# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-25-317710
**Filing Date:** 2025-12
**Character Count:** 2062157
**Document Hash:** 50f3a6720b30f8769a79ace2e254c506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-317710.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-317710

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 40

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**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:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08495
- **FILM NUMBER:** 251568854

**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
**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:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 251568853

**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 Bond Index Fund (Series ID: S000004995)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013548 | Class A                     | GBIAX           |
| C000013550 | Class R6                    | GBXIX           |
| C000033114 | Class R                     |  |
| C000175977 | Institutional Service Class | NWXOX           |

### Nationwide International Index Fund (Series ID: S000004997)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013557 | Class A                     | GIIAX           |
| C000013560 | Class R6                    | GIXIX           |
| C000033116 | Class R                     | GIIRX           |
| C000175978 | Institutional Service Class | NWXPX           |

### Nationwide Mid Cap Market Index Fund (Series ID: S000004998)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013561 | Class A                     | GMXAX           |
| C000013564 | Class R6                    | GMXIX           |
| C000033117 | Class R                     | GMXRX           |
| C000175979 | Institutional Service Class | NWXQX           |

### Nationwide S&P 500 Index Fund (Series ID: S000004999)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013565 | Class A                     | GRMAX           |
| C000013568 | Class R6                    | GRMIX           |
| C000013569 | Service Class               | GRMSX           |
| C000013570 | Institutional Service Class | GRISX           |
| C000033118 | Class R                     | GRMRX           |

### Nationwide Small Cap Index Fund (Series ID: S000005000)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013572 | Class A                     | GMRAX           |
| C000013575 | Class R6                    | GMRIX           |
| C000033119 | Class R                     | GMSRX           |
| C000175980 | Institutional Service Class | NWXRX           |

### Nationwide BNY Mellon Dynamic U.S. Core Fund (Series ID: S000005011)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013636 | Class A                     | NMFAX           |
| C000013639 | Class R                     | GGFRX           |
| C000025368 | Class R6                    | MUIGX           |
| C000107253 | Institutional Service Class | NGISX           |
| C000204949 | Eagle Class                 | NWAEX           |

### Nationwide Fund (Series ID: S000005012)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000013642 | Class A                     | NWFAX           |
| C000013645 | Institutional Service Class | MUIFX           |
| C000013646 | Class R                     | GNWRX           |
| C000200004 | Class R6                    | NWABX           |

### Nationwide Government Money Market Fund (Series ID: S000005013)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000013648 | Class R6      | GMIXX           |
| C000013649 | Investor      | MIFXX           |
| C000013650 | Service Class | NWSXX           |

### Nationwide Global Sustainable Equity Fund (Series ID: S000037455)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000115634 | Class A                     | GGEAX           |
| C000115636 | Institutional Service Class | GGESX           |
| C000115637 | Class R6                    | GGEIX           |

### Nationwide Inflation-Protected Securities Fund (Series ID: S000038280)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000118164 | Class A                     | NIFAX           |
| C000118165 | Class R6                    | NIFIX           |
| C000175981 | Institutional Service Class | NWXNX           |

### Nationwide Invesco Core Plus Bond Fund (Series ID: S000039094)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000120179 | Class A                     | NWCPX           |
| C000120180 | Institutional Service Class | NWCSX           |
| C000120181 | Class R6                    | NWCIX           |

### Nationwide Bailard Small Cap Value Fund (Series ID: S000041092)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127572 | Class A                     | NWHDX           |
| C000127574 | Class M                     | NWHFX           |
| C000127575 | Class R6                    | NWHGX           |
| C000127576 | Institutional Service Class | NWHHX           |

### Nationwide Loomis Short Term Bond Fund (Series ID: S000041095)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127585 | Class A                     | NWJSX           |
| C000127587 | Class R6                    | NWJUX           |
| C000127588 | Institutional Service Class | NWJVX           |

### Nationwide WCM Focused Small Cap Fund (Series ID: S000041096)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127589 | Class A                     | NWGPX           |
| C000127591 | Class R6                    | NWKEX           |
| C000127592 | Institutional Service Class | NWGSX           |

### Nationwide NYSE Arca Tech 100 Index Fund (Series ID: S000041099)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127602 | Class A                     | NWJCX           |
| C000127604 | Class R6                    | NWJEX           |
| C000127605 | Institutional Service Class | NWJFX           |

### Nationwide Bailard International Equities Fund (Series ID: S000041101)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127610 | Institutional Service Class | NWHNX           |
| C000127611 | Class A                     | NWHJX           |
| C000127613 | Class M                     | NWHLX           |
| C000127614 | Class R6                    | NWHMX           |

### Nationwide Bailard Technology Fund (Series ID: S000041102)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127615 | Class A                     | NWHOX           |
| C000127617 | Class M                     | NWHQX           |
| C000127618 | Class R6                    | NWHTX           |
| C000127619 | Institutional Service Class | NWHUX           |

### Nationwide Geneva Mid Cap Growth Fund (Series ID: S000041103)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127620 | Class A                     | NWHVX           |
| C000127622 | Class R6                    | NWKAX           |
| C000127623 | Institutional Service Class | NWHYX           |

### Nationwide Geneva Small Cap Growth Fund (Series ID: S000041104)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127624 | Class A                     | NWHZX           |
| C000127626 | Class R6                    | NWKCX           |
| C000127627 | Institutional Service Class | NWKDX           |

### Nationwide Loomis Core Bond Fund (Series ID: S000041106)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127632 | Class A                     | NWJGX           |
| C000127634 | Class R6                    | NWJIX           |
| C000127635 | Institutional Service Class | NWJJX           |
| C000255576 | Eagle Class                 | NWAZX           |

### Nationwide Strategic Income Fund (Series ID: S000051210)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000161356 | Class A                     | NWXEX           |
| C000161358 | Class R6                    | NWXGX           |
| C000161359 | Institutional Service Class | NWXHX           |

### Nationwide International Small Cap Fund (Series ID: S000055867)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000175982 | Class A                     | NWXSX           |
| C000175984 | Class R6                    | NWXUX           |
| C000175985 | Institutional Service Class | NWXVX           |

### Nationwide Loomis All Cap Growth Fund (Series ID: S000057621)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000184012 | Class A                     | NWZLX           |
| C000184013 | Class R6                    | NWZMX           |
| C000184014 | Institutional Service Class | NWZNX           |
| C000201554 | Eagle Class                 | NWADX           |

### Nationwide BNY Mellon Dynamic U.S. Equity Income Fund (Series ID: S000066380)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000214210 | Eagle Class                 | NWAPX           |
| C000214211 | Institutional Service Class | NWAOX           |
| C000214212 | Class A                     | NWALX           |
| C000214213 | Class K                     | NWAMX           |
| C000214214 | Class R6                    | NWANX           |

### 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           |

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 12, 2025**

**1933 Act File No. 333-40455**

**1940 Act File No. 811-08495**

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

***☒***

**Post-Effective Amendment No. 291**

***☒***

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

**☒** 

**Amendment No. 316**

**☒** 

(Check appropriate box or boxes)

------

**NATIONWIDE MUTUAL FUNDS**

**(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)**

------

**ONE NATIONWIDE PLAZA**

**MAIL CODE 1-18-102**

**COLUMBUS, OHIO 43215**

**(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)**

**(614) 435-5787**

**Registrant's Telephone Number, including Area Code**

------

---

| | |
|:---|:---|
| ***Send Copies of Communications to:*** | ***Send Copies of Communications to:*** |
| **ALLAN J. OSTER, ESQ.** | **PRUFESH R. MODHERA, ESQ.** |
| **ONE NATIONWIDE PLAZA** | **STRADLEY RONON STEVENS & YOUNG, LLP** |
| **COLUMBUS, OHIO 43215** | **2000 K STREET, N.W., SUITE 700** |
| **(NAME AND ADDRESS OF AGENT FOR SERVICE)** | **WASHINGTON, DC 20006** |

---

------

It is proposed that this filing will become effective: (check appropriate box)

☐ immediately upon filing pursuant to paragraph (b)

☐ on [date] pursuant to paragraph (b)

☒ 60 days after filing pursuant to paragraph (a)(1)

☐ on [date] pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on [date] pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

------

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

Fixed-Income Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Invesco Core Plus Bond Fund *(formerly, Nationwide BNY Mellon Core Plus Bond Fund)*** |
| Class A (NWCPX) / Class R6 (NWCIX)<br> Institutional Service Class (NWCSX)<br>|

---

**As with all mutual funds, the U.S. Securities and Exchange Commission has not approved or disapproved this Fund's shares or determined whether this Prospectus is complete or accurate. To state otherwise is a crime.**

**nationwide.com/mutualfunds**

![](g21519imgb60dc9501.gif)

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**Table of Contents** <br>

---

| | |
|:---|:---|
| **2** | **[Fund Summary](#xx_16863159-d943-4daa-99ed-142009fa3f05_1)**  |
|  | [Nationwide Invesco Core Plus Bond Fund](#xx_16863159-d943-4daa-99ed-142009fa3f05_1)  |
| **9** | **[How the Fund Invests](#xx_3daa829b-997c-4ddc-bd73-28a31afe60dc_1)**  |
|  | [Nationwide Invesco Core Plus Bond Fund](#xx_3daa829b-997c-4ddc-bd73-28a31afe60dc_1)  |
| **12** | **[Risks of Investing in the Fund](#xx_e9c47c81-0426-4651-b476-b65577be9d52_1)**  |
| **19** | **[Fund Management](#xx_f3e3b039-03a3-4a71-a1ea-ef85719e490a_1)**  |
| **21** | **[Investing with Nationwide Funds](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_1)**  |
|  | [Share Classes](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_1)  |
|  | [Sales Charges and Fees](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_4)  |
|  | [Revenue Sharing](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_4)  |
|  | [Contacting Nationwide Funds](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_5)  |
|  | [Fund Transactions](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_6)  |
|  | [Buying Shares](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_7)  |
|  | [Fair Value Pricing](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_7)  |
|  | [Exchanging Shares](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_8)  |
|  | [Selling Shares](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_9)  |
|  | [Excessive or Short-Term Trading](#xx_607c4b9c-7c3d-4006-bdcd-7227ecdd34fb_10)  |
| **32** | **[Distributions and Taxes](#xx_6a84fc23-dd88-4cad-9eeb-82aea98bcf2b_1)**  |
| **34** | **[Additional Information](#xx_caeaba42-6186-4da8-be0a-0598e5d10dae_1)**  |
| **35** | **[Financial Highlights](#xx_e6975b68-022c-4ddb-9e87-9789de7a3578_1)**  |
| **37** | **[Appendix A](#xx_b2a1772a-c527-449f-8357-30aceca3b343_1)**  |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_b2a1772a-c527-449f-8357-30aceca3b343_1)  |

---

------

**Fund Summary:** Nationwide Invesco Core Plus Bond Fund

*(formerly, Nationwide BNY Mellon Core Plus Bond Fund)*

**Objective**

The Nationwide Invesco Core Plus Bond Fund seeks maximum long-term total return, consistent with reasonable risk to principal, by investing primarily in investment grade debt securities of varying maturities.

**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 $100,000 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 21 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 93 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)

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 4.25% |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.97% | 0.84% | 0.94% |
| **Total Annual Fund Operating Expenses** | 1.67% | 1.29% | 1.39% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.82)% | (0.82)% | (0.82)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.85% | 0.47% | 0.57% |

---

<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 0.47% until at least February 28, 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.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $508 | &nbsp;&nbsp;&nbsp;&nbsp; $852 | &nbsp;&nbsp; $1220 | &nbsp;&nbsp; $2251 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |

---

------

**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

**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 [______]% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is designed to provide a diversified portfolio of different types of bonds. In contrast to a typical core bond strategy, however, the Fund also invests a portion of its assets in bonds and other debt securities that carry higher risks, but which potentially offer higher investment rewards. The bonds in which the Fund invests include U.S. and foreign corporate bonds, U.S. government securities, bonds issued by foreign governments, asset-backed securities and mortgage-backed securities. The Fund may invest in securities issued by foreign issuers, including those that are located in emerging market countries, although the Fund does not invest more than 30% of its net assets in foreign securities. Some foreign securities may be denominated in currencies other than the U.S. dollar.

The Fund invests in mortgage-backed securities. Mortgage-backed securities include either pass-through securities issued by U.S. government agencies, such as Ginnie Mae, Fannie Mae or Freddie Mac, or collateralized mortgage obligations issued either by U.S. government agencies or by private issuers. The Fund may purchase many U.S. agency pass-through securities on a when-issued (also known as "to-be-announced") basis, and it may also purchase or sell such securities for delayed delivery. When entering into such a transaction, the Fund buys or sells securities with payment and delivery scheduled to take place in the future.

The Fund may invest in illiquid or thinly traded securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended.

The Fund may invest in derivatives, such as options, futures, options on futures, forward foreign currency contracts and swaps, either as a substitute for investing directly in an underlying asset, to increase returns, to manage foreign currency, credit, or interest rate risk, to manage effective duration, as part of a hedging strategy, or for other purposes related to the management of the Fund.

The Fund normally invests primarily in bonds that are rated, at the time of purchase, investment grade or the unrated equivalent as determined by the Fund's subadviser. The

Fund may, however, invest up to 20% of its net assets at the time of purchase, in high-yield bonds. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds. For these purposes, bonds are debt securities and other fixed-income securities that represent an obligation by the issuer to pay a specified rate of interest or dividend at specified times.

In managing the Fund, the subadviser's portfolio managers rely on a team of internal specialists. The portfolio managers primarily select investment grade fixed-income securities included in the Bloomberg U.S. Aggregate Bond Index (the "Index"), using the Index as a reference to decide on appropriate risk factors such as sector and issuer weightings and duration relative to the Index. Using a bottom-up approach to recommend larger or smaller exposures to these risk factors, the specialists seek attractive risk-reward opportunities and securities they believe best enable the portfolio managers to pursue those opportunities. The portfolio managers consider the specialists' recommendations in adjusting the Fund's risk exposures and security selections on a real-time basis using proprietary communication technology.

The subadviser attempts to maintain (i) a dollar-weighted average portfolio maturity of between three and 10 years; and (ii) a duration of within +/- two years of the Index. These maturity and duration targets are guidelines only and the subadviser may deviate from them in their discretion without advance notice to shareholders. The subadviser utilizes active duration (i.e., making investments to reduce or increase the sensitivity of the Fund's portfolio to interest rate changes) and yield curve positioning (i.e., making investments that allow the Fund to benefit from varying interest rates) for risk management and for generating returns of investments in excess of the Index.

Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund's macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund's exposure to a particular security or issuer, degradation of an issuer's credit quality, or general liquidity needs of the Fund. The Fund may engage in active and frequent trading of portfolio securities.

**Principal Risks**

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

------

**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

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:

***Interest rate risk*** – generally, when interest rates go up, the value of debt securities goes down. Prices of longer-term securities generally change more in response to interest rate changes than prices of shorter-term securities. To the extent the Fund invests a substantial portion of its assets in debt securities with longer-term maturities, rising interest rates are more likely to cause periods of increased volatility and redemptions, and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board recently lowered interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on the Fund's investments in debt securities may decline when prevailing interest rates fall. Declines in interest rates increase the likelihood that debt obligations will be pre-paid, which, in turn, increases these risks. Very low or negative interest rates will impact the yield of the Fund's investments in debt securities and increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in debt securities may not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

The interest rate of fixed-rate securities is fixed at the time of purchase and does not fluctuate with general market conditions. Floating-rate securities have interest rates that vary with changes to a specific measure, such as the Treasury bill rate. Variable-rate securities have interest rates that change at preset times based on changes to the specific measure.

***Credit risk*** - a bond issuer will default if it is unable to pay the interest or principal when due. If an issuer defaults, the Fund will lose money. This risk is particularly high for high-yield bonds and other securities rated below investment grade. Changes in a bond issuer's credit rating or the market's perception of an issuer's creditworthiness also affect the market price of a bond.

***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.

***Prepayment and call risk*** – certain bonds will be paid off by the issuer more quickly than anticipated. If this happens, the Fund may be required to invest the proceeds in securities with lower yields.

***Mortgage-backed and asset-backed securities risks*** – these securities generally are subject to the same types of risk that apply to other debt securities, such as interest rate risk, credit risk, and prepayment and call risk. Mortgage-backed securities also are subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment. Through its investments in mortgage-backed securities, the Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets generally. Subprime loans, which are loans made to borrowers with weakened credit histories, generally have higher default rates than loans that meet government underwriting requirements. 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.

***High-yield bonds risk*** – investing in high-yield bonds (i.e., "junk bonds") and other lower-rated bonds is considered speculative and will subject the Fund to substantial risk of

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**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

loss due to issuer default, decline in market value due to adverse economic and business developments, sensitivity to changing interest rates, or lack of liquidity.

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Foreign currencies* – foreign securities may be denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars.

***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.

***Delayed-delivery risk*** – the risk that the security the Fund buys will lose value prior to its delivery or that the seller will not meet its obligation. If this happens, the Fund will lose the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*To-be-announced transactions ("TBAs")* – TBAs involve the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA, or if the counterparty fails to deliver the securities. When the Fund enters into a short sale of a TBA mortgage it does not own, the Fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, the Fund's exposure is unlimited. The Fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Dollar roll transactions* – dollar roll transactions occur in connection with TBAs and involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to the Fund's portfolio, which may make the Fund's returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase the Fund's portfolio turnover, which may result in increased brokerage costs and may lower the Fund's actual return.

***Sovereign debt risk*** – sovereign debt instruments are subject to the risk that a governmental entity will delay or refuse to pay interest or repay principal on its sovereign debt due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

***Liquidity risk*** – when there is little or no active trading market for specific types of securities or instruments, or specific securities are restricted or privately-offered, it can become more difficult to sell the securities or instruments at or near their perceived value. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that the Fund will experience significant net redemptions of its shares at a time when it cannot find willing buyers for its portfolio securities or instruments or can sell its portfolio securities or instruments only at a material loss. To meet redemption requests, the Fund may be forced to sell other securities or instruments that are more liquid, but at unfavorable times and conditions.

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**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

Investments in restricted securities, foreign securities and high-yield bonds tend to have more exposure to liquidity risk than registered or domestic securities and higher-rated bonds.

***U.S. government securities risk*** – not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there is some risk of default by the issuer. Even if a security is backed by the U.S. Treasury or the full faith and credit of the United States, such guarantee applies only to the timely payment of interest and principal. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors will affect the value of U.S. government securities. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

***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 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.

***Derivatives risk*** – derivatives may be volatile and may involve significant risks. The underlying security, measure or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can magnify significantly the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains. Some derivatives have the potential for unlimited loss, including a loss that may be greater than the amount invested. They also present default risks if the counterparty to a derivatives contract fails to fulfill its obligations to the Fund. Certain derivatives held by the Fund may be illiquid, including non-exchange-traded or over-the-counter derivatives that are linked to illiquid instruments or illiquid markets, making it difficult to close out an unfavorable position. Finally, the Fund's use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed

at ordinary income tax rates) than if the Fund had not used such instruments. Derivatives also may be more difficult to purchase, sell or value than other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Options* – purchasing and selling options are highly specialized activities and entail greater-than-ordinary investment risks. When options are purchased over the counter, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. The Fund's ability to close out positions in exchange-listed options depends on the existence of a liquid market. Options that expire unexercised have no value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Futures* – the prices of futures contracts typically are more volatile than those of stocks and bonds. Small movements in the values of the assets or measures of underlying futures contracts can cause disproportionately larger losses to the Fund. While futures may be more liquid than other types of derivatives, they may experience periods when they are less liquid than stocks, bonds or other investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Currency exposure* – the Fund's investments in currency futures and forward foreign currency exchange contracts (collectively, "currency contracts") may involve a small investment relative to the amount of risk assumed. To the extent the Fund enters into these transactions, its success will depend on the subadviser's ability to predict market movements, and their use may have the opposite effect of that intended. Risks include potential loss due to the imposition of controls by a government on the exchange of foreign currencies, the loss of any premium paid to enter into the transaction, delivery failure, default by the other party, or inability to close out a position because the trading market becomes illiquid. Currency contracts may reduce the risk of loss from a change in the value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Swaps* – using swaps can involve greater risks than if the Fund were to invest directly in the underlying securities or assets. Because swaps often involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains. Currently there are few central exchanges or markets for swap contracts, and therefore they may be less liquid than exchange-traded instruments. If a swap counterparty fails to meet its obligations under the contract, the Fund will lose money.

***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,

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**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

market or economic events affecting the particular issuers and industries participating in such sectors than funds that do not emphasize particular industries or sectors.

***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.

The Fund's performance prior to May 12, 2025, reflects returns pursuant to different principal investment strategies and different subadvisers. If the Fund's current strategies and subadviser had been in place for the prior period, the performance information shown would have been different.

**Annual Total Returns– Class R6 Shares** <br>**(Years Ended December 31,)**

![](g21519cpb.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **7.51%** | **4Q 2023** |
| **Lowest Quarter:** | **-6.15%** | **2Q 2022** |

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After-tax returns are shown in the table for Class R6 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** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– Before Taxes  | XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– After Taxes on <br> Distributions <br>| XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares <br>| XX.XX% | XX.XX% | XX.XX% |
| Institutional Service <br> Class Shares– Before Taxes <br>| XX.XX% | XX.XX% | XX.XX% |
| Bloomberg U.S. Aggregate Bond Index <br> (The Index does not pay sales charges, <br> fees, expenses or taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Invesco Advisers, Inc.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service** <br> **with Fund** <br>|
| Michael Hyman | Portfolio Manager | Since 2025 |
| Matthew Brill, CFA | Portfolio Manager | Since 2025 |
| Todd Schomberg, CFA | Portfolio Manager | Since 2025 |
| Chuck Burge | Portfolio Manager | Since 2025 |

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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: $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: 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

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**Fund Summary:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

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 <br> Ave., 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.

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**How the fund invests:** Nationwide Invesco Core Plus Bond Fund

**Objective**

The Nationwide Invesco Core Plus Bond Fund seeks maximum long-term total return, consistent with reasonable risk to principal, by investing primarily in investment grade debt securities of varying maturities. This objective may be changed by the Nationwide Mutual Funds' (the "Trust") Board of Trustees ("Board of Trustees") without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies**

The Fund is designed to provide a diversified portfolio of different types of ***bonds***. In contrast to a typical core bond strategy, however, the Fund also invests a portion of its assets in bonds and other debt securities that carry higher risks, but which potentially offer higher investment rewards. The bonds in which the Fund invests include U.S. and foreign corporate bonds, ***U.S. government securities***, bonds issued by foreign governments, ***asset-backed securities*** and ***mortgage-backed securities***. The Fund may invest in securities issued by foreign issuers, including those that are located in ***emerging market countries***, although the Fund does not invest more than 30% of its net assets in foreign securities. Some foreign securities may be denominated in currencies other than the U.S. dollar.

The Fund invests in mortgage-backed securities. Mortgage-backed securities include either pass-through securities issued by U.S. government agencies, such as Ginnie Mae, Fannie Mae or Freddie Mac, or collateralized mortgage obligations issued either by U.S. government agencies or by private issuers. The Fund may purchase many U.S. agency pass-through securities on a when-issued (also known as "to-be-announced") basis, and it may also purchase or sell such securities for delayed delivery. When entering into such a transaction, the Fund buys or sells securities with payment and delivery scheduled to take place in the future.

The Fund may invest in illiquid or thinly traded securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended.

The Fund may invest in ***derivatives***, such as ***options***, ***futures***, options on futures, forward foreign currency contracts and ***swaps***, either as a substitute for investing directly in an underlying asset, to increase returns, to manage foreign currency, credit, or interest rate risk, to manage effective duration, as part of a hedging strategy, or for other purposes related to the management of the Fund.

The Fund normally invests primarily in bonds that are rated, at the time of purchase, ***investment grade*** or the unrated equivalent as determined by the Fund's subadviser. The Fund may, however, invest up to 20% of its net assets at the time of purchase in ***high-yield bonds***. Under normal circumstances, the Fund invests at least 80% of its net assets

in bonds. Securities in which the Fund invests pay interest on either a fixed-rate or variable-rate basis.

In managing the Fund, the subadviser's portfolio managers rely on a team of internal specialists. The portfolio managers primarily select investment grade fixed-income securities included in the Bloomberg U.S. Aggregate Bond Index (the "Index"), using the Index as a reference to decide on appropriate risk factors such as sector and issuer weightings and duration relative to the Index. Using a bottom-up approach to recommend larger or smaller exposures to these risk factors, the specialists seek attractive risk-reward opportunities and securities they believe best enable the portfolio managers to pursue those opportunities. The portfolio managers consider the specialists' recommendations in adjusting the Fund's risk exposures and security selections on a real-time basis using proprietary communication technology. Although a variety of specialists provide input into the management of the Fund, the portfolio managers retain responsibility for ensuring the Fund is positioned appropriately in terms of risk exposures and position sizes.

The subadviser attempts to maintain (i) a dollar-weighted average portfolio ***maturity*** of between three and 10 years; and (ii) a ***duration*** of within +/- two years of the Index. These maturity and duration targets are guidelines only and the subadviser may deviate from them in their discretion without advance notice to shareholders. The subadviser utilizes active duration (i.e., making investments to reduce or increase the sensitivity of the Fund's portfolio to interest rate changes) and yield curve positioning (i.e., making investments that allow the Fund to benefit from varying interest rates) for risk management and for generating returns of investments in excess of the Index.

Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund's macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund's exposure to a particular security or issuer, degradation of an issuer's credit quality, or general liquidity needs of the Fund. The Fund may engage in active and frequent trading of portfolio securities.

The credit research process utilized by the subadviser to implement its investment strategy in pursuit of its investment objective considers factors that may include, but are not limited to, an issuer's operations, capital structure and environmental, social and governance ("ESG") considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The portfolio managers may determine that ESG considerations

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**How the fund invests:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

are not material to certain issuers or types of investments held by the Fund. In addition, not all issuers or investments in the Fund may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG criteria.

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| |
|:---|
| **Key Terms:**  |
| &nbsp;&nbsp; ***Asset-backed securities*** – debt securities issued by a <br> trust or other legal entity established for the purpose of <br> issuing securities and holding certain assets, such as <br> credit card receivables or auto leases, that pay down <br> over time and generate sufficient cash to pay holders of <br> the securities.<br>|
| &nbsp;&nbsp; ***Bonds*** – debt securities and other fixed-income <br> securities that represent an obligation by the issuer to <br> pay a specified rate of interest or dividend at specified <br> times. <br>|
| &nbsp;&nbsp; ***Derivative*** – a contract, security or investment the value <br> of which is based on the performance of an underlying <br> financial asset, index or economic measure. Futures, <br> swaps and options are derivatives because their values <br> are based on changes in the values of an underlying <br> asset or measure.<br>|
| &nbsp;&nbsp; ***Duration*** – a measure of how much the price of a bond <br> would change compared to a change in market interest <br> rates, based on the remaining time until a bond matures <br> together with other factors. A bond's value drops when <br> interest rates rise, and vice versa. Bonds with longer <br> durations have higher risk and volatility.<br>|
| &nbsp;&nbsp; ***Emerging market countries*** – typically are developing <br> and low- or middle-income countries. For purposes of <br> the Fund, emerging market countries are those that are <br> included in the MSCI Emerging Markets<sup>®</sup> Index. Emerging <br> market countries may be found in regions such as Asia, <br> Latin America, Eastern Europe, the Middle East and <br> Africa. <br>|
| &nbsp;&nbsp; ***Futures*** – a contract that obligates the buyer to buy and <br> the seller to sell a specified quantity of an underlying <br> asset (or settle for the cash value of a contract based on <br> the underlying asset) at a specified price on the <br> contract's maturity date. The assets underlying futures <br> contracts may be commodities, currencies, securities or <br> financial instruments, or even intangible measures such <br> as securities indexes or interest rates. Futures do not <br> represent direct investments in securities (such as stocks <br> and bonds) or commodities. Rather, futures are <br> derivatives, because their value is derived from the <br> performance of the assets or measures to which they <br> relate. Futures are standardized and traded on <br> exchanges, and therefore, typically are more liquid than <br> other types of derivatives. <br>|

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| |
|:---|
| &nbsp;&nbsp; ***High-yield bonds*** – commonly referred to as "junk <br> bonds," these debt securities are rated below investment <br> grade by nationally recognized statistical rating <br> organizations, such as Moody's and Standard & Poor's, or <br> are unrated securities that the Fund's subadviser <br> believes to be of comparable quality. These bonds <br> generally offer investors higher interest rates as a way to <br> help compensate for the fact that the issuer is at greater <br> risk of default.<br>|
| &nbsp;&nbsp; ***Investment grade*** – the four highest rating categories of <br> nationally recognized statistical rating organizations, <br> including Moody's, Standard & Poor's and Fitch.<br>|
| &nbsp;&nbsp; ***Maturity*** – the date on which the principal amount of a <br> security is required to be paid to investors.<br>|
| &nbsp;&nbsp; ***Mortgage-backed securities*** –debt securities that give <br> the holder the right to receive a portion of principal <br> and/or interest payments made on a pool of residential <br> or commercial mortgage loans, which in some cases are <br> guaranteed by government agencies.<br>|
| &nbsp;&nbsp; ***Options*** – a call option gives the purchaser of the option <br> the right to buy, and the seller of the option the <br> obligation to sell, an underlying security or futures <br> contract at a specified price during the option period. A <br> put option gives the purchaser of the option the right to <br> sell, and the seller of the option the obligation to buy, an <br> underlying security or futures contract at a specified <br> price during the option period.<br>|
| &nbsp;&nbsp; ***Swaps*** – a swap is an agreement that obligates two <br> parties to exchange on specified dates series of cash <br> flows that are calculated by reference to changes in a <br> specified rate or the value of an underlying asset.<br>|
| &nbsp;&nbsp; ***U.S. government securities*** – debt securities issued <br> and/or guaranteed as to principal and interest by either <br> the U.S. government, or by U.S. government agencies, <br> U.S. government-sponsored enterprises and <br> U.S. government instrumentalities. Securities issued or <br> guaranteed directly by the U.S. government are <br> supported by the full faith and credit of the <br> United States. Securities issued or guaranteed by <br> agencies or instrumentalities of the U.S. government, <br> and enterprises sponsored by the U.S. government, are <br> not direct obligations of the United States. Therefore, <br> such securities may not be supported by the full faith <br> and credit of the United States.<br>|

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**Principal Risks**

The Fund is subject to the same risks that apply to all mutual funds that invest in debt securities. For instance, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate.

In addition, the Fund is subject to **CREDIT RISK, DELAYED-DELIVERY RISK, DERIVATIVES RISK, EMERGING** 

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**How the fund invests:** Nationwide Invesco Core Plus Bond Fund *(cont.)*

**MARKETS RISK, ESG INTEGRATION RISK, FOREIGN SECURITIES RISK, HIGH-YIELD BONDS RISK, INTEREST RATE RISK, LIQUIDITY RISK, MARKET RISK, MORTGAGE-BACKED AND ASSET-BACKED SECURITIES RISKS, PORTFOLIO TURNOVER RISK, PREPAYMENT AND CALL RISK, REDEMPTIONS RISK, SECTOR RISK, SELECTION RISK, SOVEREIGN DEBT RISK** and **U.S. GOVERNMENT SECURITIES RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 12.

***The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.***

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**Risks of Investing in the Fund**

As with all mutual funds, investing in Nationwide Funds involves certain risks. There is no guarantee that a Fund will meet its investment objective or that a Fund will perform as it has in the past. Loss of money is a risk of investing in the Fund.

The following information relates to the principal risks of investing in the Fund, as identified in the "Fund Summary" and "How the Fund Invests" sections for the Fund. The Fund may invest in or use other types of investments or strategies not shown below that do not represent principal strategies or raise principal risks. More information about these non-principal investments, strategies and risks is available in the Fund's Statement of Additional Information ("SAI").

***Asset-backed securities risk*** – like traditional debt securities, the value of asset-backed securities typically increases when interest rates fall and decreases when interest rates rise. Certain asset-backed securities also are subject to the risk of prepayment. In a period of declining interest rates, borrowers may pay what they owe on the underlying assets more quickly than anticipated. Prepayment reduces the yield to maturity and the average life of the asset-backed securities. In addition, when a Fund reinvests the proceeds of a prepayment, it may receive a lower interest rate. In a period of rising interest rates, prepayments may occur at a slower rate than expected. As a result, the average maturity of a Fund's portfolio may increase. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term 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. Unlike mortgage-backed securities, asset-backed securities may not have the benefit of or be able to enforce any security interest in the related asset.

***Credit risk*** – the risk that the issuer of a debt security will default if it is unable to make required interest payments and/or principal repayments when they are due. If an issuer defaults, the Fund will lose money. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Changes in an issuer's credit rating or the market's perception of an issuer's credit risk can adversely affect the prices of the securities the Fund owns. A corporate event such as a restructuring, merger, leveraged buyout, takeover, or similar action may cause a decline in market value of an issuer's securities or credit quality of its bonds due to factors including an unfavorable market response or a resulting increase in the company's debt. Added debt may reduce significantly the credit quality and market value of a company's bonds, and may thereby

affect the value of its equity securities as well. High-yield bonds, which are rated below investment grade, are generally more exposed to credit risk than investment grade securities.

*Credit ratings* – "investment grade" securities are those rated in one of the top four rating categories by nationally recognized statistical rating organizations, such as Moody's or Standard & Poor's, or unrated securities judged by the Fund's subadviser to be of comparable quality. Obligations rated in the fourth-highest rating category by any rating agency are considered medium-grade securities. Medium-grade securities, although considered investment grade, have speculative characteristics and may be subject to greater fluctuations in value than higher-rated securities. In addition, the issuers of medium-grade securities may be more vulnerable to adverse economic conditions or changing circumstances than issuers of higher-rated securities. High-yield bonds (i.e., "junk bonds") are those that are rated below the fourth highest rating category, and therefore are not considered to be investment grade. Ratings of securities purchased by the Fund generally are determined at the time of their purchase. Any subsequent rating downgrade of a debt obligation will be monitored generally by the Fund's subadviser to consider what action, if any, it should take consistent with its investment objective. There is no requirement that any such securities must be sold if downgraded.

Credit ratings evaluate the expectation that scheduled interest and principal payments will be made in a timely manner. They do not reflect any judgment of market risk. Credit ratings do not provide assurance against default or loss of money. For example, rating agencies might not always change their credit rating of an issuer in a timely manner to reflect events that could affect the issuer's ability to make scheduled payments on its obligations. If a security has not received a rating, the Fund must rely entirely on the credit assessment of the Fund's subadviser.

*U.S. government and U.S. government agency securities* – neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors will affect the value of government securities. Some of the securities purchased by the Fund are issued by the U.S. government, such as Treasury notes, bills and bonds, and Government National Mortgage Association (GNMA) pass-through certificates, and are backed by the "full faith and credit" of the U.S. government (the U.S. government has the power to tax its citizens to pay these debts) and may be subject to less credit risk. Securities issued by U.S. government agencies, authorities or instrumentalities, such as the Federal Home Loan Banks, Federal National Mortgage Association ("FNMA") and Federal Home Loan Mortgage Corporation ("FHLMC"), are neither issued nor guaranteed by the U.S. government. Although FNMA, FHLMC and the Federal Home Loan Banks are chartered by Acts of Congress, their

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**Risks of Investing in the Fund** *(cont.)*

securities are backed only by the credit of the respective instrumentality. Investors should remember that although certain government securities are guaranteed, market price and yield of the securities or net asset value and performance of the Fund is not guaranteed. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

***Delayed-delivery risk*** – the risk that the security the Fund buys will lose value prior to its delivery or that the seller will not meet its obligation. If this happens, the Fund loses the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

*To-be-announced transactions ("TBAs")* – TBAs involve the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA, or if the counterparty fails to deliver the securities. When the Fund enters into a short sale of a TBA mortgage it does not own, the Fund may have to purchase deliverable mortgages to settle the short sale at a higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage securities can increase, the Fund's exposure is unlimited. The Fund may not always be able to purchase mortgage securities to close out the short position at a particular time or at an acceptable price. In addition, taking short positions results in a form of leverage, which could increase the volatility of the Fund's share price.

*Dollar roll transactions* – dollar roll transactions occur in connection with TBAs and involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon purchase price of those securities. Dollar roll transactions add a form of leverage to the Fund's portfolio, which may make the Fund's returns more volatile and increase the risk of loss. In addition, dollar roll transactions may increase the Fund's portfolio turnover, which may result in increased brokerage costs and may lower the Fund's actual return.

***Derivatives risk*** – a derivative is a contract, security or investment, the value of which is based on the performance of an underlying financial asset, index or other measure. For example, the value of a futures contract changes based on the value of the underlying index, commodity or security. Derivatives often involve leverage, which means that their use can significantly magnify the effect of price movements of the underlying assets or reference measures, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains when the financial asset or measure to which the derivative is linked changes in unexpected ways. Some risks of investing in derivatives include:

&nbsp;&nbsp;&nbsp;&nbsp;●the other party to the derivatives contract fails to fulfill its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;●their use reduces liquidity and makes the Fund harder to value, especially in declining markets and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●when used for hedging purposes, changes in the value of derivatives do not match or fully offset changes in the value of the hedged portfolio securities, thereby failing to achieve the original purpose for using the derivatives.

*Futures contracts* – the volatility of futures contract prices has been historically greater than the volatility of stocks and bonds. Because futures contracts generally involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains. While futures contracts may be more liquid than other types of derivatives, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Options* – if a put or call option purchased by the Fund expired without being sold or exercised, the Fund would lose the premium it paid for the option. The risk involved in writing (i.e., selling) a covered call option is the lack of liquidity for the option. If the Fund is not able to close out the options transaction, the Fund will not be able to sell the underlying security until the option expires or is exercised. The risk involved in writing an uncovered put option is that the market value of the underlying security could decrease. If this occurs, the option could be exercised and the underlying security would then be sold to the Fund at a higher price than its prevailing market value. The risk involved in writing an uncovered call option is that there could be an increase in the market value of the underlying security. If this occurs, the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value. Purchasing and writing put and call options are highly specialized activities and entail greater-than-ordinary investment risks. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to credit risk with regard to parties with whom it trades and also may bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions, which generally are backed by clearing-organization guarantees, daily marking-to-market and settlement, and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default.

*Currency exposure* – the Fund's investments in currency futures and forward foreign currency exchange contracts (collectively, "currency contracts") may involve a small

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**Risks of Investing in the Fund** *(cont.)*

investment relative to the amount of risk assumed. To the extent the Fund enters into these transactions, its success will depend on the subadviser's ability to predict market movements, and their use may have the opposite effect of that intended. Risks include potential loss due to the imposition of controls by a government on the exchange of foreign currencies, the loss of any premium paid to enter into the transaction, delivery failure, default by the other party, or inability to close out a position because the trading market becomes illiquid. Currency contracts may reduce the risk of loss from a change in the value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying security.

*Swap transactions* – the use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Although certain swaps have been designated for mandatory central clearing, swaps are still privately negotiated instruments featuring a high degree of customization. Some swaps are complex and valued subjectively. Swaps also may be subject to pricing or "basis" risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Because swaps often involve leverage, their use can significantly magnify the effect of price movements of the underlying securities or reference measures, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains. At present, there are few central exchanges or markets for certain swap transactions. Therefore, such swaps may be less liquid than exchange-traded swaps or instruments. In addition, if a swap counterparty defaults on its obligations under the contract, the Fund could sustain significant losses.

Nationwide Fund Advisors has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of the Fund.

***Emerging markets risk*** – the risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets are considered to be speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets and are more expensive to trade in. Since these markets are often small, 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. In

addition, traditional measures of investment value used in the United States, such as price-to-earnings ratios, may not apply to certain small markets. Also, there may be less publicly available and reliable information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Therefore, the ability to conduct adequate due diligence in emerging markets may be limited.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets also face other significant internal or external risks, including the nationalization of assets, unexpected market closures, risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. The ability to bring and enforce actions in emerging market countries may be limited and shareholder claims may be difficult or impossible to pursue. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign 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. The possibility of fraud, negligence, or undue influence being exerted by

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**Risks of Investing in the Fund** *(cont.)*

the issuer or refusal to recognize that ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

***ESG integration risk*** – the Fund's subadviser may employ an investment process that may integrate environmental, social and corporate governance ("ESG") factors with traditional financial factors. The relevance and weightings of specific ESG factors to or within the investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating ESG factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, ESG information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data. While the subadviser believes that the integration of material ESG factors into the Fund's investment process has the potential to identify financial risks and contribute to the Fund's long-term performance, ESG factors may not be considered for each and every investment decision, and there is no guarantee that the integration of ESG factors will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Moreover, the current lack of common standards may result in different approaches to integrating ESG factors. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. The subadviser's approach to ESG integration may evolve and develop over time, both due to a refinement of investment decision-making processes to address ESG factors and risks, and because of legal and regulatory developments.

***Foreign securities risk*** – foreign securities may be more volatile, harder to price and less liquid than U.S. securities. Foreign investments involve some of the following risks:

● political and economic instability;

● the impact of currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;●sanctions imposed by other foreign governments, including the United States;

● reduced information about issuers;

● higher transaction costs;

● less stringent regulatory and accounting standards and

● delayed settlement.

Additional risks include the possibility that a foreign jurisdiction will impose or increase withholding taxes on income payable with respect to foreign securities; the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investment in a certain market); and the possible adoption of foreign governmental restrictions such as exchange controls.

*Foreign currencies* – foreign securities often are denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars.

***High-yield bonds risk*** – investment in high-yield bonds (often referred to as "junk bonds") and other lower-rated securities is considered speculative and may subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due and are susceptible to default or decline in market value due to adverse economic and business developments. The market values of high-yield securities tend to be very volatile, and these securities are less liquid than investment-grade debt securities. Therefore, funds that invest in high-yield bonds are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;●increased price sensitivity to changing interest rates and to adverse economic and business developments;

&nbsp;&nbsp;&nbsp;&nbsp;●greater risk of loss due to default or declining credit quality;

&nbsp;&nbsp;&nbsp;&nbsp;●greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments when due and

&nbsp;&nbsp;&nbsp;&nbsp;●negative market sentiments toward high-yield securities may depress their price and liquidity. If this occurs, it may become difficult to price or dispose of a particular security held by the Fund.

***Interest rate risk*** – prices of debt 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 the Fund invests a substantial portion of its assets in debt securities with longer-term maturities, rising interest rates are more likely to cause periods of increased volatility and redemptions and will cause the value of the Fund's investments to decline significantly. The Federal Reserve Board recently lowered interest rates following a period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned on the Fund's

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**Risks of Investing in the Fund** *(cont.)*

investments in debt securities may decline when prevailing interest rates fall. Declines in interest rates increase the likelihood that debt obligations will be pre-paid, which, in turn, increases these risks. The Fund is subject to the risk that the income generated by its investments in debt securities will not keep pace with inflation. Recent and potential future changes in government policy may affect interest rates.

*Zero coupon bonds* – these debt securities pay no interest during the life of the security, and are issued by a wide variety of governmental and corporate issuers. They often are sold at a deep discount. Zero coupon bonds may be subject to greater price changes as a result of changing interest rates than bonds that make regular interest payments; their value tends to grow more during periods of falling interest rates and, conversely, tends to fall more during periods of rising interest rates. Although not traded on a national securities exchange, zero coupon bonds are widely traded by brokers and dealers, and generally are considered liquid. Holders of zero coupon bonds are required by federal income tax laws to pay taxes on the interest, even though such payments are not actually being made. To avoid federal income tax liability, the Fund may have to make distributions to shareholders and may have to sell some assets at inappropriate times in order to generate cash for the distributions.

*Duration* – the duration of a debt security estimates how much its price is affected by interest rate changes. For example, a duration of five years means the price of a debt security will change approximately 5% for every 1% change in its yield. Thus, the higher a security's duration, the more volatile the security.

*Inflation* – prices of existing fixed-rate debt securities typically decline due to inflation or the threat of inflation. Inflationary expectations are generally associated with higher prevailing interest rates, which normally lower the prices of existing fixed-rate debt securities. Because inflation reduces the purchasing power of income produced by existing fixed-rate securities, the prices at which these securities trade also will be reduced to compensate for the fact that the income they produce is worth less. Inflation rates may change frequently and significantly as a result of various factors and the Fund's investments may not keep pace with inflation, which will result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund.

*Floating- and variable-rate securities* – floating-rate securities have interest rates that vary with changes to a specific measure, such as the Treasury bill rate. Variable-rate securities have interest rates that change at preset times based on the specific measure. Some floating- and variable-rate securities are callable by the issuer, meaning that they can be paid off before their maturity date and the proceeds may be required to be invested in lower-yielding

securities that reduce the Fund's income. Like other debt securities, floating- and variable-rate securities are subject to interest rate risk. The Fund will only purchase a floating- or variable-rate security of the same quality as the debt securities it would otherwise purchase.

***Liquidity risk*** – the risk that the Fund invests in instruments subject to restrictions on resale or in instruments that trade in lower volumes and makes investments that are less liquid than other investments. Liquidity risk also includes the risk that the Fund makes investments that become less liquid in response to market developments or adverse investor perceptions. For securities that are subject to resale restrictions, or when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may experience delay in selling such securities or have to accept a lower price or may not be able to sell the instruments at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also refers to the risk that the Fund will be unable to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell liquid securities at unfavorable times and conditions. Funds that invest in restricted securities and foreign issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers, countries or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

***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. In particular, market risk, including political, regulatory, market, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Fund's investments. In addition, turbulence in financial markets and reduced liquidity in the markets negatively affect many issuers, which could adversely affect the Fund. These risks will 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. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in

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**Risks of Investing in the Fund** *(cont.)*

market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect the Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of the Fund's investments.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted.

Additionally, in October 2023, armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel's southern border from the Gaza Strip. In response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Actual hostilities, such as the Israel-Hamas war, or the threat of future hostilities in the broader Middle East region, may cause significant volatility and disruption to the securities markets, and adversely affect global energy and financial markets.

The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russia, Israel, or the adjoining geographic regions.

***Mortgage-backed securities risk*** – these debt securities represent the right to receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. When interest rates fall, borrowers may refinance or otherwise repay principal on their loans earlier than scheduled. When this happens, certain types of mortgage-backed securities will be paid off more quickly than originally anticipated and the Fund will have to invest the proceeds in securities with lower yields. This risk is known as "prepayment risk." Prepayment might also occur due to foreclosures on the underlying mortgage loans. When interest rates rise, certain types of mortgage-backed securities will be paid off more slowly than originally anticipated and the value of these securities will fall if the market perceives the securities' interest rates to be too low

for a longer-term investment. This risk is known as "extension risk." Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other debt securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. Through its investments in mortgage-backed securities, including those issued by private lenders, the Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets generally. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments to their loans. For these reasons, the loans underlying these securities generally have higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for mortgage-backed securities issued by private lenders that contain subprime loans, but a level of risk exists for all loans.

*Extension risk* – the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates normally cause prepayments to occur more slowly than expected, thereby lengthening the duration of the securities held by the Fund and making their prices more sensitive to rate changes and more volatile if the market perceives the securities' interest rates to be too low for a longer-term investment.

***Portfolio turnover risk*** – the Fund's investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Fund buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions to the Fund's shareholders.

***Prepayment and call risk*** – the risk that as interest rates decline debt issuers will repay or refinance their loans or obligations earlier than anticipated. For example, the issuers of mortgage- and asset-backed securities may repay principal in advance. This forces the Fund to reinvest the proceeds from the principal prepayments at lower interest rates, which reduces the Fund's income.

In addition, changes in prepayment levels can increase the volatility of prices and yields on mortgage- and asset-backed securities. If the Fund pays a premium (a price higher than the principal amount of the bond) for a mortgage- or asset-backed security and that security is prepaid, the Fund may not recover the premium, resulting in a capital loss.

***Redemptions risk*** – the Fund may be an investment option for other mutual funds that are managed as "funds-of-funds." A fund-of-funds is a type of mutual fund that seeks to meet its investment objective primarily by investing in

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**Risks of Investing in the Fund** *(cont.)*

shares of other mutual 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 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.

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

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

***Sovereign debt risk*** – the governmental entity that controls the repayment of government debt may not be willing or able to repay the principal and/or pay the interest when it becomes due, due to factors such as political considerations, the relative size of the governmental entity's debt position in relation to the economy, cash flow problems, insufficient foreign currency reserves, the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies, and/or other national economic factors. Governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling. Further, there is no legal or bankruptcy process by which defaulted government debt may be collected in whole or in part.

***U.S. government securities risk*** – not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there is some risk of default by the issuer. Even if a security is backed by the U.S. Treasury or the full faith and credit of the United States, such guarantee applies only to the timely payment of interest and principal. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors will affect the value of U.S. government securities. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

*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.*

\* \* \* \* \* \*

***Temporary defensive positions*** – the Fund generally will be fully invested in accordance with its objective and strategies. However, pending investment of cash balances, in anticipation of possible redemptions, or if the Fund's management believes that business, economic, political or financial conditions warrant, the Fund may invest without limit in high-quality debt securities, cash or money market cash equivalents. The use of temporary defensive positions therefore is not a principal strategy, as it prevents the Fund from fully pursuing its investment objective, and the Fund may miss potential market upswings.

**Selective Disclosure of Portfolio Holdings**

The Fund posts onto the internet site for the Trust (nationwide.com/mutualfunds) substantially all of its securities holdings as of the end of each month. For the Fund, such portfolio holdings are available no earlier than 15 calendar days after the end of the previous month, and generally remain available on the internet site until the Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT with the U.S. Securities and Exchange Commission. A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's SAI.

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**Fund Management**

**Investment Adviser**

Nationwide Fund Advisors ("NFA" or "Adviser"), located at One Nationwide Plaza, Columbus, OH 43215, manages the investment of the Fund's assets and supervises the daily business affairs of the Fund. Subject to the oversight of the Board of Trustees, NFA also selects the subadvisers for the Fund, determines the allocation of Fund assets among one or more subadvisers and evaluates and monitors the performance of the subadvisers. Organized in 1999 as an investment adviser, NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc.

**Subadvisers**

Subject to the oversight of NFA and the Board of Trustees, a subadviser will manage all or a portion of the Fund's assets in accordance with the Fund's investment objective and strategies. With regard to the portion of the Fund's assets allocated to it, the subadviser makes investment decisions for the Fund and, in connection with such investment decisions, places purchase and sell orders for securities. NFA pays the subadviser from the management fee it receives from the Fund.

**INVESCO ADVISERS, INC. ("INVESCO")**, located at 1331 Spring Street NW, Suite 2500, Atlanta, GA 30309, is the subadviser to the Fund. Invesco, as successor in interest to multiple investment advisers, is an indirect wholly owned subsidiary of Invesco Ltd., a publicly traded company.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory and subadvisory agreements for the Fund will be in the Fund's reports filed on Form N-CSR, which will cover the period ending April 30, 2026. The reports are filed with the U.S. Securities and Exchange Commission, portions of which are available on the Fund's website.

**Management Fees**

The Fund pays NFA a management fee based on the Fund's average daily net assets. The total management fee paid by the Fund for the fiscal year ended October 31, 2025, expressed as a percentage of the Fund's average daily net assets and taking into account any applicable fee waivers or reimbursements, was as follows:

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| | |
|:---|:---|
| **Fund** | **Actual Management Fee Paid** |
| Nationwide Invesco Core Plus Bond Fund | [______]<br> %<br>|

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**Portfolio Management**

Michael Hyman, Matthew Brill, CFA, Todd Schomberg, CFA and Chuck Burge are primarily responsible for the day-to-day management of the Fund.

Mr. Hyman is Head of Global Credit Strategies for Invesco Fixed Income. He joined Invesco in 2013.

Mr. Brill is Head of North America Investment Grade Credit and a Senior Portfolio Manager for Invesco Fixed Income. He joined Invesco in 2013.

Mr. Schomberg is a Senior Portfolio Manager for Invesco Fixed Income. He joined Invesco in 2016.

Mr. Burge is a Senior Portfolio Manager for Invesco Fixed Income. He joined Invesco in 2002.

**Additional Information about the Portfolio Managers**

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Fund managed by the portfolio manager, if any.

**Manager-of-Managers Structure**

The Adviser and the Trust have received two exemptive orders from the U.S. Securities and Exchange Commission for a manager-of-managers structure. The first order allows the Adviser, subject to the approval of the Board of Trustees, to hire, replace or terminate a subadviser (excluding hiring a subadviser which is an affiliate of the Adviser) without the approval of shareholders. The first order also allows the Adviser to revise a subadvisory agreement with an unaffiliated subadviser with the approval of the Board of Trustees but without shareholder approval. The second order allows the aforementioned approvals to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

If a new unaffiliated subadviser is hired for the Fund, shareholders will receive information about the new subadviser within 90 days of the change. The exemptive orders allow the Fund greater flexibility, enabling it to operate more efficiently.

Pursuant to the exemptive orders, the Adviser monitors and evaluates any subadvisers, which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;●performing initial due diligence on prospective Fund subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●monitoring subadviser performance, including ongoing analysis and periodic consultations;

&nbsp;&nbsp;&nbsp;&nbsp;●communicating performance expectations and evaluations to the subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●making recommendations to the Board of Trustees regarding renewal, modification or termination of a subadviser's contract and

● selecting Fund subadvisers.

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**Fund Management** *(cont.)*

The Adviser does not expect to recommend subadviser changes frequently. The Adviser periodically provides written reports to the Board of Trustees regarding its evaluation and monitoring of each subadviser. Although the Adviser monitors each subadviser's performance, there is no certainty that any subadviser or the Fund will obtain favorable results at any given time.

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**Investing with Nationwide Funds**

**Share Classes**

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When selecting a share class, you should consider the following:

● which share classes are available to you;

● how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;●total costs and expenses associated with a particular share class and

&nbsp;&nbsp;&nbsp;&nbsp;●whether you qualify for any reduction or waiver of sales charges.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (backend) sales charge ("CDSC") waivers. **More information about purchasing shares through certain financial intermediaries appears in Appendix A to this Prospectus.**

In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

Your financial intermediary can help you to decide which share class is best suited to your needs. In addition to the sales charges and fees discussed in this section, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

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The Nationwide Funds (also referred to as the "Funds") offer several different share classes, each with different price and cost features. Class A shares are available to all investors. Institutional Service Class and Class R6 shares are available only to certain investors. For eligible investors, these share classes may be more suitable than Class A or Investor shares.

Before you invest, compare the features of each share class, so that you can choose the class that is right for you. We describe each share class in detail on the following pages. Your financial intermediary can help you with this decision.

**Class A Shares**

Class A shares are subject to a front-end sales charge of 4.25% of the offering price, which declines based on the size of your purchase as shown below. A front-end sales charge means that a portion of your investment goes toward the sales charge and is not invested. Class A shares are subject to maximum annual administrative services fees of 0.25% and an annual Rule 12b-1 fee of 0.25%.

**Front-End Sales Charges for Class A Shares** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of**<br> **Purchase** | **Sales Charge as**<br> **a Percentage of** | **Sales Charge as**<br> **a Percentage of** | **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| **Amount of**<br> **Purchase** | **Offering**<br> **Price**<br>| **Net Amount**<br> **Invested**<br> **(approximately)**<br>| **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| Less than $100,000 | 4.25<br> %<br>| 4.44<br> %<br>| 3.75<br> %<br>|
| $100,000 to $249,999 | 3.50 | 3.63 | 3.00 |
| $250,000 to $499,999 | 2.50 | 2.56 | 2.00 |
| $500,000 to $999,999 | 2.00 | 2.04 | 1.75 |
| $1 million or more |  |  | None\* |

---

\*

Dealer may be eligible for a finder's fee as described in "Purchasing Class A Shares without a Sales Charge" below.

No front-end sales charge applies to Class A shares that you buy through reinvestment of Fund dividends or capital gains.

**Waiver of Class A Sales Charges**

Front-end sales charges on Class A shares are waived for the following purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;●registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to the amounts to be invested in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●investors who participate in a self-directed investment brokerage account program offered by a financial intermediary that may or may not charge its customers a transaction fee;

&nbsp;&nbsp;&nbsp;&nbsp;●current shareholders of a Nationwide Fund who, as of February 28, 2017, owned their shares directly with the Trust in an account for which Nationwide Fund Distributors LLC (the "Distributor") was identified as the broker-dealer of record;

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees, and sales representatives and their employees of a broker-dealer that has a dealer/selling agreement with the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored 401(k) plans, 457 plans, 403(b) plans, health savings accounts, profit sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. For purposes of this provision, employer-sponsored plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●owners of individual retirement accounts ("IRA") investing assets formerly in retirement plans that were subject to the automatic rollover provisions under Section 401(a)(31)(B) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●any investor who purchases Class A shares of a Fund (the "New Fund") with proceeds from sales of Class K or Eagle Class shares of another Nationwide Fund, where the New Fund does not offer Class K or Eagle Class shares;

&nbsp;&nbsp;&nbsp;&nbsp;●investment advisory clients of the Adviser and its affiliates;

● Trustees and retired Trustees of the Trust and

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**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees (and their spouses, children or immediate relatives) of the Adviser or its affiliates, and directors, officers, full-time employees (and their spouses, children or immediate relatives) of any current subadviser to the Trust.

The SAI lists other investors eligible for sales charge waivers.

**Reduction of Class A Sales Charges**

Investors may be able to reduce or eliminate front-end sales charges on Class A shares through one or more of these methods:

&nbsp;&nbsp;&nbsp;&nbsp;●***A larger investment***. The sales charge decreases as the amount of your investment increases.

&nbsp;&nbsp;&nbsp;&nbsp;●***Rights of accumulation ("ROA")***. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making (as shown in the table above), you and other family members living at the same address can add the current value of any Class A shares in all Nationwide Funds (except the Nationwide Government Money Market Fund) that you currently own or are currently purchasing to the value of your Class A purchase.

&nbsp;&nbsp;&nbsp;&nbsp;●***Share repurchase privilege***. If you redeem Fund shares from your account, you may qualify for a one time reinvestment privilege (also known as a Right of Reinstatement). Generally, you may reinvest some or all of the proceeds in shares of the same class without paying an additional sales charge within 30 days of redeeming shares on which you previously paid a sales charge. (Reinvestment does not affect the amount of any capital gains tax due. However, if you realize a loss on your redemption and then reinvest all or some of the proceeds, all or a portion of that loss may not be tax deductible.)

&nbsp;&nbsp;&nbsp;&nbsp;●***Letter of Intent discount***. If you declare in writing that you or a group of family members living at the same address intend to purchase and hold at least $100,000 in Class A shares (except the Nationwide Government Money Market Fund) during a 13-month period, your sales charge is based on the total amount you intend to invest. Your accumulated holdings (as described and calculated under "Rights of Accumulation" above) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the Letter of Intent. You are not legally required to complete the purchases indicated in your Letter of Intent. However, if you do not fulfill your Letter of Intent, additional sales charges may be due and shares in your account would be liquidated to cover those sales charges. These additional sales charges would be equal to any applicable front-end sales charges that would have been paid on the shares already purchased, had there been no Letter of Intent.

The value of cumulative-quantity-discount-eligible-shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by their current public offering price. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with information regarding shares of the Fund held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares of the Fund held in (i) all accounts (e.g., retirement accounts) with the Fund and your financial intermediary; (ii) accounts with other financial intermediaries; and (iii) accounts in the name of immediate family household members (spouse and children under 21). You should retain any records necessary to substantiate historical costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waivers. This information regarding breakpoints is also available free of charge at nationwide.com/mutual-funds-sales-charges.jsp.

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**Purchasing Class A Shares without a Sales Charge**

Purchases of $1 million or more of Class A shares of the Fund have no front-end sales charge. You can purchase $1 million or more, $500,000 or more, or $250,000 or more, as applicable, in Class A shares in one or more of the Funds offered by the Trust (including the Fund in this Prospectus) at one time, or you can utilize the ROA discount and Letter of Intent discount as described above. However, a CDSC applies (as shown below) if a "finder's fee" is paid by the Distributor to your financial advisor or intermediary and you redeem your shares within 18 months of purchase.

The CDSC does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;●if you are eligible to purchase Class A shares without a sales charge because of a waiver identified in "Waiver of Class A Sales Charges" above;

● if no finder's fee was paid or

&nbsp;&nbsp;&nbsp;&nbsp;●to shares acquired through reinvestment of dividends or capital gains distributions.

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares** 

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| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.75% |

---

Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. If you redeem a portion of your shares, shares that are not subject to a CDSC are redeemed first, followed by shares that you have owned the longest. This minimizes the CDSC you pay. Please see "Waiver of

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**Investing with Nationwide Funds** *(cont.)*

Contingent Deferred Sales Charges—Class A Shares" for a list of situations where a CDSC is not charged.

The CDSC for Class A shares of the Fund is described above; however, the CDSC for Class A shares of other Nationwide Funds may be different and is described in their respective Prospectuses. If you purchase more than one Nationwide Fund and subsequently redeem those shares, the amount of the CDSC is based on the specific combination of Nationwide Funds purchased and is proportional to the amount you redeem from each Nationwide Fund.

**Waiver of Contingent Deferred Sales Charges—Class A Shares**

The CDSC is waived on:

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption of Class A shares purchased through reinvested dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●Class A shares redeemed following the death or disability of a shareholder, provided the redemption occurs within one year of the shareholder's death or disability and

&nbsp;&nbsp;&nbsp;&nbsp;●mandatory withdrawals of Class A shares from traditional IRAs after age 70 <sup>1</sup>∕2 (for shareholders who reached the age of 70 <sup>1</sup>∕2 on or prior to December 31, 2019) or the age of 72 (for shareholders who turned 70 <sup>1</sup>∕2 after December 31, 2019) and for other required distributions from retirement accounts.

If you qualify for a waiver of a CDSC, you must notify the Funds' transfer agent, your financial advisor or other intermediary at the time of purchase and also must provide any required evidence showing that you qualify. For more complete information, see the SAI.

**Share Classes Available Only to Institutional Accounts**

The Fund offers Institutional Service Class and Class R6 shares. Only certain types of entities and selected individuals are eligible to purchase shares of these classes.

If an institution or retirement plan has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary can help determine which share class is appropriate for that retirement plan or other institutional account. Plan fiduciaries should consider their obligations under the Employee Retirement Income Security Act (ERISA) when determining which class is appropriate for the retirement plan. Other fiduciaries also should consider their obligations in determining the appropriate share class for a customer including:

&nbsp;&nbsp;&nbsp;&nbsp;●the level of distribution and administrative services the plan or account requires;

● the total expenses of the share class and

&nbsp;&nbsp;&nbsp;&nbsp;●the appropriate level and type of fee to compensate the intermediary.

An intermediary may receive different compensation depending on which class is chosen.

**Class R6 Shares**

Class R6 shares are sold without a sales charge, and are not subject to Rule 12b-1 fees or administrative services fees. Therefore, no administrative services fees, sub-transfer agency payments or other service payments are paid to broker-dealers or other financial intermediaries either from Fund assets or the Distributor's or an affiliate's resources with respect to sales of or investments in Class R6 shares, although such payments may be made by the Distributor or its affiliate from its own resources pursuant to written contracts entered into by the Distributor or its affiliate prior to April 1, 2014. <br>

Class R6 shares are available for purchase only by the following:

● funds-of-funds;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which no third-party administrator or other financial intermediary receives compensation from the Fund, the Distributor or the Distributor's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for its own account or for trust accounts for which it has authority to make investment decisions as long as the accounts are not part of a program that requires payment of Rule 12b-1 or administrative services fees to the financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;●clients of registered investment advisers who derive compensation for advisory services exclusively from such clients;

&nbsp;&nbsp;&nbsp;&nbsp;●high-net-worth individuals or corporations who invest directly with the Trust without using the services of a broker, investment adviser or other financial intermediary;

● current or former Trustees of the Trust or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Class R6 shares of any Nationwide Fund.

Except as noted below, Class R6 shares are not available to retail accounts or to broker-dealer fee-based wrap programs.

**Institutional Service Class Shares**

Institutional Service Class shares are sold without a sales charge, and are not subject to Rule 12b-1 fees. Institutional Service Class shares are subject to a maximum annual administrative services fee of 0.25%. Institutional Service Class shares are available for purchase only by the following:

● retirement plans advised by financial professionals;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which third-party administrators provide recordkeeping services and are compensated by the Funds for these services;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for trust accounts for which it has authority to make investment decisions;

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**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●fee-based accounts of broker-dealers and/or registered investment advisers investing on behalf of their customers;

&nbsp;&nbsp;&nbsp;&nbsp;●unregistered life insurance separate accounts using the investment to fund benefits for variable annuity contracts issued to governmental entities as an investment option for 457 or 401(k) plans or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Institutional Service Class shares of any Nationwide Fund

Institutional Service Class and Class R6 shares also may be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares when acting solely on an agency basis for the purchase or sale of such shares. If you transact in Institutional Service Class or Class R6 shares through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker.

**Sales Charges and Fees**

**Sales Charges**

Sales charges, if any, are paid to the Distributor. These fees are either kept by the Distributor or paid to your financial advisor or other intermediary.

**Distribution and Service Fees**

The Fund has adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940, which permits Class A shares of the Fund to compensate the Distributor through distribution and/or service fees ("Rule 12b-1 fees") for expenses associated with distributing and selling shares and maintaining shareholder accounts. These Rule 12b-1 fees are paid to the Distributor and are either kept or paid to your financial advisor or other intermediary for distribution and shareholder services and maintenance of customer accounts. Institutional Service Class shares and Class R6 shares pay no Rule 12b-1 fees.

These Rule 12b-1 fees are in addition to any applicable sales charges and are paid from the Fund's assets on an ongoing basis. (The fees are accrued daily and paid monthly.) As a result, Rule 12b-1 fees increase the cost of your investment and over time may cost more than other types of sales charges. Under the Distribution Plan, Class A shares pay the Distributor annual amounts not exceeding the following:

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| | |
|:---|:---|
| **Class** | **as a % of Daily Net Assets** |
| Class A shares | 0.25% (distribution or service fee) |

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**Administrative Services Fees**

Class A and Institutional Service Class shares of the Fund are subject to fees pursuant to an Administrative Services Plan (the "Plan") adopted by the Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A shares as described above, are paid by the Fund to broker-

dealers or other financial intermediaries (including those that are affiliated with NFA) who provide administrative support services to beneficial shareholders on behalf of the Fund and are based on the average daily net assets of the applicable share class. Under the Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A and Institutional Service Class shares; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof and the Board of Trustees has implemented limits on the amounts of payments under the Plan for certain types of shareholder accounts.

For the current fiscal year, administrative services fees are estimated to be as follows:

**Nationwide Invesco Core Plus Bond Fund** Class A and Institutional Service Class shares: [___%] and [___%], respectively.

Because these fees are paid out of the Fund's Class A and Institutional Service Class assets on an ongoing basis, these fees will increase the cost of your investment in such share classes over time and may cost you more than paying other types of fees.

**Revenue Sharing**

The Adviser and/or its affiliates (collectively, "Nationwide Investment Management Group" or "NIMG") often make payments for marketing, promotional or related services provided by broker-dealers and other financial intermediaries that sell shares of the Trust or which include them as investment options for their respective customers.

These payments are often referred to as "revenue sharing payments." The existence or level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the broker-dealer or other financial intermediary, the expected level of assets or sales of shares, the placing of some or all of the Funds on a recommended or preferred list, and/or access to an intermediary's personnel and other factors. Revenue sharing payments are paid from NIMG's own legitimate profits and other of its own resources (not from the Funds') and may be in addition to any Rule 12b-1 payments or administrative services payments that are paid to broker-dealers and other financial intermediaries. Because revenue sharing payments are paid by NIMG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NIMG.

In addition to the revenue sharing payments described above, NIMG may offer other incentives to sell shares of the Funds in the form of sponsorship of educational or other client seminars relating to current products and issues, assistance in training or educating an intermediary's personnel, and/or entertainment or meals. These payments also may include, at the direction of a retirement plan's

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**Investing with Nationwide Funds** *(cont.)*

named fiduciary, amounts to a retirement plan intermediary to offset certain plan expenses or otherwise for the benefit of plan participants and beneficiaries.

The recipients of such payments may include:

● the Adviser's affiliates;

● broker-dealers;

● financial institutions and

&nbsp;&nbsp;&nbsp;&nbsp;●other financial intermediaries through which investors may purchase shares of a Fund.

Payments may be based on current or past sales, current or historical assets or a flat fee for specific services provided. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to sell shares of a Fund to you instead of shares of funds offered by competing fund families.

Contact your financial intermediary for details about revenue sharing payments it may receive.

Notwithstanding the revenue sharing payments described above, the Adviser and all subadvisers to the Trust are prohibited from considering a broker-dealer's sale of any of the Trust's shares in selecting such broker-dealer for the execution of Fund portfolio transactions.

Fund portfolio transactions nevertheless may be effected with broker-dealers who coincidentally may have assisted customers in the purchase of Fund shares, although neither such assistance nor the volume of shares sold of the Trust or any affiliated investment company is a qualifying or disqualifying factor in the Adviser's or a subadviser's selection of such broker-dealer for portfolio transaction execution.

**Contacting Nationwide Funds**

***Representatives*** are available 9 a.m. to 8 p.m. Eastern time, Monday through Friday, at 800-848-0920.

***Automated Voice Response*** Call 800-848-0920, 24 hours a day, seven days a week, for easy access to mutual fund information. Choose from a menu of options to:

● make transactions;

● hear fund price information and

● obtain mailing and wiring instructions.

***Internet*** Go to **nationwide.com/mutualfunds** 24 hours a day, seven days a week, for easy access to your mutual fund accounts. The website provides instructions on how to select a password and perform transactions. On the website, you can:

● download Fund Prospectuses;

● obtain information on the Nationwide Funds;

● access your account information and

&nbsp;&nbsp;&nbsp;&nbsp;●request transactions, including purchases, redemptions and exchanges.

***By Regular Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>P.O. Box 219336, <br>Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336, <br>

Kansas City, MO 64105-1307.

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**Investing with Nationwide Funds** *(cont.)*

**Fund Transactions**

Unless you qualify for a Class A sales charge waiver, as described in "Waiver of Class A Sales Charges" above, or you otherwise qualify to purchase either Institutional Service Class shares or Class R6 shares (and meet the applicable minimum investment amount), you may buy Fund shares only through a broker-dealer or financial intermediary that is authorized to sell you shares of Nationwide Funds. All transaction orders must be received by the Funds' transfer agent or an authorized intermediary prior to the calculation of each Fund's net asset value ("NAV") to receive that day's NAV.

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| | |
|:---|:---|
| **How to Buy Shares** | **How to Exchange\* or Sell\*\* Shares** |
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\* Exchange privileges may be amended or discontinued upon 60 days' written** <br> **notice to shareholders.**<br>|
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\*\*A signature guarantee may be required. See "Signature Guarantee" below.** |
| &nbsp;&nbsp; **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>| **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>|
| &nbsp;&nbsp; **By mail**. Complete an application and send with a check made payable to: Nationwide <br> Funds. You must indicate the broker or financial intermediary that is authorized to sell <br> you Fund shares. Payment must be made in U.S. dollars and drawn on a U.S. bank. The <br> Funds do not accept cash, starter checks, third-party checks, travelers' checks, credit <br> card checks or money orders. The Funds may, however, under circumstances they <br> deem to be appropriate, accept cashier's checks. Nationwide Funds reserves the right <br> to charge a fee with respect to any checks that are returned for insufficient funds.<br>| **By mail**. You may request an exchange or redemption by mailing a letter to <br> Nationwide Funds. The letter must include your account number(s) and the name(s) <br> of the Fund(s) you wish to exchange from and to. The letter must be signed by all <br> account owners.<br>|
| &nbsp;&nbsp; **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br>| **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br> **Additional information for selling shares**. A check made payable to the <br> shareholder(s) of record will be mailed to the address of record.<br> The Funds may record telephone instructions to redeem shares and may request <br> redemption instructions in writing, signed by all shareholders on the account.<br>|
| &nbsp;&nbsp; **Online.** Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>| **Online**. Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. You may have your bank transmit funds by federal funds wire to the <br> Funds' custodian bank. (The authorization will be in effect unless you give the Funds <br> written notice of its termination.)<br> ●if you choose this method to open a new account, you must call our toll-free <br> number before you wire your investment and arrange to fax your completed <br> application.<br> ●your bank may charge a fee to wire funds.<br> ●the wire must be received by the close of regular trading (usually 4:00 p.m. Eastern <br> time) in order to receive the current day's NAV.<br>| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. The Funds can wire the proceeds of your redemption directly to your <br> account at a commercial bank. A voided check must be attached to your application. <br> (The authorization will be in effect unless you give the Funds written notice of its <br> termination.)<br> ●your proceeds typically will be wired to your bank on the next business day after <br> your order has been processed.<br> ●Nationwide Funds deducts a $20 service fee from the redemption proceeds for this <br> service.<br> ●your financial institution also may charge a fee for receiving the wire.<br> ●funds sent outside the U.S. may be subject to higher fees.<br> **Bank wire is not an option for exchanges**.<br>|
| &nbsp;&nbsp; **By Automated Clearing House (ACH)**. You may fund your Nationwide Funds' account <br> with proceeds from a domestic bank via ACH. To set up your account for ACH <br> purchases, a voided check must be attached to your application. Your account will be <br> eligible to receive ACH purchases 15 days after you provide your bank's routing <br> number and account information to the Fund's transfer agent. Once your account is <br> eligible to receive ACH purchases, the purchase price for Fund shares is the net asset <br> value next determined after your order is received by the transfer agent, plus any <br> applicable sales charge. There is no fee for this service. (The authorization will be in <br> effect unless you give the Funds written notice of its termination.)<br>| **By Automated Clearing House (ACH)**. Your redemption proceeds can be sent to your <br> bank via ACH. A voided check must be attached to your application. Money sent <br> through ACH should reach your bank in two business days. There is no fee for this <br> service. (The authorization will be in effect unless you give the Funds written notice of <br> its termination.)<br> **ACH is not an option for exchanges.**<br>|
| &nbsp;&nbsp; **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>| **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>|

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------

**Investing with Nationwide Funds** *(cont.)*

**Buying Shares**

**Share Price**

The net asset value per share or "NAV" per share is the value of a single share. A separate NAV is calculated for each share class of a Fund. The NAV is:

&nbsp;&nbsp;&nbsp;&nbsp;●calculated at the close of regular trading (usually 4 p.m. Eastern time) each day the New York Stock Exchange is open and

&nbsp;&nbsp;&nbsp;&nbsp;●generally determined by dividing the total net market value of the securities and other assets owned by a Fund allocated to a particular class, less the liabilities allocated to that class, by the total number of outstanding shares of that class.

The purchase or "offering" price for Fund shares is the NAV (for a particular class) next determined after the order is received by a Fund or its agent or authorized intermediary, plus any applicable sales charge.

The Funds generally are available only to investors residing in the United States. Each Fund may reject any order to buy shares and may suspend the sale of shares at any time.

**Fair Value Pricing** 

The Board of Trustees and the Adviser have adopted joint Valuation Procedures governing the method by which individual portfolio securities held by the Funds are valued in order to determine each Fund's NAV. The Valuation Procedures provide that debt and other fixed-income securities are generally valued at the bid evaluation price provided by a third-party pricing service.

Securities for which market-based quotations are either not readily available (e.g., a third-party pricing service does not provide a value) or are deemed unreliable, in the judgment of the Adviser, are valued at fair value in good faith by the Adviser. The Board of Trustees has designated the Adviser as "valuation designee" to perform fair value determinations for all of the Funds' investments pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, subject to the general oversight of the Board of Trustees.

In addition, fair value determinations are required for securities whose value is affected by a significant event (as defined below) that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Funds' NAVs. A "significant event" is defined by the Valuation Procedures as an event that materially affects the value of a security that occurs after the close of the principal market on which such security trades but before the calculation of a Fund's NAV. Significant events that could affect individual portfolio securities may include corporate actions such as reorganizations, mergers and buy-outs, corporate announcements on earnings, significant litigation,

regulatory news such as government approvals and news relating to natural disasters affecting an issuer's operations. Significant events that could affect a large number of securities in a particular market may include significant market fluctuations, market disruptions or market closings, governmental actions or other developments, or natural disasters or armed conflicts that affect a country or region.

By fair valuing a security whose price may have been affected by significant events or by news after the last market pricing of the security, each Fund attempts to establish a price that would be received to sell the security (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. The fair value of one or more of the securities in a Fund's portfolio which is used to determine a Fund's NAV could be different from the actual value at which those securities could be sold in the market. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in a Fund.

Due to the time differences between the closings of the relevant foreign securities exchanges and the time that the Fund's NAV is calculated, the Fund may fair value its foreign investments more frequently than it does other securities. When fair value prices are utilized, these prices will attempt to reflect the impact of the financial markets' perceptions and trading activities on the Fund's foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. The fair values assigned to the Fund's foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. Because certain of the securities in which the Fund may invest may trade on days when the Fund does not price its shares, the value of the Fund's investments may change on days when shareholders will not be able to purchase or redeem their shares.

These procedures are intended to help ensure that the prices at which a Fund's shares are purchased and redeemed are fair, and do not result in dilution of shareholder interests or other harm to shareholders. In the event a Fund fair values its securities using the fair valuation procedures described above, the Fund's NAV may be higher or lower than would have been the case if the Fund had not used such procedures.

Subject to oversight by the Board of Trustees, the Adviser, as "valuation designee," performs fair value determinations of Fund investments. In addition, the Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a fair

------

**Investing with Nationwide Funds** *(cont.)*

value committee to assist with its designated responsibilities as valuation designee.

**In-Kind Purchases**

Each Fund may accept payment for shares in the form of securities that are permissible investments for the Fund.

------

The Funds do not calculate NAV on days when the New York Stock Exchange is closed.

● New Year's Day

● Martin Luther King Jr. Day

● Presidents' Day

● Good Friday

● Memorial Day

● Juneteenth National Independence Day

● Independence Day

● Labor Day

● Thanksgiving Day

● Christmas Day

● Other days when the New York Stock Exchange is closed.

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| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A Shares**  | **Class A Shares**  |
| To open an account | $2,000 (per Fund) |
| To open an IRA account | $1,000 (per Fund) |
| Additional Investments | $100 (per Fund) |
| &nbsp;&nbsp; To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| &nbsp;&nbsp; Additional Investments<br> (Automatic Asset Accumulation Plan)<br>| $50 |
| **Class R6 Shares** | **Class R6 Shares** |
| To open an account | $1 million (per Fund) |
| Additional Investments | No Minimum |
| **Institutional Service Class Shares** | **Institutional Service Class Shares** |
| To open an account | $50,000 (per Fund) |
| Additional Investments | No Minimum |
| &nbsp;&nbsp; Minimum investment requirements do not apply to purchases by <br> employees of the Adviser or its affiliates (or to their spouses, children <br> or immediate relatives), or to certain retirement plans, fee-based <br> programs or omnibus accounts. If you purchase shares through an <br> intermediary, different minimum account requirements may apply. <br> The Distributor reserves the right to waive the investment minimums <br> under certain circumstances. | &nbsp;&nbsp; Minimum investment requirements do not apply to purchases by <br> employees of the Adviser or its affiliates (or to their spouses, children <br> or immediate relatives), or to certain retirement plans, fee-based <br> programs or omnibus accounts. If you purchase shares through an <br> intermediary, different minimum account requirements may apply. <br> The Distributor reserves the right to waive the investment minimums <br> under certain circumstances. |

---

**Customer Identification Information**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, unless such information is collected by the broker-dealer or other financial intermediary pursuant to an agreement, the Funds must obtain the following information for each person that opens a new account:

● name;

● date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;●residential or business street address (although post office boxes are still permitted for mailing) and

&nbsp;&nbsp;&nbsp;&nbsp;●Social Security number, taxpayer identification number or other identifying number.

You also may be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Funds may restrict your ability to purchase additional shares until your identity is verified. The Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Accounts with Low Balances**

Maintaining small accounts is costly for the Funds and may have a negative effect on performance. Shareholders are encouraged to keep their accounts above each Fund's minimum.

&nbsp;&nbsp;&nbsp;&nbsp;●If the value of your account falls below $2,000 ($1,000 for IRA accounts), you generally are subject to a $5 quarterly fee, unless such account actively participates in an Automatic Asset Accumulation Plan. Shares from your account are redeemed each quarter/month to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, a Fund may waive the low-balance fee.

&nbsp;&nbsp;&nbsp;&nbsp;●Each Fund reserves the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below the minimum. In such cases, you will be notified and given 60 days to purchase additional shares before the account is closed. A redemption of your remaining shares may be a taxable event for you. See "Distributions and Taxes—Selling or Exchanging Shares" below.

**Exchanging Shares**

You may exchange your Fund shares for shares of any Nationwide Fund that is currently accepting new investments as long as:

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**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● both accounts have the same registration;

&nbsp;&nbsp;&nbsp;&nbsp;●your first purchase in the new fund meets its minimum investment requirement and

● you purchase the same class of shares.

No minimum investment requirement shall apply to holders of Institutional Service Class shares seeking to exchange such shares for Institutional Service Class shares of another Fund, or to holders of Class R6 shares seeking to exchange such shares for Class R6 shares of another Fund, where such Institutional Service Class or Class R6 shares (as applicable) had been designated as Class D shares at the close of business on July 31, 2012.

The exchange privileges may be amended or discontinued upon 60 days' written notice to shareholders.

Generally, there are no sales charges for exchanges of shares. However,

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange from Class A shares of a Fund to a Fund with a higher sales charge, you may have to pay the difference in the two sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange Class A shares that are subject to a CDSC, and then redeem those shares within 18 months of the original purchase, the CDSC applicable to the original purchase is charged.

For purposes of calculating a CDSC, the length of ownership is measured from the date of original purchase and is not affected by any permitted exchange (except exchanges to the Nationwide Government Money Market Fund).

**Exchanges into the Nationwide Government Money Market Fund** 

You may exchange between Class R6 shares of the Funds and Class R6 shares of the Nationwide Government Money Market Fund. You may exchange between all other share classes of the Funds and the Investor Shares of the Nationwide Government Money Market Fund. If your original investment was in Investor Shares, any exchange of Investor Shares you make for Class A shares of another Nationwide Fund may require you to pay the sales charge applicable to such new shares. In addition, if you exchange shares subject to a CDSC, the length of time you own Investor Shares of the Nationwide Government Money Market Fund is not included for purposes of determining the CDSC. Redemptions from the Nationwide Government Money Market Fund are subject to any CDSC that applies to the original purchase.

**Selling Shares**

You can sell or, in other words, redeem your Fund shares at any time, subject to the restrictions described below. The price you receive when you redeem your shares is the NAV (minus any applicable sales charges) next determined after the Fund's authorized intermediary or an agent of the Fund receives your properly completed redemption request. The

value of the shares you redeem may be worth more than or less than their original purchase price, depending on the market value of the Fund's investments at the time of the redemption.

You may not be able to redeem your Fund shares or Nationwide Funds may delay paying your redemption proceeds if:

&nbsp;&nbsp;&nbsp;&nbsp;●the New York Stock Exchange is closed (other than customary weekend and holiday closings);

● trading is restricted or

&nbsp;&nbsp;&nbsp;&nbsp;●an emergency exists (as determined by the U.S. Securities and Exchange Commission).

In addition, in accordance with applicable legal requirements, the Nationwide Government Money Market Fund may suspend redemptions if:

&nbsp;&nbsp;&nbsp;&nbsp;●the Fund, at the end of a business day, has invested less than ten percent of its total assets in weekly liquid assets or the Fund's price per share as computed for the purpose of distribution, redemption and repurchase, rounded to the nearest one percent, has deviated from the stable price established by the Board of Trustees or the Board of Trustees, including a majority of its non-interested Trustees, determines that such a deviation is likely to occur;

&nbsp;&nbsp;&nbsp;&nbsp;●the Board of Trustees, including a majority of non-interested Trustees, irrevocably has approved the liquidation of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;●the Fund, prior to suspending redemptions, notifies the U.S. Securities and Exchange Commission of its decision to liquidate and suspend redemptions.

Generally, a Fund will pay you for the shares that you redeem within two days after your redemption request is received by check or electronic transfer, except as noted below. Payment for shares that you recently purchased may be delayed up to 10 business days from the purchase date to allow time for your payment to clear. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the account holder:

● is engaged in excessive trading or

&nbsp;&nbsp;&nbsp;&nbsp;●if the amount of the redemption request would disrupt efficient portfolio management or adversely affect the Fund.

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with management of the Fund, or in stressed market conditions.

------

**Investing with Nationwide Funds** *(cont.)*

Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by the Fund directly to an account holder as a redemption in-kind. If an account holder receives securities in a redemption in-kind, the account holder may incur brokerage costs, taxes or other expenses in converting the securities to cash. Securities received from in-kind redemptions are subject to market risk until they are sold. For more about Nationwide Funds' ability to make a redemption in-kind as well as how redemptions in-kind are effected, see the SAI.

The Board of Trustees has adopted procedures for redemptions in-kind of affiliated persons of a Fund. Affiliated persons of a Fund include shareholders who are affiliates of the Adviser and shareholders of a Fund owning 5% or more of the outstanding shares of that Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the Fund's current net assets, and are designed so that such redemptions will not favor the affiliated shareholder to the detriment of any other shareholder.

**Automatic Withdrawal Program** 

You may elect to automatically redeem shares in a minimum amount of $50. Complete the appropriate section of the Mutual Fund Application for New Accounts or contact your financial intermediary or the Funds' transfer agent. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Generally, it is not advisable to continue to purchase Class A shares subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A shares will be subject to any applicable CDSC.

------

**Signature Guarantee**

A signature guarantee is required for sales of shares of the Funds in any of the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;●your account address has changed within the last 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption check is made payable to anyone other than the registered shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●the proceeds are mailed to any address other than the address of record;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are being wired or sent by ACH to a bank for which instructions currently are not on your account or

● the redemption amount is $500,000 or more.

No signature guarantee is required under normal circumstances where redemption proceeds are transferred

directly to another account maintained by a Nationwide Financial Services, Inc. company.

A signature guarantee is a certification by a bank, brokerage firm or other financial institution that a customer's signature is valid. We reserve the right to require a signature guarantee in other circumstances, without notice.

------

**Excessive or Short-Term Trading**

The Nationwide Funds seek to discourage excessive or short-term trading (often described as "market timing"). Excessive trading (either frequent exchanges between Nationwide Funds or redemptions and repurchases of Nationwide Funds within a short time period) may:

● disrupt portfolio management strategies;

● increase brokerage and other transaction costs and

● negatively affect fund performance.

Each Fund may be more or less affected by short-term trading in Fund shares, depending on various factors such as the size of the Fund, the amount of assets the Fund typically maintains in cash or cash equivalents, the dollar amount, number and frequency of trades in Fund shares and other factors. A Fund that invests in foreign securities may be at greater risk for excessive trading. Investors may attempt to take advantage of anticipated price movements in securities or derivatives held by a Fund based on events occurring after the close of a foreign market that may not be reflected in a Fund's NAV (referred to as "arbitrage market timing"). Arbitrage market timing also may be attempted in funds that hold significant investments in small-cap securities, commodity-linked investments, high-yield (junk) bonds and other types of investments that may not be frequently traded. There is the possibility that arbitrage market timing, under certain circumstances, may dilute the value of Fund shares if redeeming shareholders receive proceeds (and buying shareholders receive shares) based on NAVs that do not reflect appropriate fair value prices.

The Board of Trustees has adopted the following policies with respect to excessive or short-term trading in the Funds.

**Fair Valuation**

The Funds have fair value pricing procedures in place as described above in "Investing with Nationwide Funds: Fair Value Pricing."

**Monitoring of Trading Activity**

The Funds, through the Adviser, their subadvisers and their agents, monitor selected trades and flows of money in and out of the Funds in an effort to detect excessive short-term trading activities. Further, in compliance with Rule 22c-2

------

**Investing with Nationwide Funds** *(cont.)*

under the Investment Company Act of 1940, as amended, Nationwide Investment Management Group, on behalf of the Funds, has entered into written agreements with the Funds' financial intermediaries, under which the intermediary must, upon request, provide a Fund with certain shareholder identity and trading information so that the Fund can enforce its market timing policies. If a shareholder is found to have engaged in excessive short-term trading, the Funds may, at their discretion, ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder's account.

