM Smucker Co. (The)		4,804		507,687

Common Stocks (continued)
	Shares		Value
Food Products (continued)
Kellogg Co.		10,468	$	665,032
Kraft Heinz Co. (The)		26,037		841,776
Lamb Weston Holdings, Inc.		6,139		479,088
McCormick & Co., Inc. (Non-Voting)		5,154		828,196
Mondelez International, Inc., Class A		60,450		3,170,602
Tyson Foods, Inc., Class A		12,416		1,027,921
				12,053,620
Gas Utilities 0.1%
Atmos Energy Corp.		4,895		550,590
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		74,083		6,194,080
ABIOMED, Inc.*		1,877		389,628
Align Technology, Inc.*		3,040		766,962
Baxter International, Inc.		21,401		1,641,457
Becton Dickinson and Co.		11,315		2,896,640
Boston Scientific Corp.*		58,311		2,431,569
Cooper Cos., Inc. (The)		2,088		607,608
Danaher Corp.		26,762		3,688,339
Dentsply Sirona, Inc.		9,397		514,768
Edwards Lifesciences Corp.*		8,717		2,077,958
Hologic, Inc.*		11,136		537,980
IDEXX Laboratories, Inc.*		3,597		1,025,181
Intuitive Surgical, Inc.*		4,831		2,671,301
Medtronic plc		56,238		6,124,318
ResMed, Inc.		6,052		895,212
Stryker Corp.		13,450		2,908,831
Teleflex, Inc.		1,955		679,187
Varian Medical Systems, Inc.*		3,834		463,185
Zimmer Biomet Holdings, Inc.		8,610		1,190,160
				37,704,364
Health Care Providers & Services 2.7%
AmerisourceBergen Corp.		6,375		544,297
Anthem, Inc.		10,723		2,885,345
Cardinal Health, Inc.		12,514		618,817
Centene Corp.*		17,369		921,947
Cigna Corp.		15,828		2,824,665
CVS Health Corp.		54,512		3,619,052
DaVita, Inc.*		4,059		237,857
HCA Healthcare, Inc.		11,148		1,488,704
Henry Schein, Inc.*		6,281		393,096
Humana, Inc.		5,651		1,662,524
Laboratory Corp. of America Holdings*		4,084		672,921
McKesson Corp.		7,751		1,030,883
Quest Diagnostics, Inc.		5,647		571,759
UnitedHealth Group, Inc.		39,723		10,038,002
Universal Health Services, Inc., Class B		3,405		468,051
WellCare Health Plans, Inc.*		2,105		624,343
				28,602,263
Health Care Technology 0.1%
Cerner Corp.		13,346		895,784
Hotels, Restaurants & Leisure 1.8%
Carnival Corp.		16,759		718,794
Chipotle Mexican Grill, Inc.*		1,065		828,740
Darden Restaurants, Inc.		5,128		575,721
Hilton Worldwide Holdings, Inc.		12,024		1,165,847

108

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Las Vegas Sands Corp.		14,302	$	884,436
Marriott International, Inc., Class A		11,459		1,450,136
McDonald’s Corp.		31,833		6,261,551
MGM Resorts International		21,599		615,572
Norwegian Cruise Line Holdings Ltd.*		9,010		457,348
Royal Caribbean Cruises Ltd.		7,182		781,617
Starbucks Corp.		50,174		4,242,713
Wynn Resorts Ltd.		4,042		490,456
Yum! Brands, Inc.		12,755		1,297,311
				19,770,242
Household Durables 0.4%
DR Horton, Inc.		14,211		744,230
Garmin Ltd.		6,110		572,812
Leggett & Platt, Inc.		5,460		280,098
Lennar Corp., Class A		11,968		713,293
Mohawk Industries, Inc.*		2,510		359,884
Newell Brands, Inc.		16,195		307,219
NVR, Inc.*		145		527,306
PulteGroup, Inc.		10,667		418,573
Whirlpool Corp.		2,635		400,836
				4,324,251
Household Products 1.8%
Church & Dwight Co., Inc.		10,392		726,816
Clorox Co. (The)		5,271		778,474
Colgate-Palmolive Co.		35,965		2,467,199
Kimberly-Clark Corp.		14,400		1,913,472
Procter & Gamble Co. (The)		104,901		13,061,224
				18,947,185
Independent Power and Renewable Electricity Producers 0.1%
AES Corp.		28,000		477,400
NRG Energy, Inc.		10,655		427,479
				904,879
Industrial Conglomerates 1.3%
3M Co.		24,114		3,978,569
General Electric Co.		365,807		3,650,754
Honeywell International, Inc.		30,159		5,209,364
Roper Technologies, Inc.		4,373		1,473,526
				14,312,213
Insurance 2.3%
Aflac, Inc.		31,034		1,649,768
Allstate Corp. (The)		13,799		1,468,490
American International Group, Inc.		36,431		1,929,386
Aon plc		9,886		1,909,580
Arthur J Gallagher & Co.		7,832		714,435
Assurant, Inc.		2,571		324,126
Chubb Ltd.		19,103		2,911,679
Cincinnati Financial Corp.		6,377		721,940
Everest Re Group Ltd.		1,724		443,223
Globe Life, Inc.		4,249		413,555
Hartford Financial Services Group, Inc. (The)		15,167		865,732
Lincoln National Corp.		8,391		473,924
Loews Corp.		10,900		534,100
Marsh & McLennan Cos., Inc.		21,223		2,199,127
MetLife, Inc.		33,365		1,561,148

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Principal Financial Group, Inc.		10,888	$	581,201
Progressive Corp. (The)		24,595		1,714,272
Prudential Financial, Inc.		16,850		1,535,709
Travelers Cos., Inc. (The)		10,914		1,430,389
Unum Group		8,963		246,841
Willis Towers Watson plc		5,422		1,013,372
				24,641,997
Interactive Media & Services 4.9%
Alphabet, Inc., Class A*		12,555		15,804,234
Alphabet, Inc., Class C*		12,667		15,961,814
Facebook, Inc., Class A*		100,839		19,325,794
TripAdvisor, Inc.*		4,428		178,891
Twitter, Inc.*		32,341		969,260
				52,239,993
Internet & Direct Marketing Retail 3.4%
Amazon.com, Inc.*		17,417		30,944,087
Booking Holdings, Inc.*		1,782		3,650,908
eBay, Inc.		33,047		1,164,907
Expedia Group, Inc.		5,840		798,094
				36,557,996
IT Services 5.4%
Accenture plc, Class A		26,707		4,952,012
Akamai Technologies, Inc.*		6,955		601,607
Alliance Data Systems Corp.		1,667		166,700
Automatic Data Processing, Inc.		18,189		2,950,801
Broadridge Financial Solutions, Inc.		4,790		599,804
Cognizant Technology Solutions Corp., Class A		23,150		1,410,761
DXC Technology Co.		10,980		303,817
Fidelity National Information Services, Inc.		25,713		3,387,945
Fiserv, Inc.*		23,897		2,536,428
FleetCor Technologies, Inc.*		3,648		1,073,315
Gartner, Inc.*		3,785		583,193
Global Payments, Inc.		12,141		2,054,014
International Business Machines Corp.		37,133		4,965,796
Jack Henry & Associates, Inc.		3,271		463,043
Leidos Holdings, Inc.		5,716		492,891
Mastercard, Inc., Class A		37,422		10,358,784
Paychex, Inc.		13,450		1,124,958
PayPal Holdings, Inc.*		49,322		5,134,420
VeriSign, Inc.*		4,366		829,627
Visa, Inc., Class A		72,388		12,947,318
Western Union Co. (The)		17,959		450,052
				57,387,286
Leisure Products 0.0%†
Hasbro, Inc.		4,905		477,306
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.		12,972		982,629
Illumina, Inc.*		6,154		1,818,630
IQVIA Holdings, Inc.*		7,632		1,102,213
Mettler-Toledo International, Inc. *		1,039		732,433
PerkinElmer, Inc.		4,656		400,230
Thermo Fisher Scientific, Inc.		16,787		5,069,338
Waters Corp.*		2,798		592,113
				10,697,586

109

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery 1.6%
Caterpillar, Inc.		23,582	$	3,249,600
Cummins, Inc.		6,613		1,140,610
Deere & Co.		13,198		2,298,300
Dover Corp.		6,080		631,651
Flowserve Corp.		5,435		265,445
Fortive Corp.		12,472		860,568
IDEX Corp.		3,211		499,407
Illinois Tool Works, Inc.		12,339		2,080,109
Ingersoll-Rand plc		10,144		1,287,172
PACCAR, Inc.		14,519		1,104,315
Parker-Hannifin Corp.		5,396		990,112
Pentair plc		6,601		273,744
Snap-on, Inc.		2,317		376,906
Stanley Black & Decker, Inc.		6,338		959,130
Wabtec Corp.		7,701		534,218
Xylem, Inc.		7,536		577,936
				17,129,223
Media 1.4%
CBS Corp. (Non-Voting), Class B		13,838		498,722
Charter Communications, Inc., Class A*		6,777		3,170,687
Comcast Corp., Class A		190,113		8,520,865
Discovery, Inc., Class A* (a)		6,660		179,520
Discovery, Inc., Class C*		14,543		367,066
DISH Network Corp., Class A*		9,793		336,683
Fox Corp., Class A		14,870		476,435
Fox Corp., Class B		6,988		218,305
Interpublic Group of Cos., Inc. (The)		16,523		359,375
News Corp., Class A		15,976		219,031
News Corp., Class B		5,527		78,041
Omnicom Group, Inc.		9,118		703,818
				15,128,548
Metals & Mining 0.3%
Freeport-McMoRan, Inc.		60,639		595,475
Newmont Goldcorp Corp.		34,520		1,371,479
Nucor Corp.		12,761		687,180
				2,654,134
Multiline Retail 0.5%
Dollar General Corp.		10,775		1,727,664
Dollar Tree, Inc.*		9,918		1,094,947
Kohl’s Corp.		6,670		341,904
Macy’s, Inc.		13,177		199,763
Nordstrom, Inc. (a)		4,542		163,058
Target Corp.		21,416		2,289,585
				5,816,921
Multi-Utilities 1.1%
Ameren Corp.		10,291		799,611
CenterPoint Energy, Inc.		20,956		609,191
CMS Energy Corp.		11,966		764,867
Consolidated Edison, Inc.		13,754		1,268,394
Dominion Energy, Inc.		34,452		2,844,012
DTE Energy Co.		7,666		976,035
NiSource, Inc.		15,688		439,891
Public Service Enterprise Group, Inc.		21,194		1,341,792
Sempra Energy		11,482		1,659,264
WEC Energy Group, Inc.		13,285		1,254,104
				11,957,161

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels 3.9%
Apache Corp.		15,793	$	342,076
Cabot Oil & Gas Corp.		17,628		328,586
Chevron Corp.		79,575		9,241,841
Cimarex Energy Co.		4,368		184,417
Concho Resources, Inc.		8,460		571,219
ConocoPhillips		46,533		2,568,622
Devon Energy Corp.		16,943		343,604
Diamondback Energy, Inc.		6,895		591,315
EOG Resources, Inc.		24,295		1,683,887
Exxon Mobil Corp.		177,353		11,983,742
Hess Corp.		10,791		709,508
HollyFrontier Corp.		6,347		348,704
Kinder Morgan, Inc.		81,476		1,627,891
Marathon Oil Corp.		34,065		392,769
Marathon Petroleum Corp.		27,594		1,764,636
Noble Energy, Inc.		20,011		385,412
Occidental Petroleum Corp.		37,460		1,517,130
ONEOK, Inc.		17,363		1,212,458
Phillips 66		18,801		2,196,333
Pioneer Natural Resources Co.		7,006		861,878
Valero Energy Corp.		17,370		1,684,543
Williams Cos., Inc. (The)		50,982		1,137,408
				41,677,979
Personal Products 0.2%
Coty, Inc., Class A		12,087		141,297
Estee Lauder Cos., Inc. (The), Class A		9,235		1,720,203
				1,861,500
Pharmaceuticals 4.3%
Allergan plc		13,750		2,421,512
Bristol-Myers Squibb Co.		68,565		3,933,574
Eli Lilly & Co.		35,611		4,057,873
Johnson & Johnson		110,624		14,606,793
Merck & Co., Inc.		107,322		9,300,524
Mylan NV*		21,775		416,991
Perrigo Co. plc		5,276		279,734
Pfizer, Inc.		231,842		8,895,778
Zoetis, Inc.		20,018		2,560,703
				46,473,482
Professional Services 0.3%
Equifax, Inc.		5,087		695,444
IHS Markit Ltd.*		16,810		1,177,036
Nielsen Holdings plc		15,195		306,331
Robert Half International, Inc.		5,005		286,636
Verisk Analytics, Inc.		6,851		991,340
				3,456,787
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A*		14,223		761,642
Road & Rail 1.0%
CSX Corp.		33,457		2,351,024
JB Hunt Transport Services, Inc.		3,557		418,161
Kansas City Southern		4,203		591,698
Norfolk Southern Corp.		11,041		2,009,462
Union Pacific Corp.		29,531		4,886,199
				10,256,544

110

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment 4.0%
Advanced Micro Devices, Inc.*		45,502	$	1,543,883
Analog Devices, Inc.		15,474		1,649,993
Applied Materials, Inc.		38,720		2,100,947
Broadcom, Inc.		16,686		4,886,495
Intel Corp.		185,690		10,497,056
KLA Corp.		6,675		1,128,342
Lam Research Corp.		6,058		1,641,960
Maxim Integrated Products, Inc.		11,408		669,193
Microchip Technology, Inc. (a)		9,945		937,714
Micron Technology, Inc.*		46,267		2,199,996
NVIDIA Corp.		25,527		5,131,437
Qorvo, Inc.*		4,999		404,219
QUALCOMM, Inc.		50,956		4,098,901
Skyworks Solutions, Inc.		7,250		660,185
Texas Instruments, Inc.		39,134		4,617,421
Xilinx, Inc.		10,556		957,851
				43,125,593
Software 6.6%
Adobe, Inc.*		20,348		5,655,319
ANSYS, Inc.*		3,546		780,652
Autodesk, Inc.*		9,250		1,363,080
Cadence Design Systems, Inc.*		11,778		769,692
Citrix Systems, Inc.		5,158		561,500
Fortinet, Inc.*		5,949		485,200
Intuit, Inc.		10,918		2,811,385
Microsoft Corp.		320,049		45,885,425
Oracle Corp.		92,285		5,028,610
salesforce.com, Inc.*		36,761		5,752,729
Symantec Corp.		24,044		550,127
Synopsys, Inc.*		6,313		856,990
				70,500,709
Specialty Retail 2.4%
Advance Auto Parts, Inc.		2,993		486,303
AutoZone, Inc.*		1,029		1,177,567
Best Buy Co., Inc.		9,765		701,420
CarMax, Inc.*		6,939		646,507
Gap, Inc. (The)		9,174		149,169
Home Depot, Inc. (The)		45,905		10,768,395
L Brands, Inc.		9,730		165,799
Lowe’s Cos., Inc.		32,351		3,610,695
O’Reilly Automotive, Inc.*		3,207		1,396,681
Ross Stores, Inc.		15,287		1,676,525
Tiffany & Co.		4,536		564,778
TJX Cos., Inc. (The)		50,674		2,921,356
Tractor Supply Co.		5,058		480,611
Ulta Beauty, Inc.*		2,489		580,310
				25,326,116
Technology Hardware, Storage & Peripherals 4.5%
Apple, Inc.		178,062		44,294,703
Hewlett Packard Enterprise Co.		54,726		898,054
HP, Inc.		62,116		1,078,955
NetApp, Inc.		9,972		557,235
Seagate Technology plc		10,012		580,996
Western Digital Corp.		12,334		637,051
Xerox Holdings Corp.		8,087		274,392
				48,321,386

Common Stocks (continued)
	Shares		Value
Textiles, Apparel & Luxury Goods 0.7%
Capri Holdings Ltd.*		6,538	$	203,136
Hanesbrands, Inc.		15,022		228,484
NIKE, Inc., Class B		52,474		4,699,047
PVH Corp.		3,105		270,632
Ralph Lauren Corp.		2,166		208,066
Tapestry, Inc.		12,024		310,941
Under Armour, Inc., Class A*		7,994		165,076
Under Armour, Inc., Class C*		8,313		153,790
VF Corp.		13,697		1,127,126
				7,366,298
Tobacco 0.8%
Altria Group, Inc.		78,304		3,507,236
Philip Morris International, Inc.		65,215		5,311,110
				8,818,346
Trading Companies & Distributors 0.2%
Fastenal Co.		24,198		869,676
United Rentals, Inc.*		3,229		431,298
WW Grainger, Inc.		1,853		572,280
				1,873,254
Water Utilities 0.1%
American Water Works Co., Inc.		7,545		930,072
Wireless Telecommunication Services 0.1%
T-Mobile US, Inc.*		13,254		1,095,576
Total Common Stocks (cost $859,233,264)				1,057,474,084
Short-Term Investment 0.0%†
Money Market Fund 0.0%†
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		99,688		99,688
Total Short-Term Investment (cost $99,688)				99,688

111

Statement of Investments (Continued)

October 31, 2019

Nationwide S&P 500 Index Fund (Continued)

Repurchase Agreements 0.1%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $689,750, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $706,142. (c)(d)	$	689,717	$	689,717
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $340,481, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $348,536. (c)(d)		340,466		340,466
Total Repurchase Agreements (cost $1,030,183)				1,030,183
Total Investments (cost $860,363,135) — 98.9%				1,058,603,955
Other assets in excess of liabilities — 1.1%				11,593,707
NET ASSETS — 100.0%			$	1,070,197,662

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $2,180,562, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $99,688 and $1,030,183, respectively, and by $1,132,364 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $2,262,235.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $1,129,871.

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

REIT Real Estate Investment Trust

Futures contracts outstanding as of October 31, 2019:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		70		12/2019		USD		10,625,300		33,271
										33,271

At October 31, 2019, the Fund had $443,200 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.

112

Statement of Assets and Liabilities

October 31, 2019

	Nationwide S&P 500 Index Fund
Assets:
Investment securities, at value* (cost $859,332,952)	$	1,057,573,772
Repurchase agreements, at value (cost $1,030,183)		1,030,183
Cash		9,335,549
Deposits with broker for futures contracts		443,200
Interest and dividends receivable		963,587
Securities lending income receivable		352
Receivable for capital shares issued		2,928,680
Prepaid expenses		37,453
Total Assets		1,072,312,776
Liabilities:
Payable for capital shares redeemed		152,917
Payable for variation margin on futures contracts		42,000
Payable upon return of securities loaned (Note 2)		1,129,871
Accrued expenses and other payables:
Investment advisory fees		107,613
Fund administration fees		48,195
Distribution fees		140,985
Administrative servicing fees		319,634
Accounting and transfer agent fees		15,988
Trustee fees		5,880
Custodian fees		13,199
Compliance program costs (Note 3)		1,430
Professional fees		52,992
Printing fees		10,466
Other		73,944
Total Liabilities		2,115,114
Net Assets	$	1,070,197,662
Represented by:
Capital	$	825,487,074
Total distributable earnings (loss)		244,710,588
Net Assets	$	1,070,197,662
Net Assets:
Class A Shares	$	131,342,529
Class C Shares		51,802,776
Class R Shares		92,127,960
Class R6 Shares		168,299,693
Institutional Service Class Shares		372,474,093
Service Class Shares		254,150,611
Total	$	1,070,197,662

113

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide S&P 500 Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		8,322,988
Class C Shares		3,371,500
Class R Shares		5,864,048
Class R6 Shares		10,556,368
Institutional Service Class Shares		23,434,197
Service Class Shares		16,087,256
Total		67,636,357
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	15.78
Class C Shares (b)	$	15.36
Class R Shares	$	15.71
Class R6 Shares	$	15.94
Institutional Service Class Shares	$	15.89
Service Class Shares	$	15.80
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	16.74
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $2,180,562 (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.

114

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide S&P 500 Index Fund
INVESTMENT INCOME:
Dividend income	$	33,870,746
Interest income		288,759
Income from securities lending (Note 2)		29,334
Total Income		34,188,839
EXPENSES:
Investment advisory fees		1,722,690
Fund administration fees		451,891
Distribution fees Class A		332,025
Distribution fees Class C		491,761
Distribution fees Class R		401,023
Distribution fees Service Class		389,240
Administrative servicing fees Class A		252,340
Administrative servicing fees Class C		34,423
Administrative servicing fees Class R		107,439
Administrative servicing fees Institutional Service Class		864,004
Administrative servicing fees Service Class		648,730
Registration and filing fees		85,204
Professional fees		102,784
Printing fees		31,840
Trustee fees		55,566
Custodian fees		64,300
Accounting and transfer agent fees		63,402
Compliance program costs (Note 3)		5,617
Other		192,795
Total Expenses		6,297,074
NET INVESTMENT INCOME		27,891,765
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		76,262,370
Redemptions in-kind by affiliated issuers (Note 3)		996,116,198
Expiration or closing of futures contracts (Note 2)		549,082
Net realized gains		1,072,927,650
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(920,743,861	)
Futures contracts (Note 2)		1,632,198
Net change in unrealized appreciation/depreciation		(919,111,663	)
Net realized/unrealized gains		153,815,987
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	181,707,752

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

115

Statements of Changes in Net Assets

	Nationwide S&P 500 Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	27,891,765		$	49,876,447
Net realized gains		1,072,927,650			240,183,835
Net change in unrealized appreciation/depreciation		(919,111,663	)		(78,205,775	)
Change in net assets resulting from operations		181,707,752			211,854,507
Distributions to Shareholders From:
Distributable earnings:
Class A		(18,569,635	)		(8,304,507	)
Class C		(6,443,983	)		(2,447,207	)
Class R		(10,455,217	)		(3,753,107	)
Class R6		(145,058,984	)		(139,963,734	)
Institutional Service Class		(45,647,981	)		(22,264,898	)
Service Class		(37,153,701	)		(20,114,200	)
Change in net assets from shareholder distributions		(263,329,501	)		(196,847,653	)
Change in net assets from capital transactions		(1,745,947,477	)		(2,891,867	)
Change in net assets		(1,827,569,226	)		12,114,987
Net Assets:
Beginning of year		2,897,766,888			2,885,651,901
End of year	$	1,070,197,662		$	2,897,766,888
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	37,733,375		$	42,550,661
Proceeds from shares issued in class conversion (Note 1)		121,945			–
Dividends reinvested		16,845,251			7,508,044
Cost of shares redeemed		(53,999,858	)		(40,954,131	)
Total Class A Shares		700,713			9,104,574
Class C Shares
Proceeds from shares issued		14,346,442			11,711,307
Dividends reinvested		6,147,887			2,296,749
Cost of shares redeemed in class conversion (Note 1)		(121,945	)		–
Cost of shares redeemed		(14,228,761	)		(7,266,492	)
Total Class C Shares		6,143,623			6,741,564
Class R Shares
Proceeds from shares issued		36,938,627			38,554,587
Dividends reinvested		10,254,971			3,642,352
Cost of shares redeemed		(26,342,625	)		(23,654,693	)
Total Class R Shares		20,850,973			18,542,246
Class R6 Shares
Proceeds from shares issued		59,758,735			339,062,741
Dividends reinvested		144,882,667			139,930,307
Cost of shares redeemed		(2,008,080,961	)(a)		(479,026,396	)
Total Class R6 Shares		(1,803,439,559	)		(33,348	)
Institutional Service Class Shares
Proceeds from shares issued		56,798,885			44,576,249
Dividends reinvested		45,560,340			22,201,215
Cost of shares redeemed		(59,250,312	)		(65,621,495	)
Total Institutional Service Class Shares		43,108,913			1,155,969

116

Statements of Changes in Net Assets (Continued)

	Nationwide S&P 500 Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS: (continued)
Service Class Shares
Proceeds from shares issued	$	18,628,978		$	21,095,768
Dividends reinvested		37,153,701			20,114,200
Cost of shares redeemed		(69,094,819	)		(79,612,840	)
Total Service Shares		(13,312,140	)		(38,402,872	)
Change in net assets from capital transactions	$	(1,745,947,477	)	$	(2,891,867	)
SHARE TRANSACTIONS:
Class A Shares
Issued		2,523,010			2,589,662
Issued in class conversion (Note 1)		8,071			–
Reinvested		1,265,600			463,138
Redeemed		(3,585,684	)		(2,474,424	)
Total Class A Shares		210,997			578,376
Class C Shares
Issued		1,000,958			727,809
Reinvested		475,213			145,229
Redeemed in class conversion (Note 1)		(8,284	)		–
Redeemed		(994,017	)		(449,586	)
Total Class C Shares		473,870			423,452
Class R Shares
Issued		2,479,823			2,338,297
Reinvested		773,449			225,381
Redeemed		(1,798,158	)		(1,432,467	)
Total Class R Shares		1,455,114			1,131,211
Class R6 Shares
Issued		3,929,330			20,706,590
Reinvested		10,838,358			8,546,029
Redeemed		(128,829,602	)(a)		(28,509,742	)
Total Class R6 Shares		(114,061,914	)		742,877
Institutional Service Class Shares
Issued		3,806,619			2,694,590
Reinvested		3,394,089			1,361,176
Redeemed		(3,858,264	)		(3,927,295	)
Total Institutional Service Class Shares		3,342,444			128,471
Service Class Shares
Issued		1,248,402			1,275,285
Reinvested		2,790,068			1,240,667
Redeemed		(4,619,735	)		(4,809,667	)
Total Service Shares		(581,265	)		(2,293,715	)
Total change in shares		(109,160,754	)		710,672

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

(a) Amount includes in-kind redemptions. (See Note 3)

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

117

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
Year Ended October 31, 2019	$	16.28		0.26			1.51		1.77		(0.27	)		(2.00	)		(2.27	)	$	15.78		13.64%	$	131,342,529		0.64%		1.75%			0.64%		4.25%	(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%
Class C Shares
Year Ended October 31, 2019	$	15.92		0.17			1.45		1.62		(0.18	)		(2.00	)		(2.18	)	$	15.36		12.85%	$	51,802,776		1.27%		1.14%			1.27%		4.25%	(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%
Class R Shares
Year Ended October 31, 2019	$	16.23		0.24			1.49		1.73		(0.25	)		(2.00	)		(2.25	)	$	15.71		13.40%	$	92,127,960		0.84%		1.59%			0.84%		4.25%	(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%
Class R6 Shares (h)
Year Ended October 31, 2019	$	16.43		0.34			1.51		1.85		(0.34	)		(2.00	)		(2.34	)	$	15.94		14.09%	$	168,299,693		0.19%		2.29%			0.19%		4.25%	(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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	16.38		0.30			1.51		1.81		(0.30	)		(2.00	)		(2.30	)	$	15.89		13.84%	$	372,474,093		0.45%		1.96%			0.45%		4.25%	(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%
Service Class Shares
Year Ended October 31, 2019	$	16.30		0.27			1.50		1.77		(0.27	)		(2.00	)		(2.27	)	$	15.80		13.68%	$	254,150,611		0.60%		1.79%			0.60%		4.25%	(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%

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

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

118

Fund Commentary Nationwide Small Cap Index Fund

For the annual period ended October 31, 2019, the Nationwide Small Cap Index Fund (Class A at NAV) returned 4.35% versus 4.90% for its benchmark, the Russell 2000® Index (Russell 2000). For broader comparison, the return for the Fund’s closest Morningstar® peer category, Small Blend Funds (consisting of 721 funds as of October 31, 2019), was 4.25% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

In the fourth quarter of 2018, concerns over Federal Reserve (Fed) policy, U.S.-China trade tensions, and a potential slowdown in growth contributed to investor anxiety. The quarter began with Fed chairman Powell’s comment that the U.S. federal funds rate was “a long way from neutral.” The hawkish comment drove a temporary sell-off in Treasuries. However, this was short lived as declines in energy prices and softness in portions of the U.S. economy (the Institute of Supply Management [ISM] Purchasing Managers Index [PMI]** fell from 59.8 in September to 54.1 in December) contributed to a reduction in inflation expectations. This was accompanied by a broad-based risk-off in December — the worst December performance on record since 1931 — and the 10-year Treasury yield ended the quarter 0.57% lower than intra-quarter highs to 2.68%. Even though the United States and China were able to broker a 90-day trade war “truce” on December 1, 2018, volatility abounded in the wake of the Federal Open Market Committee (FOMC) December announcement. Although the Fed’s December rate hike and lowering of interest rate projections was largely expected, the Fed’s relatively hawkish tone and Powell’s affirmation that the balance sheet run-off was to run on autopilot was punished by the market.

