# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-26-071627
**Filing Date:** 2026-2
**Character Count:** 25529
**Document Hash:** 7d2329a39d94d5fe37358fbd43a5483f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-071627.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-071627

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001048702

**ORGANIZATION NAME:**
- **EIN:** 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:** 26678816

**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 GQG US Quality Equity Fund (Series ID: S000070550)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000224082 | Eagle Class                 | NWAYX           |
| C000224083 | Class A                     | NWAUX           |
| C000224084 | Class R6                    | NWAVX           |
| C000224085 | Institutional Service Class | NWAWX           |

![](g90974img39ec4d3e1.gif)

Nationwide GQG US Quality Equity Fund

Summary Prospectus March 2, 2026

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**Class**/Ticker **A** NWAUX **R6** NWAVX **Institutional Service Class** NWAWX **Eagle Class** NWAYX

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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 March 2, 2026 (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 GQG US Quality Equity Fund seeks long-term capital appreciation.

**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 75 of the Prospectus and in "Additional Information on Purchases and Sales" commencing on page 92 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>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> 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>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>| Eagle Class<br> Shares<br>|
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.28% | 0.13% | 0.38% | 0.23% |
| **Total Annual Fund Operating Expenses** | 0.98% | 0.58% | 0.83% | 0.68% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.09)% | (0.09)% | (0.09)% | (0.09)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.89% | 0.49% | 0.74% | 0.59% |

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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 0.49% until at least

March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to

parties not affiliated with the Adviser for the recovery of tax reclaims, 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.

**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.

SP-QE (3/26)

**Summary Prospectus March 2, 2026**

**1**

**Nationwide GQG US Quality Equity Fund**

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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; $661 | &nbsp;&nbsp;&nbsp;&nbsp; $861 | &nbsp;&nbsp; $1077 | &nbsp;&nbsp; $1700 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| Eagle Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |

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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 166.65% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S issuers. For these purposes, equity securities represent an ownership interest in an issuer, and a company is a U.S. issuer if (i) at least 50% of its assets are located in the U.S.; (ii) at least 50% of its revenue is generated in the U.S.; (iii) it is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in the U.S.; or (iv) its stock is listed on the New York Stock Exchange or NASDAQ. Equity securities that the Fund buys primarily are common stocks of large-cap companies, i.e., those with market capitalizations similar to those of companies included in the S&P 500 Index. The Fund makes market capitalization determinations with respect to a security at the time of its purchase. The Fund may invest in equity securities of foreign companies in both developed and emerging markets. Although the Fund typically invests in seasoned issuers, it may, depending on the appropriateness to the Fund's strategy and availability in the marketplace, purchase securities of companies in initial public offerings (IPOs) or shortly thereafter, which can be subject to greater volatility than seasoned issuers.

The Fund's subadviser seeks to capture market inefficiencies which it believes are driven by investors' propensity to be short-sighted and overly focused on quarter-to-quarter price movements, rather than a company's fundamentals over a longer time horizon (5 years or more). The subadviser believes that this market inefficiency may lead investors to underappreciate the compounding potential of quality, growing companies. To identify this subset of companies, the subadviser generates investment ideas from a variety of sources, ranging from institutional knowledge and industry contacts, to the subadviser's proprietary screening process that seeks to identify suitable companies based on several quality factors, such as rates of return on equity and total capital, margin stability and profitability. Ideas are then subject to rigorous fundamental analysis as the subadviser seeks to identify and invest in companies that it believes reflect higher quality opportunities on a forward-looking basis. Specifically, the subadviser seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics and sustainable and durable earnings growth. The subadviser seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk. For these purposes, a full market cycle can be measured from a point in the market cycle (e.g., a peak or trough) to the corresponding point in the next market cycle.

Subject to the subadviser's criteria for quality, many of the stocks in which the Fund invests may be considered to be "growth" stocks, in that they may have above-average rates of earnings growth and thus may experience above-average increases in stock prices. The Fund also may purchase stocks that would not fall into the traditional "growth" style box. In constructing a portfolio of securities, the subadviser is not constrained by sector or industry weights of the Fund's benchmark. The Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors. The subadviser relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on "top-down," macro-based criteria.

The subadviser may sell a stock if the subadviser believes that the company's long-term competitive advantage or relative earnings growth prospects have deteriorated, or the subadviser has otherwise lost conviction that the company reflects a higher quality opportunity relative to other available investments on a forward-looking basis. The subadviser also may sell a stock if the company has met its price target or is involved in a business combination, if the subadviser identifies a more attractive

**Summary Prospectus March 2, 2026**

**2**

**Nationwide GQG US Quality Equity Fund**

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investment opportunity, or the subadviser wishes to reduce the Fund's exposure to the company or a particular country or geographic region. The Fund may engage in frequent and active trading of portfolio securities.