Despite its best efforts, a Fund may be unable to identify or deter excessive trades conducted through intermediaries or omnibus accounts that transmit aggregate purchase, exchange and redemption orders on behalf of their customers. In short, a Fund may not be able to prevent all market timing and its potential negative impact.

**Restrictions on Transactions**

Whenever a Fund is able to identify short-term trades and/or traders, such Fund has broad authority to take discretionary action against market timers and against particular trades and apply the short-term trading restrictions to such trades that the Fund identifies. It also has sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;●restrict or reject purchases or exchanges that the Fund or its agents believe constitute excessive trading and

&nbsp;&nbsp;&nbsp;&nbsp;●reject transactions that violate the Fund's excessive trading policies or its exchange limits.

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**Distributions and Taxes**

The following information is provided to help you understand the income and capital gains you may earn while you own Fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions. For advice about your personal tax situation, please speak with your tax advisor.

**Income and Capital Gain Distributions**

The Fund has elected, and intends to qualify each year, as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. The Fund expects to declare and distribute its net investment income, if any, to shareholders as dividends quarterly. The Fund will distribute net realized capital gains, if any, at least annually. The Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. All income and capital gain distributions are automatically reinvested in shares of the Fund. You may request a payment in cash by contacting the Funds' transfer agent or your financial intermediary.

If you choose to have dividends or capital gain distributions, or both, mailed to you and the distribution check is returned as undeliverable or is not presented for payment within six months, the Trust reserves the right to reinvest the check proceeds and future distributions in shares of the applicable Fund at the Fund's then-current NAV until you give the Trust different instructions.

**Tax Considerations**

If you are a taxable investor, dividends and capital gain distributions you receive from a Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are subject to federal income tax, state taxes and possibly local taxes:

&nbsp;&nbsp;&nbsp;&nbsp;●distributions are taxable to you at either ordinary income or capital gains tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of short-term capital gains are paid to you as ordinary income that is taxable at applicable ordinary income tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;●for individual shareholders, generally none or only a small portion of the income dividends paid are anticipated to be qualified dividend income eligible for taxation at long-term capital gains tax rates because the income of the Fund is primarily derived from investments earning interest rather than dividend income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●for corporate shareholders, generally none or only a small portion of the income dividends paid are anticipated to be eligible for the corporate dividend-received deduction because the income of the Fund is primarily derived from investments earning interest rather than dividend income and

&nbsp;&nbsp;&nbsp;&nbsp;●distributions declared in October, November or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December.

The federal income tax treatment of a Fund's distributions and any taxable sales or exchanges of Fund shares occurring during the prior calendar year are reported on Form 1099, which is sent to you annually during tax season (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax or applicable tax reporting). A Fund may reclassify income after your tax reporting statement is mailed to you. This can result from the rules in the Internal Revenue Code of 1986, as amended, that effectively prevent mutual funds, such as the Funds, from ascertaining with certainty, until after the calendar year end, and in some cases a Fund's fiscal year end, the final amount and character of distributions the Fund has received on its investments during the prior calendar year. Prior to issuing your statement, each Fund makes every effort to reduce the number of corrected forms mailed to shareholders. However, a Fund will send you a corrected Form 1099 if the Fund finds it necessary to reclassify its distributions or adjust the cost basis of any shares sold or exchanged after you receive your tax statement.

Distributions from the Funds (both taxable dividends and capital gains) normally are taxable to you when made, regardless of whether you reinvest these distributions or receive them in cash (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax).

At the time you purchase your Fund shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in the value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Selling or Exchanging Shares**

Selling or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Nationwide Fund to another is the same as a sale. For individuals, the long-term capital gains tax rates generally are 0%, 15%, or 20% depending on your taxable income and the nature of the

------

**Distributions and Taxes** *(cont.)*

capital gain. If you redeem Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.

Each Fund is required to report to you and the Internal Revenue Service ("IRS") annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also their cost basis. Cost basis will be calculated using the Fund's default method of average cost, unless you instruct the Fund to use a different calculation method. Shareholders should review carefully the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Cost basis reporting is not required for certain shareholders, including shareholders investing in a Fund through a tax-advantaged retirement account.

**Medicare Tax**

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Other Tax Jurisdictions**

Distributions and gains from the sale or exchange of your Fund shares may be subject to state and local taxes, even if not subject to federal income taxes. State and local tax laws vary; please consult your tax advisor. Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources, and short- term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

**Tax Status for Retirement Plans and Other Tax-Advantaged Accounts**

When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, income dividends and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax advisor or plan administrator for more information about your tax situation, including possible state or local taxes.

**Backup Withholding**

By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs us to withhold a portion of your distributions and proceeds. When withholding is required, the amount is 24% of any distributions or proceeds paid.

**Other Reporting and Withholding Requirements**

Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**This discussion of "Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax advisor about federal, state, local or foreign tax consequences before making an investment in a Fund.**

------

**Additional Information**

The Trust enters into contractual arrangements with various parties (collectively, "service providers"), including, among others, the Fund's investment adviser, subadviser(s), shareholder service providers, custodian(s), securities lending agent, fund administration and accounting agents, transfer agent and distributor, who provide services to the Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

This Prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. Neither this Prospectus, nor the related Statement of Additional Information, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any shareholder or to give rise to any rights to any shareholder or other person other than any rights under federal or state law that may not be waived.

------

**Financial Highlights** 

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years ended October 31, or if a Fund or a class has not been in operation for the past five years, for the life of that Fund or class. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions and no sales charges).

Information has been audited by ________________, whose report, along with the Fund's financial statements, is included in the Fund's reports filed on Form N-CSR which are filed with the U.S. Securities and Exchange Commission and are

available on the Fund's website.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE INVESCO CORE PLUS BOND FUND (FORMERLY, NATIONWIDE BNY MELLON CORE PLUS BOND FUND)**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | $8.32 | $0.35 | $0.62 | $0.97 | $(0.35) | $— | $(0.35) | $8.94 | 11.72% | $9971 | 0.86% | 3.89% | 0.90% | 108.76% |
| 10/31/2023 | &nbsp;&nbsp;&nbsp; 8.54 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 10449 | 0.81% | 3.63% | 0.85% | &nbsp;&nbsp; 44.23% |
| 10/31/2022 | &nbsp;&nbsp; 10.54 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (1.67) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; 8.54 | (16.23)% | &nbsp;&nbsp;&nbsp;&nbsp; 10771 | 0.81% | 2.31% | 0.84% | 103.72% |
| 10/31/2021 | &nbsp;&nbsp; 10.80 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; 10.54 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 16089 | 0.81% | 1.69% | 0.82% | 102.88% |
| 10/31/2020 | &nbsp;&nbsp; 10.41 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; 10.80 | &nbsp;&nbsp;&nbsp; 6.38% | &nbsp;&nbsp;&nbsp;&nbsp; 18296 | 0.82% | 2.25% | 0.83% | &nbsp;&nbsp; 99.33% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; 8.95 | 12.26% | &nbsp;&nbsp;&nbsp;&nbsp; 335424 | 0.48% | 4.27% | 0.51% | 108.76% |
| 10/31/2023 | &nbsp;&nbsp;&nbsp; 8.54 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 524558 | 0.48% | 3.97% | 0.51% | &nbsp;&nbsp; 44.23% |
| 10/31/2022 | &nbsp;&nbsp; 10.55 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; 8.54 | (16.04)% | &nbsp;&nbsp;&nbsp;&nbsp; 537588 | 0.48% | 2.61% | 0.51% | 103.72% |
| 10/31/2021 | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; 10.55 | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1020063 | 0.48% | 2.02% | 0.49% | 102.88% |
| 10/31/2020 | &nbsp;&nbsp; 10.42 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp;&nbsp; 6.74% | &nbsp;&nbsp; 1121592 | 0.48% | 2.58% | 0.49% | &nbsp;&nbsp; 99.33% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; 8.95 | 12.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5458 | 0.58% | 4.15% | 0.61% | 108.76% |
| 10/31/2023 | &nbsp;&nbsp;&nbsp; 8.55 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; 8.32 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5058 | 0.58% | 3.84% | 0.62% | &nbsp;&nbsp; 44.23% |
| 10/31/2022 | &nbsp;&nbsp; 10.55 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; 8.55 | (15.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6669 | 0.53% | 2.56% | 0.56% | 103.72% |
| 10/31/2021 | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; 10.55 | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 11153 | 0.53% | 1.97% | 0.54% | 102.88% |
| 10/31/2020 | &nbsp;&nbsp; 10.42 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp;&nbsp; 6.66% | &nbsp;&nbsp;&nbsp;&nbsp; 16321 | 0.55% | 2.53% | 0.56% | &nbsp;&nbsp; 99.33% |

---

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.

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Specific intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **To qualify for waivers and discounts not available through a particular intermediary, purchasers will have to purchase Fund shares directly from the Trust or through another intermediary by which such waivers and discounts are available.** Please see the section of this Prospectus entitled "Share Classes" commencing on page 21 of this Prospectus for more information on sales charges and waivers available for Class A shares. In addition to the sales charges and fees discussed below, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

**Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Merrill** 

Shareholders who are customers of Merrill purchasing or selling Fund shares through a Merrill platform or account will be eligible only for the following sales charge waivers, which may differ from those stated in this Prospectus or the SAI. Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Merrill clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Merrill investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●brokerage class shares (i.e., Class A, Class R, Service Class and Class K) exchanged from advisory class shares (i.e., Eagle Class, Class R6, Institutional Service Class) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the Merrill Edge Self-Directed platform;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund in the same account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;●Trustees of the Trust, and employees of the Adviser or any of its affiliates and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of a mutual fund redemption in Class A shares of any Nationwide Fund, provided (1) the repurchase occurs within 90 calendar days from the redemption trade date, and (2) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

**Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoints as described in this Prospectus, where the sales load is at or below the maximum sales load permitted by Merrill, as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA"), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holding of mutual fund family assets held in their Merrill Household; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("Letter of Intent") which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within the purchaser's Merrill Household, as further described in the Merrill SLWD Supplement.

**Waivers of Contingent Deferred Sales Charges**

Shareholders redeeming Class A shares through a Merrill platform or account will be eligible for only the following CDSC waivers:

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to the client's death or disability (as defined by Section 22e(3) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to return of excess contributions from an IRA account;

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**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable regulations pursuant to the Internal Revenue Code of 1986, as amended and

&nbsp;&nbsp;&nbsp;&nbsp;●shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost shares class of the same mutual fund.

**Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI:

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●Morgan Stanley Wealth Management employee and employee-related accounts according to Morgan Stanley Wealth Management's account linking rules;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Morgan Stanley Wealth Management self-directed brokerage account and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services and each entity's affiliates ("Raymond James")**

Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers)

and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

● shares purchased in an investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Raymond James fees, but only if the transaction is initiated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at Raymond James: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

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**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones")**

Shareholders who are clients of Edward Jones purchasing Fund shares through Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or the SAI, or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones, at the time of purchase, of any relationship, holdings of fund family assets, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Waiver of Class A Sales Charges for Fund Shares Purchased through Edward Jones**

&nbsp;&nbsp;&nbsp;&nbsp;●associates of Edward Jones, its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures;

● shares purchased in an Edward Jones fee-based program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: (1) the proceeds are from the sale of shares within 60 days of the purchase, and (2) the sale and purchase are made from a share class that charges a front-end sales load and one of the following (known as a Right of Reinstatement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption and repurchase occur in the same account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are used to process an: IRA contribution, excess contributions, conversion recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for Rights of Accumulation, as described below.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same Fund and was initiated at the discretion of Edward Jones. Edward Jones will be responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares through a rollover from either another education savings plan or a security used for qualified distributions and

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares made for recontribution of refunded amounts.

**Front-End Load Discounts Available at Edward Jones: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of fund family assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV) and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("LOI") which allow for sales charge and breakpoint discounts based on anticipated purchases within a fund family, through Edward Jones, over a 13-month period of time. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at the LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met. If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**CDSC Waivers on Class A shares available at Edward Jones**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of systematic withdrawals with up to 10% per year of the account value;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on the applicable IRS regulations, as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged in an Edward Jones fee-based program;

● shares acquired through NAV reinstatement and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding the Transactions Through Edward Jones**

**Minimum Purchase Amounts**

● Initial purchase minimum: $250

● Subsequent purchase minimum: none

**Minimum Balances**

&nbsp;&nbsp;&nbsp;&nbsp;●Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holding of a Fund's share class to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney account will be eligible only for the following load waivers (front-end sales charge and CDSC waivers, or back-end sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Waiver of Class A Front-end Sales Charges for Fund Shares Purchased through Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in connection with a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Janney fees but only if the transaction is initiated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-End Load Discounts Available at Janney: Breakpoints and/or Rights of Accumulation** 

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan;

● shares purchased by or through a 529 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through an OPCO affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement);

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of OPCO or its affiliates and their family members and

&nbsp;&nbsp;&nbsp;&nbsp;●trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus.

**CDSC Waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay OPCO fees, but only if the transaction is initiated by OPCO and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the

redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at OPCO: Breakpoints and Rights of Accumulation**

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Incorporated ("Baird")**

Shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC") waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales charge waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions from another Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement) and

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Baird fees, but only if the transaction is initiated by Baird; and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement).

**Front-end sales charge discounts available at Baird: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through Baird, over a 13-month period of time.

**Stifel Financial Corp. ("Stifel")**

Shareholders purchasing or holding Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Front-end sales charge discounts available at Stifel: Breakpoints and Rights of Accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Fund held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other Fund within the same fund family;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the Fund so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares from rollovers into Stifel from retirement plans to IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs and

&nbsp;&nbsp;&nbsp;&nbsp;●charitable organizations and foundations, notably 501(c)(3) organizations.

**CDSC Waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●death or disability of the shareholder or, in the case of 529 plans, the account beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan not to exceed 12% annually;

● return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations;

● shares acquired through a right of reinstatement;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel and

● shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;●Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")\***

Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the Prospectus or Statement of Additional Information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A shares front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class A shares of a Fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;●Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV; and

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of a Fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through a rollover from another 529 plan; and

&nbsp;&nbsp;&nbsp;&nbsp;●Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information** 

&nbsp;&nbsp;&nbsp;&nbsp;●Contingent deferred sales charges (CDSC) imposed on Fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts** 

Wells Fargo Advisors Clients purchasing Class A shares of Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan;

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans; and

&nbsp;&nbsp;&nbsp;&nbsp;●Gift of shares will not be considered when determining breakpoint discounts.

<sup>\*</sup>Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms. 

------

**For Additional Information Contact:**

**By Regular Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>P.O. Box 219336 <br>Kansas City, MO 64121-9336

**By Overnight Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336 <br>Kansas City, MO 64105-1307

**For 24-Hour Access** <br>Call 800-848-0920 (toll free). Representatives are available 9 a.m.– 8 p.m. Eastern time, Monday through Friday. Call after 7 p.m. Eastern time for closing share prices. Also, visit the website at nationwide.com/mutualfunds.

**Information from Nationwide Funds**

Please read this Prospectus before you invest, and keep it with your records. Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In Form N-CSR, you will find the Funds' annual and semiannual financial statements.

The following documents—which may be obtained free of charge—contain additional information about the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;●Statement of Additional Information (incorporated by reference into this Prospectus)

&nbsp;&nbsp;&nbsp;&nbsp;●Annual Reports (which contain discussions of the market conditions and investment strategies that significantly affected each Fund's performance)

● Semiannual Reports

To obtain any of the above documents free of charge, to request other information about a Fund, or to make other shareholder inquiries, contact us at the address or phone number listed or visit the website at nationwide.com/mutualfunds.

To reduce the volume of mail you receive, only one copy of financial reports, prospectuses, other regulatory materials and other communications will be mailed to your household (if you share the same last name and address). You can call us at 800-848-0920, or write to us at the address listed to request (1) additional copies free of charge, or (2) that we discontinue our practice of mailing regulatory materials altogether.

If you wish to receive regulatory materials and/or account statements electronically, you can sign up for our free e-delivery service. Please call 800-848-0920 for information.

**Information from the U.S. Securities and Exchange Commission (SEC)**

You can obtain copies of Fund documents from the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;●on the SEC's EDGAR database via the internet at www.sec.gov or

&nbsp;&nbsp;&nbsp;&nbsp;●by electronic request to publicinfo@sec.gov (the SEC charges a fee to copy any documents).

The Trust's Investment Company Act File No.: 811-08495

Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.©2026 Nationwide Funds Group PR-CFX (2/26)

------

Global Funds

Prospectus March 2, 2026

---

| |
|:---|
| **Nationwide Schroders Global Equity Fund *(formerly, Nationwide Global Sustainable Equity Fund)*** |
| Class A (GGEAX) / Class R6 (GGEIX)<br> Institutional Service Class (GGESX)<br>|

---

**As with all mutual funds, the U.S. Securities and Exchange Commission has not approved or disapproved these Funds' shares or determined whether this Prospectus is complete or accurate. To state otherwise is a crime.**

**nationwide.com/mutualfunds**

![](g21138img470f65f81.gif)

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**Table of Contents** <br>

---

| | |
|:---|:---|
| **2** | **[Fund Summary](#xx_932fa54d-62e6-4d66-b936-f806da6a15fd_1)**  |
|  | [Nationwide Schroders Global Equity Fund](#xx_932fa54d-62e6-4d66-b936-f806da6a15fd_1)  |
| **7** | **[How the Fund Invests](#xx_aaf9d016-1b27-4992-9f98-b3a478fde662_1)**  |
|  | [Nationwide Schroders Global Equity Fund](#xx_aaf9d016-1b27-4992-9f98-b3a478fde662_1)  |
| **8** | **[Risks of Investing in the Fund](#xx_c8d9e81b-b0f7-41c1-bdcf-7dfa28cef1b8_1)**  |
| **14** | **[Fund Management](#xx_ef8693da-c0e1-4007-9724-2de8735eff0e_1)**  |
| **15** | **[Investing with Nationwide Funds](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_1)**  |
|  | [Share Classes](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_1)  |
|  | [Sales Charges and Fees](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_4)  |
|  | [Revenue Sharing](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_4)  |
|  | [Contacting Nationwide Funds](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_5)  |
|  | [Fund Transactions](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_6)  |
|  | [Buying Shares](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_7)  |
|  | [Fair Value Pricing](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_7)  |
|  | [Exchanging Shares](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_9)  |
|  | [Selling Shares](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_9)  |
|  | [Excessive or Short-Term Trading](#xx_3a437b69-488b-4831-bb58-3b8592baf35f_10)  |
| **26** | **[Distributions and Taxes](#xx_dce8f492-2415-423f-92a8-ff2a888f123a_1)**  |
| **28** | **[Additional Information](#xx_023e0ea7-1a62-44a3-bcac-7c564d306796_1)**  |
| **29** | **[Financial Highlights](#xx_adf72d62-4279-4bed-ae9f-65e55a9615d2_1)**  |
| **31** | **[Appendix A](#xx_2021f4c9-0a32-42d8-885c-d7536564de25_1)**  |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_2021f4c9-0a32-42d8-885c-d7536564de25_1)  |

---

------

**Fund Summary:** Nationwide Schroders Global Equity Fund

*(formerly, Nationwide Global Sustainable Equity Fund)*

**Objective**

The Nationwide Schroders Global Equity Fund seeks to maximize total return, consisting of capital appreciation and current income.

**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 15 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 93 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)

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.65% | 0.65% | 0.65% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |
| Other Expenses | 0.21% | 0.12% | 0.37% |
| **Total Annual Fund Operating Expenses** | 1.11% | 0.77% | 1.02% |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $682 | &nbsp;&nbsp;&nbsp;&nbsp; $908 | &nbsp;&nbsp; $1151 | &nbsp;&nbsp; $1849 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; 1248 |

---

**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 [____]% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Schroders Global Equity Fund *(cont.)*

**Principal Investment Strategies**

The Fund invests in equity securities of companies located throughout the world, including the United States. The Fund's subadviser normally invests the Fund's assets primarily in common stocks. The Fund typically invests in at least five countries including the United States. The Fund also may invest in emerging market countries. Emerging market countries typically are developing and low- or middle-income countries, and may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. Many of the securities in which the Fund invests are denominated in currencies other than the U.S. dollar. The Fund's subadviser normally allocates the Fund's investments across different countries and regions. The Fund nevertheless may have significant investments in one or more countries or particular sectors. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities at the time of investment. For these purposes, equity securities include common stocks and other securities that represent an ownership interest in the issuer.

In selecting securities, the subadviser uses a fundamental, bottom-up approach that is based on earnings potential and market mispricings. Investment decisions are driven by deep fundamental and sustainability research. The subadviser seeks to identify companies that it believes will deliver strong forward earnings potential above the level expected by the market, i.e., stocks with positive "growth gaps," which arise when company fundamentals diverge from market expectation due to:

● Overreaction to short-term news;

● Over-reliance on historical growth; and

● Failure to anticipate future earnings power.

As part of its investment process, the subadviser may evaluate issues such as climate change, environmental performance, labor standards and corporate governance, among others, which they view as important in their assessment of an investment's risk and potential for profitability.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis.

**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.

***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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Foreign currencies* – foreign securities may be denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars.

***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

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**Fund Summary:** Nationwide Schroders Global Equity Fund *(cont.)*

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.

***Country or sector risk***– if the Fund emphasizes one or more countries or economic sectors, it will be more susceptible to the financial, market or economic events affecting the particular issuers in which it invests than funds that do not emphasize particular countries or sectors.

***ESG integration risk*** – the environmental, social and governance ("ESG") characteristics that may be evaluated as part of the Fund's investment process, including issues such as climate change, environmental performance, labor standards and corporate governance, among others, are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. The relevance and weightings of specific ESG characteristics to the investment process vary across asset classes, sectors and strategies. ESG characteristics are not the only factors that may be considered in selecting investments and as a result, investments may not have favorable ESG characteristics. While the Fund's subadviser believes that the integration of sustainability analysis into the Fund's investment process has the potential to identify financial risks and potentially contribute to the Fund's long-term performance, there is no guarantee that the integration of ESG analysis will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Further, the regulatory landscape with respect to ESG investing is still developing and the Fund may modify or alter its investment process with respect to ESG integration. Notwithstanding that ESG integration is intended to identify material risks and economic opportunities, changing market conditions could cause the consideration of ESG factors to negatively impact the Fund's performance in certain market cycles or conditions. The subadviser applies certain exclusionary criteria in the management of assets, and the subadviser will not invest on the Fund's behalf in companies involved in the production, stockpiling, transfer and use of cluster munitions, anti-personnel mines or chemical or biological weapons or companies that generate more than 20% of their revenues from thermal coal mining. The exclusionary criteria applied by the subadviser may change from time to time.

***Liquidity risk*** – when there is little or no active trading market for specific types of securities or instruments, it can become more difficult to sell the securities or instruments at or near their perceived value. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that the Fund will experience significant net redemptions of its shares at a time when it cannot find willing buyers for its portfolio securities or instruments or can sell its portfolio securities or instruments only at a material loss. To meet redemption requests, the Fund may be forced to sell other securities or instruments that are more liquid, but at unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities.

***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.

*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 and an additional index. The additional index has characteristics relevant to the Fund's investment strategy. 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.

The Fund compares its performance to the MSCI All Country World Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

The Fund's performance prior to November 17, 2025, reflects returns pursuant to different principal investment strategies and a different subadviser. If the Fund's current strategies and subadviser had been in place for the prior period, the performance information shown would have been different.

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**Fund Summary:** Nationwide Schroders Global Equity Fund *(cont.)*

**Annual Total Returns– Class R6 Shares** <br>**(Years Ended December 31,)**

![](g21138geq.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **20.71%** | **2Q 2020** |
| **Lowest Quarter:** | **-22.31%** | **1Q 2020** |

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After-tax returns are shown in the table for Class R6 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** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– Before Taxes  | XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– After Taxes on <br> Distributions <br>| XX.XX% | XX.XX% | XX.XX% |
| Class R6 Shares– After Taxes on <br> Distributions and Sales of Shares <br>| XX.XX% | XX.XX% | XX.XX% |
| Institutional Service <br> Class Shares– Before Taxes <br>| XX.XX% | XX.XX% | XX.XX% |
| MSCI All Country World Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |
| MSCI World Index® Free (The Index does <br> not pay sales charges, fees, expenses or <br> taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Schroder Investment Management North America Inc.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund**<br>|
| Alex Tedder | Portfolio Manager, CIO <br> - Equities<br>| Since 2025 |
| Frank Thormann, CFA | Portfolio Manager | Since 2025 |

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**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class R6: $1,000,000<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> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

---

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.

---

| | | |
|:---|:---|:---|
| **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 <br> Ave., 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. |

---

**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

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**Fund Summary:** Nationwide Schroders Global Equity Fund *(cont.)*

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.

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**How the fund invests:** Nationwide Schroders Global Equity Fund

**Objective**

The Nationwide Schroders Global Equity Fund seeks to maximize total return, consisting of capital appreciation and current income. This objective may be changed by the Nationwide Mutual Fund's (the "Trust's") Board of Trustees ("Board of Trustees") without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies**

The Fund invests in ***equity securities*** of companies located throughout the world, including the United States. The Fund's subadviser normally invests the Fund's assets primarily in ***common stocks***. The Fund typically invests in at least five countries including the United States. The Fund also may invest in ***emerging market countries***. Many of the securities in which the Fund invests are denominated in currencies other than the U.S. dollar. The Fund's subadviser normally allocates the Fund's investments across different countries and regions. The Fund nevertheless may have significant investments in one or more countries or particular sectors. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities at the time of investment.

In selecting securities, the subadviser uses a fundamental, ***bottom-up approach*** that is based on earnings potential and market mispricings. Investment decisions are driven by deep fundamental and sustainability research. The subadviser seeks to identify companies that it believes will deliver strong forward earnings potential above the level expected by the market, i.e., stocks with positive "growth gaps," which arise when company fundamentals diverge from market expectation due to:

● Overreaction to short-term news;

● Over-reliance on historical growth; and

● Failure to anticipate future earnings power.

As part of its investment process, the subadviser may evaluate issues such as climate change, environmental performance, labor standards and corporate governance, among others, which they view as important in their assessment of an investment's risk and potential for profitability.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis.

---

| |
|:---|
| **Key Terms:**  |
| &nbsp;&nbsp; ***Bottom-up approach*** – a method of investing that <br> involves the selection of securities based on their <br> individual attributes regardless of broader national, <br> industry or economic factors.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp; ***Common stock*** – securities representing shares of <br> ownership of a corporation.<br>|
| &nbsp;&nbsp; ***Emerging market countries*** – typically are developing <br> and low- or middle-income countries. For purposes of <br> the Fund, emerging market countries are those that are <br> included in the MSCI Emerging Markets<sup>®</sup> Index. Emerging <br> market countries may be found in regions such as Asia, <br> Latin America, Eastern Europe, the Middle East and <br> Africa. <br>|
| &nbsp;&nbsp; ***Equity securities*** – represent an ownership interest in the <br> issuer. Common stocks are the most common type of <br> equity securities.<br>|

---

**Principal Risks**

The Fund is subject to the same risks that apply to all mutual funds that invest in equity securities. For instance, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate.

In addition, the Fund is subject to **COUNTRY OR SECTOR RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, ESG INTEGRATION RISK, FOREIGN SECURITIES RISK, LIQUIDITY RISK, MARKET RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Fund" beginning on page 8.

***The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.***

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**Risks of Investing in the Fund**

As with all mutual funds, investing in Nationwide Funds involves certain risks. There is no guarantee that a Fund will meet its investment objective or that a Fund will perform as it has in the past. Loss of money is a risk of investing in the Fund.

The following information relates to the principal risks of investing in the Fund, as identified in the "Fund Summary" and "How the Fund Invests" sections for the Fund. The Fund may invest in or use other types of investments or strategies not shown below that do not represent principal strategies or raise principal risks. More information about these non-principal investments, strategies and risks is available in the Fund's Statement of Additional Information ("SAI").

***Country or sector risk*** – investments in particular industries, sectors or countries may be more volatile than the overall equity or fixed-income markets. Therefore, if the Fund emphasizes one or more industries, economic sectors or countries, it will be more susceptible to financial, market, political or economic events affecting the particular issuers, industries and countries participating in such sectors than funds that do not emphasize particular industries, sectors or countries.

*Europe and United Kingdom focus* – the Fund's investments in Europe and the United Kingdom subject the Fund to additional risks. For example, the United Kingdom is a substantial trading partner of the United States and other European countries, and, as a result, the British economy may be impacted by adverse changes to the economic health of the United States and other European countries, and vice versa. In addition, on January 31, 2020, the United Kingdom officially withdrew from the European Union (known as "Brexit"), and on December 30, 2020, the United Kingdom and the European Union signed a trade agreement which was formally entered into force on May 1, 2021. Brexit may have a negative impact on the economy and currency of the United Kingdom, including increased volatility and illiquidity and potentially lower economic growth. Any further exits from the European Union, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties. Additionally, Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment, and the European Union itself has experienced difficulties in connection with the debt loads of some of its member states.

*Consumer discretionary* – companies engaged in the consumer discretionary sector, including companies in the automobiles and components, consumer durables and apparel, consumer services, and consumer discretionary distribution and retail industry groups, are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing

campaigns. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect companies in the consumer discretionary sector.

*Financials* – the Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector. Companies engaged in banking, financial services, consumer finance, capital markets, and insurance activities, as well as mortgage real estate investment trusts (REITs), are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Unstable interest rates can have a disproportionate effect on the financials sector and companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Companies in the financials sector have also been affected by increased competition, which could adversely affect the profitability or viability of such companies. Although regulators have focused on and taken measures to stabilize the financial system, bank failures and liquidity concerns continue to impact companies in the banking and financial services industries. Further regulatory intervention may be required to stabilize the U.S. banking industry if U.S. banks appear to be at a risk of failure, which could result in other unforeseen adverse impacts on the economy.

*Health care* – factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector. Companies in the health care sector include providers of health care and health care services, companies that manufacture and distribute health care equipment and supplies, health care technology companies, companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products, and life sciences tools and services companies.

*Industrials* – changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. Companies in the industrials sector include companies engaged in the manufacture and distribution of capital goods such as aerospace and defense, building products, and electrical equipment and machinery; companies that offer construction and engineering services; providers of commercial and professional services, including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and

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**Risks of Investing in the Fund** *(cont.)*

employment services, and research and consulting services; and companies that provide transportation services. These companies are also at risk for environmental damage claims. Industrial companies also may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments, labor relations and changes in the supply of and demand for their specific products or services or for industrials sector products in general.

*Information technology* – companies engaged in the information technology services, software, communications equipment, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and technology hardware, storage and peripherals industries face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products produced by information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect their profitability.

*Real estate* – companies in the real estate sector, including companies engaged in real estate development and operation and companies offering real estate related services and equity real estate investment trusts (REITs), are subject to risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.

*Japan focus* – the Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. Furthermore, the Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled

sectors, government policy, natural disasters, an aging demographic and declining population and/or geopolitical developments associated with actual or potential conflicts with one or more countries in Asia could significantly affect the Japanese economy. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. A significant portion of Japan's trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with few natural resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy. In addition, Japan's economy has in the past and could in the future be significantly impacted by natural disasters.

***Emerging markets risk*** – the risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets are considered to be speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets and are more expensive to trade in. Since these markets are often small, 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. In addition, traditional measures of investment value used in the United States, such as price-to-earnings ratios, may not apply to certain small markets. Also, there may be less publicly available and reliable information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Therefore, the ability to conduct adequate due diligence in emerging markets may be limited.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that

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**Risks of Investing in the Fund** *(cont.)*

may hinder investments. Certain emerging markets also face other significant internal or external risks, including the nationalization of assets, unexpected market closures, risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. The ability to bring and enforce actions in emerging market countries may be limited and shareholder claims may be difficult or impossible to pursue. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign 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. The possibility of fraud, negligence, or undue influence being exerted by the issuer or refusal to recognize that ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

*China exposure* – there are special risks associated with investments in China (including Chinese companies listed on U.S. and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), and uncertainty regarding the ongoing trade dispute and imposition of tariffs between China and the United States. Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. Any difficulties encountered by the U.S. Public Company Accounting Oversight Board ("PCAOB") in inspecting audit

work papers and practices of PCAOB registered accounting firms in China with respect to their audit work of U.S. reporting companies also imposes significant additional risks associated with investments in China. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies located in or operating in China and shareholders may have limited legal remedies. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, and thus are subject to the risks associated with and described under "emerging markets risk."

*Chinese variable interest entities* – there are special risks associated with investments in Chinese variable interest entities ("VIEs"). In a typical VIE structure, a shell company is set up in an offshore jurisdiction, such as the Cayman Islands. The shell company, through a wholly foreign-owned enterprise based in China, enters into service and other contracts with another Chinese company known as the VIE. The VIE must be owned by Chinese nationals (and/or other Chinese companies). While VIEs are a longstanding industry practice that is well known to Chinese officials and regulators historically, they have not been formally recognized under Chinese law. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure or limit a VIE's ability to pass through economic and governance rights to foreign individuals and entities. Effective March 31, 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. Guidance prohibiting these structures by the Chinese government, generally or with respect to specific industries, would likely cause impacted VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value. Further, if a Chinese court or arbitration body chose not to enforce the contracts, the value of the shell company would significantly decline, since it derives its value from the ability to consolidate the VIE into its financials pursuant to such contracts, and in turn, adversely affect the Fund's returns and net asset value.

***Equity securities risk*** – the Fund could lose value if the individual equity securities in which it has invested and/or the overall stock markets on which the stocks trade decline in price. Stocks and stock markets often experience short-term volatility (price fluctuation) as well as extended periods of price decline or little growth. Individual stocks are affected by many factors, including:

● corporate earnings;

● production;

● management and

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**Risks of Investing in the Fund** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●sales and market trends, including investor demand for a particular type of stock, such as growth or value stocks, small- or large-cap stocks, or stocks within a particular industry.

*Investing for growth* – common stocks and other equity-type securities that seek growth often involve larger price swings and greater potential for loss than other types of investments. These risks often are even greater in the case of smaller capitalization stocks.

*Investing for income* – income provided by the Fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the Fund invests.

***ESG integration risk*** – the environmental, social and governance ("ESG") characteristics that may be evaluated as part of the Fund's investment process, including issues such as climate change, environmental performance, labor standards and corporate governance, among others, are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. The relevance and weightings of specific ESG characteristics to the investment process vary across asset classes, sectors and strategies. ESG characteristics are not the only factors that may be considered in selecting investments and as a result, investments may not have favorable ESG characteristics. While the Fund's subadviser believes that the integration of sustainability analysis into the Fund's investment process has the potential to identify financial risks and potentially contribute to the Fund's long-term performance, there is no guarantee that the integration of ESG analysis will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Further, the regulatory landscape with respect to ESG investing is still developing and the Fund may modify or alter its investment process with respect to ESG integration. Notwithstanding that ESG integration is intended to identify material risks and economic opportunities, changing market conditions could cause the consideration of ESG factors to negatively impact the Fund's performance in certain market cycles or conditions. The subadviser applies certain exclusionary criteria in the management of assets, and the subadviser will not invest on the Fund's behalf in companies involved in the production, stockpiling, transfer and use of cluster munitions, anti-personnel mines or chemical or biological weapons or companies that generate more than 20% of their revenues from thermal coal mining. The exclusionary criteria applied by the subadviser may change from time to time.

***Foreign securities risk*** – foreign securities may be more volatile, harder to price and less liquid than U.S. securities. Foreign investments involve some of the following risks:

● political and economic instability;

● the impact of currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●sanctions imposed by other foreign governments, including the United States;

● reduced information about issuers;

● higher transaction costs;

● less stringent regulatory and accounting standards and

● delayed settlement.

Additional risks include the possibility that a foreign jurisdiction will impose or increase withholding taxes on income payable with respect to foreign securities; the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investment in a certain market); and the possible adoption of foreign governmental restrictions such as exchange controls.

*Regional* – adverse conditions in a certain region can adversely affect securities of issuers in other countries whose economies appear to be unrelated. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the Fund will generally have more exposure to regional economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or losses.

*Foreign currencies* – foreign securities often are denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of a Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars.

*Foreign custody* – the Fund invests in foreign securities that may hold such securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business, and there may be limited or no regulatory oversight of their operations. The laws of certain countries put limits on the Fund's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund holding assets outside the United States.

*Depositary receipts* – investments in foreign securities may be in the form of depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), which typically are issued by local financial institutions and

------

**Risks of Investing in the Fund** *(cont.)*

evidence ownership of the underlying securities. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

Depositary receipts may or may not be jointly sponsored by the underlying issuer. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore may be considered to be illiquid securities.

***Liquidity risk*** – the risk that the Fund invests to a greater degree in instruments that trade in lower volumes and makes investments that are less liquid than other investments. Liquidity risk also includes the risk that the Fund makes investments that become less liquid in response to market developments or adverse investor perceptions. When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instruments at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also refers to the risk that the Fund will be unable to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell liquid securities at unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities. Funds that invest in non-investment grade fixed income securities, small- and mid-capitalization stocks and emerging country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

***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. In particular, market risk, including political, regulatory, market, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Fund's investments. In addition, turbulence in financial markets and reduced liquidity in the markets negatively affect many issuers, which could adversely affect the Fund. These risks will 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. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect the Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of the Fund's investments.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted.

Additionally, in October 2023, armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel's southern border from the Gaza Strip. In response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Actual hostilities, such as the Israel-Hamas war, or the threat of future hostilities in the broader Middle East region, may cause significant volatility and disruption to the securities markets, and adversely affect global energy and financial markets.

The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russia, Israel, or the adjoining geographic regions.

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

------

**Risks of Investing in the Fund** *(cont.)*

*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.*

\* \* \* \* \* \*

***Temporary defensive positions*** – the Fund generally will be fully invested in accordance with its objective and strategies. However, pending investment of cash balances, in anticipation of possible redemptions, or if the Fund's management believes that business, economic, political or financial conditions warrant, the Fund may invest without limit in high-quality fixed-income securities, cash or money market cash equivalents. The use of temporary defensive positions therefore is not a principal strategy, as it prevents the Fund from fully pursuing its investment objective, and the Fund may miss potential market upswings.

**Selective Disclosure of Portfolio Holdings**

The Fund posts onto the internet site for the Trust (nationwide.com/mutualfunds) substantially all of its securities holdings as of the end of each month. Such portfolio holdings are available no earlier than 15 calendar days after the end of the previous month, and generally remain available on the internet site until the Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT with the U.S. Securities and Exchange Commission. A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's SAI.

------

**Fund Management**

**Investment Adviser**

Nationwide Fund Advisors ("NFA" or "Adviser"), located at One Nationwide Plaza, Columbus, OH 43215, manages the investment of the Fund's assets and supervises the daily business affairs of the Fund. Subject to the oversight of the Board of Trustees, NFA also selects the subadvisers for the Fund, determines the allocation of Fund assets among one or more subadvisers and evaluates and monitors the performance of the subadvisers. Organized in 1999 as an investment adviser, NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc.

**Subadvisers**

Subject to the oversight of NFA and the Board of Trustees, a subadviser will manage all or a portion of a Fund's assets in accordance with a Fund's investment objective and strategies. With regard to the portion of a Fund's assets allocated to it, each subadviser makes investment decisions for the Fund and, in connection with such investment decisions, places purchase and sell orders for securities. NFA pays each subadviser from the management fee it receives from each Fund.

**SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC. ("SIMNA INC.")**, located at 7 Bryant Park, New York, NY 10018, is the subadviser to the Fund. SIMNA Inc. is a registered investment adviser and an indirect, wholly-owned subsidiary of Schroders plc, a global asset management company headquartered in London, England.

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory and subadvisory agreements for the Fund will be in the Fund's reports filed on Form N-CSR, which will cover the period ending April 30, 2026. The reports are filed with the U.S. Securities and Exchange Commission, portions of which are available on the Fund's website.

**Management Fees**

The Fund pays NFA a management fee based on the Fund's average daily net assets. The total management fee paid by the Fund for the fiscal year ended October 31, 2025, expressed as a percentage of the Fund's average daily net assets and taking into account any applicable fee waivers or reimbursements, was as follows:

---

| | |
|:---|:---|
| **Fund** | **Actual Management Fee Paid** |
| Nationwide Schroders Global Equity Fund | [_____]<br> %<br>|

---

**Portfolio Management**

**Nationwide Schroders Global Equity Fund**

Alex Tedder and Frank Thormann, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.

Mr. Tedder is a Portfolio Manager and CIO - Equities. He re-joined the firm in 2014.

Mr. Thormann is a Portfolio Manager for Global and U.S. Large Cap Equity portfolios. He joined the firm in 2017.

**Additional Information about the Portfolio Managers**

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Fund(s) managed by the portfolio manager, if any.

**Manager-of-Managers Structure**

The Adviser and the Trust have received two exemptive orders from the U.S. Securities and Exchange Commission for a manager-of-managers structure. The first order allows the Adviser, subject to the approval of the Board of Trustees, to hire, replace or terminate a subadviser (excluding hiring a subadviser which is an affiliate of the Adviser) without the approval of shareholders. The first order also allows the Adviser to revise a subadvisory agreement with an unaffiliated subadviser with the approval of the Board of Trustees but without shareholder approval. The second order allows the aforementioned approvals to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

If a new unaffiliated subadviser is hired for a Fund, shareholders will receive information about the new subadviser within 90 days of the change. The exemptive orders allow the Funds greater flexibility, enabling them to operate more efficiently.

Pursuant to the exemptive orders, the Adviser monitors and evaluates any subadvisers, which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;●performing initial due diligence on prospective Fund subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●monitoring subadviser performance, including ongoing analysis and periodic consultations;

&nbsp;&nbsp;&nbsp;&nbsp;●communicating performance expectations and evaluations to the subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●making recommendations to the Board of Trustees regarding renewal, modification or termination of a subadviser's contract and

● selecting Fund subadvisers.

The Adviser does not expect to recommend subadviser changes frequently. The Adviser periodically provides written reports to the Board of Trustees regarding its evaluation and monitoring of each subadviser. Although the Adviser monitors each subadviser's performance, there is no certainty that any subadviser or a Fund will obtain favorable results at any given time.

------

**Investing with Nationwide Funds**

**Share Classes**

------

When selecting a share class, you should consider the following:

● which share classes are available to you;

● how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;●total costs and expenses associated with a particular share class and

&nbsp;&nbsp;&nbsp;&nbsp;●whether you qualify for any reduction or waiver of sales charges.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (backend) sales charge ("CDSC") waivers. **More information about purchasing shares through certain financial intermediaries appears in Appendix A to this Prospectus.**

In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

Your financial intermediary can help you to decide which share class is best suited to your needs. In addition to the sales charges and fees discussed in this section, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

------

The Nationwide Funds (also referred to as the "Funds") offer several different share classes, each with different price and cost features. Class A shares are available to all investors. Institutional Service Class and Class R6 shares are available only to certain investors. For eligible investors, these share classes may be more suitable than Class A shares.

Before you invest, compare the features of each share class, so that you can choose the class that is right for you. We describe each share class in detail on the following pages. Your financial intermediary can help you with this decision.

**Class A Shares**

Class A shares are subject to a front-end sales charge of 5.75% of the offering price, which declines based on the size of your purchase as shown below. A front-end sales charge means that a portion of your investment goes toward the sales charge and is not invested. Class A shares are subject to maximum annual administrative services fees of 0.25% and an annual Rule 12b-1 fee of 0.25%.

**Front-End Sales Charges for Class A Shares** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of**<br> **Purchase** | **Sales Charge as**<br> **a Percentage of** | **Sales Charge as**<br> **a Percentage of** | **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| **Amount of**<br> **Purchase** | **Offering**<br> **Price**<br>| **Net Amount**<br> **Invested**<br> **(approximately)**<br>| **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| Less than $50,000 | 5.75<br> %<br>| 6.10<br> %<br>| 5.00<br> %<br>|
| $50,000 to $99,999 | 4.75 | 4.99 | 4.00 |
| $100,000 to $249,999 | 3.50 | 3.63 | 3.00 |
| $250,000 to $499,999 | 2.50 | 2.56 | 2.00 |
| $500,000 to $999,999 | 2.00 | 2.04 | 1.75 |
| $1 million or more |  |  | None\* |

---

\*

Dealer may be eligible for a finder's fee as described in "Purchasing Class A Shares without a Sales Charge" below.

No front-end sales charge applies to Class A shares that you buy through reinvestment of Fund dividends or capital gains.

**Waiver of Class A Sales Charges**

Front-end sales charges on Class A shares are waived for the following purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;●registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to the amounts to be invested in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●investors who participate in a self-directed investment brokerage account program offered by a financial intermediary that may or may not charge its customers a transaction fee;

&nbsp;&nbsp;&nbsp;&nbsp;●current shareholders of a Nationwide Fund who, as of February 28, 2017, owned their shares directly with the Trust in an account for which Nationwide Fund Distributors LLC (the "Distributor") was identified as the broker-dealer of record;

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees, and sales representatives and their employees of a broker-dealer that has a dealer/selling agreement with the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored 401(k) plans, 457 plans, 403(b) plans, health savings accounts, profit sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. For purposes of this provision, employer-sponsored plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●owners of individual retirement accounts ("IRA") investing assets formerly in retirement plans that were subject to the automatic rollover provisions under Section 401(a)(31)(B) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●any investor who purchases Class A shares of a Fund (the "New Fund") with proceeds from sales of Class K or Eagle Class shares of another Nationwide Fund, where the New Fund does not offer Class K or Eagle Class shares;

&nbsp;&nbsp;&nbsp;&nbsp;●investment advisory clients of the Adviser and its affiliates;

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**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Trustees and retired Trustees of the Trust and

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees (and their spouses, children or immediate relatives) of the Adviser or its affiliates, and directors, officers, full-time employees (and their spouses, children or immediate relatives) of any current subadviser to the Trust.

The SAI lists other investors eligible for sales charge waivers.

**Reduction of Class A Sales Charges**

Investors may be able to reduce or eliminate front-end sales charges on Class A shares through one or more of these methods:

&nbsp;&nbsp;&nbsp;&nbsp;●***A larger investment***. The sales charge decreases as the amount of your investment increases.

&nbsp;&nbsp;&nbsp;&nbsp;●***Rights of accumulation ("ROA")***. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making (as shown in the table above), you and other family members living at the same address can add the current value of any Class A shares in all Nationwide Funds (except the Nationwide Government Money Market Fund) that you currently own or are currently purchasing to the value of your Class A purchase.

&nbsp;&nbsp;&nbsp;&nbsp;●***Share repurchase privilege***. If you redeem Fund shares from your account, you may qualify for a one time reinvestment privilege (also known as a Right of Reinstatement). Generally, you may reinvest some or all of the proceeds in shares of the same class without paying an additional sales charge within 30 days of redeeming shares on which you previously paid a sales charge. (Reinvestment does not affect the amount of any capital gains tax due. However, if you realize a loss on your redemption and then reinvest all or some of the proceeds, all or a portion of that loss may not be tax deductible.)

&nbsp;&nbsp;&nbsp;&nbsp;●***Letter of Intent discount***. If you declare in writing that you or a group of family members living at the same address intend to purchase and hold at least $50,000 or $100,000, as applicable, in Class A shares (except the Nationwide Government Money Market Fund) during a 13-month period, your sales charge is based on the total amount you intend to invest. Your accumulated holdings (as described and calculated under "Rights of Accumulation" above) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the Letter of Intent. You are not legally required to complete the purchases indicated in your Letter of Intent. However, if you do not fulfill your Letter of Intent, additional sales charges may be due and shares in your account would be liquidated to cover those sales charges. These additional sales charges would be equal to any applicable front-end sales charges that would have been paid on the shares already purchased, had there been no Letter of Intent.

The value of cumulative-quantity-discount-eligible-shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by their current public offering price. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with information regarding shares of the Fund held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares of the Fund held in (i) all accounts (e.g., retirement accounts) with the Fund and your financial intermediary; (ii) accounts with other financial intermediaries; and (iii) accounts in the name of immediate family household members (spouse and children under 21). You should retain any records necessary to substantiate historical costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waivers. This information regarding breakpoints is also available free of charge at nationwide.com/mutual-funds-sales-charges.jsp.

------

**Purchasing Class A Shares without a Sales Charge**

Purchases of $1 million or more of Class A shares of the Fund have no front-end sales charge. You can purchase $1 million or more, or $500,000 or more, as applicable, in Class A shares in one or more of the Funds offered by the Trust (including the Fund in this Prospectus) at one time, or you can utilize the ROA discount and Letter of Intent discount as described above. However, a CDSC applies (as shown below) if a "finder's fee" is paid by the Distributor to your financial advisor or intermediary and you redeem your shares within 18 months of purchase.

The CDSC does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;●if you are eligible to purchase Class A shares without a sales charge because of a waiver identified in "Waiver of Class A Sales Charges" above;

● if no finder's fee was paid or

&nbsp;&nbsp;&nbsp;&nbsp;●to shares acquired through reinvestment of dividends or capital gains distributions.

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| If sold within | 18 months |
| Amount of CDSC | 1.00% |

---

Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. If you redeem a portion of your shares, shares that are not subject to a CDSC are redeemed first, followed by shares that you have owned the longest. This minimizes the CDSC you pay. Please see "Waiver of

------

**Investing with Nationwide Funds** *(cont.)*

Contingent Deferred Sales Charges—Class A Shares" for a list of situations where a CDSC is not charged.

The CDSC for Class A shares of the Fund is described above; however, the CDSC for Class A shares of other Nationwide Funds may be different and is described in their respective Prospectuses. If you purchase more than one Nationwide Fund and subsequently redeem those shares, the amount of the CDSC is based on the specific combination of Nationwide Funds purchased and is proportional to the amount you redeem from each Nationwide Fund.

**Waiver of Contingent Deferred Sales Charges—Class A Shares**

The CDSC is waived on:

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption of Class A shares purchased through reinvested dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●Class A shares redeemed following the death or disability of a shareholder, provided the redemption occurs within one year of the shareholder's death or disability and

&nbsp;&nbsp;&nbsp;&nbsp;●mandatory withdrawals of Class A shares from traditional IRAs after age 70 <sup>1</sup>∕2 (for shareholders who reached the age of 70 <sup>1</sup>∕2 on or prior to December 31, 2019) or the age of 72 (for shareholders who turned 70 <sup>1</sup>∕2 after December 31, 2019) and for other required distributions from retirement accounts.

If you qualify for a waiver of a CDSC, you must notify the Fund's transfer agent, your financial advisor or other intermediary at the time of purchase and also must provide any required evidence showing that you qualify. For more complete information, see the SAI.

**Share Classes Available Only to Institutional Accounts**

The Fund offers Institutional Service Class and Class R6 shares. Only certain types of entities and selected individuals are eligible to purchase shares of these classes.

If an institution or retirement plan has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary can help determine which share class is appropriate for that retirement plan or other institutional account. Plan fiduciaries should consider their obligations under the Employee Retirement Income Security Act (ERISA) when determining which class is appropriate for the retirement plan. Other fiduciaries also should consider their obligations in determining the appropriate share class for a customer including:

&nbsp;&nbsp;&nbsp;&nbsp;●the level of distribution and administrative services the plan or account requires;

● the total expenses of the share class and

&nbsp;&nbsp;&nbsp;&nbsp;●the appropriate level and type of fee to compensate the intermediary.

An intermediary may receive different compensation depending on which class is chosen.

**Class R6 Shares**

Class R6 shares are sold without a sales charge, and are not subject to Rule 12b-1 fees or administrative services fees. Therefore, no administrative services fees, sub-transfer agency payments or other service payments are paid to broker-dealers or other financial intermediaries either from Fund assets or the Distributor's or an affiliate's resources with respect to sales of or investments in Class R6 shares, although such payments may be made by the Distributor or its affiliate from its own resources pursuant to written contracts entered into by the Distributor or its affiliate prior to April 1, 2014. <br>

Class R6 shares are available for purchase only by the following:

● funds-of-funds;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which no third-party administrator or other financial intermediary receives compensation from the Fund, the Distributor or the Distributor's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for its own account or for trust accounts for which it has authority to make investment decisions as long as the accounts are not part of a program that requires payment of Rule 12b-1 or administrative services fees to the financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;●clients of registered investment advisers who derive compensation for advisory services exclusively from such clients;

&nbsp;&nbsp;&nbsp;&nbsp;●high-net-worth individuals or corporations who invest directly with the Trust without using the services of a broker, investment adviser or other financial intermediary;

● current or former Trustees of the Trust or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Class R6 shares of any Nationwide Fund.

Except as noted below, Class R6 shares are not available to retail accounts or to broker-dealer fee-based wrap programs.

**Institutional Service Class Shares**

Institutional Service Class shares are sold without a sales charge, and are not subject to Rule 12b-1 fees. Institutional Service Class shares are subject to a maximum annual administrative services fee of 0.25%. Institutional Service Class shares are available for purchase only by the following:

● retirement plans advised by financial professionals;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which third-party administrators provide recordkeeping services and are compensated by the Funds for these services;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for trust accounts for which it has authority to make investment decisions;

------

**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●fee-based accounts of broker-dealers and/or registered investment advisers investing on behalf of their customers;

&nbsp;&nbsp;&nbsp;&nbsp;●unregistered life insurance separate accounts using the investment to fund benefits for variable annuity contracts issued to governmental entities as an investment option for 457 or 401(k) plans or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Institutional Service Class shares of any Nationwide Fund.

Institutional Service Class and Class R6 shares also may be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares when acting solely on an agency basis for the purchase or sale of such shares. If you transact in Institutional Service Class or Class R6 shares through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker.

**Sales Charges and Fees**

**Sales Charges**

Sales charges, if any, are paid to the Distributor. These fees are either kept by the Distributor or paid to your financial advisor or other intermediary.

**Distribution and Service Fees**

The Fund has adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940, which permits Class A shares of the Fund to compensate the Distributor through distribution and/or service fees ("Rule 12b-1 fees") for expenses associated with distributing and selling shares and maintaining shareholder accounts. These Rule 12b-1 fees are paid to the Distributor and are either kept or paid to your financial advisor or other intermediary for distribution and shareholder services and maintenance of customer accounts. Institutional Service Class and Class R6 shares pay no Rule 12b-1 fees.

These Rule 12b-1 fees are in addition to any applicable sales charges and are paid from the Fund's assets on an ongoing basis. (The fees are accrued daily and paid monthly.) As a result, Rule 12b-1 fees increase the cost of your investment and over time may cost more than other types of sales charges. Under the Distribution Plan, Class A shares pay the Distributor annual amounts not exceeding the following:

---

| | |
|:---|:---|
| **Class** | **as a % of Daily Net Assets** |
| Class A shares | 0.25% (distribution or service fee) |

---

**Administrative Services Fees**

Class A and Institutional Service Class shares of the Fund are subject to fees pursuant to an Administrative Services Plan (the "Plan") adopted by the Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A shares, as described above, are paid by the Fund to broker-

dealers or other financial intermediaries (including those that are affiliated with NFA) who provide administrative support services to beneficial shareholders on behalf of the Fund and are based on the average daily net assets of the applicable share class. Under the Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A and Institutional Service Class shares however, many intermediaries do not charge the maximum permitted fee or even a portion thereof and the Board of Trustees has implemented limits on the amounts of payments under the Plan for certain types of shareholder accounts.

For the current fiscal year, administrative services fees are estimated to be as follows:

**Nationwide Schroders Global Equity Fund** Class A and Institutional Service Class shares: [___%] and [____%], respectively.

Because these fees are paid out of the Fund's Class A and Institutional Service Class assets on an ongoing basis, these fees will increase the cost of your investment in such share classes over time and may cost you more than paying other types of fees.

**Revenue Sharing**

The Adviser and/or its affiliates (collectively, "Nationwide Investment Management Group" or "NIMG") often make payments for marketing, promotional or related services provided by broker-dealers and other financial intermediaries that sell shares of the Trust or which include them as investment options for their respective customers.

These payments are often referred to as "revenue sharing payments." The existence or level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the broker-dealer or other financial intermediary, the expected level of assets or sales of shares, the placing of some or all of the Funds on a recommended or preferred list, and/or access to an intermediary's personnel and other factors. Revenue sharing payments are paid from NIMG's own legitimate profits and other of its own resources (not from the Funds') and may be in addition to any Rule 12b-1 payments or administrative services payments that are paid to broker-dealers and other financial intermediaries. Because revenue sharing payments are paid by NIMG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NIMG.

In addition to the revenue sharing payments described above, NIMG may offer other incentives to sell shares of the Funds in the form of sponsorship of educational or other client seminars relating to current products and issues, assistance in training or educating an intermediary's personnel, and/or entertainment or meals. These payments also may include, at the direction of a retirement plan's

------

**Investing with Nationwide Funds** *(cont.)*

named fiduciary, amounts to a retirement plan intermediary to offset certain plan expenses or otherwise for the benefit of plan participants and beneficiaries.

The recipients of such payments may include:

● the Adviser's affiliates;

● broker-dealers;

● financial institutions and

&nbsp;&nbsp;&nbsp;&nbsp;●other financial intermediaries through which investors may purchase shares of a Fund.

Payments may be based on current or past sales, current or historical assets or a flat fee for specific services provided. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to sell shares of a Fund to you instead of shares of funds offered by competing fund families.

Contact your financial intermediary for details about revenue sharing payments it may receive.

Notwithstanding the revenue sharing payments described above, the Adviser and all subadvisers to the Trust are prohibited from considering a broker-dealer's sale of any of the Trust's shares in selecting such broker-dealer for the execution of Fund portfolio transactions.

Fund portfolio transactions nevertheless may be effected with broker-dealers who coincidentally may have assisted customers in the purchase of Fund shares, although neither such assistance nor the volume of shares sold of the Trust or any affiliated investment company is a qualifying or disqualifying factor in the Adviser's or a subadviser's selection of such broker-dealer for portfolio transaction execution.

**Contacting Nationwide Funds**

***Representatives*** are available 9 a.m. to 8 p.m. Eastern time, Monday through Friday, at 800-848-0920.

***Automated Voice Response*** Call 800-848-0920, 24 hours a day, seven days a week, for easy access to mutual fund information. Choose from a menu of options to:

● make transactions;

● hear fund price information and

● obtain mailing and wiring instructions.

***Internet*** Go to **nationwide.com/mutualfunds** 24 hours a day, seven days a week, for easy access to your mutual fund accounts. The website provides instructions on how to select a password and perform transactions. On the website, you can:

● download Fund Prospectuses;

● obtain information on the Nationwide Funds;

● access your account information and

&nbsp;&nbsp;&nbsp;&nbsp;●request transactions, including purchases, redemptions and exchanges.

***By Regular Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>P.O. Box 219336, <br>Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336, <br>

Kansas City, MO 64105-1307.

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**Investing with Nationwide Funds** *(cont.)*

**Fund Transactions**

Unless you qualify for a Class A sales charge waiver, as described in "Waiver of Class A Sales Charges" above, or you otherwise qualify to purchase either Institutional Service Class or Class R6 shares (and meet the applicable minimum investment amount), you may buy Fund shares only through a broker-dealer or financial intermediary that is authorized to sell you shares of Nationwide Funds. All transaction orders must be received by the Funds' transfer agent or an authorized intermediary prior to the calculation of each Fund's net asset value ("NAV") to receive that day's NAV.

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| | |
|:---|:---|
| **How to Buy Shares** | **How to Exchange\* or Sell\*\* Shares** |
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\* Exchange privileges may be amended or discontinued upon 60 days' written** <br> **notice to shareholders.**<br>|
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\*\*A signature guarantee may be required. See "Signature Guarantee" below.** |
| &nbsp;&nbsp; **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>| **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>|
| &nbsp;&nbsp; **By mail**. Complete an application and send with a check made payable to: Nationwide <br> Funds. You must indicate the broker or financial intermediary that is authorized to sell <br> you Fund shares. Payment must be made in U.S. dollars and drawn on a U.S. bank. The <br> Funds do not accept cash, starter checks, third-party checks, travelers' checks, credit <br> card checks or money orders. The Funds may, however, under circumstances they <br> deem to be appropriate, accept cashier's checks. Nationwide Funds reserves the right <br> to charge a fee with respect to any checks that are returned for insufficient funds.<br>| **By mail**. You may request an exchange or redemption by mailing a letter to <br> Nationwide Funds. The letter must include your account number(s) and the name(s) <br> of the Fund(s) you wish to exchange from and to. The letter must be signed by all <br> account owners.<br>|
| &nbsp;&nbsp; **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br>| **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br> **Additional information for selling shares**. A check made payable to the <br> shareholder(s) of record will be mailed to the address of record.<br> The Funds may record telephone instructions to redeem shares and may request <br> redemption instructions in writing, signed by all shareholders on the account.<br>|
| &nbsp;&nbsp; **Online.** Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>| **Online**. Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. You may have your bank transmit funds by federal funds wire to the <br> Funds' custodian bank. (The authorization will be in effect unless you give the Funds <br> written notice of its termination.)<br> ●if you choose this method to open a new account, you must call our toll-free <br> number before you wire your investment and arrange to fax your completed <br> application.<br> ●your bank may charge a fee to wire funds.<br> ●the wire must be received by the close of regular trading (usually 4:00 p.m. Eastern <br> time) in order to receive the current day's NAV.<br>| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. The Funds can wire the proceeds of your redemption directly to your <br> account at a commercial bank. A voided check must be attached to your application. <br> (The authorization will be in effect unless you give the Funds written notice of its <br> termination.)<br> ●your proceeds typically will be wired to your bank on the next business day after <br> your order has been processed.<br> ●Nationwide Funds deducts a $20 service fee from the redemption proceeds for this <br> service.<br> ●your financial institution also may charge a fee for receiving the wire.<br> ●funds sent outside the U.S. may be subject to higher fees.<br> **Bank wire is not an option for exchanges**.<br>|
| &nbsp;&nbsp; **By Automated Clearing House (ACH)**. You may fund your Nationwide Funds' account <br> with proceeds from a domestic bank via ACH. To set up your account for ACH <br> purchases, a voided check must be attached to your application. Your account will be <br> eligible to receive ACH purchases 15 days after you provide your bank's routing <br> number and account information to the Fund's transfer agent. Once your account is <br> eligible to receive ACH purchases, the purchase price for Fund shares is the net asset <br> value next determined after your order is received by the transfer agent, plus any <br> applicable sales charge. There is no fee for this service. (The authorization will be in <br> effect unless you give the Funds written notice of its termination.)<br>| **By Automated Clearing House (ACH)**. Your redemption proceeds can be sent to your <br> bank via ACH. A voided check must be attached to your application. Money sent <br> through ACH should reach your bank in two business days. There is no fee for this <br> service. (The authorization will be in effect unless you give the Funds written notice of <br> its termination.)<br> **ACH is not an option for exchanges.**<br>|
| &nbsp;&nbsp; **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>| **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>|

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**Investing with Nationwide Funds** *(cont.)*

**Buying Shares**

**Share Price**

The net asset value per share or "NAV" per share is the value of a single share. A separate NAV is calculated for each share class of a Fund. The NAV is:

&nbsp;&nbsp;&nbsp;&nbsp;●calculated at the close of regular trading (usually 4 p.m. Eastern time) each day the New York Stock Exchange is open and

&nbsp;&nbsp;&nbsp;&nbsp;●generally determined by dividing the total net market value of the securities and other assets owned by a Fund allocated to a particular class, less the liabilities allocated to that class, by the total number of outstanding shares of that class.

The purchase or "offering" price for Fund shares is the NAV (for a particular class) next determined after the order is received by a Fund or its agent or authorized intermediary, plus any applicable sales charge.

The Funds generally are available only to investors residing in the United States. Each Fund may reject any order to buy shares and may suspend the sale of shares at any time.

**Fair Value Pricing** 

The Board of Trustees and the Adviser have adopted joint Valuation Procedures governing the method by which individual portfolio securities held by the Funds are valued in order to determine each Fund's NAV. The Valuation Procedures provide that each Fund's assets for which market quotations are readily available shall be valued at current market value. Equity securities generally are valued at the last quoted sale price, or if there is no sale price, the last quoted bid price provided by a third-party pricing service. Securities traded on NASDAQ generally are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Debt and other fixed-income securities are generally valued at the bid evaluation price provided by a third-party pricing service.

Securities for which market-based quotations are either not readily available (e.g., a third-party pricing service does not provide a value) or are deemed unreliable, in the judgment of the Adviser, are valued at fair value in good faith by the Adviser. The Board of Trustees has designated the Adviser as "valuation designee" to perform fair value determinations for all of the Funds' investments pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, subject to the general oversight of the Board of Trustees.

In addition, fair value determinations are required for securities whose value is affected by a significant event (as defined below) that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Funds' NAVs. A

"significant event" is defined by the Valuation Procedures as an event that materially affects the value of a security that occurs after the close of the principal market on which such security trades but before the calculation of a Fund's NAV. Significant events that could affect individual portfolio securities may include corporate actions such as reorganizations, mergers and buy-outs, corporate announcements on earnings, significant litigation, regulatory news such as government approvals and news relating to natural disasters affecting an issuer's operations. Significant events that could affect a large number of securities in a particular market may include significant market fluctuations, market disruptions or market closings, governmental actions or other developments, or natural disasters or armed conflicts that affect a country or region.

By fair valuing a security whose price may have been affected by significant events or by news after the last market pricing of the security, each Fund attempts to establish a price that would be received to sell the security (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. The fair value of one or more of the securities in a Fund's portfolio which is used to determine a Fund's NAV could be different from the actual value at which those securities could be sold in the market. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in a Fund.

Due to the time differences between the closings of the relevant foreign securities exchanges and the time that the Fund's NAV is calculated, the Fund may fair value its foreign investments more frequently than it does other securities. When fair value prices are utilized, these prices will attempt to reflect the impact of the financial markets' perceptions and trading activities on the Fund's foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. The fair values assigned to the Fund's foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. Because certain of the securities in which the Fund may invest may trade on days when the Fund does not price its shares, the value of the Fund's investments may change on days when shareholders will not be able to purchase or redeem their shares.

These procedures are intended to help ensure that the prices at which a Fund's shares are purchased and redeemed are fair, and do not result in dilution of shareholder interests or other harm to shareholders. In the event a Fund fair values its securities using the fair valuation procedures described above, the Fund's NAV may be higher or lower than would have been the case if the Fund had not used such procedures.

Subject to oversight by the Board of Trustees, the Adviser, as "valuation designee," performs fair value determinations

------

**Investing with Nationwide Funds** *(cont.)*

of Fund investments. In addition, the Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a fair value committee to assist with its designated responsibilities as valuation designee.

**In-Kind Purchases**

Each Fund may accept payment for shares in the form of securities that are permissible investments for the Fund.

------

The Funds do not calculate NAV on days when the New York Stock Exchange is closed.

● New Year's Day

● Martin Luther King Jr. Day

● Presidents' Day

● Good Friday

● Memorial Day

● Juneteenth National Independence Day

● Independence Day

● Labor Day

● Thanksgiving Day

● Christmas Day

● Other days when the New York Stock Exchange is closed.

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| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A Shares** | **Class A Shares** |
| To open an account | $2,000 (per Fund) |
| To open an IRA account | $1,000 (per Fund) |
| Additional Investments | $100 (per Fund) |
| &nbsp;&nbsp; To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| &nbsp;&nbsp; Additional Investments<br> (Automatic Asset Accumulation Plan)<br>| $50 |
| **Class R6 Shares** | **Class R6 Shares** |
| To open an account | $1 million (per Fund) |
| Additional Investments | No Minimum |
| **Institutional Service Class Shares** | **Institutional Service Class Shares** |
| To open an account | $50,000 (per Fund) |
| Additional Investments | No Minimum |
| &nbsp;&nbsp; Minimum investment requirements do not apply to purchases by <br> employees of the Adviser or its affiliates (or to their spouses, children <br> or immediate relatives), or to certain retirement plans, fee-based <br> programs or omnibus accounts. If you purchase shares through an <br> intermediary, different minimum account requirements may apply. <br> The Distributor reserves the right to waive the investment minimums <br> under certain circumstances. | &nbsp;&nbsp; Minimum investment requirements do not apply to purchases by <br> employees of the Adviser or its affiliates (or to their spouses, children <br> or immediate relatives), or to certain retirement plans, fee-based <br> programs or omnibus accounts. If you purchase shares through an <br> intermediary, different minimum account requirements may apply. <br> The Distributor reserves the right to waive the investment minimums <br> under certain circumstances. |

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**Customer Identification Information**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, unless such information is collected by the broker-dealer or other financial intermediary pursuant to an agreement, the Funds must obtain the following information for each person that opens a new account:

● name;

● date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;●residential or business street address (although post office boxes are still permitted for mailing) and

&nbsp;&nbsp;&nbsp;&nbsp;●Social Security number, taxpayer identification number or other identifying number.

You also may be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Funds may restrict your ability to purchase additional shares until your identity is verified. The Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Accounts with Low Balances**

Maintaining small accounts is costly for the Funds and may have a negative effect on performance. Shareholders are encouraged to keep their accounts above each Fund's minimum.

&nbsp;&nbsp;&nbsp;&nbsp;●If the value of your account falls below $2,000 ($1,000 for IRA accounts), you generally are subject to a $5 quarterly fee, unless such account actively participates in an Automatic Asset Accumulation Plan. Shares from your account are redeemed each quarter/month to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, a Fund may waive the low-balance fee.

&nbsp;&nbsp;&nbsp;&nbsp;●Each Fund reserves the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below the minimum. In such cases, you will be notified and given 60 days to

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**Investing with Nationwide Funds** *(cont.)*

purchase additional shares before the account is closed. A redemption of your remaining shares may be a taxable event for you. See "Distributions and Taxes—Selling or Exchanging Shares" below.

**Exchanging Shares**

You may exchange your Fund shares for shares of any Nationwide Fund that is currently accepting new investments as long as:

● both accounts have the same registration;

&nbsp;&nbsp;&nbsp;&nbsp;●your first purchase in the new fund meets its minimum investment requirement and

● you purchase the same class of shares.

No minimum investment requirement shall apply to holders of Institutional Service Class shares seeking to exchange such shares for Institutional Service Class shares of another Fund, or to holders of Class R6 shares seeking to exchange such shares for Class R6 shares of another Fund, where such Institutional Service Class or Class R6 shares (as applicable) had been designated as Class D shares at the close of business on July 31, 2012.

The exchange privileges may be amended or discontinued upon 60 days' written notice to shareholders.

Generally, there are no sales charges for exchanges of shares. However,

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange from Class A shares of a Fund to a Fund with a higher sales charge, you may have to pay the difference in the two sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange Class A shares that are subject to a CDSC, and then redeem those shares within 18 months of the original purchase, the CDSC applicable to the original purchase is charged.

For purposes of calculating a CDSC, the length of ownership is measured from the date of original purchase and is not affected by any permitted exchange (except exchanges to the Nationwide Government Money Market Fund).

**Exchanges into the Nationwide Government Money Market Fund** 

You may exchange between Class R6 shares of the Funds and Class R6 shares of the Nationwide Government Money Market Fund. You may exchange between all other share classes of the Funds and the Investor Shares of the Nationwide Government Money Market Fund. If your original investment was in Investor Shares, any exchange of Investor Shares you make for Class A shares of another Nationwide Fund may require you to pay the sales charge applicable to such new shares. In addition, if you exchange shares subject to a CDSC, the length of time you own Investor Shares of the Nationwide Government Money Market Fund is not included for purposes of determining the CDSC. Redemptions from the Nationwide Government

Money Market Fund are subject to any CDSC that applies to the original purchase.

**Selling Shares**

You can sell or, in other words, redeem your Fund shares at any time, subject to the restrictions described below. The price you receive when you redeem your shares is the NAV (minus any applicable sales charges) next determined after the Fund's authorized intermediary or an agent of the Fund receives your properly completed redemption request. The value of the shares you redeem may be worth more than or less than their original purchase price, depending on the market value of the Fund's investments at the time of the redemption.

You may not be able to redeem your Fund shares or Nationwide Funds may delay paying your redemption proceeds if:

&nbsp;&nbsp;&nbsp;&nbsp;●the New York Stock Exchange is closed (other than customary weekend and holiday closings);

● trading is restricted or

&nbsp;&nbsp;&nbsp;&nbsp;●an emergency exists (as determined by the U.S. Securities and Exchange Commission).

Generally, a Fund will pay you for the shares that you redeem within two days after your redemption request is received by check or electronic transfer, except as noted below. Payment for shares that you recently purchased may be delayed up to 10 business days from the purchase date to allow time for your payment to clear. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the account holder:

● is engaged in excessive trading or

&nbsp;&nbsp;&nbsp;&nbsp;●if the amount of the redemption request would disrupt efficient portfolio management or adversely affect the Fund.

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with management of the Fund, or in stressed market conditions. Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by the Fund directly to an account holder as a redemption in-kind. If an account holder receives securities in a redemption in-kind, the account holder may incur brokerage costs, taxes or other expenses in converting the securities to cash. Securities received from in-kind redemptions are subject to market

------

**Investing with Nationwide Funds** *(cont.)*

risk until they are sold. For more about Nationwide Funds' ability to make a redemption in-kind as well as how redemptions in-kind are effected, see the SAI.

The Board of Trustees has adopted procedures for redemptions in-kind of affiliated persons of a Fund. Affiliated persons of a Fund include shareholders who are affiliates of the Adviser and shareholders of a Fund owning 5% or more of the outstanding shares of that Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the Fund's current net assets, and are designed so that such redemptions will not favor the affiliated shareholder to the detriment of any other shareholder.

**Automatic Withdrawal Program** 

You may elect to automatically redeem shares in a minimum amount of $50. Complete the appropriate section of the Mutual Fund Application for New Accounts or contact your financial intermediary or the Funds' transfer agent. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Generally, it is not advisable to continue to purchase Class A shares subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A shares will be subject to any applicable CDSC.

------

**Signature Guarantee**

A signature guarantee is required for sales of shares of the Funds in any of the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;●your account address has changed within the last 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption check is made payable to anyone other than the registered shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●the proceeds are mailed to any address other than the address of record;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are being wired or sent by ACH to a bank for which instructions currently are not on your account or

● the redemption amount is $500,000 or more.

No signature guarantee is required under normal circumstances where redemption proceeds are transferred directly to another account maintained by a Nationwide Financial Services, Inc. company.

A signature guarantee is a certification by a bank, brokerage firm or other financial institution that a customer's signature is valid. We reserve the right to require a signature guarantee in other circumstances, without notice.

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**Excessive or Short-Term Trading**

The Nationwide Funds seek to discourage excessive or short-term trading (often described as "market timing"). Excessive trading (either frequent exchanges between Nationwide Funds or redemptions and repurchases of Nationwide Funds within a short time period) may:

● disrupt portfolio management strategies;

● increase brokerage and other transaction costs and

● negatively affect fund performance.

Each Fund may be more or less affected by short-term trading in Fund shares, depending on various factors such as the size of the Fund, the amount of assets the Fund typically maintains in cash or cash equivalents, the dollar amount, number and frequency of trades in Fund shares and other factors. A Fund that invests in foreign securities may be at greater risk for excessive trading. Investors may attempt to take advantage of anticipated price movements in securities or derivatives held by a Fund based on events occurring after the close of a foreign market that may not be reflected in a Fund's NAV (referred to as "arbitrage market timing"). Arbitrage market timing also may be attempted in funds that hold significant investments in small-cap securities, commodity-linked investments, high-yield (junk) bonds and other types of investments that may not be frequently traded. There is the possibility that arbitrage market timing, under certain circumstances, may dilute the value of Fund shares if redeeming shareholders receive proceeds (and buying shareholders receive shares) based on NAVs that do not reflect appropriate fair value prices.

The Board of Trustees has adopted the following policies with respect to excessive or short-term trading in the Funds:

**Fair Valuation**

The Funds have fair value pricing procedures in place as described above in "Investing with Nationwide Funds: Fair Value Pricing."

**Monitoring of Trading Activity**

The Funds, through the Adviser, their subadvisers and their agents, monitor selected trades and flows of money in and out of the Funds in an effort to detect excessive short-term trading activities. Further, in compliance with Rule 22c-2 under the Investment Company Act of 1940, as amended, Nationwide Investment Management Group, on behalf of the Funds, has entered into written agreements with the Funds' financial intermediaries, under which the intermediary must, upon request, provide a Fund with certain shareholder identity and trading information so that the Fund can enforce its market timing policies. If a

------

**Investing with Nationwide Funds** *(cont.)*

shareholder is found to have engaged in excessive short-term trading, the Funds may, at their discretion, ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder's account.

Despite its best efforts, a Fund may be unable to identify or deter excessive trades conducted through intermediaries or omnibus accounts that transmit aggregate purchase, exchange and redemption orders on behalf of their customers. In short, a Fund may not be able to prevent all market timing and its potential negative impact.

**Restrictions on Transactions**

Whenever a Fund is able to identify short-term trades and/or traders, such Fund has broad authority to take discretionary action against market timers and against particular trades and apply the short-term trading restrictions to such trades that the Fund identifies. It also has sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;●restrict or reject purchases or exchanges that the Fund or its agents believe constitute excessive trading and

&nbsp;&nbsp;&nbsp;&nbsp;●reject transactions that violate the Fund's excessive trading policies or its exchange limits.

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**Distributions and Taxes**

The following information is provided to help you understand the income and capital gains you may earn while you own Fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions. For advice about your personal tax situation, please speak with your tax advisor.

**Income and Capital Gain Distributions**

The Fund has elected, and intends to qualify each year, as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. The Fund expects to declare and distribute its net investment income, if any, to shareholders as dividends quarterly. The Fund will distribute net realized capital gains, if any, at least annually. The Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. All income and capital gain distributions are automatically reinvested in shares of the Fund. You may request a payment in cash by contacting the Funds' transfer agent or your financial intermediary.

If you choose to have dividends or capital gain distributions, or both, mailed to you and the distribution check is returned as undeliverable or is not presented for payment within six months, the Trust reserves the right to reinvest the check proceeds and future distributions in shares of the applicable Fund at the Fund's then-current NAV until you give the Trust different instructions.

**Tax Considerations**

If you are a taxable investor, dividends and capital gain distributions you receive from a Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are subject to federal income tax, state taxes and possibly local taxes:

&nbsp;&nbsp;&nbsp;&nbsp;●distributions are taxable to you at either ordinary income or capital gains tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of short-term capital gains are paid to you as ordinary income that is taxable at applicable ordinary income tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;●for individual shareholders, a portion of the income dividends paid may be qualified dividend income eligible for taxation at long-term capital gains tax rates, provided that certain holding period requirements are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●for corporate shareholders, a portion of the income dividends paid may be eligible for the corporate dividend-received deduction, subject to certain limitations and

&nbsp;&nbsp;&nbsp;&nbsp;●distributions declared in October, November or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December.

The federal income tax treatment of a Fund's distributions and any taxable sales or exchanges of Fund shares occurring during the prior calendar year are reported on Form 1099, which is sent to you annually during tax season (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax or applicable tax reporting). A Fund may reclassify income after your tax reporting statement is mailed to you. This can result from the rules in the Internal Revenue Code of 1986, as amended, that effectively prevent mutual funds, such as the Funds, from ascertaining with certainty, until after the calendar year end, and in some cases a Fund's fiscal year end, the final amount and character of distributions the Fund has received on its investments during the prior calendar year. Prior to issuing your statement, each Fund makes every effort to reduce the number of corrected forms mailed to shareholders. However, a Fund will send you a corrected Form 1099 if the Fund finds it necessary to reclassify its distributions or adjust the cost basis of any shares sold or exchanged after you receive your tax statement.

Distributions from the Funds (both taxable dividends and capital gains) normally are taxable to you when made, regardless of whether you reinvest these distributions or receive them in cash (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax).

At the time you purchase your Fund shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in the value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you pro rata as a foreign tax credit.

**Selling or Exchanging Shares**

Selling or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Nationwide Fund

------

**Distributions and Taxes** *(cont.)*

to another is the same as a sale. For individuals, the long-term capital gains tax rates generally are 0%, 15% or 20% depending on your taxable income and the nature of the capital gain. If you redeem Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.

Each Fund is required to report to you and the Internal Revenue Service ("IRS") annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also their cost basis. Cost basis will be calculated using the Fund's default method of average cost, unless you instruct the Fund to use a different calculation method. Shareholders should review carefully the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Cost basis reporting is not required for certain shareholders, including shareholders investing in a Fund through a tax-advantaged retirement account.

**Medicare Tax**

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Other Tax Jurisdictions**

Distributions and gains from the sale or exchange of your Fund shares may be subject to state and local taxes, even if not subject to federal income taxes. State and local tax laws vary; please consult your tax advisor. Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources, and short- term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

**Tax Status for Retirement Plans and Other Tax-Advantaged Accounts**

When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, income dividends and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax advisor or plan administrator for more information about your tax situation, including possible state or local taxes.

**Backup Withholding**

By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs us to withhold a portion of your distributions and proceeds. When withholding is required, the amount is 24% of any distributions or proceeds paid.

**Other Reporting and Withholding Requirements**

Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**This discussion of "Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax advisor about federal, state, local or foreign tax consequences before making an investment in a Fund.**

------

**Additional Information**

The Trust enters into contractual arrangements with various parties (collectively, "service providers"), including, among others, the Fund's investment adviser, subadviser(s), shareholder service providers, custodian(s), securities lending agent, fund administration and accounting agents, transfer agent and distributor, who provide services to the Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

This Prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. Neither this Prospectus, nor the related Statement of Additional Information, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any shareholder or to give rise to any rights to any shareholder or other person other than any rights under federal or state law that may not be waived.

------

**Financial Highlights** 

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years ended October 31, or if a Fund or a class has not been in operation for the past five years, for the life of that Fund or class. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions and no sales charges).

Information has been audited by [_______________], whose report, along with the Fund's financial statements, is included in the Fund's reports filed on Form N-CSR which are filed with the U.S. Securities and Exchange Commission and are

available on the Fund's website.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE SCHRODERS GLOBAL EQUITY FUND (FORMERLY, NATIONWIDE GLOBAL SUSTAINABLE EQUITY FUND)**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)(e)(f)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(g)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | $18.48 | $0.04 | $4.15 | $4.19 | $(0.07) | $— | $(0.07) | $22.60 | 22.72% | $39889 | 1.23% | 0.17% | 1.23% | 31.22% |
| 10/31/2023 | &nbsp;&nbsp; 18.17 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; 18.48 | 11.31% | &nbsp;&nbsp;&nbsp; 35482 | 1.25% | 0.25% | 1.32% | 42.83% |
| 10/31/2022 | &nbsp;&nbsp; 25.87 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (4.68) | &nbsp;&nbsp; (4.58) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; 18.17 | (19.99)% | &nbsp;&nbsp;&nbsp; 34769 | 1.31% | 0.47% | 1.49% | 28.25% |
| 10/31/2021 | &nbsp;&nbsp; 18.29 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; 7.86 | &nbsp;&nbsp;&nbsp; 7.83 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; 25.87 | 43.09% | &nbsp;&nbsp;&nbsp; 47775 | 1.30% | (0.11)% | 1.55% | 39.73% |
| 10/31/2020 | &nbsp;&nbsp; 18.31 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; 18.29 | &nbsp;&nbsp;&nbsp; 6.37% | &nbsp;&nbsp;&nbsp; 35464 | 1.30% | 0.24% | 1.61% | 38.94% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 19.37 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp;&nbsp; 4.48 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; 23.70 | 23.19% | &nbsp;&nbsp;&nbsp;&nbsp; 9333 | 0.89% | 0.52% | 0.89% | 31.22% |
| 10/31/2023 | &nbsp;&nbsp; 18.96 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp; 2.10 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; 19.37 | 11.67% | &nbsp;&nbsp;&nbsp;&nbsp; 7487 | 0.90% | 0.62% | 0.95% | 42.83% |
| 10/31/2022 | &nbsp;&nbsp; 26.89 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (4.88) | &nbsp;&nbsp; (4.71) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (3.22) | &nbsp;&nbsp; 18.96 | (19.73)% | &nbsp;&nbsp;&nbsp;&nbsp; 5159 | 0.96% | 0.80% | 1.14% | 28.25% |
| 10/31/2021 | &nbsp;&nbsp; 18.99 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 8.16 | &nbsp;&nbsp;&nbsp; 8.21 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; 26.89 | 43.56% | &nbsp;&nbsp;&nbsp;&nbsp; 7682 | 0.95% | 0.22% | 1.20% | 39.73% |
| 10/31/2020 | &nbsp;&nbsp; 18.92 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; 18.99 | &nbsp;&nbsp;&nbsp; 6.78% | &nbsp;&nbsp;&nbsp;&nbsp; 6221 | 0.95% | 0.59% | 1.26% | 38.94% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 19.39 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp;&nbsp; 4.42 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; 23.71 | 22.83% | &nbsp;&nbsp; 170533 | 1.14% | 0.25% | 1.14% | 31.22% |
| 10/31/2023 | &nbsp;&nbsp; 18.97 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp; 2.08 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; 19.39 | 11.58% | &nbsp;&nbsp; 153290 | 1.02% | 0.57% | 1.02% | 42.83% |
| 10/31/2022 | &nbsp;&nbsp; 26.89 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (4.88) | &nbsp;&nbsp; (4.72) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp; 18.97 | (19.78)% | &nbsp;&nbsp;&nbsp;&nbsp; 5359 | 1.02% | 0.76% | 1.20% | 28.25% |
| 10/31/2021 | &nbsp;&nbsp; 18.99 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 8.16 | &nbsp;&nbsp;&nbsp; 8.19 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; 26.89 | 43.44% | &nbsp;&nbsp;&nbsp;&nbsp; 6920 | 1.05% | 0.14% | 1.30% | 39.73% |
| 10/31/2020 | &nbsp;&nbsp; 18.93 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; 18.99 | &nbsp;&nbsp;&nbsp; 6.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4184 | 1.05% | 0.49% | 1.36% | 38.94% |

---

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) Expense ratios include expenses reimbursed to the Advisor.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

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

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Specific intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **To qualify for waivers and discounts not available through a particular intermediary, purchasers will have to purchase Fund shares directly from the Trust or through another intermediary by which such waivers and discounts are available.** Please see the section of this Prospectus entitled "Share Classes" commencing on page 15 of this Prospectus for more information on sales charges and waivers available for Class A shares. In addition to the sales charges and fees discussed below, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

**Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Merrill** 

Shareholders who are customers of Merrill purchasing or selling Fund shares through a Merrill platform or account will be eligible only for the following sales charge waivers, which may differ from those stated in this Prospectus or the SAI. Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Merrill clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Merrill investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●brokerage class shares (i.e., Class A, Class R, Service Class and Class K) exchanged from advisory class shares (i.e., Eagle Class, Class R6, Institutional Service Class) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the Merrill Edge Self-Directed platform;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund in the same account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;●Trustees of the Trust, and employees of the Adviser or any of its affiliates and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of a mutual fund redemption in Class A shares of any Nationwide Fund, provided (1) the repurchase occurs within 90 calendar days from the redemption trade date, and (2) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

**Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoints as described in this Prospectus, where the sales load is at or below the maximum sales load permitted by Merrill, as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA"), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holding of mutual fund family assets held in their Merrill Household; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("Letter of Intent") which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within the purchaser's Merrill Household, as further described in the Merrill SLWD Supplement.

**Waivers of Contingent Deferred Sales Charges**

Shareholders redeeming Class A shares through a Merrill platform or account will be eligible for only the following CDSC waivers:

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to the client's death or disability (as defined by Section 22e(3) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to return of excess contributions from an IRA account;

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**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable regulations pursuant to the Internal Revenue Code of 1986, as amended and

&nbsp;&nbsp;&nbsp;&nbsp;●shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost shares class of the same mutual fund.

**Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI:

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●Morgan Stanley Wealth Management employee and employee-related accounts according to Morgan Stanley Wealth Management's account linking rules;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Morgan Stanley Wealth Management self-directed brokerage account and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services and each entity's affiliates ("Raymond James")**

Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers)

and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

● shares purchased in an investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Raymond James fees, but only if the transaction is initiated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at Raymond James: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones")**

Shareholders who are clients of Edward Jones purchasing Fund shares through Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or the SAI, or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones, at the time of purchase, of any relationship, holdings of fund family assets, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Waiver of Class A Sales Charges for Fund Shares Purchased through Edward Jones**

&nbsp;&nbsp;&nbsp;&nbsp;●associates of Edward Jones, its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures;

● shares purchased in an Edward Jones fee-based program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: (1) the proceeds are from the sale of shares within 60 days of the purchase, and (2) the sale and purchase are made from a share class that charges a front-end sales load and one of the following (known as a Right of Reinstatement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption and repurchase occur in the same account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are used to process an: IRA contribution, excess contributions, conversion recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for Rights of Accumulation, as described below.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same Fund and was initiated at the discretion of Edward Jones. Edward Jones will be responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares through a rollover from either another education savings plan or a security used for qualified distributions and

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares made for recontribution of refunded amounts.

**Front-End Load Discounts Available at Edward Jones: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of fund family assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV) and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("LOI") which allow for sales charge and breakpoint discounts based on anticipated purchases within a fund family, through Edward Jones, over a 13-month period of time. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at the LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met. If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**CDSC Waivers on Class A shares available at Edward Jones**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of systematic withdrawals with up to 10% per year of the account value;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on the applicable IRS regulations, as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged in an Edward Jones fee-based program;

● shares acquired through NAV reinstatement and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding the Transactions Through Edward Jones**

**Minimum Purchase Amounts**

● Initial purchase minimum: $250

● Subsequent purchase minimum: none

**Minimum Balances**

&nbsp;&nbsp;&nbsp;&nbsp;●Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holding of a Fund's share class to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney account will be eligible only for the following load waivers (front-end sales charge and CDSC waivers, or back-end sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Waiver of Class A Front-end Sales Charges for Fund Shares Purchased through Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in connection with a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Janney fees but only if the transaction is initiated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-End Load Discounts Available at Janney: Breakpoints and/or Rights of Accumulation** 

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan;

● shares purchased by or through a 529 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through an OPCO affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement);

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of OPCO or its affiliates and their family members and

&nbsp;&nbsp;&nbsp;&nbsp;●trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus.

**CDSC Waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay OPCO fees, but only if the transaction is initiated by OPCO and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the

redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at OPCO: Breakpoints and Rights of Accumulation**

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Incorporated ("Baird")**

Shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC") waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales charge waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions from another Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement) and

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Baird fees, but only if the transaction is initiated by Baird; and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement).

**Front-end sales charge discounts available at Baird: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through Baird, over a 13-month period of time.

**Stifel Financial Corp. ("Stifel")**

Shareholders purchasing or holding Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Front-end sales charge discounts available at Stifel: Breakpoints and Rights of Accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Fund held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other Fund within the same fund family;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the Fund so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares from rollovers into Stifel from retirement plans to IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs and

&nbsp;&nbsp;&nbsp;&nbsp;●charitable organizations and foundations, notably 501(c)(3) organizations.

**CDSC Waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●death or disability of the shareholder or, in the case of 529 plans, the account beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan not to exceed 12% annually;

● return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations;

● shares acquired through a right of reinstatement;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel and

● shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;●Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")\***

Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the Prospectus or Statement of Additional Information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A shares front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class A shares of a Fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;●Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV; and

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of a Fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through a rollover from another 529 plan; and

&nbsp;&nbsp;&nbsp;&nbsp;●Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information** 

&nbsp;&nbsp;&nbsp;&nbsp;●Contingent deferred sales charges (CDSC) imposed on Fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts** 

Wells Fargo Advisors Clients purchasing Class A shares of Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan;

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans; and

&nbsp;&nbsp;&nbsp;&nbsp;●Gift of shares will not be considered when determining breakpoint discounts.

<sup>\*</sup>Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms. 

------

**For Additional Information Contact:**

**By Regular Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>P.O. Box 219336 <br>Kansas City, MO 64121-9336

**By Overnight Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336 <br>Kansas City, MO 64105-1307

**For 24-Hour Access** <br>Call 800-848-0920 (toll free). Representatives are available 9 a.m.– 8 p.m. Eastern time, Monday through Friday. Call after 7 p.m. Eastern time for closing share prices. Also, visit the website at nationwide.com/mutualfunds.

**Information from Nationwide Funds**

Please read this Prospectus before you invest, and keep it with your records. Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In Form N-CSR, you will find the Funds' annual and semiannual financial statements.

The following documents—which may be obtained free of charge—contain additional information about the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;●Statement of Additional Information (incorporated by reference into this Prospectus)

&nbsp;&nbsp;&nbsp;&nbsp;●Annual Reports (which contain discussions of the market conditions and investment strategies that significantly affected each Fund's performance)

● Semiannual Reports

To obtain any of the above documents free of charge, to request other information about a Fund, or to make other shareholder inquiries, contact us at the address or phone number listed or visit the website at nationwide.com/mutualfunds.

To reduce the volume of mail you receive, only one copy of financial reports, prospectuses, other regulatory materials and other communications will be mailed to your household (if you share the same last name and address). You can call us at 800-848-0920, or write to us at the address listed to request (1) additional copies free of charge, or (2) that we discontinue our practice of mailing regulatory materials altogether.

If you wish to receive regulatory materials and/or account statements electronically, you can sign up for our free e-delivery service. Please call 800-848-0920 for information.

**Information from the U.S. Securities and Exchange Commission (SEC)**

You can obtain copies of Fund documents from the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;●on the SEC's EDGAR database via the internet at www.sec.gov or

&nbsp;&nbsp;&nbsp;&nbsp;●by electronic request to publicinfo@sec.gov (the SEC charges a fee to copy any documents).

The Trust's Investment Company Act File No.: 811-08495

Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.©2026 Nationwide Funds Group PR-INT (2/26)

------

Equity Funds

Prospectus March 2, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Nationwide Bailard Small Cap Value Fund *(formerly, Nationwide Bailard Cognitive Value Fund)*** |
| Class A (NWHDX) / Class M (NWHFX)<br> Class R6 (NWHGX) / Institutional Service Class (NWHHX)<br>|
| **Nationwide Bailard Technology Fund *(formerly, Nationwide Bailard Technology & Science Fund)*** |
| Class A (NWHOX) / Class M (NWHQX)<br> Class R6 (NWHTX) / Institutional Service Class (NWHUX)<br>|
| **Nationwide Fund** |
| Class A (NWFAX) / Class R (GNWRX)<br> Class R6 (NWABX) / Institutional Service Class (MUIFX)<br>|

---

**As with all mutual funds, the U.S. Securities and Exchange Commission has not approved or disapproved these Funds' shares or determined whether this Prospectus is complete or accurate. To state otherwise is a crime.**

**nationwide.com/mutualfunds**

![](g40031img5abd2c021.gif)

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**Table of Contents** <br>

---

| | |
|:---|:---|
| **2** | **[Fund Summaries](#xx_ff78da8d-102e-4d58-aa94-71fc41a38ea3_1)**  |
|  | [Nationwide Bailard Small Cap Value Fund](#xx_ff78da8d-102e-4d58-aa94-71fc41a38ea3_1)  |
|  | [Nationwide Bailard Technology Fund](#xx_9c6204df-a660-408f-b945-dd66370d5201_1)  |
|  | [Nationwide Fund](#xx_590f0aa2-f4af-42e3-a723-26c6b4220ee3_1)  |
| **16** | **[How the Funds Invest](#xx_aba3fae8-df34-493d-82e6-fbaa6399ff75_1)**  |
|  | [Nationwide Bailard Small Cap Value Fund](#xx_aba3fae8-df34-493d-82e6-fbaa6399ff75_1)  |
|  | [Nationwide Bailard Technology Fund](#xx_3bf045a1-395f-4fac-a391-97ea866f6809_1)  |
|  | [Nationwide Fund](#xx_c171b975-4de9-4988-a0ca-d66e35cd964a_1)  |
| **20** | **[Risks of Investing in the Funds](#xx_1aa0a454-1e9b-4e7d-9a7c-7e264d6ac833_1)**  |
| **27** | **[Fund Management](#xx_4654e242-d2a7-4741-bf53-7bd6772bfb38_1)**  |
| **29** | **[Investing with Nationwide Funds](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_1)**  |
|  | [Share Classes](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_1)  |
|  | [Sales Charges and Fees](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_4)  |
|  | [Revenue Sharing](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_5)  |
|  | [Contacting Nationwide Funds](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_5)  |
|  | [Fund Transactions](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_7)  |
|  | [Buying Shares](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_8)  |
|  | [Fair Value Pricing](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_8)  |
|  | [Exchanging Shares](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_10)  |
|  | [Selling Shares](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_10)  |
|  | [Excessive or Short-Term Trading](#xx_c9ea000f-1e75-488c-9448-68b0a17a17f6_11)  |
| **41** | **[Distributions and Taxes](#xx_21327be6-12d3-4524-8a87-a5817267ecee_1)**  |
| **44** | **[Additional Information](#xx_7846dad6-db0b-4a46-affa-9c95112b0e23_1)**  |
| **45** | **[Financial Highlights](#xx_b3f9ce49-d450-4f54-873e-f4b7501d9f72_1)**  |
| **49** | **[Appendix A](#xx_3bef812e-af90-4151-a708-ef4fc7da8617_1)**  |
|  | [Intermediary Sales Charge Discounts and Waivers](#xx_3bef812e-af90-4151-a708-ef4fc7da8617_1)  |

---

------

**Fund Summary:** Nationwide Bailard Small Cap Value Fund

*(formerly, Nationwide Bailard Cognitive Value Fund)*

**Objective**

The Nationwide Bailard Small Cap Value 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 29 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 93 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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees<sup>(1)</sup> <br>| 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.43% | 0.18% | 0.18% | 0.43% |
| **Total Annual Fund Operating Expenses** | 1.28% | 0.78% | 0.78% | 1.03% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> <br>| (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.23% | 0.73% | 0.73% | 0.98% |

---

<sup>(1)</sup>

"Management Fees" has been restated to reflect the reduction of contractual investment advisory fees as of January 1, 2026.

<sup>(2)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.73% until at least February 28, 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.

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

------

**Fund Summary:** Nationwide Bailard Small Cap Value Fund *(cont.)*

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $693 | &nbsp;&nbsp;&nbsp;&nbsp; $953 | &nbsp;&nbsp; $1232 | &nbsp;&nbsp; $2027 |
| Class M Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |

---

**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 [_____]% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests its assets primarily in common stocks of small-cap companies, using a value style of investing. It is expected that under normal market conditions, the Fund will invest at least 80% of its net assets in securities of small-capitalization companies. For these purposes, small-capitalization companies are those with market capitalizations that are no higher than the largest company (by market capitalization) included in the Russell 2000<sup>®</sup> Value Index. Under normal market conditions, the Fund may invest up to 25% of the Fund's net assets in common stocks of micro-cap companies whose market capitalization, measured at the time of purchase, is $300 million or less. There is no minimum market capitalization limit for the companies in which the Fund may invest. The Fund's subadviser seeks to add value to the Fund's portfolio through stock selection while maintaining a risk profile that is appropriate relative to the Russell 2000® Value Index. The subadviser uses both quantitative and qualitative techniques to identify stocks it believes are currently undervalued by the market but which still have good fundamentals.

As part of the portfolio management of the Fund, the subadviser employs Behavioral Finance techniques in an attempt to capitalize on investors' behavioral biases and cognitive errors that can result in securities being mispriced. Behavioral Finance is the study of why people do not always behave in an economically rational manner. Economic irrationality typically arises from investors

maximizing personal benefit (not wealth), emotional investing, heuristic biases (e.g., "trial and error" or "rule of thumb" biases) and cognitive errors. The subadviser attempts to exploit investors' biases and errors that it believes to be recurring and predictable, and to minimize its own susceptibility to these same biases and errors. In order to manage portfolio risk, the subadviser utilizes a proprietary scoring framework called Non-Financial Information Capture ("NFI Capture") to evaluate a company's performance based on less traditional or non-financial factors (such as, but not limited to, corporate governance, business ethics, labor standards and employee satisfaction). The NFI Capture process helps the subadviser to avoid or mitigate exposure to risks related to such factors that may result in a company's long-term financial underperformance. The subadviser's assessment is based on a proprietary scoring matrix to rate each company in the investable universe based on its potential exposure to non-financial risk factors. Companies that the subadviser perceives as bearing high levels of investment risk due to significant negative externalities associated with poor resource stewardship, deficient corporate governance or the products or services they offer may be excluded from investment consideration. At times the subadviser emphasizes certain industries or sectors. The Fund may invest up to 25% of its net assets in U.S. dollar-denominated stocks of foreign companies.

The Fund may also engage in active and frequent trading of portfolio securities.

**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

------

**Fund Summary:** Nationwide Bailard Small Cap Value Fund *(cont.)*

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.

***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.

***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.

***Micro-cap risk*** – investing in micro-cap companies involves greater risk than investing in small-, medium- or large- capitalization companies because the stocks of micro-cap companies tend to have greater price volatility and less liquidity than the stocks of larger companies. In addition, micro-cap companies tend to have smaller financial resources, less information available, more limited business lines and more geographic area concentration.

***Value style risk*** – value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued actually is appropriately priced. In addition, value 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 "growth" stocks.

***Quantitative analysis strategy risk*** – the success of the Fund's investment strategy depends in part on the effectiveness of the subadviser's quantitative tools for screening securities. These strategies may incorporate factors that are not predictive of a security's value. Additionally, a previously successful strategy may become outdated or inaccurate, possibly resulting in losses.

***Behavioral Finance techniques risk***– the criteria used in implementing Behavioral Finance techniques and the weight placed on those criteria may not be predictive of a security's value, and the effectiveness of the criteria can change over time. There can be no guarantee that the subadviser will be successful in applying Behavioral Finance

techniques to successfully predict investor behavior to exploit stock price anomalies, and the Fund may underperform funds that do not employ such techniques.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.

***Non-financial information risk*** – the Fund's subadviser may employ an investment process that integrates non-financial factors with traditional financial factors. The relevance and weightings of specific non-financial factors to or within the investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating non-financial factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Non-financial information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, non-financial information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of non-financial data.

***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 and an additional index. The additional index has characteristics relevant to the Fund's investment strategy. 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.

The Fund compares its performance to the Russell 3000 Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

------

**Fund Summary:** Nationwide Bailard Small Cap Value Fund *(cont.)*

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

![](g40031bailard_cv.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **32.82%** | **4Q 2020** |
| **Lowest Quarter:** | **-34.38%** | **1Q 2020** |

---

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)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class A Shares– After Taxes on <br> Distributions <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class M Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class R6 Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Institutional Service <br> Class Shares– Before Taxes <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Russell 3000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |
| Russell 2000® Value Index (The Index <br> does not pay sales charges, fees, <br> expenses or taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |

---

**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Bailard, Inc.

**Portfolio Manager** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund**<br>|
| Thomas J. Mudge III, <br> CFA<br>| Senior Vice President <br> and Director, Equity <br> Research<br>| Since 2006 |
| Blaine Townsend, <br> CIMC, CIMA<br>| Executive Vice <br> President and <br> Director, Sustainable, <br> Responsible and <br> Impact Investing <br> Group<br>| Since 2020 |
| Osman Akgun, PhD, <br> CFA<br>| Senior Vice President, <br> Domestic Equities<br>| Since 2021 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class M: $5,000<br> Class R6: $1,000,000<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, Class M: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

---

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.

---

| | | |
|:---|:---|:---|
| **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 <br> Ave., 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. |

---

**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

------

**Fund Summary:** Nationwide Bailard Small Cap Value Fund *(cont.)*

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.

------

**Fund Summary:** Nationwide Bailard Technology Fund

*(formerly, Nationwide Bailard Technology & Science Fund)*

**Objective**

The Nationwide Bailard Technology 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 29 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 93 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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class M<br> Shares<br>| Class R6<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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class M<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees<sup>(1)</sup> <br>| 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  |  |
| Other Expenses | 0.20% | 0.13% | 0.13% | 0.26% |
| **Total Annual Fund Operating Expenses** | 1.05% | 0.73% | 0.73% | 0.86% |
| Fee Waiver/Expense Reimbursement<sup>(2)</sup> <br>| (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| **Total Annual Fund Operating Expenses**<br> **After Fee Waiver/Expense Reimbursement**<br>| 1.00% | 0.68% | 0.68% | 0.81% |

---

<sup>(1)</sup>

"Management Fees" has been restated to reflect the reduction of contractual investment advisory fees as of January 1, 2026.

<sup>(2)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract limiting annual fund operating expenses to 0.68% until at least February 28, 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.

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

------

**Fund Summary:** Nationwide Bailard Technology Fund *(cont.)*

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $671 | &nbsp;&nbsp;&nbsp;&nbsp; $885 | &nbsp;&nbsp; $1116 | &nbsp;&nbsp; $1780 |
| Class M Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |

---

**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 [_____]% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund will, under normal market conditions, invest its assets primarily in common stocks located in the United States and abroad that the subadviser believes have superior sales and earnings growth potential, but at a reasonable price. It is expected that, under normal market conditions, the Fund will invest at least 80% of its net assets in companies in the technology sectors, including in the semiconductor, semiconductor equipment, hardware, software, information technology services, communications equipment, social media, medical technology, healthcare, financial technology, and interactive media sectors, and may invest in other sectors if determined by the Fund's subadviser to be in the Fund's best interests. The Fund may also invest up to 25% of its net assets in U.S. dollar denominated stocks of foreign companies located in both developed and emerging markets.

Using a combination of qualitative and quantitative techniques, the Fund's subadviser seeks to identify those securities it believes offer superior sales and earnings growth prospects at a reasonable valuation. The subadviser seeks to add value to the Fund's portfolio through stock selection. In order to manage portfolio risk, the subadviser utilizes a proprietary scoring framework called Non-Financial Information Capture ("NFI Capture") to evaluate a company's performance based on less traditional or non-financial factors (such as, but not limited to, corporate governance, business ethics, labor standards and employee satisfaction). The NFI Capture process helps the subadviser

to avoid or mitigate exposure to risks related to such factors that may result in a company's long-term financial underperformance. The subadviser's assessment is based on a proprietary scoring matrix to rate each company in the investable universe based on its potential exposure to non-financial risk factors. Companies that the subadviser perceives as bearing high levels of investment risk due to significant negative externalities associated with poor resource stewardship, deficient corporate governance or the products or services they offer may be excluded from investment consideration. The subadviser may also consider market indices and its own estimates of competitor portfolio weightings in managing the Fund's portfolio.

The Fund may also invest opportunistically in initial public offerings ("IPOs") and in securities of new public companies that have had their IPO within the last six months and that the subadviser finds attractive. The subadviser seeks investment opportunities to penetrate new and existing markets specifically within the technology and related growth industries. In looking at particular companies, the subadviser evaluates the scope of business of a company and its competitive landscape, as well as its management team's experience.

**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.

------

**Fund Summary:** Nationwide Bailard Technology Fund *(cont.)*

***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 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. Because the Fund's investment universe consists of securities in the semiconductor, semiconductor equipment, hardware, software, information technology services, communications equipment, social media, medical technology and interactive media sectors, the Fund has a heavy weighting in these sectors.

The Fund's investments in technology related sectors expose the Fund to risks associated with economic conditions in the technology markets to a greater extent than funds that do not invest heavily in these sectors. Due to intense global competition, a less diversified product line and other factors, companies that develop and/or rely on technology are often highly sensitive to downswings in the economy. Such companies may also experience volatile swings in demand for their products and services due to changing economic conditions, rapid technological advances and shorter product lifespans.

***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.

***New public company risk*** – the risks associated with investing in new public companies include small size, limited financial resources and operating history, dependence on a limited number of products and markets and lack of management depth.

***Foreign securities risk*** – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.

***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.

***Quantitative analysis strategy risk*** – the success of the Fund's investment strategy depends in part on the effectiveness of the subadviser's quantitative tools for screening securities. These strategies may incorporate factors that are not predictive of a security's value. Additionally, a previously successful strategy may become outdated or inaccurate, possibly resulting in losses.

***Non-financial information risk*** – the Fund's subadviser may employ an investment process that integrates non-financial factors with traditional financial factors. The relevance and weightings of specific non-financial factors to or within the investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating non-financial factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Non-financial information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, non-financial information, whether from an external and/or internal source, is, by nature and in many instances, based

------

**Fund Summary:** Nationwide Bailard Technology Fund *(cont.)*

on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of non-financial data.

*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 and an additional index. The additional index has characteristics relevant to the Fund's investment strategy. 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.

The Fund compares its performance to the Russell 1000 Index to satisfy a Securities and Exchange Commission (SEC) disclosure requirement.

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

![](g40031bailard_ts.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **34.79%** | **2Q 2020** |
| **Lowest Quarter:** | **-23.23%** | **2Q 2022** |

---

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)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class A Shares– After Taxes on <br> Distributions <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class M Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Class R6 Shares– Before Taxes  | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Institutional Service <br> Class Shares– Before Taxes <br>| &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% | &nbsp;&nbsp; XX.X% |
| Russell 1000® Index (The Index does not <br> pay sales charges, fees, expenses or <br> taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |
| S&P North American Technology Sector <br> Index<sup>TM</sup> (The Index does not pay sales <br> charges, fees, expenses or taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |

---

**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Bailard, Inc.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund**<br>|
| Sonya Thadhani <br> Mughal, CFA<br>| Chief Executive Officer | Since 2006 |
| David H. Smith, CFA | Executive Vice <br> President, Domestic <br> Equities<br>| Since 2012 |
| Christopher Moshy | Senior Vice President, <br> Domestic Equities<br>| Since 2022 |

---

------

**Fund Summary:** Nationwide Bailard Technology Fund *(cont.)*

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class M: $5,000<br> Class R6: $1,000,000<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, Class M: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

---

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.

---

| | | |
|:---|:---|:---|
| **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 <br> Ave., 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. |

---

**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.

------

**Fund Summary:** Nationwide Fund

**Objective**

The Nationwide Fund seeks total return through a flexible combination of capital appreciation and current income.

**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 29 of this Prospectus and in "Additional Information on Purchases and Sales" commencing on page 93 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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class R<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.53% | 0.53% | 0.53% | 0.53% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.50% |  |  |
| Other Expenses | 0.14% | 0.31% | 0.06% | 0.14% |
| **Total Annual Fund Operating Expenses** | 0.92% | 1.34% | 0.59% | 0.67% |
| Fee Waiver/Expense Reimbursement<sup>(1)</sup> <br>| (0.04)% | (0.04)% | (0.04)% | (0.04)% |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 0.88% | 1.30% | 0.55% | 0.63% |

---

<sup>(1)</sup>

Nationwide Mutual Funds (the "Trust") and Nationwide Fund Advisors (the "Adviser") have entered into a written contract waiving 0.045% of the management fee to which the Adviser would otherwise be entitled until February 28, 2027. Pursuant to the terms of the written contract, the Adviser is not entitled to recoup any fees it has waived. The written contract may be changed or eliminated only with consent of the Board of Trustees of the Trust.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $660 | &nbsp;&nbsp;&nbsp;&nbsp; $848 | &nbsp;&nbsp; $1051 | &nbsp;&nbsp; $1638 |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831 |

---

**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 [_____]% of the average value of its portfolio.

------

**Fund Summary:** Nationwide Fund *(cont.)*

**Principal Investment Strategies**

Under normal circumstances, the Fund invests its assets in a portfolio of equity securities, primarily common stocks of large-cap U.S. companies. The Fund makes market capitalization determinations with respect to a security at the time it purchases such security. Some of the companies in which the Fund invests may be located outside of the United States.

The subadviser uses a fundamental research-driven approach that focuses on identifying attractively valued stocks with earnings growth potential within each sector. It seeks to outperform the S&P 500 Index with similar portfolio volatility through a bottom-up stock selection process that invests in companies with robust business models, strong management teams and sustainable earnings. The subadviser believes that strong investment results can be consistently achieved through bottom-up stock selection with minimal exposure to risks associated with market timing or factor bets, with stock selection at the heart of its process. The subadviser believes that a company's stock price should reflect the present value of its long-term future cash flows. By looking beyond any near-term issues and understanding the long-term "normalized" earnings power of a company, the subadviser seeks to take advantage of temporary mispricings of stocks.

The subadviser's investment process involves three key steps:

&nbsp;&nbsp;&nbsp;&nbsp;●*Fundamental research–*research analysts forecast earnings and cash flows, considering industry changes driven by globalization, technology and the business cycle. Industry frameworks guide their stock-level research, examining economics, duration and governance based on external macroeconomic, industry and company-specific factors.

&nbsp;&nbsp;&nbsp;&nbsp;●*Valuation–* a proprietary valuation process uses research analysts' forecasts of earnings and dividends, derived from detailed analyses of each company's financials. Long-term forecasts of earnings, cash flows and dividends, along with current stock prices, help determine whether a stock is undervalued or overvalued.

&nbsp;&nbsp;&nbsp;&nbsp;●*Portfolio construction–* the subadviser constructs portfolios in a risk-controlled manner based on its research analysts' insights. At times the subadviser may emphasize one or more industries or sectors.

As part of its investment process, the subadviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The subadviser's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments

may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis. Although the Fund maintains a diversified portfolio, it nonetheless may invest 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investing for growth* – common stocks and other equity-type securities that seek growth often involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investing for income* – income provided by the Fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the Fund invests.

***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.

------

**Fund Summary:** Nationwide Fund *(cont.)*

***ESG integration risk*** – the Fund's subadviser may employ an investment process that may integrate ESG factors with traditional financial factors. The relevance and weightings of specific ESG factors to or within the investment process varies across asset classes, sectors and strategies and no one factor or consideration is determinative. When integrating ESG factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, ESG information, whether from an external and/or internal source, is, by nature and in many instances, based on a qualitative and subjective assessment. An element of subjectivity and discretion is therefore inherent to the interpretation and use of ESG data.

***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.

***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.

***Limited portfolio holdings risk*** – because the Fund may hold large positions in a smaller number of securities an increase or decrease in the value of such securities will have a greater impact on the Fund's value and total return. Funds that invest in a relatively small number of securities may be subject to greater volatility than a more diversified investment.

*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.

The Fund's performance prior to July 14, 2025, reflects returns pursuant to different principal investment strategies and a different subadviser. If the Fund's current strategies and subadviser had been in place for the prior period, the performance information shown would have been different.

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

![](g40031nat.jpg)

---

| | | |
|:---|:---|:---|
| **Highest Quarter:** | **21.71%** | **2Q 2020** |
| **Lowest Quarter:** | **-18.71%** | **1Q 2020** |

---

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.

The inception date for Class R6 shares is April 10, 2018. Pre-inception historical performance for Class R6 shares is based on the previous performance of Institutional Service Class shares. Performance for Class R6 shares has not been adjusted to reflect that share class's lower expenses than Institutional Service Class shares.

------

**Fund Summary:** Nationwide Fund *(cont.)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| Class R Shares– Before Taxes  | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| Class R6 Shares– Before Taxes  | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| Institutional Service <br> Class Shares– Before Taxes <br>| &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| Institutional Service Class Shares– After <br> Taxes on Distributions <br>| &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| Institutional Service Class Shares– After <br> Taxes on Distributions and Sales of Shares <br>| &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% | &nbsp;&nbsp; X.XX% |
| S&P 500® Index (The Index does not pay <br> sales charges, fees, expenses or taxes.)<br>| XX.XX% | XX.XX% | XX.XX% |

---

**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

J.P. Morgan Investment Management Inc.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund** <br>|
| Susan Bao, CFA | Managing Director, <br> Portfolio Manager<br>| Since 2025 |
| Andrew Stern, CFA | Executive Director, <br> Portfolio Manager<br>| Since 2025 |

---

**Purchase and Sale of Fund Shares** 

---

| |
|:---|
| **Minimum Initial Investment**<br> Class A: $2,000<br> Class R: no minimum<br> Class R6: $1,000,000<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> Class R, Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A): $50<br>|

---

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.

---

| | | |
|:---|:---|:---|
| **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 <br> Ave., 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. |

---

**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.

------

**How the Funds Invest:** Nationwide Bailard Small Cap Value Fund

**Objective**

The Nationwide Bailard Small Cap Value Fund seeks long-term capital appreciation. This objective may be changed by Nationwide Mutual Fund's (the "Trust's") Board of Trustees ("Board of Trustees") without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies**

The Fund invests its assets primarily in common stocks of ***small-capitalization companies***, using a ***value*** style of investing. It is expected that under normal market conditions, the Fund will invest at least 80% of its net assets in securities of small-capitalization companies. Under normal market conditions, the Fund may invest up to 25% of the Fund's net assets in common stocks of ***micro-cap companies*** whose market capitalization, measured at the time of purchase, is $300 million or less. There is no minimum market capitalization limit for the companies in which the Fund may invest. The Fund's subadviser seeks to add value to the Fund's portfolio through stock selection while maintaining a risk profile that is appropriate relative to the Russell 2000® Value Index. The subadviser uses both ***quantitative*** and ***qualitative analysis*** to identify stocks it believes are currently undervalued by the market but which still have good fundamentals.

As part of the portfolio management of the Fund, the subadviser employs Behavioral Finance techniques in an attempt to capitalize on investors' behavioral biases and cognitive errors that can result in securities being mispriced. Behavioral Finance is the study of why people do not always behave in an economically rational manner. Economic irrationality typically arises from investors maximizing personal benefit (not wealth), emotional investing, heuristic biases (e.g., "trial and error" or "rule of thumb" biases) and cognitive errors. The subadviser attempts to exploit investors' biases and errors that it believes to be recurring and predictable, and to minimize its own susceptibility to these same biases and errors. Stocks are sold when their ranking scores, determined using the subadviser's model, deteriorate below available alternatives, or when the subadviser determines that shifts to the competitive universe or Russell 2000 Value benchmark are significant enough to require economic subsector adjustments to the portfolio for risk control purposes. In order to manage portfolio risk, the subadviser utilizes a proprietary scoring framework called Non-Financial Information Capture ("NFI Capture") to evaluate a company's performance based on less traditional or non-financial factors (such as, but not limited to, corporate governance, business ethics, labor standards and employee satisfaction). The NFI Capture process helps the subadviser to avoid or mitigate exposure to risks related to such factors that may result in a company's long-term financial underperformance. The subadviser's assessment is based on a proprietary scoring matrix to rate each company in the

investable universe based on its potential exposure to non-financial risk factors. Companies that the subadviser perceives as bearing high levels of investment risk due to significant negative externalities associated with poor resource stewardship, deficient corporate governance or the products or services they offer may be excluded from investment consideration.

At times the subadviser emphasizes certain industries or sectors. The Fund may invest up to 25% of its net assets in U.S. dollar-denominated stocks of foreign companies. The Fund also may engage in active and frequent trading of portfolio securities.

---

| |
|:---|
| **Key Terms:**  |
| &nbsp;&nbsp; ***Micro-cap companies*** – companies whose capitalization <br> is $300 million or less.<br>|
| &nbsp;&nbsp; ***Qualitative analysis*** – non-quantifiable methods used in <br> the investment process to evaluate market conditions <br> and to identify securities of issuers for possible purchase <br> or sale by the Fund.<br>|
| &nbsp;&nbsp; ***Quantitative analysis*** – mathematical and statistical <br> methods used in the investment process to evaluate <br> market conditions and to identify securities of issuers for <br> possible purchase or sale by the Fund.<br>|
| &nbsp;&nbsp; ***Small-capitalization companies*** – companies whose <br> capitalizations are no higher than the largest company <br> (by market capitalization) included in the Russell 2000<sup>®</sup> <br> Value Index. As of December 31, 2025, the market <br> capitalization of the largest company included in the <br> Russell 2000<sup>®</sup> Value Index was $__ billion. <br>|
| &nbsp;&nbsp; ***Value stocks*** – stocks that may be trading at prices that <br> do not reflect a company's intrinsic value, based on <br> factors such as a company's stock price relative to its <br> book value, earnings and cash flow. Companies issuing <br> such securities may be currently out of favor, <br> undervalued due to market declines, or experiencing <br> poor operating conditions that may be temporary.<br>|

---

**Principal Risks**

The Fund is subject to the same risks that apply to all mutual funds that invest in equity securities. For instance, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate.

In addition, the Fund is subject to **BEHAVIORAL FINANCE TECHNIQUES RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, MARKET RISK, MICRO-CAP RISK, NON-FINANCIAL INFORMATION RISK, PORTFOLIO TURNOVER RISK, QUANTITATIVE ANALYSIS STRATEGY RISK, SECTOR RISK, SELECTION RISK, SMALLER COMPANY RISK** and **VALUE STYLE RISK** each of which is described in the section "Risks of Investing in the Funds" beginning on page 20.

------

**How the Funds Invest:** Nationwide Bailard Small Cap Value Fund *(cont.)*

***The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.***

------

**How the Funds Invest:** Nationwide Bailard Technology Fund

**Objective**

The Nationwide Bailard Technology Fund seeks long-term capital appreciation. This objective may be changed by the Trust's Board of Trustees without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies**

The Fund will, under normal market conditions, invest its assets primarily in common stocks located in the United States and abroad that the subadviser believes have superior sales and earnings ***growth*** potential, but at a reasonable price. It is expected that, under normal market conditions, the Fund will invest at least 80% of its net assets in companies in the technology sectors, including in the semiconductor, semiconductor equipment, hardware, software, information technology services, communications equipment, social media, medical technology, healthcare, financial technology, and interactive media sectors, and may invest in other sectors if determined by the Fund's subadviser to be in the Fund's best interests. The Fund may also invest up to 25% of its net assets in U.S. dollar denominated stocks of foreign companies located in both developed and ***emerging market countries.***

Using a combination of ***qualitative*** and ***quantitative analysis***, the Fund seeks to identify and invest in companies that offer superior sales and earnings growth prospects at a reasonable valuation. The subadviser seeks to add value to the Fund's portfolio through stock selection. In order to manage portfolio risk, the subadviser utilizes a proprietary scoring framework called Non-Financial Information Capture ("NFI Capture") to evaluate a company's performance based on less traditional or non-financial factors (such as, but not limited to, corporate governance, business ethics, labor standards and employee satisfaction). The NFI Capture process helps the subadviser to avoid or mitigate exposure to risks related to such factors that may result in a company's long-term financial underperformance. The subadviser's assessment is based on a proprietary scoring matrix to rate each company in the investable universe based on its potential exposure to non-financial risk factors. Companies that the subadviser perceives as bearing high levels of investment risk due to significant negative externalities associated with poor resource stewardship, deficient corporate governance or the products or services they offer may be excluded from investment consideration. The subadviser may also consider market indices and its own estimates of competitor portfolio weightings in managing the Fund's portfolio. The subadviser will sell securities if it determines that the company's prospects change or fundamentals no longer appear relatively attractive.

The Fund may also invest opportunistically in initial public offerings ("IPOs") and in securities of new public companies that have had their IPO within the last six months and that

the subadviser finds attractive. The subadviser seeks investment opportunities to penetrate new and existing markets specifically within the technology and related growth industries. In looking at particular companies, the subadviser evaluates the scope of business of a company and its competitive landscape, as well as its management team's experience.

---

| |
|:---|
| **Key Terms:**  |
| &nbsp;&nbsp; ***Emerging market countries*** – typically are developing <br> and low- or middle-income countries such as those as <br> identified by the International Finance Corporation or <br> the World Bank. Emerging market countries may be <br> found in regions such as Asia, Latin America, Eastern <br> Europe, the Middle East and Africa. <br>|
| &nbsp;&nbsp; ***Growth style*** – investing in equity securities of <br> companies that the Fund's subadviser believes have <br> above-average rates of earnings growth and which <br> therefore may experience above-average increases in <br> stock prices. <br>|
| &nbsp;&nbsp; ***Qualitative analysis*** – non-quantifiable methods used in <br> the investment process to evaluate market conditions <br> and to identify securities of issuers for possible purchase <br> or sale by the Fund.<br>|
| &nbsp;&nbsp; ***Quantitative analysis*** – mathematical and statistical <br> methods used in the investment process to evaluate <br> market conditions and to identify securities of issuers for <br> possible purchase or sale by the Fund.<br>|

---

**Principal Risks**

The Fund is subject to the same risks that apply to all mutual funds that invest in equity securities. For instance, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate.

In addition, the Fund is subject to **EMERGING MARKETS RISK, EQUITY SECURITIES RISK, FOREIGN SECURITIES RISK, GROWTH STYLE RISK, INITIAL PUBLIC OFFERING RISK, MARKET RISK, NEW PUBLIC COMPANY RISK, NON-FINANCIAL INFORMATION RISK, QUANTITATIVE ANALYSIS STRATEGY RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 20.

***The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.***

------

**How the Funds Invest:** Nationwide Fund

**Objective**

The Nationwide Fund seeks total return through a flexible combination of capital appreciation and current income. This objective may be changed by the Trust's Board of Trustees without shareholder approval upon 60 days' written notice to shareholders.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests its assets in a portfolio of ***equity securities***, primarily ***common stocks*** of ***large-cap*** U.S. companies. The Fund makes ***market capitalization*** determinations with respect to a security at the time it purchases such security. Some of the companies in which the Fund invests may be located outside of the United States.

The subadviser uses a fundamental research-driven approach that focuses on identifying attractively valued stocks with earnings growth potential within each sector. It seeks to outperform the S&P 500 Index with similar portfolio volatility through a bottom-up stock selection process that invests in companies with robust business models, strong management teams and sustainable earnings. The subadviser believes that strong investment results can be consistently achieved through bottom-up stock selection with minimal exposure to risks associated with market timing or factor bets, with stock selection at the heart of its process. The subadviser believes that a company's stock price should reflect the present value of its long-term future cash flows. By looking beyond any near-term issues and understanding the long-term "normalized" earnings power of a company, the subadviser seeks to take advantage of temporary mispricings of stocks.

The subadviser's investment process involves three key steps:

&nbsp;&nbsp;&nbsp;&nbsp;●*Fundamental research–*research analysts forecast earnings and cash flows, considering industry changes driven by globalization, technology and the business cycle. Industry frameworks guide their stock-level research, examining economics, duration and governance based on external macroeconomic, industry and company-specific factors.

&nbsp;&nbsp;&nbsp;&nbsp;●*Valuation–* a proprietary valuation process uses research analysts' forecasts of earnings and dividends, derived from detailed analyses of each company's financials. Long-term forecasts of earnings, cash flows and dividends, along with current stock prices, help determine whether a stock is undervalued or overvalued.

&nbsp;&nbsp;&nbsp;&nbsp;●*Portfolio construction–* the subadviser constructs portfolios in a risk-controlled manner based on its research analysts' insights. At times the subadviser may emphasize one or more industries or sectors.

As part of its investment process, the subadviser seeks to assess the impact of environmental, social and governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ESG) factors on many issuers in the universe in which the Fund may invest. The subadviser's assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund's investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis. Although the Fund maintains a diversified portfolio, it nonetheless may invest in a limited number of issuers.

---

| |
|:---|
| **Key Terms:**  |
| &nbsp;&nbsp; ***Bottom-up approach*** – a method of investing that <br> involves the selection of securities based on their <br> individual attributes regardless of broader national, <br> industry or economic factors.<br>|
| &nbsp;&nbsp; ***Common stock*** – securities representing shares of <br> ownership of a corporation.<br>|
| &nbsp;&nbsp; ***Equity securities*** – represent an ownership interest in the <br> issuer. Common stocks are the most common type of <br> equity securities.<br>|
| &nbsp;&nbsp; ***Large-cap companies*** – companies with market <br> capitalizations similar to those of companies included in <br> the Russell 1000<sup>®</sup> Index, ranging from $[___] million to <br> $[___] trillion as of December 31, 2025.<br>|
| &nbsp;&nbsp; ***Market capitalization*** – a common way of measuring the <br> size of a company based on the price of its common <br> stock times the number of outstanding shares.<br>|

---

**Principal Risks**

The Fund is subject to the same risks that apply to all mutual funds that invest in equity securities. For instance, the value of the Fund's investments—and therefore, the value of Fund shares—may fluctuate.

In addition, the Fund is subject to **EQUITY SECURITIES RISK, ESG INTEGRATION RISK, FOREIGN SECURITIES RISK, LIMITED PORTFOLIO HOLDINGS RISK, MARKET RISK, SECTOR RISK** and **SELECTION RISK**, each of which is described in the section "Risks of Investing in the Funds" beginning on page 20.

***The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.***

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**Risks of Investing in the Funds**

As with all mutual funds, investing in Nationwide Funds involves certain risks. There is no guarantee that a Fund will meet its investment objective or that a Fund will perform as it has in the past. Loss of money is a risk of investing in the Funds.

The following information relates to the principal risks of investing in the Funds, as identified in the "Fund Summary" and "How the Funds Invest" sections for each Fund. A Fund may invest in or use other types of investments or strategies not shown below that do not represent principal strategies or raise principal risks. More information about these non-principal investments, strategies and risks is available in the Funds' Statement of Additional Information ("SAI").

***Behavioral Finance techniques risk*** – the criteria used in implementing Behavioral Finance techniques and the weight placed on those criteria may not be predictive of a security's value, and the effectiveness of the criteria can change over time. There is no guarantee that the subadviser will be successful in applying Behavioral Finance techniques to successfully predict investor behavior to exploit stock price anomalies, and the Fund may underperform funds that do not employ such techniques.

***Emerging markets risk*** – the risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets are considered to be speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets and are more expensive to trade in. Since these markets are often small, 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. In addition, traditional measures of investment value used in the United States, such as price-to-earnings ratios, may not apply to certain small markets. Also, there may be less publicly available and reliable information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Therefore, the ability to conduct adequate due diligence in emerging markets may be limited.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the

past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets also face other significant internal or external risks, including the nationalization of assets, unexpected market closures, risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that limit a Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. The ability to bring and enforce actions in emerging market countries may be limited and shareholder claims may be difficult or impossible to pursue. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a 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. The possibility of fraud, negligence, or undue influence being exerted by the issuer or refusal to recognize that ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

***Equity securities risk*** – a Fund could lose value if the individual equity securities in which it has invested and/or the overall stock markets on which the stocks trade decline in price. Stocks and stock markets often experience short-term volatility (price fluctuation) as well as extended periods of price decline or little growth. Individual stocks are affected by many factors, including:

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**Risks of Investing in the Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● corporate earnings;

● production;

● management and

&nbsp;&nbsp;&nbsp;&nbsp;●sales and market trends, including investor demand for a particular type of stock, such as growth or value stocks, small- or large-cap stocks, or stocks within a particular industry.

*Investing for growth* – common stocks and other equity-type securities that seek growth often involve larger price swings and greater potential for loss than other types of investments. These risks often are even greater in the case of smaller capitalization stocks.

*Investing for income* – income provided by a Fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a Fund invests.

***ESG integration risk*** – a Fund's environmental, social and corporate governance ("ESG") investing strategy, which may select or exclude securities of certain issuers for reasons other than investment performance, carries the risk that the Fund's performance will differ from or underperform compared to funds that do not utilize an ESG integration strategy. For example, the application of this strategy could affect the Fund's exposure to certain sectors or types of investments, which could negatively impact the Fund's performance. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Fund's subadviser or any judgment exercised by the subadviser will reflect the opinions of any particular investor, and the factors utilized by the subadviser may differ from the factors that any particular investor considers relevant in evaluating an issuer's ESG practices. ESG factors may not be considered for each and every investment decision, and there is no guarantee that the integration of ESG factors will result in better performance.

In evaluating an issuer, the subadviser is dependent upon information and data obtained through voluntary or third-party reporting that may be limited, incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause the subadviser to incorrectly assess an issuer's business practices with respect to its ESG practices. Further, different methodologies are used by the various data sources that provide ESG data. Socially responsible norms differ by region, and an issuer's ESG practices or the subadviser's assessment of an issuer's ESG practices may change over time.

***Foreign securities risk*** – foreign securities may be more volatile, harder to price and less liquid than U.S. securities. Foreign investments involve some of the following risks:

● political and economic instability;

● the impact of currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●sanctions imposed by other foreign governments, including the United States;

● reduced information about issuers;

● higher transaction costs;

● less stringent regulatory and accounting standards and

● delayed settlement.

Additional risks include the possibility that a foreign jurisdiction will impose or increase withholding taxes on income payable with respect to foreign securities; the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which a Fund could lose its entire investment in a certain market); and the possible adoption of foreign governmental restrictions such as exchange controls.

*Regional* – adverse conditions in a certain region can adversely affect securities of issuers in other countries whose economies appear to be unrelated. To the extent that a Fund invests a significant portion of its assets in a specific geographic region, a Fund will generally have more exposure to regional economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of a Fund's assets are invested, the Fund may experience substantial illiquidity or losses.

*Foreign currencies* – foreign securities often are denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of a Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars.

*Foreign custody* – a Fund invests in foreign securities that may hold such securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business, and there may be limited or no regulatory oversight of their operations. The laws of certain countries put limits on a Fund's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results in a higher operating expense ratio for a Fund holding assets outside the United States.

*Depositary receipts* – investments in foreign securities may be in the form of depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), which typically are issued by local financial institutions and

------

**Risks of Investing in the Funds** *(cont.)*

evidence ownership of the underlying securities. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

Depositary receipts may or may not be jointly sponsored by the underlying issuer. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore may be considered to be illiquid securities.

***Growth style risk*** – growth investing involves buying stocks that have relatively high prices in relation to their earnings. 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 a Fund will suffer a loss as the price of the company's stock will 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.

***Initial public offering risk*** – availability of initial public offerings ("IPO") may be limited and a 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 a Fund's performance. Further, IPO prices often are subject to greater and more unpredictable price changes than more established stocks and may involve significant losses.

***Limited portfolio holdings risk*** – because a 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 a Fund's value and total return. Funds that invest in a relatively small number of securities may be subject to greater volatility than a more diversified investment.

***Market risk*** – the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. In particular, market risk, including political, regulatory, market, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of a Fund's investments. In addition, turbulence in financial markets and reduced liquidity in the markets negatively affect many issuers, which could adversely affect a Fund.

These risks will 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. Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies of the affected country and other countries with which it does business, which in turn could adversely affect a Fund's investments in that country and other affected countries. In these and other circumstances, such events or developments might affect companies world-wide and therefore can affect the value of a Fund's investments.

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted.

Additionally, in October 2023, armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel's southern border from the Gaza Strip. In response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Actual hostilities, such as the Israel-Hamas war, or the threat of future hostilities in the broader Middle East region, may cause significant volatility and disruption to the securities markets, and adversely affect global energy and financial markets.

The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russia, Israel, or the adjoining geographic regions.

***Micro-cap risk*** – see "*Smaller company risk*."

***New public company risk*** – the risks associated with investing in new public companies include small size, limited

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**Risks of Investing in the Funds** *(cont.)*

financial resources and operating history, dependence on a limited number of products and markets and lack of management depth.

***Non-financial information risk*** – a Fund's consideration of non-financial information, which may lead the subadviser to select or exclude securities of certain issuers for reasons other than investment performance, carries the risk that the Fund's performance will differ from or underperform compared to funds that do not integrate non-financial information into their investment strategies. For example, the application of non-financial information could affect the Fund's exposure to certain sectors or types of investments, which could negatively impact the Fund's performance. Some elements of non-financial information integration is qualitative and subjective, and there is no guarantee that the factors utilized by the Fund's subadviser or any judgment exercised by the subadviser will reflect the opinions of any particular investor, and the factors utilized by the subadviser may differ from the factors that any particular investor considers relevant. Non-financial factors may not be considered for each and every investment decision, and there is no guarantee that the integration of non-financial factors will result in better performance.

In evaluating an issuer, the subadviser is dependent upon information and data obtained through voluntary or third-party reporting that may be limited, incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause the subadviser to incorrectly assess an issuer's business practices regarding negative externalities, resource stewardship and corporate governance. Further, different methodologies are used by the various data sources that provide non-financial data.

***Portfolio turnover risk*** – a Fund's investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to a Fund buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions to a Fund's shareholders.

***Quantitative analysis strategy risk*** – the success of a Fund's investment strategy depends in part on the effectiveness of the subadviser's quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. The subadviser's quantitative tools may use factors that may not be predictive of a security's value and any changes over time in the factors that affect a security's value may not be reflected in the quantitative model. The subadviser's stock selection will be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems.

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

*Consumer staples* – companies in the consumer staples sector, including companies in the consumer staples distribution and retail, beverages, food products, tobacco, household products, and personal care products industries, may be adversely affected by changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental and political events, economic conditions, the depletion of resources, and government regulation. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Companies in the consumer staples sector also may be subject to risks pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors, including, without limitation, changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions. Companies in the consumer staples sector may be subject to severe competition, which may also have an adverse impact on their profitability.

*Consumer discretionary* – companies engaged in the consumer discretionary sector, including companies in the automobiles and components, consumer durables and apparel, consumer services, and consumer discretionary distribution and retail industry groups, are affected by fluctuations in supply and demand and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations also may adversely affect companies in the consumer discretionary sector.

*Communication services* – companies in the communication services sector, including companies engaged in the diversified telecommunication services, wireless telecommunication services, media, entertainment, and interactive media and services industries, may be subject to legislative or regulatory changes, adverse market conditions, and/or increased competition. These companies'

------

**Risks of Investing in the Funds** *(cont.)*

values are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence, and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

*Energy* – companies engaged in the energy sector, including companies engaged in the energy equipment and services and the oil and gas and consumable fuels industries, are subject to extensive government regulation, including contractual fixed pricing, which may increase the cost of business and limit these companies' earnings. A significant portion of their revenues may depend on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of energy companies.

Energy companies may do business with companies in countries other than the United States. Such companies often operate in countries with less stringent regulatory regimes and countries that have a history of expropriation and/or nationalization, among other adverse policies. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism, war and natural disasters. The energy sector is cyclical, and commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, technological developments, geopolitical conflict and related economic sanctions and labor relations also could affect companies in this sector. Recent global, political and economic events have created greater volatility in the energy sector, which may create wide fluctuations in the value of energy companies.

*Financials* – a Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector. Companies engaged in banking, financial services, consumer finance, capital markets, and insurance activities, as well as mortgage real estate investment trusts (REITs), are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Unstable interest rates can have a disproportionate effect on the financials sector and companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that

sector. Companies in the financials sector have also been affected by increased competition, which could adversely affect the profitability or viability of such companies. Although regulators have focused on and taken measures to stabilize the financial system, bank failures and liquidity concerns continue to impact companies in the banking and financial services industries. Further regulatory intervention may be required to stabilize the U.S. banking industry if U.S. banks appear to be at a risk of failure, which could result in other unforeseen adverse impacts on the economy.

*Health care* – factors such as extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, costs associated with obtaining and protecting patents, product liability and other claims, changes in technologies and other market developments can affect companies in the health care sector. Companies in the health care sector include providers of health care and health care services, companies that manufacture and distribute health care equipment and supplies, health care technology companies, companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products, and life sciences tools and services companies.

*Industrials* – changes in government regulation, world events and economic conditions may adversely affect companies in the industrials sector. Companies in the industrials sector include companies engaged in the manufacture and distribution of capital goods such as aerospace and defense, building products, and electrical equipment and machinery; companies that offer construction and engineering services; providers of commercial and professional services, including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, and research and consulting services; and companies that provide transportation services. These companies are also at risk for environmental damage claims. Industrial companies also may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources, technological developments, labor relations and changes in the supply of and demand for their specific products or services or for industrials sector products in general.

*Information technology* – companies engaged in the information technology services, software, communications equipment, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and technology hardware, storage and peripherals industries face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology

------

**Risks of Investing in the Funds** *(cont.)*

companies may have limited product lines, markets, financial resources or personnel. The products produced by information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect their profitability.

*Materials* – companies that manufacture chemicals, construction materials, containers and packaging, and paper and forest products, as well as materials and mining companies, may be adversely affected by changes in world events, political and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, increased competition and the imposition of import controls. Production of industrial materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns. In addition, issuers in the materials sector are at risk for environmental damage and product liability claims and may be adversely affected by the depletion of resources, technical progress, labor relations and government regulations.

*Real estate* – companies in the real estate sector, including companies engaged in real estate development and operation and companies offering real estate related services and equity real estate investment trusts (REITs), are subject to risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.

*Utilities* – companies in the utilities sector, including companies in the electric, gas, water and multi-utilities industries, and companies that engage in independent power and renewable energy production, are subject to a variety of factors that may adversely affect the business or operations of utility companies. These risks include high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital on reasonable terms in periods of high inflation and unsettled capital markets; governmental regulation of rates that the utility company can charge to customers; costs associated with compliance with, and adjusting to changes to, environmental and other regulations; effects of economic slowdowns and surplus capacity; and increased competition from other providers of utility services. Utility companies may also be adversely affected by increased

costs associated with the reduced availability of certain types of fuel, as well as the possibility of reduced availability and high costs of natural gas for resale.

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

***Smaller company risk*** – in general, stocks of smaller companies (including micro- and mid-cap companies) trade in lower volumes, are less liquid, and are subject to greater or more unpredictable price changes than stocks of larger companies or the market overall. Smaller companies may have limited product lines or markets, be less financially secure than larger companies or depend on a smaller number of key personnel. If adverse developments occur, such as due to management changes or product failures, a Fund's investment in a smaller company may lose substantial value. Investing in smaller companies (including micro- and mid-cap companies) requires a longer-term investment view and may not be appropriate for all investors.

***Value style ris*k** – over time, a value investing style will go in and out of favor, causing a Fund to sometimes underperform other equity funds that use different investing styles. Value stocks can react differently to issuer, political, market and economic developments than the market overall and other types of stock. In addition, a Fund's value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued is actually appropriately priced.

*Loss of money is a risk of investing in the Funds. An investment in a 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.*

\* \* \* \* \* \*

***Temporary defensive positions*** – each Fund generally will be fully invested in accordance with its objective and strategies. However, pending investment of cash balances, in anticipation of possible redemptions, or if a Fund's management believes that business, economic, political or financial conditions warrant, each Fund may invest without limit in high-quality fixed-income securities, cash or money market cash equivalents. The use of temporary defensive positions therefore is not a principal strategy, as it prevents each Fund from fully pursuing its investment objective, and the Fund may miss potential market upswings.

**Selective Disclosure of Portfolio Holdings**

Each Fund posts onto the internet site for the Trust (nationwide.com/mutualfunds) substantially all of its securities holdings as of the end of each month. Such

------

**Risks of Investing in the Funds** *(cont.)*

portfolio holdings are available no earlier than 15 calendar days after the end of the previous month, and generally remain available on the internet site until the Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT with the U.S. Securities and Exchange Commission. A description of the Funds' policies and procedures regarding the release of portfolio holdings information is available in the Funds' SAI.

------

**Fund Management**

**Investment Adviser**

Nationwide Fund Advisors ("NFA" or "Adviser"), located at One Nationwide Plaza, Columbus, OH 43215, manages the investment of the Funds' assets and supervises the daily business affairs of each Fund. Subject to the oversight of the Board of Trustees, NFA also selects the subadvisers for the Funds, determines the allocation of Fund assets among one or more subadvisers and evaluates and monitors the performance of the subadvisers. Organized in 1999 as an investment adviser, NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc.

**Subadvisers**

Subject to the oversight of NFA and the Board of Trustees, a subadviser will manage all or a portion of a Fund's assets in accordance with a Fund's investment objective and strategies. With regard to the portion of a Fund's assets allocated to it, each subadviser makes investment decisions for the Fund and, in connection with such investment decisions, places purchase and sell orders for securities. NFA pays each subadviser from the management fee it receives from each Fund.

**BAILARD, INC. ("BAILARD")**, located at 950 Tower Lane, Suite 1900, Foster City, CA 94404, with a satellite office at 180 Sutter Street, Suite 200, San Francisco, CA 94104, is the subadviser to the Nationwide Bailard Small Cap Value Fund and Nationwide Bailard Technology Fund. Bailard is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is organized as a California corporation. As of December 31, 2025, Bailard had approximately $[___] billion in assets under management. Bailard has been providing investment management services since 1972.

**J.P. MORGAN INVESTMENT MANAGEMENT INC. ("JPMIM")**, located at 383 Madison Avenue, New York, NY 10179, is the subadviser to the Nationwide Fund. JPMIM is an indirect wholly owned subsidiary of JPMorgan Chase & Co., a publicly traded corporation that is listed on the New York Stock Exchange (Ticker: JPM).

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory and subadvisory agreements for the Funds will be in the Funds' reports filed on Form N-CSR, which will cover the period ending April 30, 2026. The reports are filed with the U.S. Securities and Exchange Commission, portions of which are available on the Funds' website.

**Management Fees**

Each Fund pays NFA a management fee based on the Fund's average daily net assets. The total management fee paid by each Fund for the fiscal year ended October 31, 2025, expressed as a percentage of each Fund's average

daily net assets and taking into account any applicable fee waivers or reimbursements, was as follows:

---

| | |
|:---|:---|
| **Fund** | **Actual Management Fee Paid** |
| Nationwide Bailard Small Cap Value Fund | [______]<br> %<br>|
| Nationwide Bailard Technology Fund | [______]<br> %<br>|
| Nationwide Fund | [______]<br> %<br>|

---

Beginning January 1, 2026, the Nationwide Bailard Small Cap Value Fund and Nationwide Bailard Technology Fund each began paying NFA an annual management fee based on the rates in the table below, which are expressed as a percentage of each such Fund's average daily net assets, without taking into account any applicable fee waivers or reimbursements.

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Management Fee** |
| &nbsp;&nbsp; Nationwide <br> Bailard <br> Small Cap <br> Value Fund | Up to $500 million | 0.60<br> %<br>|
| &nbsp;&nbsp; Nationwide <br> Bailard <br> Small Cap <br> Value Fund | $500 million and more  | 0.55<br> %<br>|
| &nbsp;&nbsp; Nationwide <br> Bailard <br> Technology <br> Fund | Up to $500 million | 0.60<br> %<br>|
| &nbsp;&nbsp; Nationwide <br> Bailard <br> Technology <br> Fund | $500 million and more but less than $1<br> billion<br>| 0.55<br> %<br>|
| &nbsp;&nbsp; Nationwide <br> Bailard <br> Technology <br> Fund | $1 billion and more | 0.50<br> %<br>|

---

**Portfolio Management**

**Nationwide Bailard Small Cap Value Fund**

Thomas J. Mudge III, CFA, Blaine Townsend, CIMC, CIMA, and Osman Akgun, PhD, CFA are jointly responsible for the day-to-day management of the Fund.

Mr. Mudge is Senior Vice President and Director of Bailard's Equity Research. He has over 37 years of investment experience, having joined the firm in 1987.

Mr. Townsend is Executive Vice President and Director of Bailard's Sustainable, Responsible and Impact Investing group. He has over 30 years of investment experience and joined the firm in 2016.

Dr. Akgun is Senior Vice President of Domestic Equities and joined Bailard in 2012. He has over 13 years of investment experience.

**Nationwide Bailard Technology Fund**

Sonya Thadhani Mughal, CFA, David H. Smith, CFA and Christopher Moshy are jointly responsible for the day-to-day management of the Fund.

Ms. Mughal is Chief Executive Officer of Bailard. She has over 30 years of investment experience, having joined Bailard in 1994.

Mr. Smith is Executive Vice President of Domestic Equities at Bailard. He joined Bailard in 2009 and has over 15 years of investment experience.

------

**Fund Management** *(cont.)*

Mr. Moshy is Senior Vice President of Domestic Equities at Bailard. With over 30 years of investment experience, he joined Bailard in 2015.

**Nationwide Fund** 

Susan Bao, CFA, and Andrew Stern, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.

Ms. Bao is a Managing Director at JPMIM and a portfolio manager for the JPMorgan Large Cap Leaders strategy and for the JPMorgan Large Cap Core 130/30 strategy. She has been with the firm since 1997.

Mr. Stern is an Executive Director at JPMIM and a generalist analyst for the JPMorgan Large Cap Leaders Team, Large Cap Core 130/30 and Research Market Neutral strategy. He has been with the firm since 2008.

**Additional Information about the Portfolio Managers**

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Fund(s) managed by the portfolio manager, if any.

**Manager-of-Managers Structure**

The Adviser and the Trust have received two exemptive orders from the U.S. Securities and Exchange Commission for a manager-of-managers structure. The first order allows the Adviser, subject to the approval of the Board of Trustees, to hire, replace or terminate a subadviser (excluding hiring a subadviser which is an affiliate of the Adviser) without the approval of shareholders. The first order also allows the Adviser to revise a subadvisory agreement with an unaffiliated subadviser with the approval of the Board of Trustees but without shareholder approval. The second order allows the aforementioned approvals to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

If a new unaffiliated subadviser is hired for a Fund, shareholders will receive information about the new subadviser within 90 days of the change. The exemptive orders allow the Funds greater flexibility, enabling them to operate more efficiently.

Pursuant to the exemptive orders, the Adviser monitors and evaluates any subadvisers, which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;●performing initial due diligence on prospective Fund subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●monitoring subadviser performance, including ongoing analysis and periodic consultations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●communicating performance expectations and evaluations to the subadvisers;

&nbsp;&nbsp;&nbsp;&nbsp;●making recommendations to the Board of Trustees regarding renewal, modification or termination of a subadviser's contract and

● selecting Fund subadvisers.

The Adviser does not expect to recommend subadviser changes frequently. The Adviser periodically provides written reports to the Board of Trustees regarding its evaluation and monitoring of each subadviser. Although the Adviser monitors each subadviser's performance, there is no certainty that any subadviser or a Fund will obtain favorable results at any given time.

------

**Investing with Nationwide Funds**

**Share Classes**

------

When selecting a share class, you should consider the following:

● which share classes are available to you;

● how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;●total costs and expenses associated with a particular share class and

&nbsp;&nbsp;&nbsp;&nbsp;●whether you qualify for any reduction or waiver of sales charges.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (backend) sales charge ("CDSC") waivers. **More information about purchasing shares through certain financial intermediaries appears in Appendix A to this Prospectus.**

In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

Your financial intermediary can help you to decide which share class is best suited to your needs. In addition to the sales charges and fees discussed in this section, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

------

The Nationwide Funds (also referred to as the "Funds") offer several different share classes, each with different price and cost features. Class A shares are available to all investors. Class R, Institutional Service Class, Class R6 and Class M shares are available only to certain investors. For eligible investors, these share classes may be more suitable than Class A shares.

Before you invest, compare the features of each share class, so that you can choose the class that is right for you. We describe each share class in detail on the following pages. Your financial intermediary can help you with this decision.

**Class A Shares**

Class A shares are subject to a front-end sales charge of 5.75% of the offering price, which declines based on the size of your purchase as shown below. A front-end sales charge means that a portion of your investment goes toward the sales charge and is not invested. Class A shares are subject to maximum annual administrative services fees of 0.25% and an annual Rule 12b-1 fee of 0.25%.

**Front-End Sales Charges for Class A Shares** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of**<br> **Purchase** | **Sales Charge as**<br> **a Percentage of** | **Sales Charge as**<br> **a Percentage of** | **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| **Amount of**<br> **Purchase** | **Offering**<br> **Price**<br>| **Net Amount**<br> **Invested**<br> **(approximately)**<br>| **Dealer**<br> **Commission as a**<br> **Percentage of**<br> **Offering Price** |
| Less than $50,000 | 5.75<br> %<br>| 6.10<br> %<br>| 5.00<br> %<br>|
| $50,000 to $99,999 | 4.75 | 4.99 | 4.00 |
| $100,000 to $249,999 | 3.50 | 3.63 | 3.00 |
| $250,000 to $499,999 | 2.50 | 2.56 | 2.00 |
| $500,000 to $999,999 | 2.00 | 2.04 | 1.75 |
| $1 million or more |  |  | None\* |

---

\*

Dealer may be eligible for a finder's fee as described in "Purchasing Class A Shares without a Sales Charge" below.

No front-end sales charge applies to Class A shares that you buy through reinvestment of Fund dividends or capital gains.

**Waiver of Class A Sales Charges**

Front-end sales charges on Class A shares are waived for the following purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;●registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to the amounts to be invested in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●investors who participate in a self-directed investment brokerage account program offered by a financial intermediary that may or may not charge its customers a transaction fee;

&nbsp;&nbsp;&nbsp;&nbsp;●current shareholders of a Nationwide Fund who, as of February 28, 2017, owned their shares directly with the Trust in an account for which Nationwide Fund Distributors LLC (the "Distributor") was identified as the broker-dealer of record;

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees, and sales representatives and their employees of a broker-dealer that has a dealer/selling agreement with the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored 401(k) plans, 457 plans, 403(b) plans, health savings accounts, profit sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. For purposes of this provision, employer-sponsored plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●owners of individual retirement accounts ("IRA") investing assets formerly in retirement plans that were subject to the automatic rollover provisions under Section 401(a)(31)(B) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●any investor who purchases Class A shares of a Fund (the "New Fund") with proceeds from sales of Class K or Eagle Class shares of another Nationwide Fund, where the New Fund does not offer Class K or Eagle Class shares;

&nbsp;&nbsp;&nbsp;&nbsp;●investment advisory clients of the Adviser and its affiliates;

------

**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Trustees and retired Trustees of the Trust and

&nbsp;&nbsp;&nbsp;&nbsp;●directors, officers, full-time employees (and their spouses, children or immediate relatives) of the Adviser or its affiliates, and directors, officers, full-time employees (and their spouses, children or immediate relatives) of any current subadviser to the Trust.

The SAI lists other investors eligible for sales charge waivers.

**Reduction of Class A Sales Charges**

Investors may be able to reduce or eliminate front-end sales charges on Class A shares through one or more of these methods:

&nbsp;&nbsp;&nbsp;&nbsp;●***A larger investment***. The sales charge decreases as the amount of your investment increases.

&nbsp;&nbsp;&nbsp;&nbsp;●***Rights of accumulation ("ROA")***. To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making (as shown in the table above), you and other family members living at the same address can add the current value of any Class A shares in all Nationwide Funds (except the Nationwide Government Money Market Fund) that you currently own or are currently purchasing to the value of your Class A purchase.

&nbsp;&nbsp;&nbsp;&nbsp;●***Share repurchase privilege***. If you redeem Fund shares from your account, you may qualify for a one time reinvestment privilege (also known as a Right of Reinstatement). Generally, you may reinvest some or all of the proceeds in shares of the same class without paying an additional sales charge within 30 days of redeeming shares on which you previously paid a sales charge. (Reinvestment does not affect the amount of any capital gains tax due. However, if you realize a loss on your redemption and then reinvest all or some of the proceeds, all or a portion of that loss may not be tax deductible.)

&nbsp;&nbsp;&nbsp;&nbsp;●***Letter of Intent discount***. If you declare in writing that you or a group of family members living at the same address intend to purchase and hold at least $50,000 in Class A shares (except the Nationwide Government Money Market Fund) during a 13-month period, your sales charge is based on the total amount you intend to invest. Your accumulated holdings (as described and calculated under "Rights of Accumulation" above) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the Letter of Intent. You are not legally required to complete the purchases indicated in your Letter of Intent. However, if you do not fulfill your Letter of Intent, additional sales charges may be due and shares in your account would be liquidated to cover those sales charges. These additional sales charges would be equal to any applicable front-end sales charges that would have been paid on the shares already purchased, had there been no Letter of Intent.

The value of cumulative-quantity-discount-eligible-shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by their current public offering price. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with information regarding shares of the Fund held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares of the Fund held in (i) all accounts (e.g., retirement accounts) with the Fund and your financial intermediary; (ii) accounts with other financial intermediaries; and (iii) accounts in the name of immediate family household members (spouse and children under 21). You should retain any records necessary to substantiate historical costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waivers. This information regarding breakpoints is also available free of charge at nationwide.com/mutual-funds-sales-charges.jsp.

------

**Purchasing Class A Shares without a Sales Charge**

Purchases of $1 million or more of Class A shares have no front-end sales charge. You can purchase $1 million or more in Class A shares in one or more of the Funds offered by the Trust (including the Funds in this Prospectus) at one time, or you can utilize the ROA discount and Letter of Intent discount as described above. However, a CDSC applies (as shown below) if a "finder's fee" is paid by the Distributor to your financial advisor or intermediary and you redeem your shares within 18 months of purchase.

The CDSC does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;●if you are eligible to purchase Class A shares without a sales charge because of a waiver identified in "Waiver of Class A Sales Charges" above;

● if no finder's fee was paid or

&nbsp;&nbsp;&nbsp;&nbsp;●to shares acquired through reinvestment of dividends or capital gains distributions.

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares** 

---

| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| If sold within | 18 months |
| Amount of CDSC | 1.00% |

---

Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less. If you redeem a portion of your shares, shares that are not subject to a CDSC are redeemed first, followed by shares that you have owned the longest. This minimizes the CDSC you pay. Please see "Waiver of Contingent Deferred Sales Charges—Class A Shares" for a list of situations where a CDSC is not charged.

------

**Investing with Nationwide Funds** *(cont.)*

The CDSC for Class A shares of the Funds is described above; however, the CDSC for Class A shares of other Nationwide Funds may be different and is described in their respective Prospectuses. If you purchase more than one Nationwide Fund and subsequently redeem those shares, the amount of the CDSC is based on the specific combination of Nationwide Funds purchased and is proportional to the amount you redeem from each Nationwide Fund.

**Waiver of Contingent Deferred Sales Charges—Class A Shares**

The CDSC is waived on:

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption of Class A shares purchased through reinvested dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●Class A shares redeemed following the death or disability of a shareholder, provided the redemption occurs within one year of the shareholder's death or disability and

&nbsp;&nbsp;&nbsp;&nbsp;●mandatory withdrawals of Class A shares from traditional IRAs after age 70 <sup>1</sup>∕2 (for shareholders who reached the age of 70 <sup>1</sup>∕2 on or prior to December 31, 2019) or the age of 72 (for shareholders who turned 70 <sup>1</sup>∕2 after December 31, 2019) and for other required distributions from retirement accounts.

If you qualify for a waiver of a CDSC, you must notify the Funds' transfer agent, your financial advisor or other intermediary at the time of purchase and also must provide any required evidence showing that you qualify. For more complete information, see the SAI.

**Share Classes Available Only to Institutional Accounts**

The Funds offer Institutional Service Class, Class R6, Class M and Class R shares. Only certain types of entities and selected individuals are eligible to purchase shares of these classes.

If an institution or retirement plan has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary can help determine which share class is appropriate for that retirement plan or other institutional account. Plan fiduciaries should consider their obligations under the Employee Retirement Income Security Act (ERISA) when determining which class is appropriate for the retirement plan. Other fiduciaries also should consider their obligations in determining the appropriate share class for a customer including:

&nbsp;&nbsp;&nbsp;&nbsp;●the level of distribution and administrative services the plan or account requires;

● the total expenses of the share class and

&nbsp;&nbsp;&nbsp;&nbsp;●the appropriate level and type of fee to compensate the intermediary.

An intermediary may receive different compensation depending on which class is chosen.

**Class M Shares**

Class M Shares are only available to clients of Bailard, Inc., employees and officers of Bailard, Inc. and their families and friends, and to existing Class M shareholders.

**Class R Shares**

Class R shares ***are available*** to retirement plans, including:

● 401(k) plans;

● 457 plans;

● 403(b) plans;

● profit-sharing and money purchase pension plans;

● defined benefit plans;

● non-qualified deferred compensation plans and

&nbsp;&nbsp;&nbsp;&nbsp;●other retirement accounts in which the retirement plan or the retirement plan's financial services firm has an agreement with the Distributor to use Class R shares.

The above-referenced plans generally are small and mid-sized retirement plans having at least $1 million in assets and shares held through omnibus accounts that are represented by an intermediary such as a broker, third-party administrator, registered investment adviser or other plan service provider.

Class R shares ***are not available*** to:

● institutional non-retirement accounts;

● traditional and Roth IRAs;

● Coverdell Education Savings Accounts;

● SEPs and SAR-SEPs;

● SIMPLE IRAs;

● one-person Keogh plans;

● individual 403(b) plans or

● 529 Plan accounts.

**Class R6 Shares**

Class R6 shares are sold without a sales charge, and are not subject to Rule 12b-1 fees or administrative services fees. Therefore, no administrative services fees, sub-transfer agency payments or other service payments are paid to broker-dealers or other financial intermediaries either from Fund assets or the Distributor's or an affiliate's resources with respect to sales of or investments in Class R6 shares, although such payments may be made by the Distributor or its affiliate from its own resources pursuant to written contracts entered into by the Distributor or its affiliate prior to April 1, 2014. <br>

Class R6 shares are available for purchase only by the following:

● funds-of-funds;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which no third-party administrator or other financial intermediary receives compensation from the Funds, the Distributor or the Distributor's affiliates;

------

**Investing with Nationwide Funds** *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for its own account or for trust accounts for which it has authority to make investment decisions as long as the accounts are not part of a program that requires payment of Rule 12b-1 or administrative services fees to the financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;●clients of registered investment advisers who derive compensation for advisory services exclusively from such clients;

&nbsp;&nbsp;&nbsp;&nbsp;●high-net-worth individuals or corporations who invest directly with the Trust without using the services of a broker, investment adviser or other financial intermediary;

● current or former Trustees of the Trust or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Class R6 shares of any Nationwide Fund.

Except as noted below, Class R6 shares are not available to retail accounts or to broker-dealer fee-based wrap programs.

**Institutional Service Class Shares**

Institutional Service Class shares are sold without a sales charge, and are not subject to Rule 12b-1 fees. Institutional Service Class shares are subject to a maximum annual administrative services fee of 0.25%. Institutional Service Class shares are available for purchase only by the following:

● retirement plans advised by financial professionals;

&nbsp;&nbsp;&nbsp;&nbsp;●retirement plans for which third-party administrators provide recordkeeping services and are compensated by the Funds for these services;

&nbsp;&nbsp;&nbsp;&nbsp;●a bank, trust company or similar financial institution investing for trust accounts for which it has authority to make investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;●fee-based accounts of broker-dealers and/or registered investment advisers investing on behalf of their customers;

&nbsp;&nbsp;&nbsp;&nbsp;●unregistered life insurance separate accounts using the investment to fund benefits for variable annuity contracts issued to governmental entities as an investment option for 457 or 401(k) plans or

&nbsp;&nbsp;&nbsp;&nbsp;●current holders of Institutional Service Class shares of any Nationwide Fund.

Institutional Service Class and Class R6 shares also may be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares when acting solely on an agency basis for the purchase or sale of such shares. If you transact in Institutional Service Class or Class R6 shares through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker.

**Sales Charges and Fees**

**Sales Charges**

Sales charges, if any, are paid to the Distributor. These fees are either kept by the Distributor or paid to your financial advisor or other intermediary.

**Distribution and Service Fees**

Each of the Funds has adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940, which permits Class A and Class R shares of the Funds to compensate the Distributor through distribution and/or service fees ("Rule 12b-1 fees") for expenses associated with distributing and selling shares and maintaining shareholder accounts. These Rule 12b-1 fees are paid to the Distributor and are either kept or paid to your financial advisor or other intermediary for distribution and shareholder services and maintenance of customer accounts. Institutional Service Class, Class R6 and Class M shares pay no Rule 12b-1 fees.

These Rule 12b-1 fees are in addition to any applicable sales charges and are paid from the Funds' assets on an ongoing basis. (The fees are accrued daily and paid monthly.) As a result, Rule 12b-1 fees increase the cost of your investment and over time may cost more than other types of sales charges. Under the Distribution Plan, Class A and Class R shares pay the Distributor annual amounts not exceeding the following:

---

| | |
|:---|:---|
| **Class** | **as a % of Daily Net Assets** |
| Class A shares | 0.25% (distribution or service fee) |
| Class R shares | 0.50% (0.25% of which may be a <br> service fee)<br>|

---

**Administrative Services Fees**

Class A, Class R and Institutional Service Class shares of the Funds are subject to fees pursuant to an Administrative Services Plan (the "Plan") adopted by the Board of Trustees. These fees, which are in addition to Rule 12b-1 fees for Class A and Class R shares, as described above, are paid by the Funds to broker-dealers or other financial intermediaries (including those that are affiliated with NFA) who provide administrative support services to beneficial shareholders on behalf of the Funds and are based on the average daily net assets of the applicable share class. Under the Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A, Class R and Institutional Service Class shares; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof and the Board of Trustees has implemented limits on the amounts of payments under the Plan for certain types of shareholder accounts.

------

**Investing with Nationwide Funds** *(cont.)*

For the current fiscal year, administrative services fees are estimated to be as follows:

**Nationwide Bailard Small Cap Value Fund** Class A and Institutional Service Class shares: [___%] and [___%], respectively.

**Nationwide Bailard Technology Fund** Class A and Institutional Service Class shares: [___%] and [___%], respectively.

**Nationwide Fund** Class A, Class R and Institutional Service Class shares: [___%], [____%] and [___%], respectively.

Because these fees are paid out of a Fund's Class A, Class R and Institutional Service Class assets on an ongoing basis, these fees will increase the cost of your investment in such share classes over time and may cost you more than paying other types of fees.

**Revenue Sharing**

The Adviser and/or its affiliates (collectively, "Nationwide Investment Management Group" or "NIMG") often make payments for marketing, promotional or related services provided by broker-dealers and other financial intermediaries that sell shares of the Trust or which include them as investment options for their respective customers.

These payments are often referred to as "revenue sharing payments." The existence or level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the broker-dealer or other financial intermediary, the expected level of assets or sales of shares, the placing of some or all of the Funds on a recommended or preferred list, and/or access to an intermediary's personnel and other factors. Revenue sharing payments are paid from NIMG's own legitimate profits and other of its own resources (not from the Funds') and may be in addition to any Rule 12b-1 payments or administrative services payments that are paid to broker-dealers and other financial intermediaries. Because revenue sharing payments are paid by NIMG, and not from the Funds' assets, the amount of any revenue sharing payments is determined by NIMG.

In addition to the revenue sharing payments described above, NIMG may offer other incentives to sell shares of the Funds in the form of sponsorship of educational or other client seminars relating to current products and issues, assistance in training or educating an intermediary's personnel, and/or entertainment or meals. These payments also may include, at the direction of a retirement plan's named fiduciary, amounts to a retirement plan intermediary to offset certain plan expenses or otherwise for the benefit of plan participants and beneficiaries.

The recipients of such payments may include:

● the Adviser's affiliates;

● broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● financial institutions and

&nbsp;&nbsp;&nbsp;&nbsp;●other financial intermediaries through which investors may purchase shares of a Fund.

Payments may be based on current or past sales, current or historical assets or a flat fee for specific services provided. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to sell shares of a Fund to you instead of shares of funds offered by competing fund families.

Contact your financial intermediary for details about revenue sharing payments it may receive.

Notwithstanding the revenue sharing payments described above, the Adviser and all subadvisers to the Trust are prohibited from considering a broker-dealer's sale of any of the Trust's shares in selecting such broker-dealer for the execution of Fund portfolio transactions.

Fund portfolio transactions nevertheless may be effected with broker-dealers who coincidentally may have assisted customers in the purchase of Fund shares, although neither such assistance nor the volume of shares sold of the Trust or any affiliated investment company is a qualifying or disqualifying factor in the Adviser's or a subadviser's selection of such broker-dealer for portfolio transaction execution.

**Contacting Nationwide Funds**

***Representatives*** are available 9 a.m. to 8 p.m. Eastern time, Monday through Friday, at 800-848-0920.

***Automated Voice Response*** Call 800-848-0920, 24 hours a day, seven days a week, for easy access to mutual fund information. Choose from a menu of options to:

● make transactions;

● hear fund price information and

● obtain mailing and wiring instructions.

***Internet*** Go to **nationwide.com/mutualfunds** 24 hours a day, seven days a week, for easy access to your mutual fund accounts. The website provides instructions on how to select a password and perform transactions. On the website, you can:

● download Fund Prospectuses;

● obtain information on the Nationwide Funds;

● access your account information and

&nbsp;&nbsp;&nbsp;&nbsp;●request transactions, including purchases, redemptions and exchanges.

***By Regular Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>P.O. Box 219336, <br>Kansas City, MO 64121-9336.

***By Overnight Mail*** Nationwide Funds, c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336, <br>

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**Investing with Nationwide Funds** *(cont.)*

Kansas City, MO 64105-1307.

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**Investing with Nationwide Funds** *(cont.)*

**Fund Transactions**

Unless you qualify for a Class A sales charge waiver, as described in "Waiver of Class A Sales Charges" above, or you otherwise qualify to purchase either Institutional Service Class, Class R6 or Class M shares (and meet the applicable minimum investment amount), you may buy Fund shares only through a broker-dealer or financial intermediary that is authorized to sell you shares of Nationwide Funds. All transaction orders must be received by the Funds' transfer agent or an authorized intermediary prior to the calculation of each Fund's net asset value ("NAV") to receive that day's NAV.

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| | |
|:---|:---|
| **How to Buy Shares** | **How to Exchange\* or Sell\*\* Shares** |
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\* Exchange privileges may be amended or discontinued upon 60 days' written** <br> **notice to shareholders.**<br>|
| **Be sure to specify the class of shares you wish to purchase. Each Fund may reject** <br> **any order to buy shares and may suspend the sale of shares at any time.** | **\*\*A signature guarantee may be required. See "Signature Guarantee" below.** |
| &nbsp;&nbsp; **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>| **Through an authorized intermediary**. The Distributor has relationships with certain <br> brokers and other financial intermediaries who are authorized to accept purchase, <br> exchange and redemption orders for the Funds. Your transaction is processed at the <br> NAV next calculated after the Funds' agent or an authorized intermediary receives <br> your order in proper form.<br>|
| &nbsp;&nbsp; **By mail**. Complete an application and send with a check made payable to: Nationwide <br> Funds. You must indicate the broker or financial intermediary that is authorized to sell <br> you Fund shares. Payment must be made in U.S. dollars and drawn on a U.S. bank. The <br> Funds do not accept cash, starter checks, third-party checks, travelers' checks, credit <br> card checks or money orders. The Funds may, however, under circumstances they <br> deem to be appropriate, accept cashier's checks. Nationwide Funds reserves the right <br> to charge a fee with respect to any checks that are returned for insufficient funds.<br>| **By mail**. You may request an exchange or redemption by mailing a letter to <br> Nationwide Funds. The letter must include your account number(s) and the name(s) <br> of the Fund(s) you wish to exchange from and to. The letter must be signed by all <br> account owners.<br>|
| &nbsp;&nbsp; **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br>| **By telephone**. You will have automatic telephone transaction privileges unless you <br> decline this option on your application. The Funds follow procedures to seek to <br> confirm that telephone instructions are genuine and will not be liable for any loss, <br> injury, damage or expense that results from executing such instructions. The Funds <br> may revoke telephone transaction privileges at any time, without notice to <br> shareholders.<br> **Additional information for selling shares**. A check made payable to the <br> shareholder(s) of record will be mailed to the address of record.<br> The Funds may record telephone instructions to redeem shares and may request <br> redemption instructions in writing, signed by all shareholders on the account.<br>|
| &nbsp;&nbsp; **Online.** Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>| **Online**. Transactions may be made through the Nationwide Funds' website. However, <br> the Funds may discontinue online transactions of Fund shares at any time.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. You may have your bank transmit funds by federal funds wire to the <br> Funds' custodian bank. (The authorization will be in effect unless you give the Funds <br> written notice of its termination.)<br> ●if you choose this method to open a new account, you must call our toll-free <br> number before you wire your investment and arrange to fax your completed <br> application.<br> ●your bank may charge a fee to wire funds.<br> ●the wire must be received by the close of regular trading (usually 4:00 p.m. Eastern <br> time) in order to receive the current day's NAV.<br>| &nbsp;&nbsp;&nbsp;&nbsp; **By bank wire**. The Funds can wire the proceeds of your redemption directly to your <br> account at a commercial bank. A voided check must be attached to your application. <br> (The authorization will be in effect unless you give the Funds written notice of its <br> termination.)<br> ●your proceeds typically will be wired to your bank on the next business day after <br> your order has been processed.<br> ●Nationwide Funds deducts a $20 service fee from the redemption proceeds for this <br> service.<br> ●your financial institution also may charge a fee for receiving the wire.<br> ●funds sent outside the U.S. may be subject to higher fees.<br> **Bank wire is not an option for exchanges**.<br>|
| &nbsp;&nbsp; **By Automated Clearing House (ACH)**. You may fund your Nationwide Funds' account <br> with proceeds from a domestic bank via ACH. To set up your account for ACH <br> purchases, a voided check must be attached to your application. Your account will be <br> eligible to receive ACH purchases 15 days after you provide your bank's routing <br> number and account information to the Fund's transfer agent. Once your account is <br> eligible to receive ACH purchases, the purchase price for Fund shares is the net asset <br> value next determined after your order is received by the transfer agent, plus any <br> applicable sales charge. There is no fee for this service. (The authorization will be in <br> effect unless you give the Funds written notice of its termination.)<br>| **By Automated Clearing House (ACH)**. Your redemption proceeds can be sent to your <br> bank via ACH. A voided check must be attached to your application. Money sent <br> through ACH should reach your bank in two business days. There is no fee for this <br> service. (The authorization will be in effect unless you give the Funds written notice of <br> its termination.)<br> **ACH is not an option for exchanges.**<br>|
| &nbsp;&nbsp; **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>| **Retirement plan participants** should contact their retirement plan administrator <br> regarding transactions. Retirement plans or their administrators wishing to conduct <br> transactions should call our toll-free number.<br>|

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------

**Investing with Nationwide Funds** *(cont.)*

**Buying Shares**

**Share Price**

The net asset value per share or "NAV" per share is the value of a single share. A separate NAV is calculated for each share class of a Fund. The NAV is:

&nbsp;&nbsp;&nbsp;&nbsp;●calculated at the close of regular trading (usually 4 p.m. Eastern time) each day the New York Stock Exchange is open and

&nbsp;&nbsp;&nbsp;&nbsp;●generally determined by dividing the total net market value of the securities and other assets owned by a Fund allocated to a particular class, less the liabilities allocated to that class, by the total number of outstanding shares of that class.

The purchase or "offering" price for Fund shares is the NAV (for a particular class) next determined after the order is received by a Fund or its agent or authorized intermediary, plus any applicable sales charge.

The Funds generally are available only to investors residing in the United States. Each Fund may reject any order to buy shares and may suspend the sale of shares at any time.

**Fair Value Pricing** 

The Board of Trustees and the Adviser have adopted joint Valuation Procedures governing the method by which individual portfolio securities held by the Funds are valued in order to determine each Fund's NAV. The Valuation Procedures provide that each Fund's assets for which market quotations are readily available shall be valued at current market value. Equity securities generally are valued at the last quoted sale price, or if there is no sale price, the last quoted bid price provided by a third-party pricing service. Securities traded on NASDAQ generally are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades.

Securities for which market-based quotations are either not readily available (e.g., a third-party pricing service does not provide a value) or are deemed unreliable, in the judgment of the Adviser, are valued at fair value in good faith by the Adviser. The Board of Trustees has designated the Adviser as "valuation designee" to perform fair value determinations for all of the Funds' investments pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, subject to the general oversight of the Board of Trustees.

In addition, fair value determinations are required for securities whose value is affected by a significant event (as defined below) that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Funds' NAVs. A "significant event" is defined by the Valuation Procedures as an event that materially affects the value of a security that

occurs after the close of the principal market on which such security trades but before the calculation of a Fund's NAV. Significant events that could affect individual portfolio securities may include corporate actions such as reorganizations, mergers and buy-outs, corporate announcements on earnings, significant litigation, regulatory news such as government approvals and news relating to natural disasters affecting an issuer's operations. Significant events that could affect a large number of securities in a particular market may include significant market fluctuations, market disruptions or market closings, governmental actions or other developments, or natural disasters or armed conflicts that affect a country or region.

By fair valuing a security whose price may have been affected by significant events or by news after the last market pricing of the security, each Fund attempts to establish a price that would be received to sell the security (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. The fair value of one or more of the securities in a Fund's portfolio which is used to determine a Fund's NAV could be different from the actual value at which those securities could be sold in the market. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in a Fund.

Due to the time differences between the closings of the relevant foreign securities exchanges and the time that a Fund's NAV is calculated, a Fund may fair value its foreign investments more frequently than it does other securities. When fair value prices are utilized, these prices will attempt to reflect the impact of the financial markets' perceptions and trading activities on a Fund's foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. The fair values assigned to a Fund's foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. Because certain of the securities in which a Fund may invest may trade on days when the Fund does not price its shares, the value of the Fund's investments may change on days when shareholders will not be able to purchase or redeem their shares.