In the first quarter of 2019, U.S. equities advanced as positive headlines regarding U.S.-China trade negotiations, relatively strong corporate earnings growth, and the Fed’s dovish pivot helped investor sentiment recover from steep losses in the previous quarter and contributed to a meaningful rebound in equity prices. In the

January announcement, the Fed indicated it would refrain from interest rate hikes for the foreseeable future, a dovish assessment of U.S. economic conditions, and transparency around balance sheet normalization. This reduced market-based expectations of interest rates, serving as a boon for both equities and bonds. On the macroeconomic front, despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation and slowing but stable economic growth. The U-3 unemployment rate (representing the number of people actively looking for a job) remained at 3.8% in February, the lowest level since 1969. Core personal consumption expenditure dropped to 1.8% year-over-year in January, below the Fed’s inflation target of 2%. Though the ISM Manufacturing PMI was below two-year averages throughout the quarter, the indicator remained in expansionary territory at the end of the quarter (55.3). Less optimism was evident in the U.S. rates market. The pause in interest rate hiking by the Fed coupled with lowered forecasts for growth drove investors into longer-duration government bonds. The yield on the 10-year U.S. Treasury dropped from a quarterly high of 2.78% in mid-January to 2.40% at quarter end. The bid for long-term debt coupled with high short-term rates (federal funds target rate remained at 2.50% at the quarter’s end) catalyzed an inversion of the three-month, 10-year Treasury spread. This spread is the Fed’s preferred measure for calculating recession probabilities and its inversion has preceded every U.S. recession since the 1950s.

During the second quarter of 2019, the Chicago Fed National Activity Index was in contractionary territory in April and May. The ISM Manufacturing PMI decelerated throughout the quarter but remained in expansionary territory in June (51.7). The U-3 unemployment rate actually declined to 3.6% in April, but the moving average of continuing jobless claims accelerated throughout the quarter. In May, U.S. President Trump threatened an increase in tariffs and protectionism against both China and Mexico. The U.S. markets fell in May on these renewed trade concerns, and trade tensions were a source of

119

Fund Commentary (cont.) Nationwide Small Cap Index Fund

intra-quarter volatility. However, these threats did not materialize, and sentiment eased heading into the G-20† meeting at the month’s end. On the macroeconomic front, there were signs of weaker U.S. economic conditions. In the June FOMC announcement, Fed Chair Powell stated that should trade tensions weigh on the FOMC’s economic outlook or should the shortfall of inflation from the target rate persist longer than expected, the Fed would provide more accommodation to sustain the expansion. The prospect of easy monetary policy broadly buoyed equities. In interest rates, the 10-year U.S. Treasury yield declined 0.50% in the quarter to 2% — the lowest level since 2016. The yield curve remained a source of uncertainty as the three-month, 10-year spread remained in negative territory while the five-year, 30-year spread expanded throughout the quarter.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. The U.S. markets suffered their worst week of 2019 in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks that were slated to be held in October. In monetary policy, the Fed lowered the target range for the federal funds rates in both the July and September meetings. Fed Chair Powell confirmed that the rate cuts were intended to offset potential downside risks from weak global growth and trade policy uncertainty. On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. The frequently tracked ISM Manufacturing PMI registered in contractionary territory in both August and September. The September reading was the lowest reading since the global financial crisis. Consumer sentiment also softened, with the University of Michigan Consumer Sentiment Index‡ falling to its lowest level since 2016 in August. More constructively, labor market conditions were stable as the U-3 unemployment rate remained at 3.7% throughout the quarter and average hourly earnings modestly accelerated. In

interest rates, the 10-year Treasury yield declined 0.36% from the start of the quarter to the end, although the benchmark rate did fall as low as 1.45% intra-quarter. The frequently monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis in August, but ended the quarter in positive territory.

U.S. small-capitalization stocks, as represented by the Russell 2000 Index, increased approximately 4.90% for the year ended October 31, 2019. From a sector perspective, top returns came from Information Technology, with 23.59%; Utilities, with 23.16%; and Real Estate, with 18.52%. Bottom sector returns came from Energy, with -42.27%; followed by Communication Services, with -8.29%; and Consumer Staples, with -4.39%.

Exchange-traded futures are employed to equitize dividend accruals as well as to manage day-to-day cash flows generated from clients’ trades, dividends, interest received and other activity associated with securities in the portfolio. Specifically, futures contracts are purchased to provide immediate market exposure proportionate to cash accruals and investable cash within the Fund’s portfolio. While the Fund seeks to remain fully invested, a small amount of spendable cash is retained to minimize trading and transactions costs. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.

Subadviser:

BlackRock Investment Management, LLC

Portfolio Managers:

Rachel Aguirre; Jennifer Hsui, CFA; Alan Mason; Greg Savage, CFA; and Amy Whitelaw

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the risks of investing in equity securities (including small companies). Smaller companies involve greater risk than larger, more-established companies because smaller companies 1) usually are less stable in price, 2) are less liquid 3) are more vulnerable to adverse business and economic developments and 4) have more-limited resources. The Fund may concentrate on specific sectors,

120

Fund Commentary (cont.) Nationwide Small Cap Index Fund

subjecting it to greater volatility than that of other mutual funds. The Fund may hold stocks for longer-than-average periods, subjecting it to short-term volatility. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

121

Fund Overview Nationwide Small Cap Index Fund

Asset Allocation¹

Common Stocks	99.6%
Repurchase Agreements	5.4%
Short-Term Investment	0.5%
Futures Contracts†	0.0%
Rights†	0.0%
Liabilities in excess of other assets§	(5.5)%
	100.0%

Top Industries²

Banks	9.3%
Equity Real Estate Investment Trusts (REITs)	7.2%
Biotechnology	6.9%
Software	4.3%
Machinery	3.7%
Health Care Equipment & Supplies	3.6%
Commercial Services & Supplies	2.7%
Semiconductors & Semiconductor Equipment	2.6%
Hotels, Restaurants & Leisure	2.5%
Electronic Equipment, Instruments & Components	2.5%
Other Industries#	54.7%
	100.0%

Top Holdings²

Fidelity Investments Money Market Government Portfolio — Institutional Class	0.5%
Novocure Ltd.	0.3%
Haemonetics Corp.	0.3%
Generac Holdings, Inc.	0.3%
Teladoc Health, Inc.	0.3%
First Industrial Realty Trust, Inc.	0.3%
Rexford Industrial Realty, Inc.	0.3%
Trex Co., Inc.	0.3%
Radian Group, Inc.	0.3%
Portland General Electric Co.	0.3%
Other Holdings#	96.8%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

122

Fund Performance Nationwide Small Cap Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A	w/o SC1		4.35%		6.85%		11.76%
	w/SC2		(1.66)%		5.58%		11.10%
Class C	w/o SC1		3.60%		6.12%		11.02%
	w/SC3		2.90%		N/A		N/A
Class R4,5			4.11%		6.64%		11.58%
Class R64,6			4.76%		7.30%		12.20%
Institutional Service Class4			4.53%		N/A		6.17%	7*
Russell 2000® Index			4.90%		7.37%		12.27%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

* Not annualized.

¹  These returns do not reflect the effects of SCs.

²  A 5.75% front-end sales charge was deducted.

³  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁴  Not subject to any SCs.

⁵  Effective March 3, 2014, Class R2 Shares were renamed Class R Shares.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷  Since inception date of December 6, 2016.

Expense Ratios

	Gross Expense Ratio^		Net Expense Ratio^
Class A		0.72%		0.69%
Class C		1.41%		1.38%
Class R		1.03%		1.00%
Class R6		0.31%		0.28%
Institutional Service Class		0.56%		0.53%

^ Current effective prospectus dated February 28, 2019. The difference between gross and net operating expenses reflects contractual waivers in place through February 29, 2020. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

123

Fund Performance (cont.) Nationwide Small Cap Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Small Cap Index Fund versus the Russell 2000® Index over the 10-year period ended 10/31/19. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

124

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		986.20		3.50		0.70
	Hypothetical	(a)(b)		1,000.00		1,021.68		3.57		0.70
Class C Shares	Actual	(a)		1,000.00		983.30		6.85		1.37
	Hypothetical	(a)(b)		1,000.00		1,018.30		6.97		1.37
Class R Shares	Actual	(a)		1,000.00		985.90		5.06		1.01
	Hypothetical	(a)(b)		1,000.00		1,020.11		5.14		1.01
Class R6 Shares	Actual	(a)		1,000.00		989.00		1.40		0.28
	Hypothetical	(a)(b)		1,000.00		1,023.79		1.43		0.28
Institutional Service Class Shares	Actual	(a)		1,000.00		987.40		2.65		0.53
	Hypothetical	(a)(b)		1,000.00		1,022.53		2.70		0.53

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

125

Statement of Investments

October 31, 2019

Nationwide Small Cap Index Fund

Common Stocks 99.6%
	Shares		Value
Aerospace & Defense 1.2%
AAR Corp.		4,231	$	176,644
Aerojet Rocketdyne Holdings, Inc.*		9,214		398,321
AeroVironment, Inc.*		2,690		155,966
Astronics Corp.*		3,058		88,499
Axon Enterprise, Inc.*		7,358		376,215
Cubic Corp.		3,954		291,568
Ducommun, Inc.*		1,304		64,652
Kratos Defense & Security Solutions, Inc.*		11,368		214,628
Maxar Technologies, Inc. (a)		7,221		61,306
Mercury Systems, Inc.*		6,843		504,055
Moog, Inc., Class A		4,066		340,365
National Presto Industries, Inc.		608		52,343
Park Aerospace Corp.		2,366		40,198
Parsons Corp.*		2,340		83,304
Triumph Group, Inc.		6,268		130,186
Vectrus, Inc.*		1,374		62,806
Wesco Aircraft Holdings, Inc.*		6,643		73,206
				3,114,262
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*		7,405		154,838
Atlas Air Worldwide Holdings, Inc.*		2,890		63,378
Echo Global Logistics, Inc.*		3,387		67,435
Forward Air Corp.		3,587		248,113
Hub Group, Inc., Class A*		4,086		187,139
Radiant Logistics, Inc.*		4,820		25,980
				746,883
Airlines 0.5%
Allegiant Travel Co.		1,634		273,417
Hawaiian Holdings, Inc.		5,912		169,143
Mesa Air Group, Inc.*		2,588		19,721
SkyWest, Inc.		6,346		377,904
Spirit Airlines, Inc.*		8,638		324,443
				1,164,628
Auto Components 1.1%
Adient plc*		11,067		234,510
American Axle & Manufacturing Holdings, Inc.*		14,162		118,394
Cooper Tire & Rubber Co.		6,404		180,849
Cooper-Standard Holdings, Inc.*		2,091		66,619
Dana, Inc.		18,285		296,766
Dorman Products, Inc.*		3,401		244,702
Fox Factory Holding Corp.*		4,746		289,221
Gentherm, Inc.*		4,182		174,682
LCI Industries		3,079		299,032
Modine Manufacturing Co.*		6,058		69,243
Motorcar Parts of America, Inc.*		2,277		43,400
Standard Motor Products, Inc.		2,605		136,398
Stoneridge, Inc.*		3,374		104,189
Tenneco, Inc., Class A		6,246		78,637
Visteon Corp.*		3,529		328,268
				2,664,910
Automobiles 0.1%
Winnebago Industries, Inc.		3,984		191,511
Banks 9.9%
1st Constitution Bancorp		999		18,971

Common Stocks (continued)
	Shares		Value
Banks (continued)
1st Source Corp.		1,854	$	94,888
ACNB Corp.		837		29,621
Allegiance Bancshares, Inc.*		2,411		80,190
Amalgamated Bank, Class A		1,683		30,647
Amerant Bancorp, Inc.*		2,422		47,592
American National Bankshares, Inc.		1,351		48,906
Ameris Bancorp		7,587		325,103
Ames National Corp.		1,079		29,888
Arrow Financial Corp.		1,738		61,039
Atlantic Capital Bancshares, Inc.*		2,833		52,835
Atlantic Union Bankshares Corp.		10,251		377,852
Banc of California, Inc.		5,735		78,971
BancFirst Corp.		2,345		135,752
Bancorp, Inc. (The)*		6,189		67,460
BancorpSouth Bank		12,100		371,107
Bank First Corp. (a)		703		49,210
Bank of Commerce Holdings		2,281		25,593
Bank of Marin Bancorp		1,676		73,526
Bank of NT Butterfield & Son Ltd. (The)		6,935		228,508
Bank of Princeton (The)		675		19,413
Bank7 Corp.		499		9,082
BankFinancial Corp.		1,732		22,308
Bankwell Financial Group, Inc.		876		25,071
Banner Corp.		4,169		225,043
Bar Harbor Bankshares		1,861		46,618
Baycom Corp.*		1,466		30,991
BCB Bancorp, Inc.		2,013		25,968
Berkshire Hills Bancorp, Inc.		5,855		181,681
Boston Private Financial Holdings, Inc.		10,099		113,614
Bridge Bancorp, Inc.		1,995		64,638
Brookline Bancorp, Inc.		9,630		151,191
Bryn Mawr Bank Corp.		2,526		96,266
Business First Bancshares, Inc.		1,612		39,397
Byline Bancorp, Inc.*		2,862		49,627
C&F Financial Corp.		362		18,411
Cadence Bancorp		15,861		243,942
Cambridge Bancorp		532		41,235
Camden National Corp.		1,874		83,037
Capital Bancorp, Inc.*		850		12,316
Capital City Bank Group, Inc.		1,648		46,886
Capstar Financial Holdings, Inc.		1,777		30,049
Carolina Financial Corp.		2,683		101,820
Carter Bank & Trust*		2,792		54,863
Cathay General Bancorp		9,721		345,776
CBTX, Inc.		2,372		67,958
CenterState Bank Corp.		15,676		397,543
Central Pacific Financial Corp.		3,456		99,948
Central Valley Community Bancorp		1,479		30,808
Century Bancorp, Inc., Class A		377		32,803
Chemung Financial Corp.		476		20,263
Citizens & Northern Corp.		1,579		40,596
City Holding Co.		2,028		160,902
Civista Bancshares, Inc.		1,956		43,971
CNB Financial Corp.		1,764		55,160
Coastal Financial Corp.*		1,176		17,699
Codorus Valley Bancorp, Inc.		1,376		29,780
Colony Bankcorp, Inc.		833		12,945
Columbia Banking System, Inc.		9,254		363,682
Community Bank System, Inc.		6,325		428,709
Community Bankers Trust Corp.		3,160		27,366
Community Financial Corp. (The)		755		25,157

126

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Community Trust Bancorp, Inc.		1,998	$	87,532
ConnectOne Bancorp, Inc.		4,153		100,835
CrossFirst Bankshares, Inc.*		832		11,124
Customers Bancorp, Inc.*		3,522		83,049
CVB Financial Corp.		16,760		348,273
DNB Financial Corp.		411		18,692
Eagle Bancorp, Inc.		4,161		187,828
Enterprise Bancorp, Inc.		1,212		36,130
Enterprise Financial Services Corp.		3,108		136,130
Equity Bancshares, Inc., Class A*		1,896		52,633
Esquire Financial Holdings, Inc.*		786		19,100
Evans Bancorp, Inc.		674		25,605
Farmers & Merchants Bancorp, Inc.		1,277		32,691
Farmers National Banc Corp.		2,985		44,536
FB Financial Corp.		2,143		80,727
Fidelity D&D Bancorp, Inc.		363		23,940
Financial Institutions, Inc.		1,993		62,640
First Bancorp, Inc.		1,472		41,613
First Bancorp/NC		3,694		139,449
First Bancorp/PR		27,039		284,450
First Bancshares, Inc. (The)		2,029		66,876
First Bank		2,037		21,511
First Busey Corp.		6,544		172,565
First Business Financial Services, Inc.		1,185		28,819
First Capital, Inc.		393		23,069
First Choice Bancorp		1,374		30,723
First Commonwealth Financial Corp.		11,993		168,981
First Community Bankshares, Inc.		1,983		63,119
First Financial Bancorp		12,222		286,484
First Financial Bankshares, Inc.		16,376		544,993
First Financial Corp.		1,555		68,218
First Financial Northwest, Inc.		1,086		15,367
First Foundation, Inc.		5,007		80,162
First Guaranty Bancshares, Inc.		765		16,065
First Internet Bancorp		1,240		28,198
First Interstate BancSystem, Inc., Class A		4,720		198,051
First Merchants Corp.		7,002		276,929
First Mid Bancshares, Inc.		1,804		62,960
First Midwest Bancorp, Inc.		13,234		271,826
First Northwest Bancorp		1,130		19,854
First of Long Island Corp. (The)		2,987		70,015
Flushing Financial Corp.		3,298		71,369
FNCB Bancorp, Inc.		2,079		15,447
Franklin Financial Network, Inc.		1,559		51,868
Franklin Financial Services Corp.		489		17,501
Fulton Financial Corp.		20,536		350,344
FVCBankcorp, Inc.*		1,453		25,021
German American Bancorp, Inc.		2,946		97,365
Glacier Bancorp, Inc.		10,476		443,344
Great Southern Bancorp, Inc.		1,432		86,521
Great Western Bancorp, Inc.		7,020		244,787
Guaranty Bancshares, Inc.		1,011		32,008
Hancock Whitney Corp.		11,439		446,121
Hanmi Financial Corp.		3,697		71,167
HarborOne Bancorp, Inc.*		3,093		31,580
Hawthorn Bancshares, Inc.		666		15,984
Heartland Financial USA, Inc.		4,384		205,084
Heritage Commerce Corp.		5,229		62,853
Heritage Financial Corp.		4,620		127,189
Hilltop Holdings, Inc.		9,040		211,174
Home BancShares, Inc.		19,626		362,688

Common Stocks (continued)
	Shares		Value
Banks (continued)
HomeTrust Bancshares, Inc.		2,029	$	54,174
Hope Bancorp, Inc.		14,979		213,750
Horizon Bancorp, Inc.		4,793		87,496
Howard Bancorp, Inc.*		1,867		31,328
IBERIABANK Corp.		6,601		484,447
Independent Bank Corp.		6,906		404,874
Independent Bank Group, Inc.		4,505		240,882
International Bancshares Corp.		7,026		287,785
Investar Holding Corp.		1,235		30,640
Investors Bancorp, Inc.		29,187		351,703
Lakeland Bancorp, Inc.		6,071		100,475
Lakeland Financial Corp.		3,091		143,886
LCNB Corp.		1,586		28,675
Level One Bancorp, Inc.		716		17,470
Live Oak Bancshares, Inc. (a)		3,112		56,483
Macatawa Bank Corp.		2,917		30,497
Mackinac Financial Corp.		1,033		16,156
MainStreet Bancshares, Inc.*		848		17,588
Malvern Bancorp, Inc.*		969		21,686
Mercantile Bank Corp.		1,990		70,068
Metropolitan Bank Holding Corp.*		875		37,573
Mid Penn Bancorp, Inc.		950		24,225
Midland States Bancorp, Inc.		2,754		73,807
MidWestOne Financial Group, Inc.		1,524		49,675
MutualFirst Financial, Inc.		774		30,875
MVB Financial Corp.		1,134		22,850
National Bank Holdings Corp., Class A		3,706		127,486
National Bankshares, Inc.		725		30,508
NBT Bancorp, Inc.		5,277		209,761
Nicolet Bankshares, Inc.*		1,059		73,050
Northeast Bank		1,065		22,802
Northrim Bancorp, Inc.		822		32,017
Norwood Financial Corp.		698		21,778
Oak Valley Bancorp		856		14,295
OFG Bancorp		6,364		129,253
Ohio Valley Banc Corp.		601		22,081
Old Line Bancshares, Inc.		1,873		54,841
Old National Bancorp		21,580		388,332
Old Second Bancorp, Inc.		3,478		41,979
Opus Bank		2,771		68,693
Origin Bancorp, Inc.		2,419		85,125
Orrstown Financial Services, Inc.		1,271		27,568
Pacific Mercantile Bancorp*		2,330		16,683
Pacific Premier Bancorp, Inc.		7,457		251,711
Park National Corp.		1,737		175,871
Parke Bancorp, Inc.		1,114		26,781
PCB Bancorp		1,516		25,363
Peapack Gladstone Financial Corp.		2,445		71,394
Penns Woods Bancorp, Inc.		1,012		30,937
Peoples Bancorp of North Carolina, Inc.		660		19,628
Peoples Bancorp, Inc.		2,284		74,710
Peoples Financial Services Corp.		902		44,360
People’s Utah Bancorp		1,955		56,891
Preferred Bank		1,817		96,864
Premier Financial Bancorp, Inc.		1,744		30,956
QCR Holdings, Inc.		1,833		74,383
RBB Bancorp		2,022		40,723
Red River Bancshares, Inc.*		103		4,532
Reliant Bancorp, Inc.		1,428		32,501
Renasant Corp.		7,202		249,909
Republic Bancorp, Inc., Class A		1,189		52,875

127

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Republic First Bancorp, Inc.*		5,020	$	20,331
Richmond Mutual Bancorporation, Inc.*		1,645		22,948
S&T Bancorp, Inc.		4,223		159,017
Sandy Spring Bancorp, Inc.		4,459		153,836
SB One Bancorp		1,005		22,190
Seacoast Banking Corp. of Florida*		6,338		177,464
Select Bancorp, Inc.*		2,077		23,470
ServisFirst Bancshares, Inc.		5,988		209,580
Shore Bancshares, Inc.		1,824		28,473
Sierra Bancorp		1,721		46,880
Simmons First National Corp., Class A		11,446		273,788
SmartFinancial, Inc.*		1,611		33,912
South Plains Financial, Inc.		408		6,834
South State Corp.		4,291		338,388
Southern First Bancshares, Inc.*		792		31,926
Southern National Bancorp of Virginia, Inc.		2,292		36,305
Southside Bancshares, Inc.		3,942		135,802
Spirit of Texas Bancshares, Inc.*		1,456		30,430
Stock Yards Bancorp, Inc.		2,645		105,641
Summit Financial Group, Inc.		1,474		37,528
Tompkins Financial Corp.		1,871		163,731
Towne Bank		8,432		236,855
TriCo Bancshares		3,355		126,249
TriState Capital Holdings, Inc.*		2,989		69,106
Triumph Bancorp, Inc.*		3,178		103,126
Trustmark Corp.		8,117		278,575
UMB Financial Corp.		5,570		363,498
Union Bankshares, Inc.		575		19,113
United Bankshares, Inc.		12,356		488,556
United Community Banks, Inc.		9,631		290,953
United Security Bancshares		1,817		18,479
Unity Bancorp, Inc.		1,135		24,788
Univest Financial Corp.		3,696		95,172
Valley National Bancorp		40,968		474,409
Veritex Holdings, Inc.		6,609		162,714
Washington Trust Bancorp, Inc.		1,950		99,626
WesBanco, Inc.		6,687		251,364
West Bancorporation, Inc.		2,042		47,946
Westamerica Bancorp		3,281		216,612
				24,544,693
Beverages 0.3%
Boston Beer Co., Inc. (The), Class A*		1,053		394,306
Celsius Holdings, Inc.* (a)		3,263		11,486
Coca-Cola Consolidated, Inc.		595		163,244
Craft Brew Alliance, Inc.*		1,485		10,826
MGP Ingredients, Inc. (a)		1,619		69,439
National Beverage Corp. (a)		1,542		67,786
New Age Beverages Corp.*		9,083		24,433
Primo Water Corp.*		4,482		54,210
				795,730
Biotechnology 7.2%
Abeona Therapeutics, Inc.*		4,156		9,850
ACADIA Pharmaceuticals, Inc.*		13,294		563,799
Acceleron Pharma, Inc.*		5,678		254,772
Achillion Pharmaceuticals, Inc.*		16,566		106,188
Acorda Therapeutics, Inc.*		5,346		8,821
Adamas Pharmaceuticals, Inc.* (a)		2,647		10,879
ADMA Biologics, Inc.*		6,948		33,976

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Aduro Biotech, Inc.*		9,225	$	10,516
Adverum Biotechnologies, Inc.*		6,663		48,440
Aeglea BioTherapeutics, Inc.*		3,248		24,717
Affimed NV*		7,535		22,153
Agenus, Inc.*		13,157		34,077
AgeX Therapeutics, Inc.*		3,023		4,716
Aimmune Therapeutics, Inc.*		5,600		155,792
Akcea Therapeutics, Inc.* (a)		1,608		29,475
Akebia Therapeutics, Inc.*		14,865		55,446
Akero Therapeutics, Inc.* (a)		598		13,880
Albireo Pharma, Inc.*		1,292		23,734
Aldeyra Therapeutics, Inc.*		2,521		14,092
Alector, Inc.* (a)		3,799		63,975
Allakos, Inc.* (a)		2,454		168,344
Allogene Therapeutics, Inc.* (a)		4,884		140,659
AMAG Pharmaceuticals, Inc.* (a)		4,145		40,227
Amicus Therapeutics, Inc.*		32,221		271,623
AnaptysBio, Inc.*		3,095		116,743
Anavex Life Sciences Corp.* (a)		5,332		14,503
Anika Therapeutics, Inc.*		1,645		115,792
Apellis Pharmaceuticals, Inc.*		6,089		178,956
Arcus Biosciences, Inc.*		4,156		32,625
Ardelyx, Inc.*		5,860		29,300
Arena Pharmaceuticals, Inc.*		6,298		306,807
ArQule, Inc.*		14,141		142,965
Arrowhead Pharmaceuticals, Inc.*		11,769		471,348
Assembly Biosciences, Inc.*		2,874		47,450
Atara Biotherapeutics, Inc.*		6,487		70,838
Athenex, Inc.*		8,596		94,900
Athersys, Inc.*		16,904		21,637
Atreca, Inc., Class A*		815		9,169
Audentes Therapeutics, Inc.*		5,528		148,703
Avid Bioservices, Inc.*		7,464		39,932
Avrobio, Inc.*		2,589		37,592
Beyondspring, Inc.* (a)		1,328		15,710
BioCryst Pharmaceuticals, Inc.*		13,299		26,598
Biohaven Pharmaceutical Holding Co. Ltd.*		4,927		226,248
BioSpecifics Technologies Corp.*		765		37,049
Bioxcel Therapeutics, Inc.* (a)		734		3,053
Blueprint Medicines Corp.*		6,155		423,710
Bridgebio Pharma, Inc.* (a)		2,829		63,964
Calithera Biosciences, Inc.*		5,339		15,376
Calyxt, Inc.*		1,119		5,125
CareDx, Inc.*		5,181		135,794
CASI Pharmaceuticals, Inc.*		7,158		23,478
Castle Biosciences, Inc.*		463		10,899
Catalyst Pharmaceuticals, Inc.*		12,619		59,688
Celcuity, Inc.*		842		13,261
Cellular Biomedicine Group, Inc.*		1,523		27,856
CEL-SCI Corp.* (a)		3,294		22,597
Checkpoint Therapeutics, Inc.*		2,798		5,456
ChemoCentryx, Inc.*		5,115		43,989
Chimerix, Inc.*		6,687		9,562
Clovis Oncology, Inc.* (a)		6,191		19,625
Coherus Biosciences, Inc.*		7,799		135,469
Concert Pharmaceuticals, Inc.*		2,551		15,893
Constellation Pharmaceuticals, Inc.*		1,966		27,150
Corbus Pharmaceuticals Holdings, Inc.* (a)		7,472		38,630
Cortexyme, Inc.* (a)		360		7,477
Crinetics Pharmaceuticals, Inc.* (a)		1,386		24,407
Cue Biopharma, Inc.*		2,546		21,845