The Fund is classified as a "non-diversified fund" under the Investment Company Act of 1940, which means that a relatively high percentage of the Fund's assets may be invested in a limited number of issuers.

**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.

***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 securities 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, trade disputes and social unrest or rapid technological developments such as artificial intelligence) 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.

***Growth stocks 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 may 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 may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as "value" stocks.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities. The prices of foreign securities may be further affected by other factors, such as changes in the exchange rates between the U.S. dollar and the currencies in which the securities are traded.

***Emerging markets risk*** – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries are unreliable compared to developed markets. Companies in emerging market countries generally are subject to less stringent financial reporting, accounting and auditing standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Many emerging markets also have histories of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.

***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.

***Initial public offering risk*** – availability of IPOs may be limited and the Fund may not be able to buy any shares at the offering price, or may not be able to buy as many shares at the offering price as it would like, which may adversely impact Fund performance. Further, IPO prices often are subject to greater and more unpredictable price changes than more established stocks.

***Nondiversified fund risk*** – because the Fund may hold larger positions in fewer securities than diversified funds, a single security's increase or decrease in value may have a greater impact on the Fund's value and total return.

***Redemptions risk*** – the Fund is an investment option for other mutual funds that are managed as "funds-of-funds." As a result, from time to time, the Fund may experience relatively large redemptions or investments. Large or continuous redemptions may increase the Fund's transaction costs and could cause the Fund's operating expenses to be allocated over a smaller asset base, leading to an increase in the Fund's

**Summary Prospectus March 2, 2026**

**3**

**Nationwide GQG US Quality Equity Fund**

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expense ratio. If funds-of-funds or other large shareholders redeem large amounts of shares rapidly or unexpectedly, the Fund may have to sell portfolio securities at times when it would not otherwise do so, which could negatively impact the Fund's net asset value and liquidity.

***Portfolio turnover risk*** – a higher portfolio turnover rate increases transaction costs, may adversely impact the Fund's performance, and may result in higher taxes when Fund shares are held in a taxable account.

*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 market 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.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

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

![](g90974gqg.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **11.74%** | **Q4 2022** |
| **Lowest Quarter:** | **-11.54%** | **Q3 2022** |

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After-tax returns are shown for Class A 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.

**Average Annual Total Returns** <br>**(For the Periods Ended December 31, 2025)** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Fund**<br> **Inception**<br>| **Fund**<br> **Inception**<br> **Date**<br>|
| Class A Shares– Before Taxes  | -10.36% | &nbsp;&nbsp; 9.73% | 1/25/2021 |
| Class A Shares– After Taxes on <br> Distributions <br>| -11.26% | &nbsp;&nbsp; 8.58% | 1/25/2021 |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares <br>| &nbsp;&nbsp; -5.50% | &nbsp;&nbsp; 7.56% | 1/25/2021 |
| Class R6 Shares– Before Taxes  | &nbsp;&nbsp; -4.50% | 11.44% | 1/25/2021 |
| Institutional Service <br> Class Shares– Before Taxes <br>| &nbsp;&nbsp; -4.63% | 11.25% | 1/25/2021 |
| Eagle Class Shares– Before Taxes  | &nbsp;&nbsp; -4.60% | 11.36% | 1/25/2021 |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| &nbsp;&nbsp; 17.88% | 14.03% |  |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

GQG Partners LLC

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund** <br>|
| Rajiv Jain | Portfolio Manager | Since 2021 |
| Brian Kersmanc | Portfolio Manager | Since 2022 |
| Sudarshan Murthy, CFA | Portfolio Manager | Since 2022 |
| Siddharth Jain | Deputy Portfolio <br> Manager<br>| Since 2024 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class R6: $1,000,000<br> Institutional Service Class and Eagle 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> Class R6, Institutional Service Class and Eagle 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

**Summary Prospectus March 2, 2026**

**4**

**Nationwide GQG US Quality Equity Fund**

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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> c/o U.S. Bank Global <br> Fund Services<br> P.O. Box 219336<br> Kansas City, MO <br> 64121-9336<br>| **Overnight:**<br> Nationwide Funds<br> c/o U.S. Bank Global <br> Fund Services<br> 801 Pennsylvania Ave., <br> Suite 219336<br> Kansas City, MO <br> 64105-1307<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 March 2, 2026**

**5**

**Nationwide GQG US Quality Equity Fund**

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**Summary Prospectus March 2, 2026**

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**Nationwide GQG US Quality Equity Fund**

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