These procedures are intended to help ensure that the prices at which a Fund's shares are purchased and redeemed are fair, and do not result in dilution of shareholder interests or other harm to shareholders. In the event a Fund fair values its securities using the fair valuation procedures described above, the Fund's NAV may be higher or lower than would have been the case if the Fund had not used such procedures.

Subject to oversight by the Board of Trustees, the Adviser, as "valuation designee," performs fair value determinations of Fund investments. In addition, the Adviser, as the valuation designee, is responsible for periodically assessing

------

**Investing with Nationwide Funds** *(cont.)*

any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a fair value committee to assist with its designated responsibilities as valuation designee.

**In-Kind Purchases**

Each Fund may accept payment for shares in the form of securities that are permissible investments for the Fund.

------

The Funds do not calculate NAV on days when the New York Stock Exchange is closed.

● New Year's Day

● Martin Luther King Jr. Day

● Presidents' Day

● Good Friday

● Memorial Day

● Juneteenth National Independence Day

● Independence Day

● Labor Day

● Thanksgiving Day

● Christmas Day

● Other days when the New York Stock Exchange is closed.

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---

| | |
|:---|:---|
| **Minimum Investments** | **Minimum Investments** |
| **Class A Shares** | **Class A Shares** |
| To open an account | $2,000 (per Fund) |
| To open an IRA account | $1,000 (per Fund) |
| Additional investments | $100 (per Fund) |
| &nbsp;&nbsp; To start an Automatic Asset <br> Accumulation Plan<br>| $0 (provided each monthly <br> purchase is at least $50)<br>|
| &nbsp;&nbsp; Additional Investments<br> (Automatic Asset Accumulation Plan)<br>| $50 |
| **Class R Shares** | **Class R Shares** |
| To open an account | No Minimum |
| Additional investments | No Minimum |
| **Class R6 Shares** | **Class R6 Shares** |
| To open an account | $1 million (per Fund) |
| Additional investments | No Minimum |
| **Institutional Service Class Shares** | **Institutional Service Class Shares** |
| To open an account | $50,000 (per Fund) |
| Additional investments | No Minimum |
| **Class M Shares** | **Class M Shares** |
| To open an account | $5,000 (per Fund) |
| Additional investments | $100 |

---

---

| |
|:---|
| **Minimum Investments** |
| &nbsp;&nbsp; Minimum investment requirements do not apply to purchases by <br> employees of the Adviser or its affiliates (or to their spouses, children <br> or immediate relatives), or to certain retirement plans, fee-based <br> programs or omnibus accounts. If you purchase shares through an <br> intermediary, different minimum account requirements may apply. <br> The Distributor reserves the right to waive the investment minimums <br> under certain circumstances. |

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**Customer Identification Information**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, unless such information is collected by the broker-dealer or other financial intermediary pursuant to an agreement, the Funds must obtain the following information for each person that opens a new account:

● name;

● date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;●residential or business street address (although post office boxes are still permitted for mailing) and

&nbsp;&nbsp;&nbsp;&nbsp;●Social Security number, taxpayer identification number or other identifying number.

You also may be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Funds may restrict your ability to purchase additional shares until your identity is verified. The Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Accounts with Low Balances**

Maintaining small accounts is costly for the Funds and may have a negative effect on performance. Shareholders are encouraged to keep their accounts above each Fund's minimum.

&nbsp;&nbsp;&nbsp;&nbsp;●If the value of your account falls below $2,000 ($1,000 for IRA accounts), you generally are subject to a $5 quarterly fee, unless such account actively participates in an

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**Investing with Nationwide Funds** *(cont.)*

Automatic Asset Accumulation Plan. Shares from your account are redeemed each quarter/month to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, a Fund may waive the low-balance fee.

&nbsp;&nbsp;&nbsp;&nbsp;●Each Fund reserves the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below the minimum. In such cases, you will be notified and given 60 days to purchase additional shares before the account is closed. A redemption of your remaining shares may be a taxable event for you. See "Distributions and Taxes—Selling or Exchanging Shares" below.

**Exchanging Shares**

You may exchange your Fund shares for shares of any Nationwide Fund that is currently accepting new investments as long as:

● both accounts have the same registration;

&nbsp;&nbsp;&nbsp;&nbsp;●your first purchase in the new fund meets its minimum investment requirement and

● you purchase the same class of shares.

No minimum investment requirement shall apply to holders of Institutional Service Class shares seeking to exchange such shares for Institutional Service Class shares of another Fund, or to holders of Class R6 shares seeking to exchange such shares for Class R6 shares of another Fund, where such Institutional Service Class or Class R6 shares (as applicable) had been designated as Class D shares at the close of business on July 31, 2012.

The exchange privileges may be amended or discontinued upon 60 days' written notice to shareholders.

Generally, there are no sales charges for exchanges of shares. However,

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange from Class A shares of a Fund to a Fund with a higher sales charge, you may have to pay the difference in the two sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;●if you exchange Class A shares that are subject to a CDSC, and then redeem those shares within 18 months of the original purchase, the CDSC applicable to the original purchase is charged.

For purposes of calculating a CDSC, the length of ownership is measured from the date of original purchase and is not affected by any permitted exchange (except exchanges to the Nationwide Government Money Market Fund).

**Exchanges into the Nationwide Government Money Market Fund** 

You may exchange between Class R6 shares of the Funds and Class R6 shares of the Nationwide Government Money Market Fund. You may exchange between all other share classes of the Funds and the Investor Shares of the

Nationwide Government Money Market Fund. If your original investment was in Investor Shares, any exchange of Investor Shares you make for Class A shares of another Nationwide Fund may require you to pay the sales charge applicable to such new shares. In addition, if you exchange shares subject to a CDSC, the length of time you own Investor Shares of the Nationwide Government Money Market Fund is not included for purposes of determining the CDSC. Redemptions from the Nationwide Government Money Market Fund are subject to any CDSC that applies to the original purchase.

**Selling Shares**

You can sell or, in other words, redeem your Fund shares at any time, subject to the restrictions described below. The price you receive when you redeem your shares is the NAV (minus any applicable sales charges) next determined after a Fund's authorized intermediary or an agent of the Fund receives your properly completed redemption request. The value of the shares you redeem may be worth more than or less than their original purchase price, depending on the market value of the Fund's investments at the time of the redemption.

You may not be able to redeem your Fund shares or Nationwide Funds may delay paying your redemption proceeds if:

&nbsp;&nbsp;&nbsp;&nbsp;●the New York Stock Exchange is closed (other than customary weekend and holiday closings);

● trading is restricted or

&nbsp;&nbsp;&nbsp;&nbsp;●an emergency exists (as determined by the U.S. Securities and Exchange Commission).

Generally, a Fund will pay you for the shares that you redeem within two days after your redemption request is received by check or electronic transfer, except as noted below. Payment for shares that you recently purchased may be delayed up to 10 business days from the purchase date to allow time for your payment to clear. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the account holder:

● is engaged in excessive trading or

&nbsp;&nbsp;&nbsp;&nbsp;●if the amount of the redemption request would disrupt efficient portfolio management or adversely affect the Fund.

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with

------

**Investing with Nationwide Funds** *(cont.)*

management of the Fund, or in stressed market conditions. Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by the Fund directly to an account holder as a redemption in-kind. If an account holder receives securities in a redemption in-kind, the account holder may incur brokerage costs, taxes or other expenses in converting the securities to cash. Securities received from in-kind redemptions are subject to market risk until they are sold. For more about Nationwide Funds' ability to make a redemption in-kind as well as how redemptions in-kind are effected, see the SAI.

The Board of Trustees has adopted procedures for redemptions in-kind of affiliated persons of a Fund. Affiliated persons of a Fund include shareholders who are affiliates of the Adviser and shareholders of a Fund owning 5% or more of the outstanding shares of that Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the Fund's current net assets, and are designed so that such redemptions will not favor the affiliated shareholder to the detriment of any other shareholder.

**Automatic Withdrawal Program** 

You may elect to automatically redeem shares in a minimum amount of $50. Complete the appropriate section of the Mutual Fund Application for New Accounts or contact your financial intermediary or the Funds' transfer agent. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce, and eventually deplete, your account. Generally, it is not advisable to continue to purchase Class A shares subject to a sales charge while redeeming shares using this program. An automatic withdrawal plan for Class A shares will be subject to any applicable CDSC.

------

**Signature Guarantee**

A signature guarantee is required for sales of shares of the Funds in any of the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;●your account address has changed within the last 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption check is made payable to anyone other than the registered shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●the proceeds are mailed to any address other than the address of record;

&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are being wired or sent by ACH to a bank for which instructions currently are not on your account or

● the redemption amount is $500,000 or more.

No signature guarantee is required under normal circumstances where redemption proceeds are transferred

directly to another account maintained by a Nationwide Financial Services, Inc. company.

A signature guarantee is a certification by a bank, brokerage firm or other financial institution that a customer's signature is valid. We reserve the right to require a signature guarantee in other circumstances, without notice.

------

**Excessive or Short-Term Trading**

The Nationwide Funds seek to discourage excessive or short-term trading (often described as "market timing"). Excessive trading (either frequent exchanges between Nationwide Funds or redemptions and repurchases of Nationwide Funds within a short time period) may:

● disrupt portfolio management strategies;

● increase brokerage and other transaction costs and

● negatively affect fund performance.

Each Fund may be more or less affected by short-term trading in Fund shares, depending on various factors such as the size of the Fund, the amount of assets the Fund typically maintains in cash or cash equivalents, the dollar amount, number and frequency of trades in Fund shares and other factors. A Fund that invests in foreign securities may be at greater risk for excessive trading. Investors may attempt to take advantage of anticipated price movements in securities or derivatives held by a Fund based on events occurring after the close of a foreign market that may not be reflected in a Fund's NAV (referred to as "arbitrage market timing"). Arbitrage market timing also may be attempted in funds that hold significant investments in small-cap securities, commodity-linked investments, high-yield (junk) bonds and other types of investments that may not be frequently traded. There is the possibility that arbitrage market timing, under certain circumstances, may dilute the value of Fund shares if redeeming shareholders receive proceeds (and buying shareholders receive shares) based on NAVs that do not reflect appropriate fair value prices.

The Board of Trustees has adopted the following policies with respect to excessive or short-term trading in the Funds:

**Fair Valuation**

The Funds have fair value pricing procedures in place as described above in "Investing with Nationwide Funds: Fair Value Pricing."

**Monitoring of Trading Activity**

The Funds, through the Adviser, their subadvisers and their agents, monitor selected trades and flows of money in and out of the Funds in an effort to detect excessive short-term trading activities. Further, in compliance with Rule 22c-2

------

**Investing with Nationwide Funds** *(cont.)*

under the Investment Company Act of 1940, as amended, Nationwide Investment Management Group, on behalf of the Funds, has entered into written agreements with the Funds' financial intermediaries, under which the intermediary must, upon request, provide a Fund with certain shareholder identity and trading information so that the Fund can enforce its market timing policies. If a shareholder is found to have engaged in excessive short-term trading, the Funds may, at their discretion, ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder's account.

Despite its best efforts, a Fund may be unable to identify or deter excessive trades conducted through intermediaries or omnibus accounts that transmit aggregate purchase, exchange and redemption orders on behalf of their customers. In short, a Fund may not be able to prevent all market timing and its potential negative impact.

**Restrictions on Transactions**

Whenever a Fund is able to identify short-term trades and/or traders, such Fund has broad authority to take discretionary action against market timers and against particular trades and apply the short-term trading restrictions to such trades that the Fund identifies. It also has sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;●restrict or reject purchases or exchanges that the Fund or its agents believe constitute excessive trading and

&nbsp;&nbsp;&nbsp;&nbsp;●reject transactions that violate the Fund's excessive trading policies or its exchange limits.

------

**Distributions and Taxes**

The following information is provided to help you understand the income and capital gains you may earn while you own Fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions. For advice about your personal tax situation, please speak with your tax advisor.

**Income and Capital Gain Distributions**

Each Fund has elected, and intends to qualify each year, as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Each Fund expects to declare and distribute its net investment income, if any, to shareholders as dividends quarterly. Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. All income and capital gain distributions are automatically reinvested in shares of the applicable Fund. You may request a payment in cash by contacting the Funds' transfer agent or your financial intermediary.

If you choose to have dividends or capital gain distributions, or both, mailed to you and the distribution check is returned as undeliverable or is not presented for payment within six months, the Trust reserves the right to reinvest the check proceeds and future distributions in shares of the applicable Fund at the Fund's then-current NAV until you give the Trust different instructions.

**Tax Considerations**

If you are a taxable investor, dividends and capital gain distributions you receive from a Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are subject to federal income tax, state taxes and possibly local taxes:

&nbsp;&nbsp;&nbsp;&nbsp;●distributions are taxable to you at either ordinary income or capital gains tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of short-term capital gains are paid to you as ordinary income that is taxable at applicable ordinary income tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;●distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;●for individual shareholders, a portion of the income dividends paid may be qualified dividend income eligible for taxation at long-term capital gains tax rates, provided that certain holding period requirements are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●for corporate shareholders, a portion of the income dividends paid may be eligible for the corporate dividend-received deduction, subject to certain limitations and

&nbsp;&nbsp;&nbsp;&nbsp;●distributions declared in October, November or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December.

The federal income tax treatment of a Fund's distributions and any taxable sales or exchanges of Fund shares occurring during the prior calendar year are reported on Form 1099, which is sent to you annually during tax season (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax or applicable tax reporting). A Fund may reclassify income after your tax reporting statement is mailed to you. This can result from the rules in the Internal Revenue Code of 1986, as amended, that effectively prevent mutual funds, such as the Funds, from ascertaining with certainty, until after the calendar year end, and in some cases a Fund's fiscal year end, the final amount and character of distributions the Fund has received on its investments during the prior calendar year. Prior to issuing your statement, each Fund makes every effort to reduce the number of corrected forms mailed to shareholders. However, a Fund will send you a corrected Form 1099 if the Fund finds it necessary to reclassify its distributions or adjust the cost basis of any shares sold or exchanged after you receive your tax statement.

Distributions from the Funds (both taxable dividends and capital gains) normally are taxable to you when made, regardless of whether you reinvest these distributions or receive them in cash (unless you hold your shares in a qualified tax-advantaged plan or account or are otherwise not subject to federal income tax).

At the time you purchase your Fund shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in the value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

The use of derivatives by a Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.

If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to

------

**Distributions and Taxes** *(cont.)*

do so, then any foreign taxes it pays on these investments may be passed through to you pro rata as a foreign tax credit.

**Selling or Exchanging Shares**

Selling or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Nationwide Fund to another is the same as a sale. For individuals, the long-term capital gains tax rates generally are 0%, 15% or 20% depending on your taxable income and the nature of the capital gain. If you redeem Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.

Each Fund is required to report to you and the Internal Revenue Service ("IRS") annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also their cost basis. Cost basis will be calculated using the Fund's default method of average cost, unless you instruct the Fund to use a different calculation method. Shareholders should review carefully the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Cost basis reporting is not required for certain shareholders, including shareholders investing in a Fund through a tax-advantaged retirement account.

**Medicare Tax**

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Other Tax Jurisdictions**

Distributions and gains from the sale or exchange of your Fund shares may be subject to state and local taxes, even if not subject to federal income taxes. State and local tax laws vary; please consult your tax advisor. Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain

dividends paid by a Fund from net long-term capital gains, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources, and short- term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

**Tax Status for Retirement Plans and Other Tax-Advantaged Accounts**

When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, income dividends and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax advisor or plan administrator for more information about your tax situation, including possible state or local taxes.

**Backup Withholding**

By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs us to withhold a portion of your distributions and proceeds. When withholding is required, the amount is 24% of any distributions or proceeds paid.

**Other Reporting and Withholding Requirements**

Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with

------

**Distributions and Taxes** *(cont.)*

appropriate certifications or other documentation concerning its status under FATCA.

**This discussion of "Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax advisor about federal, state, local or foreign tax consequences before making an investment in a Fund.**

------

**Additional Information**

The Trust enters into contractual arrangements with various parties (collectively, "service providers"), including, among others, the Funds' investment adviser, subadviser(s), shareholder service providers, custodian(s), securities lending agent, fund administration and accounting agents, transfer agent and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

This Prospectus provides information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. Neither this Prospectus, nor the related Statement of Additional Information, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Funds and any shareholder or to give rise to any rights to any shareholder or other person other than any rights under federal or state law that may not be waived.

------

**Financial Highlights** 

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years ended October 31, or if a Fund or a class has not been in operation for the past five years, for the life of that Fund or class. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions and no sales charges).

Information has been audited by [_________________], whose report, along with the Funds' financial statements, is included in the Funds' reports filed on Form N-CSR, which are filed with the U.S. Securities and Exchange Commission and

are available on the Funds' website.

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**FINANCIAL HIGHLIGHTS: NATIONWIDE BAILARD SMALL CAP VALUE FUND (FORMERLY, NATIONWIDE BAILARD COGNITIVE VALUE FUND)**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)(e)(f)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(g)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | $13.04 | $0.15 | $4.02 | $4.17 | $(0.24) | $(0.14) | $(0.38) | $16.83 | 32.32%<sup>(h)</sup> <br>| $822 | 1.25% | 0.98% | 1.25% | 278.84% |
| 10/31/2023 | &nbsp;&nbsp; 14.59 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (1.24) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; 13.04 | &nbsp;&nbsp; (7.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759 | 1.29% | 0.89% | 1.29% | 257.75% |
| 10/31/2022 | &nbsp;&nbsp; 16.82 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; 14.59 | &nbsp;&nbsp; (8.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | 1.29% | 0.63% | 1.29% | 283.03% |
| 10/31/2021 | &nbsp;&nbsp;&nbsp; 9.97 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 6.88 | &nbsp;&nbsp;&nbsp; 6.94 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; 16.82 | 69.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 | 1.30% | 0.38% | 1.30% | 199.77% |
| 10/31/2020 | &nbsp;&nbsp; 11.20 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; 9.97 | (10.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | 1.44% | 0.89% | 1.51% | 412.91% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 13.13 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp; 4.26 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; 16.96 | 32.84% | &nbsp;&nbsp; 106631 | 0.93% | 1.32% | 0.93% | 278.84% |
| 10/31/2023 | &nbsp;&nbsp; 14.69 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; 13.13 | &nbsp;&nbsp; (7.52)% | &nbsp;&nbsp;&nbsp; 83094 | 0.94% | 1.24% | 0.94% | 257.75% |
| 10/31/2022 | &nbsp;&nbsp; 16.91 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; 14.69 | &nbsp;&nbsp; (8.51)% | &nbsp;&nbsp;&nbsp; 94334 | 0.98% | 0.92% | 0.98% | 283.03% |
| 10/31/2021 | &nbsp;&nbsp; 10.00 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 6.92 | &nbsp;&nbsp;&nbsp; 7.03 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; 16.91 | 70.60% | &nbsp;&nbsp; 107949 | 1.00% | 0.70% | 1.00% | 199.77% |
| 10/31/2020 | &nbsp;&nbsp; 11.23 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; 10.00 | (10.23)% | &nbsp;&nbsp;&nbsp; 63365 | 1.07% | 1.32% | 1.15% | 412.91% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 13.13 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp; 4.26 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; 16.96 | 32.84%<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | 0.94% | 1.32% | 0.94% | 278.84% |
| 10/31/2023 | &nbsp;&nbsp; 14.70 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; 13.13 | &nbsp;&nbsp; (7.59)%<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | 0.94% | 1.24% | 0.94% | 257.75% |
| 10/31/2022 | &nbsp;&nbsp; 16.92 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; 14.70 | &nbsp;&nbsp; (8.50)%<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | 0.97% | 0.92% | 0.97% | 283.03% |
| 10/31/2021 | &nbsp;&nbsp;&nbsp; 9.99 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 6.94 | &nbsp;&nbsp;&nbsp; 7.05 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; 16.92 | 70.87%<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | 1.00% | 0.73% | 1.00% | 199.77% |
| 10/31/2020 | &nbsp;&nbsp; 11.23 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 9.99 | (10.30)%<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | 1.07% | 1.29% | 1.15% | 412.91% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 13.16 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp; 4.27 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; 17.00 | 32.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | 0.94% | 1.29% | 0.94% | 278.84% |
| 10/31/2023 | &nbsp;&nbsp; 14.72 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; 13.16 | &nbsp;&nbsp; (7.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | 0.99% | 1.23% | 0.99% | 257.75% |
| 10/31/2022 | &nbsp;&nbsp; 16.94 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; 14.72 | &nbsp;&nbsp; (8.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | 1.03% | 0.87% | 1.03% | 283.03% |
| 10/31/2021 | &nbsp;&nbsp; 10.02 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 6.93 | &nbsp;&nbsp;&nbsp; 7.03 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; 16.94 | 70.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | 1.05% | 0.64% | 1.05% | 199.77% |
| 10/31/2020 | &nbsp;&nbsp; 11.25 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; 10.02 | (10.38)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | 1.24% | 1.07% | 1.31% | 412.91% |

---

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 include expenses reimbursed to the Advisor.

(f) During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

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

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

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**FINANCIAL HIGHLIGHTS: NATIONWIDE BAILARD TECHNOLOGY FUND (FORMERLY, NATIONWIDE BAILARD TECHNOLOGY & SCIENCE FUND)**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Loss**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Loss to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(e)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | $21.07 | $(0.21) | $10.20 | $9.99 | $— | $(1.74) | $(1.74) | $29.32 | 49.54% | $10047 | 1.20% | (0.78)% | 1.20% | 20.38% |
| 10/31/2023 | &nbsp;&nbsp; 17.98 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 5.19 | &nbsp;&nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; 21.07 | 31.59% | &nbsp;&nbsp;&nbsp;&nbsp; 5108 | 1.23% | (0.63)% | 1.23% | 24.71% |
| 10/31/2022 | &nbsp;&nbsp; 33.86 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (10.30) | &nbsp;&nbsp; (10.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; 17.98 | (36.57)% | &nbsp;&nbsp;&nbsp;&nbsp; 3674 | 1.22% | (0.66)% | 1.22% | 20.23% |
| 10/31/2021 | &nbsp;&nbsp; 26.91 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 10.71 | &nbsp;&nbsp;&nbsp; 10.50 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; 33.86 | 41.54% | &nbsp;&nbsp;&nbsp;&nbsp; 6948 | 1.19% | (0.68)% | 1.19% | 20.98% |
| 10/31/2020 | &nbsp;&nbsp; 20.98 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 7.69 | &nbsp;&nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; 26.91 | 38.34% | &nbsp;&nbsp;&nbsp;&nbsp; 4894 | 1.23% | (0.43)% | 1.23% | 25.47% |
| **Class M Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 23.45 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; 11.43 | &nbsp;&nbsp;&nbsp; 11.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; 33.00 | 50.08% | &nbsp;&nbsp; 167262 | 0.88% | (0.45)% | 0.88% | 20.38% |
| 10/31/2023 | &nbsp;&nbsp; 19.73 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 5.77 | &nbsp;&nbsp;&nbsp;&nbsp; 5.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; 23.45 | 32.01% | &nbsp;&nbsp; 122901 | 0.91% | (0.31)% | 0.91% | 24.71% |
| 10/31/2022 | &nbsp;&nbsp; 36.53 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (11.28) | &nbsp;&nbsp; (11.37) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; 19.73 | (36.39)% | &nbsp;&nbsp; 103520 | 0.92% | (0.35)% | 0.92% | 20.23% |
| 10/31/2021 | &nbsp;&nbsp; 28.73 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; 11.48 | &nbsp;&nbsp;&nbsp; 11.35 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; 36.53 | 41.90% | &nbsp;&nbsp; 183006 | 0.90% | (0.39)% | 0.90% | 20.98% |
| 10/31/2020 | &nbsp;&nbsp; 22.25 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 8.20 | &nbsp;&nbsp;&nbsp;&nbsp; 8.16 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; 28.73 | 38.77% | &nbsp;&nbsp; 147656 | 0.93% | (0.15)% | 0.93% | 25.47% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 23.35 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; 11.37 | &nbsp;&nbsp;&nbsp; 11.23 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; 32.84 | 50.04% | &nbsp;&nbsp;&nbsp;&nbsp; 5126 | 0.88% | (0.45)% | 0.88% | 20.38% |
| 10/31/2023 | &nbsp;&nbsp; 19.66 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 5.74 | &nbsp;&nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; 23.35 | 31.97% | &nbsp;&nbsp;&nbsp;&nbsp; 2929 | 0.91% | (0.32)% | 0.91% | 24.71% |
| 10/31/2022 | &nbsp;&nbsp; 36.41 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (11.22) | &nbsp;&nbsp; (11.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; 19.66 | (36.37)% | &nbsp;&nbsp;&nbsp;&nbsp; 2064 | 0.92% | (0.37)% | 0.92% | 20.23% |
| 10/31/2021 | &nbsp;&nbsp; 28.64 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; 11.45 | &nbsp;&nbsp;&nbsp; 11.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; 36.41 | 41.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4660 | 0.90% | (0.39)% | 0.90% | 20.98% |
| 10/31/2020 | &nbsp;&nbsp; 22.19 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 8.17 | &nbsp;&nbsp;&nbsp;&nbsp; 8.13 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; 28.64 | 38.74% | &nbsp;&nbsp;&nbsp;&nbsp; 3742 | 0.93% | (0.14)% | 0.93% | 25.47% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 23.26 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; 11.32 | &nbsp;&nbsp;&nbsp; 11.14 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; 32.66 | 49.83% | &nbsp;&nbsp;&nbsp;&nbsp; 6247 | 1.01% | (0.58)% | 1.01% | 20.38% |
| 10/31/2023 | &nbsp;&nbsp; 19.60 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 5.73 | &nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; 23.26 | 31.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3307 | 0.98% | (0.40)% | 0.98% | 24.71% |
| 10/31/2022 | &nbsp;&nbsp; 36.35 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (11.21) | &nbsp;&nbsp; (11.32) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp; 19.60 | (36.44)% | &nbsp;&nbsp;&nbsp;&nbsp; 2049 | 1.00% | (0.43)% | 1.00% | 20.23% |
| 10/31/2021 | &nbsp;&nbsp; 28.62 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 11.44 | &nbsp;&nbsp;&nbsp; 11.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; 36.35 | 41.81% | &nbsp;&nbsp;&nbsp;&nbsp; 3865 | 0.99% | (0.48)% | 0.99% | 20.98% |
| 10/31/2020 | &nbsp;&nbsp; 22.18 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 8.17 | &nbsp;&nbsp;&nbsp;&nbsp; 8.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; 28.62 | 38.60% | &nbsp;&nbsp;&nbsp;&nbsp; 2823 | 1.05% | (0.28)% | 1.05% | 25.47% |

---

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.

------

**FINANCIAL HIGHLIGHTS: NATIONWIDE FUND**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Operations** | **Operations** | **Operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Distributions** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| <br>**Period Ended** | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| **Net**<br> **Investment**<br> **Income**<br> **(Loss)**<sup>(a)</sup> <br>| **Net Realized**<br> **and**<br> **Unrealized**<br> **Gains**<br> **(Losses)**<br> **from**<br> **Investments**<br>| **Total from**<br> **Operations**<br>| **Net**<br> **Investment**<br> **Income**<br>| **Net Realized**<br> **Gains**<br>| **Total**<br> **Distributions**<br>| **Net Asset**<br> **Value, End of**<br> **Period**<br>| **Total**<br> **Return**<sup>(b)(c)</sup> <br>| **Net Assets,**<br> **End of Period**<br> **(In**<br> **Thousands)**<br>| **Ratio of**<br> **Expenses to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of Net**<br> **Investment**<br> **Income**<br> **(Loss) to**<br> **Average Net**<br> **Assets**<sup>(d)</sup> <br>| **Ratio of**<br> **Expenses**<br> **(Prior to**<br> **Reimburse-**<br> **ments) to**<br> **Average Net**<br> **Assets**<sup>(d)(e)</sup> <br>| **Portfolio**<br> **Turnover**<sup>(c)(f)</sup> <br>|
| **Class A Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | $25.95 | $0.06 | $8.88 | $8.94 | $(0.05) | $(0.78) | $(0.83) | $34.06 | 35.05% | $201074 | 0.87% | 0.20% | 0.91% | 83.61% |
| 10/31/2023 | &nbsp;&nbsp; 24.60 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; 25.95 | &nbsp;&nbsp;&nbsp; 9.37% | &nbsp;&nbsp;&nbsp;&nbsp; 158099 | 0.87% | 0.56% | 0.92% | 72.63% |
| 10/31/2022 | &nbsp;&nbsp; 33.92 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (5.18) | &nbsp;&nbsp; (5.06) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.18) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; 24.60 | (17.11)% | &nbsp;&nbsp;&nbsp;&nbsp; 159555 | 0.89% | 0.43% | 0.93% | 53.21% |
| 10/31/2021 | &nbsp;&nbsp; 25.02 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 9.58 | &nbsp;&nbsp;&nbsp; 9.68 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; 33.92 | 39.33% | &nbsp;&nbsp;&nbsp;&nbsp; 210658 | 0.86% | 0.33% | 0.91% | 60.51% |
| 10/31/2020 | &nbsp;&nbsp; 22.73 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 2.77 | &nbsp;&nbsp;&nbsp; 2.92 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; 25.02 | 13.03% | &nbsp;&nbsp;&nbsp;&nbsp; 165332 | 0.88% | 0.66% | 0.92% | 68.55% |
| **Class R Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 24.86 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; 8.53 | &nbsp;&nbsp;&nbsp; 8.48 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; 32.54 | 34.71%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | 1.16% | (0.17)% | 1.21% | 83.61% |
| 10/31/2023 | &nbsp;&nbsp; 23.62 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; 24.86 | &nbsp;&nbsp;&nbsp; 9.05%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | 1.14% | 0.26% | 1.19% | 72.63% |
| 10/31/2022 | &nbsp;&nbsp; 32.76 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (4.96) | &nbsp;&nbsp; (4.92) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (4.18) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; 23.62 | (17.31)%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | 1.17% | 0.15% | 1.22% | 53.21% |
| 10/31/2021 | &nbsp;&nbsp; 24.22 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 9.24 | &nbsp;&nbsp;&nbsp; 9.25 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; 32.76 | 38.84%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 1.13% | 0.05% | 1.17% | 60.51% |
| 10/31/2020 | &nbsp;&nbsp; 22.05 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 2.68 | &nbsp;&nbsp;&nbsp; 2.72 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; 24.22 | 12.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | 1.33% | 0.16% | 1.38% | 68.55% |
| **Class R6 Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 25.19 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 8.61 | &nbsp;&nbsp;&nbsp; 8.77 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; 33.03 | 35.49% | &nbsp;&nbsp;&nbsp;&nbsp; 361810 | 0.54% | 0.51% | 0.58% | 83.61% |
| 10/31/2023 | &nbsp;&nbsp; 23.93 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 2.02 | &nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; 25.19 | &nbsp;&nbsp;&nbsp; 9.74% | &nbsp;&nbsp;&nbsp;&nbsp; 16841 | 0.54% | 0.98% | 0.59% | 72.63% |
| 10/31/2022 | &nbsp;&nbsp; 33.11 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (5.04) | &nbsp;&nbsp; (4.84) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (4.18) | &nbsp;&nbsp; (4.34) | &nbsp;&nbsp; 23.93 | (16.85)% | &nbsp;&nbsp;&nbsp;&nbsp; 36417 | 0.56% | 0.76% | 0.60% | 53.21% |
| 10/31/2021 | &nbsp;&nbsp; 24.43 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 9.36 | &nbsp;&nbsp;&nbsp; 9.54 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; 33.11 | 39.80% | &nbsp;&nbsp;&nbsp;&nbsp; 37187 | 0.57% | 0.61% | 0.62% | 60.51% |
| 10/31/2020 | &nbsp;&nbsp; 22.21 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp; 2.92 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; 24.43 | 13.36% | &nbsp;&nbsp;&nbsp;&nbsp; 23675 | 0.59% | 0.89% | 0.63% | 68.55% |
| **Institutional Service Class Shares** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/31/2024 | &nbsp;&nbsp; 25.19 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 8.61 | &nbsp;&nbsp;&nbsp; 8.75 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; 33.03 | 35.38% | &nbsp;&nbsp; 1138752 | 0.62% | 0.45% | 0.66% | 83.61% |
| 10/31/2023 | &nbsp;&nbsp; 23.92 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; 25.19 | &nbsp;&nbsp;&nbsp; 9.67% | &nbsp;&nbsp;&nbsp;&nbsp; 924015 | 0.63% | 0.78% | 0.68% | 72.63% |
| 10/31/2022 | &nbsp;&nbsp; 33.10 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (5.04) | &nbsp;&nbsp; (4.85) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (4.18) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; 23.92 | (16.90)% | &nbsp;&nbsp;&nbsp;&nbsp; 842936 | 0.61% | 0.70% | 0.66% | 53.21% |
| 10/31/2021 | &nbsp;&nbsp; 24.43 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 9.34 | &nbsp;&nbsp;&nbsp; 9.51 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; 33.10 | 39.66% | &nbsp;&nbsp; 1086864 | 0.64% | 0.55% | 0.69% | 60.51% |
| 10/31/2020 | &nbsp;&nbsp; 22.21 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; 24.43 | 13.27% | &nbsp;&nbsp;&nbsp;&nbsp; 895601 | 0.66% | 0.87% | 0.71% | 68.55% |

---

(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.

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Trust or through a financial intermediary. Specific intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify Nationwide Funds or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **To qualify for waivers and discounts not available through a particular intermediary, purchasers will have to purchase Fund shares directly from the Trust or through another intermediary by which such waivers and discounts are available.** Please see the section of this Prospectus entitled "Share Classes" commencing on page 29 of this Prospectus for more information on sales charges and waivers available for Class A shares. In addition to the sales charges and fees discussed below, your financial intermediary also may charge you a fee when you purchase or redeem a Fund's shares.

**Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Merrill** 

Shareholders who are customers of Merrill purchasing or selling Fund shares through a Merrill platform or account will be eligible only for the following sales charge waivers, which may differ from those stated in this Prospectus or the SAI. Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Merrill clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Merrill investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●brokerage class shares (i.e., Class A, Class R, Service Class and Class K) exchanged from advisory class shares (i.e., Eagle Class, Class R6, Institutional Service Class) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the Merrill Edge Self-Directed platform;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund in the same account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;●Trustees of the Trust, and employees of the Adviser or any of its affiliates and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of a mutual fund redemption in Class A shares of any Nationwide Fund, provided (1) the repurchase occurs within 90 calendar days from the redemption trade date, and (2) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

**Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoints as described in this Prospectus, where the sales load is at or below the maximum sales load permitted by Merrill, as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA"), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holding of mutual fund family assets held in their Merrill Household; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("Letter of Intent") which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within the purchaser's Merrill Household, as further described in the Merrill SLWD Supplement.

**Waivers of Contingent Deferred Sales Charges**

Shareholders redeeming Class A shares through a Merrill platform or account will be eligible for only the following CDSC waivers:

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to the client's death or disability (as defined by Section 22e(3) of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold due to return of excess contributions from an IRA account;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable regulations pursuant to the Internal Revenue Code of 1986, as amended and

&nbsp;&nbsp;&nbsp;&nbsp;●shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost shares class of the same mutual fund.

**Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management")**

**Waiver of Class A Sales Charges for Fund Shares Purchased through Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI:

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;●Morgan Stanley Wealth Management employee and employee-related accounts according to Morgan Stanley Wealth Management's account linking rules;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through a Morgan Stanley Wealth Management self-directed brokerage account and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions of any Nationwide Fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Raymond James & Associates, Inc., Raymond James Financial Services and each entity's affiliates ("Raymond James")**

Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers)

and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

● shares purchased in an investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Raymond James fees, but only if the transaction is initiated by Raymond James and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at Raymond James: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones")**

Shareholders who are clients of Edward Jones purchasing Fund shares through Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or the SAI, or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones, at the time of purchase, of any relationship, holdings of fund family assets, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Waiver of Class A Sales Charges for Fund Shares Purchased through Edward Jones**

&nbsp;&nbsp;&nbsp;&nbsp;●associates of Edward Jones, its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures;

● shares purchased in an Edward Jones fee-based program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: (1) the proceeds are from the sale of shares within 60 days of the purchase, and (2) the sale and purchase are made from a share class that charges a front-end sales load and one of the following (known as a Right of Reinstatement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption and repurchase occur in the same account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the redemption proceeds are used to process an: IRA contribution, excess contributions, conversion recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for Rights of Accumulation, as described below.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same Fund and was initiated at the discretion of Edward Jones. Edward Jones will be responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares through a rollover from either another education savings plan or a security used for qualified distributions and

&nbsp;&nbsp;&nbsp;&nbsp;●purchases of 529 Plan Class A shares made for recontribution of refunded amounts.

**Front-End Load Discounts Available at Edward Jones: Breakpoints, Rights of Accumulation and Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;●Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of fund family assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge. The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level. ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV) and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent ("LOI") which allow for sales charge and breakpoint discounts based on anticipated purchases within a fund family, through Edward Jones, over a 13-month period of time. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at the LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met. If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**CDSC Waivers on Class A shares available at Edward Jones**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of systematic withdrawals with up to 10% per year of the account value;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on the applicable IRS regulations, as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Edward Jones fees or costs, but only if the transaction is initiated by Edward Jones;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged in an Edward Jones fee-based program;

● shares acquired through NAV reinstatement and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding the Transactions Through Edward Jones**

**Minimum Purchase Amounts**

● Initial purchase minimum: $250

● Subsequent purchase minimum: none

**Minimum Balances**

&nbsp;&nbsp;&nbsp;&nbsp;●Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holding of a Fund's share class to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney account will be eligible only for the following load waivers (front-end sales charge and CDSC waivers, or back-end sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Waiver of Class A Front-end Sales Charges for Fund Shares Purchased through Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC Waivers on Class A shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in connection with a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Janney fees but only if the transaction is initiated by Janney and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-End Load Discounts Available at Janney: Breakpoints and/or Rights of Accumulation** 

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales load waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan;

● shares purchased by or through a 529 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through an OPCO affiliated investment advisory program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family);

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement);

&nbsp;&nbsp;&nbsp;&nbsp;●employees and registered representatives of OPCO or its affiliates and their family members and

&nbsp;&nbsp;&nbsp;&nbsp;●trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus.

**CDSC Waivers on Class A shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay OPCO fees, but only if the transaction is initiated by OPCO and

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed where the redemption proceeds are used to purchase shares of the same Fund or a different Fund within the same fund family, provided (1) the repurchase occurs within 90 days following the

redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**Front-end load discounts available at OPCO: Breakpoints and Rights of Accumulation**

● Breakpoints as described in this Prospectus and

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

**Robert W. Baird & Co. Incorporated ("Baird")**

Shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC") waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-end sales charge waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions from another Nationwide Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement) and

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A shares available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed from the death or disability of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan as described in this Prospectus;

● a return of excess contributions from an IRA account;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed to pay Baird fees, but only if the transaction is initiated by Baird; and

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., Rights of Reinstatement).

**Front-end sales charge discounts available at Baird: Breakpoints, Rights of Accumulation and/or Letters of Intent**

● Breakpoints as described in this Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;●Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through Baird, over a 13-month period of time.

**Stifel Financial Corp. ("Stifel")**

Shareholders purchasing or holding Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Front-end sales charge discounts available at Stifel: Breakpoints and Rights of Accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Fund held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other Fund within the same fund family;

&nbsp;&nbsp;&nbsp;&nbsp;●shares purchased from the proceeds of redeemed shares of the Fund so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement;

&nbsp;&nbsp;&nbsp;&nbsp;●shares from rollovers into Stifel from retirement plans to IRAs;

&nbsp;&nbsp;&nbsp;&nbsp;●shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;●employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs and

&nbsp;&nbsp;&nbsp;&nbsp;●charitable organizations and foundations, notably 501(c)(3) organizations.

**CDSC Waivers on Class A shares available at Stifel**

&nbsp;&nbsp;&nbsp;&nbsp;●death or disability of the shareholder or, in the case of 529 plans, the account beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold as part of a systematic withdrawal plan not to exceed 12% annually;

● return of excess contributions from an IRA account;

&nbsp;&nbsp;&nbsp;&nbsp;●shares redeemed as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on the applicable IRS regulations;

● shares acquired through a right of reinstatement;

------

**Appendix A:** Intermediary Sales Charge Discounts and Waivers *(cont.)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel and

● shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;●Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")\***

Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the Prospectus or Statement of Additional Information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A shares front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class A shares of a Fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;●Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV; and

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of a Fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●Shares purchased through a rollover from another 529 plan; and

&nbsp;&nbsp;&nbsp;&nbsp;●Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information** 

&nbsp;&nbsp;&nbsp;&nbsp;●Contingent deferred sales charges (CDSC) imposed on Fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts** 

Wells Fargo Advisors Clients purchasing Class A shares of Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan;

&nbsp;&nbsp;&nbsp;&nbsp;●Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans; and

&nbsp;&nbsp;&nbsp;&nbsp;●Gift of shares will not be considered when determining breakpoint discounts.

<sup>\*</sup>Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms. 

------

**For Additional Information Contact:**

**By Regular Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>P.O. Box 219336 <br>Kansas City, MO 64121-9336

**By Overnight Mail** <br>Nationwide Funds <br>c/o U.S. Bank Global Fund Services <br>801 Pennsylvania Ave., Suite 219336 <br>Kansas City, MO 64105-1307

**For 24-Hour Access** <br>Call 800-848-0920 (toll free). Representatives are available 9 a.m.– 8 p.m. Eastern time, Monday through Friday. Call after 7 p.m. Eastern time for closing share prices. Also, visit the website at nationwide.com/mutualfunds.

**Information from Nationwide Funds**

Please read this Prospectus before you invest, and keep it with your records. Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In Form N-CSR, you will find the Funds' annual and semiannual financial statements.

The following documents—which may be obtained free of charge—contain additional information about the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;●Statement of Additional Information (incorporated by reference into this Prospectus)

&nbsp;&nbsp;&nbsp;&nbsp;●Annual Reports (which contain discussions of the market conditions and investment strategies that significantly affected each Fund's performance)

● Semiannual Reports

To obtain any of the above documents free of charge, to request other information about a Fund, or to make other shareholder inquiries, contact us at the address or phone number listed or visit the website at nationwide.com/mutualfunds.

To reduce the volume of mail you receive, only one copy of financial reports, prospectuses, other regulatory materials and other communications will be mailed to your household (if you share the same last name and address). You can call us at 800-848-0920, or write to us at the address listed to request (1) additional copies free of charge, or (2) that we discontinue our practice of mailing regulatory materials altogether.

If you wish to receive regulatory materials and/or account statements electronically, you can sign up for our free e-delivery service. Please call 800-848-0920 for information.

**Information from the U.S. Securities and Exchange Commission (SEC)**

You can obtain copies of Fund documents from the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;●on the SEC's EDGAR database via the internet at www.sec.gov or

&nbsp;&nbsp;&nbsp;&nbsp;●by electronic request to publicinfo@sec.gov (the SEC charges a fee to copy any documents).

The Trust's Investment Company Act File No.: 811-08495

Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.©2026 Nationwide Funds Group PR-CEQ (2/26)

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**March 2, 2026** 

**NATIONWIDE MUTUAL FUNDS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Nationwide Bailard** <br> **International Equities** <br> **Fund**<br> Class A (NWHJX)<br> Class M (NWHLX)<br> Class R6 (NWHMX)<br> Institutional Service <br> Class (NWHNX)<br>| **Nationwide Bailard** <br> **Small Cap Value Fund** <br> *(formerly, Nationwide* <br> *Bailard Cognitive Value* <br> *Fund)*<br> Class A (NWHDX)<br> Class M (NWHFX)<br> Class R6 (NWHGX)<br> Institutional Service <br> Class (NWHHX)<br>| **Nationwide Bailard** <br> **Technology Fund** <br> *(formerly, Nationwide* <br> *Bailard Technology &* <br> *Science Fund)*<br> Class A (NWHOX)<br> Class M (NWHQX)<br> Class R6 (NWHTX)<br> Institutional Service <br> Class (NWHUX)<br>| **Nationwide BNY** <br> **Mellon Dynamic** <br> **U.S. Core Fund** Class A <br> (NMFAX)<br> Class R (GGFRX)<br> Class R6 (MUIGX)<br> Institutional Service <br> Class (NGISX)<br> Eagle Class (NWAEX)<br>| **Nationwide BNY** <br> **Mellon Dynamic** <br> **U.S. Equity Income** <br> **Fund** Class A <br> (NWALX)<br> Class K (NWAMX)<br> Class R6 (NWANX)<br> Institutional Service <br> Class (NWAOX)<br> Eagle Class (NWAPX)<br>|
| **Nationwide Bond** <br> **Index Fund**<br> Class A (GBIAX)<br> Class R (n/a)<br> Class R6 (GBXIX)<br> Institutional Service <br> Class (NWXOX)<br>| **Nationwide Fund**<br> Class A (NWFAX)<br> Class R (GNWRX)<br> Class R6 (NWABX)<br> Institutional Service <br> Class (MUIFX)<br>| **Nationwide Geneva** <br> **Mid Cap Growth Fund**<br> Class A (NWHVX)<br> Class R6 (NWKAX)<br> Institutional Service <br> Class (NWHYX)<br>| **Nationwide Geneva** <br> **Small Cap Growth** <br> **Fund**<br> Class A (NWHZX)<br> Class R6 (NWKCX)<br> Institutional Service <br> Class (NWKDX)<br>| **Nationwide** <br> **Government Money** <br> **Market Fund**<br> Investor Shares <br> (MIFXX)<br> Class R6 (GMIXX)<br> Service <br> Class (NWSXX)<br>|
| **Nationwide GQG US** <br> **Quality Equity Fund**<br> Class A (NWAUX)<br> Class R6 (NWAVX)<br> Institutional Service <br> Class (NWAWX)<br> Eagle Class (NWAYX)<br>| **Nationwide Inflation-**<br> **Protected Securities** <br> **Fund**<br> Class A (NIFAX)<br> Class R6 (NIFIX)<br> Institutional Service <br> Class (NWXNX)<br>| **Nationwide** <br> **International Index** <br> **Fund**<br> Class A (GIIAX)<br> Class R (GIIRX)<br> Class R6 (GIXIX)<br> Institutional Service<br> Class (NWXPX)<br>| **Nationwide** <br> **International Small** <br> **Cap Fund**<br> Class A (NWXSX)<br> Class R6 (NWXUX)<br> Institutional Service <br> Class (NWXVX)<br>| **Nationwide Invesco** <br> **Core Plus Bond Fund** <br> *(formerly, Nationwide* <br> *BNY Mellon Core Plus* <br> *Bond Fund)*<br> Class A (NWCPX)<br> Class R6 (NWCIX)<br> Institutional Service <br> Class (NWCSX)<br>|
| **Nationwide Loomis All** <br> **Cap Growth Fund**<br> Class A (NWZLX)<br> Class R6 (NWZMX)<br> Institutional Service <br> Class (NWZNX)<br> Eagle Class (NWADX)<br>| **Nationwide Loomis** <br> **Core Bond Fund**<br> Class A (NWJGX)<br> Class R6 (NWJIX)<br> Institutional Service <br> Class (NWJJX)<br> Eagle Class (NWAZX)<br>| **Nationwide Loomis** <br> **Short Term Bond** <br> **Fund**<br> Class A (NWJSX)<br> Class R6 (NWJUX)<br> Institutional Service <br> Class (NWJVX)<br>| **Nationwide Mid Cap** <br> **Market Index Fund**<br> Class A (GMXAX)<br> Class R (GMXRX)<br> Class R6 (GMXIX)<br> Institutional Service <br> Class (NWXQX)<br>| **Nationwide NYSE** <br> **Arca Tech 100 Index** <br> **Fund**<br> Class A (NWJCX)<br> Class R6 (NWJEX)<br> Institutional Service <br> Class (NWJFX)<br>|
| **Nationwide S&P 500** <br> **Index Fund**<br> Class A (GRMAX)<br> Class R (GRMRX)<br> Class R6 (GRMIX)<br> Service <br> Class (GRMSX)<br> Institutional Service <br> Class (GRISX)<br>| **Nationwide Schroders** <br> **Global Equity Fund** <br> *(formerly, Nationwide* <br> *Global Sustainable* <br> *Equity Fund)*<br> Class A (GGEAX)<br> Class R6 (GGEIX)<br> Institutional Service <br> Class (GGESX)<br>| **Nationwide Small Cap** <br> **Index Fund**<br> Class A (GMRAX)<br> Class R (GMSRX)<br> Class R6 (GMRIX)<br> Institutional Service <br> Class (NWXRX)<br>| **Nationwide Strategic** <br> **Income Fund** *(formerly,* <br> *Nationwide Amundi* <br> *Strategic Income Fund)*<br> Class A (NWXEX)<br> Class R6 (NWXGX)<br> Institutional Service <br> Class (NWXHX)<br>| **Nationwide WCM** <br> **Focused Small Cap** <br> **Fund**<br> Class A (NWGPX)<br> Class R6 (NWKEX)<br> Institutional Service <br> Class (NWGSX)<br>|

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Nationwide Mutual Funds (the "Trust"), a Delaware statutory trust, is a registered open-end investment company currently consisting of 44 series as of the date hereof. This Statement of Additional Information ("SAI") relates to the 25 series of the Trust which are listed above (each, a "Fund" and collectively, the "Funds").

This SAI is not a prospectus but is incorporated by reference into the following Prospectuses. It contains information in addition to and more detailed than that set forth in the Prospectuses for the Funds and should be read in conjunction with the following Prospectuses:

&nbsp;&nbsp;&nbsp;&nbsp;●Nationwide Bailard Small Cap Value Fund *(formerly, Nationwide Bailard Cognitive Value Fund)*, Nationwide Bailard Technology Fund *(formerly, Nationwide Bailard Technology & Science Fund)*, Nationwide BNY Mellon Dynamic U.S. Core Fund, Nationwide BNY Mellon Dynamic U.S. Equity Income Fund, Nationwide Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, Nationwide GQG US Quality Equity Fund, Nationwide Loomis All Cap Growth Fund and Nationwide WCM Focused Small Cap Fund dated February 28, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;●Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund, Nationwide Invesco Core Plus Bond Fund *(formerly, Nationwide BNY Mellon Core Plus Bond Fund)*, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund dated February 28, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;●Nationwide Bailard International Equities Fund, Nationwide International Small Cap Fund, Nationwide Schroders Global Equity Fund *(formerly, Nationwide Global Sustainable Equity Fund)* and Nationwide Strategic Income Fund *(formerly, Nationwide Amundi Strategic Income Fund)*, dated February 28, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;●Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide Small Cap Index Fund and Nationwide S&P 500 Index Fund and dated February 28, 2026.

Terms not defined in this SAI have the meanings assigned to them in the Prospectuses. The Prospectuses are posted on the Funds' website, nationwide.com/mutualfundprospectuses, or may be obtained from Nationwide Mutual Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219336, Kansas City, MO 64121-9336 or by calling toll free 800-848-0920.

The Report of Independent Registered Public Accounting Firm and Financial Statements of the Trust on Form N-CSR for the fiscal year ended October 31, 2025, are incorporated herein by reference. Copies of the Annual Report and Semi-Annual Report are available without charge upon request by writing the Trust or by calling toll free 800-848-0920.

THE TRUST'S INVESTMENT COMPANY ACT FILE NO.: 811-08495

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| [General Information and History](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_1) | 1 |
| [Additional Information on Portfolio Instruments, Strategies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_1)<br> [and Investment Policies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_1)<br>| 1 |
| [Portfolio Turnover](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_54) | 54 |
| [Investment Restrictions](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_54) | 54 |
| [Disclosure of Portfolio Holdings](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_57) | 57 |
| [Trustees and Officers of the Trust](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_59) | 59 |
| [Investment Advisory and Other Services](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_66) | 66 |
| [Brokerage Allocation](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_82) | 82 |
| [Additional Information on Purchases and Sales](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_93) | 93 |
| [Valuation of Shares](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_98) | 98 |
| [Systematic Investment Strategies](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_100) | 100 |
| [Investor Privileges](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_101) | 101 |
| [Investor Services](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_103) | 103 |
| [Additional Information](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_104) | 104 |
| [Additional General Tax Information for All Funds](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_106) | 106 |
| [Major Shareholders](#xx_f44a6246-9eed-44ab-8836-b50972f2b3fd_120) | 120 |
| [Appendix](#xx_b82a6e76-0836-49ad-98f1-c20bb2d59bd2_1)[A – Debt Ratings](#xx_b82a6e76-0836-49ad-98f1-c20bb2d59bd2_1) | A-1 |
| [Appendix](#xx_47776304-4cc4-4ab4-b2e4-2a6183406fea_1)[B – Proxy Voting Guidelines Summaries](#xx_47776304-4cc4-4ab4-b2e4-2a6183406fea_1) | B-1 |
| [Appendix](#xx_92547cc2-add9-40ab-bad4-4da22c45155f_1)[C – Portfolio Managers](#xx_92547cc2-add9-40ab-bad4-4da22c45155f_1) | C-1 |
| [Appendix](#xx_6691d551-e849-40ef-8763-10cf4746f156_1)[D – 5% Shareholders](#xx_6691d551-e849-40ef-8763-10cf4746f156_1) | D-1 |

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iii

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**General Information and History** 

Nationwide Mutual Funds (the "Trust") is an open-end management investment company organized under the laws of the state of Delaware on October 1, 2004, pursuant to a Second Amended and Restated Agreement and Declaration of Trust dated June 17, 2009 (the "Second Amended and Restated Declaration of Trust"). The Trust currently consists of 44 separate series, each with its own investment objective.

Except for the Nationwide GQG US Quality Equity Fund, each of the Funds featured herein is a diversified fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The Nationwide GQG US Quality Equity Fund is a non-diversified fund, as defined in the 1940 Act.

The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund commenced operations on December 16, 2019, as a result of a reorganization in which the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund acquired all of the assets, subject to stated liabilities, of the BNY Mellon Disciplined Stock Fund, a former series of BNY Mellon Investment Funds IV, Inc. (the "Predecessor Fund"). The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund has adopted the historical performance of the Predecessor Fund. At the time of the reorganization, the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and the Predecessor Fund had similar investment goals, although the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and the Predecessor Fund had different investment objectives. Further, while the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and the Predecessor Fund shared some investment strategies and policies, certain of the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund's investment strategies and policies were different from those of the Predecessor Fund.

**Additional Information on Portfolio Instruments, Strategies** <br>**and Investment Policies** 

The Funds invest in a variety of securities and employ a number of investment techniques, which involve certain risks. The Prospectuses discuss each Fund's principal investment strategies, investment techniques and risks. Therefore, you should carefully review a Fund's Prospectus. This SAI contains information about non-principal investment strategies the Funds may use, as well as further information about certain principal strategies that are discussed in the Prospectuses. The discussion of investments in this SAI is qualified by Rule 2a-7 limitations with respect to the Nationwide Government Money Market Fund.

For purposes of this SAI, each of the following Funds (either singly or collectively) is referred to as the "**Equity Funds**":

Nationwide Bailard International Equities Fund <br>Nationwide Bailard Small Cap Value Fund <br>Nationwide Bailard Technology Fund <br>Nationwide BNY Mellon Dynamic U.S. Core Fund <br>Nationwide BNY Mellon Dynamic U.S. Equity Income Fund <br>Nationwide Fund <br>Nationwide Geneva Mid Cap Growth Fund <br>Nationwide Geneva Small Cap Growth Fund <br>Nationwide GQG US Quality Equity Fund <br>

Nationwide International Index Fund <br>Nationwide International Small Cap Fund <br>Nationwide Loomis All Cap Growth Fund <br>Nationwide Mid Cap Market Index Fund <br>Nationwide NYSE Arca Tech 100 Index Fund <br>Nationwide S&P 500 Index Fund <br>Nationwide Schroders Global Equity Fund <br>Nationwide Small Cap Index Fund <br>Nationwide WCM Focused Small Cap Fund

For purposes of this SAI, each of the following Funds (either singly or collectively) is referred to as the "**Fixed-Income Funds**":

Nationwide Bond Index Fund <br>Nationwide Government Money Market Fund <br>Nationwide Inflation-Protected Securities Fund <br>Nationwide Invesco Core Plus Bond Fund <br>

Nationwide Loomis Core Bond Fund <br>Nationwide Loomis Short Term Bond Fund <br>Nationwide Strategic Income Fund

For purposes of this SAI, each of the following Funds (either singly or collectively) is referred to as the "**Index Funds**":

Nationwide Bond Index Fund <br>Nationwide International Index Fund <br>

Nationwide Mid Cap Market Index Fund <br>Nationwide NYSE Arca Tech 100 Index Fund <br>

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Nationwide S&P 500 Index Fund <br>Nationwide Small Cap Index Fund

**Bank and Corporate Loans** 

With the exception of the Nationwide Government Money Market Fund, each of the Fixed-Income Funds may invest in bank or corporate loans. Bank or corporate loans are generally non-investment grade floating rate instruments. Usually, they are freely callable at the issuer's option. A Fund may invest in fixed and floating rate loans ("Loans") arranged through private negotiations between a corporate borrower or a foreign sovereign entity and one or more financial institutions ("Lenders"). A Fund may invest in such Loans in the form of participations in Loans ("Participations") and assignments of all or a portion of Loans from third parties ("Assignments"). A Fund considers these investments to be investments in debt securities for purposes of its investment policies. Participations typically will result in a Fund having a contractual relationship only with the Lender, not with the borrower. A Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set-off against the borrower, and a Fund may not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Fund will assume the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, a Fund may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower. When a Fund purchases Assignments from Lenders, a Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty's credit risk. A Fund may enter into Participations and Assignments on a forward commitment or "when issued" basis, whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more information on forward commitments and when issued securities, see "When Issued Securities and Delayed-Delivery Transactions" below.

A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such instruments is not highly liquid, and therefore a Fund anticipates that in such cases such instruments could be sold only to a limited number of institutional investors. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on a Fund's ability to dispose of particular Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Assignments and Participations will not be considered illiquid so long as it is determined by a Fund's subadviser that an adequate trading market exists for these securities. To the extent that liquid Assignments and Participations that a Fund holds become illiquid, due to the lack of sufficient buyers or market or other conditions, the percentage of a Fund's assets invested in illiquid assets would increase.

Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a syndicate. The syndicate's agent arranges the loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.

The Loans in which a Fund may invest are subject to the risk of loss of principal and income. 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. 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 Loan may not recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay.

In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws. Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of interests in Loans, such as a Fund, may not have the protection of the anti-fraud provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable state law.

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**Borrowing** 

Each Fund may borrow money from banks, limited by each Fund's fundamental investment restriction (generally, 33 <sup>1</sup>∕3% of its total assets (including the amount borrowed)), including borrowings for temporary or emergency purposes. In addition to borrowings that are subject to 300% asset coverage and are considered by the U.S. Securities and Exchange Commission ("SEC") to be permitted "senior securities," each Fund is also permitted under the 1940 Act to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets at the time when the loan is made. A loan will be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

*Leverage*. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same time, creates special risks. For example, leveraging may exaggerate changes in the net asset value of Fund shares and in the return on a Fund's portfolio. Although the principal of such borrowings will be fixed, a Fund's assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses for the Fund which can exceed the income from the assets purchased with the borrowings. To the extent the income or capital appreciation derived from securities purchased with borrowed funds exceeds the interest a Fund will have to pay on the borrowings, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of borrowing, the return to a Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, a Fund's portfolio management in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it expects that the benefits to the Fund's shareholders of maintaining the leveraged position will outweigh the current reduced return.

Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that observance of such covenants would impede the Fund's portfolio management from managing a Fund's portfolio in accordance with the Fund's investment objectives and policies. However, a breach of any such covenants not cured within the specified cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio investments at a time when it may be disadvantageous to do so.

**Brady Bonds** 

Except for the Nationwide Government Money Market Fund, each of the Fixed-Income Funds may invest in Brady Bonds. Brady Bonds are debt securities, generally denominated in U.S. dollars, issued under the framework of the Brady Plan. The Brady Plan is an initiative announced by former U.S. Treasury Secretary Nicholas F. Brady in 1989 as a mechanism for debtor nations to restructure their outstanding external commercial bank indebtedness. In restructuring its external debt under the Brady Plan framework, a debtor nation negotiates with its existing bank lenders as well as multilateral institutions such as the International Bank for Reconstruction and Development (the "World Bank") and the International Monetary Fund (the "IMF"). The Brady Plan framework, as it has developed, contemplates the exchange of external commercial bank debt for newly issued bonds known as "Brady Bonds." Brady Bonds may also be issued in respect of new money being advanced by existing lenders in connection with the debt restructuring. The World Bank and/or the IMF support the restructuring by providing funds pursuant to loan agreements or other arrangements that enable the debtor nation to collateralize the new Brady Bonds or to repurchase outstanding bank debt at a discount. Under these arrangements with the World Bank and/or the IMF, debtor nations have been required to agree to the implementation of certain domestic monetary and fiscal reforms. Such reforms have included the liberalization of trade and foreign investment, the privatization of state-owned enterprises and the setting of targets for public spending and borrowing. These policies and programs seek to promote the debtor country's economic growth and development. Investors should also recognize that the Brady Plan only sets forth general guiding principles for economic reform and debt reduction, emphasizing that solutions must be negotiated on a case-by-case basis between debtor nations and their creditors. A Fund's portfolio management may believe that economic reforms undertaken by countries in connection with the issuance of Brady Bonds may make the debt of countries which have issued or have announced plans to issue Brady Bonds an attractive opportunity for investment. However, there can be no assurance that the portfolio management's expectations with respect to Brady Bonds will be realized.

Agreements implemented under the Brady Plan to date are designed to achieve debt and debt-service reduction through specific options negotiated by a debtor nation with its creditors. As a result, the financial packages offered by each country differ. The types of options have included the exchange of outstanding commercial bank debt for bonds issued at 100% of face value of such debt which carry a below-market stated rate of interest (generally known as par bonds), bonds issued at a

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discount from the face value of such debt (generally known as discount bonds), bonds bearing an interest rate which increases over time and bonds issued in exchange for the advancement of new money by existing lenders. Regardless of the stated face amount and stated interest rate of the various types of Brady Bonds, a Fund will purchase Brady Bonds in secondary markets, as described below, in which the price and yield to the investor reflect market conditions at the time of purchase. Certain sovereign bonds are entitled to "value recovery payments" in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. Certain Brady Bonds have been collateralized as to principal due date at maturity (typically 30 years from the date of issuance) by U.S. Treasury zero coupon bonds with a maturity equal to the final maturity of such Brady Bonds. The U.S. Treasury bonds purchased as collateral for such Brady Bonds are financed by the IMF, the World Bank and the debtor nations' reserves. In addition, interest payments on certain types of Brady Bonds may be collateralized by cash or high-grade securities in amounts that typically represent between 12 and 18 months of interest accruals on these instruments with the balance of the interest accruals being uncollateralized. In the event of a default with respect to collateralized Brady Bonds as a result of which the payment obligations of the issuer are accelerated, the U.S. Treasury zero coupon obligations held as collateral for the payment of principal will not be distributed to investors, nor will such obligations be sold and the proceeds distributed. The collateral will be held by the collateral agent to the scheduled maturity of the defaulted Brady Bonds, which will continue to be outstanding, at which time the face amount of the collateral will equal the principal payments that would have then been due on the Brady Bonds in the normal course. However, in light of the residual risk of the Brady Bonds and, among other factors, the history of default with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds, investments in Brady Bonds are considered speculative. Each Fund may purchase Brady Bonds with no or limited collateralization, and, for payment of interest and (except in the case of principal collateralized Brady Bonds) principal, will be relying primarily on the willingness and ability of the foreign government to make payment in accordance with the terms of the Brady Bonds.

**Collateralized Debt Obligations** 

Except for the Nationwide Government Money Market Fund, each of the Fixed-Income Funds may invest in collateralized debt obligations. Collateralized debt obligations ("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.

The cash flows from the CDO trust are split generally into two or more portions, called tranches, varying in risk and yield. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity or "first loss" tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. Senior tranches pay the lowest interest rates but generally are safer investments than more junior tranches because, should there be any default, senior tranches typically are paid first. The most junior tranches, such as equity tranches, would attract the highest interest rates but suffer the highest risk should the holder of an underlying loan default. If some loans default and the cash collected by the CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. 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 a Fund as illiquid securities; however, an active dealer market, or other relevant measures of liquidity, may exist for CDOs allowing a CDO potentially to be deemed liquid by the subadviser under liquidity policies approved by the Board of Trustees. 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 a Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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*Collateralized Loan Obligations ("CLOs").* Except for the Nationwide Government Money Market Fund, each of the Fixed-Income Funds may invest in collateralized loan obligations. A CLO is a financing company (generally called a Special Purpose Vehicle or "SPV"), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying CLOs are typically senior loans, the assets also may include: (i) unsecured loans, (ii) other debt securities that are rated below investment grade, (iii) debt tranches of other CLOs and (iv) equity securities incidental to investments in senior loans. When investing in CLOs, a Fund will not invest in equity tranches, which are the lowest tranche. However, a Fund may invest in lower debt tranches of CLOs, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior debt tranches of the CLO. In addition, a Fund may invest in CLOs consisting primarily of individual senior loans of borrowers and not repackaged CLO obligations from other high risk pools. The underlying senior loans purchased by CLOs generally are performing at the time of purchase but may become non-performing, distressed or defaulted. CLOs with underlying assets of non-performing, distressed or defaulted loans are not contemplated to comprise a significant portion of a Fund's investments in CLOs. The key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On this basis, marketable securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent a lower level of risk than the original assets. The redemption of the securities issued by the SPV typically takes place at maturity out of the cash flow generated by the collected claims. Holders of CLOs bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.

A Fund may have the right to receive payments only from the CLOs, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain CLOs enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in CLOs generally pay their share of the CLO's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying a CLO will rise or fall, these prices (and, therefore, the prices of CLOs) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a CLO uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the CLOs owned by a Fund.

Certain CLOs may be thinly traded or have a limited trading market. CLOs typically are offered and sold privately. As a result, investments in CLOs may be characterized by a Fund as illiquid securities. In addition to the general risks associated with debt securities discussed below, CLOs 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 investments in CLOs are subordinate to other classes or tranches thereof; 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.

**Debt Obligations** 

Debt obligations are subject to the risk of an issuer's inability to meet principal and interest payments on its obligations when due ("credit risk") and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer, and general market liquidity. Lower-rated securities are more likely to react to developments affecting these risks than are more highly rated securities, which react primarily to movements in the general level of interest rates. Although the fluctuation in the price of debt securities is normally less than that of common stocks, in the past there have been extended periods of cyclical increases in interest rates that have caused significant declines in the price of debt securities in general and have caused the effective maturity of securities with prepayment features to be extended, thus effectively converting short or intermediate securities (which tend to be less volatile in price) into long-term securities (which tend to be more volatile in price). In addition, a corporate event such as a restructuring, merger, leveraged buyout, takeover, or similar action may cause a decline in market value of its securities or credit quality of the company's bonds due to factors including an unfavorable market response or a resulting increase in the company's debt. Added debt may significantly reduce the credit quality and market value of a company's bonds, and may thereby affect the value of its equity securities as well.

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Changes to monetary policy by the Federal Reserve or other regulatory actions could expose fixed income and related markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact a Fund's operations and return potential. Additionally, a significant reduction in dealer market-making capacity has the potential to decrease liquidity and increase volatility in the fixed-income markets.

*Duration*. Duration is a measure of the average life of a fixed-income security that was developed as a more precise alternative to the concepts of "term-to-maturity" or "average dollar weighted maturity" as measures of "volatility" or "risk" associated with changes in interest rates. Duration incorporates a security's yield, coupon interest payments, final maturity and call features into one measure.

Most debt obligations provide interest ("coupon") payments in addition to final ("par") payment at maturity. Some obligations also have call provisions. Depending on the relative magnitude of these payments and the nature of the call provisions, the market values of debt obligations may respond differently to changes in interest rates.

Traditionally, a debt security's "term-to-maturity" has been used as a measure of the sensitivity of the security's price to changes in interest rates (which is the "interest rate risk" or "volatility" of the security). However, "term-to-maturity" measures only the time until a debt security provides its final payment, taking no account of the pattern of the security's payments prior to maturity. Average dollar weighted maturity is calculated by averaging the terms of maturity of each debt security held with each maturity "weighted" according to the percentage of assets that it represents. Duration is a measure of the expected life of a debt security on a present value basis and reflects both principal and interest payments. Duration takes the length of the time intervals between the present time and the time that the interest and principal payments are scheduled or, in the case of a callable security, expected to be received, and weights them by the present values of the cash to be received at each future point in time. For any debt security with interest payments occurring prior to the payment of principal, duration is ordinarily less than maturity. In general, all other factors being the same, the lower the stated or coupon rate of interest of a debt security, the longer the duration of the security; conversely, the higher the stated or coupon rate of interest of a debt security, the shorter the duration of the security.

There are some situations where the standard duration calculation does not properly reflect the interest rate exposure of a security. For example, floating- and variable-rate securities often have final maturities of ten or more years; however, their interest rate exposure corresponds to the frequency of the coupon reset. Another example where the interest rate exposure is not properly captured by duration is the case of mortgage pass-through securities. The stated final maturity of such securities is generally 30 years, but current prepayment rates are more critical in determining the securities' interest rate exposure. In these and other similar situations, a Fund's portfolio management will use more sophisticated analytical techniques to project the economic life of a security and estimate its interest rate exposure. Since the computation of duration is based on predictions of future events rather than known factors, there can be no assurance that a Fund will at all times achieve its targeted portfolio duration.

The change in market value of U.S. government fixed-income securities is largely a function of changes in the prevailing level of interest rates. When interest rates are falling, a portfolio with a shorter duration generally will not generate as high a level of total return as a portfolio with a longer duration. When interest rates are stable, shorter duration portfolios generally will not generate as high a level of total return as longer duration portfolios (assuming that long-term interest rates are higher than short-term rates, which is commonly the case). When interest rates are rising, a portfolio with a shorter duration will generally outperform longer duration portfolios. With respect to the composition of a fixed-income portfolio, the longer the duration of the portfolio, generally, the greater the anticipated potential for total return, with, however, greater attendant interest rate risk and price volatility than for a portfolio with a shorter duration.

*Low or Negative Interest Rates*. In a low or negative interest rate environment, debt securities may trade at, or be issued with, negative yields, which means the purchaser of the security may receive at maturity less than the total amount invested. In addition, in a negative interest rate environment, if a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank. To the extent a Fund holds a negatively-yielding debt security or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject a Fund to increased counterparty risk to the Fund's bank.

If low or negative interest rates become more prevalent in the market and/or if low or negative interest rates persist for a sustained period of time, some investors may seek to reallocate assets to other income-producing assets. This may cause the price of such higher yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may

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limit a Fund's ability to locate fixed income instruments containing the desired risk/return profile. Changing interest rates including, rates that fall below zero, could have unpredictable effects on the markets and may expose fixed income markets to heightened volatility, increased redemptions, and potential illiquidity.

A low or negative interest rate environment could, and a prolonged low or negative interest rate environment will, impact the Nationwide Government Money Market Fund's ability to provide a positive yield to its shareholders, pay expenses out of current income, and/or achieve its investment objective, including maintaining a stable NAV of $1 per share. In a prolonged environment of low to negative interest rates, the Nationwide Government Money Market Fund's board of trustees may consider taking various actions, including discontinuing use of the amortized cost method of valuation to maintain a stable NAV of $1 per share and establishing a fluctuating NAV rounded to four decimal places by using available market quotations or equivalents. During a negative interest rate environment which causes the Fund to have a negative gross yield, the Fund may reduce the number of shares outstanding on a pro rata basis through share cancellation, including through reverse distribution mechanisms, to seek to maintain a stable $1.00 price per share, subject to Board approval and to the extent permissible by applicable law and its organizational documents. See Valuation of Shares - Nationwide Government Money Market Fund.

*Ratings as Investment Criteria*. High-quality, medium-quality and non-investment grade debt obligations are characterized as such based on their ratings by nationally recognized statistical rating organizations ("NRSROs"), such as Standard & Poor's Ratings Services ("Standard & Poor's") or Moody's Investors Service ("Moody's"). In general, the ratings of NRSROs represent the opinions of these agencies as to the quality of securities that they rate. Such ratings, however, are relative and subjective, are not absolute standards of quality and do not evaluate the market value risk of the securities. Further, credit ratings do not provide assurance against default or other loss of money. These ratings are considered in the selection of a Fund's portfolio securities, but the Fund also relies upon the independent advice of its portfolio management to evaluate potential investments. This is particularly important for lower-quality securities. Among the factors that will be considered is the long-term ability of the issuer to pay principal and interest and general economic trends, as well as an issuer's capital structure, existing debt and earnings history. Appendix A to this SAI contains further information about the rating categories of NRSROs and their significance. If a security has not received a credit rating, the Fund must rely entirely on the credit assessment of the portfolio management.

Subsequent to the purchase of securities by a Fund, the issuer of the securities may cease to be rated or its rating may be reduced below the minimum required for purchase by such Fund. In addition, it is possible that an NRSRO might not change its rating of a particular issuer to reflect subsequent events. None of these events generally will require sale of such securities, but a Fund's portfolio management will consider such events in its determination of whether the Fund should continue to hold the securities.

In addition, to the extent that the ratings change as a result of changes in an NRSRO or its rating systems, or due to a corporate reorganization, a Fund will attempt to use comparable ratings as standards for its investments in accordance with its investment objective and policies.

*Eligible Securities (Nationwide Government Money Market Fund)*. All investments made by the Fund must be Eligible Securities at the time of acquisition as defined in Rule 2a-7 under the 1940 Act. Eligible Securities include: U.S. government securities; securities with a remaining maturity of 397 calendar days or less that the Fund's subadviser, subject to oversight by the Fund's Board of Trustees, determines present minimal credit risks to the Fund; and securities issued by other money market funds. As a government money market fund, the Fund 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 funds that operate as government money market funds.

Under Rule 2a-7, the determination of whether a security presents minimal credit risks to the Fund must include an analysis of the capacity of the security's issuer or guarantor (including for the provider of a conditional demand feature, when applicable) to meet its financial obligations, and such analysis must include, to the extent appropriate, consideration of the following factors with respect to the security's issuer or guarantor: (i) financial condition; (ii) sources of liquidity; (iii) ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and (iv) strength of the issuer or guarantor's industry within the economy and relative to economic trends, and issuer or guarantor's competitive position within its industry.

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In determining whether a security presents minimal credit risks, the subadviser may take into account credit quality determinations prepared by outside sources, including NRSROs that the subadviser considers reliable in assessing credit risk.

**Derivative Instruments** 

Each Fund, except the Nationwide Government Money Market Fund, may use instruments referred to as derivative instruments ("derivatives"). A derivative is a financial instrument the value of which is derived from a security, a commodity (such as gold or oil), a currency or an index (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types of instruments. Each Fund may use derivatives as a substitute for taking a position in a security, a group of securities or a securities index as well as for hedging purposes. Certain Funds, as noted in their respective Prospectuses, also may use derivatives for speculative purposes to seek to enhance returns. The use of a derivative is speculative if a Fund is primarily seeking to achieve gains, rather than offset the risk of other positions. When a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. No Fund may use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly.

Derivatives generally have investment characteristics that are based upon either forward contracts (under which one party is obligated to buy and the other party is obligated to sell an underlying asset at a specific price on a specified date) or option contracts (under which the holder of the option has the right but not the obligation to buy or sell an underlying asset at a specified price on or before a specified date). Consequently, the change in value of a forward-based derivative generally is roughly proportional to the change in value of the underlying asset. In contrast, the buyer of an option-based derivative generally will benefit from favorable movements in the price of the underlying asset but is not exposed to the corresponding losses that result from adverse movements in the value of the underlying asset. The seller (writer) of an option-based derivative generally will receive fees or premiums but generally is exposed to losses resulting from changes in the value of the underlying asset. Depending on the change in the value of the underlying asset, the potential for loss may be limitless. Derivative transactions may include elements of leverage and, accordingly, the fluctuation of the value of the derivative transaction in relation to the underlying asset may be magnified.

The use of these derivatives is subject to applicable regulations of the SEC, the several options and futures exchanges upon which they may be traded, and the Commodity Futures Trading Commission ("CFTC"). Nationwide Fund Advisors ("NFA" or the "Adviser"), although registered as a commodity pool operator, has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Funds and, therefore, is not subject to regulation as a commodity pool operator under the CEA with respect to the Funds.

Rule 18f-4 under the 1940 Act ("Rule 18f-4"), imposes new requirements and restrictions on the Funds' use of derivatives and eliminated the asset segregation framework previously used by funds, including the Funds, to comply with Section 18 of the 1940 Act. Rule 18f-4 imposes limits on the amount of leverage risk to which a Fund may be exposed through certain derivative instruments that may oblige the Fund to make payments or incur additional obligations in the future. Under Rule 18f-4, the Funds' investment in such derivatives is limited through a value-at-risk or "VaR" test. Funds whose use of such derivatives is more than a limited specified exposure amount are required to establish and maintain a derivatives risk management program, subject to oversight by the Board of Trustees of the Trust ("Board of Trustees"), and appoint a derivatives risk manager to implement such program. To the extent a Fund's compliance with Rule 18f-4 changes how the Fund uses derivatives, Rule 18f-4 may adversely affect the Fund's performance and/or increase costs related to the Fund's use of derivatives.

*Special Risks of Derivative Instruments*. The use of derivatives involves special considerations and risks as described below. Risks pertaining to particular instruments are described in the sections that follow.

(1) Successful use of most derivatives depends upon a Fund's portfolio management's ability to predict movements of the overall securities and currency markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed.

(2) There might be imperfect correlation, or even no correlation, between price movements of a derivative and price movements of the investments being hedged. For example, if the value of a derivative used in a short hedge (such as writing a call option, buying a put option, or selling a futures contract) increased by less than the decline in value of the hedged investment, the hedge would not be fully successful. Such a lack of correlation might occur due to factors

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unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which these instruments are traded. The effectiveness of hedges using derivatives on indices will depend on the degree of correlation between price movements in the index and price movements in the investments being hedged, as well as how similar the index is to the portion of the Fund's assets being hedged in terms of securities composition.

(3) Hedging strategies, if successful, can reduce the risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements in the investments being hedged. However, hedging strategies also can reduce opportunity for gain by offsetting the positive effect of favorable price movements in the hedged investments. For example, if a Fund entered into a short hedge because a Fund's portfolio management projected a decline in the price of a security in the Fund's portfolio, and the price of that security increased instead, the gain from that increase might be wholly or partially offset by a decline in the price of the derivative. Moreover, if the price of the derivative declines by more than the increase in the price of the security, a Fund could suffer a loss.

(4) As described below, a Fund might be required to make margin payments when it takes positions in derivatives involving obligations to third parties (i.e., instruments other than purchased options). If the Fund were unable to close out its positions in such derivatives, it might be required to continue to make such payments until the position expired or matured. The requirements might impair the Fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require that the Fund sell a portfolio security at a disadvantageous time. The Fund's ability to close out a position in a derivative prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the other party to the transaction ("counterparty") to enter into a transaction closing out the position. Therefore, there is no assurance that any hedging position can be closed out at a time and price that is favorable to the Fund.

For a discussion of the federal income tax treatment of a Fund's derivative instruments, see "Additional General Tax Information for All Funds" in this SAI.

*Options*. A Fund may purchase or write put and call options on securities and indices, and may purchase options on foreign currencies, and enter into closing transactions with respect to such options to terminate an existing position. The purchase of call options can serve as a long hedge (i.e., taking a long position in the underlying security), and the purchase of put options can serve as a short hedge (i.e., taking a short position in the underlying security). Writing put or call options can enable a Fund to enhance income by reason of the premiums paid by the purchaser of such options. 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 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. All or a portion of any assets used as cover for over-the-counter ("OTC") options written by a Fund would be considered illiquid to the extent described under "Restricted, Non-Publicly Traded and Illiquid Securities" below. 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 exercise 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 value of an option position will reflect, among other things, the historical 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 exercise price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. Options used by a Fund may include European-style options, which can be exercised only at expiration. This is in contrast to American-style options which can be exercised at any time prior to the expiration date of the option.

A Fund may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a Fund may terminate its obligation under a call or put option that it had written by purchasing an identical call or put option; this is known as a closing purchase transaction. Conversely, a Fund may terminate a position in a put or call option it had purchased by writing an identical put or call option; this is known as a closing sale transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

A Fund may purchase or write both OTC options and options traded on foreign and U.S. exchanges. Exchange-traded options are issued by a clearing organization affiliated with the exchange on which the option is listed that, in effect, guarantees completion of every exchange-traded option transaction. OTC options are contracts between the Fund and the

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counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Thus, when the Fund purchases or writes an OTC option, it relies on the counterparty to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so would result in the loss of any premium paid by the Fund as well as the loss of any expected benefit of the transaction.

A Fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market. A Fund generally intends to purchase or write only those exchange-traded options for which there appears to be a liquid secondary market. However, there can be no assurance that such a market will exist at any particular time. Closing transactions can be made for OTC options only by negotiating directly with the counterparty, or by a transaction in the secondary market if any such market exists. Although a Fund will enter into OTC options only with counterparties that are expected to be capable of entering into closing transactions with a Fund, there is no assurance that such Fund will in fact be able to close out an OTC option at a favorable price prior to expiration. In the event of insolvency of the counterparty, a Fund might be unable to close out an OTC option position at any time prior to its expiration.

If a Fund is unable to effect a closing transaction for an option it had 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 the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

A Fund may engage in options transactions on indices in much the same manner as the options on securities discussed above, except that index options may serve as a hedge against overall fluctuations in the securities markets in general.

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 the options and securities markets may detract from the effectiveness of attempted hedging.

An interest rate option is an agreement with a counterparty giving the buyer the right but not the obligation to buy or sell an interest rate hedging vehicle (such as a Treasury future or interest rate swap) at a future date at a predetermined price. The option buyer would pay a premium at the inception of the agreement. An interest rate option can be used to actively manage a Fund's interest rate risk with respect to either an individual bond or an overlay of the entire portfolio.

*Spread Transactions*. A Fund may purchase covered spread options from securities dealers. Such covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives a Fund the right to put, or sell, a security that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to a Fund in purchasing covered spread options is the cost of the premium paid for the spread option and any transaction costs. In addition, there is no assurance that closing transactions will be available. The purchase of spread options will be used to protect a Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high-quality and lower-quality securities. Such protection is only provided during the life of the spread option.

*Futures Contracts*. A Fund may enter into futures contracts, including interest rate, index, and currency futures and purchase and write (sell) related options. The purchase of futures or call options thereon can serve as a long hedge, and the sale of futures or the purchase of put options thereon can serve as a short hedge. Writing covered call options on futures contracts can serve as a limited short hedge, and writing covered put options on futures contracts can serve as a limited long hedge, using a strategy similar to that used for writing covered options in securities. A Fund's hedging may include purchases of futures as an offset against the effect of expected increases in securities prices or currency exchange rates and sales of futures as an offset against the effect of expected declines in securities prices or currency exchange rates. A Fund may write put options on futures contracts while at the same time purchasing call options on the same futures contracts in order to create synthetically a long futures contract position. Such options would have the same strike prices and expiration dates. A Fund will engage in this strategy only when a Fund's portfolio management believes it is more advantageous to a Fund than purchasing the futures contract.

To the extent required by regulatory authorities, a Fund will only enter into futures contracts that are traded on U.S. or foreign exchanges or boards of trade approved by the CFTC and are standardized as to maturity date and underlying financial instrument. These transactions may be entered into for "bona fide hedging" purposes as defined in CFTC regulations and other permissible purposes including increasing return, substituting a position in a security, group of securities or an index,

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and hedging against changes in the value of portfolio securities due to anticipated changes in interest rates, currency values and/or market conditions. There is no overall limit on the percentage of a Fund's assets that may be at risk with respect to futures activities. Although techniques other than sales and purchases of futures contracts could be used to obtain or reduce a Fund's exposure to market, currency, or interest rate fluctuations, such Fund may be able to obtain or hedge its exposure more effectively and perhaps at a lower cost through using futures contracts.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., debt security), asset, commodity or currency for a specified price at a designated date, time, and place. An index futures contract is an agreement pursuant to which the parties agree to take or make delivery of an amount of cash equal to a specified multiplier times the difference between the value of the index at the close of the last trading day of the contract and the price at which the index futures contract was originally written. Transaction costs are incurred when a futures contract is bought or sold and margin deposits must be maintained. A futures contract may be satisfied by delivery or purchase, as the case may be, of the instrument, the currency, or by payment of the change in the cash value of the index. More commonly, futures contracts are closed out prior to delivery by entering into an offsetting transaction in a matching futures contract. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

No price is paid by a Fund upon entering into a futures contract. Instead, at the inception of a futures contract, the Fund is required to deposit with the futures broker or in a segregated account with its custodian, in the name of the futures broker through whom the transaction was effected, "initial margin" consisting of cash, U.S. government securities or other liquid obligations, in an amount generally equal to 10% or less of the contract value. Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Unlike margin in securities transactions, initial margin on futures contracts does not represent a borrowing, but rather is in the nature of a performance bond or good-faith deposit that is returned to a Fund at the termination of the transaction if all contractual obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking to market." Variation margin does not involve borrowing, but rather represents a daily settlement of a Fund's obligations to or from a futures broker. When a Fund purchases an option on a future, the premium paid plus transaction costs is all that is at risk. In contrast, when a Fund purchases or sells a futures contract or writes a call or put option thereon, it is subject to daily variation margin calls that could be substantial in the event of adverse price movements. If a Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous. Purchasers and sellers of futures positions and options on futures can enter into offsetting closing transactions by selling or purchasing, respectively, an instrument identical to the instrument held or written. Positions in futures and options on futures may be closed only on an exchange or board of trade on which they were entered into (or through a linked exchange). Although the Funds generally intend to enter into futures transactions only on exchanges or boards of trade where there appears to be an active market, there can be no assurance that such a market will exist for a particular contract at a particular time.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a future or option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

If a Fund were unable to liquidate a futures contract or option on a futures contract position due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses, because it would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the Fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account.

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Certain characteristics of the futures market might increase the risk that movements in the prices of futures contracts or options on futures contracts might not correlate perfectly with movements in the prices of the investments being hedged. For example, all participants in the futures and options on futures contracts markets are subject to daily variation margin calls and might be compelled to liquidate futures or options on futures contracts positions whose prices are moving unfavorably to avoid being subject to further calls. These liquidations could increase price volatility of the instruments and distort the normal price relationship between the futures or options and the investments being hedged. Also, because initial margin deposit requirements in the futures markets are less onerous than margin requirements in the securities markets, there might be increased participation by speculators in the future markets. This participation also might cause temporary price distortions. In addition, activities of large traders in both the futures and securities markets involving arbitrage, "program trading" and other investment strategies might result in temporary price distortions.

A Fund that enters into a futures contract is subject to the risk of loss of the initial and variation margin in the event of bankruptcy of the futures commission merchant ("FCM") with which the Fund has an open futures position. A Fund's assets may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of the FCM's customers. If the FCM fails to provide accurate reporting, a Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own obligations or the payment obligations of another customer to the central counterparty.

*Indexed and Inverse Securities*. A Fund may invest in securities the potential return of which is based on an index or interest rate. As an illustration, a Fund may invest in a debt security that pays interest based on the current value of an interest rate index, such as the prime rate. A Fund also may invest in a debt security that returns principal at maturity based on the level of a securities index or a basket of securities, or based on the relative changes of two indices. In addition, certain Funds may invest in securities the potential return of which is based inversely on the change in an index or interest rate (that is, a security the value of which will move in the opposite direction of changes to an index or interest rate). For example, a Fund may invest in securities that pay a higher rate of interest when a particular index decreases and pay a lower rate of interest (or do not fully return principal) when the value of the index increases. If a Fund invests in such securities, it may be subject to reduced or eliminated interest payments or loss of principal in the event of an adverse movement in the relevant interest rate, index or indices. Indexed and inverse securities involve credit risk, and certain indexed and inverse securities may involve leverage risk, liquidity risk and currency risk. When used for hedging purposes, indexed and inverse securities involve correlation risk. (Furthermore, where such a security includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund may be required to pay substantial additional margin to maintain the position.)