128

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Cyclerion Therapeutics, Inc.*		2,958	$	7,070
Cytokinetics, Inc.*		6,889		80,257
CytomX Therapeutics, Inc.*		5,894		36,130
Deciphera Pharmaceuticals, Inc.*		2,385		105,751
Denali Therapeutics, Inc.* (a)		6,044		94,709
Dicerna Pharmaceuticals, Inc.*		6,582		108,537
Dynavax Technologies Corp.* (a)		11,125		56,626
Eagle Pharmaceuticals, Inc.*		1,179		73,923
Editas Medicine, Inc.*		6,260		130,458
Eidos Therapeutics, Inc.*		1,404		68,094
Eiger BioPharmaceuticals, Inc.*		2,934		31,981
Emergent BioSolutions, Inc.*		5,751		328,727
Enanta Pharmaceuticals, Inc.*		2,162		131,623
Epizyme, Inc.*		9,788		112,660
Esperion Therapeutics, Inc.* (a)		3,143		124,997
Evelo Biosciences, Inc.*		1,529		9,984
Fate Therapeutics, Inc.*		6,605		98,745
FibroGen, Inc.*		9,788		383,200
Five Prime Therapeutics, Inc.*		3,985		15,741
Flexion Therapeutics, Inc.*		4,059		69,693
Forty Seven, Inc.*		2,070		14,304
G1 Therapeutics, Inc.*		4,265		90,503
Galectin Therapeutics, Inc.*		4,008		15,952
Genomic Health, Inc.*		3,394		226,312
Geron Corp.* (a)		21,758		31,114
Global Blood Therapeutics, Inc.*		7,300		350,035
GlycoMimetics, Inc.*		4,082		21,553
Gossamer Bio, Inc.*		5,382		110,735
Gritstone Oncology, Inc.* (a)		3,112		25,238
Halozyme Therapeutics, Inc.*		18,012		275,944
Harpoon Therapeutics, Inc.*		680		9,044
Heron Therapeutics, Inc.* (a)		9,307		197,774
Homology Medicines, Inc.*		3,054		40,099
ImmunoGen, Inc.*		17,308		41,193
Immunomedics, Inc.*		22,061		352,976
Inovio Pharmaceuticals, Inc.* (a)		11,534		24,567
Insmed, Inc.*		11,219		208,561
Intellia Therapeutics, Inc.* (a)		4,588		57,281
Intercept Pharmaceuticals, Inc.* (a)		3,121		227,146
Intrexon Corp.* (a)		8,918		45,303
Invitae Corp.*		10,919		175,905
Iovance Biotherapeutics, Inc.*		14,454		305,413
Ironwood Pharmaceuticals, Inc.*		19,363		194,404
Jounce Therapeutics, Inc.*		2,080		7,519
Kadmon Holdings, Inc.* (a)		17,395		50,272
KalVista Pharmaceuticals, Inc.*		1,462		15,497
Karuna Therapeutics, Inc.*		573		7,976
Karyopharm Therapeutics, Inc.*		7,269		85,047
Kezar Life Sciences, Inc.*		1,962		6,376
Kindred Biosciences, Inc.*		4,813		39,322
Kiniksa Pharmaceuticals Ltd., Class A*		1,748		12,323
Kodiak Sciences, Inc.* (a)		2,954		61,177
Krystal Biotech, Inc.*		1,317		54,089
Kura Oncology, Inc.*		4,355		65,238
La Jolla Pharmaceutical Co.*		2,654		18,618
Lexicon Pharmaceuticals, Inc.*		4,969		18,435
Ligand Pharmaceuticals, Inc.* (a)		2,339		254,507
Lineage Cell Therapeutics, Inc.*		14,473		11,289
LogicBio Therapeutics, Inc.*		1,264		12,577
MacroGenics, Inc.*		6,006		51,051
Madrigal Pharmaceuticals, Inc.*		986		91,136

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Magenta Therapeutics, Inc.*		2,446	$	25,463
MannKind Corp.* (a)		23,522		30,696
Marker Therapeutics, Inc.* (a)		3,396		13,041
Medicines Co. (The)*		9,521		499,757
MediciNova, Inc.* (a)		5,388		43,427
MEI Pharma, Inc.*		8,443		15,282
MeiraGTx Holdings plc*		1,963		28,365
Mersana Therapeutics, Inc.*		4,489		8,439
Millendo Therapeutics, Inc.*		1,156		8,335
Minerva Neurosciences, Inc.*		3,672		17,405
Mirati Therapeutics, Inc.*		3,431		323,132
Molecular Templates, Inc.*		2,118		17,918
Momenta Pharmaceuticals, Inc.*		12,423		192,308
Morphic Holding, Inc.*		619		8,666
Mustang Bio, Inc.*		3,607		9,559
Myriad Genetics, Inc.*		8,846		297,845
Natera, Inc.*		7,051		271,604
Neon Therapeutics, Inc.*		1,615		3,408
NextCure, Inc.*		348		8,700
Novavax, Inc.* (a)		2,999		12,506
Oncocyte Corp.*		2,642		4,491
OPKO Health, Inc.* (a)		42,866		60,870
Organogenesis Holdings, Inc.*		1,269		8,896
Palatin Technologies, Inc.*		24,674		19,937
PDL BioPharma, Inc.*		15,390		43,400
Pfenex, Inc.*		3,462		31,920
PhaseBio Pharmaceuticals, Inc.*		1,706		7,012
Pieris Pharmaceuticals, Inc.*		5,940		19,661
PolarityTE, Inc.* (a)		1,405		3,808
Portola Pharmaceuticals, Inc.*		9,417		272,245
Precision BioSciences, Inc.*		1,139		7,392
Prevail Therapeutics, Inc.*		929		10,238
Principia Biopharma, Inc.*		1,681		59,356
Progenics Pharmaceuticals, Inc.*		10,953		58,160
Protagonist Therapeutics, Inc.*		1,888		25,394
Prothena Corp. plc*		5,305		48,275
PTC Therapeutics, Inc.*		7,217		295,103
Puma Biotechnology, Inc.*		3,929		26,717
Ra Pharmaceuticals, Inc.*		4,379		206,120
Radius Health, Inc.*		5,678		161,482
Recro Pharma, Inc.*		2,427		38,274
REGENXBIO, Inc.*		4,208		150,184
Repligen Corp.*		6,518		518,116
Replimune Group, Inc.*		1,448		24,616
Retrophin, Inc.*		5,218		62,616
Rhythm Pharmaceuticals, Inc.* (a)		2,884		61,487
Rigel Pharmaceuticals, Inc.*		20,117		41,240
Rocket Pharmaceuticals, Inc.*		3,735		54,307
Rubius Therapeutics, Inc.* (a)		4,503		39,807
Sangamo Therapeutics, Inc.*		14,478		131,026
Savara, Inc.*		3,481		3,071
Scholar Rock Holding Corp.*		2,052		18,981
Seres Therapeutics, Inc.*		4,820		16,870
Solid Biosciences, Inc.* (a)		1,819		20,100
Sorrento Therapeutics, Inc.* (a)		14,728		22,387
Spark Therapeutics, Inc.* (a)		4,334		473,143
Spectrum Pharmaceuticals, Inc.*		14,046		108,997
Spero Therapeutics, Inc.*		1,196		13,120
Stemline Therapeutics, Inc.*		5,638		56,380
Stoke Therapeutics, Inc.*		1,146		32,478
Sutro Biopharma, Inc.*		1,391		13,952

129

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Syndax Pharmaceuticals, Inc.*		2,516	$	16,908
Synlogic, Inc.*		2,218		4,747
Synthorx, Inc.* (a)		1,151		15,815
Syros Pharmaceuticals, Inc.*		4,342		22,470
TCR2 Therapeutics, Inc.*		1,581		19,652
TG Therapeutics, Inc.* (a)		9,899		67,610
Tocagen, Inc.*		2,540		1,601
Translate Bio, Inc.*		3,605		32,968
Turning Point Therapeutics, Inc.*		834		31,992
Twist Bioscience Corp.*		2,674		63,695
Tyme Technologies, Inc.* (a)		8,042		10,696
Ultragenyx Pharmaceutical, Inc.*		6,891		276,605
UNITY Biotechnology, Inc.*		3,349		20,898
UroGen Pharma Ltd.* (a)		2,352		53,226
Vanda Pharmaceuticals, Inc.*		6,652		89,869
VBI Vaccines, Inc.*		10,485		6,134
Veracyte, Inc.*		5,866		134,507
Vericel Corp.*		5,625		89,269
Viking Therapeutics, Inc.* (a)		8,177		52,905
Voyager Therapeutics, Inc.*		3,041		46,801
X4 Pharmaceuticals, Inc.*		1,470		18,007
XBiotech, Inc.* (a)		2,064		22,436
Xencor, Inc.*		5,965		204,063
Y-mAbs Therapeutics, Inc.*		2,554		79,557
ZIOPHARM Oncology, Inc.* (a)		20,208		85,278
				17,997,225
Building Products 1.6%
AAON, Inc.		5,198		252,935
Advanced Drainage Systems, Inc.		4,618		170,958
American Woodmark Corp.*		2,123		210,517
Apogee Enterprises, Inc.		3,283		123,244
Armstrong Flooring, Inc.*		2,219		13,625
Builders FirstSource, Inc.*		14,371		324,928
Caesarstone Ltd.		2,797		47,241
Continental Building Products, Inc.*		4,361		130,438
Cornerstone Building Brands, Inc.*		5,786		36,162
CSW Industrials, Inc.		1,835		127,019
Gibraltar Industries, Inc.*		4,063		216,273
Griffon Corp.		4,664		99,390
Insteel Industries, Inc.		2,238		42,679
JELD-WEN Holding, Inc.*		8,606		147,077
Masonite International Corp.*		3,140		192,827
Patrick Industries, Inc.*		2,841		140,374
PGT Innovations, Inc.*		7,276		128,494
Quanex Building Products Corp.		4,091		78,915
Simpson Manufacturing Co., Inc.		5,635		465,676
Trex Co., Inc.*		7,405		650,825
Universal Forest Products, Inc.		7,541		379,765
				3,979,362
Capital Markets 1.4%
Ares Management Corp.		8,441		249,600
Artisan Partners Asset Management, Inc., Class A		6,342		173,454
Ashford, Inc.*		37		879
Assetmark Financial Holdings, Inc.*		1,725		47,334
Associated Capital Group, Inc., Class A		274		11,124
B. Riley Financial, Inc.		2,563		72,149
Blucora, Inc.*		6,067		131,229

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Brightsphere Investment Group, Inc.		9,076	$	89,126
Cohen & Steers, Inc.		2,896		189,514
Cowen, Inc., Class A*		3,681		55,105
Diamond Hill Investment Group, Inc.		396		55,781
Donnelley Financial Solutions, Inc.*		4,127		46,635
Federated Investors, Inc., Class B		12,161		388,422
Focus Financial Partners, Inc., Class A*		3,822		83,625
GAIN Capital Holdings, Inc.		2,761		11,652
GAMCO Investors, Inc., Class A		668		10,528
Greenhill & Co., Inc.		2,012		32,594
Hamilton Lane, Inc., Class A		2,743		163,538
Houlihan Lokey, Inc.		5,240		247,642
INTL. FCStone, Inc.*		2,055		82,200
Ladenburg Thalmann Financial Services, Inc.		14,900		33,674
Moelis & Co., Class A		6,012		214,508
Oppenheimer Holdings, Inc., Class A		1,187		32,286
Piper Jaffray Cos.		1,762		138,388
PJT Partners, Inc., Class A		2,852		118,444
Pzena Investment Management, Inc., Class A		2,448		20,318
Safeguard Scientifics, Inc.*		2,079		23,514
Sculptor Capital Management, Inc.		2,125		38,186
Siebert Financial Corp.*		976		8,755
Silvercrest Asset Management Group, Inc., Class A		1,063		12,777
Stifel Financial Corp.		8,397		470,064
Value Line, Inc.		100		2,023
Virtus Investment Partners, Inc.		821		89,062
Waddell & Reed Financial, Inc., Class A (a)		9,021		149,388
Westwood Holdings Group, Inc.		984		29,746
WisdomTree Investments, Inc.		16,817		85,935
				3,609,199
Chemicals 1.9%
Advanced Emissions Solutions, Inc. (a)		2,069		28,614
AdvanSix, Inc.*		3,677		83,688
American Vanguard Corp.		3,482		48,678
Amyris, Inc.* (a)		4,876		16,164
Balchem Corp.		4,053		410,204
Chase Corp.		940		110,121
Ferro Corp.*		10,237		113,938
Flotek Industries, Inc.*		6,373		12,172
FutureFuel Corp.		3,158		38,938
GCP Applied Technologies, Inc.*		6,851		141,542
Hawkins, Inc.		1,189		50,830
HB Fuller Co.		6,421		313,345
Ingevity Corp.*		5,298		446,145
Innophos Holdings, Inc.		2,551		83,214
Innospec, Inc.		3,061		279,653
Intrepid Potash, Inc.*		11,576		35,770
Koppers Holdings, Inc.*		2,451		78,677
Kraton Corp.*		3,971		89,030
Kronos Worldwide, Inc.		2,751		34,883
Livent Corp.*		18,372		126,032
LSB Industries, Inc.*		3,124		13,214
Marrone Bio Innovations, Inc.*		7,658		10,108
Minerals Technologies, Inc.		4,447		219,904
OMNOVA Solutions, Inc.*		5,269		53,270
Orion Engineered Carbons SA		7,504		124,266
PolyOne Corp.		9,696		310,757

130

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
PQ Group Holdings, Inc.*		4,790	$	78,891
Quaker Chemical Corp.		1,652		252,558
Rayonier Advanced Materials, Inc.		6,217		25,925
Sensient Technologies Corp.		5,334		333,695
Stepan Co.		2,578		251,922
Trecora Resources*		2,828		24,802
Tredegar Corp.		3,130		62,224
Trinseo SA		5,183		220,277
Tronox Holdings plc, Class A		11,522		97,822
Valhi, Inc.		3,274		6,188
				4,627,461
Commercial Services & Supplies 2.9%
ABM Industries, Inc.		8,394		306,045
ACCO Brands Corp.		11,944		109,288
Advanced Disposal Services, Inc.*		9,138		299,544
Brady Corp., Class A		6,014		338,829
BrightView Holdings, Inc.*		3,944		70,203
Brink’s Co. (The)		6,289		534,313
Casella Waste Systems, Inc., Class A*		5,605		244,322
CECO Environmental Corp.*		3,740		25,656
Charah Solutions, Inc.*		1,687		3,222
Cimpress NV*		2,736		361,480
Covanta Holding Corp.		14,894		215,069
Deluxe Corp.		5,462		283,095
Ennis, Inc.		3,139		61,493
Healthcare Services Group, Inc. (a)		9,374		228,351
Heritage-Crystal Clean, Inc.*		1,824		48,409
Herman Miller, Inc.		7,436		345,774
HNI Corp.		5,489		208,582
Interface, Inc.		7,355		122,314
Kimball International, Inc., Class B		4,398		89,543
Knoll, Inc.		6,213		166,136
LSC Communications, Inc.		3,499		3,412
Matthews International Corp., Class A		3,950		146,071
McGrath RentCorp		3,059		233,432
Mobile Mini, Inc.		5,657		212,816
MSA Safety, Inc.		4,443		533,471
NL Industries, Inc.*		865		3,572
NRC Group Holdings Corp.* (a)		1,192		14,590
PICO Holdings, Inc.*		2,236		24,104
Pitney Bowes, Inc.		20,899		91,956
Quad/Graphics, Inc.		3,834		17,368
RR Donnelley & Sons Co.		9,263		40,387
SP Plus Corp.*		2,906		128,358
Steelcase, Inc., Class A		10,963		191,524
Team, Inc.*		3,600		65,376
Tetra Tech, Inc.		6,895		603,106
UniFirst Corp.		1,906		382,801
US Ecology, Inc.		2,778		172,875
Viad Corp.		2,497		152,367
VSE Corp.		1,035		39,765
				7,119,019
Communications Equipment 1.1%
Acacia Communications, Inc.*		4,718		309,784
ADTRAN, Inc.		6,165		54,314
Applied Optoelectronics, Inc.*		2,334		21,846
CalAmp Corp.*		4,037		45,295
Calix, Inc.*		5,388		41,218

Common Stocks (continued)
	Shares		Value
Communications Equipment (continued)
Cambium Networks Corp.*		543	$	4,757
Casa Systems, Inc.*		3,876		26,047
Clearfield, Inc.*		1,666		20,542
Comtech Telecommunications Corp.		2,955		103,277
DASAN Zhone Solutions, Inc.*		823		6,201
Digi International, Inc.*		3,600		51,912
Extreme Networks, Inc.*		14,973		96,426
Harmonic, Inc.*		11,045		85,930
Infinera Corp.*		22,042		123,215
Inseego Corp.* (a)		5,526		31,664
InterDigital, Inc.		3,934		210,980
KVH Industries, Inc.*		2,262		23,118
Lumentum Holdings, Inc.*		9,642		604,168
NETGEAR, Inc.*		4,000		108,680
NetScout Systems, Inc.*		9,183		222,412
Plantronics, Inc.		4,213		166,076
Ribbon Communications, Inc.*		7,439		31,913
TESSCO Technologies, Inc.		752		9,994
Viavi Solutions, Inc.*		28,905		461,324
				2,861,093
Construction & Engineering 1.1%
Aegion Corp.*		3,899		84,491
Ameresco, Inc., Class A*		2,756		40,623
Arcosa, Inc.		6,125		235,261
Argan, Inc.		1,809		68,471
Comfort Systems USA, Inc.		4,620		232,894
Concrete Pumping Holdings, Inc.*		1,345		4,627
Construction Partners, Inc., Class A*		1,464		25,064
Dycom Industries, Inc.*		3,835		174,838
EMCOR Group, Inc.		7,067		619,847
Granite Construction, Inc.		5,914		139,216
Great Lakes Dredge & Dock Corp.*		7,633		82,055
IES Holdings, Inc.*		1,106		21,456
MasTec, Inc.*		7,576		476,833
MYR Group, Inc.*		1,979		68,097
Northwest Pipe Co.*		1,193		36,387
NV5 Global, Inc.*		1,281		92,783
Primoris Services Corp.		5,564		113,728
Sterling Construction Co., Inc.*		3,270		53,121
Tutor Perini Corp.*		5,021		77,675
WillScot Corp.*		6,504		102,503
				2,749,970
Construction Materials 0.2%
Forterra, Inc.*		2,675		21,962
Summit Materials, Inc., Class A*		14,200		325,606
United States Lime & Minerals, Inc.		239		21,152
US Concrete, Inc.*		1,971		103,004
				471,724
Consumer Finance 0.6%
Curo Group Holdings Corp.*		2,194		30,694
Elevate Credit, Inc.*		2,984		12,205
Encore Capital Group, Inc.* (a)		3,897		129,341
Enova International, Inc.*		4,068		95,557
EZCORP, Inc., Class A*		6,242		32,833
FirstCash, Inc.		5,342		450,811
Green Dot Corp., Class A*		6,105		176,068
LendingClub Corp.*		8,307		105,000

131

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Consumer Finance (continued)
Medallion Financial Corp.*		2,551	$	17,449
Nelnet, Inc., Class A		2,280		139,696
PRA Group, Inc.*		5,690		193,062
Regional Management Corp.*		1,263		36,539
World Acceptance Corp.*		790		82,010
				1,501,265
Containers & Packaging 0.1%
Greif, Inc., Class A		3,221		126,167
Greif, Inc., Class B		776		36,495
Myers Industries, Inc.		4,578		77,505
UFP Technologies, Inc.*		828		34,453
				274,620
Distributors 0.1%
Core-Mark Holding Co., Inc.		5,761		175,826
Funko, Inc., Class A*		2,131		38,358
Greenlane Holdings, Inc., Class A* (a)		717		2,818
Weyco Group, Inc.		717		17,688
				234,690
Diversified Consumer Services 0.8%
Adtalem Global Education, Inc.*		7,172		213,582
American Public Education, Inc.*		2,132		46,307
Career Education Corp.*		8,666		122,711
Carriage Services, Inc.		2,144		55,229
Chegg, Inc.*		14,615		448,096
Collectors Universe, Inc.		989		28,345
Houghton Mifflin Harcourt Co.*		12,709		82,100
K12, Inc.*		4,857		96,120
Laureate Education, Inc., Class A*		13,233		204,516
OneSpaWorld Holdings Ltd.*		5,685		88,402
Regis Corp.*		3,784		77,950
Select Interior Concepts, Inc., Class A*		2,665		30,541
Strategic Education, Inc.		2,686		330,459
WW International, Inc.*		5,891		205,419
				2,029,777
Diversified Financial Services 0.2%
Banco Latinoamericano de Comercio Exterior SA, Class E		3,817		78,745
Cannae Holdings, Inc.*		8,467		247,236
FGL Holdings		18,635		168,274
Marlin Business Services Corp.		1,267		30,078
On Deck Capital, Inc.*		8,384		37,393
				561,726
Diversified Telecommunication Services 0.6%
Anterix, Inc.*		1,357		55,040
ATN International, Inc.		1,397		82,744
Bandwidth, Inc., Class A*		2,023		113,591
Cincinnati Bell, Inc.*		5,867		29,980
Cogent Communications Holdings, Inc.		5,309		311,320
Consolidated Communications Holdings, Inc.		9,326		37,304
Frontier Communications Corp.* (a)		12,287		11,181
IDT Corp., Class B*		2,090		14,233
Intelsat SA*		8,453		214,622
Iridium Communications, Inc.*		12,489		305,606
Ooma, Inc.*		2,476		28,103

Common Stocks (continued)
	Shares		Value
Diversified Telecommunication Services (continued)
ORBCOMM, Inc.*		9,628	$	38,608
Pareteum Corp.*		13,495		4,993
Vonage Holdings Corp.*		28,556		278,992
				1,526,317
Electric Utilities 1.1%
ALLETE, Inc.		6,540		562,832
El Paso Electric Co.		5,121		341,622
Genie Energy Ltd., Class B		1,794		13,365
MGE Energy, Inc.		4,404		339,284
Otter Tail Corp.		4,981		282,323
PNM Resources, Inc.		10,024		522,752
Portland General Electric Co.		11,335		644,735
Spark Energy, Inc., Class A		1,584		15,159
				2,722,072
Electrical Equipment 0.9%
Allied Motion Technologies, Inc.		926		35,058
American Superconductor Corp.*		2,605		20,397
Atkore International Group, Inc.*		5,798		201,191
AZZ, Inc.		3,302		128,085
Bloom Energy Corp., Class A* (a)		6,924		21,188
Encore Wire Corp.		2,522		141,736
Energous Corp.* (a)		3,346		9,168
EnerSys		5,377		359,506
Generac Holdings, Inc.*		7,697		743,376
Plug Power, Inc.* (a)		28,865		76,492
Powell Industries, Inc.		1,089		42,645
Preformed Line Products Co.		447		24,406
Sunrun, Inc.*		13,924		216,379
Thermon Group Holdings, Inc.*		4,138		98,609
TPI Composites, Inc.*		3,626		74,442
Vicor Corp.*		2,323		84,441
Vivint Solar, Inc.* (a)		5,447		38,184
				2,315,303
Electronic Equipment, Instruments & Components 2.6%
Airgain, Inc.*		1,128		12,825
Akoustis Technologies, Inc.* (a)		3,111		25,417
Anixter International, Inc.*		3,835		317,346
Arlo Technologies, Inc.*		9,745		33,230
AVX Corp.		6,067		92,946
Badger Meter, Inc.		3,594		207,733
Bel Fuse, Inc., Class B		1,390		20,447
Belden, Inc.		4,973		255,015
Benchmark Electronics, Inc.		4,782		162,110
Coda Octopus Group, Inc.* (a)		564		4,140
CTS Corp.		4,002		106,773
Daktronics, Inc.		4,279		29,354
ePlus, Inc.*		1,718		134,227
Fabrinet*		4,594		258,321
FARO Technologies, Inc.*		2,192		104,515
Fitbit, Inc., Class A*		27,913		172,502
II-VI, Inc.* (a)		11,106		368,164
Insight Enterprises, Inc.*		4,465		274,062
Iteris, Inc.*		4,871		26,109
Itron, Inc.*		4,322		329,596
KEMET Corp.		7,226		157,093
Kimball Electronics, Inc.*		3,051		45,338
Knowles Corp.*		10,296		222,188

