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Stradley Ronon Stevens & Young, LLP
2000 K Street, N.W., Suite 700
Washington, D.C. 20006
Telephone 202-822-9611
Fax 202-822-0140
www.stradley.com
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Attention: | Ms. Rebecca Marquigny, Esq. | ||
Re:
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Nationwide Mutual Funds
File No. 333-237314
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1.
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Comment: In the Staff’s opinion, the reference to the Target Fund and Acquiring Fund investing in the same securities “although in slightly different amounts” in the third paragraph on
page 1 is unclear. Do the Funds hold the same portfolio securities but allocate slightly different percentages to each Fund’s holdings? Please restate more precisely.
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2.
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Comment: Please supplementally explain what is necessary to align the Target Fund and Acquiring Fund so the Funds will have identical principal risks and in the same degree.
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3.
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Comment: Regarding the statement, “Following the Transaction, the Acquiring Fund expects to maintain its current allocation percentages,” please consider whether this statement remains
accurate in light of market changes due to the COVID-19 pandemic and if appropriate, clarify.
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4.
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Comment: Since this N-14 filed, significant market events have occurred due to the COVID-19 pandemic. Please consider whether the Funds’ disclosures, particularly risk
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5.
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Comment: Regarding the reference to the Board’s March 11, 2020 meeting, given the date of the meeting, did the Board consider any potential complications with the merger due to
economic/market impact of the current COVID-19 pandemic. Please clarify or explain.
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