*Structured Notes*. A Fund may use structured notes to pursue its objective. Structured notes generally are individually negotiated agreements and may be traded over-the-counter. They are organized and operated to restructure the investment characteristics of the underlying security or asset. This restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans) and the issuance by that entity of one or more classes of securities ("structured securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments.

With respect to structured notes, because structured securities typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. Investments in structured securities are generally of a class that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there is currently no active trading market for these securities. See also "Additional Information on Portfolio Instruments, Strategies and Investment Policies— Restricted, Non-Publicly Traded and Illiquid Securities."

*Credit Linked Notes*. (Fixed-Income Funds only) A credit linked note ("CLN") is a type of hybrid instrument in which a special purpose entity issues a structured note (the "Note Issuer") that is intended to replicate a corporate bond or a portfolio of corporate bonds. The purchaser of the CLN (the "Note Purchaser") invests a par amount and receives a payment during the term of the CLN that equals a fixed or floating rate of interest equivalent to a highly rated funded asset (such as a bank certificate of deposit) plus an additional premium that relates to taking on the credit risk of an identified bond (the

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"Reference Bond"). Upon maturity of the CLN, the Note Purchaser will receive a payment equal to: (i) the original par amount paid to the Note issuer, if there is neither a designated event of default (an "Event of Default") with respect to the Reference Bond nor a restructuring of the issuer of the Reference Bond (a "Restructuring Event"); or (ii) the value of the Reference Bond if an Event of Default or a Restructuring Event has occurred. Depending upon the terms of the CLN, it is also possible that the Note Purchaser may be required to take physical delivery of the Reference Bond in the event of an Event of Default or a Restructuring Event.

*Swap Agreements*. The Funds (except the Nationwide Government Money Market Fund) may enter into securities index, interest rate, total return, currency exchange rate or single/multiple security swap agreements for any lawful purpose consistent with the Fund's investment objective, such as (but not limited to) for the purpose of attempting to obtain or preserve a particular desired return or spread at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return or spread. The Fund also may enter into swaps in order to protect against an increase in the price of, or the currency exchange rate applicable to, securities that the Fund anticipates purchasing at a later date. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from one or more days to several years. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase or decrease in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities, such as a selection of particular securities or those representing a particular index. Swap agreements may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, with respect to swaps that have been designated by the CFTC for mandatory clearing (cleared swaps), through an FCM and cleared through a clearinghouse that serves as a central counterparty. See "Uncleared Swaps" and "Cleared Swaps" below for additional explanation of cleared and uncleared swaps. Swap agreements may include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor, or vice versa, in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. "Total return swaps" are contracts in which one party agrees to make payments of the total return from the underlying asset during the specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying asset. See "Swaps regulation" below.

The "notional amount" of the swap agreement is the agreed upon basis for calculating the obligations that the parties to a swap agreement have agreed to exchange. Under most swap agreements entered into by the Fund, the obligations of the parties would be exchanged on a "net basis." Consequently, the Fund's obligation (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Fund's obligation under a swap agreement will be accrued daily (offset against amounts owed to the Fund). Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is largely unregulated.

Whether the Fund's use of swap agreements will be successful in furthering its investment objective will depend, in part, on the Fund's portfolio management's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments, replicate a particular benchmark index, or otherwise achieve the intended results. Swap agreements, especially OTC uncleared swap agreements, may be considered to be illiquid.

*Swaps regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) central clearing and execution of standardized swaps; (3) margin requirements in swap transactions; (4) position limits and large trader reporting requirements; and (5) recordkeeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps, and has adopted rules implementing most of the swap regulations dictated by the Dodd-Frank Act. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

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*Uncleared swaps*. In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association (ISDA) Master Agreement. ISDA is a voluntary industry association of participants in the OTC derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts.

In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non-defaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

A Fund will enter uncleared swap agreements only with counterparties that the Fund's portfolio management reasonably believes are capable of performing under the swap agreements. If there is a default by the other party to such a transaction, the Fund will have to rely on its contractual remedies (which may be limited by bankruptcy, insolvency or similar laws) pursuant to the agreements related to the transaction.

*Cleared swaps*. Certain swaps have been designated by the CFTC for mandatory central clearing. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant and CFTC approval of contracts for central clearing. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps for mandatory clearing, but it is expected that the CFTC will designate additional categories of swaps for mandatory clearing. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not necessarily eliminate these risks and may involve additional risks not involved with uncleared swaps.

In a cleared swap, a Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. The Fund initially will enter into cleared swaps through an executing broker. Such transactions will then be submitted for clearing and, if cleared, will be held at regulated FCMs that are members of the clearinghouse that serves as the central counterparty.

When a Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount also may be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the price of the underlying reference instrument subject to the swap agreement. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

CFTC rules require the trading and execution of certain cleared swaps on Swap Execution Facilities ("SEFs"), which are trading systems on platforms in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants on the facility or system, through any means of interstate commerce. Moving trading to an exchange-type system may increase market transparency and liquidity but may require a Fund to incur increased expenses to access the same types of swaps that it has used in the past.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swaps data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of trader identities as intended.

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Certain Internal Revenue Service positions may limit a Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences.

*Risks of cleared swaps*. As noted above, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by a Fund. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

With cleared swaps, a Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs generally can require termination of existing cleared swap transactions at any time, and can also require increases in margin above the margin that is required at the initiation of the swap agreement. Additionally, depending on a number of factors, the margin required under the rules of the clearinghouse and FCM may be in excess of the collateral required to be posted by a Fund to support its obligations under a similar uncleared swap. However, regulators are expected to adopt rules imposing certain margin requirements, including minimums, on uncleared swaps in the near future, which could change this comparison.

Finally, the Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, a Fund may be required to break the trade and make an early termination payment to the executing broker.

*Credit Default Swaps*. Except for the Nationwide Government Money Market Fund, each Fixed-Income Fund may enter into credit default swap contracts for any lawful purpose consistent with such Fund's investment objective, such as for the purpose of attempting to obtain or preserve a particular desired return or spread at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return or spread (e.g., to create direct or synthetic short or long exposure to domestic or foreign corporate or sovereign debt securities). The Funds also may enter into credit default swaps in order to protect against an increase in the price of, or the currency exchange rate applicable to, securities that Funds anticipate purchasing at a later date, or for other hedging purposes.

As the seller in a credit default swap contract, a Fund would be 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, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract, provided that no event of default (or similar event) occurs. If no event of default (or similar event) occurs, the Fund would keep the stream of payments and would have no payment of obligations. As the seller in a credit default swap contract, the Fund effectively would add economic leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

As the purchaser in a credit default swap contract, a Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment might expire worthless. It also would involve credit risk–that the seller may fail to satisfy its payment obligations to a Fund in the event of a default (or similar event). 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.

*Equity Swaps*. The Equity Funds may enter into equity swap contracts to invest in a market without owning or taking physical custody of securities in various circumstances, including (but not limited to) circumstances where direct investment in the securities is restricted for legal reasons or is otherwise impracticable. Equity swaps may also be used for hedging

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purposes or to seek to increase total return. Until equity swaps are designated for central clearing, the counterparty to an equity swap contract will typically be a bank, investment banking firm or broker/dealer. Equity swap contracts may be structured in different ways. For example, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in the particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Fund may agree to pay to the counterparty a floating rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Fund on the equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. In other cases, the counterparty and the Fund may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

A Fund will generally enter into equity swaps 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 may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to an equity swap defaults, the Funds' risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

*Total Return Swaps*. The Funds (except the Nationwide Government Money Market Fund) may enter into total return swaps. A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference") is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. Total return swaps are subject to illiquidity risk because the liquidity for total return swaps is based on the liquidity of the underlying instrument. Total return swaps also are subject to the risk that the counterparty to the swap transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the swap contract. As is the case with owning any financial instrument, there is the risk of loss associated with entering into a total return swap transaction. For example, if a Fund buys a long total return swap and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the counterparty and would suffer a loss. If a Fund sells a short total return swap and the underlying security is worth more at the end of the contract, the Fund would be similarly required to make a payment to the counterparty and would suffer a loss.

*Interest Rate Swaps*. The Fixed-Income Funds (except for the Nationwide Government Money Market Fund) may enter into interest rate swaps. In an interest rate swap, the parties exchange their rights to receive interest payments on a security or other reference rate. For example, they might swap the right to receive floating rate payments for the right to receive fixed rate payments. Interest rate swaps entail both interest rate risk and credit risk. There is a risk that based on movements of interest rates, the payments made under a swap agreement will be greater than the payments received, as well as the risk that the counterparty will fail to meet its obligations.

*Options on Swaps*. 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. A Fund may write (sell) and purchase put and call swaptions. A 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. A 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. A 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 the 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.

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*Hybrid Instruments*. Hybrid instruments combine elements of derivative contracts with those of another security (typically a fixed-income security). All or a portion of the interest or principal payable on a hybrid security is determined by reference to changes in the price of an underlying asset or by reference to another benchmark (such as interest rates, currency exchange rates or indices). Hybrid instruments also include convertible securities with conversion terms related to an underlying asset or benchmark.

The risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, options, futures and currencies, and depend upon the terms of the instrument. Thus, an investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities. Hybrid instruments are also potentially more volatile and carry greater interest rate risks than traditional instruments. Moreover, depending on the structure of the particular hybrid, it may expose a Fund to leverage risks or carry liquidity risks.

*Foreign Currency-Related Derivative Strategies— Special Considerations*. A Fund may use futures and options on futures on foreign currencies and forward currency contracts to increase returns, to manage the Fund's average portfolio duration, or to hedge against movements in the values of the foreign currencies in which a Fund's securities are denominated. Currency contracts also may be purchased such that net exposure to an individual currency exceeds the value of the Fund's securities that are denominated in that particular currency. A Fund may engage in currency exchange transactions to protect against uncertainty in the level of future exchange rates and also may engage in currency transactions to increase income and total return. Such currency hedges can protect against price movements in a security the Fund owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

A Fund might seek to hedge against changes in the value of a particular currency when no hedging instruments on that currency are available or such hedging instruments are more expensive than certain other hedging instruments. In such cases, a Fund may hedge against price movements in that currency by entering into transactions using hedging instruments on another foreign currency or a basket of currencies, the values of which a Fund's portfolio management believes will have a high degree of positive correlation to the value of the currency being hedged. The risk that movements in the price of the hedging instrument will not correlate perfectly with movements in the price of the currency being hedged is magnified when this strategy is used.

The value of derivative instruments on foreign currencies depends on the value of the underlying currency relative to the U.S. dollar. Because foreign currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the use of such hedging instruments, a Fund could be disadvantaged by having to deal in the odd-lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable. The interbank market in foreign currencies is a global, round-the-clock market. To the extent the U.S. options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the derivative instruments until they reopen.

Settlement of derivative transactions involving foreign currencies might be required to take place within the country issuing the underlying currency. Thus, a Fund might be required to accept or make delivery of the underlying foreign currency in accordance with any U.S. or foreign regulations regarding the maintenance of foreign banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

Permissible foreign currency options will include options traded primarily in the OTC market. Although options on foreign currencies are traded primarily in the OTC market, a Fund will normally purchase OTC options on foreign currency only when a Fund's portfolio management believes a liquid secondary market will exist for a particular option at any specific time.

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*Forward Currency Contracts*. A forward 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. These contracts are entered into in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

At or before the maturity of a forward currency contract, a Fund may either sell a portfolio security and make delivery of the currency, or retain the security and fully or partially offset its contractual obligation to deliver the currency by purchasing a second contract. If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the extent that movement has occurred in forward currency contract prices.

The precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the foreign currency contract has been established. Thus, a Fund might need to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain.

Markets for trading foreign forward currency contracts offer less protection against defaults than is available when trading in currency instruments on an exchange. Forward currency contracts are subject to the risk that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearinghouse, a default on the contract would deprive a Fund of unrealized profits or the benefits of a currency hedge, impose transaction costs or force the Fund to cover its purchase or sale commitments, if any, at the current market price. In addition, the institutions that deal in forward currency contracts are not required to continue to make markets in the currencies in which they trade and these markets can experience periods of illiquidity. To the extent that a substantial portion of a Fund's total assets, adjusted to reflect the Fund's net position after giving effect to currency transactions, is denominated or quoted in currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries.

*Currency Hedging*. While the values of forward currency contracts, currency options, currency futures and options on futures may be expected to correlate with exchange rates, they will not reflect other factors that may affect the value of a Fund's investments. A currency hedge, for example, should protect a Yen-denominated bond against a decline in the Yen, but will not protect a Fund against price decline if the issuer's creditworthiness deteriorates. Because the value of a Fund's investments denominated in a foreign currency will change in response to many factors other than exchange rates, a currency hedge may not be entirely successful in mitigating changes in the value of a Fund's investments denominated in that currency over time.

A decline in the dollar value of a foreign currency in which a Fund's securities are denominated will reduce the dollar value of the securities, even if their value in the foreign currency remains constant. The use of currency hedges does not eliminate fluctuations in the underlying prices of the securities, but it does establish a rate of exchange that can be achieved in the future. In order to protect against such diminutions in the value of securities it holds, a Fund may purchase put options on the foreign currency. If the value of the currency does decline, the Fund will have the right to sell the currency for a fixed amount in dollars and will thereby offset, in whole or in part, the adverse effect on its securities that otherwise would have resulted. Conversely, if a rise in the dollar value of a currency in which securities to be acquired are denominated is projected, thereby potentially increasing the cost of the securities, a Fund may purchase call options on the particular currency. The purchase of these options could offset, at least partially, the effects of the adverse movements in exchange rates. Although currency hedges limit the risk of loss due to a decline in the value of a hedged currency, at the same time, they also limit any potential gain that might result should the value of the currency increase.

A Fund may enter into foreign currency exchange transactions to hedge its currency exposure in specific transactions or portfolio positions. Currency contracts also may be purchased such that net exposure to an individual currency exceeds the value of the Fund's securities that are denominated in that particular currency. Transaction hedging is the purchase or sale of forward currency with respect to specific receivables or payables of a Fund generally accruing in connection with the purchase or sale of its portfolio securities. Position hedging is the sale of forward currency with respect to portfolio security positions. A Fund may not position hedge to an extent greater than the aggregate market value (at the time of making such sale) of the hedged securities.

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*Non-Deliverable Forwards*. A Fund may, from time to time, engage in non-deliverable forward transactions to manage currency risk or to gain exposure to a currency without purchasing securities denominated in that currency. A non-deliverable forward is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed upon foreign exchange rate on an agreed upon future date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, the Fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed upon forward exchange rate and the actual exchange rate when the transaction is completed.

Since a Fund generally may only close out a non-deliverable forward with the particular counterparty, there is a risk that the counterparty will default on its obligation under the agreement. If the counterparty defaults, the Fund will have contractual remedies pursuant to the agreement related to the transaction, but there is no assurance that contract counterparties will be able to meet their obligations pursuant to such agreements or that, in the event of a default, the Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed or prevented from obtaining payments owed to it pursuant to non-deliverable forward transactions.

In addition, where the currency exchange rates that are the subject of a given non-deliverable forward transaction do not move in the direction or to the extent anticipated, the Fund could sustain losses on the non-deliverable forward transaction. A Fund's investment in a particular non-deliverable forward transaction will be affected favorably or unfavorably by factors that affect the subject currencies, including economic, political and legal developments that impact the applicable countries, as well as exchange control regulations of the applicable countries. These risks are heightened when a non-deliverable forward transaction involves currencies of emerging market countries because such currencies can be volatile and there is a greater risk that such currencies will be devalued against the U.S. dollar or other currencies.

The SEC and CFTC consider non-deliverable forwards as swaps, and they are therefore included in the definition of "commodity interests." Non-deliverable forwards have historically been traded in the OTC market. However, as swaps, non-deliverable forwards may become subject to central clearing and trading on public facilities. Currency and cross currency forwards that qualify as deliverable forwards are not regulated as swaps for most purposes, and thus are not deemed to be commodity interests. However, such forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers. CFTC regulation of currency and cross currency forwards, especially non-deliverable forwards, may restrict the Fund's ability to use these instruments in the manner described above or subject NFA to CFTC registration and regulation as a commodity pool operator.

*Foreign Commercial Paper*. A Fund may invest in commercial paper which is indexed to certain specific foreign currency exchange rates. The terms of such commercial paper provide that its principal amount is adjusted upward or downward (but not below zero) at maturity to reflect changes in the exchange rate between two currencies while the obligation is outstanding. A Fund will purchase such commercial paper with the currency in which it is denominated and, at maturity, will receive interest and principal payments thereon in that currency, but the amount or principal payable by the issuer at maturity will change in proportion to the change (if any) in the exchange rate between two specified currencies between the date the instrument is issued and the date the instrument matures. While such commercial paper entails the risk of loss of principal, the potential for realizing gains as a result of changes in the foreign currency exchange rate enables a Fund to hedge or cross-hedge against a decline in the U.S. dollar value of investments denominated in foreign currencies while providing an attractive money market rate of return. A Fund will purchase such commercial paper either for hedging purposes or in order to seek investment gain.

**Dividend-Paying Stocks** 

Dividend-paying stocks may fall out of favor with investors and underperform the market. Companies that issue dividend-paying stocks are not required to continue to pay dividends on such stocks. There is no guarantee that the issuers of the stocks held by a Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. A Fund's emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in

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the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Depending upon market conditions, dividend-paying stocks that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. High-dividend stocks may not experience high earnings growth or capital appreciation.

**Environmental, Social and Governance ("ESG") Securities** 

Certain Funds may invest in securities of issuers that meet certain ESG criteria. The application of a subadviser's ESG analysis when selecting investments may affect the Funds' exposure to certain companies, sectors, regions, and countries and may affect the Funds' performance depending on whether such investments are in or out of favor. Adhering to the ESG criteria and applying a subadviser's ESG analysis may also affect the Funds' performance relative to similar funds that do not adhere to such criteria or apply such analysis. Additionally, a Fund's adherence to the ESG criteria and the application of the ESG analysis in connection with identifying and selecting equity investments in non-U.S. issuers, including emerging country issuers, often require subjective analysis and may be relatively more difficult than applying the ESG criteria or the ESG analysis to equity investments of U.S. issuers because data availability may be more limited or unreliable. Applying ESG criteria as an exclusionary approach to investing may result in a Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. The Funds may invest in companies that do not reflect the beliefs and values of any particular investor.

**Equity Participation Notes or Equity Linked Notes** 

The Equity Funds may invest in equity participation notes or equity linked notes (collectively, "EPNs"). An EPN is a debt instrument whose return is determined by the performance of a single equity security, a basket of securities, or an equity index (collectively, "underlying security"). When purchasing an EPN, the Fund pays the counterparty the current value of the underlying security plus a commission. During the time that the EPN is owned, the price of the EPN will fluctuate in accordance with the price fluctuation of the underlying security, with a currency adjustment to reflect the fact that EPNs are generally priced in U.S. dollars whereas the underlying security is generally denominated in a foreign currency. At maturity or sale, the EPN owner's profit or loss is the sum of the appreciation/depreciation of the underlying security, plus the appreciation/depreciation of the underlying security's currency relative to the U.S. dollar, less any commissions paid. The Fund only invests in EPNs for which the underlying security is a permissible investment pursuant to the Fund's investment policies and restrictions.

EPNs possess the risks associated with the underlying security, such as market risk, and, with respect to EPNs based on foreign securities, foreign securities and currency risks. EPNs, however, involve greater risks than if the Fund had invested in the underlying security directly, since, in addition to general market and foreign securities risks, EPNs are subject to counterparty, credit and illiquidity risks. Counterparty risk is the risk that the issuer of the EPN may fail to pay the full amount due at maturity or redemption. In addition, an investment in an EPN creates exposure to the credit risk of the issuing financial institution. Also, the secondary market for EPNs may be limited, and the lack of liquidity in the secondary market may make EPNs difficult to dispose of and to value. In choosing EPNs appropriate for a Fund, the subadviser will select only those EPNs that have demonstrated patterns of brokers willing to provide liquidity on demand to ensure that the EPNs maintain their liquidity.

**Floating- and Variable-Rate Securities** 

Each of the Fixed-Income Funds may invest in floating- or variable-rate securities. Floating- or variable-rate obligations bear interest at rates that are not fixed, but vary with changes in specified market rates or indices, such as the prime rate, or at specified intervals. The interest rate on floating-rate securities varies with changes in the underlying index (such as the Treasury bill rate), while the interest rate on variable- or adjustable-rate securities changes at preset times based upon an underlying index. Certain of the floating- or variable-rate obligations that may be purchased by the Funds may carry a demand feature that would permit the holder to tender them back to the issuer of the instrument or to a third party at par value prior to maturity.

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Some of the demand instruments purchased by a Fund may not be traded in a secondary market and derive their liquidity solely from the ability of the holder to demand repayment from the issuer or third party providing credit support. If a demand instrument is not traded in a secondary market, a Fund will nonetheless treat the instrument as "readily marketable" for the purposes of its investment restriction limiting investments in illiquid securities unless the demand feature has a notice period of more than seven days in which case the instrument will be characterized as "not readily marketable" and therefore illiquid.

Such obligations include variable-rate master demand notes, which are unsecured instruments issued pursuant to an agreement between the issuer and the holder that permit the indebtedness thereunder to vary and to provide for periodic adjustments in the interest rate. Each Fund will limit its purchases of floating- and variable-rate obligations to those of the same quality as the debt securities it is otherwise allowed to purchase according to its principal investment strategies as disclosed in each Fund's Prospectus. A Fund's portfolio management will monitor on an ongoing basis the ability of an issuer of a demand instrument to pay principal and interest on demand.

A Fund's right to obtain payment at par on a demand instrument could be affected by events occurring between the date the Fund elects to demand payment and the date payment is due that may affect the ability of the issuer of the instrument or third party providing credit support to make payment when due, except when such demand instruments permit same day settlement. To facilitate settlement, these same day demand instruments may be held in book entry form at a bank other than a Fund's custodian subject to a sub-custodian agreement approved by the Fund between that bank and the Fund's custodian.

**Foreign Securities** 

Each Fund, may invest in the securities of issuers located outside the United States. The Nationwide Government Money Market Fund may only invest in foreign securities denominated in U.S. Dollars. Funds that invest in foreign securities offer the potential for more diversification than funds that invest only in the United States because securities traded on foreign markets have often (though not always) performed differently from securities traded in the United States. However, such investments often involve risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect security prices, impair a Fund's ability to purchase or sell foreign securities or transfer the Fund's assets or income back into the United States, or otherwise adversely affect a Fund's operations. Other potential foreign market risks include changes in foreign currency exchange rates, exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes.

*Regional Risk*. Adverse conditions in a certain region can adversely affect securities of issuers in other countries whose economies appear to be unrelated. To the extent that a Fund invests a significant portion of its assets in a specific geographic region, the Fund generally will have more exposure to regional economic risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or losses.

*Eurozone-Related Risk*. A number of countries in the European Union (the "EU") have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of a Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the EU or with significant exposure to EU issuers or countries. If the euro is dissolved entirely, the legal and contractual consequences for holders of euro-denominated obligations and derivative contracts would be determined by laws in effect at such time. Such investments may continue to be held, or purchased, to the extent consistent with the Fund's investment objective and permitted under applicable law. These potential developments, or market perceptions concerning these and related issues, could adversely affect the value of the Fund's shares.

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Certain countries in the EU have had to accept assistance from supra-governmental agencies such as the International Monetary Fund, the European Stability Mechanism, or other supra-governmental agencies. The European Central Bank has also been intervening to purchase Eurozone debt in an attempt to stabilize markets and reduce borrowing costs. There can be no assurance that these agencies will continue to intervene or provide further assistance, and markets may react adversely to any expected reduction in the financial support provided by these agencies. Responses to the financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.

In June 2016, the United Kingdom (the "UK") approved a referendum to leave the EU, commonly referred to as "Brexit," which sparked depreciation in the value of the British pound, short-term declines in global stock markets, and heightened risk of continued worldwide economic volatility. The UK officially left the EU on January 31, 2020, with a transitional period that ended on December 31, 2020. On December 30, 2020, the UK and the EU signed an agreement on the terms governing certain aspects of the EU's and the UK's relationship following the end of the transition period, the EU-UK Trade and Cooperation Agreement (the "TCA"). Notwithstanding the TCA, there is likely to be considerable uncertainty as to the UK's post-transition framework, and in particular as to the arrangements which will apply to the UK's relationships with the EU and with other countries, which is likely to continue to develop and could result in increased volatility and illiquidity and potentially lower economic growth. Brexit created and may continue to create an uncertain political and economic environment in the UK and other EU countries. This long-term uncertainty may affect other countries in the EU and elsewhere. Further, the UK's departure from the EU may cause volatility within the EU, triggering prolonged economic downturns in certain European countries or sparking additional member states to contemplate departing the EU. In addition, the UK's departure from the EU may create actual or perceived additional economic stresses for the UK, including potential for decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty, and possible declines in business and consumer spending, as well as foreign direct investment.

*Foreign Economy Risk*. The economies of certain foreign markets often do not compare favorably with that of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources, and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures.

*Currency Risk and Exchange Risk*. Unless a Fund's Prospectus states a policy to invest only in securities denominated in U.S. dollars, a Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar. In such case, changes in foreign currency exchange rates will affect the value of a Fund's portfolio. Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as "currency risk," means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

*Governmental Supervision and Regulation/Accounting Standards*. Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on nonpublic information about that company. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a company's financial condition. In addition, the U.S. government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as a Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its assets in U.S. securities.

*Certain Risks of Holding Fund Assets Outside the United States*. A Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and hold

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securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United States.

*Settlement Risk*. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. Communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions; these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred.

*Investment in Emerging Markets*. Each Fund, except the Nationwide Government Money Market Fund, may invest in securities of issuers domiciled in various countries with emerging capital markets. Emerging market countries typically are developing and low- or middle-income countries. Emerging market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv) national policies that may limit a Fund's investment opportunities, such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Emerging capital markets are developing in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries and traditional ideologies. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Fund could lose the entire value of its investments in the affected market.

Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid and more volatile than those of mature markets, and company shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund's acquisition or disposal of securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to developed countries. The possibility of fraud, negligence, undue influence being exerted by the issuer, or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation.

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*Investment in Frontier Markets*. Frontier market countries generally have smaller economies and less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The economies of frontier market countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the price of Fund shares. These factors make investing in frontier market countries significantly riskier than in other countries and any one of them could cause the price of a Fund's shares to decline.

Governments of many frontier market countries in which a Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the governments of such frontier market countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier market country and on market conditions, prices and yields of securities in a Fund's portfolio. Moreover, the economies of frontier market countries may be heavily dependent upon international trade and, accordingly, have been and may continue to be, adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.

Investment in equity securities of issuers operating in certain frontier market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in equity securities of issuers operating in certain frontier market countries and increase the costs and expenses of a Fund. Certain frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors. Certain frontier market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.

Frontier market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors, such as a Fund. In addition, if deterioration occurs in a frontier market country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Investing in local markets in frontier market countries may require a Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.

In addition, investing in frontier markets includes the risk of share blocking. Share blocking refers to a practice, in certain foreign markets, where voting rights related to an issuer's securities are predicated on these securities being blocked from trading at the custodian or sub-custodian level, for a period of time around a shareholder meeting. These restrictions have the effect of prohibiting securities to potentially be voted (or having been voted), from trading within a specified number of days before, and in certain instances, after the shareholder meeting. Share blocking may prevent a Fund from buying or selling securities for a period of time. During the time that shares are blocked, trades in such securities will not settle. The specific practices may vary by market and the blocking period can last from a day to several weeks, typically terminating on a date established at the discretion of the issuer. Once blocked, the only manner in which to remove the block would be to withdraw a previously cast vote, or to abstain from voting altogether. The process for having a blocking restriction lifted can be very difficult with the particular requirements varying widely by country. In certain countries, the block cannot be removed.

There may be no centralized securities exchange on which securities are traded in frontier market countries. Also, securities laws in many frontier market countries are relatively new and unsettled. Therefore, laws regarding foreign investment in frontier market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably.

The frontier market countries in which a Fund invests may become subject to sanctions or embargoes imposed by the U.S. government and the United Nations. The value of the securities issued by companies that operate in, or have dealings with, these countries may be negatively impacted by any such sanction or embargo and may reduce a Fund's returns. Banks in frontier market countries used to hold a Fund's securities and other assets in that country may lack the same operating

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experience as banks in developed markets. In addition, in certain countries there may be legal restrictions or limitations on the ability of a Fund to recover assets held by a foreign bank in the event of the bankruptcy of the bank. Settlement systems in frontier markets may be less well organized than in the developed markets. As a result, there is greater risk than in developed countries that settlement will take longer and that cash or securities of a Fund may be in jeopardy because of failures of or defects in the settlement systems.

*Restrictions on Certain Investments*. A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil, have specifically authorized such funds. There also are investment opportunities in certain of such countries in pooled vehicles that resemble open-end investment companies. In accordance with the 1940 Act, a Fund may invest up to 10% of its total assets in securities of other investment companies, not more than 5% of which may be invested in any one such company. In addition, under the 1940 Act, a Fund may not own more than 3% of the total outstanding voting stock of any investment company. These restrictions on investments in securities of investment companies may limit opportunities for a Fund to invest indirectly in certain developing countries. Shares of certain investment companies may at times be acquired only at market prices representing premiums to their net asset values. If a Fund acquires shares of other investment companies, shareholders would bear both their proportionate share of expenses of the Fund (including management and advisory fees) and, indirectly, the expenses of such other investment companies.

*Depositary Receipts*. A Fund may invest in foreign securities by purchasing depositary receipts, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and non-voting depositary receipts ("NVDRs") or other securities convertible into securities of issuers based in foreign countries. These securities may not necessarily be denominated in the same currency as the securities into which they may be converted. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, GDRs, in bearer form, are issued and designed for use outside the United States and EDRs (also referred to as Continental Depositary Receipts ("CDRs")), in bearer form, may be denominated in other currencies and are designed for use in European securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts typically issued by non-U.S. banks and trust companies that evidence ownership of either foreign or domestic securities. For purposes of a Fund's investment policies, ADRs, EDRs, GDRs and NVDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, EDR, GDR or NVDR representing ownership of common stock will be treated as common stock.

A Fund may invest in depositary receipts through "sponsored" or "unsponsored" facilities. While ADRs issued under these two types of facilities are in some respects similar, there are distinctions between them relating to the rights and obligations of ADR holders and the practices of market participants.

A depositary may establish an unsponsored facility without participation by (or even necessarily the acquiescence of) the issuer of the deposited securities, although typically the depositary requests a letter of non-objection from such issuer prior to the establishment of the facility. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depositary usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to pass through voting rights to ADR holders in respect of the deposited securities. In addition, an unsponsored facility is generally not obligated to distribute communications received from the issuer of the deposited securities or to disclose material information about such issuer in the U.S. and thus there may not be a correlation between such information and the market value of the depositary receipts. Unsponsored ADRs tend to be less liquid than sponsored ADRs.

Sponsored ADR facilities are created in generally the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with the depositary. The deposit agreement sets out the rights and responsibilities of the issuer, the depositary, and the ADR holders. With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility (such as dividend payment fees of the depositary), although ADR holders continue to bear certain other costs (such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositaries agree to distribute notices of shareholder meetings and voting instructions, and to provide shareholder communications and other information to the ADR holders at the request of the issuer of the deposited securities.

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*Foreign Sovereign Debt*. The Fixed-Income Funds may invest in sovereign debt obligations issued by foreign governments. To the extent that a Fund invests in obligations issued by governments of developing or emerging market countries, these investments involve additional risks. Sovereign obligors in developing and emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. These obligors have in the past experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness. Restructuring arrangements have included, among other things, reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds, and obtaining new credit for finance interest payments. Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers. There can be no assurance that the foreign sovereign debt securities in which a Fund may invest will not be subject to similar restructuring arrangements or to requests for new credit which may adversely affect the Fund's holdings. Furthermore, certain participants in the secondary market for such debt may be directly involved in negotiating the terms of these arrangements and may therefore have access to information not available to other market participants.

*China Investment Risk*. Investing in China involves a high degree of risk and special considerations not typically associated with investing in other economies or more established securities markets. Such risks include: (a) the risk of nationalization or expropriation of assets or confiscatory taxation; (b) greater social, economic and political uncertainty (including the risk of war); (c) dependency on exports and the corresponding importance of international trade; (d) the increasing competition from Asia's other low-cost emerging economies; (e) greater price volatility and significantly smaller market capitalization of securities markets; (f) substantially less liquidity, particularly of certain share classes of Chinese securities; (g) currency exchange rate fluctuations and the lack of available currency hedging instruments; (h) higher rates of inflation; (i) controls on foreign investment and limitations on repatriation of invested capital and on the Fund's ability to exchange local currencies for U.S. dollars; (j) greater governmental involvement in and control over the economy; (k) the risk that the Chinese government may decide not to continue to support the economic reform programs implemented since 1978 and could return to the prior, completely centrally planned, economy; (l) the fact that Chinese companies may be smaller, less seasoned and newly-organized companies; (m) the difference in, or lack of, auditing and financial reporting standards which may result in unavailability of material information about issuers; (n) the fact that statistical information regarding the economy of China may be inaccurate or not comparable to statistical information regarding the U.S. or other economies; (o) the less extensive, and still developing, regulation of the securities markets, business entities and commercial transactions; (p) the fact that the settlement period of securities transactions in foreign markets may be longer; (q) the willingness and ability of the Chinese government to support the Chinese economy and market is uncertain; (r) the risk that it may be more difficult, or impossible, to obtain and/or enforce a judgment than in other countries; and (s) the rapidity and erratic nature of growth resulting in inefficiencies and dislocations.

Investment in China is subject to certain political risks. Following the establishment of the People's Republic of China by the Communist Party in 1949, the Chinese government renounced various debt obligations incurred by China's predecessor governments, which obligations remain in default, and expropriated assets without compensation. There can be no assurance that the Chinese government will not take similar action in the future.

*Chinese Variable Interest Entities.* In China, equity ownership of companies by foreign individuals and entities is restricted or prohibited in certain sectors, such as internet, media, education and telecommunications. To circumvent these limits, starting in the early 2000s many Chinese companies, including most of the well-known Chinese Internet companies, have used a special structure known as a variable interest entity ("VIE") to raise capital from foreign investors. In a typical VIE structure, a shell company is set up in an offshore jurisdiction, such as the Cayman Islands. The shell company, through a wholly foreign-owned enterprise ("WFOE") based in China, enters into service and other contracts with another Chinese company known as the VIE. The VIE must be owned by Chinese nationals (and/or other Chinese companies), which often are the VIE's founders, in order to obtain the licenses and/or assets required to operate in the restricted or prohibited industry in China. The contractual arrangements entered into between the WFOE and VIE (which often include powers of attorney, loan and equity pledge agreements, call option agreements and exclusive services or business cooperation agreements) are designed to allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership.

The contractual arrangements are structured to require the shell company to consolidate the VIE into its financial statements, pursuant to U.S. generally accepted accounting principles, despite the absence of equity ownership. Such consolidation provides the shell company with the ability to issue shares on a foreign exchange, such as the New York Stock

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Exchange or NASDAQ, often with the same name as the VIE. Accordingly, foreign investors, such as the Fund, will only own stock in the shell company rather than directly in the VIE. Further, the ability of the WFOE to easily extract profits from the VIE structure through service agreements will partially depend on the proportion of the business that can legally be conducted by the WFOE versus the VIE, which varies based on the industry.

While VIEs are a longstanding industry practice that is well known to Chinese officials and regulators, historically they have not been formally recognized under Chinese law. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure or limit a VIE's ability to pass through economic and governance rights to foreign individuals and entities. Effective March 31, 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. Guidance prohibiting these structures by the Chinese government, generally or with respect to specific industries, would likely cause impacted VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value.

Further, if a Chinese court or arbitration body chose not to enforce the contracts, the value of the shell company would significantly decline, since it derives its value from the ability to consolidate the VIE into its financials pursuant to such contracts, and in turn, adversely affect the Fund's returns and net asset value. The contractual arrangements with the VIE may not be as effective in providing operational control as direct equity ownership. The Chinese equity owner(s) of the VIE could decide to breach the contractual arrangement and may have conflicting interests and fiduciary duties as compared to investors in the shell company. Accordingly, VIEs depend heavily on executives who are Chinese nationals and own the underlying business licenses and/or assets required to operate in China. In addition to creating "key person" succession risk, the structure can restrict the ability of outside shareholders to challenge executives for poor decision-making, weak management, or equity-eroding actions. Any breach or dispute under these contracts will likely fall under Chinese jurisdiction and law.

*Investing through Stock Connect*. A Fund may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange and on the Shenzhen Stock Exchange (together, the "Exchanges") through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, "Stock Connect"). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. Persons investing through Stock Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact a Fund's rights with respect to the securities. There are no assurances that the necessary systems to run the program will function properly. Stock Connect is subject to aggregate and daily quota limitations on purchases and a Fund may experience delays in transacting via Stock Connect. The stocks of Chinese companies that are owned by a Fund are held in an omnibus account and registered in nominee name. Please also see the sections on risks relating to investing outside the U.S. and investing in emerging markets. See, "Foreign Securities" above regarding investing outside the U.S.

*Risks Related to Russian Invasion of Ukraine*. In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The sanctions include a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, commonly called "SWIFT," the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

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The imposition of these current sanctions (and potential further sanctions in response to continued Russian military activity) and other actions undertaken by countries and businesses may adversely impact various sectors of the Russian economy, including but not limited to, the financials, energy, metals and mining, engineering, and defense and defense-related materials sectors. Such actions also may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble, and could impair the ability of a Fund to buy, sell, receive, or deliver those securities. Moreover, the measures could adversely affect global financial and energy markets and thereby negatively affect the value of a Fund's investments beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In response to sanctions, the Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia may take additional counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities and Fund investments. Such actions could, for example, include restricting gas exports to other countries, seizure of U.S. and European residents' assets, or undertaking or provoking other military conflict elsewhere in Europe, any of which could exacerbate negative consequences on global financial markets and the economy. The actions discussed above could have a negative effect on the performance of funds that have exposure to Russia. While diplomatic efforts have been ongoing, the conflict between Russia and Ukraine is currently unpredictable and has the potential to result in broadened military actions. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted and may result in a negative impact on performance and the value of Fund investments, particularly as it relates to Russia exposure.

Due to difficulties transacting in impacted securities, a Fund may experience challenges liquidating the applicable positions to continue to seek a Fund's investment objective. Additionally, due to current and potential future sanctions or potential market closure impacting the ability to trade Russian securities, a Fund may experience higher transaction costs.

*Risks Related to Israel-Hamas War.* In October 2023, armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel's southern border from the Gaza Strip. In response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Events in Israel, Gaza, and the greater Middle East region are rapidly evolving, and the extent and duration of the Israel-Hamas war are impossible to predict.

Both actual hostilities, including the Israel-Hamas war described above, and the threat of future hostilities may have a significant adverse effect on Israel's economy, including increased volatility in the share price of companies based in or with operations in Israel, local securities trading suspensions, local securities market closures (including for extended periods), a lack of transparency concerning Israeli issuers or other local market information, and increased restrictions on foreign investment or repatriation of capital. Such hostilities or an attack also may escalate into a more wide-scale conflict with the potential for greater and far-reaching adverse effects in the region and globally. While it is not possible to predict the extent and duration of any such conflict, the resulting market disruptions could be significant, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Israeli issuers or issuers in other countries affected by the war.

**Initial Public Offerings** 

Each of the Equity Funds may participate in initial public offerings ("IPOs"). Securities issued in initial public offerings have no trading history, and information about the companies may be available for very limited periods. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks.

**Interfund Borrowing and Lending Program** 

Pursuant to an exemptive order issued by the SEC dated June 13, 2016, the Funds may lend money to, and borrow money for temporary purposes from, other funds advised by the Funds' investment adviser, NFA. Generally, a Fund will borrow money through the program only when the costs are equal to or lower than the cost of bank loans. Interfund borrowings can have a maximum duration of seven days. Loans may be called on one day's notice. There is no assurance that a Fund will be able to borrow or lend under the program at any time, and a Fund may have to borrow from a bank at a higher interest rate if an interfund loan is unavailable, called, or not renewed.

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**Lending Portfolio Securities** 

Each Fund may lend its portfolio securities to brokers, dealers and other financial institutions, provided it receives collateral, with respect to each loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and at all times thereafter shall require the borrower to mark-to-market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned. By lending its portfolio securities, a Fund can increase its income through the investment of the collateral. For the purposes of this policy, a Fund considers collateral consisting of cash, U.S. government securities or letters of credit issued by banks whose securities meet the standards for investment by the Fund to be the equivalent of cash. From time to time, a Fund may return to the borrower or a third party which is unaffiliated with it, and which is acting as a "placing broker," a part of the interest earned from the investment of collateral received for securities loaned.

The SEC currently requires that the following conditions must be met whenever portfolio securities are loaned: (1) a Fund must receive from the borrower collateral equal to at least 100% of the value of the portfolio securities loaned; (2) the borrower must increase such collateral whenever the market value of the securities loaned rises above the level of such collateral; (3) a Fund must be able to terminate the loan at any time; (4) a Fund must receive a reasonable rate of return on the loan, as well as any dividends, interest or other distributions payable on the loaned securities, and any increase in market value; (5) a Fund may pay only reasonable custodian fees in connection with the loan; and (6) while any voting rights on the loaned securities may pass to the borrower, the Board of Trustees must be able to terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs. In addition, a Fund may not have on loan securities representing more than one-third of its total assets at any given time. The collateral that a Fund receives may be included in calculating the Fund's total assets. A Fund generally will not seek to vote proxies relating to the securities on loan, unless it is in the best interests of the applicable Fund to do so. These conditions may be subject to future modification. Loan agreements involve certain risks in the event of default or insolvency of the other party including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan.

*Investment of Securities Lending Collateral*. The cash collateral received from a borrower as a result of a Fund's securities lending activities will be used to purchase both fixed-income securities and other securities with debt-like characteristics that are rated A1 or P1 on a fixed-rate or floating-rate basis, including: bank obligations; commercial paper; investment agreements, funding agreements, or guaranteed investment contracts entered into with, or guaranteed by, an insurance company; loan participations; master notes; medium-term notes; repurchase agreements; and U.S. government securities. Except for the investment agreements, funding agreements or guaranteed investment contracts guaranteed by an insurance company, master notes, and medium-term notes (which are described below), these types of investments are described elsewhere in this SAI. Collateral may also be invested in a money market mutual fund or short-term collective investment trust.

Investment agreements, funding agreements, or guaranteed investment contracts entered into with, or guaranteed by, an insurance company are agreements in which an insurance company either provides for the investment of the Fund's assets or provides for a minimum guaranteed rate of return to the investor.

Master notes are promissory notes issued usually with large, creditworthy broker-dealers on either a fixed-rate or floating-rate basis. Master notes may or may not be collateralized by underlying securities. If the master note is issued by an unrated subsidiary of a broker-dealer, then an unconditional guarantee is provided by the issuer's parent.

Medium-term notes are unsecured, continuously offered corporate debt obligations. Although medium-term notes may be offered with a maturity from one to ten years, in the context of securities lending collateral, the maturity of the medium-term note generally will not exceed two years.

**LIBOR Risk** 

The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The Funds' investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Funds may also obtain financing at floating rates based on LIBOR. Derivative instruments utilized by the Funds may also reference LIBOR.

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The United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, the FCA directed that certain USD LIBOR settings would continue to be published under a synthetic methodology, a practice that ceased on September 30, 2024. Actions by regulators have resulted in the establishment of alternative reference rates in most major currencies. The U.S. Federal Reserve, based on the recommendations of Alternative Reference Rates Committee, has begun publishing the Secured Overnight Financing Rate ("SOFR") that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Funds to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Funds' performance or net asset value.

**Medium-Quality, Lower-Quality and High-Yield Securities** 

Except for the Nationwide Government Money Market Fund, each of the Fixed-Income Funds may invest in medium-quality securities and also in lower-quality and high-yield securities (commonly known as "junk bonds") (hereinafter referred to as "lower-quality securities").

*Medium-Quality Securities*. Medium-quality securities are obligations rated in the fourth highest rating category by any NRSRO. Medium-quality securities, although considered investment grade, may have some speculative characteristics and may be subject to greater fluctuations in value than higher-rated securities. In addition, the issuers of medium-quality securities may be more vulnerable to adverse economic conditions or changing circumstances than issuers of higher-rated securities.

*Lower-Quality/High-Yield Securities*. Non-investment grade debt or lower-quality/rated securities include: (i) bonds rated as low as C by Moody's, Standard & Poor's, or Fitch, Inc. ("Fitch"); (ii) commercial paper rated as low as C by Standard & Poor's, Not Prime by Moody's or Fitch 4 by Fitch; and (iii) unrated debt securities of comparable quality. 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. Under NRSRO guidelines, lower-quality securities and comparable unrated securities will likely have some quality and protective characteristics that are outweighed by large uncertainties or major risk exposures to adverse conditions. 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. The special risk considerations in connection with investments in these securities are discussed below.

*Effect of Interest Rates and Economic Changes*. Interest-bearing securities typically experience appreciation when interest rates decline and depreciation when interest rates rise. The market values of lower-quality and comparable unrated securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Lower-quality and comparable unrated securities also tend to be more sensitive to economic conditions than are higher-rated securities. As a result, they generally involve more credit risks than securities in the higher-rated categories. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower-quality and comparable unrated securities may experience financial stress and may not have sufficient revenues to meet their payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by an issuer of these securities is significantly greater

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than that of issuers of higher-rated securities also because such securities are generally unsecured and are often subordinated to other creditors. Further, if the issuer of a lower-quality or comparable unrated security defaulted, a Fund might incur additional expenses to seek recovery. Periods of economic uncertainty and changes would also generally result in increased volatility in the market prices of these securities and thus in a Fund's net asset value.

As previously stated, the value of a lower-quality or comparable unrated security will generally decrease in a rising interest rate market, and accordingly so will a Fund's net asset value. If a Fund experiences unexpected net redemptions in such a market, it may be forced to liquidate a portion of its portfolio securities without regard to their investment merits. Due to the limited liquidity of lower-quality and comparable unrated securities (discussed below), a Fund may be forced to liquidate these securities at a substantial discount which would result in a lower rate of return to the Fund.

*Payment Expectations*. Lower-quality and comparable unrated securities typically contain redemption, call or prepayment provisions which permit the issuer of such securities containing such provisions to, at its discretion, redeem the securities. During periods of falling interest rates, issuers of these securities are likely to redeem or prepay the securities and refinance them with debt securities at a lower interest rate. To the extent an issuer is able to refinance the securities, or otherwise redeem them, a Fund may have to replace the securities with a lower yielding security, which would result in a lower return for the Fund.

*Liquidity and Valuation*. A Fund may have difficulty disposing of certain lower-quality and comparable unrated securities because there may be a thin trading market for such securities. Because not all dealers maintain markets in all lower-quality and comparable unrated securities, there may be no established retail secondary market for many of these securities. The Funds anticipate that such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market does exist, it is generally not as liquid as the secondary market for higher-rated securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security. As a result, a Fund's net asset value and ability to dispose of particular securities, when necessary to meet the Fund's liquidity needs or in response to a specific economic event, may be impacted. The lack of a liquid secondary market for certain securities may also make it more difficult for a Fund to obtain accurate market quotations for purposes of valuing that Fund's portfolio. Market quotations are generally available on many lower-quality and comparable unrated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. During periods of thin trading, the spread between bid and asked prices is likely to increase significantly. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-quality and comparable unrated securities, especially in a thinly traded market.

**Mortgage- and Asset-Backed Securities** 

Each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in mortgage- and asset-backed securities. Mortgage-backed securities represent direct or indirect participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-backed securities come in different forms. The simplest form of mortgage-backed securities is pass-through certificates. 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 (collectively, "private lenders"). The purchase of mortgage-backed securities from private lenders may entail greater risk than mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities. Mortgage-backed securities issued by private lenders may be supported by pools of mortgage loans or other mortgage-backed securities that are guaranteed, directly or indirectly, by the U.S. government or one of its agencies or instrumentalities, or they may be issued without any governmental guarantee of the underlying mortgage assets but with some form of non-governmental credit enhancement. These credit enhancements may include letters of credit, reserve funds, over-collateralization, or guarantees by third parties. There is no guarantee that these credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. Additionally, mortgage-backed securities purchased from private lenders are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loan.

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Through its investments in mortgage-backed securities, including those issued by private lenders, a Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets generally. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had, in many cases, higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for mortgage-backed securities issued by private lenders that contain subprime loans, but a level of risk exists for all loans.

Since privately-issued mortgage certificates are not guaranteed by an entity having the credit status of the Government National Mortgage Association ("GNMA") or the Federal Home Loan Mortgage Corporation ("FHLMC"), such securities generally are structured with one or more types of credit enhancement. Such credit enhancement falls into two categories: (i) liquidity protection; and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provisions of advances, generally by the entity administering the pool of assets, to ensure that the pass-through of payments due on the underlying pool occurs in a timely fashion. Protection against losses resulting from ultimate default enhances the likelihood of ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches.

The ratings of mortgage-backed securities for which third-party credit enhancement provides liquidity protection or protection against losses from default are generally dependent upon the continued creditworthiness of the provider of the credit enhancement. The ratings of such securities could be subject to reduction in the event of deterioration in the creditworthiness of the credit enhancement provider even in cases where the delinquency loss experienced on the underlying pool of assets is better than expected. There can be no assurance that the private issuers or credit enhancers of mortgage-backed securities will meet their obligations under the relevant policies or other forms of credit enhancement.

Examples of credit support arising out of the structure of the transaction include "senior-subordinated securities" (multiclass securities with one or more classes subordinate to other classes as to the payment of principal thereof and interest thereon, with the result that defaults on the underlying assets are borne first by the holders of the subordinated class), creation of "reserve funds" (where cash or investments sometimes funded from a portion of the payments on the underlying assets are held in reserve against future losses) and "over-collateralization" (where the scheduled payments on, or the principal amount of, the underlying assets exceed those required to make payment of the securities and pay any servicing or other fees). The degree of credit support provided for each issue is generally based on historical information with respect to the level of credit risk associated with the underlying assets. Delinquency or loss in excess of that which is anticipated could adversely affect the return on an investment in such security.

Private lenders or government-related entities may also create mortgage loan pools offering pass-through investments where the mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may be shorter than was previously customary. As new types of mortgage-related securities are developed and offered to investors, a Fund, consistent with its investment objective and policies, may consider making investments in such new types of securities.

The yield characteristics of mortgage-backed securities differ from those of traditional debt obligations. Among the principal differences are that interest and principal payments are made more frequently on mortgage-backed securities, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time. As a result, if a Fund purchases these securities at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing the yield to maturity. Conversely, if a Fund purchases these securities at a discount, a prepayment rate that is faster than expected will increase yield to maturity, while a prepayment rate that is slower than expected will reduce yield to maturity. Accelerated prepayments on securities purchased by the Fund at a premium also impose a risk of loss of principal because the premium may not have been fully amortized at the time the principal is prepaid in full.

Unlike fixed rate mortgage-backed securities, adjustable rate mortgage-backed securities are collateralized by or represent interest in mortgage loans with variable rates of interest. These variable rates of interest reset periodically to align themselves with market rates. A 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. In this event, the value of the adjustable rate

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mortgage-backed securities in a Fund would likely decrease. Also, a Fund's net asset value could vary to the extent that current yields on adjustable rate mortgage-backed securities are different than market yields during interim periods between coupon reset dates or if the timing of changes to the index upon which the rate for the underlying mortgage is based lags behind changes in market rates. During periods of declining interest rates, income to a 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.

There are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage-backed securities and among the securities that they issue. Mortgage-backed securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes"), which are guaranteed as to the timely payment of principal and interest by GNMA, and such guarantee is backed by the full faith and credit of the United States. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-backed securities issued by the Federal National Mortgage Association ("FNMA") include FNMA Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes"), which are solely the obligations of FNMA, and are not backed by or entitled to the full faith and credit of the United States. Fannie Maes are guaranteed as to timely payment of the principal and interest by FNMA. Mortgage-backed securities issued by FHLMC include FHLMC Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). FHLMC is a corporate instrumentality of the United States, created pursuant to an Act of Congress, which is owned entirely by Federal Home Loan Banks. Securities issued by FHLMC do not constitute a debt or obligation of the United States or by any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by the FHLMC. FHLMC guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When the FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

In 2012 the Federal Housing Finance Agency ("FHFA") initiated a strategic plan to develop a program of credit risk transfer intended to reduce Fannie Mae's and Freddie Mac's overall risk through the creation of credit risk transfer assets ("CRTs"). CRTs come in two primary series: Structured Agency Credit Risk ("STACRs") for Freddie Mac and Connecticut Avenue Securities ("CAS") for Fannie Mae, although other series may be developed in the future. CRTs are typically structured as unsecured general obligations of either entities guaranteed by a government-sponsored stockholder-owned corporation, though not backed by the full faith and credit of the United States (such as by Fannie Mae or Freddie Mac (collectively, the "GSEs")) or special purpose entities, and their cash flows are based on the performance of a pool of reference loans. Unlike traditional residential MBS securities, bond payments typically do not come directly from the underlying mortgages. Instead, the GSEs either make the payments to CRT investors, or the GSEs make certain payments to the special purpose entities and the special purpose entities make payments to the investors. In certain structures, the special purpose entities make payments to the GSEs upon the occurrence of credit events with respect to the underlying mortgages, and the obligation of the special purpose entity to make such payments to the GSE is senior to the obligation of the special purpose entity to make payments to the CRT investors. CRTs are typically floating rate securities and may have multiple tranches with losses first allocated to the most junior or subordinate tranche. This structure results in increased sensitivity to dramatic housing downturns, especially for the subordinate tranches. Many CRTs also have collateral performance triggers (e.g., based on credit enhancement, delinquencies or defaults, etc.) that could shut off principal payments to subordinate tranches. Generally, GSEs have the ability to call all of the CRT tranches at par in 10 years.

*Collateralized Mortgage Obligations ("CMOs") and Multiclass Pass-Through Securities*. CMOs are a more complex form of mortgage-backed security in that they are multiclass debt obligations which are collateralized by mortgage loans or pass-through certificates. As a result of changes prompted by the Tax Reform Act of 1986, most CMOs are today issued as Real Estate Mortgage Investment Conduits ("REMICs"). From the perspective of the investor, REMICs and CMOs are virtually indistinguishable. However, REMICs differ from CMOs in that REMICs provide certain tax advantages for the issuer of the obligation. Multiclass pass-through securities are interests in a trust composed of whole loans or private pass-throughs (collectively hereinafter referred to as "Mortgage Assets"). Unless the context indicates otherwise, all references herein to CMOs include REMICs and multiclass pass-through securities.

Often, CMOs are collateralized by GNMA, Fannie Mae or Freddie Mac Certificates, but also may be collateralized by Mortgage Assets. Unless the context indicates otherwise, all references herein to CMOs include REMICs and multiclass pass-through securities. Payments of principal and interest on the Mortgage Assets, and any reinvestment income thereon,

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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 multiclass 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 semiannual basis. The principal of and interest on the Mortgage Assets may be allocated among the several classes of a series of a CMO in innumerable ways. In one structure, payments of principal, including any principal prepayments, on the Mortgage Assets are applied to the classes of a CMO in the order of their respective stated maturities or final distribution dates, so that no payment of principal will be made on any class of CMOs until all other classes having an earlier stated maturity or final distribution date have been paid in full. 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 significantly reduced. Such changes can result in volatility in the market value, and in some instances reduced liquidity, of the CMO class.

A Fund may also invest in, among other types of CMOs, parallel pay CMOs and Planned Amortization Class CMOs ("PAC Bonds"). Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO structures, must be retired by its stated maturity date or a final distribution date but may be retired earlier. PAC Bonds are a type of CMO tranche or series designed to provide relatively predictable payments of principal provided that, among other things, the actual prepayment experience on the underlying mortgage loans falls within a predefined range. If the actual prepayment experience on the underlying mortgage loans is at a rate faster or slower than the predefined range or if deviations from other assumptions occur, principal payments on the PAC Bond may be earlier or later than predicted. The magnitude of the predefined range varies from one PAC Bond to another; a narrower range increases the risk that prepayments on the PAC Bond will be greater or smaller than predicted. Because of these features, PAC Bonds generally are less subject to the risks of prepayment than are other types of mortgage-backed securities.

*Stripped Mortgage Securities*. Stripped mortgage securities are derivative multiclass mortgage securities. Stripped mortgage securities 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. Stripped mortgage securities have greater volatility than other types of mortgage securities. Although stripped mortgage securities are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed. Accordingly, stripped mortgage securities are generally illiquid.

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 class), 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, a Fund may fail to fully recoup its initial investment in these securities even if the securities have received the highest rating by an NRSRO.

In addition to the stripped mortgage securities described above, certain Funds may invest in similar securities such as Super POs and Levered IOs which are more volatile than POs, IOs and IOettes. Risks associated with instruments such as Super POs are similar in nature to those risks related to investments in POs. IOettes represent the right to receive interest payments on an underlying pool of mortgages with similar risks as those associated with IOs. Unlike IOs, the owner also has

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the right to receive a very small portion of the principal. Risks connected with Levered IOs and IOettes are similar in nature to those associated with IOs. Such Funds may also invest in other similar instruments developed in the future that are deemed consistent with its investment objective, policies and restrictions. See "Additional General Tax Information for All Funds" in this SAI.

A Fund may also purchase stripped mortgage-backed securities for hedging purposes to protect that Fund against interest rate fluctuations. For example, since an IO will tend to increase in value as interest rates rise, it may be utilized to hedge against a decrease in value of other fixed-income securities in a rising interest rate environment. Stripped mortgage-backed securities may exhibit greater price volatility than ordinary debt securities because of the manner in which their principal and interest are returned to investors. The market value of the class consisting entirely of principal payments can be extremely volatile in response to changes in interest rates. The yields on stripped mortgage-backed securities that receive all or most of the interest are generally higher than prevailing market yields on other mortgage-backed obligations because their cash flow patterns are also volatile and there is a greater risk that the initial investment will not be fully recouped. The market for CMOs and other stripped mortgage-backed securities may be less liquid if these securities lose their value as a result of changes in interest rates; in that case, a Fund may have difficulty in selling such securities.

*TBA Commitments*. The Funds may enter into "to be announced" or "TBA" commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. See "When-Issued Securities and Delayed-Delivery Transactions" below.

*Asset-Backed Securities*. Asset-backed securities have structural characteristics similar to mortgage-backed securities. However, the underlying assets are not first-lien mortgage loans or interests therein; rather the underlying assets are often consumer or commercial debt contracts such as motor vehicle installment sales contracts, other installment loan contracts, home equity loans, leases of various types of property and receivables from credit card and other revolving credit arrangements. However, 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 non-governmental credit enhancements similar to those utilized in connection with mortgage-backed securities. Asset-backed securities, though, present certain risks that are not presented by 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.

**Municipal Securities** 

Each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in municipal securities. Municipal securities include debt obligations issued by governmental entities to obtain funds for various public purposes, such as the construction of a wide range of public facilities, the refunding of outstanding obligations, the payment of general operating expenses, and the extension of loans to other public institutions and facilities. Private activity bonds that are issued by or on behalf of public authorities to finance various privately-operated facilities are deemed to be municipal securities, only if the interest paid thereon is exempt from federal taxes. 2017 legislation commonly known as the Tax Cuts and Jobs Act ("TCJA") repealed the exclusion from gross income for interest paid on pre-refunded municipal securities effective for such bonds issued after December 31, 2017.

Other types of municipal securities include short-term General Obligation Notes, Tax Anticipation Notes, Bond Anticipation Notes, Revenue Anticipation Notes, Project Notes, Tax-Exempt Commercial Paper, Construction Loan Notes and other forms of short-term tax-exempt loans. Such instruments are issued with a short-term maturity in anticipation of the receipt of tax funds, the proceeds of bond placements or other revenues.

Project Notes are issued by a state or local housing agency and are sold by the Department of Housing and Urban Development. While the issuing agency has the primary obligation with respect to its Project Notes, they are also secured by the full faith and credit of the United States through agreements with the issuing authority which provide that, if required, the federal government will lend the issuer an amount equal to the principal of and interest on the Project Notes.

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The two principal classifications of municipal securities consist of "general obligation" and "revenue" issues. The Funds may also acquire "moral obligation" issues, which are normally issued by special purpose authorities. There are, of course, variations in the quality of municipal securities, both within a particular classification and between classifications, and the yields on municipal securities depend upon a variety of factors, including the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. Ratings represent the opinions of an NRSRO as to the quality of municipal securities. It should be emphasized, however, that ratings are general and are not absolute standards of quality, and municipal securities with the same maturity, interest rate and rating may have different yields, while municipal securities of the same maturity and interest rate with different ratings may have the same yield. Subsequent to purchase, an issue of municipal securities may cease to be rated or its rating may be reduced below the minimum rating required for purchase. A Fund's portfolio management will consider such an event in determining whether a Fund should continue to hold the obligation.

An issuer's obligations under its municipal securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the federal bankruptcy code, and laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon the enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal securities may be materially adversely affected by litigation or other conditions.

*General Obligation Bonds*. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity's creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state's industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or state aid, access to capital markets or other factors beyond the state's or entity's control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base.

*Revenue Bonds*. Revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic viability of such facility or such revenue source.

Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing involve special risks in addition to those associated with municipal bonds generally, including that the underlying properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay interest that changes based in part on the financial performance of the property, may be prepayable without penalty and may be used to finance the construction of housing developments which, until completed and rented, do not generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for issuers to meet payment obligations on subordinated bonds.

*Private activity bonds*. Private activity bonds ("PABs") are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

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**Natural Disaster/Epidemic Risk** 

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. These disruptions could prevent the Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds' ability to achieve their investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds.

The "COVID-19" strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds' performance.

**Operational and Technology Risk/Cyber Security Risk** 

A Fund, its service providers, and other market participants depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect a Fund and its shareholders, despite the efforts of a Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks.

For example, a Fund and its service providers may be susceptible to operational and information security risks resulting from cyber incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures or breaches by a Fund's adviser, and other service providers (including, but not limited to, Fund accountants, custodians, subadvisers, transfer agents and administrators), and the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its net asset value, impediments to trading, the inability of a Fund's shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a Fund and its service providers have established business continuity plans in the event of, and systems designed to reduce the risks associated with, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

In addition, power or communications outages, acts of God, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct a Fund's operations.

The Funds cannot control the cyber security plans and systems put in place by service providers to the Funds and issuers in which the Funds invest. The Funds and their shareholders could be negatively impacted as a result.

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**Preferred Stocks, Convertible Securities and Other Equity Securities** 

Each of the Funds, except for the Nationwide Government Money Market Fund, may invest in preferred stocks and other forms of convertible securities. In some instances, a Fixed-Income Fund (except the Nationwide Government Money Market Fund) may receive common stock, warrants or other types of equity securities resulting from a corporate action by or bankruptcy of an issuer of debt securities held by the Fund. In such instances, unless such equity securities are preferred stocks or convertible securities, the Fund will sell such equity securities as soon as reasonably practicable. Preferred stocks, like many debt obligations, are generally fixed-income securities. Shareholders of preferred stocks normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not participate in other amounts available for distribution by the issuing corporation. In some countries, dividends on preferred stocks may be variable, rather than fixed. Dividends on the preferred stock may be cumulative, and all cumulative dividends usually must be paid prior to common shareholders of common stock receiving any dividends. Because preferred stock dividends must be paid before common stock dividends, preferred stocks generally entail less risk than common stocks. Upon liquidation, preferred stocks are entitled to a specified liquidation preference, which is generally the same as the par or stated value, and are senior in right of payment to common stock. Preferred stocks are, however, equity securities in the sense that they do not represent a liability of the issuer and, therefore, do not offer as great a degree of protection of capital or assurance of continued income as investments in corporate debt securities. Preferred stocks are generally subordinated in right of payment to all debt obligations and creditors of the issuer, and convertible preferred stocks may be subordinated to other preferred stock of the same issuer.

Convertible securities are bonds, debentures, notes, preferred stocks, or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. Convertible securities have general characteristics similar to both debt obligations and equity securities. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, the credit standing of the issuer and other factors. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. The conversion value of a convertible security is determined by the market price of the underlying common stock. The market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock and therefore will react to variations in the general market for equity securities. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer.

A convertible security entitles the holder to receive interest normally paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted, or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying stock since they have fixed-income characteristics, and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. Most convertible securities currently are issued by U.S. companies, although a substantial Eurodollar convertible securities market has developed, and the markets for convertible securities denominated in local currencies are increasing.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Fund is called for redemption, a Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock, or sell it to a third party.

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Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, generally enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, some convertible securities typically are rated below investment grade or are not rated, depending on the general creditworthiness of the issuer.

Certain Funds may invest in convertible preferred stocks that offer enhanced yield features, such as Preferred Equity Redemption Cumulative Stocks ("PERCS"), which provide an investor, such as a Fund, with the opportunity to earn higher dividend income than is available on a company's common stock. PERCS are preferred stocks that generally feature a mandatory conversion date, as well as a capital appreciation limit, which is usually expressed in terms of a stated price. Most PERCS expire three years from the date of issue, at which time they are convertible into common stock of the issuer. PERCS are generally not convertible into cash at maturity. Under a typical arrangement, after three years PERCS convert into one share of the issuer's common stock if the issuer's common stock is trading at a price below that set by the capital appreciation limit, and into less than one full share if the issuer's common stock is trading at a price above that set by the capital appreciation limit. The amount of that fractional share of common stock is determined by dividing the price set by the capital appreciation limit by the market price of the issuer's common stock. PERCS can be called at any time prior to maturity, and hence do not provide call protection. If called early, however, the issuer must pay a call premium over the market price to the investor. This call premium declines at a preset rate daily, up to the maturity date.

A Fund may also invest in other classes of enhanced convertible securities. These include but are not limited to Automatically Convertible Equity Securities ("ACES"), Participating Equity Preferred Stock ("PEPS"), Preferred Redeemable Increased Dividend Equity Securities ("PRIDES"), Stock Appreciation Income Linked Securities ("SAILS"), Term Convertible Notes ("TECONS"), Quarterly Income Cumulative Securities ("QICS"), and Dividend Enhanced Convertible Securities ("DECS"). ACES, PEPS, PRIDES, SAILS, TECONS, QICS, and DECS all have the following features: they are issued by the company, the common stock of which will be received in the event the convertible preferred stock is converted; unlike PERCS they do not have a capital appreciation limit; they seek to provide the investor with high current income with some prospect of future capital appreciation; they are typically issued with three- or four-year maturities; they typically have some built-in call protection for the first two to three years; and, upon maturity, they will convert into either cash or a specified number of shares of common stock.

Similarly, there may be enhanced convertible debt obligations issued by the operating company, whose common stock is to be acquired in the event the security is converted, or by a different issuer, such as an investment bank. These securities may be identified by names such as Equity Linked Securities ("ELKS") or similar names. Typically they share most of the salient characteristics of an enhanced convertible preferred stock but will be ranked as senior or subordinated debt in the issuer's corporate structure according to the terms of the debt indenture. There may be additional types of convertible securities not specifically referred to herein, which may be similar to those described above in which a Fund may invest, consistent with its goals and policies.

An investment in an enhanced convertible security or any other security may involve additional risks to the Fund. A Fund may have difficulty disposing of such securities because there may be a thin trading market for a particular security at any given time. Reduced liquidity may have an adverse impact on market price and a Fund's ability to dispose of particular securities, when necessary, to meet the Fund's liquidity needs or in response to a specific economic event, such as the deterioration in the creditworthiness of an issuer. Reduced liquidity in the secondary market for certain securities may also make it more difficult for a Fund to obtain market quotations based on actual trades for purposes of valuing the Fund's portfolio. Each Fund, however, intends to acquire liquid securities, though there can be no assurances that it will always be able to do so.

Certain Funds may also invest in zero coupon convertible securities. Zero coupon convertible securities are debt securities which are issued at a discount to their face amount and do not entitle the holder to any periodic payments of interest prior to maturity. Rather, interest earned on zero coupon convertible securities accretes at a stated yield until the security reaches its face amount at maturity. Zero coupon convertible securities are convertible into a specific number of shares of the issuer's common stock. In addition, zero coupon convertible securities usually have put features that provide the holder with the opportunity to sell the securities back to the issuer at a stated price before maturity. Generally, the prices of zero coupon convertible securities may be more sensitive to market interest rate fluctuations than conventional convertible securities. For more information about zero coupon securities generally, see "Zero Coupon Securities, Step-Coupon Securities, Pay-In-Kind Bonds ("PIK Bonds") and Deferred Payment Securities" below.

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Current federal income tax law requires the holder of zero coupon securities to accrue income with respect to these securities prior to the receipt of cash payments. Accordingly, to avoid liability for federal income and excise taxes, a Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

*Contingent Convertible Securities*. A contingent convertible security ("CoCo") is a hybrid debt security typically issued by a non-U.S. bank that, upon the occurrence of a specified trigger event, may be (i) convertible into equity securities of the issuer at a predetermined share price; or (ii) written down in liquidation value. Trigger events are identified in the document's requirements. CoCos are designed to behave like bonds in times of economic health yet absorb losses when the trigger event occurs.

With respect to CoCos that provide for conversion of the CoCo into common shares of the issuer in the event of a trigger event, the conversion would deepen the subordination of the investor, subjecting the Fund to a greater risk of loss in the event of bankruptcy. In addition, because the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all). With respect to CoCos that provide for the write-down in liquidation value of the CoCo in the event of a trigger event, it is possible that the liquidation value of the CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital levels below a specified threshold, the liquidation value of the CoCo may be reduced in whole or in part. The write-down of the CoCo's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the CoCo is based on par value. Coupon payments on CoCos may be discretionary and may be canceled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

CoCos are subject to the credit, interest rate, high-yield securities, foreign securities and market risks associated with bonds and equity securities, and to the risks specified to convertible securities in general. They are also subject to other specific risks. CoCos typically are structurally subordinated to traditional convertible bonds in the issuer's capital structure, which increases the risk that the Fund may experience a loss. In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. CoCos are generally speculative and the prices of CoCos may be volatile. There is no guarantee that the Fund will receive return of principal on CoCos.

**Publicly Traded Limited Partnerships and Limited Liability Companies** 

Entities such as limited partnerships, limited liability companies, business trusts and companies organized outside the United States may issue securities comparable to common or preferred stock. Each of the Equity Funds may invest in interests in limited liability companies, as well as publicly traded limited partnerships (limited partnership interests or units), which represent equity interests in the assets and earnings of the company's or partnership's trade or business. Unlike common stock in a corporation, limited partnership interests have limited or no voting rights. However, many of the risks of investing in common stocks are still applicable to investments in limited partnership interests. In addition, limited partnership interests are subject to risks not present in common stock. For example, income derived from a limited partnership deemed not to be a "qualified publicly traded partnership" will be treated as "qualifying income" under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code") only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Funds. See "Additional General Tax Information for All Funds" below. Also, since publicly traded limited partnerships and limited liability companies are a less common form of organizational structure than corporations, their units may be less liquid than publicly traded common stock. Also, because of the difference in organizational structure, the fair value of limited liability company or limited partnership units in a Fund's portfolio may be based either upon the current market price of such units, or if there is no current market price, upon the pro rata value of the underlying assets of the company or partnership. Limited partnership units also have the risk that the limited partnership might, under certain circumstances, be treated as a general partnership giving rise to broader liability exposure to the limited partners for activities of the partnership. Further, the general partners of a limited partnership may be able to significantly change the business or asset structure of a limited partnership without the limited partners having any ability to disapprove any such changes. In certain limited partnerships, limited partners may also be required to return distributions previously made in the event that excess distributions have been made by the partnership, or in the event that the general partners, or their affiliates, are entitled to indemnification.

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**Put Bonds** 

Each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in "put" bonds. "Put" bonds are securities (including securities with variable interest rates) that may be sold back to the issuer of the security at face value at the option of the holder prior to their stated maturity. A Fund's portfolio management intends to purchase only those "put" bonds for which the "put" option is an integral part of the security as originally issued. The option to "put" the bond back to the issuer prior to the stated final maturity can cushion the price decline of the bond in a rising interest rate environment. However, the premium paid, if any, for an option to put will have the effect of reducing the yield otherwise payable on the underlying security. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar weighted average maturity of a Fund holding such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the issuer.

**Real Estate Investment Trusts** 

Although no Fund invests in real estate directly, the Funds may invest in securities of real estate investment trusts ("REITs") and other real estate industry companies or companies with substantial real estate investments and, as a result, such Funds may be subject to certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; possible lack of availability of mortgage funds; extended vacancies of properties; risks related to general and local economic conditions; overbuilding; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates.

REITs are pooled investment vehicles which invest primarily in income-producing real estate or real estate-related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Hybrid REITs combine the investment strategies of equity REITs and mortgage REITs. REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Internal Revenue Code. The Funds pay the fees and expenses of the REITs, which, ultimately, are paid by a Fund's shareholders.

**Repurchase Agreements** 

Each Fund may enter into repurchase agreements. In connection with the purchase by a Fund of a repurchase agreement from member banks of the Federal Reserve System or certain non-bank dealers, the Fund's custodian, or a sub-custodian, will have custody of, and will earmark or segregate securities acquired by the Fund under such repurchase agreement. Repurchase agreements are contracts under which the buyer of a security simultaneously commits to resell the security to the seller at an agreed-upon price and date. Any portion of a repurchase agreement that is not collateralized fully is considered by the staff of the SEC to be a loan by the Fund. To the extent that a repurchase agreement is not collateralized fully, a Fund will include any collateral that the Fund receives in calculating the Fund's total assets in determining whether a Fund has loaned more than one-third of its assets. Repurchase agreements may be entered into with respect to securities of the type in which the Fund may invest or government securities regardless of their remaining maturities, and will require that additional securities be deposited as collateral if the value of the securities purchased should decrease below resale price. Repurchase agreements involve certain risks in the event of default or insolvency by the other party, including possible delays or restrictions upon a Fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which a Fund seeks to assert its rights to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the repurchase agreement. A Fund's portfolio management reviews the creditworthiness of those banks and other recognized financial institutions with which a Fund enters into repurchase agreements to evaluate these risks.

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**Restricted, Non-Publicly Traded and Illiquid Securities** 

Each Fund may not invest more than 15% (5% with respect to the Nationwide Government Money Market Fund) of its net assets, in the aggregate, in illiquid securities, including repurchase agreements which have a maturity of longer than seven days, time deposits maturing in more than seven days and securities that are illiquid because of the absence of a readily available market or legal or contractual restrictions on resale or other factors limiting the marketability of the security. Repurchase agreements subject to demand are deemed to have a maturity equal to the notice period.

Historically, illiquid securities have included securities subject to contractual or legal restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), securities which are otherwise not readily marketable and repurchase agreements having a maturity of longer than seven days. In addition, a security is illiquid if it cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Securities which have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Unless subsequently registered for sale, these securities can only be sold in privately negotiated transactions or pursuant to an exemption from registration. The Funds typically do not hold a significant amount of these restricted or other illiquid securities because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities, and a Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. A Fund might also have to register such restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

The SEC has adopted Rule 144A, which allows for a broader institutional trading market for securities otherwise subject to restriction on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resales of certain securities to qualified institutional buyers.

Any such restricted securities will be considered to be illiquid for purposes of a Fund's limitations on investments in illiquid securities unless, pursuant to procedures adopted by the Board of Trustees of the Trust, a Fund's portfolio management has determined such securities to be liquid because such securities are eligible for resale pursuant to Rule 144A and are readily saleable, or if such securities may be readily saleable in foreign markets. To the extent that qualified institutional buyers may become uninterested in purchasing Rule 144A securities, a Fund's level of illiquidity may increase.

A Fund's portfolio management will monitor the liquidity of restricted securities in the portion of a Fund it manages. In reaching liquidity decisions, the following factors are considered: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

Pursuant to Rule 22e-4 under the 1940 Act, a Fund (other than the Nationwide Government Money Market Fund) assesses, manages, and periodically reviews its liquidity risk. The Nationwide Government Money Market Fund manages its liquidity pursuant to the requirements of Rule 2a-7.

In 2022, the SEC proposed amendments to Rule 22e-4 under the 1940 Act and Rule 22c-1 under the 1940 Act that, if adopted, would, among other things, cause more investments to be treated as illiquid, and could prevent a Fund from investing in securities that the Adviser or a subadviser believes are appropriate or desirable.

*Private Placement Commercial Paper*. Commercial paper eligible for resale under Section 4(a)(2) of the Securities Act ("Section 4(2) paper") is offered only to accredited investors. Rule 506 of Regulation D in the Securities Act lists investment companies as an accredited investor.

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Section 4(2) paper not eligible for resale under Rule 144A under the Securities Act shall be deemed liquid if: (1) the Section 4(2) paper is not traded flat or in default as to principal and interest; (2) the Section 4(2) paper is rated in one of the two highest rating categories by at least two NRSROs, or if only one NRSRO rates the security, it is rated in one of the two highest categories by that NRSRO; and (3) the Fund's portfolio management believes that, based on the trading markets for such security, such security can be disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

**Reverse Repurchase Agreements and Mortgage Dollar Rolls** 

The Funds may engage in reverse repurchase agreements to facilitate portfolio liquidity, a practice common in the mutual fund industry, or for arbitrage transactions discussed below. In a reverse repurchase agreement, a Fund would sell a security and enter into an agreement to repurchase the security at a specified future date and price. A Fund generally retains the right to interest and principal payments on the security. Since a Fund receives cash upon entering into a reverse repurchase agreement, it may be considered a borrowing under the 1940 Act (see "Borrowing"). When required by guidelines of the SEC, a Fund will segregate or earmark permissible liquid assets to secure its obligations to repurchase the security. At the time a Fund enters into a reverse repurchase agreement, it will establish and maintain segregated or earmarked liquid assets with an approved custodian having a value not less than the repurchase price (including accrued interest). The segregated or earmarked liquid assets will be marked-to-market daily and additional assets will be segregated or earmarked on any day in which the assets fall below the repurchase price (plus accrued interest). A Fund's liquidity and ability to manage its assets might be affected when it sets aside cash or portfolio securities to cover such commitments. Reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale may decline below the price of the securities the Fund has sold but is obligated to repurchase. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such determination.

The Fixed-Income Funds also may invest in mortgage dollar rolls, which are arrangements in which a Fund would sell mortgage-backed securities for delivery in the current month and simultaneously contract to purchase substantially similar securities on a specified future date. While a Fund would forego principal and interest paid on the mortgage-backed securities during the roll period, the Fund would be compensated by the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. A Fund also could be compensated through the receipt of fee income equivalent to a lower forward price. Mortgage dollar roll transactions may be considered a borrowing by the Funds (see "Borrowing").

Mortgage dollar rolls and reverse repurchase agreements may be used as arbitrage transactions in which a Fund will maintain an offsetting position in investment grade debt obligations or repurchase agreements that mature on or before the settlement date on the related mortgage dollar roll or reverse repurchase agreements. Since a Fund will receive interest on the securities or repurchase agreements in which it invests the transaction proceeds, such transactions may involve leverage. However, since such securities or repurchase agreements will be high quality and will mature on or before the settlement date of the mortgage dollar roll or reverse repurchase agreement, the Fund's portfolio management believes that such arbitrage transactions do not present the risks to the Fund that are associated with other types of leverage.

**Securities of Investment Companies** 

As permitted by the 1940 Act, a Fund may generally invest up to 10% of its total assets, calculated at the time of investment, in the securities of other open-end or closed-end investment companies. No more than 5% of a Fund's total assets may be invested in the securities of any one investment company nor may it acquire more than 3% of the voting securities of any other investment company. Notwithstanding these restrictions, each Fund may invest any amount, pursuant to Rule 12d1-1 under the 1940 Act, in affiliated or unaffiliated investment companies that hold themselves out as "money market funds" and which operate in accordance with Rule 2a-7 of the 1940 Act. In addition, a Fund may invest in other investment companies in excess of these limits pursuant to Rule 12d1-4 under the 1940 Act. A Fund will indirectly bear its proportionate share of any management fees paid by an investment company in which it invests in addition to the advisory fee paid by the Fund. Some of the countries in which a Fund may invest may not permit direct investment by outside investors. Investments in such countries may only be permitted through foreign government-approved or government-authorized investment vehicles, which may include other investment companies.

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*Exchange-Traded Funds*. The Funds (except for the Nationwide Government Money Market Fund) may invest in exchange-traded funds ("ETFs"). ETFs are regulated as registered investment companies under the 1940 Act. Many ETFs acquire and hold securities of all of the companies or other issuers, or a representative sampling of companies or other issuers that are components of a particular index. Such ETFs typically are intended to provide investment results that, before expenses, generally correspond to the price and yield performance of the corresponding market index, and the value of their shares should, under normal circumstances, closely track the value of the index's underlying component securities. Because an ETF has operating expenses and transaction costs, while a market index does not, ETFs that track particular indices typically will be unable to match the performance of the index exactly. ETF shares may be purchased and sold in the secondary trading market on a securities exchange, in lots of any size, at any time during the trading day. More recently, actively managed ETFs have been created that are managed similarly to other investment companies.

The shares of an ETF may be assembled in a block known as a creation unit and redeemed in-kind for a portfolio of the underlying securities (based on the ETF's net asset value) together with a cash payment generally equal to accumulated dividends as of the date of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of the ETF's underlying securities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit. ETF shares, as opposed to creation units, are generally purchased and sold by smaller investors in a secondary market on a securities exchange. ETF shares can be traded in lots of any size, at any time during the trading day. Although a Fund, like most other investors in ETFs, intends to purchase and sell ETF shares primarily in the secondary trading market, a Fund may redeem creation units for the underlying securities (and any applicable cash), and may assemble a portfolio of the underlying securities and use it (and any required cash) to purchase creation units, if the investment manager believes it is in the Fund's best interest to do so.

An investment in an ETF is subject to all of the risks of investing in the securities held by the ETF and has the same risks as investing in a closed-end fund. In addition, because of the ability of large market participants to arbitrage price differences by purchasing or redeeming creation units, the difference between the market value and the net asset value of ETF shares should in most cases be small. An ETF may be terminated and need to liquidate its portfolio securities at a time when the prices for those securities are falling.

**Short Selling of Securities** 

The Index Funds may engage in short selling of securities consistent with their respective strategies. In a short sale of securities, a Fund sells stock which it does not own, making delivery with securities "borrowed" from a broker. The Fund is then obligated to replace the borrowed security by purchasing it at the market price at the time of replacement. This price may or may not be less than the price at which the security was sold by the Fund. Until the security 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 security, the Fund also may have to pay a premium and/or interest which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. In addition, the broker may require the deposit of collateral (generally, up to 50% of the value of the securities sold short).

A Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security 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 short sale. When a cash dividend is declared on a security for which a Fund has a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. However, any such dividend on a security sold short generally reduces the market value of the shorted security, thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on its short-sale transaction. Whether a Fund will be successful in utilizing a short sale will depend, in part, on its portfolio management's ability to correctly predict whether the price of a security it borrows to sell short will decrease.

In a short sale, the seller does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs.

A Fund also may engage in short sales if at the time of the short sale the Fund owns or has the right to obtain without additional cost an equal amount of the security being sold short. This investment technique is known as a short sale "against the box." The Funds do not intend to engage in short sales against the box for investment purposes. A Fund may, however,

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make a short sale as a hedge, when it believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund (or a security convertible or exchangeable for such security), or when the Fund wants to sell the security at an attractive current price. In such case, any future losses in the Fund's long position should be offset by a gain in the short position and, conversely, any gain in the long position should be reduced by a loss in the short position. The extent to which such gains or losses are reduced will depend upon the amount of the security sold short relative to the amount the Fund owns. There will be certain additional transaction costs associated with short sales against the box. For tax purposes a Fund that enters into a short sale "against the box" may be treated as having made a constructive sale of an "appreciated financial position" causing the Fund to realize a gain (but not a loss).

**Short-Term Instruments** 

Each Fund may invest in short-term instruments, including money market instruments. Short-term instruments may include the following types of instruments:

● shares of money market mutual funds, including those that may be advised by a Fund's portfolio management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●obligations issued or guaranteed as to interest and principal by the U.S. government, its agencies, or instrumentalities, or any federally chartered corporation;

● obligations of sovereign foreign governments, their agencies, instrumentalities and political subdivisions;

● obligations of municipalities and states, their agencies and political subdivisions;

● high-quality asset-backed commercial paper;

● repurchase agreements;

● bank or savings and loan obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●high-quality commercial paper (including asset-backed commercial paper), which are short-term unsecured promissory notes issued by corporations in order to finance their current operations. It also may be issued by foreign issuers, such as foreign governments, states and municipalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●high-quality bank loan participation agreements representing obligations of corporations having a high-quality short-term rating, at the date of investment, and under which a Fund will look to the creditworthiness of the lender bank, which is obligated to make payments of principal and interest on the loan, as well as to creditworthiness of the borrower;

● high-quality short-term corporate obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●certain variable-rate and floating-rate securities with maturities longer than 397 days, but which are subject to interest rate resetting provisions and demand features within 397 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●extendable commercial notes, which differ from traditional commercial paper because the issuer can extend the maturity of the note up to 397 days with the option to call the note any time during the extension period. Because extension will occur when the issuer does not have other viable options for lending, these notes may be considered illiquid, particularly during the extension period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●unrated short-term debt obligations that are determined by a Fund's portfolio management to be of comparable quality to the securities described above.

*Bank Obligations*. Bank obligations include certificates of deposit, bankers' acceptances and fixed time deposits. A certificate of deposit is a short-term negotiable certificate issued by a commercial bank against funds deposited in the bank and is either interest-bearing or purchased on a discount basis. A bankers' acceptance is a short-term draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction. The borrower is liable for payment as is the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Fixed time deposits are obligations of branches of U.S. banks or foreign banks which are payable at a stated maturity date and bear a fixed rate of interest. Although fixed time deposits do not have a market, there are no contractual restrictions on the right to transfer a beneficial interest in the deposit to a third party.

Bank obligations may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulation. Bank obligations may be issued by domestic banks (including their branches located outside the United States), domestic and foreign branches of foreign banks and savings and loan associations.

*Eurodollar and Yankee Obligations*. Eurodollar bank obligations are dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee bank obligations are dollar-denominated obligations issued in the U.S. capital markets by foreign banks.

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Eurodollar and Yankee bank obligations are subject to the same risks that pertain to domestic issues, notably credit risk, market risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, Yankee) bank obligations are subject to certain sovereign risks and other risks associated with foreign investments. One such risk is the possibility that a sovereign country might prevent capital, in the form of dollars, from flowing across their borders. Other risks include: adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes, and the expropriation or nationalization of foreign issues. However, Eurodollar and Yankee bank obligations held in a Fund will undergo the same credit analysis as domestic issuers in which the Fund invests, and will have at least the same financial strength as the domestic issuers approved for the Fund.

**Small- and Medium-Cap Companies and Emerging Growth Stocks** 

The Equity Funds may invest in small- and medium-cap companies and emerging growth stocks. Investing in securities of small-sized companies, including micro-capitalization companies and emerging growth companies, may involve greater risks than investing in the stocks of larger, more established companies, including possible risk of loss. Also, because these securities may have limited marketability, their prices may be more volatile than securities of larger, more established companies or the market averages in general. Because small-sized, medium-cap and emerging growth companies normally have fewer shares outstanding than larger companies, it may be more difficult for a Fund to buy or sell significant numbers of such shares without an unfavorable impact on prevailing prices. Small-sized and emerging growth companies may have limited product lines, markets or financial resources and may lack management depth. In addition, small-sized, medium-cap and emerging growth companies are typically subject to wider variations in earnings and business prospects than are larger, more established companies. There is typically less publicly available information concerning small-sized, medium-cap and emerging growth companies than for larger, more established ones.