132

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Methode Electronics, Inc.		4,619	$	158,894
MTS Systems Corp.		2,299		129,848
Napco Security Technologies, Inc.*		1,451		44,052
nLight, Inc.*		4,073		54,415
Novanta, Inc.*		4,239		377,483
OSI Systems, Inc.*		2,115		209,893
PAR Technology Corp.* (a)		1,403		35,159
PC Connection, Inc.		1,423		69,499
Plexus Corp.*		3,670		271,360
Rogers Corp.*		2,331		315,804
Sanmina Corp.*		8,523		261,912
ScanSource, Inc.*		3,244		104,781
Tech Data Corp.*		4,592		557,928
TTM Technologies, Inc.*		12,435		145,614
Vishay Intertechnology, Inc.		16,710		336,706
Vishay Precision Group, Inc.*		1,264		43,039
Wrap Technologies, Inc.* (a)		919		3,612
				6,479,450
Energy Equipment & Services 0.9%
Archrock, Inc.		16,297		157,103
Cactus, Inc., Class A*		5,917		175,853
Covia Holdings Corp.* (a)		4,554		6,285
Diamond Offshore Drilling, Inc.* (a)		7,920		41,897
DMC Global, Inc.		1,841		82,366
Dril-Quip, Inc.*		4,565		187,256
Era Group, Inc.*		2,839		27,453
Exterran Corp.*		3,967		50,262
Forum Energy Technologies, Inc.*		9,794		11,361
Frank’s International NV*		13,365		65,489
FTS International, Inc.*		4,374		6,648
Geospace Technologies Corp.*		1,619		23,621
Helix Energy Solutions Group, Inc.*		17,915		153,890
Independence Contract Drilling, Inc.*		5,158		4,591
KLX Energy Services Holdings, Inc.*		2,731		21,684
Liberty Oilfield Services, Inc., Class A (a)		6,867		63,245
Mammoth Energy Services, Inc.		1,897		3,035
Matrix Service Co.*		3,273		61,401
McDermott International, Inc.* (a)		22,881		37,296
Nabors Industries Ltd.		44,510		82,343
National Energy Services Reunited Corp.*		2,927		20,226
Natural Gas Services Group, Inc.*		1,812		21,545
NCS Multistage Holdings, Inc.*		1,536		3,456
Newpark Resources, Inc.*		10,954		65,724
NexTier Oilfield Solutions, Inc.* (a)		20,388		88,075
Nine Energy Service, Inc.*		2,057		11,622
Noble Corp. plc* (a)		29,994		36,893
Oceaneering International, Inc.*		12,493		176,901
Oil States International, Inc.*		7,585		108,238
Pacific Drilling SA* (a)		3,731		9,327
Parker Drilling Co.*		1,153		21,296
ProPetro Holding Corp.*		10,063		77,988
RigNet, Inc.*		1,778		9,317
RPC, Inc. (a)		7,320		30,305
SEACOR Holdings, Inc.*		2,219		95,217
SEACOR Marine Holdings, Inc.*		2,411		31,367
Seadrill Ltd.* (a)		7,359		12,952
Select Energy Services, Inc., Class A*		7,448		56,605
Smart Sand, Inc.*		3,138		7,312
Solaris Oilfield Infrastructure, Inc., Class A		3,843		40,890

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
TETRA Technologies, Inc.*		14,695	$	24,981
Tidewater, Inc.*		4,739		76,914
US Silica Holdings, Inc. (a)		9,198		41,023
US Well Services, Inc.*		2,292		4,378
				2,335,631
Entertainment 0.3%
AMC Entertainment Holdings, Inc., Class A (a)		6,385		59,827
Eros International plc* (a)		8,787		19,683
Gaia, Inc.* (a)		1,589		11,012
Glu Mobile, Inc.*		14,600		86,578
IMAX Corp.*		6,562		140,099
Liberty Media Corp.-Liberty Braves, Class C*		4,553		133,904
Liberty Media Corp-Liberty Braves, Class A*		1,211		35,749
LiveXLive Media, Inc.* (a)		3,365		5,720
Marcus Corp. (The)		2,814		101,585
Reading International, Inc., Class A*		1,996		22,695
Rosetta Stone, Inc.*		2,678		51,310
				668,162
Equity Real Estate Investment Trusts (REITs) 7.6%
Acadia Realty Trust		10,547		295,105
Agree Realty Corp.		5,174		407,556
Alexander & Baldwin, Inc.		8,673		203,902
Alexander’s, Inc.		274		94,640
American Assets Trust, Inc.		6,114		299,341
American Finance Trust, Inc.		13,465		199,282
Armada Hoffler Properties, Inc.		6,575		123,215
Ashford Hospitality Trust, Inc.		10,665		29,115
Bluerock Residential Growth REIT, Inc.		2,956		35,531
Braemar Hotels & Resorts, Inc.		3,964		36,588
BRT Apartments Corp.		1,281		21,393
CareTrust REIT, Inc.		12,039		291,825
CatchMark Timber Trust, Inc., Class A		6,388		73,270
CBL & Associates Properties, Inc.		21,094		30,375
Cedar Realty Trust, Inc.		10,509		35,100
Chatham Lodging Trust		5,886		106,242
CIM Commercial Trust Corp.		158		2,299
City Office REIT, Inc.		4,799		64,978
Clipper Realty, Inc.		1,899		18,306
Community Healthcare Trust, Inc.		2,325		112,576
CoreCivic, Inc.		15,071		229,983
CorEnergy Infrastructure Trust, Inc.		1,655		79,721
CorePoint Lodging, Inc.		5,048		49,723
DiamondRock Hospitality Co.		25,509		254,580
Easterly Government Properties, Inc.		10,077		224,919
EastGroup Properties, Inc.		4,678		626,618
Essential Properties Realty Trust, Inc.		9,583		245,900
Farmland Partners, Inc.		3,795		25,426
First Industrial Realty Trust, Inc.		15,929		670,770
Four Corners Property Trust, Inc.		8,637		247,450
Franklin Street Properties Corp.		12,803		110,106
Front Yard Residential Corp.		6,062		74,987
GEO Group, Inc. (The)		15,067		229,320
Getty Realty Corp.		4,257		142,780
Gladstone Commercial Corp.		3,834		90,329
Gladstone Land Corp.		1,866		22,317
Global Medical REIT, Inc.		3,882		46,972
Global Net Lease, Inc.		10,729		209,001

133

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,009	$	239,149
Healthcare Realty Trust, Inc.		16,177		562,474
Hersha Hospitality Trust		4,369		60,292
Independence Realty Trust, Inc.		11,579		178,317
Industrial Logistics Properties Trust		8,242		175,060
Innovative Industrial Properties, Inc.		1,362		103,512
Investors Real Estate Trust		1,461		110,554
iStar, Inc.		7,695		100,112
Jernigan Capital, Inc.		2,664		50,589
Kite Realty Group Trust		10,588		188,678
Lexington Realty Trust		28,986		315,368
LTC Properties, Inc.		5,017		260,131
Mack-Cali Realty Corp.		10,968		234,935
Monmouth Real Estate Investment Corp.		11,569		174,461
National Health Investors, Inc.		5,309		455,459
National Storage Affiliates Trust		7,443		254,327
New Senior Investment Group, Inc.		10,491		73,857
NexPoint Residential Trust, Inc.		2,306		112,464
Office Properties Income Trust		6,050		192,874
One Liberty Properties, Inc.		1,879		53,382
Pebblebrook Hotel Trust		16,450		422,930
Pennsylvania REIT		8,409		46,418
Physicians Realty Trust		23,495		438,652
Piedmont Office Realty Trust, Inc., Class A		15,947		357,851
PotlatchDeltic Corp.		8,366		355,304
Preferred Apartment Communities, Inc., Class A		5,502		78,789
PS Business Parks, Inc.		2,524		455,708
QTS Realty Trust, Inc., Class A		6,913		370,468
Retail Opportunity Investments Corp.		14,361		268,048
Retail Value, Inc.		1,877		68,717
Rexford Industrial Realty, Inc.		13,814		664,315
RLJ Lodging Trust		21,860		358,723
RPT Realty		9,770		141,665
Ryman Hospitality Properties, Inc.		5,797		487,933
Sabra Health Care REIT, Inc.		23,909		588,161
Safehold, Inc.		1,371		47,409
Saul Centers, Inc.		1,543		82,612
Senior Housing Properties Trust		29,854		296,301
Seritage Growth Properties, Class A		4,135		179,831
STAG Industrial, Inc.		16,026		497,447
Summit Hotel Properties, Inc.		13,192		161,734
Sunstone Hotel Investors, Inc.		28,464		384,549
Tanger Factory Outlet Centers, Inc.		11,332		182,672
Terreno Realty Corp.		8,134		458,839
UMH Properties, Inc.		4,506		67,275
Uniti Group, Inc.		23,343		161,534
Universal Health Realty Income Trust		1,639		195,418
Urban Edge Properties		14,626		308,755
Urstadt Biddle Properties, Inc., Class A		3,625		88,196
Washington Prime Group, Inc.		22,977		96,963
Washington REIT		10,189		316,063
Whitestone REIT		4,691		66,800
Xenia Hotels & Resorts, Inc.		14,350		302,068
				18,955,684
Food & Staples Retailing 0.7%
Andersons, Inc. (The)		3,978		73,275
BJ’s Wholesale Club Holdings, Inc.*		14,119		376,977

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing (continued)
Chefs’ Warehouse, Inc. (The)*		3,056	$	101,230
HF Foods Group, Inc.*		934		18,148
Ingles Markets, Inc., Class A		1,726		68,056
Natural Grocers by Vitamin Cottage, Inc.*		1,040		9,121
Performance Food Group Co.*		13,005		554,143
PriceSmart, Inc.		2,821		209,036
Rite Aid Corp.* (a)		6,505		59,846
SpartanNash Co.		4,356		57,042
United Natural Foods, Inc.*		6,290		47,175
Village Super Market, Inc., Class A		973		25,785
Weis Markets, Inc.		1,150		44,263
				1,644,097
Food Products 1.2%
Alico, Inc.		427		14,027
B&G Foods, Inc. (a)		8,087		125,753
Bridgford Foods Corp.*		206		5,082
Calavo Growers, Inc. (a)		2,043		177,189
Cal-Maine Foods, Inc.		3,967		158,244
Darling Ingredients, Inc.*		20,686		399,240
Dean Foods Co. (a)		9,040		8,859
Farmer Brothers Co.*		1,467		18,822
Fresh Del Monte Produce, Inc.		3,928		125,303
Freshpet, Inc.*		4,330		226,286
Hostess Brands, Inc.*		15,023		191,994
J&J Snack Foods Corp.		1,898		362,062
John B Sanfilippo & Son, Inc.		1,109		117,687
Lancaster Colony Corp.		2,380		331,248
Landec Corp.*		3,242		31,934
Limoneira Co.		2,021		38,237
Sanderson Farms, Inc.		2,509		388,418
Seneca Foods Corp., Class A*		828		29,295
Simply Good Foods Co. (The)*		10,402		255,265
Tootsie Roll Industries, Inc.		2,013		69,006
				3,073,951
Gas Utilities 1.2%
Chesapeake Utilities Corp.		2,017		191,212
New Jersey Resources Corp.		11,199		488,276
Northwest Natural Holding Co.		3,820		264,955
ONE Gas, Inc.		6,587		611,537
RGC Resources, Inc.		917		26,749
South Jersey Industries, Inc.		11,690		375,950
Southwest Gas Holdings, Inc.		6,849		597,918
Spire, Inc.		6,274		527,393
				3,083,990
Health Care Equipment & Supplies 3.8%
Accuray, Inc.*		10,494		27,284
Alphatec Holdings, Inc.*		3,688		25,373
AngioDynamics, Inc.*		4,694		71,818
Antares Pharma, Inc.*		20,315		68,258
Apyx Medical Corp.*		4,134		27,284
AtriCure, Inc.*		4,683		124,521
Atrion Corp.		182		153,504
Avanos Medical, Inc.*		5,972		263,007
Avedro, Inc.*		964		22,403
Axogen, Inc.*		4,170		51,854
Axonics Modulation Technologies, Inc.*		1,944		48,056
BioLife Solutions, Inc.*		825		14,033

134

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
BioSig Technologies, Inc.* (a)		1,942	$	12,875
Cardiovascular Systems, Inc.*		4,306		191,703
Cerus Corp.*		17,428		75,812
Conformis, Inc.*		8,007		15,293
CONMED Corp.		3,431		377,479
CryoLife, Inc.*		4,596		103,180
CryoPort, Inc.*		3,927		55,096
Cutera, Inc.*		1,768		55,692
CytoSorbents Corp.* (a)		4,022		19,104
ElectroCore, Inc.* (a)		1,872		2,958
GenMark Diagnostics, Inc.*		7,124		39,966
Glaukos Corp.*		4,494		286,852
Globus Medical, Inc., Class A*		9,585		501,966
Haemonetics Corp.*		6,456		779,433
Heska Corp.*		883		71,541
Inogen, Inc.*		2,306		125,527
Integer Holdings Corp.*		4,098		317,349
IntriCon Corp.*		1,035		21,404
Invacare Corp.		4,418		34,107
iRadimed Corp.*		520		13,130
iRhythm Technologies, Inc.*		3,121		208,545
Lantheus Holdings, Inc.*		4,808		100,247
LeMaitre Vascular, Inc.		2,126		73,560
LivaNova plc*		6,124		433,151
Meridian Bioscience, Inc.		5,100		49,929
Merit Medical Systems, Inc.*		6,753		139,483
Mesa Laboratories, Inc.		489		111,370
Misonix, Inc.*		909		15,771
Natus Medical, Inc.*		4,257		143,376
Neogen Corp.*		6,465		420,613
Neuronetics, Inc.*		1,548		13,793
Nevro Corp.*		3,728		321,354
Novocure Ltd.*		10,950		784,458
NuVasive, Inc.*		6,548		461,896
OraSure Technologies, Inc.*		7,793		66,552
Orthofix Medical, Inc.*		2,279		95,786
OrthoPediatrics Corp.* (a)		1,102		42,625
Pulse Biosciences, Inc.*		1,336		18,811
Quidel Corp.*		4,466		254,115
Rockwell Medical, Inc.*		6,875		15,194
RTI Surgical Holdings, Inc.*		6,820		15,004
SeaSpine Holdings Corp.*		1,976		27,348
Senseonics Holdings, Inc.* (a)		12,418		14,529
Shockwave Medical, Inc.*		831		28,271
SI-BONE, Inc.*		2,017		33,583
Sientra, Inc.*		4,833		31,076
Silk Road Medical, Inc.*		1,466		48,554
Soliton, Inc.* (a)		333		3,703
STAAR Surgical Co.*		5,606		183,765
Surmodics, Inc.*		1,613		76,634
Tactile Systems Technology, Inc.*		2,290		104,012
Tandem Diabetes Care, Inc.*		6,997		430,875
TransEnterix, Inc.*		23,223		5,299
TransMedics Group, Inc.*		824		14,783
Utah Medical Products, Inc.		413		42,320
Vapotherm, Inc.*		1,972		20,312
Varex Imaging Corp.*		4,677		140,357
ViewRay, Inc.*		8,742		22,729
Wright Medical Group NV*		15,902		330,762
Zynex, Inc. (a)		1,938		17,907
				9,360,314

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services 2.0%
Addus HomeCare Corp.*		1,330	$	111,999
Amedisys, Inc.*		3,955		508,297
American Renal Associates Holdings, Inc.*		2,595		21,590
AMN Healthcare Services, Inc.*		5,811		341,454
Apollo Medical Holdings, Inc.* (a)		795		11,901
Avalon GloboCare Corp.* (a)		2,534		3,700
BioTelemetry, Inc.*		4,191		164,958
Brookdale Senior Living, Inc.*		22,934		168,565
Catasys, Inc.* (a)		884		13,799
Community Health Systems, Inc.* (a)		10,016		35,457
CorVel Corp.*		1,150		90,988
Cross Country Healthcare, Inc.*		4,309		46,580
Diplomat Pharmacy, Inc.*		6,920		37,645
Ensign Group, Inc. (The)		6,382		269,639
Enzo Biochem, Inc.*		5,766		18,221
Genesis Healthcare, Inc.*		8,296		10,619
Hanger, Inc.*		4,541		102,672
HealthEquity, Inc.*		8,731		495,833
Joint Corp. (The)*		1,635		31,179
LHC Group, Inc.*		3,798		421,464
Magellan Health, Inc.*		2,734		177,437
National HealthCare Corp.		1,560		128,201
National Research Corp.		1,509		86,662
Option Care Health, Inc.*		15,510		54,905
Owens & Minor, Inc.		7,730		52,023
Patterson Cos., Inc.		10,575		181,150
Pennant Group, Inc. (The)*		3,191		57,406
PetIQ, Inc.* (a)		2,368		58,537
Providence Service Corp. (The)*		1,476		94,272
R1 RCM, Inc.*		13,074		138,977
RadNet, Inc.*		5,309		82,927
Select Medical Holdings Corp.*		13,916		253,549
Surgery Partners, Inc.* (a)		2,705		21,505
Tenet Healthcare Corp.*		12,980		328,913
Tivity Health, Inc.*		6,114		99,108
Triple-S Management Corp., Class B*		2,793		42,258
US Physical Therapy, Inc.		1,590		224,937
				4,989,327
Health Care Technology 1.0%
Allscripts Healthcare Solutions, Inc.*		20,991		229,642
Castlight Health, Inc., Class B*		12,662		19,120
Computer Programs & Systems, Inc.		1,605		37,027
Evolent Health, Inc., Class A*		9,145		69,685
Health Catalyst, Inc.*		1,017		32,707
HealthStream, Inc.*		3,189		89,483
HMS Holdings Corp.*		10,949		357,923
Inovalon Holdings, Inc., Class A* (a)		8,845		138,247
Inspire Medical Systems, Inc.*		1,685		102,751
Livongo Health, Inc.* (a)		1,816		39,207
NextGen Healthcare, Inc.*		6,907		116,763
Omnicell, Inc.*		5,168		363,776
OptimizeRx Corp.*		1,486		19,318
Phreesia, Inc.*		1,282		37,986
Simulations Plus, Inc.		1,429		50,601
Tabula Rasa HealthCare, Inc.* (a)		2,462		125,414
Teladoc Health, Inc.* (a)		9,010		690,166
Vocera Communications, Inc.* (a)		3,872		77,130
				2,596,946

135

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure 2.7%
BBX Capital Corp.		6,952	$	31,075
Biglari Holdings, Inc., Class B*		107		8,932
BJ’s Restaurants, Inc.		2,558		101,271
Bloomin’ Brands, Inc.		10,985		217,613
Bluegreen Vacations Corp.		905		8,697
Boyd Gaming Corp.		10,146		276,478
Brinker International, Inc. (a)		4,734		210,426
Carrols Restaurant Group, Inc.*		4,193		29,896
Century Casinos, Inc.*		3,456		25,540
Cheesecake Factory, Inc. (The) (a)		5,269		220,191
Churchill Downs, Inc.		4,429		575,726
Chuy’s Holdings, Inc.*		2,015		49,106
Cracker Barrel Old Country Store, Inc. (a)		2,432		378,176
Dave & Buster’s Entertainment, Inc.		4,603		183,107
Del Taco Restaurants, Inc.*		3,615		27,601
Denny’s Corp.*		7,479		150,477
Dine Brands Global, Inc.		2,071		151,494
Drive Shack, Inc.*		7,788		31,074
El Pollo Loco Holdings, Inc.*		2,509		29,155
Eldorado Resorts, Inc.* (a)		8,306		371,860
Empire Resorts, Inc.*		618		6,001
Everi Holdings, Inc.*		8,632		86,838
Fiesta Restaurant Group, Inc.*		2,858		24,565
Golden Entertainment, Inc.*		2,163		31,320
Habit Restaurants, Inc. (The), Class A*		2,470		25,960
Inspired Entertainment, Inc.*		1,059		7,784
J Alexander’s Holdings, Inc.*		1,892		18,258
Jack in the Box, Inc.		3,252		273,233
Kura Sushi USA, Inc., Class A*		421		7,767
Lindblad Expeditions Holdings, Inc.*		2,907		45,756
Marriott Vacations Worldwide Corp.		5,411		594,831
Monarch Casino & Resort, Inc.*		1,388		59,948
Nathan’s Famous, Inc.		349		26,559
Noodles & Co.*		3,587		19,119
Papa John’s International, Inc. (a)		2,840		166,282
Penn National Gaming, Inc.*		13,871		295,660
PlayAGS, Inc.*		3,335		38,486
Potbelly Corp.*		2,314		9,834
RCI Hospitality Holdings, Inc.		1,314		24,637
Red Lion Hotels Corp.*		3,095		18,570
Red Robin Gourmet Burgers, Inc.*		1,712		52,216
Red Rock Resorts, Inc., Class A		8,839		192,513
Ruth’s Hospitality Group, Inc.		3,491		71,845
Scientific Games Corp.*		7,096		170,233
SeaWorld Entertainment, Inc.*		5,956		157,358
Shake Shack, Inc., Class A*		3,658		300,980
Target Hospitality Corp.*		4,070		22,548
Texas Roadhouse, Inc.		8,334		470,871
Twin River Worldwide Holdings, Inc. (a)		2,477		62,173
Wingstop, Inc.		3,695		308,274
				6,668,314
Household Durables 1.8%
Bassett Furniture Industries, Inc.		1,466		22,356
Beazer Homes USA, Inc.*		3,645		54,711
Cavco Industries, Inc.*		1,086		208,132
Century Communities, Inc.*		3,209		96,815
Ethan Allen Interiors, Inc.		2,918		57,514
Flexsteel Industries, Inc.		1,105		18,310
GoPro, Inc., Class A* (a)		15,413		64,118

Common Stocks (continued)
	Shares		Value
Household Durables (continued)
Green Brick Partners, Inc.*		3,484	$	35,084
Hamilton Beach Brands Holding Co., Class A		937		17,475
Helen of Troy Ltd.*		3,170		474,739
Hooker Furniture Corp.		1,389		32,878
Installed Building Products, Inc.*		2,852		186,007
iRobot Corp.* (a)		3,459		166,240
KB Home		10,774		384,524
La-Z-Boy, Inc.		5,753		204,289
Legacy Housing Corp.*		653		10,350
LGI Homes, Inc.* (a)		2,519		197,691
Lifetime Brands, Inc.		1,472		11,761
Lovesac Co. (The)* (a)		1,170		19,106
M/I Homes, Inc.*		3,296		145,617
MDC Holdings, Inc.		6,245		241,744
Meritage Homes Corp.*		4,586		330,605
Purple Innovation, Inc.* (a)		798		5,770
Skyline Champion Corp.*		6,343		179,063
Sonos, Inc.*		8,767		114,672
Taylor Morrison Home Corp.*		13,341		334,192
TopBuild Corp.*		4,282		445,028
TRI Pointe Group, Inc.*		17,792		280,046
Tupperware Brands Corp.		6,263		60,313
Universal Electronics, Inc.*		1,655		86,259
William Lyon Homes, Class A*		3,908		75,620
ZAGG, Inc.*		3,572		26,326
				4,587,355
Household Products 0.2%
Central Garden & Pet Co.*		1,299		38,996
Central Garden & Pet Co., Class A*		5,383		152,231
Oil-Dri Corp. of America		738		25,838
WD-40 Co. (a)		1,728		323,827
				540,892
Independent Power and Renewable Electricity Producers 0.5%
Atlantic Power Corp.*		12,244		28,528
Clearway Energy, Inc., Class A		4,182		71,805
Clearway Energy, Inc., Class C		9,530		172,779
Ormat Technologies, Inc.		5,002		382,953
Pattern Energy Group, Inc., Class A		11,179		313,347
Sunnova Energy International, Inc.* (a)		1,680		17,842
TerraForm Power, Inc., Class A		9,321		158,271
				1,145,525
Industrial Conglomerates 0.1%
Raven Industries, Inc.		4,551		158,739
Insurance 2.3%
Ambac Financial Group, Inc.*		5,838		119,679
American Equity Investment Life Holding Co.		11,243		277,477
AMERISAFE, Inc.		2,353		149,486
Argo Group International Holdings Ltd.		4,132		255,647
Citizens, Inc.* (a)		5,986		39,867
CNO Financial Group, Inc.		19,732		308,806
Crawford & Co., Class A		1,976		20,926
Donegal Group, Inc., Class A		1,392		20,490
eHealth, Inc.*		2,819		194,624
Employers Holdings, Inc.		3,973		168,217
Enstar Group Ltd.*		1,467		294,720

136

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Insurance (continued)
FBL Financial Group, Inc., Class A		1,226	$	70,348
FedNat Holding Co.		1,541		22,113
Genworth Financial, Inc., Class A*		63,936		273,646
Global Indemnity Ltd.		1,050		25,998
Goosehead Insurance, Inc., Class A		1,410		72,164
Greenlight Capital Re Ltd., Class A*		3,932		42,466
Hallmark Financial Services, Inc.*		1,484		26,445
HCI Group, Inc.		882		37,088
Health Insurance Innovations, Inc., Class A*		1,244		32,941
Heritage Insurance Holdings, Inc.		3,369		44,875
Horace Mann Educators Corp.		5,055		220,196
Independence Holding Co.		651		25,454
Investors Title Co.		190		28,823
James River Group Holdings Ltd.		3,733		133,679
Kinsale Capital Group, Inc.		2,579		272,652
MBIA, Inc.*		10,225		94,990
National General Holdings Corp.		8,583		182,990
National Western Life Group, Inc., Class A		280		76,328
NI Holdings, Inc.*		1,197		20,947
Palomar Holdings, Inc.*		702		31,695
ProAssurance Corp.		6,538		256,420
ProSight Global, Inc.*		1,141		18,096
Protective Insurance Corp., Class B		1,359		21,622
RLI Corp.		5,046		491,077
Safety Insurance Group, Inc.		1,823		177,196
Selective Insurance Group, Inc.		7,425		513,216
State Auto Financial Corp.		2,207		73,030
Stewart Information Services Corp.		2,940		120,305
Third Point Reinsurance Ltd.*		9,504		90,193
Tiptree, Inc.		2,901		21,322
Trupanion, Inc.* (a)		3,590		85,083
United Fire Group, Inc.		2,685		122,221
United Insurance Holdings Corp.		2,471		30,294
Universal Insurance Holdings, Inc.		3,901		105,756
Watford Holdings Ltd.*		2,537		68,347
				5,779,955
Interactive Media & Services 0.5%
Care.com, Inc.*		2,818		32,914
Cargurus, Inc.*		9,349		314,033
Cars.com, Inc.*		8,512		96,271
DHI Group, Inc.*		6,378		23,089
Eventbrite, Inc., Class A* (a)		4,595		82,618
EverQuote, Inc., Class A*		1,054		21,396
Liberty TripAdvisor Holdings, Inc., Class A*		9,362		90,343
Meet Group, Inc. (The)*		8,628		36,755
QuinStreet, Inc.*		5,794		74,337
Travelzoo*		703		7,114
TrueCar, Inc.*		13,041		42,775
Yelp, Inc.*		8,757		302,204
				1,123,849
Internet & Direct Marketing Retail 0.4%
1-800-Flowers.com, Inc., Class A*		3,267		46,587
Duluth Holdings, Inc., Class B*		1,323		12,225
Groupon, Inc.*		56,949		158,318
Lands’ End, Inc.*		1,520		18,346
Leaf Group Ltd.*		2,164		6,427
Liquidity Services, Inc.*		3,667		23,799
Overstock.com, Inc.*		3,390		35,697

