# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-23-048224
**Filing Date:** 2023-2
**Character Count:** 19948
**Document Hash:** 38e7f36bf522e1a356f53df0a671b5a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-048224.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-048224

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001048702
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 23664642

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19991015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE INVESTING FOUNDATION III
- **DATE OF NAME CHANGE:** 19971029

## Series and Classes Contracts Data

### Nationwide Small Company Growth Fund (Series ID: S000033817)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000104465 | Class A                     | NWSAX           |
| C000104466 | Institutional Service Class | NWSIX           |

![](g458408imgdc76b4451.gif)

Nationwide Small Company Growth Fund

Summary Prospectus February 28, 2023

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**Class**/Ticker **A** NWSAX **Institutional Service Class** NWSIX

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Before you invest, you may want to review the Fund's Prospectus, which contains information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, each dated February 28, 2023 (as may be supplemented or revised), are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus and other information about the Fund, go to nationwide.com/mutualfundprospectuses, email a request to web_help@nationwide.com or call 800-848-0920, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

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**Objective**

The Nationwide Small Company Growth Fund seeks long-term capital appreciation.Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. *More information about these and other discounts is available from your financial professional and in "Investing with Nationwide Funds" commencing on page 77 of the Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.* 

**Shareholder Fees** (fees paid directly from your investment)

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| | | |
|:---|:---|:---|
|  | Class A<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |

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**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | Class A<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.84% | 0.84% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.27% | 0.37% |
| **Total Annual Fund Operating Expenses** | 1.36% | 1.21% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.02)% | (0.02)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.34% | 1.19% |

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<sup>(1)</sup> Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.94% until at least February 29, 2024. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund's business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date 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 the Adviser 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 the Adviser is not permitted except as provided for in the expense limitation agreement.

SP-SCO (2/23)

**Summary Prospectus February 28, 2023**

**1**

**Nationwide Small Company Growth Fund**

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**Example**

This Example is intended to help you to compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers that may apply for the periods indicated above under "Fees and Expenses." Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $704 | &nbsp;&nbsp;&nbsp;&nbsp; $979 | &nbsp;&nbsp; $1275 | &nbsp;&nbsp; $2114 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.88% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks of small companies, which are companies with total operating revenues of $500 million or less at the time of the initial investment. ***It is important to note that the Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the Fund's focus is on the revenue produced by the issuer of the securities.*** 

The Fund employs a "growth" style of investing. In other words, the Fund seeks companies whose earnings are expected to grow consistently faster than those of other companies. In pursuing this approach, the subadviser seeks to build a portfolio of exceptional small companies, purchased early in their corporate life cycle, that have the wherewithal to become exceptional large companies.

In selecting small companies with the potential to become successful large companies, the subadviser analyzes the potential for sustainable revenue growth; adequate resources to establish and defend a viable product or service market, and market share; sufficient profitability to support long-term growth; and management skills and resources necessary to plan and execute a long-term growth plan.

The subadviser generally expects to hold securities for the long term in order to realize the potential rewards for incurring the risks associated with investing early in a company's corporate life cycle. Nevertheless, the subadviser sells securities when it believes their potential for future growth is diminished. The Fund may emphasize particular industry sectors or groupings, such as the software sector, and the percentage of the Fund's assets invested in such sectors or groupings will vary from time to time, depending on the subadviser's perception of investment opportunities.

The Fund is intended for aggressive investors seeking above-average gains and who are willing to accept the risks involved in investing in the securities of small companies. By itself, the Fund is not intended to serve as a complete investment program.

**Principal Risks**

The Fund cannot guarantee that it will achieve its investment objective.

As with any fund, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate. These changes may occur because of:

***Equity securities risk***– stock markets are volatile. The price of an equity security fluctuates based on changes in a company's financial condition and overall market and economic conditions.

**Summary Prospectus February 28, 2023**

**2**

**Nationwide Small Company Growth Fund**

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***Market risk*** – the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. This occurs due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, and the fluctuation of other stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

***Selection risk*** – the risk that the securities selected by the Fund's subadviser will underperform the markets, the relevant indexes or the securities selected by other funds with similar investment objectives and investment strategies.

***Smaller company risk*** – 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.

***Growth style risk***– growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the subadviser's assessment of the prospects for a company's growth is wrong, or if the subadviser's judgment of how other investors will value the company's growth is wrong, then the Fund will suffer a loss as the price of the company's stock may fall or not approach the value that the subadviser has placed on it. In addition, growth stocks as a group sometimes are out of favor and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as "value" stocks.