**Special Situation Companies** 

The Equity Funds may invest in "special situation companies," which include those involved in an actual or prospective acquisition or consolidation; reorganization; recapitalization; merger, liquidation or distribution of cash, securities or other assets; a tender or exchange offer; a breakup or workout of a holding company; or litigation which, if resolved favorably, would improve the value of the company's stock. If the actual or prospective situation does not materialize as anticipated, the market price of the securities of a "special situation company" may decline significantly. Therefore, an investment in a fund that invests a significant portion of its assets in these securities may involve a greater degree of risk than an investment in other mutual funds that seek long-term growth of capital by investing in better-known, larger companies. The portfolio management of such Fund believes, however, that if it analyzes "special situation companies" carefully and invests in the securities of these companies at the appropriate time, the Fund may achieve capital growth. There can be no assurance, however, that a special situation that exists at the time a Fund makes its investment will be consummated under the terms and within the time period contemplated, if it is consummated at all.

**Standby Commitment Agreements** 

Except for the Nationwide Government Money Market Fund, each Fixed-Income Fund may enter into standby commitment agreements. Standby commitment agreements commit a Fund, for a stated period of time, to purchase a stated amount of fixed-income securities that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security is fixed at the time of the commitment. At the time of entering into the agreement the Fund is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund may enter into such agreements for the purpose of investing in the security underlying the commitment at a yield and price that is considered advantageous to the Fund.

There can be no assurance that the securities subject to a standby commitment will be issued and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, a Fund may bear the risk of a decline in the value of such security and may not benefit from appreciation in the value of the security during the commitment period if the security is not ultimately issued.

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The purchase of a security subject to a standby commitment agreement and the related commitment fee will be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security will thereafter be reflected in the calculation of a Fund's net asset value. The cost basis of the security will be adjusted by the amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as income on the expiration date of the standby commitment.

**Strip Bonds** 

The Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in strip bonds. Strip bonds are debt securities that are stripped of their interest (usually by a financial intermediary) after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest paying securities of comparable maturity.

**Supranational Entities** 

The Fixed-Income Funds may invest in debt securities of supranational entities. Examples of such entities include the International Bank for Reconstruction and Development (World Bank), the European Steel and Coal Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or "stockholders," usually make initial capital contributions to the supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

**Temporary Investments** 

Generally, each of the Funds will be fully invested in accordance with its investment objective and strategies. However, pending investment of cash balances, in anticipation of redemptions or for other cash management purposes, or if a Fund's subadviser believes that business, economic, political or financial conditions warrant, a Fund may invest without limit in high-quality fixed-income securities, cash or money market cash equivalents, as described herein and, subject to the limits of the 1940 Act, shares of other investment companies that invest in securities in which the Fund may invest. Should this occur, a Fund will not be pursuing its investment objective and may miss potential market upswings. Each Index Fund uses an indexing strategy and does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor securities performance, although each Index Fund may use temporary investments pending investment of cash balances or to manage anticipated redemption activity. See also "Short-Term Instruments."

**U.S. Government Securities and U.S. Government Agency Securities** 

Each of the Fixed-Income Funds may invest in a variety of securities which are issued or guaranteed as to the payment of principal and interest by the U.S. government (including U.S. Treasury securities), and by various agencies or instrumentalities which have been established or sponsored by the U.S. government. Each of the Equity Funds may invest in U.S. Treasury securities.

U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of securities not backed by the full faith and credit of the United States, investors in such securities look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitment. Agencies which are backed by the full faith and credit of the United States include the Export-Import Bank, Farmers Home Administration, Federal Financing Bank, and others. Certain agencies and instrumentalities, such as the GNMA, are, in effect, backed by the full faith and credit of the United States through provisions in their charters that they may make "indefinite and unlimited" drawings on the U.S. Treasury if needed to service its debt. Debt from certain other agencies and instrumentalities, including the Federal Home Loan Banks and FNMA, are not guaranteed by the United States, but those institutions are protected by the discretionary authority for the U.S. Treasury to purchase certain amounts of their

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securities to assist the institutions in meeting their debt obligations. Finally, other agencies and instrumentalities, such as the Farm Credit System and the FHLMC, are federally chartered institutions under U.S. government supervision, but their debt securities are backed only by the creditworthiness of those institutions, not the U.S. government.

Some of the U.S. government agencies that issue or guarantee securities include the Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, Maritime Administration, Small Business Administration, and the Tennessee Valley Authority.

An instrumentality of a U.S. government agency is a government agency organized under Federal charter with government supervision. Instrumentalities issuing or guaranteeing securities include, among others, Federal Home Loan Banks, the Federal Land Banks, Central Bank for Cooperatives, Federal Intermediate Credit Banks and the FNMA.

The maturities of such securities usually range from three months to 30 years. While such securities may be guaranteed as to principal and interest by the U.S. government or its instrumentalities, their market values may fluctuate and are not guaranteed, which may, along with the other securities in a Fund's portfolio, cause the Fund's daily net asset value to fluctuate.

The Federal Reserve creates STRIPS (Separate Trading of Registered Interest and Principal of Securities) by separating the coupon payments and the principal payment from an outstanding Treasury security and selling them as individual securities. To the extent a Fund purchases the principal portion of STRIPS, the Fund will not receive regular interest payments. Instead STRIPS are sold at a deep discount from their face value. Because the principal portion of the STRIPS does not pay current income, its price can be volatile when interest rates change. In calculating its dividend, a Fund takes into account as income a portion of the difference between the principal portion of the STRIPS' purchase price and its face value.

In September 2008, the U.S. Treasury Department and the Federal Housing Finance Administration ("FHFA") placed FNMA and FHLMC into a conservatorship under FHFA. As conservator, the FHFA assumed all the powers of the shareholders, directors and officers with the goal of preserving and conserving the assets and property of FNMA and FHLMC. However, FNMA and FHLMC continue to operate legally as business corporations and FHFA has delegated to the Chief Executive Officer and Board of Directors the responsibility for much of the day-to-day operations of the companies. FNMA and FHLMC must follow the laws and regulations governing financial disclosure, including SEC requirements. The long-term effect that this conservatorship will have on these companies' debt and equity securities is unclear.

The total public debt of the United States and other countries around the globe as a percent of gross domestic product has grown rapidly since the beginning of the 2008 financial downturn and has accelerated in connection with the U.S. government's response to the COVID-19 pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause a country to sell additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that a government will not be able to make principal or interest payments when they are due.

Unsustainable debt levels can cause devaluations of currency, prevent a government from implementing effective counter-cyclical fiscal policy in economic downturns, and contribute to market volatility. In addition, the high and rising national debt may adversely impact the U.S. economy and securities in which a Fund may invest. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

*Inflation-Protected Bonds*. Treasury Inflation-Protected Securities ("TIPS") are fixed-income securities issued by the U.S. Treasury whose principal value is periodically adjusted according to the rate of inflation. The U.S. Treasury uses a structure that accrues inflation into the principal value of the bond. Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. TIPS bonds typically pay interest on a semiannual basis, equal to a fixed percentage of the inflation-adjusted amount.

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If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

Investors in an inflation-indexed mutual fund who do not reinvest the portion of the income distribution that is attributable to inflation adjustments will not maintain the purchasing power of the investment over the long term. This is because interest earned depends on the amount of principal invested, and that principal will not grow with inflation if the investor fails to reinvest the principal adjustment paid out as part of a Fund's income distributions.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

**Warrants and Rights** 

Each of the Equity Funds may invest in or hold warrants and rights. Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance), on a specified date, during a specified period, or perpetually. Rights are similar to warrants, but normally have a shorter duration. Warrants and rights may be acquired separately or in connection with the acquisition of securities. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities, and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**When-Issued Securities and Delayed-Delivery Transactions** 

Each of the Fixed-Income Funds may invest in when-issued securities and engage in delayed-delivery transactions. When securities are purchased on a "when-issued" basis or purchased for delayed delivery, payment and delivery occur beyond the normal settlement date at a stated price and yield. When-issued transactions normally settle within 45 days. The payment obligation and the interest rate that will be received on when-issued securities are fixed at the time the buyer enters into the commitment. Due to fluctuations in the value of securities purchased or sold on a when-issued or delayed-delivery basis, the yields obtained on such securities may be higher or lower than the yields available in the market on the dates when the investments are actually delivered to the buyers. The greater a Fund's outstanding commitments for these securities, the

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greater the exposure to potential fluctuations in the net asset value of the Fund. Purchasing when-issued or delayed-delivery securities may involve the additional risk that the yield or market price available in the market when the delivery occurs may be higher or the market price lower than that obtained at the time of commitment.

When a Fund engages in when-issued or delayed-delivery transactions, it relies on the other party to consummate the trade. Failure of the seller to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price considered to be advantageous.

**Zero Coupon Securities, Step-Coupon Securities, Pay-In-Kind Bonds ("PIK Bonds") and Deferred Payment Securities** 

Each of the Fixed-Income Funds may invest in zero coupon securities and step-coupon securities. In addition, each of the Fixed-Income Funds, except the Nationwide Government Money Market Fund, may invest in PIK Bonds and deferred payment securities. Zero coupon securities are debt securities that pay no cash income but are sold at substantial discounts from their value at maturity. Step-coupon securities are debt securities that do not make regular cash interest payments and are sold at a deep discount to their face value. When a zero coupon security is held to maturity, its entire return, which consists of the amortization of discount, comes from the difference between its purchase price and its maturity value. This difference is known at the time of purchase, so that investors holding zero coupon securities until maturity know at the time of their investment what the expected return on their investment will be. Zero coupon securities may have conversion features. PIK bonds pay all or a portion of their interest in the form of debt or equity securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. Deferred payment securities are often sold at substantial discounts from their maturity value.

Zero coupon securities, PIK bonds and deferred payment securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities with similar maturities. Zero coupon securities, PIK bonds and deferred payment securities may be issued by a wide variety of corporate and governmental issuers. Although these instruments are generally not traded on a national securities exchange, they are widely traded by brokers and dealers and, to such extent, will not be considered illiquid for the purposes of a Fund's limitation on investments in illiquid securities.

Current federal income tax law requires the holder of zero coupon securities, certain PIK bonds and deferred payment securities acquired at a discount (such as Brady Bonds) to accrue income with respect to these securities prior to the receipt of cash payments. Accordingly, to avoid liability for federal income and excise taxes, a Fund may be required to distribute income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

**THE INDEX FUNDS** 

*Nationwide Bond Index Fund*. The investment objective of the Nationwide Bond Index Fund is to match the performance of the Bloomberg U.S. Aggregate Bond Index (the "Aggregate Index") as closely as possible before the deduction of Fund expenses. The Aggregate Index is composed primarily of U.S. dollar denominated investment grade bonds of different types, including U.S. government securities; U.S. government agency securities; corporate bonds issued by U.S. and foreign companies; mortgage-backed securities; securities of foreign governments and their agencies; and securities of supranational entities, such as the World Bank. There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide International Index Fund*. The investment objective of the Nationwide International Index Fund is to match the performance of the MSCI EAFE® Index (the "EAFE Index") as closely as possible before the deduction of Fund expenses. The EAFE Index is a market-weighted index composed of common stocks of companies from various industrial sectors whose primary trading markets are located outside the United States. There can be no assurance that the investment objective of the Fund will be achieved.

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*Nationwide Mid Cap Market Index Fund*. The investment objective of the Nationwide Mid Cap Market Index Fund is to match the performance of the Standard & Poor's Mid Cap 400® Index (the "S&P 400 Index") as closely as possible before the deduction of Fund expenses. There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide S&P 500 Index Fund*. The investment objective of the Nationwide S&P 500 Index Fund is to seek to provide investment results that correspond to the price and yield performance of publicly traded common stocks as represented by the Standard & Poor's 500® Index (the "S&P 500 Index"). There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide Small Cap Index Fund*. The investment objective of the Nationwide Small Cap Index Fund is to match the performance of the Russell 2000® Index (the "Russell 2000") as closely as possible before the deduction of Fund expenses. The Russell 2000 is a market-weighted index composed of approximately 2000 common stocks of smaller U.S. companies in a wide range of businesses chosen by Russell Investments based on a number of factors, including industry representation, market value, economic sector and operating/financial condition. There can be no assurance that the investment objective of the Fund will be achieved.

*Nationwide NYSE Arca Tech 100 Index Fund*. The investment objective of the Nationwide NYSE Arca Tech 100 Index Fund is to track the total return of the NYSE Arca Tech 100 Index before deducting for Fund expenses. The NYSE Arca Tech 100 Index, which consists of at least 100 individual technology-related securities, is a price-weighted index of stocks of companies from different industries that produce or deploy innovative technologies to conduct their business. There can be no assurance that the investment objective of the Fund will be achieved.

*About Indexing*. The Index Funds are not managed according to traditional methods of "active" investment management, which involve the buying and selling of securities based upon economic, financial, and market analyses and investment judgment. Instead, each Index Fund, utilizing essentially a "passive" or "indexing" investment approach, seeks to replicate, before each Fund's expenses (which can be expected to reduce the total return of the Fund), the total return of its respective index.

*Indexing and Managing the Funds*. Each Index Fund will be substantially invested in securities in the applicable index, and invests at least 80% of its net assets in securities or other financial instruments which are contained in or correlated with securities in the applicable index (with the exception of the Nationwide NYSE Arca Tech 100 Index Fund, which invests at least 90% of its net assets in securities or other financial instruments which are contained in or correlated with the securities in the NYSE Arca Tech 100 Index).

Because each Index Fund seeks to replicate the total return of its respective index, its subadviser generally will not attempt to judge the merits of any particular security as an investment but will seek only to replicate the total return of the securities in the relevant index. However, the subadviser may omit or remove a security which is included in an index from the portfolio of an Index Fund if, following objective criteria, the subadviser judges the security to be insufficiently liquid, believes the merit of the investment has been substantially impaired by extraordinary events or financial conditions, or determines that the security is no longer useful in attempting to replicate the total return of the index.

An Index Fund subadviser may acquire certain financial instruments based upon individual securities or based upon or consisting of one or more baskets of securities (which basket may be based upon a target index). Certain of these instruments may represent an indirect ownership interest in such securities or baskets. Others may provide for the payment to an Index Fund or by an Index Fund of amounts based upon the performance (positive, negative or both) of a particular security or basket. The subadviser will select such instruments when it believes that the use of the instrument will correlate substantially with the expected total return of a target security or index. In connection with the use of such instruments, the subadviser may enter into short sales in an effort to adjust the weightings of particular securities represented in the basket to more accurately reflect such securities weightings in the target index.

The ability of each Index Fund to satisfy its investment objective depends to some extent on the subadviser's ability to manage cash flow (primarily from purchases and redemptions and distributions from the Fund's investments). An Index Fund subadviser will make investment changes to an Index Fund's portfolio to accommodate cash flow while continuing to seek to

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replicate the total return of the target index. Investors should also be aware that the investment performance of each index is a hypothetical number which does not take into account brokerage commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs (e.g., transfer agency, accounting) that will be borne by the Index Funds.

Each Index Fund's ability to replicate the total return of its respective index may be affected by, among other things, transaction costs, administration and other expenses incurred by the Index Fund, taxes (including foreign withholding taxes, which will affect the Nationwide International Index Fund and the Nationwide Bond Index Fund due to foreign tax withholding practices), and changes in either the composition of the index or the assets of an Index Fund. In addition, each Index Fund's total return will be affected by incremental operating costs (e.g., investment advisory, transfer agency, accounting) that will be borne by the Fund.

**Additional Information Concerning the Indices** 

*Aggregate Index*. The Nationwide Bond Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg. Bloomberg does not have responsibility for and does not participate in the Nationwide Bond Index Fund's management.

*Russell 2000 Index*. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell 2000 Index. Russell® is a trademark of Russell Investment Group ("Russell Investments").The Nationwide Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investments. Russell Investments is not responsible for and has not reviewed the Nationwide Small Cap Index Fund nor any associated literature or publications and Russell Investments makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell Investments reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell 2000 Index. Russell Investments has no obligation to take the needs of any particular fund or its shareholders or any other product or person into consideration in determining, composing or calculating the Russell 2000 Index. Russell Investments' publication of the Russell 2000 Index in no way suggests or implies an opinion by Russell Investments as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell 2000 Index is based. RUSSELL INVESTMENTS MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL 2000 INDEX OR ANY DATA INCLUDED IN THE RUSSELL 2000 INDEX. RUSSELL INVESTMENTS MAKES NO REPRESENTATION OR WARRANTY REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL 2000 INDEX OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL 2000 INDEX. RUSSELL INVESTMENTS MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY OF ANY KIND, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL 2000 INDEX OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

*EAFE Index*. The Nationwide International Index Fund is not sponsored, endorsed, sold or promoted by MSCI Inc. ("MSCI"), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the "MSCI Parties"), including the EAFE Index. The EAFE Index is the exclusive property of MSCI. MSCI and the EAFE Index are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Nationwide Fund Advisors, as the investment adviser to the Nationwide International Index Fund. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or shareholders of the Nationwide International Index Fund or any other person or entity regarding the advisability of investing in funds generally or in the Nationwide International Index Fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indices which are determined, composed and calculated by MSCI without regard to the Nationwide International Index Fund or its shareholders or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the Nationwide International Index Fund or its shareholders or any other person or entity into consideration in determining, composing or calculating the MSCI indices. None of the MSCI Parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of the Nationwide International Index Fund to be issued or in the determination or calculation of the equation by or the consideration into which the Nationwide International Index Fund is

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redeemable. Further, none of the MSCI Parties has any obligation or liability to the Nationwide International Index Fund or its shareholders or any other person or entity in connection with the administration, marketing or offering of the Nationwide International Index Fund.

Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI indices from sources that MSCI considers reliable, none of the MSCI Parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI index or any data included therein. None of the MSCI Parties makes any warranty, express or implied, as to results to be obtained by the Nationwide International Index Fund, its shareholders, or any other person or entity, from the use of any MSCI index or any data included therein. None of the MSCI Parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI index or any data included therein. Further, none of the MSCI Parties makes any express or implied warranties of any kind, and the MSCI Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

No purchaser, seller or holder of shares of the Nationwide International Index Fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

*S&P 500 Index and S&P 400 Index*. Standard & Poor's 500®, S&P 500®, Standard & Poor's MidCap 400<sup>®</sup>, S&P MidCap 400<sup>®</sup>, and S&P 400<sup>®</sup> are trademarks of The McGraw-Hill Companies, Inc. Pursuant to an agreement with McGraw-Hill Companies, Inc., on behalf of the Nationwide S&P 500 Index Fund and Nationwide Mid Cap Market Index Fund, the Funds are authorized to use the trademarks of the McGraw-Hill Companies, Inc. The Nationwide S&P 500 Index Fund and the Nationwide Mid Cap Market Index Fund are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, expressed or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P 500<sup>®</sup> Index or the S&P 400® Index to track general stock market performance. S&P's only relationship to the Funds, the adviser or subadvisers is the licensing of certain trademarks and trade names of S&P and of the S&P 500<sup>®</sup> and S&P 400<sup>®</sup> indices which are determined, composed and calculated by S&P without regard to the Funds. S&P has no obligation to take the needs of the Funds or their shareholders into consideration in determining, composing or calculating the S&P 500<sup>®</sup> and S&P 400<sup>®</sup> Indices. S&P is not responsible for or has not participated in the determination of the prices and amount of the Funds' shares or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are redeemed. S&P has no obligation or liability in connection with the administration, marketing or trading of the Funds. S&P does not guarantee the accuracy makes no warranty, expressed or implied as to the results to be obtained by the Funds, shareholders of the Funds, or any other person or entity from the use of the S&P 500<sup>®</sup> or S&P 400<sup>®</sup> Indices or any data included therein. Without limiting any of the foregoing, in no event shall S&P 500<sup>®</sup> and S&P 400<sup>®</sup> Indices have any liability for any special, punitive, indirect, or consequential damages, including lost profits even if notified of the possibility of such damages.

*NYSE Arca Tech 100 Index*. "Archipelago®", "ARCA®", "ARCAEX®", "NYSE®", "NYSE ARCA<sup>SM</sup>" and "NYSE Arca Tech 100<sup>SM</sup>" are trademarks of the NYSE Group, Inc. and Archipelago Holdings, Inc. and have been licensed for use by Nationwide Fund Advisors, on behalf of the Nationwide NYSE Arca Tech 100 Index Fund. The Nationwide NYSE Arca Tech 100 Index 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, in the Nationwide NYSE Arca Tech 100 Index Fund particularly, or the ability of the NYSE Arca Tech 100 Index to track general stock market performance.

NYSE GROUP, INC. MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE ARCA TECH 100 INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE GROUP, INC. HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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**NATIONWIDE GOVERNMENT MONEY MARKET FUND (the "Fund")** 

The Nationwide Government Money Market Fund operates as a "Government Money Market Fund," as defined in Rule 2a-7 under the 1940 Act. This means that the Fund invests at least 99.5% of its total assets in (1) securities that are issued by the U.S. government, its agencies or instrumentalities, (2) repurchase agreements that are collateralized fully by such securities or cash, (3) cash, and/or (4) other money market mutual funds that operate as Government Money Market Funds.

Rule 2a-7 imposes requirements as to the diversification and liquidity of the Fund, quality of portfolio securities, maturity of the Fund and of individual securities. The discussion of investments in this SAI with respect to the Nationwide Government Money Market Fund is qualified by Rule 2a-7 limitations. Pursuant to its objective of maintaining a stable net asset value per share, the Fund will only purchase investments deemed under Rule 2a-7 to have a remaining maturity of 397 calendar days or less, with certain exceptions permitted by applicable regulations, and will maintain a dollar weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less that is determined without reference to certain interest rate readjustments. The Fund will limit investments to securities that are "eligible securities" (as defined in Rule 2a-7) at the time of acquisition. (See Debt Obligations - Eligible Securities (Nationwide Government Money Market Fund)).

**Portfolio Turnover** 

The portfolio turnover rate for each Fund is calculated by dividing the lesser of purchases and sales of portfolio securities for the year by the monthly average value of the portfolio securities, excluding securities whose maturities at the time of purchase were one year or less. High portfolio turnover rates generally will result in higher brokerage expenses, and may increase the volatility of the Fund. The table below shows any significant variation in the Funds' portfolio turnover rate for the fiscal years ended October 31, 2025 and 2024, or any anticipated variation in the portfolio turnover rate from that reported for the last fiscal year:

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| | | |
|:---|:---|:---|
| **Fund** | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2025**<br>| **For the Fiscal**<br> **Year Ended**<br> **October 31, 2024**<br>|
| Nationwide Bailard Small Cap Value Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 278.84% |
| Nationwide Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 83.61% |
| Nationwide Schroders Global Equity Fund<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 31.22% |
| Nationwide GQG US Quality Equity Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 217.11% |
| Nationwide Invesco Core Plus Bond Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 108.76% |
| Nationwide Loomis Core Bond Fund<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 143.41% |
| Nationwide Loomis Short Term Bond Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 251.90% |
| Nationwide NYSE Arca Tech 100 Index Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 22.71% |
| Nationwide Strategic Income Fund<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; [____]% | &nbsp;&nbsp;&nbsp;&nbsp; 220.79% |

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<sup>1</sup> The portfolio managers for the Funds are not limited by portfolio turnover in their management style, and a Fund's portfolio turnover will fluctuate based on particular market conditions and stock valuations. In the fiscal year ended October 31, 2025, the portfolio managers made fewer changes than they deemed necessary during the fiscal year ended October 31, 2024.

<sup>2</sup> The portfolio managers for the Funds are not limited by portfolio turnover in their management style, and a Fund's portfolio turnover will fluctuate based on particular market conditions and stock valuations. In the fiscal year ended October 31, 2025, the portfolio managers made more changes than they deemed necessary during the fiscal year ended October 31, 2024. <br>

**Investment Restrictions** 

The following are fundamental investment restrictions of each Fund which cannot be changed without the vote of the majority of the outstanding shares of the Fund for which a change is proposed. The vote of the majority of the outstanding shares means the vote of (A) 67% or more of the voting securities present at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy or (B) a majority of the outstanding voting securities, whichever is less.

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**Each of the Funds:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not (**except the Nationwide GQG US Quality Equity Fund**) purchase securities of any one issuer, other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, if, immediately after such purchase, more than 5% of the Fund's total assets would be invested in such issuer or the Fund would hold more than 10% of the outstanding voting securities of the issuer, except that 25% or less of the Fund's total assets may be invested without regard to such limitations. There is no limit to the percentage of assets that may be invested in U.S. Treasury bills, notes, or other obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities. The Nationwide Government Money Market Fund will be deemed to be in compliance with this restriction so long as it is in compliance with Rule 2a-7 under the 1940 Act, as such Rule may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not (**except the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and Nationwide GQG US Quality Equity Fund**) borrow money or issue senior securities, except that each Fund may enter into reverse repurchase agreements and may otherwise borrow money and issue senior securities as and to the extent permitted by the 1940 Act or any rule, order or interpretation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not act as an underwriter of another issuer's securities, except to the extent that the Fund may be deemed an underwriter within the meaning of the Securities Act in connection with the purchase and sale of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not purchase or sell commodities or commodities contracts, except to the extent disclosed in the current Prospectus or Statement of Additional Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not (**except the Nationwide Bailard Technology Fund and the Index Funds (except the Nationwide S&P 500 Index Fund)**) purchase the securities of any issuer if, as a result, 25% or more (taken at current value) of the Fund's total assets would be invested in the securities of issuers, the principal activities of which are in the same industry. This limitation does not apply to securities issued by the U.S. government or its agencies or instrumentalities. The following industries are considered separate industries for purposes of this investment restriction: electric, natural gas distribution, natural gas pipeline, combined electric and natural gas, and telephone utilities, captive borrowing conduit, equipment finance, premium finance, leasing finance, consumer finance and other finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not lend any security or make any other loan, except that each Fund may in accordance with its investment objective and policies (i) lend portfolio securities, (ii) purchase and hold debt securities or other debt instruments, including but not limited to loan participations and subparticipations, assignments, and structured securities, (iii) make loans secured by mortgages on real property, (iv) enter into repurchase agreements, and (v) make time deposits with financial institutions and invest in instruments issued by financial institutions, and enter into any other lending arrangement as and to the extent permitted by the 1940 Act or any rule, order or interpretation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not purchase or sell real estate, except that each Fund may (i) acquire real estate through ownership of securities or instruments and sell any real estate acquired thereby, (ii) purchase or sell instruments secured by real estate (including interests therein), and (iii) purchase or sell securities issued by entities or investment vehicles that own or deal in real estate (including interests therein).

Each of the Index Funds intends to be diversified in approximately the same proportion as the index it seeks to track (the "Index") is diversified. An Index Fund may become nondiversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the applicable Index. Shareholder approval will not be sought if an Index Fund crosses from diversified to nondiversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the applicable Index.

Under the 1940 Act, investments of more than 25% of a fund's total assets in one or more issuers in the same industry or group of industries constitutes concentration. The policy described above in the fifth bullet under "Investment Restrictions" will be interpreted in accordance with public interpretations of the SEC and its staff pertaining to concentration from time to time, and therefore the reference to "industry" in such policy shall be read to include a group of related industries. The policy will be interpreted to give broad authority to the Fund as to how to classify issuers within or among either industries or groups of related industries. The Fund currently utilizes any one or more industry classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser.

For those Funds listed above as exceptions to the investment restrictions, see the discussion below regarding each such Fund's applicable investment restriction.

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**The Nationwide S&P 500 Index Fund:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not purchase securities of one issuer, other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, if at the end of each fiscal quarter, (a) more than 5% of the Fund's total assets (taken at current value) would be invested in such issuer (except that up to 50% of the Fund's total assets may be invested without regard to such 5% limitation), and (b) more than 25% of its total assets (taken at current value) would be invested in securities of a single issuer. There is no limit to the percentage of assets that may be invested in U.S. Treasury bills, notes, or other obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities.

**The Index Funds (except the Nationwide S&P 500 Index Fund):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not purchase the securities of any issuer if, as a result, 25% or more than (taken at current value) of the Fund's total assets would be invested in the securities of issuers, the principal activities of which are in the same industry; provided, that in replicating the weightings of a particular industry in its target index, a Fund may invest more than 25% of its total assets in securities of issuers in that industry.

**The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and Nationwide GQG US Quality Equity Fund:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●May not borrow money or issue senior securities, except that each Fund may sell securities short, enter into reverse repurchase agreements and may otherwise borrow money and issue senior securities as and to the extent permitted by the 1940 Act or any rule, order or interpretation thereunder.

**The following are the non-fundamental operating policies of the Funds, which may be changed by the Board of Trustees without shareholder approval:** 

**Each Fund may not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Except the Nationwide GQG US Quality Equity Fund**, sell securities short unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold short or unless it segregates or earmarks other liquid assets it owns as required by the current rules and positions of the SEC or its staff, and provided that short positions in forward currency contracts, options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions; and provided that margin deposits in connection with options, futures contracts, options on futures contracts, transactions in currencies or other derivative instruments shall not constitute purchasing securities on margin. In addition, the **Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and Nationwide GQG US Quality Equity Fund**, may use margin to the extent necessary to engage in short sales of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Purchase or otherwise acquire any security if, as a result, more than 15% (5% with respect to the Nationwide Government Money Market Fund) of its net assets would be invested in securities that are illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Pledge, mortgage or hypothecate any assets owned by the Fund except as may be necessary in connection with permissible borrowings or investments and then such pledging, mortgaging, or hypothecating may not exceed 33 <sup>1</sup>∕3% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●**Except the Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide S&P 500 Index Fund and Nationwide Small Cap Index Fund**, purchase securities of other investment companies except (a) in connection with a merger, consolidation, acquisition, reorganization or offer of exchange, or (b) to the extent permitted by the 1940 Act or any rules or regulations thereunder or pursuant to any exemptions therefrom.

**The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and Nationwide GQG US Quality Equity Fund may not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Sell securities short unless it covers such short sales or segregates or earmarks liquid assets as required by the current rules and positions of the SEC or its staff, and provided that short positions in forward currency contracts, options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short.

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A Fund's obligation not to pledge, mortgage, or hypothecate assets in excess of 33 <sup>1</sup>∕3% of the Fund's total assets with respect to permissible borrowings or investments, as described above, is a continuing obligation and such asset segregation and coverage must be maintained on an ongoing basis. For any other percentage restriction or requirement described above that is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in net asset value will not constitute a violation of such restriction or requirement. However, should a change in net asset value or other external events cause a Fund's investments in illiquid securities including repurchase agreements with maturities in excess of seven days, to exceed the limit set forth above for such Fund's investment in illiquid securities, a Fund will act to cause the aggregate amount of such securities to come within such limit as soon as reasonably practicable. In such event, however, such Fund would not be required to liquidate any portfolio securities where a Fund would suffer a loss on the sale of such securities.

Certain Funds have adopted a non-fundamental policy, as required by Rule 35d-1 under the 1940 Act, to invest, under normal circumstances, at least 80% of the Fund's net assets in the type of investment suggested by the Fund's name ("80 Percent Policy"). The scope of the 80 Percent Policy includes Fund names suggesting that each Fund focuses its investments in: (i) a particular type of investment or investments; (ii) a particular industry or group of industries; or (iii) certain countries or geographic regions. For purposes of the 80 Percent Policy, 80% of the Fund's net assets shall mean 80% of the Fund's net assets plus the amount of any borrowings for investment purposes. Each Fund that has adopted the 80 Percent Policy also has adopted a policy to provide its shareholders with at least 60 days' prior written notice of any change in such investment policy.

**Internal Revenue Code Restrictions** 

In addition to the investment restrictions above, each Fund must be diversified according to Internal Revenue Code requirements. Specifically, at each tax quarter end, each Fund's holdings must be diversified so that (a) at least 50% of the market value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, securities of other U.S. regulated investment companies, and securities of other issuers, limited so that no one issuer has a value greater than 5% of the value of the Fund's total assets and that the Fund holds no more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's assets is invested in the securities (other than those of the U.S. government or other U.S. regulated investment companies) of any one issuer or of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or, in the securities of one or more qualified publicly traded partnerships.

**Disclosure of Portfolio Holdings** 

The Board of Trustees has adopted policies and procedures regarding the disclosure of portfolio holdings information to protect the interests of Fund shareholders and to address potential conflicts of interest that could arise between the interests of Fund shareholders and the interests of the Funds' investment adviser, principal underwriter or affiliated persons of the Funds' investment adviser or principal underwriter. The Trust's overall policy with respect to the release of portfolio holdings is to release such information consistent with applicable legal requirements and the fiduciary duties owed to shareholders. Subject to the limited exceptions described below, the Trust will not make available to anyone non-public information with respect to its portfolio holdings until such time as the information is made available to all shareholders or the general public.

The policies and procedures are applicable to NFA and any subadviser to the Funds. Pursuant to the policy, the Funds, NFA, any subadviser, and any service provider acting on their behalf are obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Act in the best interests of Fund shareholders by protecting non-public and potentially material portfolio holdings information;

● Ensure that portfolio holdings information is not provided to a favored group of clients or potential clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Adopt such safeguards and controls around the release of client information so that no client or group of clients is unfairly disadvantaged as a result of such release.

Portfolio holdings information that is not publicly available will be released selectively only pursuant to the exceptions described below. In most cases, even where an exception applies, the release of portfolio holdings is strictly prohibited until the information is at least 15 calendar days old. Nevertheless, NFA's Leadership Team or its duly authorized delegate may authorize, where circumstances dictate, the release of more current portfolio holdings information.

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Except for the Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide GQG US Quality Equity Fund, each Fund posts onto the Trust's internet site (nationwide.com/mutualfunds) substantially all of its securities holdings as of the end of each month. Such portfolio holdings are available no earlier than 15 calendar days after the end of the previous month, and generally remain available on the internet site until the Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT with the SEC. The Nationwide Government Money Market Fund posts onto the Trust's internet site, no later than the fifth business day of each month, a schedule of its investments as of the last business day or subsequent calendar day of the prior month and maintains such portfolio holdings information for no less than six months after posting. All Funds (including the Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide GQG US Quality Equity Fund) disclose their complete portfolio holdings information to the SEC using Form N-PORT within 60 days of the end of the third month of the first and third quarters of the Funds' fiscal year and on Form N-CSR on the second and fourth quarters of the Funds' fiscal year. The Nationwide Government Money Market Fund discloses its complete portfolio holdings information to the SEC on Form N-CSR and files monthly reports using Form N-MFP.

Exceptions to the portfolio holdings release policy described above can only be authorized by NFA's Leadership Team or its duly authorized delegate and will be made only when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A Fund has a legitimate business purpose for releasing portfolio holdings information in advance of release to all shareholders or the general public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The recipient of the information provides written assurances that the non-public portfolio holdings information will remain confidential and that persons with access to the information will be prohibited from trading based on the information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The release of such information would not otherwise violate the antifraud provisions of the federal securities laws or the Funds' fiduciary duties.

Under this policy, the receipt of compensation by a Fund, NFA, a subadviser, or an affiliate as consideration for disclosing non-public portfolio holdings information will not be deemed a legitimate business purpose.

The Funds have ongoing arrangements to distribute information about the Funds' portfolio holdings to the Funds' third-party service providers described herein (e.g., investment adviser, subadvisers, registered independent public accounting firm, administrator, transfer agent, sub-administrator, sub-transfer agent, custodian and legal counsel) as well as Wolters Kluwer Financial Services, Inc. (GainsKeeper); SunGard Financial Systems (Wall Street Concepts); Style Research, Inc.; Synthesis Technology; Ernst & Young, LLP; Institutional Shareholder Services, Inc.; Lipper Inc., Morningstar, Inc.; Bloomberg LP; Global Trading Analytics; RiskMetrics Group, Inc.; FactSet Research Systems, Inc.; the Investment Company Institute; AllVue Everest; Amazon Web Services (AWS); Confluence/InvestmentMetrics/Style Analytics; Microsoft; RIMES; SmartStream Technologies; Snowflake; Trioptima; TS Imagine Inc.; Bank of New York; MSCI Inc.; ICE Data Pricing & Reference Data LLC; GTA Babelfish, LLC; KPMG LLC; Qontigo (Axioma Risk System); Financial Recovery Technologies; Steeleye, Limited; and, on occasion, to transition managers such as BlackRock Institutional Trust Company; Fidelity Capital Markets (a division of National Financial Services, LLC); Capital Institutional Services; State Street Bank and Trust Company; Electra Information Systems; Virtu Americas LLC; Russell Investments Implementation Services, LLC; or Macquarie Capital (USA) Inc.; where such transition manager provides portfolio transition management assistance (e.g., upon change of subadviser, etc.). These organizations are required to keep such information confidential, and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Funds. No compensation or other consideration is received by the Funds, NFA or any other party in connection with each such ongoing arrangement.

NFA conducts periodic reviews of compliance with the policy and the Funds' Chief Compliance Officer provides annually a report to the Board of Trustees regarding the operation of the policy and any material changes recommended as a result of such review. NFA's compliance staff also will submit annually to the Board of Trustees a list of exceptions granted to the policy, including an explanation of the legitimate business purpose of the Fund that was served as a result of the exception.

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**Trustees and Officers of the Trust** 

**Management Information** 

Each Trustee who is deemed an "interested person," as such term is defined in the 1940 Act, is referred to as an "Interested Trustee." Currently, there are no Trustees who are interested persons of the Trust. 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 44 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 Investment Management Group, One Nationwide Plaza, Mail Code 1-18-102, Columbus, OH 43215.

**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **Tracy Bollin** | **Tracy Bollin** | **Tracy Bollin** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup><br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1970 | Trustee since July 2025 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund <br> Operations for Principal Global Investors, and President of Principal Shareholder Services. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund <br> Operations for Principal Global Investors, and President of Principal Shareholder Services. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund <br> Operations for Principal Global Investors, and President of Principal Shareholder Services. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board member of On With Life since September 2024. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board member of On With Life since September 2024. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board member of On With Life since September 2024. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, <br> operations, and as a board member. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, <br> operations, and as a board member. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, <br> operations, and as a board member. |
| **Kristina Junco Bradshaw** | **Kristina Junco Bradshaw** | **Kristina Junco Bradshaw** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1980 | Trustee since January 2023 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Bradshaw was a Portfolio Manager on the Dividend Value team at Invesco from August 2006 to August 2020. <br> Prior to this time, Ms. Bradshaw was an investment banker in the Global Energy & Utilities group at Morgan Stanley from <br> June 2002 to July 2004. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Bradshaw was a Portfolio Manager on the Dividend Value team at Invesco from August 2006 to August 2020. <br> Prior to this time, Ms. Bradshaw was an investment banker in the Global Energy & Utilities group at Morgan Stanley from <br> June 2002 to July 2004. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Bradshaw was a Portfolio Manager on the Dividend Value team at Invesco from August 2006 to August 2020. <br> Prior to this time, Ms. Bradshaw was an investment banker in the Global Energy & Utilities group at Morgan Stanley from <br> June 2002 to July 2004. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to 2023, Board Member of Houston Ballet from July <br> 2011 to present and President from July 2022 to July 2024 and Chair since July 2024, and Board Member of Hermann Park <br> Conservancy from July 2011 to present, serving as Board Chair from 2020 to 2024. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to 2023, Board Member of Houston Ballet from July <br> 2011 to present and President from July 2022 to July 2024 and Chair since July 2024, and Board Member of Hermann Park <br> Conservancy from July 2011 to present, serving as Board Chair from 2020 to 2024. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of Southern Smoke Foundation from August 2020 to 2023, Board Member of Houston Ballet from July <br> 2011 to present and President from July 2022 to July 2024 and Chair since July 2024, and Board Member of Hermann Park <br> Conservancy from July 2011 to present, serving as Board Chair from 2020 to 2024. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Bradshaw has significant board experience; significant portfolio management experience in the investment <br> management industry and is a Chartered Financial Analyst. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Bradshaw has significant board experience; significant portfolio management experience in the investment <br> management industry and is a Chartered Financial Analyst. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Bradshaw has significant board experience; significant portfolio management experience in the investment <br> management industry and is a Chartered Financial Analyst. |
| **Lorn C. Davis** | **Lorn C. Davis** | **Lorn C. Davis** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1968 | Trustee since January 2021 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Davis has been a Managing Partner of College Hill Capital Partners, LLC (private equity) since June 2016. From <br> September 1998 until May 2016, Mr. Davis originated and managed debt and equity investments for John Hancock Life <br> Insurance Company (U.S.A.)/Hancock Capital Management, LLC, serving as a Managing Director from September 2003 <br> through May 2016. |

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| | | |
|:---|:---|:---|
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of The Pine Street Inn from 2009 to present, Member of the Advisory Board (non-fiduciary) of Mearthane <br> Products Corporation from 2021 to 2022, Trustee of The College of the Holy Cross since July 2022, and Member of Board <br> of Managers of the College Circle Creamery Holdings since February 2023. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of The Pine Street Inn from 2009 to present, Member of the Advisory Board (non-fiduciary) of Mearthane <br> Products Corporation from 2021 to 2022, Trustee of The College of the Holy Cross since July 2022, and Member of Board <br> of Managers of the College Circle Creamery Holdings since February 2023. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Board Member of The Pine Street Inn from 2009 to present, Member of the Advisory Board (non-fiduciary) of Mearthane <br> Products Corporation from 2021 to 2022, Trustee of The College of the Holy Cross since July 2022, and Member of Board <br> of Managers of the College Circle Creamery Holdings since February 2023. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Davis has significant board experience; significant past service at a large asset management company and significant <br> experience in the investment management industry. Mr. Davis is a Chartered Financial Analyst and earned a Certificate of <br> Director Education from the National Association of Corporate Directors in 2008. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Davis has significant board experience; significant past service at a large asset management company and significant <br> experience in the investment management industry. Mr. Davis is a Chartered Financial Analyst and earned a Certificate of <br> Director Education from the National Association of Corporate Directors in 2008. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Davis has significant board experience; significant past service at a large asset management company and significant <br> experience in the investment management industry. Mr. Davis is a Chartered Financial Analyst and earned a Certificate of <br> Director Education from the National Association of Corporate Directors in 2008. |
| **Keith F. Karlawish** | **Keith F. Karlawish** | **Keith F. Karlawish** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1964 | Trustee since March 2012; Chairman <br> since January 2021<br>| 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Partner, and Senior Wealth Advisor with Curi RMB Capital. Previously, he was Senior Director of <br> Wealth Management with Curi Wealth Management which acquired Park Ridge Asset Management, LLC in August 2022. <br> Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, LLC since December 2008 and also <br> served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset <br> Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February <br> 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Partner, and Senior Wealth Advisor with Curi RMB Capital. Previously, he was Senior Director of <br> Wealth Management with Curi Wealth Management which acquired Park Ridge Asset Management, LLC in August 2022. <br> Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, LLC since December 2008 and also <br> served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset <br> Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February <br> 2005 until October 2008. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Karlawish is a Partner, and Senior Wealth Advisor with Curi RMB Capital. Previously, he was Senior Director of <br> Wealth Management with Curi Wealth Management which acquired Park Ridge Asset Management, LLC in August 2022. <br> Prior to this time, Mr. Karlawish was a partner with Park Ridge Asset Management, LLC since December 2008 and also <br> served as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset <br> Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February <br> 2005 until October 2008. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Karlawish has significant board experience, including past service on the boards of BB&T Mutual Funds and BB&T <br> Variable Insurance Funds; significant executive experience, including past service at a large asset management company <br> and significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Karlawish has significant board experience, including past service on the boards of BB&T Mutual Funds and BB&T <br> Variable Insurance Funds; significant executive experience, including past service at a large asset management company <br> and significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Karlawish has significant board experience, including past service on the boards of BB&T Mutual Funds and BB&T <br> Variable Insurance Funds; significant executive experience, including past service at a large asset management company <br> and significant experience in the investment management industry. |
| **Carol A. Kosel** | **Carol A. Kosel** | **Carol A. Kosel** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1963 | Trustee since March 2013 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She <br> was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October <br> 2005. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She <br> was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October <br> 2005. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She <br> was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October <br> 2005. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>None |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Kosel has significant board experience, including past service on the boards of Evergreen Funds and Sun Capital <br> Advisers Trust; significant executive experience, including past service at a large asset management company and <br> significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Kosel has significant board experience, including past service on the boards of Evergreen Funds and Sun Capital <br> Advisers Trust; significant executive experience, including past service at a large asset management company and <br> significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Kosel has significant board experience, including past service on the boards of Evergreen Funds and Sun Capital <br> Advisers Trust; significant executive experience, including past service at a large asset management company and <br> significant experience in the investment management industry. |
| **Charlotte Tiedemann Petersen** | **Charlotte Tiedemann Petersen** | **Charlotte Tiedemann Petersen** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1960 | Trustee since January 2023 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a private real estate investor/principal since January 2011. Ms. Petersen served as Chief Investment <br> Officer at Alexander Capital Management from April 2006 to December 2010. From July 1993 to June 2002, Ms. Petersen <br> was a Portfolio Manager, Partner and Management Committee member of Denver Investment Advisors LLC. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a private real estate investor/principal since January 2011. Ms. Petersen served as Chief Investment <br> Officer at Alexander Capital Management from April 2006 to December 2010. From July 1993 to June 2002, Ms. Petersen <br> was a Portfolio Manager, Partner and Management Committee member of Denver Investment Advisors LLC. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Self-employed as a private real estate investor/principal since January 2011. Ms. Petersen served as Chief Investment <br> Officer at Alexander Capital Management from April 2006 to December 2010. From July 1993 to June 2002, Ms. Petersen <br> was a Portfolio Manager, Partner and Management Committee member of Denver Investment Advisors LLC. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Investment Committee for the University of Colorado Foundation from February 2015 to June 2022. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Investment Committee for the University of Colorado Foundation from February 2015 to June 2022. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Investment Committee for the University of Colorado Foundation from February 2015 to June 2022. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Petersen has significant board experience including past service as a Trustee of Scout Funds and Director of Fischer <br> Imaging, where she chaired committees for both entities; significant experience in the investment management industry <br> and is a Chartered Financial Analyst. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Petersen has significant board experience including past service as a Trustee of Scout Funds and Director of Fischer <br> Imaging, where she chaired committees for both entities; significant experience in the investment management industry <br> and is a Chartered Financial Analyst. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Ms. Petersen has significant board experience including past service as a Trustee of Scout Funds and Director of Fischer <br> Imaging, where she chaired committees for both entities; significant experience in the investment management industry <br> and is a Chartered Financial Analyst. |

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| | | |
|:---|:---|:---|
| **David E. Wezdenko** | **David E. Wezdenko** | **David E. Wezdenko** |
| **Year of Birth** | **Positions Held with Trust and** <br> **Length of Time Served**<sup>1</sup> <br>| **Number of Portfolios Overseen in** <br> **the Nationwide Fund Complex**<br>|
| 1963 | Trustee since January 2021 | 113 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Wezdenko is a Co-Founder and Managing Partner of Blue Leaf Ventures (venture capital firm, founded May 2018). <br> From November 2008 until December 2017, Mr. Wezdenko was Managing Director of JPMorgan Chase & Co. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Wezdenko is a Co-Founder and Managing Partner of Blue Leaf Ventures (venture capital firm, founded May 2018). <br> From November 2008 until December 2017, Mr. Wezdenko was Managing Director of JPMorgan Chase & Co. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Wezdenko is a Co-Founder and Managing Partner of Blue Leaf Ventures (venture capital firm, founded May 2018). <br> From November 2008 until December 2017, Mr. Wezdenko was Managing Director of JPMorgan Chase & Co. |
| **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present and Board Member for Saint Vincent de <br> Paul of Palm Beach County from May 2023 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present and Board Member for Saint Vincent de <br> Paul of Palm Beach County from May 2023 to present. | **Other Directorships held During the Past Five Years**<sup>2</sup> <br>Independent Trustee for National Philanthropic Trust from October 2021 to present and Board Member for Saint Vincent de <br> Paul of Palm Beach County from May 2023 to present. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Wezdenko has significant board experience; significant past service at a large asset and wealth management company <br> and significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Wezdenko has significant board experience; significant past service at a large asset and wealth management company <br> and significant experience in the investment management industry. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Wezdenko has significant board experience; significant past service at a large asset and wealth management company <br> and significant experience in the investment management industry. |

---

<sup>1</sup>

Length of time served includes time served with the Trust's predecessors. The tenure of each Trustee is subject to the Board's retirement policy, which states that a Trustee shall retire from the Boards of Trustees of the Trusts effective on December 31 of the calendar year during which he or she turns 75 years of age; provided this policy does not apply to a person who became a Trustee prior to September 11, 2019.

<sup>2</sup>

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, which are required to be disclosed in this SAI. In addition, certain other directorships not meeting the aforementioned requirements may be included for certain Trustees such as board positions on non-profit organizations.

**Officers of the Trust** 

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| | |
|:---|:---|
| **Joseph N. Aniano** | **Joseph N. Aniano** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| [____] | President, Chief Executive Officer and Principal Executive Officer since <br> November 2025<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Aniano is President and Chief Executive Officer of Nationwide Investment Management Group and is a Senior Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as President of Nationwide Securities, LLC, <br> and before that as Head of Investment Management Group Product Lifecycle Management. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Aniano is President and Chief Executive Officer of Nationwide Investment Management Group and is a Senior Vice <br> President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as President of Nationwide Securities, LLC, <br> and before that as Head of Investment Management Group Product Lifecycle Management. |
| **Lee T. Cummings** | **Lee T. Cummings** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1963 | Senior Vice President and Head of Fund Operations since December 2015 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Investment Management Group, and <br> is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal <br> Financial Officer, and served temporarily as the Trust's President, Chief Executive Officer and Principal Executive Officer <br> from September 2022 until March 2023. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Investment Management Group, and <br> is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal <br> Financial Officer, and served temporarily as the Trust's President, Chief Executive Officer and Principal Executive Officer <br> from September 2022 until March 2023. |
| **David Majewski** | **David Majewski** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1976 | Treasurer and Principal Financial Officer since September 2022 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski is Senior Director, Financial Administration of Nationwide Investment Management Group. Mr. Majewski <br> previously served as the Trust's Assistant Secretary and Assistant Treasurer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski is Senior Director, Financial Administration of Nationwide Investment Management Group. Mr. Majewski <br> previously served as the Trust's Assistant Secretary and Assistant Treasurer. |
| **Kevin Grether** | **Kevin Grether** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Senior Vice President and Chief Compliance Officer since December 2021 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC from June 2006 to <br> January 2022. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of <br> Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the Nationwide <br> Office of Investments and its registered investment adviser, Nationwide Asset Management, LLC from June 2006 to <br> January 2022. |
| **Stephen R. Rimes** | **Stephen R. Rimes** |

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---

| | |
|:---|:---|
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Secretary, Senior Vice President and General Counsel since December 2019 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Rimes is Vice President, Associate General Counsel and Secretary for Nationwide Investment Management Group, and <br> Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco <br> from 2000-2019. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Rimes is Vice President, Associate General Counsel and Secretary for Nationwide Investment Management Group, and <br> Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco <br> from 2000-2019. |
| **Christopher C. Graham** | **Christopher C. Graham** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1971 | Senior Vice President, Head of Investment Strategies, Chief Investment Officer <br> and Portfolio Manager since September 2016<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for Nationwide Investment <br> Management Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup>  | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for Nationwide Investment <br> Management Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup>  |
| **Benjamin Hoecherl** | **Benjamin Hoecherl** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1976 | Senior Vice President, Head of Business and Product Development since <br> December 2023<br>|
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Hoecherl is Vice President, Head of Business and Product Development for Nationwide Investment Management <br> Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup>He previously served as AVP for Nationwide <br> ProAccount within Nationwide Retirement Solutions. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Hoecherl is Vice President, Head of Business and Product Development for Nationwide Investment Management <br> Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup>He previously served as AVP for Nationwide <br> ProAccount within Nationwide Retirement Solutions. |

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<sup>1</sup>

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

**Responsibilities of the Board of Trustees** 

The Board of Trustees (the "Board") has oversight responsibility for the conduct of the affairs of the Trust. The Board approves policies and procedures regarding the operation of the Trust, regularly receives and reviews reports from NFA regarding the implementation of such policies and procedures, and elects the Officers of the Trust to perform the daily functions of the Trust. The Chairman of the Board is an Independent Trustee.

**Board Leadership Structure** 

The Board approves financial arrangements and other agreements between the Funds, on the one hand, and NFA, any subadvisers or other affiliated parties, on the other hand. The Independent Trustees meet regularly as a group in executive session and with independent legal counsel. The Board has determined that the efficient conduct of the Board's affairs makes it desirable to delegate responsibility for certain specific matters to Committees of the Board ("Committees"), as described below. The Committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each Committee are appointed by the Board upon recommendation of the Nominating and Fund Governance Committee.

This structure is reviewed by the Board periodically, and the Board believes it to be appropriate and effective. The Board also completes an annual self-assessment during which it reviews its leadership and Committee structure, and considers whether its structure remains appropriate in light of the Funds' current operations.

Each Trustee shall hold office for the lifetime of the Trust or until such Trustee's earlier death, resignation, removal, retirement, or inability otherwise to serve, or, if sooner than any of such events, until the next meeting of shareholders called for the purpose of electing Trustees or consent of shareholders in lieu thereof for the election of Trustees, and until the election and qualification of his or her successor. The Board may fill any vacancy on the Board provided that, after such appointment, at least two-thirds of the Trustees have been elected by shareholders. Any Trustee may be removed by the Board, with or without cause, by action of a majority of the Trustees then in office, or by a vote of shareholders at any meeting called for that purpose. In addition to conducting an annual self-assessment, the Board completes biennial peer evaluations, which focus on the performance and effectiveness of the individual members of the Board.

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The Officers of the Trust are appointed by the Board, or, to the extent permitted by the Trust's By-laws, by the President of the Trust, and each shall serve at the pleasure of the Board, or, to the extent permitted by the Trust's By-laws, and except for the Chief Compliance Officer, at the pleasure of the President of the Trust, subject to the rights, if any, of an Officer under any contract of employment. The Trust's Chief Compliance Officer must be approved by a majority of the Independent Trustees. Subject to the rights, if any, of an Officer under any contract of employment, any Officer may be removed, with or without cause, by the Board at any regular or special meeting of the Board, or, to the extent permitted by the Trust's By-laws, by the President of the Trust; provided, that only the Board may remove, with or without cause, the Chief Compliance Officer of the Trust.

**Board Oversight of Trust Risk** 

The Board's role is one of oversight, including oversight of the Funds' risks, rather than active management. The Trustees believe that the Board's Committee structure enhances the Board's ability to focus on the oversight of risk as part of its broader oversight of the Funds' affairs. While risk management is the primary responsibility of NFA and the Funds' subadvisers, the Trustees regularly receive reports from NFA, Nationwide Fund Management LLC ("NFM"), and various service providers, including the subadvisers, regarding investment risks and compliance risks. The Committee structure allows separate Committees to focus on different aspects of these risks and their potential impact on some or all of the Nationwide Funds and to discuss with NFA or the Funds' subadvisers how they monitor and control such risks. In addition, the Officers of the Funds, all of whom are employees of NFA, including the President and Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer and Chief Operating Officer, report to the Board and to the Chairs of its Committees on a variety of risk-related matters, including the risks inherent in each Officer's area of responsibility, at regular meetings of the Board and on an ad hoc basis.

The Funds have retained NFA as the Funds' investment adviser and NFM as the Funds' administrator. NFA and NFM are responsible for the day-to-day operations of the Funds. NFA has delegated the day-to-day management of the investment activities of each Fund, with the exception of the Fund-of-Funds, to one or more subadvisers. NFA and NFM are primarily responsible for the Funds' operations and for supervising the services provided to the Funds by each service provider, including risk management services provided by the Funds' subadvisers, if any. The Board also meets periodically with the Trust's Chief Compliance Officer to receive reports regarding the compliance of each Fund with the federal securities laws and the Fund's internal compliance policies and procedures. The Board also reviews the Chief Compliance Officer's annual report, including the Chief Compliance Officer's compliance risk assessments for the Funds. The Board meets periodically with the portfolio managers of the Funds to receive reports regarding the management of the Funds, including each Fund's investment risks.

**Committees of the Board** 

The Board has three standing committees: Audit and Operations Committee, Nominating and Fund Governance Committee, and Investment Committee. The function of each Committee is oversight. In addition, each Committee may from time to time delegate certain of its functions to an *ad hoc* committee comprised of members of the Board that will report to the Committee or the Board with its recommendations, as determined at the time of such delegation.

The purposes of the Audit and Operations Committee are to: (a) oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain of its service providers; it is the intention of the Board that it is management's responsibility to maintain appropriate systems for accounting and internal control, and the independent auditors' responsibility to plan and carry out a proper audit–the independent auditors are ultimately accountable to the Board and the Committee, as representatives of the Trust's shareholders; (b) oversee the quality and integrity of the Trust's financial statements and the independent audit thereof, including periodic review of the performance of the independent auditors; (c) ascertain the independence of the Trust's independent auditors; (d) act as a liaison between the Trust's independent auditors and the Board; (e) approve the engagement of the Trust's independent auditors; (f) meet and consider the reports of the Trust's independent auditors; (g) oversee the Trust's written policies and procedures adopted under Rule 38a-1 of the 1940 Act and oversee the appointment and performance of the Trust's designated Chief Compliance Officer; (h) review information provided to the Committee regarding SEC examinations of the Trust and its service providers; (i) to review and oversee the actions of the principal underwriter and investment advisers with respect to distribution of the Nationwide Funds' shares including the operation of the Trust's 12b-1 Plans and Administrative Services Plans; (j) review and evaluate the transfer agency services, administrative services, custody services, and such other services as may be assigned from time to time to the Committee by the Board; (k) assist the Board in the design and oversight of the

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process for reviewing and evaluating payments made from the assets of any of the Funds to financial intermediaries for sub-transfer agency services, shareholder services, administrative services, and similar services; (l) assist the board in its oversight and evaluation of policies, procedures, and activities of the Trust and of service providers to the Trust relating to cybersecurity and data security; (m) review and evaluate the services received by the Trust in respect of, and the Trust's contractual arrangements relating to, securities lending services; (n) assist the Board in its review, consideration and oversight of any credit facilities entered into for the benefit of the Trust or any of the Funds and the use thereof by the Funds, including any interfund lending facility; (o) assist the Board in its review and consideration of insurance coverages to be obtained by or for the benefit of the Trust or the Trustees of the Trust; and (p) undertake such other responsibilities as may be delegated to the Committee by the Board. The Audit and Operations Committee met five times during the past fiscal year, and currently consists of the following Trustees: Mr. Bollin, Ms. Kosel, Ms. Petersen and Mr. Wezdenko (Chair), each of whom is not an interested person of the Trust, as defined in the 1940 Act.

The purposes of the Nominating and Fund Governance Committee are to: (a) assist the Board in its review and oversight of governance matters; (b) assist the Board with the selection and nomination of candidates to serve on the Board; (c) oversee legal counsel; (d) assist the Board in its review and oversight of shareholder communications to the Board; and (e) undertake such other responsibilities as may be delegated to the Committee by the Board. The Nominating and Fund Governance Committee met four times during the past fiscal year, and consists of all the Independent Trustees.

The Nominating and Fund Governance Committee has adopted procedures regarding its review of recommendations for trustee nominees, including those recommendations presented by shareholders. When considering whether to add additional or substitute trustees to the Board, the Trustees shall take into account any proposals for candidates that are properly submitted to the Trust's Secretary. Shareholders wishing to present one or more candidates for trustee for consideration may do so by submitting a signed written request to the Trust's Secretary at Attn: Secretary, Nationwide Mutual Funds, One Nationwide Plaza, Mail Code 1-18-102, Columbus, OH 43215, which includes the following information: (i) name and address of the shareholder and, if applicable, name of broker or record holder; (ii) number of shares owned; (iii) name of Fund(s) in which shares are owned; (iv) whether the proposed candidate(s) consent to being identified in any proxy statement utilized in connection with the election of Trustees; (v) the name, background information, and qualifications of the proposed candidate(s); and (vi) a representation that the candidate or candidates are willing to provide additional information about themselves, including assurances as to their independence.

The purposes of the Investment Committee are to: (a) assist the Board in its review and oversight of the Funds' performance; (b) assist the Board in the design and oversight of the process for the renewal and amendment of the Funds' investment advisory and subadvisory contracts subject to the requirements of Section 15 of the 1940 Act; (c) assist the Board in its oversight of a liquidity risk management program for the Funds pursuant to Rule 22e-4 under the 1940 Act; (d) assist the Board in its review and oversight of the valuation of the Trust's portfolio assets; (e) assist the Board with its review and oversight of the implementation and operation of the Trust's various policies and procedures relating to money market funds under Rule 2a-7 under the 1940 Act; (f) review and oversee the investment advisers' brokerage practices, including the use of "soft dollars"; (g) assist the Board with its review and oversight of the implementation and operation of the Trust's various policies and procedures relating to transactions involving affiliated persons of a Trust, or affiliated persons of such affiliated persons; (h) assist the Board in its review and oversight of proxy voting by the series of the Trust; and (i) undertake such other responsibilities as may be delegated to the Committee by the Board. The Investment Committee met four times during the past fiscal year, and currently consists of the following Trustees: Ms. Bradshaw, Mr. Davis (Chair) and Mr. Karlawish, each of whom is an Independent Trustee.

**Ownership of Shares of Nationwide Mutual Funds as of December 31, 2025** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities and/or** <br> **Shares in the Funds**<br>| **Aggregate Dollar Range of Equity Securities** <br> **and/or Shares in All Registered Investment** <br> **Companies Overseen by Trustee in Family of** <br> **Investment Companies**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Tracy Bollin | Over $100,000 | Over $100,000 |
| Kristina Bradshaw | Over $100,000 | Over $100,000 |
| Lorn C. Davis | Over $100,000 | Over $100,000 |
| Keith F. Karlawish | Over $100,000 | Over $100,000 |
| Carol A. Kosel | Over $100,000 | Over $100,000 |

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities and/or** <br> **Shares in the Funds**<br>| **Aggregate Dollar Range of Equity Securities** <br> **and/or Shares in All Registered Investment** <br> **Companies Overseen by Trustee in Family of** <br> **Investment Companies**<br>|
| Charlotte Petersen | Over $100,000 | Over $100,000 |
| David E. Wezdenko | Over $100,000 | Over $100,000 |

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**Ownership in the Funds' Investment Adviser**<sup>1</sup>**, Subadvisers**<sup>2</sup> **or Distributor**<sup>3</sup> **as of December 31, 2025** 

**Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Name of Owners and**<br> **Relationships to Trustee**<br>| **Name of Company** | **Title of Class**<br> **of Security**<br>| **Value of Securities** | **Percent of Class** |
| Tracy Bollin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Kristina Bradshaw | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Lorn C. Davis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Keith F. Karlawish | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Carol A. Kosel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Charlotte Petersen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| David E. Wezdenko | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

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<sup>1</sup>

Nationwide Fund Advisors.

<sup>2</sup>

As of December 31, 2025, subadvisers to the Trust included: Bailard, Inc.; BlackRock Investment Management, LLC; Dreyfus, a division of Mellon Investments Corporation; Geneva Capital Management LLC; Goldman Sachs Asset Management, L.P.; GQG Partners LLC; Invesco Advisers Inc.; Jacobs Levy Equity Management, Inc.; J.P. Morgan Investment Management Inc.; Loomis, Sayles & Company, L.P.; Los Angeles Capital Management LLC; Mellon Investments Corporation; Nationwide Asset Management, LLC; Neuberger Berman Investment Advisers LLC; Newton Investment Management North America, LLC; Schroder Investment Management North America Inc.; Victory Capital Management Inc.; WCM Investment Management, LLC; and Wellington Management Company LLP.

<sup>3</sup>

Nationwide Fund Distributors LLC or any company, other than an investment company, that controls a Fund's adviser or distributor.

**Compensation of Trustees** 

The Independent Trustees receive fees and reimbursement for expenses of attending board meetings from the Trust. The Compensation Table below sets forth the total compensation paid to the Independent Trustees, before reimbursement of any expenses incurred by them, for the fiscal year ended October 31, 2025. In addition, the Compensation Table sets forth the total compensation paid to the Independent Trustees from all the funds in the Fund Complex for the twelve months ended October 31, 2025. Trust officers receive no compensation from the Trust in their capacity as officers. The Adviser or an affiliate of the Adviser pays the fees, if any, and expenses of any Trustees who are interested persons of the Trust. Currently, there are no Trustees who are interested persons of the Trust.

The Trust does not maintain any pension or retirement plans for the Officers or Trustees of the Trust.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate**<br> **Compensation**<br> **from the Trust**<br>| **Pension**<br> **Retirement**<br> **Benefits Accrued**<br> **as Part of Trust**<br> **Expenses**<br>| **Estimated Annual**<br> **Benefits Upon**<br> **Retirement**<br>| **Total Compensation**<br> **from the Fund**<br> **Complex**<sup>1</sup> <br>|
| Tracy Bollin | &nbsp;&nbsp;&nbsp; $38721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $149500 |
| Kristina Bradshaw | &nbsp;&nbsp;&nbsp; 100229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 |
| Lorn C. Davis | &nbsp;&nbsp;&nbsp; 105696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411250 |
| Keith F. Karlawish | &nbsp;&nbsp;&nbsp; 127220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 |
| Carol A. Kosel | &nbsp;&nbsp;&nbsp; 104089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405000 |
| Charlotte Petersen | &nbsp;&nbsp;&nbsp;&nbsp; 98941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 |
| David E. Wezdenko | &nbsp;&nbsp;&nbsp; 106660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 |

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<sup>1</sup>

As of October 31, 2025, the Fund Complex included two trusts comprised of 113 investment company funds or series.

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Each of the Trustees and officers and their families are eligible to purchase Class A shares at net asset value without any sales charge. Each Trustee is also eligible to purchase Class R6 shares at net asset value. Class R6 shares are sold without a sales charge and are not subject to Rule 12b-1 fees or administrative services fees.

**Code of Ethics** 

Federal law requires the Trust, each of its investment advisers and subadvisers, and its principal underwriter to adopt codes of ethics which govern the personal securities transactions of their respective personnel. Accordingly, each such entity has adopted a code of ethics pursuant to which their respective personnel may invest in securities for their personal accounts (including securities that may be purchased or held by the Trust). Copies of these Codes of Ethics are on file with the SEC and are available to the public.

**Proxy Voting Guidelines** 

Federal law requires the Trust and each of its investment advisers and subadvisers to adopt procedures for voting proxies (the "Proxy Voting Guidelines") and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by a Fund. The Funds' proxy voting policies and procedures and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds' website at https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/, or (iii) on the SEC's website at www.sec.gov. The summary of such Proxy Voting Guidelines is attached as Appendix B to this SAI.

**Investment Advisory and Other Services** 

**Trust Expenses** 

The Trust pays, on behalf of the Funds, the compensation of the Trustees who are not interested persons (as described in the 1940 Act) of the Trust, and all expenses (other than those assumed by the Adviser), including governmental fees; interest charges; taxes; membership dues in the Investment Company Institute allocable to the Trust; investment advisory fees and any Rule 12b-1 fees; fees under the Trust's Fund Administration and Transfer Agency Agreement, which include the expenses of calculating the Funds' net asset values; fees and expenses of independent certified public accountants and legal counsel of the Trust and to the Independent Trustees; expenses of preparing, printing, and mailing shareholder reports, notices, proxy statements, and reports to governmental offices and commissions; expenses connected with the execution, recording, and settlement of portfolio security transactions; short sale dividend expenses; insurance premiums; administrative services fees under an Administrative Services Plan; fees and expenses of the custodian for all services to the Trust; expenses of shareholder meetings; and expenses relating to the issuance, registration, and qualification of shares of the Trust. NFA may, from time to time, agree to voluntarily or contractually waive advisory fees, and if necessary reimburse expenses, in order to limit total operating expenses for certain Funds and/or classes, as described below. These expense limitations apply to the classes described; if a particular class is not referenced, there is no expense limitation for that class.

**Investment Adviser** 

NFA, located at One Nationwide Plaza, Mail Code 1-18-102, Columbus, OH 43215, is a wholly owned subsidiary of Nationwide Financial Services, Inc. ("NFS"), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company, which is a mutual company owned by its policy holders.

Under the Investment Advisory Agreement ("Agreement") with the Trust, NFA manages the Funds in accordance with the policies and procedures established by the Board of Trustees. NFA operates primarily as a "Manager-of-Managers" under which NFA, rather than managing most Funds directly, instead oversees one or more subadvisers.

NFA provides investment management evaluation services in initially selecting and monitoring on an ongoing basis the performance of one or more subadvisers who manage the investment portfolio of a particular Fund. NFA is also authorized to select and place portfolio investments on behalf of such subadvised Funds; however, NFA does not intend to do so as a routine matter at this time. The Adviser and the Trust have received two exemptive orders from the SEC for a multi-manager structure. The first order allows the Adviser, subject to the approval of the Board of Trustees, to hire, replace or terminate a

------

subadviser (excluding hiring a subadviser which is an affiliate of the Adviser) without the approval of shareholders. The first order also allows the Adviser to revise a subadvisory agreement with an unaffiliated subadviser with the approval of the Board of Trustees but without shareholder approval. The second order allows the aforementioned approvals to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

If a new unaffiliated subadviser is hired for a Fund, shareholders will receive information about the new subadviser within 90 days of the change. The exemptive orders allow the Funds greater flexibility, enabling them to operate more efficiently.

All of the Funds to which this SAI relates are subadvised.

NFA pays the compensation of the officers of the Trust employed by NFA and pays the compensation and expenses of any Trustees who are interested persons of the Trust. Currently, there are no Trustees who are interested persons of the Trust. NFA also furnishes, at its own expense, all necessary administrative services, office space, equipment, and clerical personnel for servicing the investments of the Trust and maintaining its investment advisory facilities, and executive and supervisory personnel for managing the investments and effecting the portfolio transactions of the Trust. In addition, NFA pays, out of its legitimate profits, broker-dealers, trust companies, transfer agents and other financial institutions in exchange for their selling of shares of the Trust's series or for recordkeeping or other shareholder related services.

The Agreement also specifically provides that NFA, including its directors, officers, and employees, shall not be liable for any error of judgment, or mistake of law, or for any loss arising out of any investment, or for any act or omission in the execution and management of the Trust, except for willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties under the Agreement. The Agreement continues in effect for an initial period of no more than two years and thereafter shall continue automatically for successive annual periods provided such continuance is specifically approved at least annually by the Trustees, or by vote of a majority of the outstanding voting securities of the Trust, and, in either case, by a majority of the Trustees who are not parties to the Agreement or interested persons of any such party. The Agreement terminates automatically in the event of its "assignment," as defined under the 1940 Act. It may be terminated at any time as to a Fund, without penalty, by vote of a majority of the outstanding voting securities of that Fund, by the Board of Trustees or NFA on not more than 60 days' written notice. The Agreement further provides that NFA may render similar services to others.

For services provided under the Agreement, NFA receives an annual fee paid monthly based on average daily net assets of the applicable Fund according to the following schedule:

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.60%<br> 0.55%<br>|
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.60 %<br> 0.55%<br>|
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.60%<br> 0.55%<br> 0.50%<br>|
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; $0 up to $5 billion<br> $5 billion and more<br>| &nbsp;&nbsp; 0.45%<br> 0.425%<br>|
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.60%<br> 0.575%<br>|
| Nationwide Bond Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.185%<br> 0.145%<br> 0.135%<br>|
| Nationwide Fund | &nbsp;&nbsp; $0 up to $250 million<br> $250 million up to $1 billion<br> $1 billion up to $2 billion<br> $2 billion up to $5 billion<br> $5 billion and more<br>| &nbsp;&nbsp; 0.54%<br> 0.53%<br> 0.52%<br> 0.495%<br> 0.47%<br>|

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---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; $0 up to $250 million<br> $250 million up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.65%<br> 0.60%<br> 0.55%<br>|
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; $0 up to $250 million<br> $250 million up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.84%<br> 0.79%<br> 0.74%<br>|
| Nationwide Government Money Market Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion up to $2 billion<br> $2 billion up to $5 billion<br> $5 billion and more<br>| &nbsp;&nbsp; 0.30%<br> 0.28%<br> 0.26%<br> 0.24%<br>|
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.45%<br> 0.42%<br>|
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.25%<br> 0.23%<br>|
| Nationwide International Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.245%<br> 0.205%<br> 0.195%<br>|
| Nationwide International Small Cap Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.95%<br> 0.925%<br> 0.90%<br>|
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million up to $1 billion<br> $1 billion up to $1.5 billion<br> $1.5 billion and more<br>| &nbsp;&nbsp; 0.45%<br> 0.425%<br> 0.40%<br> 0.39%<br>|
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; $0 up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.80%<br> 0.775%<br>|
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; $0 up to $250 million<br> $250 million up to $1 billion<br> $1 billion up to $2 billion<br> $2 billion up to $5 billion<br> $5 billion and more<br>| &nbsp;&nbsp; 0.41%<br> 0.385%<br> 0.36%<br> 0.335%<br> 0.31%<br>|
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million up to $1 billion<br> $1 billion up to $3 billion<br> $3 billion up to $5 billion<br> $5 billion up to $10 billion<br> $10 billion and more<br>| &nbsp;&nbsp; 0.35%<br> 0.34%<br> 0.325%<br> 0.30%<br> 0.285%<br> 0.275%<br>|
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.195%<br> 0.175%<br> 0.165%<br>|
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; $0 up to $50 million<br> $50 million up to $250 million<br> $250 million up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.448%<br> 0.248%<br> 0.198%<br> 0.148%<br>|
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.125%<br> 0.105%<br> 0.095%<br>|
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; $0 up to $250 million<br> $250 million up to $500 million<br> $500 million up to $1 billion<br> $1 billion and more<br>| &nbsp;&nbsp; 0.65%<br> 0.60%<br> 0.58%<br> 0.55%<br>|

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Investment Advisory Fee** |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; $0 up to $1.5 billion<br> $1.5 billion up to $3 billion<br> $3 billion and more<br>| &nbsp;&nbsp; 0.19%<br> 0.17%<br> 0.16%<br>|
| Nationwide Strategic Income Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.55%<br> 0.50%<br>|
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; $0 up to $500 million<br> $500 million and more<br>| &nbsp;&nbsp; 0.75%<br> 0.70%<br>|

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**Limitation of Fund Expenses** 

In the interest of limiting the expenses of the Funds, NFA may from time to time waive some, or all, of its investment advisory fee or reimburse other fees for any of the Funds. In this regard, NFA has entered into an expense limitation agreement with the Trust on behalf of certain of the Funds (the "Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, NFA has agreed to waive or limit its fees and to assume other expenses to the extent necessary to limit the total annual operating expenses of each class of each such Fund to the limits described below. The waiver of such fees will cause the total return and yield of a Fund to be higher than they would otherwise be in the absence of such a waiver.

NFA may request and receive reimbursement from the Funds for the advisory fees waived or limited and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a later date when a Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits that were in the Expense Limitation Agreement at the time that NFA waived the fees or reimbursed the expenses. No reimbursement will be made to a Fund unless: (i) such Fund's assets exceed $100 million; (ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is made no more than three years from the date in which the corresponding waiver or reimbursement to the Fund was made. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

Until at least February 28, 2027, NFA has agreed contractually to waive advisory fees and, if necessary, reimburse expenses in order to limit total annual fund operating expenses, excluding any taxes, interest, brokerage commissions and other costs incurred in connection with the purchase and sale of portfolio securities, acquired fund fees and expenses, compensation payable to parties not affiliated with NFA for the recovery of tax reclaims, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, fees paid to JPMorgan Chase Bank, N.A. (as the Trust's sub-administrator) related to the SEC's Financial Reporting Modernization and Liquidity Risk Management Program Rules, as provided for in Amendment No. 10 to the Sub-Administration Agreement between JPMorgan and Nationwide Fund Management LLC, dated July 1, 2018, other expenditures which are capitalized in accordance with generally accepted accounting principles, expenses incurred by a 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, for all share classes of the following Funds of the Trust:

● Nationwide Bailard International Equities Fund to 0.68%

● Nationwide Bailard Small Cap Value Fund to 0.73%

● Nationwide Bailard Technology Fund to 0.68%

● Nationwide BNY Mellon Dynamic U.S. Core Fund to 0.50%

● Nationwide BNY Mellon Dynamic U.S. Equity Income Fund to 0.60%

● Nationwide Bond Index Fund to 0.22%

● Nationwide Geneva Mid Cap Growth Fund to 0.98%

● Nationwide Geneva Small Cap Growth Fund to 1.22%

● Nationwide Government Money Market Fund to 0.59%<sup>1</sup>

● Nationwide GQG US Quality Equity Fund to 0.49%

● Nationwide Inflation-Protected Securities Fund to 0.30%

● Nationwide International Index Fund to 0.29%

● Nationwide International Small Cap Fund to 0.89%

● Nationwide Invesco Core Plus Bond Fund to 0.47%

● Nationwide Loomis All Cap Growth Fund to 0.82%

● Nationwide Loomis Core Bond Fund to 0.35%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Nationwide Loomis Short Term Bond Fund to 0.45%

● Nationwide Mid Cap Market Index Fund to 0.30%

● Nationwide NYSE Arca Tech 100 Index Fund to 0.68%

● Nationwide S&P 500 Index Fund to 0.21%

● Nationwide Schroders Global Equity Fund to 0.79%

● Nationwide Small Cap Index Fund to 0.28%

● Nationwide Strategic Income Fund to 0.49%

● Nationwide WCM Focused Small Cap Fund to 0.80%

<sup>1</sup>In addition, with respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least February 28, 2027, the Fund Operating Expenses including the Rule 12b-1 fees and fees paid pursuant to an Administrative Services Plan shall be limited to 0.75%.

In addition to the foregoing, until at least February 28, 2027, NFA also has agreed contractually to waive advisory fees in respect of the following Funds, equal to the amounts shown in the table below, calculated monthly based on each Fund's average daily net assets. NFA shall not be entitled to reimbursements of amounts waived pursuant to these separate fee waiver agreements.

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| | |
|:---|:---|
| **Name of Fund** | **Amount of Advisory Fee Waiver** |
| Nationwide Fund | 0.045% per annum |
| Nationwide Government Money Market Fund | 0.027% per annum |
| Nationwide Loomis Short Term Bond Fund | 0.02% per annum |
| Nationwide Mid Cap Market Index Fund | 0.01% per annum |
| Nationwide Small Cap Index Fund | 0.02% per annum |

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**Investment Advisory Fees Paid** 

During the fiscal years ended October 31, 2025, 2024 and 2023, the Funds listed below paid NFA fees for investment advisory services, after waivers and reimbursements, as

follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Gross Fees** | **Net Fees** | **Gross Fees** | **Net Fees** | **Gross Fees** | **Net Fees** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $1663679 | &nbsp;&nbsp; $1663679 | &nbsp;&nbsp; $1464471 | &nbsp;&nbsp; $1464471 | &nbsp;&nbsp; $1267487 | &nbsp;&nbsp; $1267487 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 777688 | &nbsp;&nbsp;&nbsp;&nbsp; 777688 | &nbsp;&nbsp;&nbsp;&nbsp; 759302 | &nbsp;&nbsp;&nbsp;&nbsp; 759302 | &nbsp;&nbsp;&nbsp;&nbsp; 678783 | &nbsp;&nbsp;&nbsp;&nbsp; 678783 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 1412567 | &nbsp;&nbsp; 1412567 | &nbsp;&nbsp; 1346928 | &nbsp;&nbsp; 1346928 | &nbsp;&nbsp;&nbsp;&nbsp; 953057 | &nbsp;&nbsp;&nbsp;&nbsp; 953056 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 6441454 | &nbsp;&nbsp; 6157703 | &nbsp;&nbsp; 5907886 | &nbsp;&nbsp; 5574465 | &nbsp;&nbsp; 5148745 | &nbsp;&nbsp; 4747656 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 3964729 | &nbsp;&nbsp; 3350538 | &nbsp;&nbsp; 3591048 | &nbsp;&nbsp; 3321349 | &nbsp;&nbsp; 3419886 | &nbsp;&nbsp; 3195632 |
| Nationwide Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 475986 | &nbsp;&nbsp;&nbsp;&nbsp; 227992 | &nbsp;&nbsp;&nbsp;&nbsp; 500409 | &nbsp;&nbsp;&nbsp;&nbsp; 278839 | &nbsp;&nbsp;&nbsp;&nbsp; 487904 | &nbsp;&nbsp;&nbsp;&nbsp; 260495 |
| Nationwide Fund | &nbsp;&nbsp; 9084487 | &nbsp;&nbsp; 8309220 | &nbsp;&nbsp; 8531401 | &nbsp;&nbsp; 7803697 | &nbsp;&nbsp; 5985162 | &nbsp;&nbsp; 5985162 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 1643309 | &nbsp;&nbsp; 1643309 | &nbsp;&nbsp; 1462223 | &nbsp;&nbsp; 1462223 | &nbsp;&nbsp; 1431858 | &nbsp;&nbsp; 1431858 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 12083590 | &nbsp;&nbsp; 12083590 | &nbsp;&nbsp; 11730284 | &nbsp;&nbsp; 11730284 | &nbsp;&nbsp; 10644579 | &nbsp;&nbsp; 10644579 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; 1822577 | &nbsp;&nbsp; 1658489 | &nbsp;&nbsp; 1742801 | &nbsp;&nbsp; 1585854 | &nbsp;&nbsp; 1674460 | &nbsp;&nbsp; 1674317 |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 893656 | &nbsp;&nbsp;&nbsp;&nbsp; 712052 | &nbsp;&nbsp;&nbsp;&nbsp; 572869 | &nbsp;&nbsp;&nbsp;&nbsp; 425983 | &nbsp;&nbsp;&nbsp;&nbsp; 423010 | &nbsp;&nbsp;&nbsp;&nbsp; 320305 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 400376 | &nbsp;&nbsp;&nbsp;&nbsp; 246769 | &nbsp;&nbsp;&nbsp;&nbsp; 441425 | &nbsp;&nbsp;&nbsp;&nbsp; 319638 | &nbsp;&nbsp;&nbsp;&nbsp; 494969 | &nbsp;&nbsp;&nbsp;&nbsp; 384077 |
| Nationwide International Index Fund | &nbsp;&nbsp; 2008791 | &nbsp;&nbsp; 1655887 | &nbsp;&nbsp; 2404292 | &nbsp;&nbsp; 2059617 | &nbsp;&nbsp; 2457552 | &nbsp;&nbsp; 1993957 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 2522264 | &nbsp;&nbsp; 1983420 | &nbsp;&nbsp; 5308412 | &nbsp;&nbsp; 4546466 | &nbsp;&nbsp; 5619760 | &nbsp;&nbsp; 4822449 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 431741 | &nbsp;&nbsp;&nbsp;&nbsp; 181423 | &nbsp;&nbsp; 2446995 | &nbsp;&nbsp; 2239607 | &nbsp;&nbsp; 2566093 | &nbsp;&nbsp; 2566093 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 1618069 | &nbsp;&nbsp; 1422601 | &nbsp;&nbsp; 1583777 | &nbsp;&nbsp; 1407475 | &nbsp;&nbsp; 1749170 | &nbsp;&nbsp; 1554547 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 3111441 | &nbsp;&nbsp; 2168129 | &nbsp;&nbsp; 2102055 | &nbsp;&nbsp; 2043076 | &nbsp;&nbsp; 1786272 | &nbsp;&nbsp; 1786272 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 342314 | &nbsp;&nbsp;&nbsp;&nbsp; 188619 | &nbsp;&nbsp;&nbsp;&nbsp; 404511 | &nbsp;&nbsp;&nbsp;&nbsp; 272330 | &nbsp;&nbsp;&nbsp;&nbsp; 506244 | &nbsp;&nbsp;&nbsp;&nbsp; 433914 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 1069122 | &nbsp;&nbsp; 1014290 | &nbsp;&nbsp; 1160875 | &nbsp;&nbsp; 1101339 | &nbsp;&nbsp; 1283222 | &nbsp;&nbsp; 1283222 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 1442228 | &nbsp;&nbsp; 1442228 | &nbsp;&nbsp; 1471336 | &nbsp;&nbsp; 1471336 | &nbsp;&nbsp; 1306683 | &nbsp;&nbsp; 1306682 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 2002366 | &nbsp;&nbsp; 2002366 | &nbsp;&nbsp; 1836521 | &nbsp;&nbsp; 1836521 | &nbsp;&nbsp; 1505829 | &nbsp;&nbsp; 1505830 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 1447870 | &nbsp;&nbsp; 1447870 | &nbsp;&nbsp; 1657436 | &nbsp;&nbsp; 1657436 | &nbsp;&nbsp; 1035126 | &nbsp;&nbsp; 1006408 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 435641 | &nbsp;&nbsp;&nbsp;&nbsp; 327507 | &nbsp;&nbsp;&nbsp;&nbsp; 436849 | &nbsp;&nbsp;&nbsp;&nbsp; 344188 | &nbsp;&nbsp;&nbsp;&nbsp; 425015 | &nbsp;&nbsp;&nbsp;&nbsp; 326164 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 5292415 | &nbsp;&nbsp; 4188781 | &nbsp;&nbsp; 2189050 | &nbsp;&nbsp; 1560207 | &nbsp;&nbsp;&nbsp;&nbsp; 837358 | &nbsp;&nbsp;&nbsp;&nbsp; 510640 |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; 1394121 | &nbsp;&nbsp; 1246458 | &nbsp;&nbsp; 1769632 | &nbsp;&nbsp; 1630921 | &nbsp;&nbsp; 1441946 | &nbsp;&nbsp; 1302887 |

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**Subadvisers** 

The subadvisers for the Funds are as follows:

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| | |
|:---|:---|
| **Fund** | **Subadviser** |
| Nationwide Bailard International Equities Fund | Bailard, Inc. |
| Nationwide Bailard Small Cap Value Fund | Bailard, Inc. |
| Nationwide Bailard Technology Fund | Bailard, Inc. |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | Newton Investment Management North America, LLC |
| Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>| Newton Investment Management North America, LLC |
| Nationwide Bond Index Fund | BlackRock Investment Management, LLC |
| Nationwide Fund | J.P. Morgan Investment Management Inc. |
| Nationwide Geneva Mid Cap Growth Fund | Geneva Capital Management LLC |
| Nationwide Geneva Small Cap Growth Fund | Geneva Capital Management LLC |
| Nationwide Government Money Market Fund | Dreyfus, a division of Mellon Investments Corporation |
| Nationwide GQG US Quality Equity Fund | GQG Partners LLC |
| Nationwide Inflation-Protected Securities Fund | Nationwide Asset Management, LLC |
| Nationwide International Index Fund | BlackRock Investment Management, LLC |
| Nationwide International Small Cap Fund | Wellington Management Company LLP |
| Nationwide Invesco Core Plus Bond Fund | Invesco Advisers, Inc. |
| Nationwide Loomis All Cap Growth Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Loomis Core Bond Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Loomis Short Term Bond Fund | Loomis, Sayles & Company, L.P. |
| Nationwide Mid Cap Market Index Fund | BlackRock Investment Management, LLC |
| Nationwide NYSE Arca Tech 100 Index Fund | Mellon Investments Corporation |
| Nationwide S&P 500 Index Fund | BlackRock Investment Management, LLC |
| Nationwide Schroders Global Equity Fund | Schroder Investment Management North America Inc. |
| Nationwide Small Cap Index Fund | BlackRock Investment Management, LLC |
| Nationwide Strategic Income Fund | Victory Capital Management Inc. |
| Nationwide WCM Focused Small Cap Fund | WCM Investment Management, LLC |

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Bailard, Inc. ("Bailard"), located at 950 Tower Lane, Suite 1900, Foster City, CA 94404, is organized as a California corporation. As of December 31, 2025, Bailard had approximately $[__] billion in assets under management. Bailard has been providing investment management services since 1972.

BlackRock Investment Management, LLC ("BlackRock"), located at 1 University Square Drive, Princeton, New Jersey 08540-6455, is a wholly owned indirect subsidiary of BlackRock, Inc., a Delaware corporation. BlackRock was organized in 1999 and is a registered investment adviser and a registered commodity pool operator.

Dreyfus ("Dreyfus"), a division of Mellon Investments Corporation ("MIC"), a U.S.-registered investment adviser organized under the laws of the State of Delaware, is located at 201 Washington Street, Boston, MA 02108. MIC is a wholly owned subsidiary of MBC Investments Corporation, which in turn is a wholly owned subsidiary of The Bank of New York Mellon Corporation. Dreyfus offers money market funds and strategies to U.S. and non-U.S. investors.