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail (continued)
PetMed Express, Inc. (a)		2,412	$	56,477
Quotient Technology, Inc.*		9,209		79,289
RealReal, Inc. (The)* (a)		2,188		50,565
Rubicon Project, Inc. (The)*		5,993		50,941
Shutterstock, Inc.*		2,443		99,137
Stamps.com, Inc.*		2,160		182,369
Stitch Fix, Inc., Class A* (a)		5,283		120,769
Waitr Holdings, Inc.* (a)		6,564		2,854
				943,800
IT Services 2.3%
Brightcove, Inc.*		4,720		44,887
Carbonite, Inc.*		4,168		71,565
Cardtronics plc, Class A*		4,782		163,831
Cass Information Systems, Inc.		1,751		100,350
Conduent, Inc.*		21,801		134,730
CSG Systems International, Inc.		4,145		238,918
Endurance International Group Holdings, Inc.*		8,559		33,551
EVERTEC, Inc.		7,675		234,778
Evo Payments, Inc., Class A*		4,436		126,116
Exela Technologies, Inc.*		6,723		4,108
ExlService Holdings, Inc.*		4,215		293,490
GTT Communications, Inc.* (a)		4,216		31,747
Hackett Group, Inc. (The)		2,949		49,868
I3 Verticals, Inc., Class A*		1,885		38,548
Information Services Group, Inc.*		4,221		9,117
International Money Express, Inc.*		1,552		23,777
KBR, Inc.		17,846		502,543
Limelight Networks, Inc.*		13,446		56,742
LiveRamp Holdings, Inc.*		8,444		330,076
ManTech International Corp., Class A		3,369		266,757
MAXIMUS, Inc.		8,003		614,150
NIC, Inc.		8,277		194,675
Paysign, Inc.* (a)		3,725		40,156
Perficient, Inc.*		4,129		161,857
Perspecta, Inc.		17,815		472,810
Presidio, Inc.		5,767		95,732
PRGX Global, Inc.*		2,933		14,665
Priority Technology Holdings, Inc.*		732		2,533
Science Applications International Corp.		7,478		617,832
StarTek, Inc.*		1,992		12,948
Sykes Enterprises, Inc.*		4,904		151,509
TTEC Holdings, Inc.		1,856		87,919
Tucows, Inc., Class A* (a)		1,176		65,315
Unisys Corp.*		6,669		68,424
Verra Mobility Corp.*		14,528		208,477
Virtusa Corp.*		3,624		135,103
				5,699,604
Leisure Products 0.4%
Acushnet Holdings Corp.		4,425		125,891
American Outdoor Brands Corp.*		6,587		46,636
Callaway Golf Co.		11,817		238,940
Clarus Corp.		2,978		37,969
Escalade, Inc.		1,486		17,030
Johnson Outdoors, Inc., Class A		599		35,071
Malibu Boats, Inc., Class A*		2,554		83,311
Marine Products Corp.		999		13,407
MasterCraft Boat Holdings, Inc.*		2,261		35,611
Sturm Ruger & Co., Inc.		2,058		94,174

137

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Leisure Products (continued)
Vista Outdoor, Inc.*		7,555	$	50,619
YETI Holdings, Inc.* (a)		3,891		129,609
				908,268
Life Sciences Tools & Services 0.7%
Accelerate Diagnostics, Inc.* (a)		3,444		53,038
Cambrex Corp.*		4,247		253,673
ChromaDex Corp.*		5,510		15,924
Codexis, Inc.*		6,661		90,057
Fluidigm Corp.*		8,697		42,789
Luminex Corp.		5,329		109,218
Medpace Holdings, Inc.*		3,477		256,012
NanoString Technologies, Inc.*		4,162		94,061
NeoGenomics, Inc.*		12,011		275,412
Pacific Biosciences of California, Inc.*		17,942		86,839
Personalis, Inc.*		1,115		11,551
Quanterix Corp.*		1,622		33,819
Syneos Health, Inc.*		7,851		393,728
				1,716,121
Machinery 3.9%
Actuant Corp., Class A		7,096		175,768
Alamo Group, Inc.		1,236		132,326
Albany International Corp., Class A		3,851		323,407
Altra Industrial Motion Corp.		8,113		249,880
Astec Industries, Inc.		2,767		97,094
Barnes Group, Inc.		5,928		346,492
Blue Bird Corp.*		1,870		36,540
Briggs & Stratton Corp.		4,978		36,688
Chart Industries, Inc.*		4,467		261,900
CIRCOR International, Inc.*		2,460		94,193
Columbus McKinnon Corp.		2,873		107,795
Commercial Vehicle Group, Inc.*		3,794		27,658
Douglas Dynamics, Inc.		2,854		133,653
Eastern Co. (The)		819		22,596
Energy Recovery, Inc.* (a)		4,640		43,198
EnPro Industries, Inc.		2,595		180,482
ESCO Technologies, Inc.		3,201		270,453
Evoqua Water Technologies Corp.*		9,307		161,663
Federal Signal Corp.		7,521		243,981
Franklin Electric Co., Inc.		5,820		313,407
Gencor Industries, Inc.*		1,200		15,000
Gorman-Rupp Co. (The)		2,178		80,455
Graham Corp.		1,375		31,158
Greenbrier Cos., Inc. (The)		4,064		119,035
Harsco Corp.*		10,099		204,707
Helios Technologies, Inc.		3,690		146,235
Hillenbrand, Inc.		7,849		241,671
Hurco Cos., Inc.		889		30,928
Hyster-Yale Materials Handling, Inc.		1,274		64,617
John Bean Technologies Corp.		3,930		403,886
Kadant, Inc.		1,401		127,211
Kennametal, Inc.		10,359		320,611
LB Foster Co., Class A*		1,248		22,714
Lindsay Corp.		1,381		130,380
Luxfer Holdings plc		3,410		57,493
Lydall, Inc.*		2,060		40,314
Manitowoc Co., Inc. (The)*		4,539		57,918
Meritor, Inc.*		10,141		223,406
Milacron Holdings Corp.*		8,507		142,237

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Miller Industries, Inc.		1,356	$	48,748
Mueller Industries, Inc.		6,993		215,175
Mueller Water Products, Inc., Class A		19,732		230,864
Navistar International Corp.*		6,249		195,469
NN, Inc.		5,093		36,771
Omega Flex, Inc.		377		35,004
Park-Ohio Holdings Corp.		1,094		33,651
Proto Labs, Inc.*		3,399		329,601
RBC Bearings, Inc.*		3,051		489,502
REV Group, Inc.		3,479		43,279
Rexnord Corp.*		13,246		374,729
Spartan Motors, Inc.		4,167		72,798
SPX Corp.*		5,500		250,470
SPX FLOW, Inc.*		5,300		239,984
Standex International Corp.		1,604		121,551
Tennant Co.		2,269		175,689
Terex Corp.		7,980		219,849
Titan International, Inc.		6,733		17,977
TriMas Corp.*		5,785		186,971
Twin Disc, Inc.*		1,298		13,967
Wabash National Corp.		7,019		100,091
Watts Water Technologies, Inc., Class A		3,487		325,163
Welbilt, Inc.*		16,328		309,579
				9,786,032
Marine 0.1%
Costamare, Inc.		6,263		49,227
Eagle Bulk Shipping, Inc.* (a)		5,665		24,586
Genco Shipping & Trading Ltd.*		1,943		19,197
Matson, Inc.		5,363		204,759
Safe Bulkers, Inc.*		7,061		11,510
Scorpio Bulkers, Inc.		7,176		46,644
				355,923
Media 1.0%
Boston Omaha Corp., Class A* (a)		1,255		28,187
Cardlytics, Inc.*		1,711		71,708
Central European Media Enterprises Ltd., Class A*		10,621		47,635
Clear Channel Outdoor Holdings, Inc.*		5,329		12,417
comScore, Inc.*		6,151		14,209
Cumulus Media, Inc., Class A*		1,761		24,108
Daily Journal Corp.* (a)		147		41,309
Emerald Expositions Events, Inc.		3,007		29,228
Entercom Communications Corp., Class A		15,681		54,570
Entravision Communications Corp., Class A		7,805		22,166
EW Scripps Co. (The), Class A		6,895		92,634
Fluent, Inc.*		5,334		12,428
Gannett Co., Inc.		13,295		144,251
Gray Television, Inc.*		11,481		188,403
Hemisphere Media Group, Inc.*		1,888		24,374
Lee Enterprises, Inc.*		6,599		11,944
Liberty Latin America Ltd., Class A*		5,790		108,215
Liberty Latin America Ltd., Class C*		14,410		265,288
Loral Space & Communications, Inc.*		1,656		66,224
Marchex, Inc., Class B*		4,217		13,958
MDC Partners, Inc., Class A*		8,152		25,516
Meredith Corp.		5,037		189,895
MSG Networks, Inc., Class A*		7,267		117,798
National CineMedia, Inc.		8,044		67,530

138

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
New Media Investment Group, Inc. (a)		7,721	$	68,022
Saga Communications, Inc., Class A		531		16,020
Scholastic Corp.		3,609		138,947
TechTarget, Inc.*		2,853		69,613
TEGNA, Inc.		27,412		412,002
Tribune Publishing Co.		2,505		22,445
WideOpenWest, Inc.*		3,069		19,488
				2,420,532
Metals & Mining 1.2%
AK Steel Holding Corp.* (a)		40,646		95,924
Allegheny Technologies, Inc.*		15,824		332,462
Carpenter Technology Corp.		5,934		290,885
Century Aluminum Co.*		5,968		34,793
Cleveland-Cliffs, Inc. (a)		33,921		245,249
Coeur Mining, Inc.*		27,774		153,312
Commercial Metals Co.		14,861		287,263
Compass Minerals International, Inc.		4,316		243,768
Gold Resource Corp.		7,512		32,903
Haynes International, Inc.		1,490		51,345
Hecla Mining Co.		60,852		139,960
Kaiser Aluminum Corp.		2,032		217,587
Materion Corp.		2,562		145,624
Mayville Engineering Co., Inc.*		801		6,848
Novagold Resources, Inc.*		29,062		211,571
Olympic Steel, Inc.		1,320		19,774
Ramaco Resources, Inc.*		1,165		4,136
Ryerson Holding Corp.*		2,201		19,127
Schnitzer Steel Industries, Inc., Class A		3,203		68,352
SunCoke Energy, Inc.*		9,800		51,842
Synalloy Corp.		1,165		18,244
TimkenSteel Corp.*		4,681		26,307
Warrior Met Coal, Inc.		6,508		126,776
Worthington Industries, Inc.		4,891		180,038
				3,004,090
Mortgage Real Estate Investment Trusts (REITs) 1.3%
AG Mortgage Investment Trust, Inc.		4,065		63,577
Anworth Mortgage Asset Corp.		11,625		39,757
Apollo Commercial Real Estate Finance, Inc.		19,150		350,445
Ares Commercial Real Estate Corp.		3,294		51,057
Arlington Asset Investment Corp., Class A		4,670		26,993
ARMOUR Residential REIT, Inc.		7,575		126,730
Blackstone Mortgage Trust, Inc., Class A		15,913		577,642
Capstead Mortgage Corp.		11,460		88,586
Cherry Hill Mortgage Investment Corp.		1,908		25,796
Colony Credit Real Estate, Inc.		10,303		147,642
Dynex Capital, Inc.		3,079		49,757
Ellington Financial, Inc.		3,805		70,088
Exantas Capital Corp.		3,690		43,394
Granite Point Mortgage Trust, Inc.		6,687		124,378
Great Ajax Corp.		2,329		36,449
Invesco Mortgage Capital, Inc.		18,196		286,405
KKR Real Estate Finance Trust, Inc.		3,183		63,819
Ladder Capital Corp.		12,990		224,337
New York Mortgage Trust, Inc.		29,429		184,226
Orchid Island Capital, Inc.		8,005		44,588
PennyMac Mortgage Investment Trust		10,869		248,791
Ready Capital Corp.		3,945		62,449
Redwood Trust, Inc.		12,169		198,841

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
TPG RE Finance Trust, Inc.		6,233	$	126,094
Western Asset Mortgage Capital Corp.		6,394		64,196
				3,326,037
Multiline Retail 0.1%
Big Lots, Inc.		4,833		104,731
Dillard’s, Inc., Class A (a)		1,361		93,882
JC Penney Co., Inc.* (a)		41,775		41,775
				240,388
Multi-Utilities 0.6%
Avista Corp.		8,275		397,448
Black Hills Corp.		7,691		606,282
NorthWestern Corp.		6,395		463,765
Unitil Corp.		1,782		110,965
				1,578,460
Oil, Gas & Consumable Fuels 2.1%
Abraxas Petroleum Corp.*		19,968		5,791
Altus Midstream Co.* (a)		6,265		13,783
Amplify Energy Corp.		1,279		9,273
Arch Coal, Inc., Class A		2,084		164,407
Ardmore Shipping Corp.*		4,185		33,438
Berry Petroleum Corp.		7,965		74,791
Bonanza Creek Energy, Inc.*		2,487		44,318
Brigham Minerals, Inc., Class A		2,019		38,543
California Resources Corp.* (a)		6,096		34,077
Callon Petroleum Co.* (a)		28,856		109,653
Carrizo Oil & Gas, Inc.* (a)		11,235		82,690
Chaparral Energy, Inc., Class A*		3,864		3,622
Clean Energy Fuels Corp.*		16,852		37,917
CNX Resources Corp.*		23,484		197,970
Comstock Resources, Inc.* (a)		1,879		12,852
CONSOL Energy, Inc.*		3,562		47,125
Contura Energy, Inc.*		2,387		54,758
CVR Energy, Inc.		3,745		177,588
Delek US Holdings, Inc.		9,504		379,685
Denbury Resources, Inc.*		56,404		56,297
DHT Holdings, Inc.		11,316		87,473
Diamond S Shipping, Inc.* (a)		2,754		40,208
Dorian LPG Ltd.*		3,494		43,500
Earthstone Energy, Inc., Class A*		2,298		8,916
Energy Fuels, Inc.* (a)		11,468		23,051
Evolution Petroleum Corp.		3,703		20,811
Extraction Oil & Gas, Inc.* (a)		10,660		18,122
Falcon Minerals Corp. (a)		4,678		28,816
GasLog Ltd.		4,996		68,495
Golar LNG Ltd.		11,971		164,841
Goodrich Petroleum Corp.*		1,170		11,267
Green Plains, Inc.		4,419		54,486
Gulfport Energy Corp.*		20,352		56,680
Hallador Energy Co.		2,665		8,968
HighPoint Resources Corp.*		14,204		15,056
International Seaways, Inc.*		3,167		79,618
Jagged Peak Energy, Inc.* (a)		8,359		59,265
Laredo Petroleum, Inc.*		22,738		53,662
Magnolia Oil & Gas Corp., Class A* (a)		12,618		123,909
Matador Resources Co.*		14,003		194,782
Montage Resources Corp.*		2,673		12,082
NACCO Industries, Inc., Class A		495		24,997

139

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
NextDecade Corp.*		1,089	$	6,447
Nordic American Tankers Ltd.		18,120		64,870
Northern Oil and Gas, Inc.*		35,112		68,819
Oasis Petroleum, Inc.*		40,277		105,123
Overseas Shipholding Group, Inc., Class A*		8,148		13,281
Panhandle Oil and Gas, Inc., Class A		1,926		27,330
Par Pacific Holdings, Inc.*		4,313		97,689
PDC Energy, Inc.*		7,925		158,104
Peabody Energy Corp.		8,671		91,306
Penn Virginia Corp.*		1,707		40,627
Petrocorp, Inc.*^¥		1,500		0
PrimeEnergy Resources Corp.*		62		9,822
QEP Resources, Inc.		30,144		100,379
Renewable Energy Group, Inc.*		4,546		74,282
REX American Resources Corp.*		677		54,783
Ring Energy, Inc.*		7,560		12,550
Roan Resources, Inc.*		4,468		6,702
Rosehill Resources, Inc.*		1,364		2,101
SandRidge Energy, Inc.*		3,665		16,053
Scorpio Tankers, Inc.		5,433		172,824
SemGroup Corp., Class A		10,166		163,673
Ship Finance International Ltd.		10,403		150,531
SilverBow Resources, Inc.*		1,026		8,105
SM Energy Co.		14,112		110,638
Southwestern Energy Co.* (a)		68,775		140,989
SRC Energy, Inc.*		30,657		95,650
Talos Energy, Inc.*		2,456		52,878
Teekay Corp.		9,268		47,359
Teekay Tankers Ltd., Class A*		24,677		50,341
Tellurian, Inc.* (a)		11,888		94,747
Unit Corp.*		6,850		13,974
Uranium Energy Corp.* (a)		20,823		19,721
W&T Offshore, Inc.*		11,415		46,002
Whiting Petroleum Corp.* (a)		11,482		72,796
World Fuel Services Corp.		8,178		341,595
				5,309,674
Paper & Forest Products 0.5%
Boise Cascade Co.		4,954		177,205
Clearwater Paper Corp.*		1,926		35,708
Louisiana-Pacific Corp.		15,702		458,969
Neenah, Inc.		2,116		136,482
PH Glatfelter Co.		5,642		101,556
Schweitzer-Mauduit International, Inc.		3,930		159,126
Verso Corp., Class A*		4,520		66,173
				1,135,219
Personal Products 0.3%
Edgewell Personal Care Co.*		6,831		239,085
elf Beauty, Inc.*		3,292		55,305
Inter Parfums, Inc.		2,218		171,740
Lifevantage Corp.*		1,714		23,242
Medifast, Inc. (a)		1,440		159,753
Nature’s Sunshine Products, Inc.*		1,431		13,509
Revlon, Inc., Class A* (a)		882		23,188
USANA Health Sciences, Inc.*		1,626		120,503
Youngevity International, Inc.* (a)		985		4,600
				810,925

Common Stocks (continued)
	Shares		Value
Pharmaceuticals 1.7%
AcelRx Pharmaceuticals, Inc.* (a)		9,771	$	19,542
Acer Therapeutics, Inc.*		1,188		3,718
Aclaris Therapeutics, Inc.*		4,055		7,096
Aerie Pharmaceuticals, Inc.* (a)		5,324		118,139
Akorn, Inc.*		11,412		56,946
Amneal Pharmaceuticals, Inc.*		11,796		36,332
Amphastar Pharmaceuticals, Inc.*		4,524		87,381
ANI Pharmaceuticals, Inc.*		1,147		89,592
Arvinas, Inc.*		2,209		45,638
Assertio Therapeutics, Inc.*		8,093		6,394
Axsome Therapeutics, Inc.* (a)		3,062		73,733
BioDelivery Sciences International, Inc.*		10,145		58,638
Cara Therapeutics, Inc.* (a)		5,012		104,049
cbdMD, Inc.* (a)		1,153		4,058
Cerecor, Inc.*		2,633		9,057
Chiasma, Inc.*		3,240		16,978
Collegium Pharmaceutical, Inc.*		4,047		48,564
Corcept Therapeutics, Inc.*		12,003		175,124
CorMedix, Inc.* (a)		2,936		16,383
Cymabay Therapeutics, Inc.*		8,670		38,928
Dermira, Inc.*		5,861		39,210
Dova Pharmaceuticals, Inc.*		1,072		30,563
Eloxx Pharmaceuticals, Inc.*		3,052		18,587
Endo International plc*		28,874		132,532
Evofem Biosciences, Inc.*		1,713		8,719
Evolus, Inc.* (a)		1,900		30,305
EyePoint Pharmaceuticals, Inc.*		7,587		17,147
Innoviva, Inc.*		8,068		93,750
Intersect ENT, Inc.*		3,882		69,177
Intra-Cellular Therapies, Inc.*		5,783		53,493
Kala Pharmaceuticals, Inc.* (a)		2,866		10,404
Kaleido Biosciences, Inc.* (a)		614		3,598
Lannett Co., Inc.*		3,697		43,957
Liquidia Technologies, Inc.*		1,673		7,328
Mallinckrodt plc* (a)		10,692		33,787
Marinus Pharmaceuticals, Inc.*		6,396		7,483
Menlo Therapeutics, Inc.*		1,826		9,258
MyoKardia, Inc.*		5,598		320,933
NGM Biopharmaceuticals, Inc.*		830		10,765
Ocular Therapeutix, Inc.* (a)		5,012		16,239
Odonate Therapeutics, Inc.*		1,547		49,133
Omeros Corp.* (a)		6,023		95,404
Optinose, Inc.* (a)		3,119		24,391
Osmotica Pharmaceuticals plc*		1,435		6,357
Pacira BioSciences, Inc.*		5,110		206,904
Paratek Pharmaceuticals, Inc.* (a)		4,557		14,058
Phibro Animal Health Corp., Class A		2,647		63,422
Prestige Consumer Healthcare, Inc.*		6,352		225,242
Reata Pharmaceuticals, Inc., Class A* (a)		2,534		522,207
resTORbio, Inc.*		1,919		13,913
Revance Therapeutics, Inc.*		5,539		86,741
SIGA Technologies, Inc.*		7,300		40,515
Strongbridge Biopharma plc*		4,463		9,462
Supernus Pharmaceuticals, Inc.*		6,218		172,798
TherapeuticsMD, Inc.* (a)		24,811		65,997
Theravance Biopharma, Inc.*		5,590		90,111
Tricida, Inc.*		2,750		102,877
Verrica Pharmaceuticals, Inc.*		1,636		22,119
WaVe Life Sciences Ltd.* (a)		2,837		71,748
Xeris Pharmaceuticals, Inc.*		3,348		27,387
Zogenix, Inc.*		5,378		240,128

140

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Zynerba Pharmaceuticals, Inc.* (a)		2,615	$	20,292
				4,144,731
Professional Services 1.6%
Acacia Research Corp.*		7,127		18,102
ASGN, Inc.*		6,444		409,774
Barrett Business Services, Inc.		933		81,852
BG Staffing, Inc.		1,247		23,855
CBIZ, Inc.*		6,542		179,054
CRA International, Inc.		960		47,280
Exponent, Inc.		6,493		412,500
Forrester Research, Inc.		1,365		47,065
Franklin Covey Co.*		1,183		45,191
FTI Consulting, Inc.*		4,689		510,491
GP Strategies Corp.*		1,471		16,328
Heidrick & Struggles International, Inc.		2,300		65,458
Huron Consulting Group, Inc.*		2,824		186,779
ICF International, Inc.		2,298		196,916
InnerWorkings, Inc.*		5,336		25,880
Insperity, Inc.		4,882		515,686
Kelly Services, Inc., Class A		4,167		100,050
Kforce, Inc.		2,722		111,357
Korn Ferry		7,120		261,233
Mistras Group, Inc.*		2,496		38,688
Resources Connection, Inc.		3,938		57,692
TriNet Group, Inc.*		5,631		298,387
TrueBlue, Inc.*		4,921		112,691
Upwork, Inc.*		6,903		103,821
Willdan Group, Inc.*		1,187		35,966
				3,902,096
Real Estate Management & Development 0.7%
Altisource Portfolio Solutions SA*		787		14,009
American Realty Investors, Inc.*		418		6,667
Consolidated-Tomoka Land Co.		623		39,853
Cushman & Wakefield plc*		12,905		240,678
eXp World Holdings, Inc.* (a)		2,005		17,985
Forestar Group, Inc.*		1,510		28,358
FRP Holdings, Inc.*		842		43,599
Griffin Industrial Realty, Inc.		160		6,301
Kennedy-Wilson Holdings, Inc.		15,644		359,969
Marcus & Millichap, Inc.*		2,902		103,660
Maui Land & Pineapple Co., Inc.*		1,093		11,247
Newmark Group, Inc., Class A		18,389		195,291
Rafael Holdings, Inc., Class B*		1,312		22,789
RE/MAX Holdings, Inc., Class A		2,346		78,474
Realogy Holdings Corp. (a)		14,374		113,267
Redfin Corp.* (a)		11,142		193,759
RMR Group, Inc. (The), Class A		1,876		90,798
St Joe Co. (The)*		4,168		77,316
Stratus Properties, Inc.*		866		23,884
Tejon Ranch Co.*		2,737		44,011
Transcontinental Realty Investors, Inc.*		88		2,776
				1,714,691
Road & Rail 0.5%
ArcBest Corp.		3,136		90,599
Avis Budget Group, Inc.*		7,473		222,023
Covenant Transportation Group, Inc., Class A*		1,654		25,422

Common Stocks (continued)
	Shares		Value
Road & Rail (continued)
Daseke, Inc.*		5,855	$	15,750
Heartland Express, Inc.		5,691		118,942
Hertz Global Holdings, Inc.*		12,798		172,901
Marten Transport Ltd.		4,814		104,271
PAM Transportation Services, Inc.*		240		13,752
Roadrunner Transportation Systems, Inc.*		546		6,137
Saia, Inc.*		3,276		292,219
Universal Logistics Holdings, Inc.		999		18,836
US Xpress Enterprises, Inc., Class A*		2,536		13,162
Werner Enterprises, Inc.		5,732		209,218
YRC Worldwide, Inc.*		4,647		15,568
				1,318,800
Semiconductors & Semiconductor Equipment 2.7%
Adesto Technologies Corp.* (a)		3,593		32,912
Advanced Energy Industries, Inc.*		4,807		284,094
Alpha & Omega Semiconductor Ltd.*		2,868		37,456
Ambarella, Inc.*		3,973		209,099
Amkor Technology, Inc.*		12,522		155,649
Axcelis Technologies, Inc.*		3,953		75,779
AXT, Inc.*		5,277		16,464
Brooks Automation, Inc.		8,938		379,597
Cabot Microelectronics Corp.		3,645		550,832
CEVA, Inc.*		2,627		71,507
Cirrus Logic, Inc.*		7,328		498,011
Cohu, Inc.		5,170		85,925
Diodes, Inc.*		5,158		240,621
DSP Group, Inc.*		2,566		38,259
Enphase Energy, Inc.* (a)		11,565		224,708
FormFactor, Inc.*		9,430		205,857
GSI Technology, Inc.*		1,836		14,358
Ichor Holdings Ltd.*		2,693		78,393
Impinj, Inc.* (a)		1,796		59,079
Inphi Corp.*		5,654		406,410
Lattice Semiconductor Corp.*		15,699		307,543
MACOM Technology Solutions Holdings, Inc.*		5,616		127,708
MaxLinear, Inc.*		8,196		155,396
NeoPhotonics Corp.*		5,474		36,019
NVE Corp.		581		36,167
Onto Innovation, Inc.*		6,035		194,313
PDF Solutions, Inc.*		3,564		57,594
Photronics, Inc.*		7,954		93,857
Power Integrations, Inc.		3,585		326,629
Rambus, Inc.*		13,860		191,892
Semtech Corp.*		8,295		418,566
Silicon Laboratories, Inc.*		5,411		574,865
SMART Global Holdings, Inc.*		1,700		50,490
SunPower Corp.* (a)		8,024		70,290
Synaptics, Inc.*		4,291		180,694
Ultra Clean Holdings, Inc.*		5,111		109,222
Veeco Instruments, Inc.*		6,233		85,018
Xperi Corp.		6,201		125,911
				6,807,184
Software 4.6%
8x8, Inc.*		11,786		227,706
A10 Networks, Inc.*		6,971		51,795
ACI Worldwide, Inc.*		14,519		455,751
Agilysys, Inc.*		2,589		65,217