***Sector risk*** – investments in particular industries or sectors may be more volatile than the overall stock market. Therefore, if the Fund emphasizes one or more industries or economic sectors, it will be more susceptible to financial, market or economic events affecting the particular issuers and industries participating in such sectors than funds that do not emphasize particular industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software* – The software sector can be significantly affected by intense competition, aggressive pricing, technological innovations, cyclical market patterns, evolving industry standards, product obsolescence and the ability to attract and retain skilled employees. The success of software and services companies depends substantially on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting a company's products or in the market for products based on a particular technology could have a material adverse effect on the company's operating results. Furthermore, there can be no assurance that the software companies will be able to respond in a timely manner to compete in the rapidly developing marketplace.

***Strategy risk*** – the subadviser's strategy of generally holding stocks for long time periods, combined with its emphasis at times on particular industries or sectors, is likely to cause the Fund to experience above-average short-term volatility. Accordingly, the Fund may be appropriate for investors who have a long investment time horizon and who seek to maximize long-term returns while accepting the possibility of significant short-term, or even long-term, losses.

*Loss of money is a risk of investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.*

**Performance**

The following bar chart and table can help you evaluate the Fund's potential risks. The bar chart shows how the Fund's annual total returns have varied from year to year. The table compares the Fund's average annual total returns to the returns of a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available at no cost by visiting nationwide.com/mutualfunds or by calling 800-848-0920.

**Annual Total Returns– Institutional Service Class Shares** <br>**(Years Ended December 31,)**

![](g458408sco.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **36.08%** | **2Q 2020** |
| **Lowest Quarter:** | **-23.21%** | **2Q 2022** |

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After-tax returns are shown in the table for Institutional Service Class shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-advantaged arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.

**Summary Prospectus February 28, 2023**

**3**

**Nationwide Small Company Growth Fund**

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**Average Annual Total Returns** <br>**(For the Periods Ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | -41.77% | 1.01% | 8.93% |
| Institutional Service Class Shares– Before <br> Taxes <br>| -38.12% | 2.36% | 9.76% |
| Institutional Service Class Shares– After <br> Taxes on Distributions <br>| -39.41% | 0.14% | 7.43% |
| Institutional Service Class Shares– After <br> Taxes on Distributions and Sales of Shares <br>| -21.63% | 2.38% | 7.87% |
| Russell 2000® Growth Index (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| -26.36% | 3.51% | 9.20% |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Brown Capital Management, LLC

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund** <br>|
| Keith A. Lee | Chief Executive Officer, <br> Chief Investment <br> Officer & Senior <br> Portfolio Manager<br>| Since 2012 |
| Kempton M. Ingersol | Managing Director & <br> Senior Portfolio <br> Manager<br>| Since 2012 |
| Damien L. Davis, CFA  | Managing Director & <br> Senior Portfolio <br> Manager<br>| Since 2013 |
| Andrew J. Fones  | Managing Director & <br> Senior Portfolio <br> Manager <br>| Since 2014 |
| Daman C. Blakeney | Managing Director & <br> Senior Portfolio <br> Manager<br>| Since 2018 |
| Chaitanya Yaramada, <br> CFA<br>| Director, Portfolio <br> Manager & Senior <br> Analyst<br>| Since 2019 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Institutional Service Class: $50,000<br> Automatic Asset Accumulation Plan (Class A): $0\*<br> *\* Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A: $100<br> Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

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In general, you can buy or sell (redeem) shares of the Fund through your broker-dealer or financial intermediary, or by mail or phone on any business day. You can generally pay for shares by check or wire.

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| | | |
|:---|:---|:---|
| **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** | **To Purchase and Sell (Redeem) Fund Shares** |
| **Mail:**<br> Nationwide Funds<br> P.O. Box 701<br> Milwaukee, WI 53201-<br> 0701<br>| **Overnight:**<br> Nationwide Funds<br> 615 East Michigan <br> Street<br> Third Floor<br> Milwaukee, WI 53202<br>| **Website:**<br> nationwide.com/ <br> mutualfunds<br>|
| Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. | Phone: 800-848-0920 (toll free). Representatives are available 9 a.m. – <br> 8 p.m. Eastern time, Monday through Friday. |

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**Tax Information**

The Fund's distributions are taxable, and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Summary Prospectus February 28, 2023**

**4**

**Nationwide Small Company Growth Fund**

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