Geneva Capital Management LLC ("Geneva"), located at 411 E. Wisconsin Ave., Suite 2320, Milwaukee, WI 53202, is a majority employee-owned Delaware limited liability company. As of December 31, 2025, Geneva had approximately $[___] billion in assets under management. Geneva has been providing investment management services since 1987.

GQG Partners LLC ("GQG"), located at 350 East Las Olas Boulevard, 18<sup>th</sup> Floor, Fort Lauderdale, Florida 33301, is a Delaware limited liability company founded in 2016 and is an SEC registered investment adviser. GQG is a wholly owned subsidiary of GQG Partners Inc., a Delaware corporation that is listed on the Australian Securities Exchange. The majority

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owner of GQG Partners Inc. is QVFT, LLC, which is controlled by Rajiv Jain, GQG's Chairman and Chief Investment Officer. GQG provides investment management services for institutions, mutual funds and other investors using emerging markets, global, international and US equity investment strategies.

Invesco Advisers, Inc. ("Invesco") is located at 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. Invesco, as successor in interest to multiple investment advisers, is an indirect wholly owned subsidiary of Invesco Ltd., a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis.

J.P. Morgan Investment Management Inc. ("JPMIM") is located at 383 Madison Avenue, New York, NY 10179. JPMIM is an indirect wholly owned subsidiary of JPMorgan Chase & Co., a publicly traded corporation that is listed on the New York Stock Exchange (Ticker: JPM). JPMIM offers a wide range of investment management services and acts as investment adviser to corporate and institutional clients.

Loomis, Sayles & Company, L.P. ("Loomis Sayles"), located at One Financial Center, Boston, Massachusetts 02111, was founded in 1926 and is one of the oldest investment advisory firms in the United States with over $[___] billion in assets under management as of December 31, 2025. Loomis Sayles is a Delaware limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc., is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a direct subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly-owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

Mellon Investments Corporation ("Mellon"), is located at 500 Ross Street, Pittsburgh, PA 15258. Mellon was founded in 1933 and is an indirect subsidiary of the Bank of New York Mellon Corporation.

Nationwide Asset Management, LLC ("NWAM"), located at One Nationwide Plaza, Mail Code 1-20-19, Columbus, OH 43215, provides investment advisory services to registered investment companies and other types of accounts, such as institutional separate accounts. NWAM was organized in 2007, in part, to serve as investment subadviser for fixed-income funds. NWAM is a wholly owned subsidiary of Nationwide Mutual Insurance Company, and thus an affiliate of NFA.

Newton Investment Management North America, LLC ("NIMNA") is located at BNY Mellon Center, 201 Washington Street, Boston, MA 02108. NIMNA is a Delaware limited liability company formed as an indirect subsidiary of The Bank of New York Mellon Corporation in 2021 and is registered as an investment adviser.

Schroder Investment Management North America Inc., is a registered investment adviser and an indirect, wholly-owned subsidiary of Schroders plc, a British multinational asset management company headquartered in London, England.

Victory Capital Management Inc. ("Victory Capital") is located at 15935 La Cantera Pkwy, San Antonio, TX 78256. Victory Capital is a New York corporation and is registered with the SEC as an investment adviser. Victory Capital is an indirect, wholly owned subsidiary of Victory Capital Holdings, Inc. ("VCH"). VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the symbol "VCTR."

WCM Investment Management, LLC ("WCM") is a Delaware limited liability company located at 281 Brooks Street, Laguna Beach, California 92651. WCM is independently managed by active employees.

Wellington Management Company LLP ("Wellington Management") is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2025, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $[___] trillion in assets.

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Subject to oversight by NFA and the Board of Trustees, each of the subadvisers will manage all or a portion of the assets of the Funds listed above in accordance with each Fund's investment objectives and policies. Each subadviser makes investment decisions for the Fund and, in connection with such investment decisions, places purchase and sell orders for securities. For the investment management services they provide to the Funds, the subadvisers receive annual fees from NFA, calculated at an annual rate based on the average daily net assets of the Funds.

Each subadviser provides investment advisory services to one or more Funds pursuant to a Subadvisory Agreement. Each of the Subadvisory Agreements specifically provides that the subadviser shall not be liable for any error of judgment, or mistake of law, or for any loss arising out of any investment, or for any act or omission in the execution and management of the Fund, except for willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties under such agreement.

After an initial period of not more than two years, each Subadvisory Agreement must be approved each year by the Trust's Board of Trustees or by shareholders in order to continue. Subadvisory Agreements entered into with the Adviser prior to November 13, 2017, may be terminated, at any time, without penalty, by vote of a majority of the Trust's Board of Trustees, by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), by the Adviser or by the applicable subadviser upon not more than 60 days' written notice. Except as previously noted, Subadvisory Agreements entered into on or after November 13, 2017, may be terminated, at any time, without penalty, by vote of a majority of the Trust's Board of Trustees, by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days' written notice to the subadviser, or by the subadviser upon not less than 120 days' written notice to the Adviser and the Trust. Each Subadvisory Agreement terminates automatically if it is assigned.

**Subadvisory Fees Paid** 

During the fiscal years ended October 31, 2025, 2024 and 2023, NFA paid to the subadvisers of the Funds listed below, the following amounts:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund** | **2025** | **2024** | **2023** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $831837 | &nbsp;&nbsp; $732252 | &nbsp;&nbsp; $633742 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 388843 | &nbsp;&nbsp; 379656 | &nbsp;&nbsp; 339391 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 706277 | &nbsp;&nbsp; 673471 | &nbsp;&nbsp; 476523 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 2485454 | &nbsp;&nbsp; 2326322 | &nbsp;&nbsp; 2047393 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 1147283 | &nbsp;&nbsp; 1726666 | &nbsp;&nbsp; 1709938 |
| Nationwide Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 48348 | &nbsp;&nbsp;&nbsp;&nbsp; 52046 | &nbsp;&nbsp;&nbsp;&nbsp; 53105 |
| Nationwide Fund | &nbsp;&nbsp; 2688448 | &nbsp;&nbsp; 2574922 | &nbsp;&nbsp; 1840402 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 758239 | &nbsp;&nbsp; 674866 | &nbsp;&nbsp; 660854 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 7307581 | &nbsp;&nbsp; 7092704 | &nbsp;&nbsp; 6432484 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; 233555 | &nbsp;&nbsp; 224013 | &nbsp;&nbsp; 215604 |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 556070 | &nbsp;&nbsp; 356422 | &nbsp;&nbsp; 265478 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp; 120113 | &nbsp;&nbsp; 132413 | &nbsp;&nbsp; 148491 |
| Nationwide International Index Fund | &nbsp;&nbsp; 263095 | &nbsp;&nbsp; 296660 | &nbsp;&nbsp; 303119 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 1327507 | &nbsp;&nbsp; 2807281 | &nbsp;&nbsp; 2970142 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; 149187 | &nbsp;&nbsp; 770944 | &nbsp;&nbsp; 809417 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 859613 | &nbsp;&nbsp; 841381 | &nbsp;&nbsp; 929247 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 683612 | &nbsp;&nbsp; 713925 | &nbsp;&nbsp; 622164 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 78244 | &nbsp;&nbsp;&nbsp;&nbsp; 92449 | &nbsp;&nbsp; 127092 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 93819 | &nbsp;&nbsp; 101923 | &nbsp;&nbsp; 112910 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 196060 | &nbsp;&nbsp; 201958 | &nbsp;&nbsp; 168555 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 126915 | &nbsp;&nbsp; 117725 | &nbsp;&nbsp;&nbsp;&nbsp; 99330 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 668248 | &nbsp;&nbsp; 670627 | &nbsp;&nbsp; 414049 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 65327 | &nbsp;&nbsp;&nbsp;&nbsp; 66469 | &nbsp;&nbsp;&nbsp;&nbsp; 65505 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 1995387 | &nbsp;&nbsp; 876811 | &nbsp;&nbsp; 373541 |

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund** | **2025** | **2024** | **2023** |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; 836,470 | &nbsp;&nbsp; 1,061,790 | &nbsp;&nbsp; 865,165 |

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**Manager-of-Managers Structure** 

NFA and the Trust have received from the SEC two exemptive orders for a manager-of-managers structure. The first order allows NFA, subject to the approval of the Board of Trustees, to hire, replace or terminate unaffiliated subadvisers without the approval of shareholders. The first order also allows NFA to revise a subadvisory agreement with an unaffiliated subadviser without shareholder approval. The second order allows the aforementioned approvals to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting. If a new unaffiliated subadviser is hired, the change will be communicated to shareholders within 90 days of such change, and all changes are subject to approval by the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust or NFA. The orders are intended to facilitate the efficient operation of the Funds and afford the Trust increased management flexibility.

Pursuant to the exemptive orders, NFA monitors and evaluates any subadvisers, which includes performing initial due diligence on prospective subadvisers for the Funds and thereafter monitoring the performance of the subadvisers through quantitative and qualitative analysis as well as periodic in-person, telephonic and written consultations with the subadvisers. NFA has responsibility for communicating performance expectations and evaluations to the subadviser and ultimately recommending to the Board of Trustees whether a subadviser's contract should be renewed, modified or terminated; however, NFA does not expect to recommend changes of subadvisers frequently. NFA will regularly provide written reports to the Board of Trustees regarding the results of their evaluation and monitoring functions. Although NFA will monitor the performance of the subadvisers, there is no certainty that the subadvisers or the Funds will obtain favorable results at any given time.

**Portfolio Managers** 

Appendix C contains the following information regarding the portfolio managers identified in the Funds' Prospectuses: (i) the dollar range of the portfolio manager's investments in each Fund; (ii) a description of the portfolio manager's compensation structure; and (iii) information regarding other accounts managed by the portfolio manager and potential conflicts of interest that might arise from the management of multiple accounts.

**Distributor** 

Nationwide Fund Distributors LLC ("NFD" or the "Distributor"), One Nationwide Plaza, Mail Code 1-18-102, Columbus, OH 43215, serves as underwriter for each Fund in the continuous distribution of its shares pursuant to an Underwriting Agreement dated May 1, 2007 (the "Underwriting Agreement"). Unless otherwise terminated, the Underwriting Agreement will continue for an initial period of two years and from year to year thereafter for successive annual periods, if, as to each Fund, such continuance is approved at least annually by (i) the Board of Trustees or by the vote of a majority of the outstanding shares of that Fund, and (ii) the vote of a majority of the Trustees of the Trust who are not parties to the Underwriting Agreement or interested persons (as defined in the 1940 Act) of any party to the Underwriting Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Underwriting Agreement may be terminated in the event of any assignment, as defined in the 1940 Act. NFD is a wholly owned subsidiary of NFS Distributors, Inc., which in turn is a wholly owned subsidiary of NFS. The following entities or people are affiliates of the Trust and are also affiliates of NFD:

Nationwide Fund Advisors <br>Nationwide Fund Management LLC <br>Nationwide Life Insurance Company <br>Nationwide Life and Annuity Insurance Company <br>Jefferson National Life Insurance Company <br>Jefferson National Life Insurance Company of New York <br>Nationwide Financial Services, Inc. <br>Nationwide Corporation <br>Nationwide Mutual Insurance Company <br>

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Christopher Graham <br>Kevin Grether <br>Joseph N. Aniano <br>Lee T. Cummings <br>Stephen R. Rimes <br>David Majewski <br>Benjamin Hoecherl

In its capacity as Distributor, NFD solicits orders for the sale of shares, advertises and pays the costs of distributions, advertising, office space and the personnel involved in such activities. NFD receives no compensation under the Underwriting Agreement with the Trust, but may retain all or a portion of the 12b-1 fee, if any, imposed on sales of shares of each Fund.

The table below sets forth the aggregate amount of underwriting commissions received (which includes front-end sales charges and contingent deferred sales charges) by the Funds' Distributor from the sale of fund shares and the amounts retained by the Fund's Distributor after reallowances to dealers for the Funds listed below for the fiscal years ended October 31, 2024, 2023 and 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **Aggregate**<br> **Amount of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>| **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>|
| &nbsp;&nbsp; Nationwide Bailard International <br> Equities Fund<br>| &nbsp;&nbsp; $33378 | &nbsp;&nbsp; $4579 | &nbsp;&nbsp;&nbsp;&nbsp; $2399 | &nbsp;&nbsp;&nbsp;&nbsp; $312 | &nbsp;&nbsp;&nbsp;&nbsp; $1330 | &nbsp;&nbsp;&nbsp;&nbsp; $230 |
| &nbsp;&nbsp; Nationwide Bailard Small Cap Value <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8744 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 14964 | &nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34088 | &nbsp;&nbsp;&nbsp;&nbsp; 4901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic <br> U.S. Core Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68062 | &nbsp;&nbsp;&nbsp;&nbsp; 9682 | &nbsp;&nbsp;&nbsp;&nbsp; 71163 | &nbsp;&nbsp; 10394 | &nbsp;&nbsp;&nbsp;&nbsp; 77852 | &nbsp;&nbsp; 11945 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic <br> U.S. Equity Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15302 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7103 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554 |
| Nationwide Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| Nationwide Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51906 | &nbsp;&nbsp;&nbsp;&nbsp; 7275 | &nbsp;&nbsp;&nbsp;&nbsp; 33257 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 | &nbsp;&nbsp;&nbsp;&nbsp; 30944 | &nbsp;&nbsp;&nbsp;&nbsp; 4245 |
| &nbsp;&nbsp; Nationwide Geneva Mid Cap Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp;&nbsp; 12054 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp;&nbsp; 19748 | &nbsp;&nbsp;&nbsp;&nbsp; 2849 |
| &nbsp;&nbsp; Nationwide Geneva Small Cap <br> Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17894 | &nbsp;&nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp;&nbsp; 23685 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 | &nbsp;&nbsp;&nbsp;&nbsp; 11318 | &nbsp;&nbsp;&nbsp;&nbsp; 1668 |
| &nbsp;&nbsp; Nationwide GQG US Quality Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68595 | &nbsp;&nbsp;&nbsp;&nbsp; 9394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp; Nationwide Inflation-Protected <br> Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| Nationwide International Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp; Nationwide International Small Cap <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp; Nationwide Invesco Core Plus Bond <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp; Nationwide Loomis All Cap Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp;&nbsp; 12392 | &nbsp;&nbsp;&nbsp;&nbsp; 1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp; Nationwide Loomis Short Term Bond <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** |
| **Fund** | **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained**<br> **by**<br> **Distributor**<br>| **Aggregate**<br> **Amount of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>| **Aggregate**<br> **Amount**<br> **of**<br> **Underwriting**<br> **Commissions**<br>| **Amount**<br> **Retained by**<br> **Distributor**<br>|
| &nbsp;&nbsp; Nationwide Mid Cap Market Index <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6702 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp; 10145 | &nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| &nbsp;&nbsp; Nationwide NYSE Arca Tech 100 <br> Index Fund<br>| &nbsp;&nbsp; 163590 | &nbsp;&nbsp; 23242 | &nbsp;&nbsp; 138096 | &nbsp;&nbsp; 19739 | &nbsp;&nbsp; 112324 | &nbsp;&nbsp; 15898 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 109431 | &nbsp;&nbsp; 15447 | &nbsp;&nbsp;&nbsp;&nbsp; 48154 | &nbsp;&nbsp;&nbsp;&nbsp; 6633 | &nbsp;&nbsp;&nbsp;&nbsp; 45201 | &nbsp;&nbsp;&nbsp;&nbsp; 6588 |
| &nbsp;&nbsp; Nationwide Schroders Global Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6885 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 101966 | &nbsp;&nbsp; 10191 | &nbsp;&nbsp;&nbsp;&nbsp; 10568 | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp; Nationwide WCM Focused Small Cap <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14426 | &nbsp;&nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |

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The amount of front-end sales load that NFD reallows to dealers with respect to Class A shares of each Fund, as a percentage of the offering price of such Class A shares, appears under "Additional Information on Purchases and Sales– Class A Sales Charges."

**Distribution Plan** 

The Trust has adopted a Distribution Plan under Rule 12b-1 ("Rule 12b-1 Plan") of the 1940 Act with respect to certain classes of shares. The Rule 12b-1 Plan permits the Funds to compensate NFD, as the Funds' principal underwriter, for expenses associated with the distribution of certain classes of shares of the Funds. Under the Rule 12b-1 Plan, NFD is paid an annual fee in the following amounts:

● 0.25% of the average daily net assets of Class A shares of each applicable Fund (distribution or service fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●0.50% of the average daily net assets of the Class R shares of each applicable Fund (0.25% of which will be a distribution fee and 0.25% of which will be considered a service fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●0.15% of the average daily net assets of Service Class shares of the Nationwide Government Money Market Fund and Nationwide S&P 500 Index Fund (distribution or service fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●0.10% of the average daily net assets of Class K shares of the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund (distribution or service fee).

The table below sets forth the distribution fees paid to the Fund's Distributor under the Rule 12b-1 Plan from the following Funds for the fiscal year ended October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class R** | **Service Class** | **Class K** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $14703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 181374 | &nbsp;&nbsp;&nbsp;&nbsp; $3254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; $623302 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 578158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Fund | &nbsp;&nbsp; 513149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 191278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 212519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 118315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide International Index Fund | &nbsp;&nbsp; 885989 | &nbsp;&nbsp; 163035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class R** | **Service Class** | **Class K** |
| Nationwide International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 35455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 42536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 560292 | &nbsp;&nbsp;&nbsp;&nbsp; 95573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 1039123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 515005 | &nbsp;&nbsp; 1248131 | &nbsp;&nbsp; 421300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 99783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 360355 | &nbsp;&nbsp; 130305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 206044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 33535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

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The following expenditures were made during the fiscal year ended October 31, 2025, using the 12b-1 fees received by NFD with respect to the Funds listed below:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Prospectus**<br> **Printing &**<br> **Mailing**<sup>1</sup> <br>| **Distributor**<br> **Compensation**<br> **& Costs**<sup>1</sup> <br>| **Broker-Dealer**<br> **Compensation**<br> **& Costs**<br>|
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $[___] | &nbsp;&nbsp;&nbsp;&nbsp; $[___] | &nbsp;&nbsp;&nbsp;&nbsp; $[___] |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Bond Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Government Money Market Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide International Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide International Small Cap Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide Strategic Income Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] | &nbsp;&nbsp;&nbsp;&nbsp; [___] |

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<sup>1</sup>

Printing and mailing of prospectuses to other than current Fund shareholders.

As required by Rule 12b-1, the Rule 12b-1 Plan was approved by the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Rule 12b-1 Plan (the "12b-1 Independent Trustees"). The Trust's current Rule 12b-1 Plan was initially approved by the Board of Trustees on May 1, 2007, and is amended from time to time upon approval by the Board of Trustees. The Rule 12b-1 Plan may be terminated as to a class of a Fund by vote of a majority of the 12b-1 Independent Trustees, or by vote of a majority of the outstanding shares of that class. Any change in the Rule 12b-1 Plan that would materially increase the

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distribution cost to a class requires shareholder approval. The Trustees review quarterly a written report of such costs and the purposes for which such costs have been incurred. The Rule 12b-1 Plan may be amended by vote of the Trustees, including a majority of the 12b-1 Independent Trustees, cast in person at a meeting called for that purpose. For so long as the Rule 12b-1 Plan is in effect, selection and nomination of those Trustees who are not interested persons of the Trust shall be committed to the discretion of such disinterested persons. All agreements with any person relating to the implementation of the Rule 12b-1 Plan may be terminated at any time on 60 days' written notice without payment of any penalty, by vote of a majority of the 12b-1 Independent Trustees or by a vote of the majority of the outstanding shares of the applicable class. The Rule 12b-1 Plan will continue in effect for successive one-year periods, provided that each such continuance is specifically approved (i) by the vote of a majority of the 12b-1 Independent Trustees, and (ii) by a vote of a majority of the entire Board of Trustees cast in person at a meeting called for that purpose. The Board of Trustees has a duty to request and evaluate such information as may be reasonably necessary for it to make an informed determination of whether the Rule 12b-1 Plan should be implemented or continued. In addition, the Trustees in approving the Rule 12b-1 Plan as to a Fund must determine that there is a reasonable likelihood that the Rule 12b-1 Plan will benefit such Fund and its shareholders.

NFD has entered into, and will enter into, from time to time, agreements with selected dealers pursuant to which such dealers will provide certain services in connection with the distribution of a Fund's shares including, but not limited to, those discussed above. NFD, or an affiliate of NFD, pays additional amounts from its own resources to dealers or other financial intermediaries, including its affiliate, NFS or its subsidiaries, for aid in distribution or for aid in providing administrative services to shareholders.

A Fund may not recoup the amount of unreimbursed expenses in a subsequent fiscal year and does not generally participate in joint distribution activities with other Nationwide Funds. To the extent that certain Nationwide Funds utilize the remaining Rule 12b-1 fees not allocated to "Broker-Dealer Compensation and Costs" or "Printing and Mailing" (as shown in the table above) of a prospectus which covers multiple Funds, such other Funds may benefit indirectly from the distribution of the Fund paying the Rule 12b-1 fees.

**Administrative Services Plan** 

Under the terms of an Administrative Services Plan, Nationwide Fund Management LLC is permitted to enter into, on behalf of the Trust, Servicing Agreements with servicing organizations, such as broker-dealers, insurance companies and other financial institutions, who agree to provide certain administrative support services for the Funds. Such administrative support services include, but are not limited to, the following: establishing and maintaining shareholder accounts, processing purchase and redemption transactions, arranging for bank wires, performing shareholder sub-accounting, answering inquiries regarding the Funds, providing periodic statements, showing the account balance for beneficial owners or for plan participants or contract holders of insurance company separate accounts, transmitting proxy statements, periodic reports, updated prospectuses and other communications to shareholders and, with respect to meetings of shareholders, collecting, tabulating and forwarding to the Trust executed proxies and obtaining such other information and performing such other services as may reasonably be required. With respect to the Class R shares, these types of administrative support services will be exclusively provided for retirement plans and their plan participants.

As authorized by the particular Administrative Services Plan, the Trust has entered into Servicing Agreements for the Funds pursuant to which NFS has agreed to provide certain administrative support services in connection with the applicable Fund shares held beneficially by its customers. NFS is a wholly owned subsidiary of Nationwide Corporation, and is the parent company of NFA, and the indirect parent company of Nationwide Fund Management LLC. In consideration for providing administrative support services, NFS and other entities with which the Trust or its agent may enter into Servicing Agreements will receive a fee, computed at the annual rate of up to a) 0.25% of the average daily net assets of the Class A Shares of the Funds; b) 0.25% of the average daily net assets of the Class R Shares of the Funds; c) 0.25% of the average daily net assets of the Service Class Shares of the Funds; d) 0.25% of the average daily net assets of the Institutional Service Class Shares of the Funds; e) 0.25% of the average daily net assets of the Investor Shares of the Nationwide Government Money Market Fund; and f) 0.10% of the average daily net assets of the Eagle Class Shares of the Funds. Many intermediaries do not charge the maximum permitted fee or even a portion thereof and the Board of Trustees has implemented limits on the amounts of payments under the Plan for certain types of shareholder accounts.

During the fiscal years ended October 31, 2025, 2024 and 2023, NFS and its affiliates received $6,942,083, $6,709,686 and $5,970,528, respectively, in administrative services fees from the Funds.

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**Fund Administration and Transfer Agency Services** 

Under the terms of the Joint Fund Administration and Transfer Agency Agreement (the "Joint Administration Agreement") dated May 1, 2010, Nationwide Fund Management LLC ("NFM"), an indirect wholly owned subsidiary of NFS, provides various administration and accounting services to the Trust and Nationwide Variable Insurance Trust (another trust also advised by NFA), including daily valuation of the Funds' shares, preparation of financial statements, tax returns, and regulatory reports, and presentation of quarterly reports to the Board of Trustees. NFM also serves as transfer agent and dividend disbursing agent for the Funds. NFM is located at One Nationwide Plaza, Mail Code 1-18-102, Columbus, OH 43215. Under the Joint Administration Agreement, NFM is paid an annual fee for fund administration and transfer agency services based on the sum of the following: (i) the amount payable by NFM to J.P. Morgan Chase Bank, N.A. ("JPMorgan") under the Sub-Administration Agreement between NFM and JPMorgan (see "Sub-Administration" below); and (ii) the amount payable by NFM to U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services ("US Bancorp") under the Sub-Transfer Agent Servicing Agreement between NFM and US Bancorp (see "Sub-Transfer Agency" below); and (iii) a percentage of the combined average daily net assets of the Trust and Nationwide Variable Insurance Trust. In addition, the Trust also pays out-of-pocket expenses reasonably incurred by NFM in providing services to the Funds and Trust, including, but not limited to, the cost of pricing services that NFM utilizes.

During the fiscal years ended October 31, 2025, 2024 and 2023, NFM earned fund administration and transfer agency fees, including reimbursement for payment of networking fees, from the Funds listed below, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund** | **2025** | **2024** | **2023** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $110217 | &nbsp;&nbsp; $99450 | &nbsp;&nbsp; $78920 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp;&nbsp; 83501 | &nbsp;&nbsp; 76148 | &nbsp;&nbsp; 61997 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 104884 | &nbsp;&nbsp; 96190 | &nbsp;&nbsp; 70566 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 421513 | &nbsp;&nbsp; 384857 | &nbsp;&nbsp; 341043 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 225967 | &nbsp;&nbsp; 201762 | &nbsp;&nbsp; 177781 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 118718 | &nbsp;&nbsp; 119401 | &nbsp;&nbsp; 107916 |
| Nationwide Fund | &nbsp;&nbsp; 494611 | &nbsp;&nbsp; 462046 | &nbsp;&nbsp; 313400 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 102307 | &nbsp;&nbsp; 96938 | &nbsp;&nbsp; 91941 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 455855 | &nbsp;&nbsp; 443214 | &nbsp;&nbsp; 381502 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp; 209399 | &nbsp;&nbsp; 196353 | &nbsp;&nbsp; 173959 |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp; 106773 | &nbsp;&nbsp; 75696 | &nbsp;&nbsp; 46081 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp; 94067 | &nbsp;&nbsp; 94616 | &nbsp;&nbsp; 86503 |
| Nationwide International Index Fund | &nbsp;&nbsp; 263020 | &nbsp;&nbsp; 298545 | &nbsp;&nbsp; 298439 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 119552 | &nbsp;&nbsp; 195269 | &nbsp;&nbsp; 200337 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 92380 | &nbsp;&nbsp; 190836 | &nbsp;&nbsp; 194616 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 105081 | &nbsp;&nbsp; 100894 | &nbsp;&nbsp; 104557 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 278221 | &nbsp;&nbsp; 183504 | &nbsp;&nbsp; 154546 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 79807 | &nbsp;&nbsp; 80025 | &nbsp;&nbsp; 73476 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 193438 | &nbsp;&nbsp; 202188 | &nbsp;&nbsp; 206597 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 220716 | &nbsp;&nbsp; 222641 | &nbsp;&nbsp; 174706 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 471529 | &nbsp;&nbsp; 425809 | &nbsp;&nbsp; 352078 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 111278 | &nbsp;&nbsp; 107333 | &nbsp;&nbsp; 70187 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 112312 | &nbsp;&nbsp; 108724 | &nbsp;&nbsp; 106991 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 318425 | &nbsp;&nbsp; 153840 | &nbsp;&nbsp; 84176 |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; 103085 | &nbsp;&nbsp; 110662 | &nbsp;&nbsp; 86579 |

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**Securities Lending Agent** 

The Board has approved certain Funds' participation in a securities lending program. Under the securities lending program, JPMorgan Chase Bank, N.A. served as the Funds' securities lending agent (the "Securities Lending Agent") during the fiscal year ended October 31, 2025.

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For the fiscal year ended October 31, 2025, the income earned by those Funds that engaged in securities lending, as well as the fees and/or compensation earned by such Funds (in dollars) pursuant to a securities lending agreement between the Trust with respect to the Funds and the Securities Lending Agent, were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Income**<br> **from**<br> **Securities**<br> **Lending**<br> **Activities**<br>| **Fees**<br> **Paid to**<br> **Securities**<br> **Lending**<br> **Agent**<br> **from**<br> **Revenue**<br> **Split**<br>| **Fees Paid**<br> **for Cash**<br> **Collateral**<br> **Management**<br> **Services**<br> **(including**<br> **fees deducted**<br> **from a pooled**<br> **cash collateral**<br> **reinvestment**<br> **vehicle) not**<br> **included in**<br> **Revenue Split**<br>| **Rebates**<br> **Paid to**<br> **Borrowers**<br>| **Aggregate**<br> **Fees/**<br> **Compensation**<br> **for Securities**<br> **Lending**<br> **Activities**<br>| **Net**<br> **Income**<br> **from**<br> **Securities**<br> **Lending**<br> **Activities**<br>|
| &nbsp;&nbsp; Nationwide Bailard International Equities <br> Fund<br>| &nbsp;&nbsp; $236113 | &nbsp;&nbsp; $(3897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp; $(197125) | &nbsp;&nbsp; $(201022) | &nbsp;&nbsp; $35091 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 220321 | &nbsp;&nbsp; (2254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (197585) | &nbsp;&nbsp;&nbsp;&nbsp; (199839) | &nbsp;&nbsp; 20482 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp; 111243 | &nbsp;&nbsp;&nbsp;&nbsp; (834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (102888) | &nbsp;&nbsp;&nbsp;&nbsp; (103722) | &nbsp;&nbsp;&nbsp;&nbsp; 7521 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Core <br> Fund<br>| &nbsp;&nbsp; 1175562 | &nbsp;&nbsp; (6033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1115143) | &nbsp;&nbsp; (1121176) | &nbsp;&nbsp; 54386 |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity <br> Income Fund<br>| &nbsp;&nbsp; 688840 | &nbsp;&nbsp; (2893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (659896) | &nbsp;&nbsp;&nbsp;&nbsp; (662789) | &nbsp;&nbsp; 26051 |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 367454 | &nbsp;&nbsp; (1993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (347044) | &nbsp;&nbsp;&nbsp;&nbsp; (349037) | &nbsp;&nbsp; 18417 |
| Nationwide Fund | &nbsp;&nbsp; 802645 | &nbsp;&nbsp; (5256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (750060) | &nbsp;&nbsp;&nbsp;&nbsp; (755316) | &nbsp;&nbsp; 47329 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 262906 | &nbsp;&nbsp; (1349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (249402) | &nbsp;&nbsp;&nbsp;&nbsp; (250751) | &nbsp;&nbsp; 12155 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 1184814 | &nbsp;&nbsp; (10849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1076193) | &nbsp;&nbsp; (1087042) | &nbsp;&nbsp; 97772 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 79475 | &nbsp;&nbsp; (1888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (60594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62482) | &nbsp;&nbsp; 16993 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (25528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| Nationwide International Index Fund | &nbsp;&nbsp; 969629 | &nbsp;&nbsp; (11120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (858135) | &nbsp;&nbsp;&nbsp;&nbsp; (869255) | &nbsp;&nbsp; 100374 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 752484 | &nbsp;&nbsp; (16263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (589585) | &nbsp;&nbsp;&nbsp;&nbsp; (605848) | &nbsp;&nbsp; 146636 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56712 | &nbsp;&nbsp;&nbsp;&nbsp; (281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (53855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54136) | &nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp; 353292 | &nbsp;&nbsp; (3979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (313445) | &nbsp;&nbsp;&nbsp;&nbsp; (317424) | &nbsp;&nbsp; 35868 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 1255803 | &nbsp;&nbsp; (6149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1194009) | &nbsp;&nbsp; (1200158) | &nbsp;&nbsp; 55645 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; 227591 | &nbsp;&nbsp; (1165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (215817) | &nbsp;&nbsp;&nbsp;&nbsp; (216982) | &nbsp;&nbsp; 10609 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 1430534 | &nbsp;&nbsp; (6900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1361336) | &nbsp;&nbsp; (1368236) | &nbsp;&nbsp; 62298 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp; 630964 | &nbsp;&nbsp; (3743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (593499) | &nbsp;&nbsp;&nbsp;&nbsp; (597242) | &nbsp;&nbsp; 33722 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 1093297 | &nbsp;&nbsp; (6685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1026305) | &nbsp;&nbsp; (1032990) | &nbsp;&nbsp; 60307 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp; 187845 | &nbsp;&nbsp; (1277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (175005) | &nbsp;&nbsp;&nbsp;&nbsp; (176282) | &nbsp;&nbsp; 11563 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 1051496 | &nbsp;&nbsp; (23856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (810641) | &nbsp;&nbsp;&nbsp;&nbsp; (834497) | &nbsp;&nbsp; 216999 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 2582352 | &nbsp;&nbsp; (19153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (2390572) | &nbsp;&nbsp; (2409725) | &nbsp;&nbsp; 172627 |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; 108678 | &nbsp;&nbsp;&nbsp;&nbsp; (985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (98814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99799) | &nbsp;&nbsp;&nbsp;&nbsp; 8879 |

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The Funds paid no administrative, indemnification or other fees not included in the revenue split with the Securities Lending Agent.

For the fiscal year ended October 31, 2025, the Securities Lending Agent performed various services related to securities lending, including the following:

● lending a Fund's portfolio securities to institutions that are approved borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●determining whether a loan of a portfolio security shall be made and negotiating and establishing the terms and conditions of the loan with the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●ensuring that all dividends and other distributions paid with respect to loaned securities are credited to the applicable Fund's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●receiving and holding, on behalf of a Fund, or transferring to a Fund's custodial account, collateral from borrowers to secure obligations of borrowers with respect to any loan of available portfolio securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●marking-to-market each business day the market value of securities loaned relative to the market value of the collateral posted by the borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●obtaining additional collateral, to the extent necessary, in order to maintain the value of collateral at the levels required by the Securities Lending Agency Agreement, relative to the market value of securities loaned;

● at the termination of a loan, returning the collateral to the borrower upon the return of the loaned securities;

● investing cash collateral in permitted investments as directed by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●maintaining records relating to the Funds' securities lending activities and providing the Funds monthly statements describing, among other things, the loans made during the period, the income derived from the loans (or losses incurred) and the amounts of any fees or payments paid with respect to each loan.

**Sub-Administration** 

NFM has entered into a Sub-Administration Agreement with JPMorgan Chase Bank, N.A., dated May 22, 2009, to provide certain fund sub-administration services for each Fund. NFM pays JPMorgan a fee for these services.

**Sub-Transfer Agency** 

NFM has entered into a Sub-Transfer Agent Servicing Agreement with U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services, dated September 1, 2012, to provide certain sub-transfer agency services for each Fund. NFM pays US Bancorp a fee for these services.

**Custodian** 

JPMorgan Chase Bank, N.A., 383 Madison Avenue, Floor 11, New York, NY 10179, is the custodian for the Funds and makes all receipts and disbursements under a Global Custody Agreement. The custodian performs no managerial or policy-making functions for the Funds.

**Legal Counsel** 

Stradley Ronon Stevens & Young, LLP, 2000 K Street, N.W., Suite 700, Washington, D.C. 20006-1871, serves as the Trust's legal counsel.

**Independent Registered Public Accounting Firm** 

[___________________________________________], serves as the Independent Registered Public Accounting Firm for the Trust.

**Brokerage Allocation** 

NFA or a subadviser is responsible for decisions to buy and sell securities and other investments for the Funds, the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, if any. In transactions on stock and commodity exchanges in the United States, these commissions are negotiated, whereas on foreign stock and commodity exchanges these commissions are generally fixed and are generally higher than brokerage commissions in the United States. In the case of securities or derivatives traded on the over-the-counter markets or for securities traded on a principal basis, there is generally no commission, but the price includes a spread between the dealer's purchase and sale price. This spread is the dealer's profit. Bilaterally negotiated derivatives may include a fee payable to a Fund's counterparty. In underwritten offerings, the price includes a disclosed, fixed commission or discount. Most short-term obligations are normally traded on a "principal" rather than agency basis. This may be done through a dealer (e.g., a securities firm or bank) who buys or sells for its own account rather than as an agent for another client, or directly with the issuer.

Except as described below, the primary consideration in portfolio security transactions is best price and execution of the transaction, i.e., execution at the most favorable prices and in the most effective manner possible. "Best price-best execution" encompasses many factors affecting the overall benefit obtained by the client account in the transaction including, but not necessarily limited to, the price paid or received for a security, the commission charged, the promptness, availability and

------

reliability of execution, the confidentiality and placement accorded the order, and customer service. Therefore, "best price-best execution" does not necessarily mean obtaining the best price alone but is evaluated in the context of all the execution services provided. NFA and any subadvisers have complete freedom as to the markets in and the broker-dealers through which they seek this result.

Subject to the primary consideration of seeking best price-best execution and as discussed below, securities may be bought or sold through broker-dealers who have furnished statistical, research, and other information or services to NFA or a subadviser. In placing orders with such broker-dealers, NFA or the subadviser will, where possible, take into account the comparative usefulness of such information. Such information is useful to NFA or a subadviser even though its dollar value may be indeterminable, and its receipt or availability generally does not reduce NFA's or a subadviser's normal research activities or expenses.

There may be occasions when portfolio transactions for the Fund are executed as part of concurrent authorizations to purchase or sell the same security for trusts or other accounts (including other mutual funds) served by NFA or a subadviser or by an affiliated company thereof. Although such concurrent authorizations potentially could be either advantageous or disadvantageous to a Fund, they are effected only when NFA or the subadviser believes that to do so is in the interest of the Fund. When such concurrent authorizations occur, the executions will be allocated in an equitable manner.

In purchasing and selling investments for the Funds, it is the policy of NFA or a subadviser to seek to obtain best execution at the most favorable prices through responsible broker-dealers. The determination of what may constitute best execution in a securities transaction by a broker involves a number of considerations, including the overall direct net economic result to the Fund (involving both price paid or received and any commissions and other costs paid), the efficiency with which the transaction is effected, the ability to effect the transaction at all when a large block is involved, the availability of the broker to stand ready to execute possibly difficult transactions in the future, the professionalism of the broker, and the financial strength and stability of the broker. These considerations are judgmental and are weighed by NFA or a subadviser in determining the overall reasonableness of securities executions and commissions paid. In selecting broker-dealers, NFA or a subadviser will consider various relevant factors, including, but not limited to, the size and type of the transaction; the nature and character of the markets for the security or asset to be purchased or sold; the execution efficiency, settlement capability, and financial condition of the broker-dealer's firm; the broker-dealer's execution services, rendered on a continuing basis; and the reasonableness of any commissions.

NFA or a subadviser may cause a Fund to pay a broker-dealer who furnishes brokerage and/or research services a commission that is in excess of the commission another broker-dealer would have received for executing the transaction if it is determined, pursuant to the requirements of Section 28(e) of the Exchange Act, that such commission is reasonable in relation to the value of the brokerage and/or research services provided. Such research services may include, among other things, analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, analytic or modeling software, market data feeds and historical market information. Any such research and other information provided by brokers to NFA or a subadviser is considered to be in addition to and not in lieu of services required to be performed by it under the respective advisory or subadvisory agreement. The fees paid to NFA or a subadviser pursuant to the respective advisory or subadvisory agreement are not reduced by reason of its receiving any brokerage and research services. The research services provided by broker-dealers can be useful to NFA or a subadviser in serving its other clients. All research services received from the brokers to whom commissions are paid are used collectively, meaning such services may not actually be utilized in connection with each client account that may have provided the commission paid to the brokers providing such services. NFA and any subadviser are prohibited from considering a broker-dealer's sale of shares of any fund for which it serves as investment adviser or subadviser, except as may be specifically permitted by law.

*Commission Recapture Program.* NFA may instruct subadvisers to direct certain brokerage transactions, using best efforts, and subject always to seeking to obtain best execution, to broker-dealers in connection with a commission recapture program that is used to offset the Funds' operating expenses. Commission recapture is a form of institutional discount brokerage that returns commission dollars directly to the Fund. It provides a way to gain control over the commission expenses incurred by a subadviser, which can be significant over time, and thereby reduces expenses. If a subadviser does not believe it can obtain best execution from such broker-dealers, there is no obligation to execute portfolio transactions through such broker-dealers. Commissions recaptured by the Fund will be included in realized gain (loss) on securities in a Funds' appropriate financial statements.

------

Fund portfolio transactions may be effected with broker-dealers who have assisted investors in the purchase of variable annuity contracts or variable insurance policies issued by Nationwide Life Insurance Company, Nationwide Life & Annuity Insurance Company, Jefferson National Insurance Company or Jefferson National Life Insurance Company of New York. However, neither such assistance nor sale of other investment company shares is a qualifying or disqualifying factor in a broker-dealer's selection, nor is the selection of any broker-dealer based on the volume of shares sold.

Under the 1940 Act, "affiliated persons" of a Fund are prohibited from dealing with it as a principal in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained from the SEC. However, the Fund may purchase securities from underwriting syndicates of which a subadviser or any of its affiliates, as defined in the 1940 Act, is a member under certain conditions, in accordance with Rule 10f-3 under the 1940 Act.

Each of the Funds contemplates that, consistent with the policy of seeking to obtain best execution, brokerage transactions may be conducted through "affiliated brokers or dealers," as defined in the 1940 Act. Under the 1940 Act, commissions paid by a fund to an "affiliated broker or dealer" in connection with a purchase or sale of securities offered on a securities exchange may not exceed the usual and customary broker's commission. Accordingly, it is the Funds' policy that the commissions to be paid to an affiliated broker-dealer must, in the judgment of NFA or the appropriate subadviser, be (1) at least as favorable as those that would be charged by other brokers having comparable execution capability and (2) at least as favorable as commissions contemporaneously charged by such broker or dealer on comparable transactions for the broker's or dealer's most favored unaffiliated customers. NFA and the subadvisers do not necessarily deem it practicable or in the Funds' best interests to solicit competitive bids for commissions on each transaction. However, NFA and the subadvisers regularly give consideration to information concerning the prevailing level of commissions charged on comparable transactions by other brokers during comparable periods of time.

For the fiscal year ended October 31, 2025, the following Funds, through their respective subadvisers, directed the dollar amount of transactions and related commissions for transactions to a broker because of research services provided, as summarized in the table below<sup>1</sup>:

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| | | |
|:---|:---|:---|
| **Fund Name** | **Total Dollar Amount**<br> **of Transactions**<br>| **Total Commissions Paid**<br> **on Such Transactions**<br>|
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ |
| Nationwide Bailard Small Cap Value Fund |  |  |
| Nationwide Bailard Technology Fund |  |  |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund |  |  |
| Nationwide Fund |  |  |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22744673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8635 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186784673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187744 |
| Nationwide International Small Cap Fund |  |  |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728545295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74932 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52404120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21542 |
| Nationwide Schroders Global Equity Fund |  |  |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211001942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166105 |

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<sup>1</sup>

This information has been provided by the respective Fund's subadviser(s) and the information is believed to be reliable; however, the Funds have not independently verified it.

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During the fiscal years ended October 31, 2025, 2024 and 2023, the following brokerage commissions were paid by the Funds listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** | **Fiscal Year Ended October 31,** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; $108210 | &nbsp;&nbsp; $62946 | &nbsp;&nbsp; $150354 |
| Nationwide Bailard Small Cap Value Fund | &nbsp;&nbsp; 674369 | &nbsp;&nbsp; 451488 | &nbsp;&nbsp; 528571 |
| Nationwide Bailard Technology Fund | &nbsp;&nbsp;&nbsp; 28754 | &nbsp;&nbsp; 15574 | &nbsp;&nbsp;&nbsp; 21368 |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp;&nbsp; 78290 | &nbsp;&nbsp; 53243 | &nbsp;&nbsp;&nbsp; 44364 |
| Nationwide BNY Mellon Dynamic U.S. Equity Income Fund | &nbsp;&nbsp; 309610 | &nbsp;&nbsp; 298516 | &nbsp;&nbsp; 279542 |
| Nationwide Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide Fund | &nbsp;&nbsp; 411681 | &nbsp;&nbsp; 408321 | &nbsp;&nbsp; 340064 |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp; 41020 | &nbsp;&nbsp; 32331 | &nbsp;&nbsp;&nbsp; 48807 |
| Nationwide Geneva Small Cap Growth Fund | &nbsp;&nbsp; 490643 | &nbsp;&nbsp; 486589 | &nbsp;&nbsp; 306894 |
| Nationwide Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Nationwide GQG US Quality Equity Fund | &nbsp;&nbsp;&nbsp; 75854 | &nbsp;&nbsp; 58030 | &nbsp;&nbsp;&nbsp; 37702 |
| Nationwide Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2981 | &nbsp;&nbsp;&nbsp; 2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
| Nationwide International Index Fund | &nbsp;&nbsp; 102792 | &nbsp;&nbsp; 59649 | &nbsp;&nbsp; 106564 |
| Nationwide International Small Cap Fund | &nbsp;&nbsp; 415918 | &nbsp;&nbsp; 704537 | &nbsp;&nbsp; 499726 |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 15159 | &nbsp;&nbsp; 48376 | &nbsp;&nbsp;&nbsp; 15550 |
| Nationwide Loomis All Cap Growth Fund | &nbsp;&nbsp;&nbsp; 21542 | &nbsp;&nbsp; 16065 | &nbsp;&nbsp;&nbsp; 26092 |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5391 | &nbsp;&nbsp;&nbsp; 5186 | &nbsp;&nbsp;&nbsp;&nbsp; 5999 |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp; 1414 | &nbsp;&nbsp;&nbsp;&nbsp; 1977 |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp;&nbsp; 27166 | &nbsp;&nbsp; 65402 | &nbsp;&nbsp;&nbsp; 54499 |
| Nationwide NYSE Arca Tech 100 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp; 6613 | &nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp;&nbsp; 12472 | &nbsp;&nbsp;&nbsp; 8093 | &nbsp;&nbsp;&nbsp; 14129 |
| Nationwide Schroders Global Equity Fund | &nbsp;&nbsp;&nbsp; 39866 | &nbsp;&nbsp; 27275 | &nbsp;&nbsp;&nbsp; 71616 |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp;&nbsp; 47200 | &nbsp;&nbsp; 46866 | &nbsp;&nbsp;&nbsp; 54438 |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; 112413 | &nbsp;&nbsp; 42541 | &nbsp;&nbsp;&nbsp; 13405 |
| Nationwide WCM Focused Small Cap Fund | &nbsp;&nbsp; 166105 | &nbsp;&nbsp; 54831 | &nbsp;&nbsp; 101274 |

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As of the fiscal year ended October 31, 2025, the Funds listed below held investments in securities of their regular broker-dealers as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Approximate Aggregate**<br> **Value of Issuer's**<br> **Securities Owned by the**<br> **Fund as of fiscal year**<br> **end October 31, 2024**<br>| **Name of Broker or Dealer** |
| Nationwide Strategic Income Fund | &nbsp;&nbsp; $3504029 | BNP Paribas Securities Corp |
|  | &nbsp;&nbsp; 715045 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 1889766 | Jefferies LLC |
|  | &nbsp;&nbsp; 1034275 | Mizuho Securities USA LLC |
|  | &nbsp;&nbsp; 3814720 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 1360727 | Nomura Securities International, Inc. |
|  | &nbsp;&nbsp; 1592086 | Nordea Bank Abp |
|  | &nbsp;&nbsp; 11569276 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 2444952 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 4882590 | UBS Securities LLC |
| Nationwide Bailard International Equities Fund | &nbsp;&nbsp; 1532857 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 819758 | BNP Paribas Securities Corp |
|  | &nbsp;&nbsp; 3888235 | Deutsche Bank Securities Inc. |
|  | &nbsp;&nbsp; 1461041 | HSBC Securities (USA) Inc. |
|  | &nbsp;&nbsp; 754625 | Macquarie Group Limited |

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| | | |
|:---|:---|:---|
| **Fund** | **Approximate Aggregate**<br> **Value of Issuer's**<br> **Securities Owned by the**<br> **Fund as of fiscal year**<br> **end October 31, 2024**<br>| **Name of Broker or Dealer** |
|  | &nbsp;&nbsp; 1234824 | UBS Securities LLC |
| Nationwide Bond Index Fund | &nbsp;&nbsp; 671249 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 1541731 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 1126538 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 406075 | Deutsche Bank Securities Inc. |
|  | &nbsp;&nbsp; 847735 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 922465 | HSBC Securities (USA) Inc. |
|  | &nbsp;&nbsp; 1555157 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 63457 | Jefferies LLC |
|  | &nbsp;&nbsp; 205623 | Mizuho Securities USA LLC |
|  | &nbsp;&nbsp; 1452705 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 188951 | Nomura Securities International, Inc. |
|  | &nbsp;&nbsp; 711169 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 252596 | Scotia Capital (USA) Inc. |
|  | &nbsp;&nbsp; 221787 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 206172 | UBS Securities LLC |
|  | &nbsp;&nbsp; 712616 | Wells Fargo Securities, LLC |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; 7170123 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 3109165 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 4152676 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 16035717 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 3678034 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 694855 | Raymond James & Associates, Inc. |
|  | &nbsp;&nbsp; 1464131 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 5612074 | Wells Fargo Securities, LLC |
| &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity <br> Income Fund<br>| &nbsp;&nbsp; 11554573 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 3596985 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 13721435 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 15784504 | J.P. Morgan Securities LLC |
| Nationwide Fund | &nbsp;&nbsp; 26524429 | Wells Fargo Securities, LLC |
| Nationwide Geneva Mid Cap Growth Fund | &nbsp;&nbsp; 3095575 | Raymond James & Associates, Inc. |
| Nationwide International Index Fund | &nbsp;&nbsp; 471170 | ABN AMRO Clearing Chicago LLC |
|  | &nbsp;&nbsp; 2698589 | Barclays Capital, Inc. |
|  | &nbsp;&nbsp; 4171885 | BNP Paribas Securities Corp |
|  | &nbsp;&nbsp; 960428 | Credit Agricole Securities (USA) Inc. |
|  | &nbsp;&nbsp; 1539843 | Daiwa Capital Markets America Inc. |
|  | &nbsp;&nbsp; 13572647 | Deutsche Bank Securities Inc. |
|  | &nbsp;&nbsp; 10096534 | HSBC Securities (USA) Inc. |
|  | &nbsp;&nbsp; 3270549 | Macquarie Group Limited |
|  | &nbsp;&nbsp; 2999680 | Mizuho Securities USA LLC |
|  | &nbsp;&nbsp; 1717424 | Nomura Securities International, Inc. |
|  | &nbsp;&nbsp; 2206645 | Nordea Bank Abp |
|  | &nbsp;&nbsp; 4517945 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 6053788 | UBS Securities LLC |
| Nationwide Invesco Core Plus Bond Fund | &nbsp;&nbsp; 3251628 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 5512240 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 569257 | J.P. Morgan Securities LLC |

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| | | |
|:---|:---|:---|
| **Fund** | **Approximate Aggregate**<br> **Value of Issuer's**<br> **Securities Owned by the**<br> **Fund as of fiscal year**<br> **end October 31, 2024**<br>| **Name of Broker or Dealer** |
|  | &nbsp;&nbsp; 429764 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 743085 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 1333891 | UBS Securities LLC |
| Nationwide Loomis Core Bond Fund | &nbsp;&nbsp; 512796 | ABN AMRO Clearing Chicago LLC |
|  | &nbsp;&nbsp; 3945722 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 465702 | Cantor Fitzgerald & Co. |
|  | &nbsp;&nbsp; 1155696 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 1264782 | Credit Agricole Securities (USA) Inc. |
|  | &nbsp;&nbsp; 4646744 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 927606 | HSBC Securities (USA) Inc. |
|  | &nbsp;&nbsp; 1795158 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 688709 | Jefferies LLC |
|  | &nbsp;&nbsp; 4679431 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 1468382 | Nordea Bank Abp |
|  | &nbsp;&nbsp; 1877266 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 887697 | Scotia Capital (USA) Inc. |
|  | &nbsp;&nbsp; 632480 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 418546 | UBS Securities LLC |
| Nationwide Loomis Short Term Bond Fund | &nbsp;&nbsp; 205118 | ABN AMRO Clearing Chicago LLC |
|  | &nbsp;&nbsp; 555951 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 115118 | Cantor Fitzgerald & Co. |
|  | &nbsp;&nbsp; 337275 | Credit Agricole Securities (USA) Inc. |
|  | &nbsp;&nbsp; 560948 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 845524 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 118211 | Jefferies LLC |
|  | &nbsp;&nbsp; 643629 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 346752 | Santander Investment S.A. |
|  | &nbsp;&nbsp; 352991 | UBS Securities LLC |
|  | &nbsp;&nbsp; 643216 | Wells Fargo Securities, LLC |
| Nationwide Mid Cap Market Index Fund | &nbsp;&nbsp; 2025656 | Evercore Group LLC |
|  | &nbsp;&nbsp; 2205647 | Jefferies LLC |
|  | &nbsp;&nbsp; 2280469 | Stifel, Nicolaus & Company, Incorporated |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; 9308212 | BofA Securities, Inc. |
|  | &nbsp;&nbsp; 4017812 | Citigroup Global Markets Inc. |
|  | &nbsp;&nbsp; 5343075 | Goldman Sachs & Co. LLC |
|  | &nbsp;&nbsp; 20674511 | J.P. Morgan Securities LLC |
|  | &nbsp;&nbsp; 4768226 | Morgan Stanley & Co. LLC |
|  | &nbsp;&nbsp; 898361 | Raymond James & Associates, Inc. |
|  | &nbsp;&nbsp; 1892779 | Truist Securities, Inc. |
|  | &nbsp;&nbsp; 7235529 | Wells Fargo Securities, LLC |
| Nationwide Small Cap Index Fund | &nbsp;&nbsp; 10358 | B. Riley FBR, Inc. |
|  | &nbsp;&nbsp; 452689 | Piper Sandler & Co. |

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During the fiscal years ended October 31, 2025, 2024 and 2023, the Funds did not pay brokerage commissions to affiliated brokers of NFA.

**Other Dealer Compensation** 

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In addition to the dealer commissions and payments under the Funds' 12b-1 Plan, from time to time, NFA and/or its affiliates may make payments for distribution and/or shareholder servicing activities out of their past profits and from their own resources. NFA and/or its affiliates may make payments for marketing, promotional, or related services provided by dealers and other financial intermediaries, and may be in exchange for factors that include, without limitation, differing levels or types of services provided by the intermediary, the expected level of assets or sales of shares, the placing of some or all of the Funds on a preferred or recommended list, access to an intermediary's personnel, and other factors. The amount of these payments is determined by NFA.

In addition to these payments described above, NFA or its affiliates may offer other sales incentives in the form of sponsorship of educational or client seminars relating to current products and issues, assistance in training and educating the intermediary's personnel, and/or entertainment or meals. These payments also may include, at the direction of a retirement plan's named fiduciary, amounts to intermediaries for certain plan expenses or otherwise for the benefit of plan participants and beneficiaries. As permitted by applicable law, NFA or its affiliates may pay or allow other incentives or payments to intermediaries.

The payments described above are often referred to as "revenue sharing payments." The recipients of such payments may include:

● the Distributor and other affiliates of NFA,

● broker-dealers,

● financial institutions, and

● other financial intermediaries through which investors may purchase shares of a Fund.

Payments may be based on current or past sales; current or historical assets; or a flat fee for specific services provided. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to recommend or sell shares of a Fund to you instead of shares of funds offered by competing fund families. NFA does not seek reimbursement by the Funds for such payments.

**Additional Compensation to Affiliated Financial Institution**. Nationwide Fund Advisors ("NFA") and Nationwide Fund Distributors LLC ("NFD"), pursuant to an agreement by the parties, pay their affiliate, Nationwide Financial Services, Inc. various amounts under the terms of the agreement.

**Additional Compensation to Financial Institutions**. The unaffiliated financial institutions that receive additional compensation (as described in the Prospectus) from NFA, NFM or NFD, from their own resources, include the following (the information set forth below is considered complete as of the date of this SAI, and as supplemented; however, agreements may be entered into, terminated, or amended, from time to time, without notice or change to the SAI):

*ADP, Inc. ("ADP")* 

NFA, pursuant to a written agreement, pays an annual fee of $50,000 to participate in ADP's DCIO Partner Program.

*Ameriprise Financial Services, Inc. ("Ameriprise")* 

NFD, pursuant to a written agreement, pays Ameriprise monthly at the annual rates as follows: (i) 0.08% (8 basis points) of the average daily aggregate value of shares of each respective Nationwide Target Destination Fund and each respective Nationwide Investor Destinations Fund held by Ameriprise's customers during the month through all sales platforms, as set forth in the agreement; (ii) 0.08% (8 basis points) of the average daily aggregate value of shares of the Nationwide NYSE Arca Tech 100 Index Fund held by Ameriprise's customers in its fee-based platforms; (iii) 0.00% (0 basis points) of the average daily aggregate value of shares of the following Funds that are held by Ameriprise's customers during the month through all sales platforms, as set forth in the agreement: 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 Government Money Market Fund; and (iii) 0.10% (10 basis points) of the average daily aggregate value of shares of all other series of the Trust held by Ameriprise's customers during the month through all platforms, as set forth in the agreement In addition, NFD pays Ameriprise $8 for each networked account position. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

------

*Ascensus LLC ("Ascensus")* 

NFA, pursuant to a written agreement, pays an annual fee of $40,000 to participate in Ascensus' DCIO Sponsorship Program.

*Cadaret Grant & Co., Inc.; CUSO Financial Services, L.P.; Sorrento Pacific Financial LLC; Next Financial Group, Inc.; Western International Securities, Inc.; and SCF Securities, Inc. (collectively "Atria Wealth Solutions")* 

NFA, pursuant to a written agreement, has agreed to pay to the affiliated broker dealers of Atria Wealth Solutions a sales fee of 10 bps and an asset based fee commencing after 1 year of 5 bps. Shares held in Index Funds, Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund will not be subject to any fees.

*Bailard, Inc. ("Bailard")* 

NFA, pursuant to a written agreement, pays Bailard monthly at the following annual rates: (i) 0.125% (12.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard International Equities Fund; and (ii) 0.155% (15.5 basis points) of the daily net assets of the Class M shares of the Nationwide Bailard Small Cap Value Fund and the Nationwide Bailard Technology Fund. Clients of Bailard pay investment advisory fees to Bailard in connection with the management of the clients' assets, a portion of which may be invested in one or more of the Nationwide Bailard International Equities Fund, the Nationwide Bailard Small Cap Value Fund and the Nationwide Bailard Technology Fund. Bailard has agreed with its clients that the amount of the advisory fee paid by the client (whether directly to Bailard or indirectly through Bailard's management of investment vehicles in which the client invests) will equal a fixed percentage of the value of the client's account with Bailard. As a result, the direct fee that Bailard receives from its clients will be reduced by a portion of the investment advisory fee (i.e., the fee paid to NFA) that such clients indirectly incur as shareholders of such Funds. The additional payments by NFA out of its own resources, as described above, are credited by Bailard to its clients who are shareholders of such Funds. These periodic payments, which are solely the obligation of NFA are separate from and in addition to the subadvisory fees paid to Bailard.

*B.C. Ziegler & Company, Inc. ("B.C. Ziegler")* 

NFA, pursuant to a written agreement, pays B.C. Ziegler the following (i) 0.10% (10 basis points) on the average daily net asset value of Fund shares held by customers of B.C. Ziegler in the following Funds: Nationwide Bailard Small Cap Value Fund, Nationwide Bailard International Equities Fund, Nationwide Bailard Technology Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund and Nationwide WCM Focused Small Cap Fund, and (ii) 0.05% (5 basis points) on the average daily net asset value of Fund shares held by customers of B.C. Ziegler in the following Funds: Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund.

*Cambridge Investment Research, Inc. ("Cambridge")* 

NFA, pursuant to a written agreement with Cambridge, reimburses Cambridge a ten dollar ($10.00) ticket charge for each Fund share purchase that is (1) equal to or greater than $5,000, (2) on a single ticket that includes only Nationwide Funds, and (3) entered and executed through one of Cambridge's clearing firms, National Financial, LLC and/or Pershing, LLC. Excluded from this arrangement are (i) redemptions or exchanges, (ii) purchases subject to no-transaction fees, (iii) purchases by check and application direct to the Funds' transfer agent, or (iv) any Fund that is not available for purchase by new investors or is otherwise only available for purchase by existing shareholders pursuant to the terms of the Fund's then-current prospectus.

*Charles Schwab & Co., Inc. ("Schwab")* 

Pursuant to a written agreement, Schwab receives 0.40% (40 basis points) of the average daily value of shares held in accounts at Schwab (excluding the value of shares held in such accounts prior to the effectiveness of the written agreement) or $1,000 per month for each Fund, whichever is greater. Each Fund's Rule 12b-1 and administrative servicing fees pay for distribution and service components, respectively. NFA pays for any overage.

*Fidelity Brokerage Services LLC ("Fidelity Brokerage") and National Financial Services LLC ("National Financial")* 

------

Pursuant to a written agreement, Fidelity Brokerage and National Financial receive monthly 0.40% (40 basis points) of the daily market value of the number of Fund shares held in accounts at Fidelity Brokerage and National Financial. Each Fund's Rule 12b-1 and administrative servicing fees pay for distribution and service components, respectively. NFA pays for any overage.

*First Allied Securities, Inc. ("First Allied")* 

NFA, pursuant to a written agreement of the parties, pays First Allied quarterly a service fee at the annual rate as follows: (i) 0.20% (20 basis points) of the net asset value of Class A shares of the following Funds sold subject to a front-end sales charge (as may be reduced by rights of accumulation, if applicable), by First Allied to its customers: Nationwide Target Destination Funds, Nationwide Investor Destinations Funds, Nationwide BNY Mellon Dynamic U.S. Core Fund, Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide S&P 500 Index Fund, and Nationwide Small Cap Index Fund; and (ii) 0.05% (5 basis points) on the net asset value of Class A shares of the following Funds, sold subject to a front-end sales charge (as may be reduced by rights of accumulation, if applicable), by First Allied to its customers: Nationwide Bond Index Fund. Any annual aggregate minimum with respect to the foregoing payments have been waived.

*Great West Life & Annuity Insurance Company ("Great West")* 

NFA, pursuant to a written agreement between the parties, pays Great West an annual fee of $1,500 for each class of fund that is an investment option on the retirement platform.

*LPL Financial LLC ("LPL")* 

NFA, pursuant to a written agreement with LPL, pays LPL a ticket charge of $10.00 for each Fund purchase order entered and executed electronically by LPL on its brokerage platform. Ticket charges do not apply to redemptions, exchanges, purchases by check and application direct to the Funds' transfer agent or to purchase orders with respect to the Nationwide Government Money Market Fund. A $4.50 ticket charge will be paid on eligible fee based account purchases in Institutional Service Class shares. The Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund and the Nationwide Index Funds are excluded from this arrangement. In addition, NFA pays LPL a service fee at the annual rate of 0.10% (10 basis points) of the average daily net assets of the Institutional Service Class shares held in the Strategic Wealth Management advisory platform and 0.09% (9 basis points) of the average daily net asset value of brokerage (load/commissionable non-ERISA) and advisory assets (excluding assets held in Institutional Service Class shares in the Strategic Wealth Management advisory platform) above a base rate established January 1, 2014, of the Funds, with the exception of the Nationwide Government Money Market Fund, in any asset class owned beneficially or of record from time to time by customers or owned of record by LPL. NFA will pay a fee of 0.05% (5 basis points) on the advisory asset base established on January 1, 2014. For purposes of this service fee, Fund shareholder accounts may be held at LPL in street name or at the Fund's transfer agent. In addition, NFM pays LPL $4 for certain networked account positions. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*MSCS Financial Services, Inc. ("MSCS")* 

NFA, pursuant to a written agreement of the parties, pays MSCS monthly a service fee at the annual rate of 0.25% (25 basis points) on shares held at Merrill Lynch that are subject to a service fee.

*Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch")* 

NFD, pursuant to a written agreement of the parties, pays Merrill Lynch the following fees: (i) a monthly fee of 0.25% (25 basis points) of total new gross sales of shares of any class of each Fund (excluding sales from reinvestment of distributions and exchanges of shares of one or more Funds for any other Fund or Funds), payable in arrears; and (ii) an annual fee, payable quarterly, of 0.10% (10 basis points) of the value of Fund shares (including sales from exchanges of shares of one or more Funds for any other Fund or Funds) held by Merrill Lynch's customers for more than one year, for Merrill Lynch's continuing due diligence, training and marketing. In addition, NFA pays for administrative services that exceed the amount available under the Trust's Administrative Services Plan for shares held on Merrill Lynch's retirement plan platform.

------

*Morgan Stanley Smith Barney LLC ("Morgan Stanley")* 

NFA, pursuant to a written agreement of the parties, pays Morgan Stanley quarterly a mutual fund support fee on all brokerage and advisory assets, excluding money market, ERISA, SEP-IRA and SIMPLE-IRA assets at the following rates based on the Fund's management fee stated in the then-current prospectus:

---

| | |
|:---|:---|
| **Support Fee** | **Fee Paid** |
| 0%-0.34% | No<br> fee<br>|
| 0.35%-0.39% | 5 bps |
| 0.40%-0.74% | 10 bps |
| 0.75% and above | 12 bps |

---

In addition, NFM pays Morgan Stanley 0.06% (6 basis points) for each customer account position. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*Osaic Wealth, Inc.; SagePoint Financial Advisors, Inc.; FSC Securities Corporation; Woodbury Financial, Inc.; Triad Advisors LLC; Securities America, Inc.; and Royal Alliance Associates, Inc. (collectively, "Osaic Inc.")* 

NFA, pursuant to a written agreement, pays each respective member of the Osaic Inc. quarterly at the annual rates as follows: (i) 0.07% (7 basis points) of the average daily net asset value of shares of each respective Nationwide Target Destination Fund and each respective Nationwide Investor Destinations Fund that are sold by the Osaic Inc. to their customers; (ii) 0.00% (0 basis points) of the average daily net asset value of shares of the following Funds that are sold by the Osaic Inc. to their customers: 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 Government Money Market Fund; and (iii) 0.10% (10 basis points) of the average daily net asset value of shares of all other series of the Trust that are sold by the Osaic Inc. to their customers. Excluded from this arrangement are shares of the Funds in ERISA retirement plans and individual retirement accounts held in fee-based platforms ("qualified advisory accounts").

An annual partnership fee of $5,000 will be paid with respect to qualified advisory accounts.

*Pershing LLC ("Pershing")* 

NFD, pursuant to a written agreement of the parties, pays Pershing $14 for each customer account position, with the exception of the Class R6, for which NFD has agreed to pay $12 for each customer account position in all series of the shares. A Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*Principal Life Insurance Company ("Principal")* 

NFA, pursuant to a written agreement between the parties, pays Principal an annual fee of $1,000 for each class of fund that is an investment option on the retirement platform.

*Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. (collectively, "Raymond James")* 

NFA, pursuant to a written agreement, pays Raymond James an annual fee calculated quarterly against the total value of Fund shares held by customers of Raymond James according to the following schedule:

(i) 0.20% (20 basis points) of the average daily value of shares held in Nationwide Equity Funds;

(ii) 0.15% (15 basis points) of the average daily value of shares held in Nationwide Fixed-Income Funds; and

(iii) 0.10% (10 basis points) of the average daily value of shares held in Nationwide Index Funds.

For purposes of this agreement, the following funds are deemed to be Index Funds: Nationwide S&P 500 Index Fund, Nationwide Bond Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide International Index Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide Investor Destinations Funds (all series) and Nationwide Target Destination Funds (all series). Excluded from this agreement are the Nationwide Government Money Market Fund, Nationwide

------

Inflation-Protected Securities Fund and the Class R6 of all series of the Funds.

In addition, a $15 ticket charge fee will be paid on purchases in non-taxable accounts in the IMPAC and Passport fee-based programs. Purchases in the Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund are excluded.

*RBC Capital Markets, LLC ("RBC")* 

NFM, pursuant to a written agreement between the parties, pays RBC an annual fee of $6 for each customer's account position. Each Fund's administrative servicing fees pays for the service components, to the extent permitted by the Trust's Administrative Services Fee Plan. NFA pays out of its own resources for any overages.

*Sanctuary Wealth Group, LLC ("Sanctuary Wealth")* 

Nationwide Life and Annuity Insurance Company ("Nationwide Life"), an affiliate of NFA and NFM, entered into a strategic partner sponsorship agreement with Sanctuary Wealth that pays a support fee to Sanctuary Wealth of $230,000 per year in exchange for allowing Nationwide Life and its affiliates (including NFA) to participate in various events that include seminars, conferences and meetings as determined and agreed to by both parties; as well as provides access to research teams and additional data. Neither NFA nor NFM make any direct payments to Sanctuary Wealth. NFA may reimburse Nationwide Life proportionate to NFA participation.

*Stifel, Nicolaus & Company, Inc. ("Stifel")* 

NFM, pursuant to a written agreement between the parties, pays Stifel an annual fee of $6 for each customers account position. Each Fund's administrative servicing fees pays for the service components, to the extent permitted by the Trust's Administrative Services Fee Plan. NFA pays out of its own resources for any overages.

*UBS Financial Services Inc. ("UBS")* 

NFD, pursuant to a written agreement, pays UBS quarterly fees based on the following schedule or $75,000, whichever is greater: (i) the annual rate of 0.15% (15 basis points) of the value of the average monthly non-Index equity assets; (ii) the annual rate of 0.10% (10 basis points) of the average value of the average monthly non-Index fixed-income assets, and; (iii) the annual rate of 0.075% (7.5 basis points) of the value of the average monthly fixed-income assets in each of its retail and wrap programs that are invested in each Fund. In addition, NFA pays UBS a quarterly sales fee at the annual rate of 0.05% (5 basis points) of all sales of non-Index Fund shares and 0.08% (8 basis points), excluding the sales of Fund shares in InsightOne, PACE, Strategic Advisor or Diversified Return Strategies. For the purposes of this agreement, the following funds are deemed to be Index funds; Nationwide S&P 500 Index Fund, Nationwide Bond Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide International Index Fund, Nationwide NYSE Arca Tech 100 Index Fund, Nationwide Investor Destinations Funds (all series) and Nationwide Target Destination Funds (all series). Excluded from this agreement are the Nationwide Government Money Market Fund, Nationwide Inflation-Protected Securities Fund and the Class R6 of all series of the Funds. In addition, in exchange for omnibus account services provided, NFM pays UBS $19 for each client account position in a Fund share class subject to a CDSC fee, and $18 for each client account position in a Fund share class not subject to a CDSC fee. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*U.S. Bancorp Investments, Inc. ("U.S. Bancorp")* 

NFA, pursuant to a written agreement of the parties, pays U.S. Bancorp quarterly at the following annual rates: (i) 0.07% (7 basis points) of the average daily aggregate value of shares of each respective Nationwide Target Destination Fund and each Nationwide Investor Destinations Fund held by customers of U.S. Bancorp, excluding Fund shares that are held in any fee-based ERISA or individual retirement account; (ii) 0.00% (0 basis points) of the average daily aggregate value of shares of the following Funds that are held by U.S. Bancorp's customers, excluding Fund shares that are held in any fee-based ERISA or individual retirement account: 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 Government Money Market Fund; and (iii) 0.10% (10 basis points) of the average daily aggregate value of shares of all other series of the Trust held by U.S. Bancorp's customers, excluding Fund shares that are held in any fee-based ERISA or

------

individual retirement account.

*U.S. Bank N.A. ("U.S. Bank")* 

NFA, pursuant to a written agreement of the parties, pays U.S. Bank monthly a service fee at the annual rate as follows: (i) 0.40% (40 basis points) of the average daily net assets of the Institutional Service Class for the Nationwide Bailard Small Cap Value Fund, Nationwide Bailard International Equities Fund, Nationwide Geneva Mid Cap Growth Fund, Nationwide Geneva Small Cap Growth Fund, and Nationwide WCM Focused Small Cap Fund; and (ii) 0.30% (30 basis points) of the average daily net assets of the Institutional Service Class for the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. Each Fund's administrative servicing fees pays for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

*Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo")* 

NFD, pursuant to a written agreement of the parties, pays Wells Fargo the following fees in exchange for Wells Fargo's continuing due diligence, training, operations and systems support, and marketing provided to unaffiliated broker-dealers based on the following schedule or $250,000, whichever is greater: (i) the annual rate of 0.07% (7 basis points) of the net asset value of shares of Index Funds sold by Wells Fargo to its customers; (ii) the annual rate of 0.09% (9 basis points) of the net asset value of shares of the Nationwide Target Destination Funds and Nationwide Investor Destinations Funds sold by Wells Fargo to its customers; (iii) the annual rate of 0.12% (12 basis points) of the net asset value of shares of Nationwide Fixed-Income and Nationwide Equity Funds; and (iv) the annual rate of 0.13% (13 basis points) of the net asset value of shares of the other Nationwide Funds sold by Wells Fargo to its customers. Excluded from this agreement are the Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund. In addition, in exchange for omnibus account services provided, NFM pays Wells Fargo $19 for each client account position in a Fund share class subject to a CDSC fee, and $16 for each client account position in a Fund share class not subject to a CDSC fee. Each Fund's administrative servicing fees pay for the service components, to the extent permitted by the Trust's Administrative Services Plan. NFA pays out of its own resources for any overages.

**Additional Information on Purchases and Sales** 

**Class A Sales Charges** 

The following tables show the Class A sales charges, which decrease as the amount of your investment increases.

Shareholders purchasing Class A shares of a Fund through certain financial intermediaries may be eligible for a sales charge waiver or discount. For more information, see Appendix A: Intermediary Sales Charge Discounts and Waivers of the applicable Fund's Prospectus.

**Class A Shares of the Equity Funds** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $50,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% |
| $50,000 to $99,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 |
| $250,000 to $499,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 |
| $500,000 to $999,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 |
| $1 million or more |  |  |  |

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**Class A Shares of the Nationwide Invesco Core Plus Bond Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 |
| $250,000 to $499,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 |

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| $500,000 to $999,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 |
| $1 million or more |  |  |  |

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**Class A Shares of the Nationwide Strategic Income Fund, Nationwide Bond Index Fund and Nationwide Inflation-Protected Securities Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50 |
| $250,000 to $499,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 |
| $500,000 or more |  |  |  |

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**Class A Shares of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of purchase** | **Sales charge as %**<br> **of offering price**<br>| **Sales charge as %**<br> **of net amount invested**<br>| **Dealer Commission as a % of offering price** |
| less than $100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50 |
| $250,000 or more |  |  |  |

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**Waiver of Class A Sales Charges** 

You may qualify for a waiver of the Class A sales charge if you own or are purchasing shares of a Fund. More information about purchasing shares through certain financial intermediaries appears in Appendix A to the applicable Fund's Prospectus. To receive the sales charge waiver, you must inform the Trust, your financial advisor or your financial intermediary at the time of your purchase that you qualify for such a waiver. If you do not inform the Trust, your financial advisor or your financial intermediary that you are eligible for a sales charge waiver, you may not receive the waiver to which you are entitled. You may have to produce evidence that you qualify for a sales charge waiver before you will receive it.

Due to the reduced marketing effort required by NFD, the sales charge applicable to Class A shares may be waived for sales of shares to:

(a) current shareholders of a Nationwide Fund who, as of February 28, 2017, owned their shares directly with the Trust in an account for which NFD was identified as the broker-dealer of record;

(b) investors who participate in a self-directed investment brokerage account program offered by a financial intermediary that may or may not charge its customers a transaction fee;

(c) owners of an account held directly with the Trust in which the previous broker-dealer of record had transferred such account to NFD;

(d) employer-sponsored 401(k) plans, 457 plans, 403(b) plans, health savings plans, profit sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans. For purposes of this provision, employer-sponsored plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;

(e) owners of individual retirement accounts ("IRA") investing assets formerly in retirement plans that were subject to the automatic rollover provisions under Section 401(a)(31)(B) of the Internal Revenue Code of 1986, as amended;

(f) Trustees and retired Trustees of the Trust (including its predecessor Trusts);

(g) directors, officers, full-time employees, sales representatives and their employees, and retired directors, officers, employees, and sale representatives, their spouses (including domestic partners), children or immediate relatives (immediate relatives include mother, father, brothers, sisters, grandparents, grandchildren ("Immediate Relatives")), and Immediate Relatives of deceased employees of any member of the Nationwide Insurance and Nationwide Financial companies;

(h) directors, officers, and full-time employees, their spouses (including domestic partners), children or Immediate Relatives of any current subadviser to the Trust;

(i) any directors, officers, full-time employees, sales representatives and their employees, their spouses (including domestic partners), children or Immediate Relatives of a broker-dealer having a dealer/selling agreement with the Distributor;

(j) any qualified pension or profit sharing plan established by a Nationwide sales representative for himself/herself and

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his/her employees;

(k) registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to the amounts to be invested in a Fund; and

(l) any investor who purchases Class A Shares of a Fund (the "New Fund") with proceeds from sales of Class K or Eagle Class shares of another Nationwide Fund, where the New Fund does not offer Class K or Eagle Class shares.

**Reduction of Class A Sales Charges** 

You may qualify for a reduced Class A sales charge if you own or are purchasing shares of a Fund. To receive the reduced sales charge, you must inform the Trust, your financial advisor or your financial intermediary at the time of your purchase that you qualify for such a reduction. If you do not inform the Trust, your financial advisor or your financial intermediary that you are eligible for a reduced sales charge, you may not receive the discount to which you are entitled. You may have to produce evidence that you qualify for a reduced sales charge or waiver before you will receive it.

Shareholders can reduce or eliminate Class A shares' initial sales charge through one or more of the discounts described below:

● *A larger investment*. The sales charge decreases as the amount of your investment increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Rights of accumulation*. You and members of your family who live at the same address can add the current value of your Class A investments in the Nationwide Funds (except shares of the Nationwide Government Money Market Fund), that you currently own or are currently purchasing to the value of your Class A purchase, possibly reducing the sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*No sales charge on a repurchase*. If you sell Fund shares from your account, we allow you a privilege to reinvest some or all of the proceeds in shares of the same class. Generally, you will not pay a sales charge on Class A shares that you buy within 30 days of selling Class A shares of an equal or greater amount if you have already paid a sales charge. Remember, if you realize a gain or a loss on your sale of shares, the transaction is taxable and reinvestment may affect the amount of capital gains tax that is due (see, "Sales, Exchanges and Redemptions of Fund Shares - Deferral of basis" under "ADDITIONAL GENERAL TAX INFORMATION FOR ALL FUNDS" below). If you realize a loss on your sale and you reinvest, some or all of the loss may not be allowed as a tax deduction depending on the amount you reinvest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Letter of Intent discount*. State in writing that during a 13-month period you or a group of family members who live at the same address will purchase and hold at least $50,000 (or $100,000 in certain Nationwide Funds as identified in their respective prospectuses) in Class A shares (excluding the Nationwide Government Money Market Fund) and your sales charge will be based on the total amount you intend to invest. Your accumulated holdings (as described and calculated under "Rights of accumulation" above) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the Letter of Intent. Your Letter of Intent is not a binding obligation to buy shares of the Fund; it is merely a statement of intent. Call 800-848-0920 for more information.

**Class A Shares - Contingent Deferred Sales Charge ("CDSC")** 

An investor may purchase $1 million, $500,000 or $250,000, or more, depending on the Fund, as indicated below, of Class A shares in one or more of the Nationwide Funds and avoid the front-end sales charge. However, unless an investor is otherwise eligible to purchase Class A shares without a sales charge, the investor will pay a CDSC (as shown below) if he or she redeems such Class A shares within 18 months of the date of purchase. With respect to such purchases, the Distributor may pay dealers a finder's fee on investments made in Class A shares with no initial sales charge. The CDSC applies only if the Distributor paid a finder's fee to the selling dealer. The CDSC does not apply to shares acquired through reinvestment of dividends or capital gains distributions.

The applicable CDSC will be determined on a pro rata basis according to the amount of the redemption from each particular Fund. Any CDSC is based on the original purchase price or the current market value of the shares being redeemed, whichever is less.

**Amount of Finder's Fee/Contingent Deferred Sales Charge** 

**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares of the Equity Funds** 

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| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| If sold within | 18 months |

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| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| Amount of CDSC | 1.00% |

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**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares of the Nationwide Invesco Core Plus Bond Fund** 

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| | |
|:---|:---|
| **Amount of Purchase** | **$1 million or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.75% |

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**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares of the Nationwide Strategic Income Fund, Nationwide Bond Index Fund, and Nationwide Inflation-Protected Securities Fund** 

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| | |
|:---|:---|
| **Amount of Purchase** | **$500,000 or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.75% |

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**Contingent Deferred Sales Charge on Certain Redemptions of Class A Shares of the Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

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| | |
|:---|:---|
| **Amount of Purchase** | **$250,000 or more** |
| If sold within | 18 months |
| Amount of CDSC | 0.50% |

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**Waiver of CDSC for Class A Shares** 

Shareholders purchasing Class A shares of a Fund through certain financial intermediaries may be eligible for a sales charge waiver or discount. For more information, see Appendix A: Intermediary Sales Charge Discounts and Waivers of the applicable Fund's Prospectus. Generally, the CDSC is waived on:

● the redemption of Class A shares purchased through reinvested dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Class A shares redeemed following the death or disability of a shareholder, provided the redemption occurs within one year of the shareholder's death or disability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●mandatory withdrawals of Class A shares from traditional IRA accounts after age 70 <sup>1</sup>∕2 (for shareholders who reached the age of 70 <sup>1</sup>∕2 on or prior to December 31, 2019) or the age of 72 (for shareholders who turned 70 <sup>1</sup>∕2 after December 31, 2019) and for other required distributions from retirement accounts.

If you qualify for a waiver of a CDSC, you must notify the Fund's transfer agent, your financial advisor or other intermediary at the time of purchase and must also provide any required evidence showing that you qualify.

**Class A Broker Exchanges** 

Class A shares purchased by accounts participating in certain fee-based programs sponsored by and/or controlled by financial intermediaries ("Programs") may be exchanged by the financial intermediary on behalf of the shareholder for Institutional Service Class shares of the same Fund under certain circumstances. Such exchange will be on the basis of the net asset values per share, without the imposition of any sales load, fee or other charge. If a shareholder of Institutional Service Class shares has ceased his or her participation in the Program, the financial intermediary may exchange all such Institutional Service Class shares for Class A shares of a Fund, whichever class of shares the shareholder held prior to the entry into such Program. Such exchange will be on the basis of the relative net asset values of the shares, without imposition of any sales load, fee or other charge.

Holders of Class A shares that are subject to a CDSC are generally not eligible for this exchange privilege until the applicable CDSC period has expired. The applicable CDSC period for certain Class A shares that were purchased without the imposition of a front-end sales load is 18 months after the purchase of such Class A shares.

Exchanges of Class A shares for Institutional Service Class shares of the same Fund, or the exchange of Institutional

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Service Class shares for Class A shares of the same Fund, under these particular circumstances, will be tax-free for federal income tax purposes. You should also consult with your tax advisor regarding the state and local tax consequences of such an exchange of Fund shares.

This exchange privilege is subject to termination and may be amended from time to time.

**Class R Shares** 

Class R shares generally are available only to 401(k) plans, 457 plans, 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and other retirement accounts (collectively, "retirement plans") whereby the retirement plan or the retirement plan's financial service firm has an agreement with NFD to utilize such shares in certain investment products or programs. Class R shares generally are available to small- and mid-sized retirement plans having at least $1 million in assets. In addition, Class R shares also generally are available only to retirement plans where Class R shares are held on the books of the Funds through omnibus accounts (either at the plan level or at the level of the financial services firm) and where the plans are introduced by an intermediary, such as a broker, third party administrator, registered investment adviser or other retirement plan service provider. Class R shares are not available to retail or institutional non-retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, one person Keogh plans, SIMPLE IRAs, or individual 403(b) plans, or through 529 Plan accounts.

A retirement plan's intermediaries can help determine which class is appropriate for that retirement plan. If a retirement plan qualifies to purchase other shares of a Fund, one of these other classes may be more appropriate than Class R shares. Specifically, if a retirement plan eligible to purchase Class R shares is otherwise qualified to purchase Class A shares at net asset value or at a reduced sales charge or to purchase Institutional Service Class or Service Class shares, one of these classes may be selected where the retirement plan does not require the distribution and administrative support services typically required by Class R share investors and/or the retirement plan's intermediaries have elected to forgo the level of compensation that Class R shares provide. Plan fiduciaries of retirement plans subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") should consider their obligations under ERISA in determining which class is an appropriate investment for a retirement plan. A retirement plan's intermediaries may receive different compensation depending upon which class is chosen.

**Redemptions** 

Generally, a Fund will typically issue payment for the shares that you redeem within two days after your redemption request is received by check or electronic transfer, except as noted below. If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 10 business days from your date of purchase). A Fund may delay forwarding redemption proceeds for up to seven days if the Fund believes that the investor redeeming shares is engaged in excessive trading, or if the amount of the redemption request otherwise would be disruptive to efficient portfolio management, or would adversely affect the Fund. The Trust may suspend the right of redemption for such periods as are permitted under the 1940 Act and under the following unusual circumstances: (a) when the Exchange is closed (other than weekends and holidays) or trading is restricted; (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable; or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

Under normal circumstances, a Fund expects to satisfy redemption requests through the sale of investments held in cash or cash equivalents. However, a Fund may also use the proceeds from the sale of portfolio securities or a bank line of credit to meet redemption requests if consistent with management of the Fund or in stressed market conditions. Under extraordinary circumstances, a Fund, in its sole discretion, may elect to honor redemption requests by transferring some of the securities held by a Fund directly to an account holder as a redemption in-kind.

**In-Kind Redemptions** 

As described in the Prospectuses, each Fund reserves the right, in circumstances where in its sole discretion it determines that cash redemption payments would be undesirable, taking into account the best interests of all Fund shareholders, to honor any redemption request by transferring some of the securities held by the Fund directly to a redeeming shareholder ("redemption in-kind"). Redemptions in-kind generally will be pro-rata slices of the Fund's portfolio or a

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representative basket of securities. Redemptions in-kind may also be used in stressed market conditions.

The Board has adopted procedures for redemptions in-kind to affiliated persons of a Fund. Affiliated persons of a Fund include shareholders who are affiliates of the Fund's investment adviser and shareholders of a Fund owning 5% or more of the outstanding shares of that Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the distributing Fund's current net assets, and they are designed so that redemptions will not favor the affiliated shareholder to the detriment of any other shareholder. The procedures also require that the distributed securities be valued in the same manner as they are valued for purposes of computing the distributing Fund's net asset value and that neither the affiliated shareholder nor any other party with the ability and pecuniary incentive to influence the redemption in-kind selects, or influences the selection of, the distributed securities. Use of the redemption in-kind procedures will allow a Fund to avoid having to sell significant portfolio assets to raise cash to meet the shareholder's redemption request, thus limiting the potential adverse effect on the distributing Fund's net asset value.

**Accounts with Low Balances** 

Unless an account actively participates in an Automatic Asset Accumulation Plan, if the value of an account falls below $2,000 ($1,000 for IRA accounts) for any reason, including market fluctuation, a shareholder is generally subject to a $5 quarterly fee, which is deposited into the Fund to offset the expenses of small accounts. The Fund will sell shares from an account quarterly to cover the fee.

The Trust reserves the right to sell the rest of a shareholder's shares and close its account if that shareholder makes a sale that reduces the value of its account to less than $2,000 ($1,000 for IRA accounts). Before the account is closed, the Trust will give a shareholder notice and allow that shareholder 60 days to purchase additional shares to avoid this action. The Trust does this because of the high cost of maintaining small accounts.

A redemption of your remaining shares may be a taxable event for you. See "Sales, Exchanges and Redemptions of Fund Shares" below.

If the monthly average balance of an account holding Investor Shares of the Nationwide Government Money Market Fund falls below $500, you are generally subject to a $2/month fee.

**Valuation of Shares**

All investments in the Trust are credited to the shareholder's account in the form of full and fractional shares of the designated Fund (rounded to the nearest 1/1000 of a share). The Trust does not issue share certificates. Subject to the sole discretion of NFA, each Fund may accept payment for shares in the form of securities that are permissible investments for such Fund.