141

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Alarm.com Holdings, Inc.*		4,630	$	228,722
Altair Engineering, Inc., Class A*		4,843		178,561
American Software, Inc., Class A		3,532		57,254
Appfolio, Inc., Class A*		1,932		187,848
Appian Corp.* (a)		3,927		175,301
Avaya Holdings Corp.*		13,968		168,873
Benefitfocus, Inc.*		3,737		84,961
Blackbaud, Inc.		6,163		517,384
Blackline, Inc.*		5,391		251,975
Bottomline Technologies DE, Inc.*		5,404		221,294
Box, Inc., Class A*		18,067		305,694
ChannelAdvisor Corp.*		3,085		29,030
Cision Ltd.*		11,498		115,785
Cloudera, Inc.* (a)		29,763		252,390
CommVault Systems, Inc.*		5,105		253,565
Cornerstone OnDemand, Inc.*		7,167		419,771
Digimarc Corp.* (a)		1,495		53,222
Digital Turbine, Inc.*		9,676		67,635
Domo, Inc., Class B*		2,237		35,971
Ebix, Inc. (a)		2,954		125,929
eGain Corp.*		2,526		19,008
Envestnet, Inc.*		6,017		376,002
Everbridge, Inc.* (a)		4,106		285,408
Five9, Inc.*		7,536		418,323
ForeScout Technologies, Inc.*		5,115		157,337
GTY Technology Holdings, Inc.*		4,860		25,321
Ideanomics, Inc.* (a)		6,324		7,273
Instructure, Inc.* (a)		4,240		198,135
Intelligent Systems Corp.* (a)		847		38,259
j2 Global, Inc.		5,872		557,605
LivePerson, Inc.*		7,659		314,402
Majesco*		1,277		10,995
MicroStrategy, Inc., Class A*		1,057		161,985
Mitek Systems, Inc.*		4,120		39,717
MobileIron, Inc.*		11,992		75,070
Model N, Inc.*		4,047		120,560
OneSpan, Inc.*		4,214		78,844
Phunware, Inc.* (a)		3,477		5,737
Progress Software Corp.		5,642		225,003
PROS Holdings, Inc.*		4,145		212,390
Q2 Holdings, Inc.*		5,437		388,691
QAD, Inc., Class A		1,402		65,165
Qualys, Inc.*		4,286		365,724
Rapid7, Inc.*		6,060		303,545
Rimini Street, Inc.*		2,428		9,494
SailPoint Technologies Holding, Inc.*		10,812		209,320
SecureWorks Corp., Class A*		1,143		13,899
SharpSpring, Inc.*		1,058		10,781
ShotSpotter, Inc.*		1,020		20,604
SPS Commerce, Inc.*		4,405		232,452
SVMK, Inc.*		10,562		194,341
Synchronoss Technologies, Inc.* (a)		4,791		28,746
Telaria, Inc.*		5,606		42,438
Telenav, Inc.*		3,855		18,157
Tenable Holdings, Inc.*		4,666		117,583
TiVo Corp.		15,520		126,333
Upland Software, Inc.*		2,823		105,806
Varonis Systems, Inc.*		3,739		267,526
Verint Systems, Inc.*		8,239		373,968
VirnetX Holding Corp.* (a)		7,933		46,408
Workiva, Inc.*		4,626		192,765

Common Stocks (continued)
	Shares		Value
Software (continued)
Yext, Inc.*		11,718	$	192,878
Zix Corp.*		6,986		46,178
Zuora, Inc., Class A*		10,744		153,102
				11,384,912
Specialty Retail 2.6%
Aaron’s, Inc.		8,534		639,453
Abercrombie & Fitch Co., Class A		8,448		136,773
American Eagle Outfitters, Inc.		20,380		313,444
America’s Car-Mart, Inc.*		783		71,245
Asbury Automotive Group, Inc.*		2,454		253,081
Ascena Retail Group, Inc.*		17,106		6,025
At Home Group, Inc.* (a)		6,242		53,182
Barnes & Noble Education, Inc.*		4,950		20,344
Bed Bath & Beyond, Inc. (a)		15,287		209,432
Boot Barn Holdings, Inc.*		3,594		125,970
Buckle, Inc. (The) (a)		3,538		74,015
Caleres, Inc.		5,158		111,000
Camping World Holdings, Inc., Class A (a)		3,985		37,658
Cato Corp. (The), Class A		2,809		49,129
Chico’s FAS, Inc.		15,243		52,436
Children’s Place, Inc. (The) (a)		1,935		158,496
Citi Trends, Inc.		1,522		27,168
Conn’s, Inc.* (a)		2,402		58,104
Container Store Group, Inc. (The)*		1,909		8,056
Designer Brands, Inc., Class A		8,171		134,821
Express, Inc.*		7,889		25,403
GameStop Corp., Class A (a)		11,722		63,768
Genesco, Inc.*		2,019		78,438
GNC Holdings, Inc., Class A* (a)		11,765		31,060
Group 1 Automotive, Inc.		2,213		220,061
Guess?, Inc.		6,185		103,599
Haverty Furniture Cos., Inc.		2,179		39,527
Hibbett Sports, Inc.* (a)		2,239		53,423
Hudson Ltd., Class A*		4,859		60,349
J. Jill, Inc. (a)		2,280		3,944
Lithia Motors, Inc., Class A		2,786		438,739
Lumber Liquidators Holdings, Inc.*		3,384		31,234
MarineMax, Inc.*		2,687		41,514
Michaels Cos., Inc. (The)*		10,673		93,175
Monro, Inc.		4,099		287,381
Murphy USA, Inc.*		3,827		451,318
National Vision Holdings, Inc.*		9,731		231,598
Office Depot, Inc.		69,753		143,691
Party City Holdco, Inc.* (a)		6,960		39,115
Rent-A-Center, Inc.		6,126		158,480
Restoration Hardware Holdings, Inc.* (a)		2,085		378,844
RTW RetailWinds, Inc.*		4,112		6,086
Sally Beauty Holdings, Inc.*		15,252		236,406
Shoe Carnival, Inc.		1,244		41,288
Signet Jewelers Ltd. (a)		6,675		107,067
Sleep Number Corp.*		3,636		174,964
Sonic Automotive, Inc., Class A		3,172		102,234
Sportsman’s Warehouse Holdings, Inc.*		5,196		35,385
Tailored Brands, Inc. (a)		6,505		30,183
Tile Shop Holdings, Inc.		5,473		9,195
Tilly’s, Inc., Class A		3,099		31,796
Winmark Corp.		311		55,980
Zumiez, Inc.*		2,499		79,743
				6,424,820

142

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals 0.2%
3D Systems Corp.* (a)		14,315	$	135,849
AstroNova, Inc.		827		13,116
Avid Technology, Inc.*		3,378		22,818
Diebold Nixdorf, Inc.*		9,394		65,758
Immersion Corp.*		3,895		32,017
Sonim Technologies, Inc.*		425		1,016
Stratasys Ltd.*		6,482		134,048
				404,622
Textiles, Apparel & Luxury Goods 1.0%
Centric Brands, Inc.* (a)		1,936		4,840
Crocs, Inc.*		7,910		276,771
Culp, Inc.		1,326		20,513
Deckers Outdoor Corp.*		3,686		563,590
Delta Apparel, Inc.*		739		18,438
Fossil Group, Inc.*		6,034		65,650
G-III Apparel Group Ltd.*		5,708		143,328
Kontoor Brands, Inc.		5,579		212,002
Movado Group, Inc.		1,928		50,224
Oxford Industries, Inc.		2,116		145,708
Rocky Brands, Inc.		807		22,443
Steven Madden Ltd.		10,612		437,002
Superior Group of Cos., Inc.		1,226		17,740
Unifi, Inc.*		1,863		50,860
Vera Bradley, Inc.*		2,432		26,168
Vince Holding Corp.*		377		7,962
Wolverine World Wide, Inc.		10,610		314,905
				2,378,144
Thrifts & Mortgage Finance 2.2%
Axos Financial, Inc.*		7,303		212,152
Bridgewater Bancshares, Inc.*		3,324		41,849
Capitol Federal Financial, Inc.		16,658		237,710
Columbia Financial, Inc.*		6,623		109,213
Dime Community Bancshares, Inc.		3,847		74,209
Entegra Financial Corp.*		668		20,107
ESSA Bancorp, Inc.		1,299		21,239
Essent Group Ltd.		12,132		631,956
Federal Agricultural Mortgage Corp., Class C		1,109		93,921
First Defiance Financial Corp.		2,438		75,383
Flagstar Bancorp, Inc.		3,649		132,605
FS Bancorp, Inc.		535		30,629
Greene County Bancorp, Inc.		538		14,967
Hingham Institution for Savings		169		32,108
Home Bancorp, Inc.		1,041		39,724
HomeStreet, Inc.*		2,488		74,665
Kearny Financial Corp.		10,789		151,370
Luther Burbank Corp.		2,589		29,955
Merchants Bancorp		1,163		18,992
Meridian Bancorp, Inc.		6,114		119,590
Meta Financial Group, Inc.		4,451		140,919
MMA Capital Holdings, Inc.*		584		18,589
Mr. Cooper Group, Inc.*		9,823		125,734
NMI Holdings, Inc., Class A*		8,216		240,318
Northfield Bancorp, Inc.		5,331		90,680
Northwest Bancshares, Inc.		12,855		216,864
OceanFirst Financial Corp.		6,357		152,123
Ocwen Financial Corp.*		16,851		28,478
OP Bancorp		1,643		16,101

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Oritani Financial Corp.		5,107	$	95,297
PCSB Financial Corp.		2,011		40,743
PDL Community Bancorp*		1,199		16,822
PennyMac Financial Services, Inc.*		3,012		93,764
Pioneer Bancorp, Inc.*		1,383		18,670
Provident Bancorp, Inc.*		1,325		15,105
Provident Financial Holdings, Inc.		656		13,159
Provident Financial Services, Inc.		7,784		194,211
Prudential Bancorp, Inc.		1,148		20,033
Radian Group, Inc.		25,823		648,157
Riverview Bancorp, Inc.		3,073		22,095
Southern Missouri Bancorp, Inc.		959		34,917
Sterling Bancorp, Inc.		2,193		21,250
Territorial Bancorp, Inc.		1,115		32,959
Timberland Bancorp, Inc.		928		24,592
TrustCo Bank Corp.		11,479		99,179
United Community Financial Corp.		5,844		66,563
United Financial Bancorp, Inc.		460		6,495
Walker & Dunlop, Inc.		3,514		221,347
Washington Federal, Inc.		9,981		363,907
Waterstone Financial, Inc.		3,043		56,691
Western New England Bancorp, Inc.		2,933		28,039
WSFS Financial Corp.		6,629		279,545
				5,605,690
Tobacco 0.2%
22nd Century Group, Inc.* (a)		13,989		26,439
Pyxus International, Inc.* (a)		1,216		13,887
Turning Point Brands, Inc.		1,071		22,352
Universal Corp.		3,117		170,811
Vector Group Ltd.		13,995		170,739
				404,228
Trading Companies & Distributors 1.4%
Aircastle Ltd.		6,755		183,871
Applied Industrial Technologies, Inc.		4,830		289,027
Beacon Roofing Supply, Inc.*		8,559		265,671
BlueLinx Holdings, Inc.*		1,009		31,541
BMC Stock Holdings, Inc.*		8,305		224,152
CAI International, Inc.*		2,109		50,131
DXP Enterprises, Inc.*		2,114		72,975
EVI Industries, Inc.		556		19,121
Foundation Building Materials, Inc.*		1,832		34,057
GATX Corp.		4,496		357,657
General Finance Corp.*		1,359		13,291
GMS, Inc.*		4,004		119,960
H&E Equipment Services, Inc.		4,091		138,848
Herc Holdings, Inc.*		3,064		135,613
Kaman Corp.		3,486		204,524
Lawson Products, Inc.*		539		24,767
MRC Global, Inc.*		10,062		114,304
NOW, Inc.*		13,661		143,987
Rush Enterprises, Inc., Class A		3,452		150,818
Rush Enterprises, Inc., Class B		623		26,739
SiteOne Landscape Supply, Inc.*		5,152		453,685
Systemax, Inc.		1,581		34,213
Textainer Group Holdings Ltd.*		3,794		39,268
Titan Machinery, Inc.*		2,323		38,562
Transcat, Inc.*		776		24,320
Triton International Ltd.		6,996		256,753

143

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors (continued)
Veritiv Corp.*		1,629	$	22,220
Willis Lease Finance Corp.*		380		20,714
				3,490,789
Water Utilities 0.6%
American States Water Co.		4,613		438,835
AquaVenture Holdings Ltd.*		1,490		29,234
Artesian Resources Corp., Class A		916		33,983
Cadiz, Inc.* (a)		1,744		20,649
California Water Service Group		6,062		339,290
Consolidated Water Co. Ltd.		1,797		31,519
Global Water Resources, Inc.		1,383		16,942
Middlesex Water Co.		2,040		137,190
Pure Cycle Corp.*		2,316		25,893
SJW Group		3,319		240,130
York Water Co. (The)		1,635		72,005
				1,385,670
Wireless Telecommunication Services 0.1%
Boingo Wireless, Inc.*		5,480		51,895
Gogo, Inc.* (a)		6,356		39,089
Shenandoah Telecommunications Co.		6,049		194,536
Spok Holdings, Inc.		2,204		26,228
				311,748
Total Common Stocks (cost $249,896,198)			247,908,819
Rights 0.0%†
	Number of Rights
Biotechnology 0.0%†
Oncternal Therapeutics, Inc., CVR*¥		95		195
Chemicals 0.0%†
A. Schulman, Inc., CVR*¥		5,162		2,235
Pharmaceuticals 0.0%†
Corium International, Inc., CVR*^¥		5,244		0
Total Rights (cost $—)				2,430
Short-Term Investment 0.5%
	Shares
Money Market Fund 0.5%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		1,305,384		1,305,384
Total Short-Term Investment (cost $1,305,384)				1,305,384

Repurchase Agreements 5.4%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $9,032,072, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $9,246,726. (c)(d)	$	9,031,645	$	9,031,645
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $4,458,504, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $4,563,982. (c)(d)		4,458,296		4,458,296
Total Repurchase Agreements (cost $13,489,941)				13,489,941
Total Investments (cost $264,691,523) — 105.5%				262,706,574
Liabilities in excess of other assets — (5.5)%				(13,587,241	)
NET ASSETS — 100.0%			$	249,119,333

* 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 October 31, 2019. The total value of securities on loan at October 31, 2019 was $14,169,472, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,305,384 and $13,489,941, respectively, and by $57,859 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $14,853,184.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $14,795,325.

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

CVR Contingent Value Rights

REIT Real Estate Investment Trust

144

Statement of Investments (Continued)

October 31, 2019

Nationwide Small Cap Index Fund (Continued)

Futures contracts outstanding as of October 31, 2019 :

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		20		12/2019		USD		1,563,400		41,908
										41,908

At October 31, 2019, the Fund had $52,600 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.

145

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Small Cap Index Fund
Assets:
Investment securities, at value* (cost $251,201,582)	$	249,216,633
Repurchase agreements, at value (cost $13,489,941)		13,489,941
Cash		1,167,414
Deposits with broker for futures contracts		52,600
Interest and dividends receivable		93,698
Securities lending income receivable		33,951
Receivable for investments sold		339,844
Receivable for capital shares issued		102,981
Reimbursement from investment adviser (Note 3)		2,957
Prepaid expenses		23,043
Total Assets		264,523,062
Liabilities:
Payable for capital shares redeemed		232,165
Payable for variation margin on futures contracts		8,574
Payable upon return of securities loaned (Note 2)		14,795,325
Accrued expenses and other payables:
Investment advisory fees		35,379
Fund administration fees		19,782
Distribution fees		42,625
Administrative servicing fees		49,533
Accounting and transfer agent fees		7,426
Trustee fees		1,057
Custodian fees		1,479
Compliance program costs (Note 3)		335
Professional fees		32,024
Printing fees		12,134
Other		165,891
Total Liabilities		15,403,729
Net Assets	$	249,119,333
Represented by:
Capital	$	238,850,800
Total distributable earnings (loss)		10,268,533
Net Assets	$	249,119,333
Net Assets:
Class A Shares	$	153,309,530
Class C Shares		5,532,118
Class R Shares		14,663,822
Class R6 Shares		69,934,671
Institutional Service Class Shares		5,679,192
Total	$	249,119,333

146

Statement of Assets and Liabilities (Continued)

October 31, 2019

	Nationwide Small Cap Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		15,700,831
Class C Shares		615,172
Class R Shares		1,529,628
Class R6 Shares		6,956,551
Institutional Service Class Shares		565,531
Total		25,367,713
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares (a)	$	9.76
Class C Shares (b)	$	8.99
Class R Shares	$	9.59
Class R6 Shares	$	10.05
Institutional Service Class Shares	$	10.04
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.36
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $14,169,472 (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.

147

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Small Cap Index Fund
INVESTMENT INCOME:
Dividend income	$	4,241,889
Income from securities lending (Note 2)		307,866
Interest income		185,511
Foreign tax withholding		(1,123	)
Total Income		4,734,143
EXPENSES:
Investment advisory fees		589,006
Fund administration fees		154,851
Distribution fees Class A		476,941
Distribution fees Class C		63,000
Distribution fees Class R		67,693
Administrative servicing fees Class A		324,318
Administrative servicing fees Class C		5,728
Administrative servicing fees Class R		30,397
Administrative servicing fees Institutional Service Class		18,733
Registration and filing fees		66,907
Professional fees		49,568
Printing fees		14,078
Trustee fees		11,494
Custodian fees		16,312
Accounting and transfer agent fees		25,998
Compliance program costs (Note 3)		1,264
Other		89,920
Total expenses before fees waived and expenses reimbursed		2,006,208
Investment advisory fees waived (Note 3)		(61,995	)
Expenses reimbursed by adviser (Note 3)		(86,492	)
Net Expenses		1,857,721
NET INVESTMENT INCOME		2,876,422
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) from:
Transactions in investment securities		15,982,634
Redemptions in-kind by affiliated issuers (Note 3)		40,922,713
Expiration or closing of futures contracts (Note 2)		(1,527,299	)
Net realized gains		55,378,048
Net change in unrealized appreciation/depreciation in the value of:
Investment securities		(46,875,990	)
Futures contracts (Note 2)		2,054,395
Net change in unrealized appreciation/depreciation		(44,821,595	)
Net realized/unrealized gains		10,556,453
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,432,875

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

148

Statements of Changes in Net Assets

	Nationwide Small Cap Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	2,876,422		$	4,819,343
Net realized gains		55,378,048			105,525,541
Net change in unrealized appreciation/depreciation		(44,821,595	)		(105,376,081	)
Change in net assets resulting from operations		13,432,875			4,968,803
Distributions to Shareholders From:
Distributable earnings:
Class A		(62,000,822	)		(28,976,981	)
Class C		(2,086,144	)		(1,568,834	)
Class R		(3,633,425	)		(1,236,594	)
Class R6		(31,075,643	)		(62,596,996	)
Institutional Service Class		(2,062,207	)		(61,847	)
Change in net assets from shareholder distributions		(100,858,241	)		(94,441,252	)
Change in net assets from capital transactions		(95,734,609	)		(62,662,594	)
Change in net assets		(183,159,975	)		(152,135,043	)
Net Assets:
Beginning of year		432,279,308			584,414,351
End of year	$	249,119,333		$	432,279,308
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	38,718,786		$	113,964,245
Proceeds from shares issued in class conversion (Note 1)		35,655			–
Dividends reinvested		60,505,350			28,090,123
Cost of shares redeemed		(106,885,799	)		(50,620,595	)
Total Class A Shares		(7,626,008	)		91,433,773
Class C Shares
Proceeds from shares issued		876,001			1,732,131
Dividends reinvested		2,035,786			1,547,034
Cost of shares redeemed in class conversion (Note 1)		(35,655	)		–
Cost of shares redeemed		(2,655,888	)		(4,398,357	)
Total Class C Shares		220,244			(1,119,192	)
Class R Shares
Proceeds from shares issued		8,395,811			9,339,722
Dividends reinvested		3,212,708			948,690
Cost of shares redeemed		(5,457,695	)		(4,759,089	)
Total Class R Shares		6,150,824			5,529,323
Class R6 Shares
Proceeds from shares issued		17,203,231			15,968,620
Dividends reinvested		31,075,643			62,596,744
Cost of shares redeemed		(143,393,317	)(a)		(244,428,631	)
Total Class R6 Shares		(95,114,443	)		(165,863,267	)

149

Statements of Changes in Net Assets (Continued)

	Nationwide Small Cap Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Institutional Service Class Shares
Proceeds from shares issued	$	4,970,889		$	10,883,942
Dividends reinvested		2,043,446			61,847
Cost of shares redeemed		(6,379,561	)		(3,589,020	)
Total Institutional Service Class Shares		634,774			7,356,769
Change in net assets from capital transactions	$	(95,734,609	)	$	(62,662,594	)
SHARE TRANSACTIONS:
Class A Shares
Issued		3,798,415			7,494,313
Issued in class conversion (Note 1)		3,838			–
Reinvested		7,054,521			2,021,974
Redeemed		(11,163,227	)		(3,451,641	)
Total Class A Shares		(306,453	)		6,064,646
Class C Shares
Issued		100,714			123,841
Reinvested		256,991			117,467
Redeemed in class conversion (Note 1)		(4,165	)		–
Redeemed		(301,666	)		(319,809	)
Total Class C Shares		51,874			(78,501	)
Class R Shares
Issued		850,756			645,430
Reinvested		380,765			69,089
Redeemed		(565,022	)		(328,234	)
Total Class R Shares		666,499			386,285
Class R6 Shares
Issued		1,719,873			1,067,142
Reinvested		3,518,070			4,417,950
Redeemed		(11,906,610	)(a)		(17,377,269	)
Total Class R6 Shares		(6,668,667	)		(11,892,177	)
Institutional Service Class Shares
Issued		501,756			714,989
Reinvested		231,642			4,294
Redeemed		(675,611	)		(231,101	)
Total Institutional Service Class Shares		57,787			488,182
Total change in shares		(6,198,960	)		(5,031,565	)

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

(a) Amount includes in-kind redemptions. (See Note 3)

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

150

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
Year Ended October 31, 2019	$	13.58		0.08		(0.03	) (g)		0.05			(0.11	)		(3.76	)		(3.87	)	$	9.76		4.35%		$	153,309,530		0.70%		0.82%		0.75%		17.17%	(h)
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%
Class C Shares
Year Ended October 31, 2019	$	12.86		0.01		(0.06	) (g)		(0.05	)		(0.06	)		(3.76	)		(3.82	)	$	8.99		3.60%		$	5,532,118		1.37%		0.15%		1.42%		17.17%	(h)
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%
Class R Shares
Year Ended October 31, 2019	$	13.42		0.05		(0.03	) (g)		0.02			(0.09	)		(3.76	)		(3.85	)	$	9.59		4.11%		$	14,663,822		1.01%		0.50%		1.05%		17.17%	(h)
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%
Class R6 Shares (i)
Year Ended October 31, 2019	$	13.87		0.13		(0.04	) (g)		0.09			(0.15	)		(3.76	)		(3.91	)	$	10.05		4.76%		$	69,934,671		0.28%		1.26%		0.33%		17.17%	(h)
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	13.85		0.10		(0.03	) (g)		0.07			(0.12	)		(3.76	)		(3.88	)	$	10.04		4.53%		$	5,679,192		0.53%		0.99%		0.58%		17.17%	(h)
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) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

(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.

151

Fund Commentary Nationwide Ziegler NYSE Arca Tech 100 Index Fund

For the annual period ended October 31, 2019, the Nationwide Ziegler NYSE Arca Tech 100 Index Fund (Class A at NAV) returned 17.34%* versus 18.22% for its benchmark, the NYSE Arca Tech 100 Index®. For broader comparison, the return for the Fund’s closest Morningstar® peer category, Technology (consisting of 230 funds as of October 31, 2019), was 16.23% for the same period. Performance for the Fund’s other share classes versus the benchmark is stated in the Average Annual Total Return chart in this report’s Fund Performance section.

U.S. equities performance for the 12-month reporting period ended October 31, 2019, saw a steady upward trend punctuated by corrections in December 2018, May 2019 and August 2019. Performance during the fiscal year favored growth-oriented strategies over value styles. Large-capitalization stocks demonstrating solid price momentum and higher earnings quality produced relatively strong performance, while smaller-capitalization stocks with higher volatility consistently underperformed during the reporting period.

The Fund invests in companies whose products and services provide innovative technological solutions and products for a growing global economy. This type of growth through innovation differentiates the companies in which the Fund invests from other companies that grow through expanding market share or achieving competitive advantage through more-conventional approaches.

The Fund’s largest allocation is to the Information Technology (IT) sector. The Fund provides diversification through other sectors such as Health Care and Energy, which utilize innovative technology to achieve growth. Investors have been drawn to the Information Technology sector due to its attractive prospects for future earnings growth in an environment of slow-to-moderate economic expansion. The sector appears to still be priced relatively attractively versus other sectors in the market.

The Fund carries no exposure to the Consumer Staples, Financials, Real-Estate or Utilities sectors,

and has very little representation in the Consumer Discretionary and Materials sectors.

The Fund’s largest industry exposure within the (IT sector is an allocation to Software companies. The 18 stocks in that industry contributed to the Fund’s performance during the reporting period. The Fund’s allocation to the Semiconductor & Semiconductor Equipment industry is its second-largest industry representation and was the largest contributor to the Fund’s return for the reporting period. This contributing sector was led by a Fund position in Lam Research, a producer of semiconductor processing equipment used in the fabrication of integrated circuits worldwide. Other notable performers in the industry were Netherlands-based ASML Holding and nano-electronic solutions provider KLA Corp. Some of the more disappointing Fund holdings in the IT sector included: IT service provider DXC Technology, a communications equipment provider; F5 Networks; and cloud storing provider NetApp Inc.

The IT Services industry within the IT sector also performed well over the fiscal year, led by a position in transaction processing and payment provider Mastercard Inc. that increased on the strength of a continuing economic expansion.

The Fund had 13.09% of its total assets invested across three stocks in the Aerospace & Defense industry over the fiscal year. The industry contributed to the Fund’s total return, led by Fund holding Lockheed Martin Corp. The Fund’s holding in Boeing Co. was down during the fiscal year over concerns about the company’s 737 MAX airplane.

Fund holdings iRobot Corp. and SINA Corp, a Chinese media company, were both hurt by the ongoing trade conflicts and tariffs involving the United States and China.

The Fund does not use derivatives.

The Fund is an industry-diversified approach for investing in the stocks of companies that represent innovative growth through the development and deployment of technology in

152

Fund Commentary (cont.) Nationwide Ziegler NYSE Arca Tech 100 Index Fund

their products and services. We believe that the IT sector still carries reasonable valuations relative to the broad market, while displaying the potential for higher relative growth in both future revenues and earnings. More specifically, we believe that companies providing technological solutions that improve standards of living and increase productivity are well-positioned to benefit from any pick-up in the global economy and increased capital spending by companies over the coming year.

We appreciate your investment in the Nationwide Ziegler NYSE Arca Tech 100 Index Fund.

Subadviser:

Ziegler Capital Management, LLC

Portfolio Managers:

Christian J. Greiner, CFA and Donald J. Nesbitt, CFA

* High double-digit returns are unusual and cannot be sustained.

The Fund seeks to match the performance of an index. Correlation between Fund performance and index performance may be affected by Fund expenses, index composition changes, and the timing of Fund share purchases and redemptions. The Fund is subject to the risks of investing in equity securities. The Fund may invest in more-aggressive investments such as derivatives (many of which create investment leverage and are highly volatile) and exchange-traded funds (ETFs) (shareholders will bear additional costs). Funds that concentrate on specific sectors may be subject to greater volatility than that of other mutual funds. Please refer to the most recent prospectus for a more detailed explanation of the Fund’s principal risks.

“Archipelago®”, “ARCA®”, “ARCAEX®”, “NYSE®”, “NYSE ARCASM” and “NYSE Arca Tech 100SM” are trademarks of Archipelago Holdings, Inc. and NYSE Group, Inc. and have been licensed for use by Nationwide Fund Advisors, on behalf of the Nationwide Ziegler NYSE Arca Tech 100 Index Fund (the “Fund”). The Fund is not sponsored, endorsed, sold or promoted by Archipelago Holdings, Inc. or by NYSE Group, Inc. Neither Archipelago Holdings, Inc. nor NYSE Group, Inc. makes any representation or warranty regarding the advisability of investing in securities generally, or the Fund in particular, to track general stock market performance.

A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

153

Fund Overview Nationwide Ziegler NYSE Arca Tech 100 Index  Fund

Asset Allocation¹

Common Stocks	98.7%
Repurchase Agreements	1.6%
Exchange Traded Fund	0.6%
Short-Term Investment	0.2%
Liabilities in excess of other assets	(1.1)%
	100.0%

Top Industries²

Semiconductors & Semiconductor Equipment	19.2%
Software	16.7%
Aerospace & Defense	11.6%
IT Services	10.5%
Life Sciences Tools & Services	6.1%
Communications Equipment	5.6%
Biotechnology	5.5%
Technology Hardware, Storage & Peripherals	4.2%
Health Care Equipment & Supplies	3.3%
Interactive Media & Services	2.1%
Other Industries#	15.2%
	100.0%

Top Holdings²

Lockheed Martin Corp.	3.4%
Boeing Co. (The)	3.1%
Thermo Fisher Scientific, Inc.	2.7%
Biogen, Inc.	2.7%
Illumina, Inc.	2.7%
Broadcom, Inc.	2.7%
Adobe, Inc.	2.5%
Mastercard, Inc., Class A	2.5%
Lam Research Corp.	2.5%
ASML Holding NV (Registered), NYRS	2.4%
Other Holdings#	72.8%
	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 October 31, 2019.

²  Percentages indicated are based upon total investments as of October 31, 2019.

154

Fund Performance Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Average Annual Total Return

(For periods ended October 31, 2019)

		1 Yr.		5 Yr.		10 Yr. or Inception
Class A1	w/o SC2		17.34%		13.32%		16.43%
	w/SC3		10.59%		11.98%		15.77%
Class C1	w/o SC2		16.46%		12.48%		15.65%
	w/SC4		15.46%		N/A		N/A
Class R65,6			17.74%		13.72%		14.58%	7
Institutional Service Class1,5,8			17.60%		13.58%		16.72%
NYSE Arca Tech 100 Index®			18.22%		14.29%		11.60%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.

N/A — Not Applicable.

¹ Total returns prior to the Fund’s inception on September 16, 2013 are based on the performance of the Fund’s predecessor fund.

² These returns do not reflect the effects of SCs.

³  Effective September 16, 2013, a front-end sales charge of 5.75% was deducted. Prior to September 16, 2013, a front-end sales charge of 5.50% was deducted.

⁴  A 1.00% contingent deferred sales charge was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵  Not subject to any SCs.

⁶  Effective February 28, 2017, Institutional Class Shares were renamed Class R6 Shares.

⁷ Since inception date of September 18, 2013.

⁸ Effective September 16, 2013, Fiduciary Shares were renamed Institutional Service Class Shares.

Expense Ratios

	Expense Ratio^
Class A		0.75%
Class C		1.47%
Class R6		0.40%
Institutional Service Class		0.51%

^ Current effective prospectus dated February 28, 2019. Please see the Fund’s most recent prospectus for details. Please refer to the Financial Highlights for each respective share class’ actual results.

155

Fund Performance (cont.) Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. The initial $10,000 investment has been reduced by the maximum sales charge imposed on the purchase of shares.

Comparative performance of $10,000 invested in Class A shares of the Nationwide Ziegler NYSE Arca Tech 100 Index Fund versus the NYSE Arca Tech 100 Index® over the 10-year period ended 10/31/19. Fund performance prior to the Fund’s inception on 9/16/13 is based on Class A shares of the Fund’s predecessor fund, the HighMark NYSE Arca Tech 100 Index Fund. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index. A description of the benchmarks can be found on the Market Index Definitions page at the back of this book.

156

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 (May 1, 2019) and continued to hold your shares at the end of the reporting period (October 31, 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 May 1, 2019 through October 31, 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 May 1, 2019 through October 31, 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 October 31, 2019			Beginning Account Value ($) 5/1/19		Ending Account Value ($) 10/31/19		Expenses Paid During Period ($) 5/1/19 - 10/31/19		Expense Ratio During Period (%) 5/1/19 - 10/31/19
Class A Shares	Actual	(a)		1,000.00		1,020.00		3.61		0.71
	Hypothetical	(a)(b)		1,000.00		1,021.63		3.62		0.71
Class C Shares	Actual	(a)		1,000.00		1,016.10		7.47		1.47
	Hypothetical	(a)(b)		1,000.00		1,017.80		7.48		1.47
Class R6 Shares	Actual	(a)		1,000.00		1,021.70		1.89		0.37
	Hypothetical	(a)(b)		1,000.00		1,023.34		1.89		0.37
Institutional Service Class Shares	Actual	(a)		1,000.00		1,021.20		2.50		0.49
	Hypothetical	(a)(b)		1,000.00		1,022.74		2.50		0.49

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from May 1, 2019 through October 31, 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.

157

Statement of Investments

October 31, 2019

Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Common Stocks 98.7%
	Shares		Value
Aerospace & Defense 11.7%
Boeing Co. (The)		62,266	$	21,164,836
L3Harris Technologies, Inc.		62,266		12,846,099
Lockheed Martin Corp.		62,266		23,454,357
Raytheon Co.		62,266		13,213,468
United Technologies Corp.		62,266		8,940,152
				79,618,912
Biotechnology 5.6%
Amgen, Inc.		62,266		13,278,224
Biogen, Inc.*		62,266		18,599,477
Gilead Sciences, Inc.		62,266		3,966,967
Myriad Genetics, Inc.*		62,266		2,096,496
				37,941,164
Chemicals 0.6%
DuPont de Nemours, Inc.		62,266		4,103,952
Communications Equipment 5.7%
Ciena Corp.*		62,266		2,311,314
Cisco Systems, Inc.		62,266		2,958,258
F5 Networks, Inc.*		62,266		8,971,285
InterDigital, Inc.		62,266		3,339,326
Juniper Networks, Inc.		62,266		1,545,442
Motorola Solutions, Inc.		62,266		10,356,081
Nokia OYJ, ADR-FI (a)		62,266		227,271
Ubiquiti, Inc. (a)		62,266		7,882,253
Viavi Solutions, Inc.*		62,266		993,765
				38,584,995
Diversified Telecommunication Services 0.4%
AT&T, Inc.		62,266		2,396,618
Electronic Equipment, Instruments & Components 1.7%
Amphenol Corp., Class A		62,266		6,247,148
Corning, Inc.		62,266		1,844,941
FLIR Systems, Inc.		62,266		3,210,435
LG Display Co. Ltd., ADR-KR (a)		62,266		364,879
				11,667,403
Energy Equipment & Services 0.7%
Halliburton Co.		62,266		1,198,620
National Oilwell Varco, Inc.		62,266		1,408,457
Schlumberger Ltd.		62,266		2,035,476
				4,642,553
Entertainment 0.5%
Activision Blizzard, Inc.		62,266		3,488,764
Health Care Equipment & Supplies 3.4%
Baxter International, Inc.		62,266		4,775,802
Boston Scientific Corp.*		62,266		2,596,492
Danaher Corp.		62,266		8,581,500
Medtronic plc		62,266		6,780,768
				22,734,562
Health Care Technology 1.9%
Cerner Corp.		62,266		4,179,294
Veeva Systems, Inc., Class A*		62,266		8,831,187
				13,010,481

Common Stocks (continued)
	Shares		Value
Household Durables 1.3%
Garmin Ltd.		62,266	$	5,837,437
iRobot Corp.* (a)		62,266		2,992,504
				8,829,941
Industrial Conglomerates 1.6%
Honeywell International, Inc.		62,266		10,755,206
Interactive Media & Services 2.1%
Facebook, Inc., Class A*		62,266		11,933,279
SINA Corp.*		62,266		2,465,734
				14,399,013
Internet & Direct Marketing Retail 1.9%
Alibaba Group Holding Ltd., ADR-CN*		62,266		11,000,534
eBay, Inc.		62,266		2,194,877
				13,195,411
IT Services 10.7%
Akamai Technologies, Inc.*		62,266		5,386,009
Amdocs Ltd.		62,266		4,059,743
Automatic Data Processing, Inc.		62,266		10,101,413
DXC Technology Co.		62,266		1,722,900
International Business Machines Corp.		62,266		8,326,832
LiveRamp Holdings, Inc.*		62,266		2,433,978
Mastercard, Inc., Class A		62,266		17,235,852
VeriSign, Inc.*		62,266		11,831,785
Visa, Inc., Class A		62,266		11,136,897
				72,235,409
Life Sciences Tools & Services 6.2%
Agilent Technologies, Inc.		62,266		4,716,650
Illumina, Inc.*		62,266		18,400,848
Thermo Fisher Scientific, Inc.		62,266		18,803,087
				41,920,585
Pharmaceuticals 2.0%
AstraZeneca plc, ADR-UK		62,266		3,052,902
Bausch Health Cos., Inc.*		62,266		1,546,688
Bristol-Myers Squibb Co.		62,266		3,572,200
Novartis AG, ADR-CH		62,266		5,444,539
				13,616,329
Semiconductors & Semiconductor Equipment 19.4%
Advanced Micro Devices, Inc.*		62,266		2,112,685
Analog Devices, Inc.		62,266		6,639,424
Applied Materials, Inc.		62,266		3,378,553
ASML Holding NV (Registered), NYRS-NL		62,266		16,311,824
Broadcom, Inc.		62,266		18,234,598
Cypress Semiconductor Corp.		62,266		1,448,930
Intel Corp.		62,266		3,519,897
KLA Corp.		62,266		10,525,445
Lam Research Corp.		62,266		16,876,577
Microchip Technology, Inc. (a)		62,266		5,871,061
Micron Technology, Inc.*		62,266		2,960,748
NVIDIA Corp.		62,266		12,516,711
NXP Semiconductors NV		62,266		7,078,399
ON Semiconductor Corp.*		62,266		1,270,226
QUALCOMM, Inc.		62,266		5,008,677
Teradyne, Inc.		62,266		3,811,925

158

Statement of Investments (Continued)

October 31, 2019

Nationwide Ziegler NYSE Arca Tech 100 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		62,266	$	7,346,765
Xilinx, Inc.		62,266		5,650,017
Xperi Corp.		62,266		1,264,311
				131,826,773
Software 16.8%
Adobe, Inc.*		62,266		17,305,590
Check Point Software Technologies Ltd.*		62,266		6,999,321
Citrix Systems, Inc.		62,266		6,778,277
Intuit, Inc.		62,266		16,033,495
j2 Global, Inc.		62,266		5,912,779
Microsoft Corp.		62,266		8,927,077
Open Text Corp.		62,266		2,506,829
Oracle Corp.		62,266		3,392,874
Progress Software Corp.		62,266		2,483,168
PTC, Inc.*		62,266		4,166,218
salesforce.com, Inc.*		62,266		9,744,006
SAP SE, ADR-DE		62,266		8,255,226
Symantec Corp.		62,266		1,424,646
Synopsys, Inc.*		62,266		8,452,610
Teradata Corp.*		62,266		1,863,621
VMware, Inc., Class A		62,266		9,854,840
				114,100,577
Technology Hardware, Storage & Peripherals 4.3%
Apple, Inc.		62,266		15,489,290
HP, Inc.		62,266		1,081,561
NetApp, Inc.		62,266		3,479,424
Seagate Technology plc		62,266		3,613,296
Western Digital Corp.		62,266		3,216,039
Xerox Holdings Corp.		62,266		2,112,685
				28,992,295
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		62,266		1,624,520
Total Common Stocks (cost $307,622,534)				669,685,463
Exchange Traded Fund 0.6%
Exchange Traded Fund 0.6%
Invesco QQQ Trust		21,500		4,237,220
Total Exchange Traded Fund (cost $3,307,270)				4,237,220
Short-Term Investment 0.2%
Money Market Fund 0.2%
Fidelity Investments Money Market Government Portfolio — Institutional Class, 1.76% (b)(c)		1,030,140		1,030,140
Total Short-Term Investment (cost $1,030,140)				1,030,140

Repurchase Agreements 1.6%
	Principal Amount		Value
BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $7,127,632, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $7,297,026. (c)(d)	$	7,127,296	$	7,127,296
Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $3,518,415, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $3,601,653. (c)(d)		3,518,251		3,518,251
Total Repurchase Agreements (cost $10,645,547)				10,645,547
Total Investments (cost $322,605,491) — 101.1%				685,598,370
Liabilities in excess of other assets — (1.1)%				(7,793,949	)
NET ASSETS — 100.0%			$	677,804,421

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 was $17,032,526, which was collateralized by cash used to purchase a money market fund and repurchase agreements with a value of $1,030,140 and $10,645,547, respectively, and by $6,054,543 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.63%, and maturity dates ranging from 11/14/2019 - 5/15/2048; a total value of $17,730,230.

(b) Represents 7-day effective yield as of October 31, 2019.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of October 31, 2019 was $11,675,687.

(d) Please refer to Note 2(g) 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

159

Statement of Assets and Liabilities

October 31, 2019

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
Assets:
Investment securities, at value* (cost $311,959,944)	$	674,952,823
Repurchase agreements, at value (cost $10,645,547)		10,645,547
Cash		8,486,960
Interest and dividends receivable		197,372
Securities lending income receivable		3,058
Receivable for capital shares issued		589,432
Prepaid expenses		39,068
Total Assets		694,914,260
Liabilities:
Payable for investments purchased		4,179,176
Payable for capital shares redeemed		710,934
Payable upon return of securities loaned (Note 2)		11,675,687
Accrued expenses and other payables:
Investment advisory fees		153,138
Fund administration fees		29,185
Distribution fees		125,126
Administrative servicing fees		127,935
Accounting and transfer agent fees		24,653
Trustee fees		2,858
Custodian fees		8,522
Compliance program costs (Note 3)		910
Professional fees		32,841
Printing fees		34,311
Other		4,563
Total Liabilities		17,109,839
Net Assets	$	677,804,421
Represented by:
Capital	$	315,819,834
Total distributable earnings (loss)		361,984,587
Net Assets	$	677,804,421
Net Assets:
Class A Shares	$	339,453,197
Class C Shares		64,137,115
Class R6 Shares		19,102,850
Institutional Service Class Shares		255,111,259
Total	$	677,804,421
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,647,853
Class C Shares		779,388
Class R6 Shares		203,166
Institutional Service Class Shares		2,712,784
Total		7,343,191

160

Statement of Assets and Liabilities (Continued)

October 31, 2019

	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)	$	93.06
Class C Shares (b)	$	82.29
Class R6 Shares	$	94.03
Institutional Service Class Shares	$	94.04
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	98.74
Maximum Sales Charge:
Class A Shares		5.75	%

* Includes value of securities on loan of $17,032,526 (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.

161

Statement of Operations

For the Year Ended October 31, 2019

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
INVESTMENT INCOME:
Dividend income	$	9,540,839
Income from securities lending (Note 2)		90,734
Interest income		79,617
Foreign tax withholding		(21,961	)
Total Income		9,689,229
EXPENSES:
Investment advisory fees		1,745,791
Fund administration fees		232,469
Distribution fees Class A		809,612
Distribution fees Class C		667,472
Administrative servicing fees Class A		290,645
Administrative servicing fees Class C		60,616
Administrative servicing fees Institutional Service Class		254,509
Registration and filing fees		74,440
Professional fees		59,481
Printing fees		83,263
Trustee fees		22,826
Custodian fees		32,268
Accounting and transfer agent fees		106,716
Compliance program costs (Note 3)		3,144
Other		15,399
Total Expenses		4,458,651
NET INVESTMENT INCOME		5,230,578
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from transactions in investment securities		5,189,402
Net change in unrealized appreciation/depreciation in the value of investment securities		88,975,061
Net realized/unrealized gains		94,164,463
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	99,395,041

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

162

Statements of Changes in Net Assets

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	5,230,578		$	2,997,061
Net realized gains		5,189,402			11,900,147
Net change in unrealized appreciation/depreciation		88,975,061			19,894,398
Change in net assets resulting from operations		99,395,041			34,791,606
Distributions to Shareholders From:
Distributable earnings:
Class A		(8,971,382	)		(11,364,650	)
Class C		(1,653,505	)		(1,824,299	)
Class R6		(519,680	)		(399,659	)
Institutional Service Class		(6,288,300	)		(4,838,156	)
Change in net assets from shareholder distributions		(17,432,867	)		(18,426,764	)
Change in net assets from capital transactions		27,435,802			85,618,621
Change in net assets		109,397,976			101,983,463
Net Assets:
Beginning of year		568,406,445			466,422,982
End of year	$	677,804,421		$	568,406,445
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	72,816,999		$	80,317,933
Proceeds from shares issued in class conversion (Note 1)		1,100,370			–
Dividends reinvested		8,697,874			10,983,492
Cost of shares redeemed		(90,359,135	)		(96,415,146	)
Total Class A Shares		(7,743,892	)		(5,113,721	)
Class C Shares
Proceeds from shares issued		16,528,564			18,616,913
Dividends reinvested		1,584,140			1,726,713
Cost of shares redeemed in class conversion (Note 1)		(1,100,370	)		–
Cost of shares redeemed		(20,800,543	)		(7,529,673	)
Total Class C Shares		(3,788,209	)		12,813,953
Class R6 Shares
Proceeds from shares issued		7,772,734			9,641,528
Dividends reinvested		511,433			398,609
Cost of shares redeemed		(6,900,969	)		(2,872,085	)
Total Class R6 Shares		1,383,198			7,168,052
Institutional Service Class Shares
Proceeds from shares issued		124,437,037			115,194,247
Dividends reinvested		6,046,789			4,340,755
Cost of shares redeemed		(92,899,121	)		(48,784,665	)
Total Institutional Service Class Shares		37,584,705			70,750,337
Change in net assets from capital transactions	$	27,435,802		$	85,618,621

163

Statements of Changes in Net Assets (Continued)

	Nationwide Ziegler NYSE Arca Tech 100 Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A Shares
Issued		849,911			962,622
Issued in class conversion (Note 1)		12,326			–
Reinvested		110,364			140,561
Redeemed		(1,056,033	)		(1,168,572	)
Total Class A Shares		(83,432	)		(65,389	)
Class C Shares
Issued		217,149			250,417
Reinvested		23,120			24,956
Redeemed in class conversion (Note 1)		(13,931	)		–
Redeemed		(271,481	)		(101,317	)
Total Class C Shares		(45,143	)		174,056
Class R6 Shares
Issued		88,927			115,463
Reinvested		6,344			5,001
Redeemed		(77,909	)		(34,061	)
Total Class R6 Shares		17,362			86,403
Institutional Service Class Shares
Issued		1,433,053			1,359,361
Reinvested		75,068			54,652
Redeemed		(1,075,468	)		(584,966	)
Total Institutional Service Class Shares		432,653			829,047
Total change in shares		321,440			1,024,117

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

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

164

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)		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
Year Ended October 31, 2019	$	81.72		0.71			13.02		13.73		(0.65	)		(1.74	)		(2.39	)	$	93.06		17.34%	$	339,453,197		0.71%		0.82%			0.71%		19.57%
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%
Class C Shares
Year Ended October 31, 2019	$	72.68		0.05			11.52		11.57		(0.22	)		(1.74	)		(1.96	)	$	82.29		16.46%	$	64,137,115		1.46%		0.07%			1.46%		19.57%
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%
Class R6 Shares (g)
Year Ended October 31, 2019	$	82.54		1.01			13.16		14.17		(0.94	)		(1.74	)		(2.68	)	$	94.03		17.74%	$	19,102,850		0.37%		1.15%			0.37%		19.57%
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%
Institutional Service Class Shares
Year Ended October 31, 2019	$	82.56		0.90			13.17		14.07		(0.85	)		(1.74	)		(2.59	)	$	94.04		17.60%	$	255,111,259		0.49%		1.02%			0.49%		19.57%
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%

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.

165

Notes to Financial Statements

October 31, 2019

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 October 31, 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. Effective October 3, 2019, the majority of Class C shares converted for shareholder accounts open for 10 years or longer and will continue to convert to Class A shares ten years after their purchase as described in each Fund’s prospectus. 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

166

Notes to Financial Statements (Continued)

October 31, 2019

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, which approximates fair 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,

167

Notes to Financial Statements (Continued)

October 31, 2019

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.

At October 31, 2019, 100% of the market value of Bond Index was determined based on Level 2 inputs.

168

Notes to Financial Statements (Continued)

October 31, 2019

The following tables provide a summary of the inputs used to value the Funds’ net assets as of October 31, 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	$	—	$	20,791,481	$	—	$	20,791,481
Air Freight & Logistics		—		6,411,120		—		6,411,120
Airlines		—		1,658,361		—		1,658,361
Auto Components		—		13,260,333		—		13,260,333
Automobiles		—		43,765,591		—		43,765,591
Banks		1,658,508		128,766,699		—		130,425,207
Beverages		1,563,574		30,182,744		—		31,746,318
Biotechnology		473,123		10,075,340		—		10,548,463
Building Products		—		11,427,819		—		11,427,819
Capital Markets		—		32,873,481		—		32,873,481
Chemicals		—		45,987,958		—		45,987,958
Commercial Services & Supplies		—		8,323,215		—		8,323,215
Communications Equipment		—		4,492,310		—		4,492,310
Construction & Engineering		—		13,278,418		—		13,278,418
Construction Materials		—		7,851,323		—		7,851,323
Consumer Finance		—		547,445		—		547,445
Containers & Packaging		—		858,384		—		858,384
Distributors		—		208,598		—		208,598
Diversified Consumer Services		—		184,725		—		184,725
Diversified Financial Services		660,474		8,828,358		—		9,488,832
Diversified Telecommunication Services		1,280,115		28,415,421		—		29,695,536
Electric Utilities		—		27,089,519		—		27,089,519
Electrical Equipment		—		19,782,868		—		19,782,868
Electronic Equipment, Instruments & Components		—		22,523,695		—		22,523,695
Energy Equipment & Services		—		985,207		—		985,207
Entertainment		—		7,942,315		—		7,942,315
Equity Real Estate Investment Trusts (REITs)		—		21,990,221		—		21,990,221
Food & Staples Retailing		—		19,046,423		—		19,046,423
Food Products		—		48,923,131		—		48,923,131
Gas Utilities		—		6,834,091		—		6,834,091
Health Care Equipment & Supplies		—		23,039,345		—		23,039,345
Health Care Providers & Services		—		6,690,120		—		6,690,120
Health Care Technology		—		954,407		—		954,407
Hotels, Restaurants & Leisure		426,276		19,191,183		—		19,617,459
Household Durables		—		16,424,545		—		16,424,545
Household Products		—		11,789,010		—		11,789,010
Independent Power and Renewable Electricity Producers		—		1,282,909		—		1,282,909
Industrial Conglomerates		1,744,868		15,424,011		—		17,168,879
Insurance		—		73,743,691		—		73,743,691
Interactive Media & Services		—		2,259,501		—		2,259,501
Internet & Direct Marketing Retail		3,167,287		3,086,788		—		6,254,075
IT Services		505,980		13,235,797		—		13,741,777

169

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Leisure Products	$	—	$	3,296,506	$	—	$	3,296,506
Life Sciences Tools & Services		—		4,059,379		—		4,059,379
Machinery		—		37,057,852		—		37,057,852
Marine		—		2,590,020		—		2,590,020
Media		—		8,491,869		—		8,491,869
Metals & Mining		—		35,201,484		—		35,201,484
Multiline Retail		—		6,616,340		—		6,616,340
Multi-Utilities		—		13,392,175		—		13,392,175
Oil, Gas & Consumable Fuels		—		65,479,060		—		65,479,060
Paper & Forest Products		—		3,725,276		—		3,725,276
Personal Products		—		30,150,418		—		30,150,418
Pharmaceuticals		849,148		110,859,004		—		111,708,152
Professional Services		—		19,804,510		—		19,804,510
Real Estate Management & Development		574,803		25,603,305		—		26,178,108
Road & Rail		—		15,775,651		—		15,775,651
Semiconductors & Semiconductor Equipment		3,020,705		20,558,953		—		23,579,658
Software		1,658,307		18,110,419		—		19,768,726
Specialty Retail		—		11,685,357		—		11,685,357
Technology Hardware, Storage & Peripherals		—		6,614,133		—		6,614,133
Textiles, Apparel & Luxury Goods		—		34,563,779		—		34,563,779
Tobacco		—		12,718,099		—		12,718,099
Trading Companies & Distributors		699,306		17,055,888		—		17,755,194
Transportation Infrastructure		—		8,295,153		—		8,295,153
Water Utilities		—		1,385,558		—		1,385,558
Wireless Telecommunication Services		—		22,341,463		—		22,341,463
Total Common Stocks	$	18,282,474	$	1,315,859,552	$	—	$	1,334,142,026
Futures Contracts	$	138,047	$	—	$	—	$	138,047
Preferred Stock		—		9,734		—		9,734
Repurchase Agreements		—		13,232,962		—		13,232,962
Short-Term Investment		1,280,517		—		—		1,280,517
Total	$	19,701,038	$	1,329,102,248	$	—	$	1,348,803,286

Mid Cap Market Index

	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	815,178,935		$	—	$	—	$	815,178,935
Repurchase Agreements		—			19,853,195		—		19,853,195
Short-Term Investment		1,921,139			—		—		1,921,139
Total Assets	$	817,100,074		$	19,853,195	$	—	$	836,953,269
Liabilities:
Futures Contracts	$	(231,646	)	$	—	$	—	$	(231,646	)
Total Liabilities	$	(231,646	)	$	—	$	—	$	(231,646	)
Total	$	816,868,428		$	19,853,195	$	—	$	836,721,623

170

Notes to Financial Statements (Continued)

October 31, 2019

S&P 500 Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	1,057,474,084	$	—	$	—	$	1,057,474,084
Futures Contracts		33,271		—		—		33,271
Repurchase Agreements		—		1,030,183		—		1,030,183
Short-Term Investment		99,688		—		—		99,688
Total	$	1,057,607,043	$	1,030,183	$	—	$	1,058,637,226

Small Cap Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	3,114,262	$	—	$	—	$	3,114,262
Air Freight & Logistics		746,883		—		—		746,883
Airlines		1,164,628		—		—		1,164,628
Auto Components		2,664,910		—		—		2,664,910
Automobiles		191,511		—		—		191,511
Banks		24,544,693		—		—		24,544,693
Beverages		795,730		—		—		795,730
Biotechnology		17,997,225		—		—		17,997,225
Building Products		3,979,362		—		—		3,979,362
Capital Markets		3,609,199		—		—		3,609,199
Chemicals		4,627,461		—		—		4,627,461
Commercial Services & Supplies		7,119,019		—		—		7,119,019
Communications Equipment		2,861,093		—		—		2,861,093
Construction & Engineering		2,749,970		—		—		2,749,970
Construction Materials		471,724		—		—		471,724
Consumer Finance		1,501,265		—		—		1,501,265
Containers & Packaging		274,620		—		—		274,620
Distributors		234,690		—		—		234,690
Diversified Consumer Services		2,029,777		—		—		2,029,777
Diversified Financial Services		561,726		—		—		561,726
Diversified Telecommunication Services		1,526,317		—		—		1,526,317
Electric Utilities		2,722,072		—		—		2,722,072
Electrical Equipment		2,315,303		—		—		2,315,303
Electronic Equipment, Instruments & Components		6,479,450		—		—		6,479,450
Energy Equipment & Services		2,335,631		—		—		2,335,631
Entertainment		668,162		—		—		668,162
Equity Real Estate Investment Trusts (REITs)		18,955,684		—		—		18,955,684
Food & Staples Retailing		1,644,097		—		—		1,644,097
Food Products		3,073,951		—		—		3,073,951
Gas Utilities		3,083,990		—		—		3,083,990
Health Care Equipment & Supplies		9,360,314		—		—		9,360,314
Health Care Providers & Services		4,989,327		—		—		4,989,327
Health Care Technology		2,596,946		—		—		2,596,946
Hotels, Restaurants & Leisure		6,668,314		—		—		6,668,314
Household Durables		4,587,355		—		—		4,587,355
Household Products		540,892		—		—		540,892
Independent Power and Renewable Electricity Producers		1,145,525		—		—		1,145,525

171

Notes to Financial Statements (Continued)

October 31, 2019

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Industrial Conglomerates	$	158,739	$	—	$	—	$	158,739
Insurance		5,779,955		—		—		5,779,955
Interactive Media & Services		1,123,849		—		—		1,123,849
Internet & Direct Marketing Retail		943,800		—		—		943,800
IT Services		5,699,604		—		—		5,699,604
Leisure Products		908,268		—		—		908,268
Life Sciences Tools & Services		1,716,121		—		—		1,716,121
Machinery		9,786,032		—		—		9,786,032
Marine		355,923		—		—		355,923
Media		2,420,532		—		—		2,420,532
Metals & Mining		3,004,090		—		—		3,004,090
Mortgage Real Estate Investment Trusts (REITs)		3,326,037		—		—		3,326,037
Multiline Retail		240,388		—		—		240,388
Multi-Utilities		1,578,460		—		—		1,578,460
Oil, Gas & Consumable Fuels		5,309,674		—		—		5,309,674
Paper & Forest Products		1,135,219		—		—		1,135,219
Personal Products		810,925		—		—		810,925
Pharmaceuticals		4,144,731		—		—		4,144,731
Professional Services		3,902,096		—		—		3,902,096
Real Estate Management & Development		1,714,691		—		—		1,714,691
Road & Rail		1,318,800		—		—		1,318,800
Semiconductors & Semiconductor Equipment		6,807,184		—		—		6,807,184
Software		11,384,912		—		—		11,384,912
Specialty Retail		6,424,820		—		—		6,424,820
Technology Hardware, Storage & Peripherals		404,622		—		—		404,622
Textiles, Apparel & Luxury Goods		2,378,144		—		—		2,378,144
Thrifts & Mortgage Finance		5,605,690		—		—		5,605,690
Tobacco		404,228		—		—		404,228
Trading Companies & Distributors		3,490,789		—		—		3,490,789
Water Utilities		1,385,670		—		—		1,385,670
Wireless Telecommunication Services		311,748		—		—		311,748
Total Common Stocks	$	247,908,819	$	—	$	—	$	247,908,819
Futures Contracts	$	41,908	$	—	$	—	$	41,908
Repurchase Agreements		—		13,489,941		—		13,489,941
Rights		—		2,430		—		2,430
Short-Term Investment		1,305,384		—		—		1,305,384
Total	$	249,256,111	$	13,492,371	$	—	$	262,748,482

NYSE Arca Tech 100 Index

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	669,685,463	$	—	$	—	$	669,685,463
Exchange Traded Fund		4,237,220		—		—		4,237,220
Repurchase Agreements		—		10,645,547		—		10,645,547
Short-Term Investment		1,030,140		—		—		1,030,140
Total	$	674,952,823	$	10,645,547	$	—	$	685,598,370

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

172

Notes to Financial Statements (Continued)

October 31, 2019

During the year ended October 31, 2019, International Index held one common stock investment that was categorized as Level 3 investment which was valued at $0.

During the year ended October 31, 2019, Small Cap Index held one common stock and one rights investment that were categorized as Level 3 investment which was valued at $0.

(b) Cash Overdraft

As of October 31, 2019, International Index had an overdrawn balance of $7,029,884 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 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) 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) Futures Contracts

Certain Funds are subject to equity price and/or currency risk in the normal course of pursuing their objective(s). Certain Funds entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities or 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

173

Notes to Financial Statements (Continued)

October 31, 2019

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 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”, as applicable.

The following tables provide a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2019:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of October 31, 2019

International Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a)
Equity risk	Payable for variation margin on futures contracts	$	138,047
Total		$	138,047

Mid Cap Market Index

Liabilities:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a)
Equity risk	Payable for variation margin on futures contracts	$	(231,646	)
Total		$	(231,646	)

174

Notes to Financial Statements (Continued)

October 31, 2019

S&P 500 Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a)
Equity risk	Payable for variation margin on futures contracts	$	33,271
Total		$	33,271

Small Cap Index

Assets:	Statement of Assets and Liabilities	Fair Value
Futures Contracts (a)
Equity risk	Payable for variation margin on futures contracts	$	41,908
Total		$	41,908

(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 Year Ended October 31, 2019

International Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	1,518,381
Total	$	1,518,381

Mid Cap Market Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(2,559,170	)
Total	$	(2,559,170	)

S&P 500 Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	549,082
Total	$	549,082

Small Cap Index

Realized Gains (Losses):	Total
Futures Contracts
Equity risk	$	(1,527,299	)
Total	$	(1,527,299	)

175

Notes to Financial Statements (Continued)

October 31, 2019

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statement of Operations for the Year Ended October 31, 2019

International Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	631,885
Total	$	631,885

Mid Cap Market Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	4,203,600
Total	$	4,203,600

S&P 500 Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	1,632,198
Total	$	1,632,198

Small Cap Index

Unrealized Appreciation/Depreciation:	Total
Futures Contracts
Equity risk	$	2,054,395
Total	$	2,054,395

The following tables provide a summary of the Funds’ average volume of derivative instruments held during the year ended October 31, 2019:

International Index

Futures Contracts:
Average Notional Balance Long	$	14,986,708

Mid Cap Market Index

Futures Contracts:
Average Notional Balance Long	$	22,484,006

S&P 500 Index

Futures Contracts:
Average Notional Balance Long	$	15,160,997

176

Notes to Financial Statements (Continued)

October 31, 2019

Small Cap Index

Futures Contracts:
Average Notional Balance Long	$	8,760,250

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 October 31, 2019, certain Funds have entered into futures contracts. The futures contract agreement does not provide for a netting arrangement.

(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. TBAs are valued at the bid evaluation price as provided by an independent pricing service approved by the Board.

(f) Securities Lending

During the year ended October 31, 2019, certain Funds 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 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 October 31,

177

Notes to Financial Statements (Continued)

October 31, 2019

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	$	14,513,479
Mid Cap Market Index		21,774,334
S&P 500 Index		1,129,871
Small Cap Index		14,795,325
NYSE Arca Tech 100 Index		11,675,687

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 October 31, 2019, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

(g) Joint Repurchase Agreements

During the year ended October 31, 2019, certain 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

178

Notes to Financial Statements (Continued)

October 31, 2019

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 October 31, 2019, the joint repos on a gross basis were as follows:

BNP Paribas Securities Corp., 1.70%, dated 10/31/2019, due 11/1/2019, repurchase price $94,204,448, collateralized by U.S. Treasury Note, 2.50%, maturing 2/28/2021; total market value $96,443,296.

Royal Bank of Canada, 1.68%, dated 10/31/2019, due 11/1/2019, repurchase price $46,502,170, collateralized by U.S. Treasury Note, 3.00%, maturing 9/30/2025; total market value $47,602,303. At October 31, 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.	$	8,859,595	$	—	$	8,859,595	$	(8,859,595	)	$	—
International Index	Royal Bank of Canada		4,373,367		—		4,373,367		(4,373,367	)		—
Total		$	13,232,962	$	—	$	13,232,962	$	(13,232,962	)	$	—

								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.	$	13,291,905	$	—	$	13,291,905	$	(13,291,905	)	$	—
Mid Cap Market Index	Royal Bank of Canada		6,561,290		—		6,561,290		(6,561,290	)		—
Total		$	19,853,195	$	—	$	19,853,195	$	(19,853,195	)	$	—

179

Notes to Financial Statements (Continued)

October 31, 2019

								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.	$	689,717	$	—	$	689,717	$	(689,717	)	$	—
S&P 500 Index	Royal Bank of Canada		340,466		—		340,466		(340,466	)		—
Total		$	1,030,183	$	—	$	1,030,183	$	(1,030,183	)	$	—

								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.	$	9,031,645	$	—	$	9,031,645	$	(9,031,645	)	$	—
Small Cap Index	Royal Bank of Canada		4,458,296		—		4,458,296		(4,458,296	)		—
Total		$	13,489,941	$	—	$	13,489,941	$	(13,489,941	)	$	—

								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.	$	7,127,296	$	—	$	7,127,296	$	(7,127,296	)	$	—
NYSE Arca Tech 100 Index	Royal Bank of Canada		3,518,251		—		3,518,251		(3,518,251	)		—
Total		$	10,645,547	$	—	$	10,645,547	$	(10,645,547	)	$	—

Amounts designated as “—” are zero.

* At October 31, 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.

180

Notes to Financial Statements (Continued)

October 31, 2019

(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. 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, as applicable, 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 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 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. The permanent differences as of October 31, 2019 are primarily attributable to paydown reclass, investments in passive foreign investments companies (PFICSs), investments in real estate investment trusts, redesignation of distributions, redemptions in-kind, tax equalization, and non-taxable dividends. Temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The temporary differences as of October 31, 2019 may primarily be attributable to the tax deferral of losses on wash sales and tax straddles, the realization of unrealized gains or losses on certain

181

Notes to Financial Statements (Continued)

October 31, 2019

futures contracts, swap agreements, option contracts, nontaxable dividends, unrealized gains on passive foreign investment companies, or interest expense deferred. 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.

Reclassifications for the year ended October 31, 2019 were as follows:

Fund	Capital		Total Distributable Earnings (Loss)
Bond Index	$	—	$	—
International Index		—		—
Mid Cap Market Index		112,552,797		(112,552,797	)
S&P 500 Index		983,290,694		(983,290,694	)
Small Cap Index		40,304,654		(40,304,654	)
NYSE Arca Tech 100 Index		—		—

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

(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. 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

182

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 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	%

The Trust and NFA have entered into a written contract waiving 0.01% and 0.02% of investment advisory fees of Mid Cap Market Index, and Small Cap Index, respectively, until February 29, 2020. Prior to March 1, 2019, the Trust and NFA had entered into a written contract waiving 0.02% of investment advisory fees of Bond Index. During the year ended October 31, 2019, the waiver of such investment advisory fees by NFA for Bond Index, Mid Cap Market Index, and Small Cap Index amounted to $114,448, $89,416 and $61,995, respectively, for which NFA shall not be entitled to later seek recoupment.

For the year ended October 31, 2019, the effective advisory fee rates before and after contractual advisory fee waivers and expense reimbursements due to 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	%		0.17	%		0.17	%
International Index		0.25			N/A			0.25
Mid Cap Market Index		0.20			0.19			0.19

183

Notes to Financial Statements (Continued)

October 31, 2019

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
S&P 500 Index		0.12	%		N/A	%		0.12	%
Small Cap Index		0.19			0.17			0.14
NYSE Arca Tech 100 Index		0.27			N/A			0.27

N/A — Not Applicable.

* Please see above for additional information regarding contractual waivers.

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 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 October 31, 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 2018 Amount		Fiscal Year 2019 Amount		Total
Small Cap Index	$	65,619	$	24,556	$	86,492	$	176,667

184

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 2019, excluding Small Cap Index, there were no cumulative potential reimbursements which could be reimbursed to NFA.

During the year ended October 31, 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 year ended October 31, 2019, NFM earned $1,855,850 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 year ended October 31, 2019, the Funds’ aggregate portion of such costs amounted to $24,686.

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

185

Notes to Financial Statements (Continued)

October 31, 2019

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 year ended October 31, 2019, the Funds imposed front-end sales charges of $714,718. From these fees, NFD retained a portion amounting to $99,646.

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 year ended October 31, 2019, the Funds imposed CDSCs of $1,790. 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.

186

Notes to Financial Statements (Continued)

October 31, 2019

For the year ended October 31, 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		0.17	%		0.10	%		N/A			0.25	%		N/A
International Index		0.17			0.09			0.22	%		0.16			N/A
Mid Cap Market Index		0.15			0.08			0.22			0.21			N/A
S&P 500 Index		0.19			0.07			0.13			0.25			0.25	%
Small Cap Index		0.17			0.09			0.22			0.25			N/A
NYSE Arca Tech 100 Index		0.09			0.09			N/A			0.11			N/A

N/A — Not Applicable.

For the year ended October 31, 2019, each Fund’s total administrative services fees were as follows:

Fund	Amount
Bond Index	$	375,951
International Index		355,951
Mid Cap Market Index		532,062
S&P 500 Index		1,906,936
Small Cap Index		379,176
NYSE Arca Tech 100 Index		605,770

As of October 31, 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		90.97	%
International Index		92.18
Mid Cap Market Index		72.71
S&P 500 Index		41.22
Small Cap Index		60.50
NYSE Arca Tech 100 Index		0.76

Cross trades for the year ended October 31, 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.

Pursuant to these procedures, for the year ended October 31, 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	$	3,965,305	$	2,059,610
S&P 500 Index		963,083		1,173,361		(657,520	)
Small Cap Index		—		31,807		8,329

187

Notes to Financial Statements (Continued)

October 31, 2019

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 capital transactions and 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	$	117,854,062
S&P 500 Index Fund		R6		11/16/2018		959,368,484		57,788,060		946,715,678		12,652,806		578,179,674
		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		996,116,198
Small Cap Index Fund		R6		11/30/2018		79,387,949		5,634,707		75,531,888		3,856,061		27,622,973
		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		40,922,713

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 year ended October 31, 2019 were as follows:

Security Description	Shares/ Principal at October 31, 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 October 31, 2019 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
Nationwide Financial Services, Inc.	$	75,000		80,249		—		—		—		3		6,940		87,192		5,063		—

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 renewed the 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 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

188

Notes to Financial Statements (Continued)

October 31, 2019

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 9, 2020. During the period ended October 31, 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 year ended October 31, 2019, none of the Funds engaged in interfund lending.

6.  Investment Transactions

For the year ended October 31, 2019, purchases and sales of securities (excluding short-term securities) were as follows:

Fund	Purchases*		Sales*
Bond Index	$	825,875,670	$	804,779,040
International Index		50,190,967		243,032,642
Mid Cap Market Index		144,452,537		201,882,723	#
S&P 500 Index		60,619,966		209,320,337	#
Small Cap Index		53,317,189		111,561,420	#
NYSE Arca Tech 100 Index		139,490,921		123,540,959

* Includes purchases and sales of long-term U.S. Government securities, if any.

# Sales exclude securities delivered in-kind. (See Note 3)

For the year ended October 31, 2019, purchases and sales of U.S. Government securities (excluding short-term securities) were as follows:

Fund	Purchases		Sales
Bond Index	$	148,789,698	$	128,890,752

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.

189

Notes to Financial Statements (Continued)

October 31, 2019

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 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

190

Notes to Financial Statements (Continued)

October 31, 2019

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.

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

191

Notes to Financial Statements (Continued)

October 31, 2019

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

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 October 31, 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		25.49	%		2	(a)
International Index		50.78			3	(a)
Mid Cap Market Index		28.16			2	(a)
S&P 500 Index		49.33			3	(a)
Small Cap Index		47.05			3	(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.

192

Notes to Financial Statements (Continued)

October 31, 2019

11.  Federal Tax Information

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Bond Index	$	22,063,223	$	—	$	22,063,223	$	—	$	22,063,223
International Index		58,029,372		31,858,888		89,888,260		—		89,888,260
Mid Cap Market Index		16,552,404		121,532,869		138,085,273		—		138,085,273
S&P 500 Index		31,524,771		231,804,730		263,329,501		—		263,329,501
Small Cap Index		8,048,280		92,809,961		100,858,241		—		100,858,241
NYSE Arca Tech 100 Index		5,550,197		11,882,670		17,432,867		—		17,432,867

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Distributions paid from
Fund	Ordinary Income*		Net Long-Term Capital Gains		Total Taxable Distributions		Return of Capital		Total Distributions Paid
Bond Index	$	22,208,667	$	—	$	22,208,667	$	—	$	22,208,667
International Index		45,809,704		54,812,443		100,622,147		—		100,622,147
Mid Cap Market Index		21,588,557		132,943,428		154,531,985		—		154,531,985
S&P 500 Index		57,756,412		139,091,241		196,847,653		—		196,847,653
Small Cap Index		11,600,475		82,840,777		94,441,252		—		94,441,252
NYSE Arca Tech 100 Index		2,970,970		15,455,794		18,426,764		—		18,426,764

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

* Ordinary Income amounts include taxable market discount and net short-term capital gains, if any.

As of October 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable*			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/ (Deficit)
Bond Index	$	1,864,543	$	—	$	1,864,543	$	(1,841,429	)	$	(8,428,338	)	$	39,197,457		$	30,792,233
International Index		12,368,325		17,400,914		29,769,239		—			—			111,321,272			141,090,511
Mid Cap Market Index		2,936,029		34,443,934		37,379,963		—			—			124,468,132			161,848,095
S&P 500 Index		7,328,833		46,295,001		53,623,834		—			—			191,086,754			244,710,588
Small Cap Index		2,207,497		14,137,182		16,344,679		—			—			(6,076,146	)		10,268,533
NYSE Arca Tech 100 Index		705,698		9,411,090		10,116,788		—			—			351,867,799			361,984,587

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

* Differences between financial statement distributions payable and tax-basis distributions payable are a result of accrual-based accounting and cash-basis accounting used for federal tax reporting purposes.

** The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is primarily attributable to timing differences in recognizing certain gains and losses on investment transactions.

193

Notes to Financial Statements (Continued)

October 31, 2019

As of October 31, 2019, the tax cost of securities (excluding derivative contracts) and the breakdown of unrealized appreciation/(depreciation) for each Funds was as follows:

Fund	Tax Cost of Investments		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Bond Index	$	812,988,587	$	40,038,157	$	(840,700	)	$	39,197,457
International Index		1,237,468,925		236,627,315		(125,292,954	)		111,334,361
Mid Cap Market Index		712,253,491		193,218,181		(68,750,049	)		124,468,132
S&P 500 Index		867,550,472		261,944,935		(70,858,181	)		191,086,754
Small Cap Index		268,824,628		41,959,833		(48,035,979	)		(6,076,146	)
NYSE Arca Tech 100 Index		333,730,571		362,196,127		(10,328,328	)		351,867,799

As of October 31, 2019, for federal income tax purposes, the Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the U.S. Treasury regulations and in any given year may be limited due to large shareholder redemptions or contributions.

Capital loss carryforwards do not expire. The following table represents capital loss carryforwards available as of October 31, 2019.

Fund	Amount
Bond Index	$	(8,428,338	)

During the year ended October 31, 2019, the Funds had capital loss carryforwards that were utilized and are no longer eligible to offset future capital gains, if any, in the amounts listed below.

Fund	Utilized
Bond Index	$	1,817,110

12.  Subsequent Events

On December 4, 2019, in conjunction with the 15(c) Board meeting, certain of the Funds’ agreements were renewed. There were no significant changes to the terms of these agreements, outside of extending effective dates.

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

194

Report of Independent Registered Public Accounting Firm

October 31, 2019

To the Board of Trustees of Nationwide Mutual Funds and Shareholders of 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 and Nationwide Ziegler NYSE Arca Tech 100 Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of 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 and Nationwide Ziegler NYSE Arca Tech 100 Index Fund (six of the funds constituting Nationwide Mutual Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 19, 2019

We have served as the auditor of one or more investment companies of Nationwide Funds, which includes the investment companies of Nationwide Mutual Funds, since 1997.

195

Supplemental Information

October 31, 2019 (Unaudited)

Other Federal Tax Information

For the year ended October 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

For the taxable year ended October 31, 2019, the following percentages of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:

Fund	Dividends Received Deductions
Mid Cap Market Index		83.48	%
S&P 500 Index		99.12
Small Cap Index		47.11
NYSE Arca Tech 100 Index		100.00

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 20% income tax rate for individuals:

Fund	Amount
International Index		31,858,888
Mid Cap Market Index		121,532,869
S&P 500 Index		253,080,311
Small Cap Index		94,951,249
NYSE Arca Tech 100 Index		11,882,670

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2019, the foreign source income for each Fund was as follows:

Fund	Amount		Per Share
International Index	$	43,998,175	$	0.2589

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2019, the foreign tax credit for each Fund was as follows:

Fund	Amount		Per Share
International Index	$	2,726,487	$	0.0160

196

Management Information

October 31, 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	119
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	119
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	119

197

Management Information (Continued)

October 31, 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	119
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	119
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.
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	119

198

Management Information (Continued)

October 31, 2019

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	119
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	119
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.

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	119

199

Management Information (Continued)

October 31, 2019

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
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
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

200

Management Information (Continued)

October 31, 2019

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.

201

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.

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. 1-3 Year Government/Credit Bond 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 BofA Merrill Lynch 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. 

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): 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. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofAML US High Yield Master II Index: An unmanaged index that tracks the performance of U.S. dollar-denominated below investment-grade corporate debt publicly issued in the U.S. domestic market.

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,

202

Market Index Definitions (cont.)

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.

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 2019, JPMorgan Chase & Co. All rights reserved.

Morningstar® 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® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement.

Morningstar® 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

203

Market Index Definitions (cont.)

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 ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

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.

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.

204

Market Index Definitions (cont.)

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 United States.

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.

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 Biotechnology Select Industry Index: An unmanaged index designed to measure the performance of stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS®) biotechnology sub-industry.

S&P/Citigroup International Treasury Bond Ex-U.S. Index (Hedged): An unmanaged index that measures the performance of Treasury bonds with a remaining maturity of one year or more issued in local currencies by developed market countries outside the United States. Each country’s bonds are market value-weighted, and country weights are modified market weighted to balance levels of debt outstanding and to achieve diversification.

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 $2.4 billion to $8.2 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.

The S&P Target Date® Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring total equity exposure that continues to become more conservative after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes.

205

Market Index Definitions (cont.)

The S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the S&P Target Date To Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

The S&P Total Market Index (S&P TMI): an unmanaged index designed to track the broad equity market, including large-, mid-, small-, and micro-cap stocks. The S&P 500® Index is a subset of the S&P TMI.

206

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.

207

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.

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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

AR-IDX  (12/19)

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.

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. This code of ethics is included as Exhibit 13 (a)(1).

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its 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, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the 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, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

During the period covered by the report, with respect to the registrant’s 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, except as may be noted hereinbelow, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the Code of Ethics definition enumerated in paragraph (b) of this Item 2.

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.

3(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the board’s audit committee.

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3(a)(2) The audit committee financial expert of the registrant’s board of trustees is Carol A. Kosel, who, for purposes of this Item 3 of Form N-CSR, is an “independent” trustee of the registrant.

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.

4(a) through 4(d): The information in the table below is provided for services rendered to the registrant by the registrant’s principal accountant, PricewaterhouseCoopers LLP (“PwC”), for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019, respectively.

	2018		2019
Audit Fees	$	1,108,796	$	1,276,272
Audit-Related Fees	$	35,000	$	17,340
Tax Fees(a)	$	362,900	$	505,656
All Other Fees	$	0	$	0
Total	$	1,506,696	$	1,799,268

(a) Tax fee amount represents tax compliance for federal, state and international matters, general consulting as well as consulting as it relates to foreign tax reclaims.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Nationwide Fund Advisors (“NFA”), and any service provider to the registrant controlling, controlled by, or under common control with NFA that provided ongoing services to the registrant (hereinafter referred to collectively as the “Covered Services Provider”), for the registrant’s fiscal years ended October 31, 2018 and October 31, 2019, respectively.

	2018		2019
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None
Total		None		None

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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.

4(e)(1) Pre-Approval Policies and Procedures. The Audit Committee (the “Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to NFA and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate the Committee’s responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at the Committee’s next regularly-scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s).

The Committee also may establish detailed pre-approval policies and procedures for pre-approval of these services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than NFA or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all said permissible non-audit services provided to the registrant, NFA, and any Covered Services Provider constitutes not more than five percent (5%) of the total amount of revenues paid by the registrant to the registrant’s independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) these services are promptly brought to the attention of the Committee and approved by the Committee (or the Committee’s delegate(s)) prior to the completion of the audit.

4(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X, for the registrant’s fiscal-years ended October 31, 2018 and October 31, 2019, respectively:

	2018	2019
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None
Total	None	None

The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to NFA and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal-years ended October 31, 2018 and October 31, 2019, respectively:

	2018	2019
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

(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.

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4(f) Not Applicable: The percentage of hours expended to audit the registrant’s financial statements for the fiscal-year ended October 31, 2019, that were attributed to work performed by persons other than PwC’s full-time, permanent employees was not over fifty percent (50%).    

(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.

4(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant and service affiliates for the fiscal-years ended October 31, 2018, and October 31, 2019, were $2,271,804 and $1,521,745, respectively.

(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.

4(h) The registrant’s Audit Committee has considered whether the provision by PwC of non-audit services to NFA and covered Services Providers, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X because these services did not directly relate to the registrant’s operations and financial reporting, is compatible with maintaining PwC’s independence.

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 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 thereunder) 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.

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.

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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 11, 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 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 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.

The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(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 10 or more persons.

Not Applicable.

(a)(4) Change in the Registrant’s independent public accountant.

Not Applicable.

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(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.

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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:	December 20, 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.

(Registrant)	NATIONWIDE MUTUAL FUNDS
By (Signature and Title)*		/s/ Michael S. Spangler
	Name:	Michael S. Spangler
	Title:	Principal Executive Officer
	Date:	December 20, 2019
By (Signature and Title)*		/s/ Joseph A. Finelli
	Name:	Joseph A. Finelli
	Title:	Principal Financial Officer
	Date:	December 20, 2019

* Print the name and title of each signing officer under his or her signature.

All Section 302 certifications should be included in one EDGAR EX-99.CERT

exhibit document and all Section 906 certifications should be included in a

separate EDGAR EX-99.906CERT exhibit document to Form N-CSR.

[Do not include this language in the filing.]

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