The net asset value per share ("NAV") of each Fund is determined once daily, as of the close of regular trading on the New York Stock Exchange (the "Exchange") (generally 4 p.m. Eastern time) on each business day the Exchange is open for regular trading (the "Valuation Time"). To the extent that a Fund's investments are traded in markets that are open when the Exchange is closed, the value of the Funds' investments may change on days when shares cannot be purchased or redeemed.

The Trust will not compute NAV for the Funds on customary national business holidays, including the following: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day, and other days when the Exchange is closed.

Each Fund reserves the right to not determine NAV when: (i) a Fund has not received any orders to purchase, sell or exchange shares and (ii) changes in the value of the Fund's portfolio do not affect the Fund's NAV.

The offering price for orders placed before the close of the Exchange, on each business day the Exchange is open for trading, will be based upon calculation of the NAV at the close of regular trading on the Exchange. For orders placed after the close of regular trading on the Exchange, or on a day on which the Exchange is not open for trading, the offering price is based upon NAV at the close of the Exchange on the next day thereafter on which the Exchange is open for trading. The NAV of each class of a Fund on which offering and redemption prices are based is determined by adding the value of all securities and other assets of a Fund attributable to the class, deducting liabilities attributable to that class, and dividing by the number

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of that class's shares outstanding. Each Fund may reject any order to buy shares and may suspend the sale of shares at any time.

Securities for which market-based quotations are readily available are valued as of the Valuation Time. Equity securities are generally valued at the last quoted sale price, or if there is no sale price, the last quoted bid price provided by a third-party pricing service approved by the Board. Securities traded on NASDAQ generally are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Debt and other fixed-income securities are generally valued at the bid evaluation price provided by a third-party pricing service.

Securities for which market-based quotations are either not readily available (e.g., a third-party pricing service does not provide a value) or are deemed unreliable, in the judgment of NFA are valued at fair value in good faith by the Adviser. The Board of Trustees has designated the Adviser as "valuation designee" to perform fair value determinations for all of the Funds' investments pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, subject to the general oversight of the Board of Trustees. In addition, fair value determinations are required for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Funds' NAVs. The Fair Value Committee monitors the results of fair valuation determinations and regularly reports the results to the Board or a committee of the Board. Fair value determinations may require subjective determinations. There can be no assurance that the fair value of an asset is the price at which the asset could have been sold during the period in which the particular fair value was used in determining a Fund's NAV.

The Fair Value Committee monitors the continuing appropriateness of the valuation methodology with respect to each security. In the event that NFA or a subadviser believes that the valuation methodology being used to value a security does not produce a fair value for such security, the Fair Value Committee is notified so that it may meet to determine what adjustment should be made.

To the extent that a Fund invests in foreign securities, the following would be applicable. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the time that a Fund's NAV is calculated, a Fund may fair value its foreign investments more frequently than it does other securities. When fair value prices are utilized, these prices will attempt to reflect the impact of the financial markets' perceptions and trading activities on the Fund's investments since their last closing prices were calculated on their primary securities markets or exchanges. When a Fund uses fair value pricing, the values assigned to the Fund's foreign equity investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

In addition to performing fair value determinations, the Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a fair value committee to assist with its designated responsibilities as valuation designee.

**Nationwide Government Money Market Fund (the "Fund")** 

The value of portfolio securities in the Fund is determined on the basis of the amortized cost method of valuation in accordance with Rule 2a-7 of the 1940 Act. This method involves valuing a security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument.

The Board has adopted procedures whereby the extent of deviation, if any, of the current NAV calculated using available market quotations from the Fund's amortized cost price per share will be determined. In the event such deviation from the Fund's amortized cost price per share exceeds 1/2 of 1 percent, NFA or the Chairman of the Board's Valuation and Operations Committee (or, in his absence, the Chairman of the Board) shall promptly convene a meeting of the Board to consider what action, if any, should be taken. Where the Board believes that the extent of any deviation from the Fund's amortized cost per share may result in material dilution or other unfair results to shareholders, it shall cause the Fund to take such action as it deems appropriate to eliminate or reduce, to the extent reasonably practicable, such dilution or unfair result. Such action

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might include: reducing or withholding dividends; redeeming shares in-kind; selling portfolio instruments prior to maturity to realize capital gains or losses to shorten the Fund's average portfolio maturity; or utilizing an NAV as determined by using available market quotations.

During a negative interest rate environment which causes the Fund to have a negative gross yield, the Fund may reduce the number of shares outstanding on a pro rata basis through share cancellation, including through reverse distribution mechanisms, to seek to maintain a stable $1.00 price per share, subject to Board approval and to the extent permissible by applicable law and its organizational documents. Each shareholder will be deemed to have agreed to such contribution of shares in these circumstances by investing in the Fund. A fund that implements share cancellation would continue to maintain a stable $1.00 share price by use of the amortized cost method of valuation and/or penny rounding method of pricing but the aggregate value of an investor's investment would decline if the fund reduced the number of shares held by the investor. After a cancellation of shares, the basis of cancelled shares would be added to the basis of shareholders' remaining fund shares, and any shareholders disposing of shares at that time may recognize a capital loss unless the "wash sale" rules apply. Dividends, including dividends reinvested in additional shares of a fund, will nonetheless be fully taxable, even if the number of shares in shareholders' accounts has been reduced through share cancellation. Due to a lack of guidance regarding share cancellation, however, the tax consequences of such cancellation of shares to a fund and its shareholders are unclear and may differ from that just described. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating NAV per share rounded to four decimal places by using available market quotations or equivalents. If the Fund were to float its NAV, it would no longer maintain a stable $1.00 share price and instead have a share price that fluctuates. An investor in a fund that floats its NAV would lose money if the investor sells their shares when they are worth less than what the investor originally paid for them. There is no assurance such measures will result in a stable NAV per share of $1.00.

In addition, in accordance with applicable legal requirements, the Fund may suspend redemptions if: (i) the Fund, at the end of a business day, has invested less than ten percent of its total assets in weekly liquid assets or the Fund's price per share as computed for the purpose of distribution, redemption and repurchase, rounded to the nearest one percent, has deviated from the stable price established by the Board of Trustees, including a majority of its non-interested Trustees, determines that such a deviation is likely to occur; (ii) the Board, including a majority of its non-interested Trustees, irrevocably approve the liquidation of the Fund; and (iii) the Fund, prior to suspending redemptions, has notified the SEC of the decision to liquidate the Fund and suspend redemptions.

Pursuant to its objective of maintaining a stable net asset value per share, the Fund will only purchase investments deemed under Rule 2a-7 to have a remaining maturity of 397 calendar days or less, with certain exceptions permitted by applicable regulations, and will maintain a dollar weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life of 120 calendar days or less that is determined without reference to certain interest rate readjustments.

**Systematic Investment Strategies** 

**Directed Dividends** –This strategy provides the security of principal that the Nationwide Government Money Market Fund offers plus the opportunity for greater long-term capital appreciation or income through reinvestment of dividends in another Fund.

An initial investment of $5,000 or more is made in the Investor Shares of the Nationwide Government Money Market Fund, and monthly dividends are then automatically invested into one or more of the Nationwide Funds chosen by you at such Fund's current offering price. Nationwide Government Money Market Fund dividends reinvested into one of the other Funds are subject to applicable sales charges.

**Automatic Asset Accumulation** – This is a systematic investment strategy which combines automatic monthly transfers from your personal checking account to your mutual fund account with the concept of Dollar Cost Averaging. With this strategy, you invest a fixed amount monthly over an extended period of time, during both market highs and lows. Dollar Cost Averaging can allow you to achieve a favorable average share cost over time since your fixed monthly investment buys more shares when share prices fall during low markets, and fewer shares at higher prices during market highs. Although no formula can assure a profit or protect against loss in a declining market, systematic investing has proven a valuable investment strategy in the past.

You may open an account that is subject to an Automatic Asset Accumulation plan with no minimum investment, so

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long as each monthly purchase is at least $50 (per Fund). Another way to take advantage of the benefits that Dollar Cost Averaging can offer is through Directed Dividends, as described above.

**Automatic Asset Transfer** – This systematic investment plan allows you to transfer $50 or more to one Fund from another Fund systematically, monthly or quarterly, after Fund minimums have been met. The money is transferred on the day of the month the shareholder selects, or the following business day, if the date selected is a weekend or holiday. Dividends of any amount can be moved automatically from one Fund to another at the time they are paid. This strategy can provide investors with the benefits of Dollar Cost Averaging through an opportunity to achieve a favorable average share cost over time. With this plan, your fixed monthly or quarterly transfer from the Fund to any other Fund you select buys more shares when share prices fall during low markets and fewer shares at higher prices during market highs. Although no formula can assure a profit or protect against loss in a declining market, systematic investing has proven a valuable investment strategy in the past. For transfers from the Investor Shares of the Nationwide Government Money Market Fund to another Fund, sales charges may apply if not already paid.

**Automatic Withdrawal Plan ($50 or More)** – You may have checks for any fixed amount of $50 or more automatically sent bi-monthly, monthly, quarterly, semiannually or annually, to you (or anyone you designate) from your account. Complete the appropriate section of the New Account Form or contact your financial intermediary or the Fund. Your account value must meet the minimum initial investment amount at the time the program is established. This program may reduce and eventually deplete your account. Generally, it is not advisable to continue to purchase Class A shares subject to a sales charge while simultaneously redeeming shares under the program. The $50 minimum is waived for required minimum distributions from IRAs.

NOTE: If you are withdrawing more shares than your account receives in dividends, you will be decreasing your total shares owned, which will reduce your future dividend potential.

**Investor Privileges** 

The Nationwide Funds offer the following privileges to shareholders. Additional information may be obtained by calling NFD toll free at 800-848-0920.

**No Sales Charge on Reinvestments** – All dividends and capital gains will be automatically reinvested free of charge in the form of additional shares within the same Fund and class or another specifically requested Fund (but the same class) unless you have chosen to receive them in cash on your application. Unless requested in writing by the shareholder, the Trust will not mail checks for dividends and capital gains but instead they will automatically be reinvested in the form of additional shares.

**Exchange Privilege** – The exchange privilege is a convenient way to exchange shares from one Fund to another Fund in order to respond to changes in your goals or in market conditions. The registration of the account to which you are making an exchange must be exactly the same as that of the Nationwide Fund account from which the exchange is made, and the amount you exchange must meet the applicable minimum investment of the Fund being purchased. The exchange privilege may be limited due to excessive trading or market timing of Fund shares.

*Exchanges among Nationwide Funds* 

Exchanges may be made among any of the Nationwide Funds within the same class of shares, so long as both accounts have the same registration, and your first purchase in the new Fund meets the new Fund's minimum investment requirement. Notwithstanding the foregoing, no minimum investment requirement shall apply to holders of Institutional Service Class or Class R6 shares of a Nationwide Fund seeking to exchange shares for Institutional Service Class or Class R6 shares (as appropriate) of another Nationwide Fund, where such Institutional Service Class or Class R6 shares had been designated as Class D shares at the close of business on July 31, 2012.

Because Class R shares of the Funds are held within retirement plans, exchange privileges with other Class R shares of the Nationwide Funds may not be available unless the Class R shares of the other Nationwide Funds, as applicable, are also available within a plan. Please contact your retirement plan administrator for information on how to exchange your Class R shares within your retirement plan.

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Generally, there is no sales charge for exchanges of shares. However, if your exchange involves certain Class A shares, you may have to pay the difference between the sales charges if a higher sales charge applies to the Fund into which you are exchanging. If you exchange your Class A shares of a Fund that are subject to a CDSC into another Nationwide Fund and then redeem those Class A shares within 18 months of the original purchase, the applicable CDSC will be the CDSC for the original Fund. If you exchange Investor Shares of the Nationwide Government Money Market Fund into another fund, you must pay the applicable sales charge, unless it has already been paid prior to an exchange into the Nationwide Government Money Market Fund. Exchanges into the Investor Shares of the Nationwide Government Money Market Fund are permitted only from Class A, Class R, Class M and Institutional Service Class shares of other Nationwide Funds. If you exchange certain Class A shares subject to a CDSC for Investor Shares of the Nationwide Government Money Market Fund, the time you hold the shares in the Nationwide Government Money Market Fund will not be counted for purposes of calculating any CDSC. As a result, if you then sell your Investor Shares of the Nationwide Government Money Market Fund, you will pay the sales charge that would have been charged if the initial certain Class A shares had been sold at the time they were originally exchanged into the Nationwide Government Money Market Fund. If you exchange your Investor Shares of the Nationwide Government Money Market Fund back into certain Class A shares, the time you held certain Class A shares prior to the initial exchange into the Nationwide Government Money Market Fund will be counted for purposes of calculating the CDSC. If you wish to purchase shares of a Fund or class for which the exchange privilege does not apply, you will pay any applicable CDSC at the time you redeem your shares and pay any applicable front-end load on the new Fund you are purchasing unless a sales charge waiver otherwise applies.

**Free Checking Writing Privilege** (Investor Shares of the Nationwide Government Money Market Fund Only) – You may request a supply of free checks for your personal use and there is no monthly service fee. You may use them to make withdrawals of $500 or more from your account at any time. Your account will continue to earn daily income dividends until your check clears your account. There is no limit on the number of checks you may write. Cancelled checks will not be returned to you. However, your monthly statement will provide the check number, date and amount of each check written. You also will be able to obtain copies of cancelled checks, the first five free and $2.00 per copy thereafter, by contacting one of our service representatives at 800-848-0920.

**Exchanges May Be Made Four Convenient Ways:** 

**By Telephone** 

**Automated Voice Response System** – You can automatically process exchanges for a Fund by calling 800-848-0920, 24 hours a day, seven days a week. However, if you declined the option on the application, you will not have this automatic exchange privilege. This system also gives you quick, easy access to mutual fund information. Select from a menu of choices to conduct transactions and hear fund price information, mailing and wiring instructions as well as other mutual fund information. You must call our toll-free number by the Valuation Time to receive that day's closing share price. The Valuation Time is the close of regular trading of the New York Stock Exchange, which is usually 4:00 p.m. Eastern time.

**Customer Service Line** – By calling 800-848-0920, you may exchange shares by telephone. Requests may be made only by the account owner(s). You must call our toll-free number by the Valuation Time to receive that day's closing share price.

The Funds may record all instructions to exchange shares. The Funds reserve the right at any time without prior notice to suspend, limit or terminate the telephone exchange privilege or its use in any manner by any person or class.

All of the classes of the Funds will employ the same procedure described under "Buying, Selling and Exchanging Fund Shares" in the applicable Fund's Prospectus to confirm that the instructions are genuine.

No Fund will be liable for any loss, injury, damage, or expense as a result of acting upon instructions communicated by telephone reasonably believed to be genuine, and each Fund will be held harmless from any loss, claims or liability arising from its compliance with such instructions. These options are subject to the terms and conditions set forth in the Prospectus and all telephone transaction calls may be recorded. The Funds reserve the right to revoke this privilege at any time without notice to shareholders and request the redemption in writing, signed by all shareholders.

**By Mail** – Write to Nationwide Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219336, Kansas City, MO 64121-9336. Please be sure that your letter is signed exactly as your account is registered and that your account number and the

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name of the Fund from which you wish to make the exchange are included. For example, if your account is registered "John Doe and Mary Doe", "Joint Tenants with Right of Survivorship," then both John and Mary must sign the exchange request. The exchange will be processed effective the date the signed letter is received.

**By Online Access** – Log on to our website nationwide.com/mutualfunds 24 hours a day, seven days a week, for easy access to your mutual fund accounts. Once you have reached the website, you will be instructed on how to select a password and perform transactions. You can choose to receive information on all Nationwide Funds as well as your own personal accounts. You also may perform transactions, such as purchases, redemptions and exchanges. The Funds may terminate the ability to buy Fund shares on its website at any time, in which case you may continue to exchange shares by mail, wire or telephone pursuant to the Prospectus.

**Investor Services** 

**Automated Voice Response System** – Our toll-free number 800-848-0920 will connect you 24 hours a day, seven days a week to the system. Through a selection of menu options, you can conduct transactions, hear fund price information, mailing and wiring instructions and other mutual fund information.

**Toll Free Information and Assistance** – Customer service representatives are available to answer questions regarding the Funds and your account(s) between the hours of 9 a.m. and 8 p.m. Eastern time (Monday through Friday). Call toll-free: 800-848-0920.

**Retirement Plans and Accounts** – Shares of the Funds may be purchased for Self-Employed Retirement Plans, Individual Retirement Accounts (IRAs), Roth IRAs and Simplified Employee Pension Plans. For a free information kit, call 800-848-0920.

**Shareholder Confirmations** – You will receive a confirmation statement each time a requested transaction is processed. However, no confirmations are mailed on certain pre-authorized or systematic transactions. Instead, these will appear on your next consolidated statement.

**Consolidated Statements** – Fund shareholders receive quarterly statements as of the end of March, June, September and December. Please review your statement carefully and notify us immediately if there is a discrepancy or error in your account.

For shareholders with multiple accounts, your consolidated statement will reflect all your current holdings in the Funds. Your accounts are consolidated by Social Security number, address and zip code. Only transactions during the reporting period will be reflected on the statements. An annual summary statement reflecting all calendar-year transactions in all your Funds will be sent after year-end.

**Shareholder Reports** – All shareholders will receive reports semiannually detailing the financial operations of the Funds.

**Prospectuses** – Updated prospectuses will be mailed to you at least annually.

**Undeliverable Mail** – If mail from the Funds to a shareholder is returned as undeliverable on two or more consecutive occasions, the Funds will not send any future mail to the shareholder unless it receives notification of a correct mailing address for the shareholder. With respect to any dividend/capital gain distribution checks that are returned as undeliverable or not presented for payment within six months, the Trust reserves the right to reinvest the check proceeds and any future distributions in shares of the particular Fund at the then-current NAV of such Fund until the Funds receive further instructions from the shareholder.

**Abandoned Property** – Please be advised that abandoned or unclaimed property laws for certain states (to which your account may be subject) require financial organizations to transfer (escheat) unclaimed property (including shares of a fund) to the appropriate state if no activity occurs in an account for a period of time specified by state law. For IRA accounts escheated to a state under these abandoned property laws, the escheatment will generally be treated as a taxable distribution to you; federal and any applicable state income tax will be withheld. This may apply to your Roth IRA as well.

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**Additional Information** 

**Description of Shares** 

The Second Amended and Restated Declaration of Trust permits the Board to issue an unlimited number of full and fractional shares of beneficial interest of each Fund and to divide or combine such shares into a greater or lesser number of shares without thereby exchanging the proportionate beneficial interests in the Trust. Each share of a Fund represents an equal proportionate interest in that Fund with each other share. The Trust reserves the right to create and issue a number of different funds. Shares of each Fund would participate equally in the earnings, dividends, and assets of that particular fund. Upon liquidation of a Fund, shareholders are entitled to share pro rata in the net assets of such Fund available for distribution to shareholders.

The Trust is authorized to offer the following series of shares of beneficial interest, without par value and with the various classes listed:

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide Bailard International Equities Fund | Class A, Class M, Class R6, Institutional Service Class |
| Nationwide Bailard Small Cap Value Fund<sup>1</sup> | Class A, Class M, Class R6, Institutional Service Class |
| Nationwide Bailard Technology Fund<sup>2</sup> | Class A, Class M, Class R6, Institutional Service Class |
| Nationwide BNY Mellon Dynamic U.S. Core Fund | &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Eagle Class<br>|
| Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>| &nbsp;&nbsp; Class A, Class K, Class R6, Institutional Service Class, <br> Eagle Class<br>|
| Nationwide Bond Index Fund | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Bond Portfolio\* | Class R6 |
| Nationwide Destination 2030 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2035 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2040 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2045 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2050 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2055 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2060 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2065 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination 2070 Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Destination Retirement Fund\* | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Fund | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Fundamental All Cap Equity Portfolio\* | Class R6 |
| Nationwide Geneva Mid Cap Growth Fund | Class A, Class R6, Institutional Service Class |
| Nationwide Geneva Small Cap Growth Fund | Class A, Class R6, Institutional Service Class |
| Nationwide Government Money Market Fund | Investor Shares, Class R6, Service Class |
| Nationwide GQG US Quality Equity Fund | Class A, Class R6, Institutional Service Class, Eagle Class |
| Nationwide Inflation-Protected Securities Fund | Class A, Class R6, Institutional Service Class |
| Nationwide International Equity Portfolio\* | Class R6 |
| Nationwide International Index Fund | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide International Small Cap Fund | Class A, Class R6, Institutional Service Class |
| Nationwide Invesco Core Plus Bond Fund<sup>3</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide Investor Destinations Aggressive Fund\* | &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Service Class<br>|
| Nationwide Investor Destinations Conservative Fund\* | &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Service Class<br>|
| Nationwide Investor Destinations Moderate Fund\* | &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Service Class<br>|
| Nationwide Investor Destinations Moderately Aggressive <br> Fund\*<br>| &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Service Class<br>|

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| | |
|:---|:---|
| **Series** | **Share Classes** |
| Nationwide Investor Destinations Moderately Conservative <br> Fund\*<br>| &nbsp;&nbsp; Class A, Class R, Class R6, Institutional Service Class, <br> Service Class<br>|
| Nationwide Large Cap Equity Portfolio\* | Class R6 |
| Nationwide Loomis All Cap Growth Fund | Class A, Class R6, Institutional Service Class, Eagle Class |
| Nationwide Loomis Core Bond Fund | Class A, Class R6, Institutional Service Class, Eagle Class |
| Nationwide Loomis Short Term Bond Fund | Class A, Class R6, Institutional Service Class |
| Nationwide Mid Cap Market Index Fund | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide NYSE Arca Tech 100 Index Fund | Class A, Class R6, Institutional Service Class |
| Nationwide S&P 500 Index Fund | &nbsp;&nbsp; Class A, Class R, Class R6, Service Class, Institutional <br> Service Class<br>|
| Nationwide Schroders Global Equity Fund<sup>4</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide Small Cap Index Fund | Class A, Class R, Class R6, Institutional Service Class |
| Nationwide Strategic Income Fund<sup>5</sup> | Class A, Class R6, Institutional Service Class |
| Nationwide U.S. 130/30 Equity Portfolio\* | Class R6 |
| Nationwide WCM Focused Small Cap Fund | Class A, Class R6, Institutional Service Class |

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\*

Information on these Nationwide Funds is contained in separate Statements of Additional Information.

<sup>1</sup>

Name change effective February 28, 2026. Formerly, Nationwide Bailard Cognitive Value Fund.

<sup>2</sup>

Name change effective February 28, 2026. Formerly, Nationwide Bailard Technology & Science Fund.

<sup>3</sup>

Name change effective May 12, 2025. Formerly, Nationwide BNY Mellon Core Plus Bond Fund.

<sup>4</sup>

Name change effective November 17, 2025. Formerly, Nationwide Global Sustainable Equity Fund.

<sup>5</sup>

Name change effective June 26, 2025. Formerly, Nationwide Amundi Strategic Income Fund.

You have an interest only in the assets of the Fund whose shares you own. Shares of a particular class are equal in all respects to the other shares of that class. In the event of liquidation of a Fund, shares of the same class will share pro rata in the distribution of the net assets of the Fund with all other shares of that class. All shares are without par value and when issued and paid for, are fully paid and nonassessable by the Trust. Shares may be exchanged or converted as described in this SAI and in the Prospectus but will have no other preference, conversion, exchange or pre-emptive rights.

**Voting Rights** 

Shareholders of each class of shares have one vote for each share held and a proportionate fractional vote for any fractional share held. Shareholders may vote in the election of Trustees and on other matters submitted to meetings of shareholders. Shares, when issued, are fully paid and nonassessable. Generally, amendment may not be made to the Second Amended and Restated Declaration of Trust without the affirmative vote of a majority of the outstanding voting securities of the Trust. The Trustees may, however, further amend the Second Amended and Restated Declaration of Trust without the vote or consent of shareholders to:

(1) designate series of the Trust; or

(2) change the name of the Trust; or

(3) apply any omission, cure, correct, or supplement any ambiguous, defective, or inconsistent provision to conform the Second Amended and Restated Declaration of Trust to the requirements of applicable federal laws or regulations if they deem it necessary.

An annual or special meeting of shareholders to conduct necessary business is not required by the Second Amended and Restated Declaration of Trust, the 1940 Act or other authority, except, under certain circumstances, to amend the Second Amended and Restated Declaration of Trust, the Investment Advisory Agreement, fundamental investment objectives, investment policies and investment restrictions, to elect and remove Trustees, to reorganize the Trust or any series or class thereof and to act upon certain other business matters. In regard to termination, sale of assets, modification or change of the Investment Advisory Agreement, or change of investment restrictions with respect to a Fund, the right to vote is limited to the holders of shares of that Fund. However, shares of all Nationwide Funds vote together, and not by Fund, in the election of Trustees. If an issue must be approved by a majority as defined in the 1940 Act, a "majority of the outstanding voting securities" means the lesser of (i) 67% or more of the shares present at a meeting when the holders of more than 50% of the outstanding shares are present or represented by proxy, or (ii) more than 50% of the outstanding shares. For the election of Trustees only a plurality is required. Holders of shares subject to a Rule 12b-1 fee will vote as a class and not with holders of any other class with respect to the approval of the Rule 12b-1 Plan.

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**Additional General Tax Information for All Funds** 

The following is a summary of certain additional tax considerations generally affecting a Fund (sometimes referred to as "the Fund") and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "ADDITIONAL GENERAL TAX INFORMATION FOR ALL FUNDS" section is based on the Internal Revenue Code and applicable regulations in effect on the date of this Statement of Additional Information. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.*** 

***The information discussed in this section applies generally to all of the Funds, but is supplemented or modified in additional separate sections that are provided below for the Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Invesco Core Plus Bond Fund, Nationwide Government Money Market Fund and Nationwide Inflation-Protected Securities Fund.*** 

**Taxation of the Fund** 

The Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "fund") under Subchapter M of the Internal Revenue Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Distribution Requirement– the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Income Requirement– the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Asset Diversification Test– the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of

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investments. In other circumstances, the Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

The Fund may use "equalization" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Fund uses equalization, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Fund's allocation is improper and that the Fund has under distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset Diversification Test which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board of Trustees reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Portfolio turnover*. For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate (except in a money market fund that maintains a stable net asset value) may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "Taxation of Fund Distributions– Distributions of capital gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors– In general" below.

*Capital loss carryovers*. The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of the Fund increase their aggregate holdings by more than 50 percentage points over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. In addition, if the Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of late year losses*. The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital

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gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions– Distributions of capital gains" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Fund has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October losses, (b) specified losses, and (c) specified gains.

*Undistributed capital gains*. The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal excise tax*. To avoid a 4% non-deductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

*Foreign income tax*. Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign countries, which entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. These and other factors may make it difficult for the Fund to determine in advance the effective rate of foreign tax on its investments in certain countries. Under certain circumstances, the Fund may elect to pass-through certain eligible foreign income taxes paid by the Fund to shareholders, although it reserves the right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in

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which the refund is received. See, "Taxation of Fund Distributions– Pass-through of foreign tax credits."

**Taxation of Fund Distributions** 

The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (or of another fund). The Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of net investment income*. The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund also may recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed to noncorporate taxpayers at reduced rates or for the dividends-received deduction available to corporations. See the discussion below under the headings, "—Qualified dividend income for individuals" and "—Dividends-received deduction for corporations."

*Distributions of capital gains*. The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of capital*. Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons including, among others, the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, "Tax Treatment of Portfolio Transactions–Investments in U.S. REITs" below).

*Qualified dividend income for individuals*. Ordinary income dividends reported by the Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Qualified REIT dividends*. Under the TCJA, "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). A Fund may choose to report the special character of "qualified REIT dividends" to its shareholders, provided both the Fund and the shareholder meet certain holding period

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requirements. The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

*Business interest income*. Under Section 163(j) of the Code, enacted by the TCJA, generally, the amount of business interest that a taxpayer can deduct for any year is limited to the taxpayer's (i) business interest income (which is the amount of interest includible in the gross income of the taxpayer which is properly allocable to a trade or business, but does not include investment income) plus (ii) 30% of adjusted taxable income (but not less than zero) plus (iii) floor plan financing interest. A Fund is permitted to pass-through its net business interest income (generally the Fund's interest income less applicable expenses and deductions) as a "Section 163(j) interest dividend." The amount passed through to shareholders is considered interest income and can then be used to determine such shareholder's business interest deduction under Section 163(j), if any, subject to holding period requirements and other limitations. A Fund may choose not to report such Section 163(j) interest dividends.

*Dividends-received deduction for corporations*. For corporate shareholders, a portion of the dividends paid by the Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the investor. Specifically, the amount that the Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares also may be reduced or eliminated. Income derived by the Fund from investments in derivatives, fixed-income and foreign securities, and income received "in lieu of " dividends in a securities lending transaction generally is not eligible for this treatment.

Impact of realized but undistributed income and gains, and net unrealized appreciation of portfolio securities. At the time of your purchase of shares (except in a money market fund that maintains a stable net asset value), the Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend 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. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-through of foreign tax credits*. If more than 50% of the value of the Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass-through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass-through to its shareholders the amount of foreign income taxes paid by the Fund. In addition, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions– Securities lending" below.

*Tax credit bonds*. If the Fund holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their

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proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Internal Revenue Code. Under the TCJA, the build America bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017. Even if the Fund is eligible to pass-through tax credits to shareholders, the Fund may choose not to do so.

*U.S. government securities*. Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, securities lending agreements, commercial paper and federal agency-backed obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends declared in December and paid in January*. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare tax*. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case).This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Sales, Exchanges and Redemptions of Fund Shares** 

Sales, exchanges and redemptions (including redemptions in-kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Tax basis information*. The Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Fund (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Fund through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account, or shareholders investing in a money market fund that maintains a stable net asset value. When required to report cost basis, the Fund will calculate it using the Fund's default method of average cost, unless you instruct the Fund in writing to use a different calculation method. In general, average cost is the total cost basis of all your shares in an account divided by the total number of shares in the account. To determine whether short-term or long-term capital gains taxes apply, the IRS presumes you redeem your oldest shares first.

The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Fund does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Fund in writing if you intend to utilize a method other than average cost for covered shares.

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In addition to the Fund's default method of average cost, other cost basis methods offered by Nationwide Mutual Funds, which you may elect to apply to covered shares, include:

● FIFO (First In, First Out) - the shares purchased first are sold first.

● LIFO (Last In, First Out) - the shares purchased last are sold first.

● High Cost - the shares with the highest cost per share are sold first.

● Low Cost - the shares with the lowest cost per share are sold first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Loss/Gain Utilization - groups of shares (lots) are selected and sold based on generating losses first (short-term then long-term) and gains last (long-term then short-term).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Specific Lot Identification - you must specify the share lots to be sold at the time of redemption. This method requires you to elect a secondary method in the event the lots you designate for redemption are unavailable. The secondary method options include first in, first out; last in, first out; low cost; high cost; and loss/gain utilization. If a secondary method is not elected, first in, first out will be used.

You may elect any of the available methods detailed above for your covered shares. If you do not notify the Fund in writing of your elected cost basis method upon the initial purchase into your account, the default method of average cost will be applied to your covered shares. The cost basis for covered shares will be calculated separately from any shares purchased prior to January 1, 2012 or shares acquired on or after January 1, 2012 for which cost basis information is not known by the Fund ("noncovered shares") you may own. You may change from average cost to another cost basis method for covered shares at any time by notifying the Fund in writing, but only for shares acquired after the date of the change (the change is prospective). The basis of the shares that were averaged before the change will remain averaged after the date of the change.

With the exception of the specific lot identification method, Nationwide Mutual Funds first depletes noncovered shares with unknown cost basis in first in, first out order and then noncovered shares with known basis in first in, first out order before applying your elected method to your remaining covered shares. If you want to deplete your shares in a different order, then you must elect specific lot identification and choose the lots you wish to deplete first.

The Fund will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Internal Revenue Code and Treasury regulations for purposes of reporting these amounts to you and the IRS. However, the Fund is not required to, and in many cases the Fund does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required by the Internal Revenue Code and Treasury regulations when reporting these amounts on their federal income tax returns. Shareholders remain solely responsible for complying with all federal income tax laws when filing their federal income tax returns.

If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

*Wash sales*. All or a portion of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions at a loss within six months of purchase*. Any capital loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

*Deferral of basis*. If a shareholder (a) incurs a sales load in acquiring shares of the Fund, (b) disposes of such shares less than 91 days after they are acquired, and (c) subsequently acquires shares of the Fund or another fund by January 31 of the calendar year following the calendar year in which the disposition of the original shares occurred at a reduced sales load pursuant to a right to reinvest at such reduced sales load acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on the shares disposed of, but shall be treated as incurred on the acquisition of the shares subsequently acquired. The wash sale rules also may limit the amount of loss that may be taken into account on disposition after such adjustment.

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*Conversion or exchange of shares into shares of the same Fund*. The conversion or exchange of shares of one class into another class of the same Fund is not taxable for federal income tax purposes. For example, the exchange of Class A shares for Institutional Service Class shares of the same Fund in certain Programs sponsored by and/or controlled by financial intermediaries, or the exchange of Institutional Service Class shares for Class A shares of the same Fund by certain holders who cease participation in such Programs, will be tax-free for federal income tax purposes. This is true whether the conversion occurs automatically pursuant to the terms of the class or is initiated by the shareholder. Shareholders also should consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares.

*Reportable transactions*. Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Tax Treatment of Portfolio Transactions** 

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS, STRATEGIES AND INVESTMENT POLICIES" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In general*. In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character of certain gains or losses.

*Certain fixed-income investments*. Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount which accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund*. Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements and hedging transactions*. In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the fund minus (b) the fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put option written

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by it, the fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Internal Revenue Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Internal Revenue Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a fund's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax.

Certain of a fund's investments in derivatives and foreign currency-denominated instruments, and the fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign currency transactions*. A fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a fund's ordinary income distributions to you, and may cause some or all of the fund's previously distributed income to be classified as a return of capital. In certain cases, a fund may make an election to treat such gain or loss as capital.

*PFIC investments*. A fund may invest in securities of foreign companies that may be classified under the Internal Revenue Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and recognize any unrealized gains as ordinary income at the end of the fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a fund is required to distribute, even though it has not sold or received dividends from these securities. You also should be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign companies are not required to

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identify themselves as PFICs. Due to various complexities in identifying PFICs, a fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market election. If a fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

*Investments in U.S. REITs.* A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT's current and accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to a fund will be treated as long-term capital gains by the fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity U.S. REIT's cash flow may exceed its taxable income. The equity U.S. REIT, and in turn a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a U.S. REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable income of the U.S. REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of Portfolio Transactions– Investment in taxable mortgage pools (excess inclusion income)" and "Non-U.S. Investors– Investment in U.S. real property" below with respect to certain other tax aspects of investing in U.S. REITs.

*Investment in non-U.S. REITs*. While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. A fund's pro rata share of any such taxes will reduce the fund's return on its investment. A fund's investment in a non-U.S. REIT may be considered an investment in a PFIC, as discussed above in "PFIC investments." In addition, foreign withholding taxes on distributions from the non-U.S. REIT may be reduced or eliminated under certain tax treaties, as discussed above in "Taxation of the Fund– Foreign income tax." Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-U.S. REIT under rules similar to those in the United States, which tax foreign persons on gain realized from dispositions of interests in U.S. real estate.

*Investment in taxable mortgage pools (excess inclusion income)*. Under a Notice issued by the IRS, the Internal Revenue Code and Treasury regulations to be issued, a portion of a fund's income from a U.S. REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or equity interests in a "taxable mortgage pool" (referred to in the Internal Revenue Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has a non-REIT strategy.

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*Investments in partnerships and QPTPs*. For purposes of the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the fund. While the rules are not entirely clear with respect to a fund investing in a partnership outside a master-feeder structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Securities lending*. While securities are loaned out by a fund, the fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in convertible securities*. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium unrelated to the conversion feature of the security over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange-traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received may be qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles. A change in the conversion ratio or conversion price of a convertible security on account of a dividend paid to the issuer's other shareholders may result in a deemed distribution of stock to the holders of the convertible security equal to the value of their increased interest in the equity of the issuer. Thus, an increase in the conversion ratio of a convertible security can be treated as a taxable distribution of stock to a holder of the convertible security (without a corresponding receipt of cash by the holder) before the holder has converted the security.

*Investments in securities of uncertain tax character*. A fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Internal Revenue Code.

**Backup Withholding** 

By law, the Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

● provide your correct social security or taxpayer identification number,

● certify that this number is correct,

● certify that you are not subject to backup withholding, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● certify that you are a U.S. person (including a U.S. resident alien).

The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors** 

Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In general*. The United States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends paid to you by the Fund. Exemptions from this U.S. withholding tax are provided for capital gain dividends paid by the Fund from its net long-term capital gains, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources, and short-term capital gain dividends.

However, the Fund may choose not to utilize the exemptions for interest-related dividends paid and short- term capital gains dividends paid. Moreover, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Net investment income from dividends on stock and foreign source interest income continue to be subject to withholding tax; foreign tax credits. Ordinary dividends paid by the Fund to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income effectively connected with a U.S. trade or business*. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

*Investment in U.S. real property*. The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. tax on disposition of a U.S. real property interest ("USRPI") as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA gain. The Fund may invest in equity securities of corporations that invest in USRPI, including U.S. REITs, which may trigger FIRPTA gain to the Fund's non-U.S. shareholders.

The Internal Revenue Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs, USRPIs and other U.S. real property holding corporations ("USRPHC"). If a RIC is a qualified investment entity and the non-U.S. shareholder owns more than 5% of a class of Fund shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the non-U.S. shareholder is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring the non-U.S. shareholder to file a nonresident U.S. income tax return. In addition, even if the non-U.S. shareholder does not own more than 5% of a class of Fund shares, but the Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

Because the Fund expects to invest less than 50% of its assets at all times, directly or indirectly, in U.S. real property interests, the Fund expects that neither gain on the sale or redemption of Fund shares nor Fund dividends and distributions

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would be subject to FIRPTA reporting and tax withholding.

*U.S. estate tax*. Transfers by gift of shares of the Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, the Fund may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's U.S. situs assets are below this threshold amount.

*U.S. tax certification rules*. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the U.S. and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("FATCA")*. Under FATCA, the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions ("FFI") or nonfinancial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it meets certification requirements described below. The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under section 1471(b) of the Internal Revenue Code ("FFI agreement") under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the U.S. and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA

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withholding. Non-U.S. investors should consult their own tax advisors regarding the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

**Effect of Future Legislation; Local Tax Considerations** 

The foregoing general discussion of U.S. federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this Statement of Additional Information. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions also may be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

**Additional Tax Information with Respect to the Nationwide Government Money Market Fund** 

The tax information described in "Additional General Tax Information for All Funds" above applies to the Nationwide Government Money Market Fund (the "Money Market Fund"), except as noted in this section.

**Distributions of net investment income** 

The Money Market Fund typically declares dividends from its daily net income each day that its NAV is calculated and pays such dividends monthly. The Money Market Fund's daily net income includes accrued interest and any original issue or acquisition discount, plus or minus any gain or loss on the sale of portfolio securities and changes in unrealized appreciation or depreciation in portfolio securities (to the extent required to maintain a stable $1 share price), less the estimated expenses of the Money Market Fund. Any distributions by the Money Market Fund from such income will be taxable to you as ordinary income, whether you receive them in cash or in additional shares.

**Distributions of capital gain** 

The Money Market Fund may derive capital gain or loss in connection with sales or other dispositions of its portfolio securities. If you are a taxable investor, distributions from net short-term capital gain will be taxable to you as ordinary income. Because the Money Market Fund is a money market fund, it is not expected to realize any long-term capital gain.

**Maintaining a $1 share price** 

Gain and loss on the sale of portfolio securities and unrealized appreciation or depreciation in the value of these securities may require the Money Market Fund to adjust distributions, including withholding dividends, to maintain its $1 share price. These procedures may result in under- or over-distributions by the Money Market Fund of its net investment income. This in turn may result in return of capital distributions, the effect of which is described above in "Taxation of Fund Distributions– Returns of capital."

**Redemption of Fund shares** 

Redemptions (including redemptions in kind) and exchanges of Money Market Fund shares are taxable transactions for federal and state income tax purposes. Because the Money Market Fund tries to maintain a stable $1 share price, however, you should not expect to realize any capital gain or loss on the sale or exchange of your shares. For tax purposes, an exchange of your Money Market Fund shares for shares of a different Nationwide Fund is the same as a sale. Shareholders may elect to adopt a simplified "NAV method" for computing gains and losses from taxable sales, exchanges or redemptions of Money Market Fund shares. Under the NAV method, rather than computing gain or loss separately for each taxable disposition of shares as described above, a shareholder would determine gain or loss based on the change in the aggregate value of the shareholder's shares during a computation period (which could be the shareholder's taxable year or certain shorter periods),

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reduced by the shareholder's net investment (purchases minus taxable sales, exchanges, or redemptions or exchanges) in those shares during that period. Under the NAV method, if a shareholder holds the shares as a capital asset, any resulting net gain or loss would be treated as short-term capital gain or loss.

**Wash sale rule** 

All or a portion of any loss so realized on the sale or redemption of shares in the Money Market Fund may be deferred under the wash sale rules if the shareholder purchases other shares of the same Fund within 30 days before or after the sale or redemption and the shareholder does not elect to adopt the NAV method.

**Qualified dividend income for individuals** 

Because the Money Market Fund's income is derived primarily from interest rather than dividends, none of its distributions are expected to be qualified dividends eligible for taxation by individuals at long-term capital gain rates.

**Dividends-received deduction for corporations** 

Because the Money Market Fund's income is derived primarily from interest rather than dividends, none of its distributions are expected to qualify for the corporate dividends-received deduction.

**ADDITIONAL TAX INFORMATION WITH RESPECT TO THE NATIONWIDE BOND INDEX FUND, NATIONWIDE INFLATION-PROTECTED SECURITIES FUND, NATIONWIDE INTERNATIONAL INDEX FUND, NATIONWIDE INVESCO CORE PLUS BOND FUND, NATIONWIDE LOOMIS CORE BOND FUND AND NATIONWIDE LOOMIS SHORT-TERM BOND FUND** 

The tax information described in "Additional General Tax Information for All Funds" above applies to the Nationwide Bond Index Fund, Nationwide Inflation-Protected Securities Fund, Nationwide International Index Fund, Nationwide Invesco Core Plus Bond Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short-Term Bond Fund except as noted in this section.

**Qualified dividend income for individuals** 

Because the income of the Nationwide Bond Index Fund, Nationwide Inflation-Protected Securities Fund and Nationwide Invesco Core Plus Bond Fund is derived primarily from interest rather than dividends, generally none or only a small portion of its distributions are expected to be qualified dividends eligible for taxation by individuals at long-term capital gain rates.

**Dividends-received deduction for corporations** 

Because each Fund's income is derived primarily from interest or foreign securities, generally none or only a small portion of its distributions are expected to qualify for the corporate dividends-received deduction.

**Major Shareholders** 

To the extent NFA and its affiliates directly or indirectly own, control and hold power to vote 25% or more of the outstanding shares of the Funds, it is deemed to have "control" over matters which are subject to a vote of the Funds' shares.

NFA, is wholly owned by NFS. NFS, a holding company, is a direct wholly owned subsidiary of Nationwide Corporation. Nationwide Corporation is also a holding company in the Nationwide Insurance Enterprise, which includes Nationwide Investment Management Group. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company, which is a mutual company owned by its policyholders.

Except as identified below, as of January 26, 2026, the Trustees and Officers of the Trust, as a group, owned beneficially less than 1% of any class of shares of the Fund.

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| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Percent of Fund Shares Owned by Trustees/Officers** |

---

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As of January 26, 2026, the record shareholders identified in Appendix D to this SAI held five percent or greater of the shares of a class of the Fund.

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**APPENDIX A** <br>**DEBT RATINGS** 

**STANDARD & POOR'S DEBT RATINGS** 

A Standard & Poor's corporate or municipal debt rating is an opinion of the general creditworthiness of an obligor, or the creditworthiness of an obligor with respect to a particular debt security or other financial obligation, based on relevant risk factors.

The debt rating does not constitute a recommendation to purchase, sell, or hold a particular security. In addition, a rating does not comment on the suitability of an investment for a particular investor. The ratings are based on current information furnished by the issuer or obtained by Standard & Poor's from other sources it considers reliable. Standard & Poor's does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

1. Likelihood of default - capacity and willingness of the obligor as to its financial commitments in a timely manner in accordance with the terms of the obligation.

2. Nature of and provisions of the obligation.

3. Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

**INVESTMENT GRADE** 

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| | |
|:---|:---|
| AAA | &nbsp;&nbsp; Debt rated 'AAA' has the highest rating assigned by Standard & Poor's. Capacity to meet financial commitments is <br> extremely strong.<br>|
| AA | &nbsp;&nbsp; Debt rated 'AA' has a very strong capacity to meet financial commitments and differs from the highest rated issues <br> only in small degree.<br>|
| A | &nbsp;&nbsp; Debt rated 'A' has a strong capacity to meet financial commitments although it is somewhat more susceptible to the <br> adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.<br>|
| BBB | &nbsp;&nbsp; Debt rated 'BBB' is regarded as having an adequate capacity meet financial commitments. Whereas it normally <br> exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely <br> to lead to a weakened capacity to meet financial commitments for debt in this category than in higher rated <br> categories.<br>|

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**SPECULATIVE GRADE** 

Debt rated 'BB', 'B', 'CCC', 'CC' and 'C' are regarded as having significant speculative characteristics with respect to capacity to pay interest and repay principal. 'BB' indicates the least degree of speculation and 'C' the highest. While such debt will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major risk exposures to adverse conditions.

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| | |
|:---|:---|
| BB | &nbsp;&nbsp; Debt rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing <br> uncertainties or exposure to adverse business, financial, or economic conditions which could lead to inadequate <br> capacity to meet financial commitments.<br>|
| B | &nbsp;&nbsp; Debt rated 'B' has a greater vulnerability to nonpayment than obligations rated BB but currently has the capacity to <br> meet its financial commitments. Adverse business, financial, or economic conditions will likely impair capacity or <br> willingness to meet financial commitments.<br>|

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CCC Debt rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions to meet financial commitments. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to meet its financial commitments. 

CC Debt rated 'CC' typically is currently highly vulnerable to nonpayment.

C Debt rated 'C' may signify that a bankruptcy petition has been filed, but debt service payments are continued.

D Debt rated 'D' is in payment default. The 'D' rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized. 

**MOODY'S LONG-TERM DEBT RATINGS** 

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| | |
|:---|:---|
| Aaa | Bonds which are rated Aaa are judged to be of the highest quality, with minimal credit risk. |
| Aa | Bonds which are rated Aa are judged to be of high quality by all standards and are subject to very low credit risk. |
| A | Bonds which are rated A are to be considered as upper-medium grade obligations and subject to low credit risk. |
| Baa | &nbsp;&nbsp; Bonds which are rated Baa are considered as medium-grade obligations, subject to moderate credit risk and in fact <br> may have speculative characteristics.<br>|
| Ba | Bonds which are rated Ba are judged to have speculative elements and are subject to substantial credit risk. |
| B | Bonds which are rated B are considered speculative and are subject to high credit risk. |
| Caa | Bonds which are rated Caa are judged to be of poor standing and are subject to very high credit risk. |
| Ca | &nbsp;&nbsp; Bonds which are rated Ca represent obligations which are highly speculative. Such issues are likely in default, or <br> very near, with some prospect of recovery of principal and interest.<br>|
| C | &nbsp;&nbsp; Bonds which are rated C are the lowest rated class of bonds, and are typically in default. There is little prospect for <br> recovery of principal or interest.<br>|

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**STATE AND MUNICIPAL NOTES** 

Excerpts from Moody's Investors Service, Inc., description of state and municipal note ratings:

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| | |
|:---|:---|
| MIG-1 | &nbsp;&nbsp; Notes bearing this designation are of superior credit quality, enjoying excellent protection by established cash <br> flows, highly reliable liquidity support, or demonstrated broad based access to the market for refinancing.<br>|
| MIG-2 | &nbsp;&nbsp; Notes bearing this designation are of strong credit quality, with margins of protection ample although not so large <br> as in the preceding group.<br>|
| MIG-3 | &nbsp;&nbsp; Notes bearing this designation are of acceptable credit quality, with possibly narrow liquidity and cash flow <br> protection. Market access for refinancing is likely to be less well established.<br>|
| SG | &nbsp;&nbsp; Notes bearing this designation are of speculative grade credit quality and may lack sufficient margins of <br> protection.<br>|

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**FITCH, INC. BOND RATINGS** 

Fitch investment grade bond ratings provide a guide to investors in determining the credit risk associated with a particular security. The ratings represent Fitch's assessment of the issuer's ability to meet the obligations of a specific debt issue or class of debt in a timely manner.

The rating takes into consideration special features of the issue, its relationship to other obligations of the issuer, the current and prospective financial condition and operating performance of the issuer and any guarantor, as well as the economic and political environment that might affect the issuer's future financial strength and credit quality.

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Fitch ratings do not reflect any credit enhancement that may be provided by insurance policies or financial guaranties unless otherwise indicated.

Bonds that have the same rating are of similar but not necessarily identical credit quality since the rating categories do not fully reflect small differences in the degrees of credit risk.

Fitch ratings are not recommendations to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect of any security.

Fitch ratings are based on information obtained from issuers, other obligors, underwriters, their experts, and other sources Fitch believes to be reliable. Fitch does not audit or verify the truth or accuracy of such information. Ratings may be changed, suspended, or withdrawn as a result of changes in, or the unavailability of, information or for other reasons.

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| | |
|:---|:---|
| AAA | &nbsp;&nbsp; Bonds considered investment grade and representing the lowest expectation of credit risk. The obligor <br> has an exceptionally strong capacity for timely payment of financial commitments, a capacity that is <br> highly unlikely to be adversely affected by foreseeable events.<br>|
| AA | &nbsp;&nbsp; Bonds considered to be investment grade and of very high credit quality. This rating indicates a very <br> strong capacity for timely payment of financial commitments, a capacity that is not significantly <br> vulnerable to foreseeable events.<br>|
| A | &nbsp;&nbsp; Bonds considered to be investment grade and represent a low expectation of credit risk. This rating <br> indicates a strong capacity for timely payment of financial commitments. This capacity may, <br> nevertheless, be more vulnerable to changes in economic conditions or circumstances than long term <br> debt with higher ratings.<br>|
| BBB | &nbsp;&nbsp; Bonds considered to be in the lowest investment grade and indicates that there is currently low <br> expectation of credit risk. The capacity for timely payment of financial commitments is considered <br> adequate, but adverse changes in economic conditions and circumstances are more likely to impair this <br> capacity.<br>|
| BB | &nbsp;&nbsp; Bonds are considered speculative. This rating indicates that there is a possibility of credit risk <br> developing, particularly as the result of adverse economic changes over time; however, business or <br> financial alternatives may be available to allow financial commitments to be met. Securities rated in <br> this category are not investment grade.<br>|
| B | &nbsp;&nbsp; Bonds are considered highly speculative. This rating indicates that significant credit risk is present, but <br> a limited margin of safety remains. Financial commitments are currently being met; however, capacity <br> for continued payment is contingent upon a sustained, favorable business and economic environment.<br>|
| CCC, CC and C | &nbsp;&nbsp; Bonds are considered a high default risk. Default is a real possibility. Capacity for meeting financial <br> commitments is solely reliant upon sustained, favorable business or economic developments. A 'CC' <br> rating indicates that default of some kind appears probable. 'C' rating signal imminent default.<br>|
| DDD, DD and D | &nbsp;&nbsp; Bonds are in default. Such bonds are not meeting current obligations and are extremely speculative. <br> 'DDD' designates the highest potential for recovery of amounts outstanding on any securities involved <br> and 'D' represents the lowest potential for recovery.<br>|

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**SHORT-TERM RATINGS** 

**STANDARD & POOR'S COMMERCIAL PAPER RATINGS** 

A Standard & Poor's commercial paper rating is a current assessment of the likelihood of timely payment of debt considered short-term in the relevant market.

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Ratings are graded into several categories, ranging from 'A-1' for the highest quality obligations to 'D' for the lowest. These categories are as follows:

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| | |
|:---|:---|
| A-1 | &nbsp;&nbsp; This highest category indicates that capacity to meet financial commitments is strong. Those issues determined to <br> possess extremely strong safety characteristics are denoted with a plus sign (+) designation.<br>|
| A-2 | &nbsp;&nbsp; Capacity to meet financial commitments is satisfactory, although more susceptible to the adverse effects of changes <br> in circumstances and economic conditions than obligations in higher rating categories.<br>|
| A-3 | &nbsp;&nbsp; Issues carrying this designation have adequate protections. They are, however, more vulnerable to adverse economic <br> conditions or changing circumstances which could weaken capacity to meet financial commitments.<br>|
| B | Issues rated 'B' are regarded as having significant speculative characteristics. |
| C | &nbsp;&nbsp; This rating is assigned to short-term debt obligations that are vulnerable to nonpayment and dependent on favorable <br> business, financial, and economic conditions in order to meet financial commitments.<br>|
| D | &nbsp;&nbsp; Debt rated 'D' is in payment default. The 'D' rating category is used when interest payments or principal payments <br> are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes <br> that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a <br> bankruptcy petition if debt service payments are jeopardized.<br>|

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**STANDARD & POOR'S NOTE RATINGS** 

An S&P note rating reflects the liquidity factors and market-access risks unique to notes. Notes maturing in three years or less will likely receive a note rating. Notes maturing beyond three years will most likely receive a long-term debt rating.

The following criteria will be used in making the assessment:

1. Amortization schedule - the larger the final maturity relative to other maturities, the more likely the issue is to be treated as a note.

2. Source of payment - the more the issue depends on the market for its refinancing, the more likely it is to be considered a note.

Note rating symbols and definitions are as follows:

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| | |
|:---|:---|
| SP-1 | &nbsp;&nbsp; Strong capacity to pay principal and interest. Issues determined to possess very strong capacity to pay principal and <br> interest are given a plus (+) designation.<br>|
| SP-2 | &nbsp;&nbsp; Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic <br> changes over the term of the notes.<br>|
| SP-3 | Speculative capacity to pay principal and interest. |

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**MOODY'S SHORT-TERM RATINGS** 

Moody's short-term debt ratings are opinions of the ability of issuers to honor short-term financial obligations. These obligations have an original maturity not exceeding thirteen months, unless explicitly noted. Moody's employs the following three designations to indicate the relative repayment capacity of rated issuers:

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| | |
|:---|:---|
| P-1 | Issuers (or supporting institutions) rated Prime-1 have a superior capacity to repay short-term debt obligations. |
| P-2 | Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. |
| P-3 | Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. |

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Issuers rated Not Prime do not fall within any of the Prime rating categories.

**MOODY'S NOTE RATINGS** 

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| | |
|:---|:---|
| MIG 1/VMIG 1 | &nbsp;&nbsp; Notes bearing this designation are of superior credit quality, enjoying excellent protection by established <br> cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for <br> refinancing.<br>|
| MIG 2/VMIG 2 | &nbsp;&nbsp; Notes bearing this designation are of strong credit quality, with margins of protection ample although <br> not so large as in the preceding group.<br>|
| MIG 3/VMIG 3 | &nbsp;&nbsp; Notes bearing this designation are of acceptable credit quality, with possibly narrow liquidity and cash-<br> flow protection. Market access for refinancing is likely to be less well established.<br>|
| SG | &nbsp;&nbsp; Notes bearing this designation are of speculative-grade credit quality and may lack sufficient margins of <br> protection.<br>|

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**FITCH'S SHORT-TERM RATINGS** 

Fitch's short-term ratings apply to debt obligations that are payable on demand or have original maturities of up to three years, including commercial paper, certificates of deposit, medium-term notes, and municipal and investment notes.

The short-term rating places greater emphasis than a long-term rating on the existence of liquidity necessary to meet the issuer's obligations in a timely manner.

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| | |
|:---|:---|
| F-1+ | Best quality, indicating exceptionally strong capacity to meet financial commitments. |
| F-1 | Best quality, indicating strong capacity to meet financial commitments. |
| F-2 | Good quality with satisfactory capacity to meet financial commitments. |
| F-3 | &nbsp;&nbsp; Fair quality with adequate capacity to meet financial commitments but near term adverse conditions could impact <br> the commitments.<br>|
| B | &nbsp;&nbsp; Speculative quality and minimal capacity to meet commitments and vulnerability to short-term adverse changes in <br> financial and economic conditions.<br>|
| C | &nbsp;&nbsp; Possibility of default is high and the financial commitments are dependent upon sustained, favorable business and <br> economic conditions.<br>|
| D | In default and has failed to meet its financial commitments. |

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**APPENDIX B** <br>**PROXY VOTING GUIDELINES SUMMARIES**

**<u>BAILARD, INC.</u>** 

Bailard has adopted proxy voting policies and procedures that are reasonably designed to ensure that we vote proxies in the best interests of our clients ("Proxy Voting Policy"). Bailard currently votes domestic and international stock proxies for accounts whose investment advisory agreement gives Bailard authority to vote proxies on their behalf. The accounts for which Bailard votes proxies include, but are not limited to, mutual funds, our affiliated pooled vehicles, certain separately managed institutional accounts, ERISA accounts and (unless otherwise directed) omnibus ballot accounts.

In seeking to avoid material conflicts of interest, we have engaged Institutional Shareholder Services ("ISS"), a third-party service provider, to vote in accordance with ISS' SRI proxy voting guidelines ("ISS Guidelines"), depending on the client. Bailard generally does not allow the option for clients to direct the votes in a particular solicitation. In certain limited circumstances, ISS may be instructed to use custom guidelines when voting proxies for specific accounts.

ISS's SRI proxy voting guidelines generally:

Seek to support Boards of Directors that serve the interests of shareholders by voting for Boards that possess independence, diversity in terms of race, gender, and other factors, and responsiveness to shareholders;

Seek transparency and integrity of financial reporting by voting for management's recommendations for auditor unless the independence of a returning auditor or the integrity of the audit has been compromised, non-audit fees exceed audit fees, or poor accounting practices are identified that rise to a serious level of concern;

Seek to incentivize employees and executives to engage in conduct that will improve the performance of their companies by voting for executive pay programs that are principally performance-based, fair, reasonable, and not designed in a manner that would incentivize excessive risk-taking by management;

Seek to protect shareholders' rights by voting for changes in corporate governance structure only if they are consistent with the shareholders' interests;

Generally, vote for social and environmental shareholder proposals that promote good corporate citizens while enhancing long-term shareholder and stakeholder value. Vote for disclosure reports that seek additional information, particularly when it appears companies have not adequately addressed shareholders' social, workforce, and environmental concerns.

Investment advisers can face material conflicts of interest in voting proxies on behalf of their clients. Examples of such conflicts include managing a pension plan of a company whose management is soliciting proxies; having a business relationship with a proponent of a proxy proposal; having a business or personal relationship with participants in a proxy contest, corporate directors, or candidates for directors; and having a financial interest in the outcome of a vote. Bailard has adopted the ISS Guidelines and relies on ISS, to vote proxies in accordance with the ISS Guidelines.

Bailard may override ISS's recommendations under certain circumstances, including when ISS experiences a material conflict of interest in the voting of clients' proxies.

Bailard will not neglect its proxy voting responsibilities, but it may abstain from voting if it deems that abstaining is in clients' best interests. For example, Bailard may be unable to vote securities that have been lent by the custodian, where share blocking is required, or where Bailard determines in its sole discretion that the cost of voting (for example, by engaging an independent third party or obtaining prior client approval) would be larger than any benefit to our clients.

Bailard conducts ISS's at least annual due diligence and periodic monitoring/testing of its services.

For accounts where Bailard has no authority to vote proxies, clients receive their proxies directly from the custodian, transfer agent or the issuer's proxy solicitor. Clients can email compliance@bailard.com with any questions about a particular solicitation.

Ballard's Proxy Voting Policy sets forth our proxy voting process in more detail. A copy of this policy is available to clients upon request. Moreover, if we are voting proxies on a client's behalf (including proxies voted by ISS), that client may ask us

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for information about how his or her securities were voted. To request a copy of our Proxy Voting Policy or information about how their securities were voted, clients should email compliance@bailard.com.

**<u>BLACKROCK INVESTMENT MANAGEMENT, LLC ("BLACKROCK")</u>** 

The Company has adopted, as its proxy voting policies for each Fund for which BLACKROCK acts as subadvisor ("each Fund"), the proxy voting guidelines of BLACKROCK. The Company has delegated to BLACKROCK the responsibility for voting proxies on the portfolio securities held by each Fund. The remainder of this section discusses each Fund's proxy voting guidelines and BLACKROCK's role in implementing such guidelines.

BLACKROCK votes (or refrains from voting) proxies for each Fund in a manner that BLACKROCK, in the exercise of its independent business judgment, concludes is in the best economic interests of such Fund. In some cases, BLACKROCK may determine that it is in the best economic interests of a Fund to refrain from exercising the Fund's proxy voting rights (such as, for example, proxies on certain non-U.S. securities that might impose costly or time-consuming in-person voting requirements). With regard to the relationship between securities lending and proxy voting, BLACKROCK's approach is also driven by our clients' economic interests. The evaluation of the economic desirability of recalling loans involves balancing the revenue-producing value of loans against the likely economic value of casting votes. Based on our evaluation of this relationship, we believe that the likely economic value of casting a vote generally is less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by BLACKROCK recalling loaned securities in order to ensure they are voted. Periodically, BLACKROCK analyzes the process and benefits of voting proxies for securities on loan, and will consider whether any modification of its proxy voting policies or procedures are necessary in light of any regulatory changes. BLACKROCK will normally vote on specific proxy issues in accordance with its proxy voting guidelines. BLACKROCK's proxy voting guidelines provide detailed guidance as to how to vote proxies on certain important or commonly raised issues. BLACKROCK may, in the exercise of its business judgment, conclude that the proxy voting guidelines do not cover the specific matter upon which a proxy vote is requested, or that an exception to the proxy voting guidelines would be in the best economic interests of a Fund. BLACKROCK votes (or refrains from voting) proxies without regard to relationship of the issuer of the proxy (or any shareholder of such issuer) to a Fund, a Fund's affiliates (if any), BLACKROCK or BLACKROCK's affiliates. For more information, see BLACKROCK's active and non-index equity proxy voting guidelines at https://www.blackrock.com/corporate/literature/publication/blackrock-active-investment-stewardship-engagement-and-voting-guidelines.pdf

BLACKROCK maintains institutional policies and procedures that are designed to prevent any relationship between the issuer of the proxy (or any shareholder of the issuer) and a Fund, a Fund's affiliates (if any), BLACKROCK or BLACKROCK's affiliates (if any) from having undue influence on BLACKROCK's proxy voting activity. In certain instances, BLACKROCK may determine to engage an independent third-party vote service provider to make vote recommendations as a further safeguard against potential conflicts of interest or as otherwise required by applicable law.

**<u>DREYFUS, a division of Mellon Investments Corporation</u> <u>("Mellon")</u>**

Dreyfus offers to clients money market strategies that invest in high quality money market instruments with short-term maturities issued by companies, institutions, banks and governments. Dreyfus also invests in repurchase agreements and bank deposits. Due to the nature of these investments, Dreyfus does not anticipate regular proxy voting activity. If presented with a proxy voting opportunity, the firm will make voting decisions via the Mellon Proxy Voting Committee that are consistent with Mellon's proxy policy and procedures. A description of Mellon's Proxy Voting Committee and its proxy policy and procedures is provided below.

Mellon, through its Proxy Voting Committee (the "Proxy Voting Committee"), applies detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to shareholders of U.S. and Japanese companies and those other companies established in non-U.S. jurisdictions that have significant operations occurring within the U.S. (the "Mellon Voting Guidelines"). For non-U.S. companies without significant U.S. operations, Mellon seeks to vote proxies through application of the ISS Global Voting Principles and Regional Policies/Principles (the "ISS Voting Guidelines" and, collectively with the Mellon Voting Guidelines, each as in effect from time-to-time, the "Voting Guidelines"). Mellon, in voting proxies, will seek to act solely in the best financial and economic interests of its clients, including the funds.

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Mellon takes seriously its responsibility to vote proxies on behalf of its clients as a prudent fiduciary. In general, we employ proxy voting to:

● Align the interests of a company's management and board of directors with those of the company's shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Promote the accountability of a company's management to its board of directors, as well as the accountability of the board of directors to the company's shareholders and stakeholders regarding matters that could affect the long-term value of the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Uphold the rights of a company's shareholders to affect change by voting on those matters submitted to shareholders for approval

● Promote adequate disclosure about a company's business operations and financial activity

<u>Securities of Non-U.S.</u> <u>Companies.</u> With regard to voting proxies with respect to shares of non-U.S. companies, Mellon weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the markets in which the funds may invest. In these markets, Mellon generally seeks to submit proxy votes in a manner consistent with the ISS Voting Guidelines, while taking into account the different legal and regulatory requirements. For example, proxy voting in certain countries requires "share blocking" pursuant to which a fund must deposit before the meeting date its holdings of securities with a designated depositary in order to vote proxies with respect to such securities. During this time, the shares cannot be sold until the meeting has taken place and the shares are returned to the fund's custodian bank. Mellon generally believes that the benefit of exercising the vote in these countries is outweighed by the cost of voting (*i.e.*, the funds' portfolio managers not being able to sell the funds' shares of such securities while the shares are blocked). Therefore, if share blocking is required, Mellon typically elects not to vote the shares. Voting proxies of issuers in non-U.S. markets also raises administrative issues that may prevent voting such proxies. For example, meeting notices may be received with insufficient time to fully consider the proposal(s) or after the deadline for voting has passed. Other markets require the provision of local agents with a power of attorney before acting on the voting instructions. In some cases the power of attorney may be unavailable prior to the meeting date or rejected by the local agent on a technical basis. Additionally, the costs of voting in certain non-U.S. markets may be substantially higher than in the United States.

<u>Securities Out on Loan.</u> For securities that a fund has loaned to another party, any voting rights that accompany the loaned securities generally pass to the borrower of the securities, but the fund retains the right to recall a security and may then exercise the security's voting rights. In order to vote the proxies of securities out on loan, the securities must be recalled prior to the established record date. A fund may recall the loan to vote proxies if a material issue affecting the fund's investment is to be voted upon.

<u>Material Conflicts of Interest</u>. Mellon seeks to avoid material conflicts of interest between a fund and the fund's shareholders, on the one hand, and BNYM Investment Adviser, Mellon, the Distributor, or any affiliated person of the fund, BNYM Investment Adviser, Mellon or the Distributor, on the other, through several layers of controls, including its participation in the Proxy Voting Committee. The Proxy Voting Committee seeks to avoid material conflicts of interest through the establishment of the committee structure, the members of which are senior officers and investment professionals, and do not include individuals whose primary duties relate to sales, marketing or client services. The Proxy Committee applies detailed, pre-determined proxy voting guidelines (the applicable Voting Guidelines) in an objective and consistent manner across client accounts, based on, as applicable, internal and external research and recommendations provided by third party proxy advisory services (including ISS and Glass Lewis, together the "Proxy Advisors") and without consideration of any client relationship factors. When proxies are voted in accordance with these pre-determined Voting Guidelines, it is Mellon's view that these votes do not present the potential for a material conflict of interest and no additional safeguards are needed. In addition, Mellon engages a third party as an independent fiduciary to vote all proxies for securities of BNY and may engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. These instances typically arise due to relationships between proxy issuers or companies and BNY, a BNY affiliate, a BNY executive, or a member of BNY's Board of Directors, but material conflicts of interests may also arise due to relationships involving Mellon and/or Mellon employees, officers and directors. When an independent fiduciary is engaged, the fiduciary either will vote the involved proxy, or provide Mellon with instructions as to how to vote such proxy. In the latter case, Mellon will vote the proxy in accordance with the independent fiduciary's determination. Other possible conflict resolutions may include: (1) voting in proportion to other shareholders ("mirror voting"); (2) erecting informational barriers around, or recusal from the vote decision making process by, the person or persons making voting decisions; and (3) voting in other ways that are consistent with our obligation to vote in our clients' best interest.

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<u>Operations of the Proxy Voting Committee</u>. The Proxy Voting Committee also has engaged ISS as its proxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. In that role, ISS is required to follow the Voting Guidelines and apply them to the corresponding proxy proposals or matters on which a shareholder vote is sought. Accordingly, proxies that can be appropriately categorized and matched will be voted in accordance with the applicable Voting Guideline, or a proxy proposal will be referred to the Proxy Voting Committee if the Voting Guidelines so require, and generally for those proxy proposals or shareholder voting matters that are contested or similarly controversial and require a case-by-case analysis, as determined by the Committee in its discretion (*e.g.*, proxy contests, potentially excessive executive compensation issues, or certain shareholder proposals). In addition, the Proxy Voting Committee has directed ISS to refer to it for discussion and vote all proxy proposals of those issuers: (1) where the percentage of their outstanding voting securities held in the aggregate in accounts managed Mellon is deemed significant or (2) that are at or above a certain specified market capitalization size (each, as determined by the Proxy Voting Committee in its discretion). For items referred to it, the Proxy Voting Committee may determine to accept or reject any recommendation based on the Voting Guidelines, research and analysis provided by its Proxy Advisors, or on any independent research and analysis obtained or generated by Mellon.

Mellon will furnish a copy of its Proxy Voting Policy and its Voting Guidelines upon request to each advisory client that has delegated voting authority. Our Voting Guidelines are also available publicly on our website at www.Mellon.com.

**<u>GENEVA CAPITAL MANAGEMENT LLC ("GENEVA")</u>** 

**Summary of Proxy Voting Policies and Procedures** 

At a client's request we will accept authority to vote client securities by proxy and we maintain a Proxy Voting Policy.

Geneva has engaged an independent proxy voting service and industry expert, Glass Lewis & Co. ("Glass Lewis"), to research proxy proposals, provide in-depth analysis, provide voting recommendations and administer client proxy votes. Glass Lewis is responsible for coordinating with the clients' custodians to ensure that all proxy materials received by the custodians are processed in a timely fashion. In addition, Glass Lewis is responsible for maintaining copies of all proxy statements received from issuers and records of its recommendations, analyses, and votes cast by Geneva. It must promptly provide such materials to Geneva upon request.

With respect to the voting of proxies on behalf of all clients advised by Geneva, for which Geneva has voting responsibility, and the keeping of records relating to proxy voting, Geneva believes proxies should be voted consistent with the best interests of Geneva's clients. Geneva must not put its own interests ahead of the interests of clients. Geneva views proxy voting as a mechanism for shareholders to protect and promote shareholder wealth. Accordingly, Geneva seeks to vote proxies in a manner designed to maximize the economic value of the clients' investment. In addition, Geneva will abide by specific voting guidelines on certain policy issues as requested by particular clients on a case-by-case basis.

Geneva has adopted Glass Lewis's Proxy Paper Guidelines ("Guidelines") as well as Glass Lewis' Taft Hartley Addendum ("Addendum") for those clients that request the Addendum, to determine how each proposal on proxy ballots is to be voted for each applicable client. If instructed by a client, the Addendum will be utilized. The Guidelines and the Addendum are incorporated, and copies of the Guidelines and Addendum, as revised from time to time, are maintained with Geneva's proxy voting records. Geneva has determined that the Guidelines and Addendum are consistent with the Guiding Principles described above, and, with respect to ERISA plan clients, they are consistent with Geneva's obligations to (a) act solely in accordance with the economic interest of the plans and their participants and beneficiaries, (b) consider any costs involved, (c) not subordinate the interest of plan participants and beneficiaries in their retirement income or financial benefits under the plans to any other objective, and (d) evaluate relevant facts that form the basis for any particular proxy vote or other exercise of shareholder rights, and (e) with respect to Glass Lewis, it exercises prudence and diligence in exercising shareholder rights and otherwise advises on and assists Geneva with the exercise of shareholder rights, such as providing research and analysis, recommendations regarding proxy votes, administrative services with voting proxies and recordkeeping and reporting services (the foregoing (a) through (e), are collectively referred to herein as the "ERISA Obligations"). Accordingly, Geneva has instructed Glass Lewis to vote in accordance with the Guidelines or the Addendum, as applicable, unless one of the following exceptions applies:

1. Override Glass Lewis. Geneva's Investment Strategy Group ("ISG") decides to override the Glass-Lewis vote recommendation for a client based on its determination that the client would best be served with a vote contrary to the Glass Lewis recommendation. Such decision will be documented by Geneva and communicated to Glass Lewis; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Corporate Events and Contests. On matters involving corporate events (such as merger and acquisition transactions, dissolutions, conversions, or consolidations) and proxy contests, Geneva will determine how to vote the proxies and direct Glass Lewis accordingly; or

3. No Recommendation. If Glass Lewis does not provide a vote recommendation, Geneva will determine how a particular issue should be voted. In these instances, Geneva, through its ISG, will document the reason(s) used in determining a vote and communicate Geneva's voting instruction to Glass Lewis.

Glass Lewis retains a record of all proxies voted by Geneva.

**<u>GQG PARTNERS LLC ("GQG")</u>** 

GQG votes proxies of companies owned by clients who have granted it voting authority and has adopted and implemented written policies and procedures governing the voting of client securities where it has such authority. GQG has retained ISS (the "voting agent") to assist in the coordination and voting of proxies.

GQG's policy is to vote proxies in the interest of maximizing value for its clients. To that end, GQG will vote in a way that it believes, consistent with its fiduciary duty, will cause the value of the issue to increase the most or decline the least. Consideration will be given to both the short- and long-term implications of the proposal to be voted on when considering the optimal vote.

GQG's procedures are reasonably designed to assure that GQG votes every eligible share; however, there are circumstances in which GQG may be unable to vote or may determine not to vote a proxy on behalf of a client, including, but not limited to, restrictions imposed or impediments to voting in some foreign countries, the untimely receipt of proxy materials, and certain client's security lending programs may prevent GQG from voting proxies when the underlying securities have been lent out and are therefore unavailable to be voted.

GQG's proxy voting procedures address potential conflicts of interest in connection with voting proxies. Such a conflict could arise if, for example, the company issuing proxies was affiliated with a client of GQG. Any material conflict between GQG's interests and those of a client will be resolved in the best interests of the client. In the event GQG becomes aware of such a conflict, GQG will (a) vote in accordance with a pre-determined policy based on the independent analysis and recommendation of GQG's voting agent or other independent third party, (b) if the GQG portfolio management team determines that a vote contrary to the voting agent's recommendation is in the best interest of clients, document the investment rationale for the vote and confirm the vote was not the result of an undue influence, or (c) make other voting arrangements consistent with GQG's fiduciary obligations.

**<u>INVESCO ADVISERS, INC.</u>** 

**I.** **Introduction** 

Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, "Invesco," the "Company," "our" or "we") have adopted and implemented this Policy Statement on Global Corporate Governance and Proxy Voting (this "Global Proxy Voting Policy" or "Policy"), which we believe describes policies and procedures reasonably designed to assure proxy voting matters are conducted in the best interests of our clients.

**A.Our Approach to Proxy Voting** 

Invesco understands proxy voting is an integral aspect of the investment management services it provides to clients. As an investment adviser, Invesco has a fiduciary duty to act in the best interests of our clients. Where Invesco has been delegated the authority to vote proxies with respect to securities held in client portfolios, we exercise such authority in the manner we believe best serves the interests of such clients and their investment objectives. We recognize that proxy voting is an important tool that enables us to drive shareholder value.

A summary of our global operational procedures and governance structure is included in Part II of this Policy. Invesco's good governance principles, which are included in Part III of this Policy, and our internal proxy voting guidelines are both principles and rules, and cover topics that typically appear on voting ballots. Invesco's investment teams retain ultimate authority to vote proxies. Given the complexity of proxy issues across our clients' holdings globally, our investment teams

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consider many factors when determining how to cast votes. We seek to evaluate and make voting decisions that favor proxy proposals and governance practices that, in our view, promote long-term shareholder value.

**B.Applicability of Policy** 

Invesco's investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf. In the case of institutional or sub-advised clients, Invesco will vote the proxies in accordance with this Policy unless the client agreement specifies that the client retains the right to vote or has designated a named fiduciary to direct voting. This Policy is implemented by all entities listed in Exhibit A, except as noted below. Due to regional or asset class-specific considerations, certain entities may have local proxy voting guidelines or policies and procedures that differ from this Policy. In the event local policies and this Policy differ, the local policy will apply. These entities subject to local policies are listed in Exhibit A and include Invesco Asset Management (Japan) Limited, Invesco Asset Management (India) Pvt. Ltd., Invesco Taiwan Limited, Invesco Real Estate Management S.à r.l. and Invesco Capital Markets, Inc. for Invesco Unit Investment Trusts.

Where our passively managed strategies and certain other client accounts managed in accordance with fixed income, money market and index strategies (including exchange-traded funds) (referred to as "passively managed accounts") hold the same investments as our actively managed equity funds, voting decisions with respect to those accounts generally follow the voting decisions made by the largest active holder of the equity shares. Invesco refers to this approach as "Majority Voting." This process of Majority Voting seeks to ensure that our passively managed accounts benefit from the engagement and deep dialogue of our active investment teams, which can benefit shareholders in passively managed accounts. Invesco will generally apply the majority holder's vote instruction to these passively managed accounts. Where securities are held only in passively managed accounts and not owned in our actively managed accounts, the proxy will be generally voted in line with this Policy and internal proxy voting guidelines. Notwithstanding the above, investment teams of our passively managed accounts retain full discretion over proxy voting decisions to individually evaluate a specific proxy proposal or override Majority Voting and vote the shares as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest which are discussed elsewhere in this Policy. To the extent our investment teams believe a specific proxy proposal requires enhanced analysis or if it is not covered by this Policy or internal guidelines, our investment teams will evaluate such proposal and execute the voting decision.

**II.** **Global Proxy Voting Operational Procedures** 

Invesco's global proxy voting operational procedures (the "Procedures") are in place to implement the provisions of this Policy. Invesco aims to vote all proxies for which it has voting authority in accordance with this Policy, as implemented by the Procedures outlined in this Section II. It is the responsibility of Invesco's Proxy Voting and Governance team to maintain and facilitate the review of the Procedures annually.

**A.Oversight and Governance** 

Oversight of the proxy voting process is provided by the Proxy Voting and Governance team and the Global Invesco Proxy Advisory Committee ("Global IPAC"). For some clients, third parties (e.g., U.S. fund boards) and internal sub-committees also provide oversight of the proxy voting process.

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global IPAC. The Global IPAC is an investments-driven committee comprising representatives from various investment management teams. Representatives from Invesco's Legal, Compliance, Risk, ESG and Government Affairs departments may also participate in Global IPAC meetings. The Director of Proxy Voting and Governance chairs the committee. The Global IPAC provides a forum for investment teams, in accordance with this Policy, to:

● monitor, understand and discuss key proxy issues and voting trends within the Invesco complex;

● assist Invesco in meeting regulatory obligations;

● review votes not aligned with our good governance principles; and

● consider conflicts of interest in the proxy voting process.

In fulfilling its responsibilities, the Global IPAC meets as necessary (but no less than semi-annually) and has the following responsibilities and functions: (i) acts as a key liaison between the Proxy Voting and Governance team and investment teams

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to assure compliance with this Policy; (ii) provides insight on market trends as it relates to stewardship practices; (iii) monitors proxy votes that present potential conflicts of interest; and (iv) reviews and provides input, at least annually, on this Policy and related internal procedures and recommends any changes to this Policy based on, but not limited to, Invesco's experience, evolving industry practices, or developments in applicable laws or regulations. In addition, when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions on proxies that require an override of this Policy due to an actual or perceived conflict of interest. The Global IPAC reviews Global IPAC Conflict of Interest Sub-committee voting decisions.

**B.The Proxy Voting Process** 

At Invesco, investment teams execute voting decisions through our proprietary voting platform and are supported by the Proxy Voting and Governance team and a dedicated technology team. Invesco's proprietary voting platform streamlines the proxy voting process by providing our global investment teams with direct access to proxy meeting materials, including ballots, Invesco's internal proxy voting guidelines and recommendations, as well as proxy research and vote recommendations issued by Proxy Service Providers (as such term is defined in Part C below). Votes executed on Invesco's proprietary voting platform are transmitted to our proxy voting agent electronically and are then delivered to the respective designee for tabulation.

Invesco's Proxy Voting and Governance team monitors whether we have received proxy ballots for shareholder meetings in which we are entitled to vote. This involves coordination among various parties in the proxy voting ecosystem, including, but not limited to, our proxy voting agent, custodians and ballot distributors. If necessary, we may choose to escalate a matter in accordance with our internal procedures to facilitate our ability to exercise our right to vote.

Our proprietary systems facilitate internal control and oversight of the voting process. To facilitate the casting of votes in an efficient manner, Invesco may choose to pre-populate and leverage the capabilities of these proprietary systems to automatically submit votes based on internal proxy voting guidelines. If necessary, votes may be cast by Invesco or via the Proxy Service Providers Web platform at our direction.

**C.Retention and Oversight of Proxy Service Providers** 

Invesco has retained two independent third-party proxy voting service providers to provide proxy support globally: Institutional Shareholder Services Inc. ("ISS") and Glass Lewis ("GL"). In addition to ISS and GL, Invesco may retain certain local proxy service providers to access regionally specific research (such local proxy service providers, collectively with ISS and GL, "Proxy Service Providers"). The services may include one or more of the following: providing a comprehensive analysis of each voting item and interpretations of each voting item based on Invesco's internal proxy voting guidelines; and providing assistance with the administration of the proxy process and certain proxy voting-related functions, including, but not limited to, operational, reporting and recordkeeping services.

While Invesco may take into consideration the information and recommendations provided by the Proxy Service Providers, including recommendations based upon Invesco's internal proxy voting guidelines and recommendations provided to such Proxy Service Providers, Invesco's investment teams retain full and independent discretion with respect to proxy voting decisions.

Updates to previously issued proxy research reports and recommendations may be provided to incorporate newly available information or additional disclosure provided by an issuer regarding a matter to be voted on, or to correct factual errors that may result in the issuance of revised proxy vote recommendations. Invesco's Proxy Voting and Governance team periodically monitors for these research alerts issued by Proxy Service Providers that are shared with our investment teams.

Invesco performs extensive initial and ongoing due diligence on the Proxy Service Providers it engages globally. Invesco conducts annual due diligence meetings as part of its ongoing due diligence. The topics included in these annual due diligence meetings include material changes in service levels, leadership and control, conflicts of interest, methodologies for formulating vote recommendations, operations, and research personnel, among other topics. In addition, Invesco monitors and communicates with the Proxy Service Providers throughout the year and monitors their compliance with Invesco's performance and policy standards.

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As part of our annual policy development process, Invesco may engage with other external proxy and governance experts to understand market trends and developments. These meetings provide Invesco with an opportunity to assess the Proxy Service Providers' capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the Proxy Service Providers' stances on key corporate governance and proxy topics and their policy framework/methodologies.

Invesco completes a review of the System and Organizational Controls ("SOC") Reports for Proxy Service Providers to confirm the related controls were in place and to provide reasonable assurance that the related controls operated effectively.

**D. Disclosures and Recordkeeping** 

Unless otherwise required by local or regional requirements, Invesco maintains voting records for at least seven (7) years. Invesco makes its proxy voting records publicly available in compliance with regulatory requirements and industry best practices in the regions below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In accordance with the U.S. Securities and Exchange Commission ("SEC") regulations, Invesco will file a record of all proxy voting activity for the prior 12 months ending June 30<sup>th</sup> for each U.S. registered fund. In addition, Invesco, as an institutional manager that is required to file Form 13F, will file a record of its votes on certain executive compensation ("say on pay") matters. The proxy voting filings will generally be made on or before August 31<sup>st</sup> of each year and are available on the SEC's website at www.sec.gov. In addition, each year, the Form N-PX proxy voting records for Invesco mutual funds' and closed-end funds', and Invesco ETF's are made available on Invesco's website here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●To the extent applicable, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary generally should be able to review not only the investment adviser's voting procedure with respect to plan-owned stock, but also the actions taken in individual proxy voting situations. In the case of institutional and sub-advised clients, clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance with the UK Stewardship Code here. Additionally, in accordance with the European Shareholder Rights Directive and the European Fund and Asset Management Association Stewardship Code, Invesco publishes an annual report on implementation of our engagement policies, including a general description of voting behavior, an explanation of the most significant votes and the use of proxy voting advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In Canada, Invesco publicly discloses a record of all proxy voting activity for the prior 12 months ending June 30th for each Invesco Canada registered mutual fund and ETF. In compliance with the National Instrument 81-106 Investment Fund Continuous Disclosure, the proxy voting records will generally be made available on or before August 31st of each year here.

● In Japan, Invesco publicly discloses our proxy votes annually in compliance with the Japan Stewardship Code here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In India, Invesco publicly discloses our proxy votes quarterly here in compliance with The Securities and Exchange Board of India ("SEBI") Circular on stewardship code for all Mutual Funds and all categories of Alternative Investment Funds in relation to their investment in listed equities. SEBI has implemented principles on voting for Mutual Funds through circulars dated March 15, 2010, March 24, 2014 and March 5, 2021, which prescribed detailed mandatory requirements for Mutual Funds in India to disclose their voting policies and actual voting by Mutual Funds on different resolutions of investee companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request in compliance with the Securities and Futures Commission Principles of Responsible Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually in compliance with Taiwan's Stewardship Principles for Institutional Investors here.

● In Australia, Invesco publicly discloses a summary of its proxy voting record annually here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.

Invesco may engage Proxy Service Providers to make available or maintain certain required proxy voting records in accordance with the above stated applicable regulations. Separately managed account clients that have authorized Invesco to vote proxies on their behalf will receive proxy voting information with respect to those accounts upon request. Certain other clients may obtain information about how we voted proxies on their behalf by contacting their client service representative or advisor. Invesco does not publicly disclose voting intentions in advance of shareholder meetings.

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**E.Market and Operational Limitations** 

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceed any benefit to clients. Moreover, ERISA fiduciaries must not subordinate the economic interests of plan participants and beneficiaries to unrelated objectives when voting proxies or exercising other shareholder rights. These matters are left to the discretion of the relevant investment team. Such circumstances could include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Certain countries impose temporary trading restrictions, a practice known as "share blocking." This means that once the shares have been voted, the shareholder does not have the ability to sell the shares for a certain period of time, usually until the day after the conclusion of the shareholder meeting. Unless a client directs otherwise, Invesco generally refrains from voting proxies at companies or in markets where share blocking applies. In some instances, Invesco may determine that the benefit to the client(s) of voting a specific proxy outweighs the client's temporary inability to sell the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Some companies require a representative to attend shareholder meetings in person to vote a proxy or issuer-specific additional documentation, certification or the disclosure of beneficial owner details to vote. Invesco may determine that the costs of sending a representative or submitting additional documentation, including power of attorney documentation, or disclosures outweigh the benefit of voting a particular proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Invesco may not receive proxy materials from the relevant fund or custodian used by our clients with sufficient time and information to make an informed independent voting decision.

● Invesco held shares on the record date but has sold them prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted or may be rejected for various reasons, including due to changes in the agenda for a shareholder meeting for which Invesco does not have sufficient notice, when certain custodians used by our clients do not offer a proxy voting in a jurisdiction, or due to operational issues experienced by third parties involved in the process or by an issuer or sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Additionally, despite the best efforts of Invesco and its proxy voting agent, there may be instances where our votes may not be received or properly tabulated by an issuer or an issuer's agent. Invesco will generally endeavor to vote and maintain any paper ballots received provided they are delivered in a timely manner ahead of the vote deadline.

**F.Securities Lending** 

Invesco's funds may participate in a securities lending program. In circumstances where funds' shares are on loan, the voting rights of those shares are transferred to the borrower. If the security in question is on loan as part of a securities lending program, Invesco may determine that the vote is material to the investment, and therefore, the benefit to the client of voting a particular proxy outweighs the economic benefits of securities lending. In those instances, Invesco may determine to recall securities that are on loan prior to the meeting record date, so we will be entitled to vote those shares. For example, for certain actively managed funds, the lending agent has standing instructions to systematically recall all securities on loan for Invesco to vote the proxies on those previously loaned shares. There may be instances where Invesco may be unable to recall shares or may choose not to recall shares. Such circumstances may include instances when Invesco does not receive timely notice of the meeting, or when Invesco deems the opportunity for a fund to generate securities lending revenue outweighs the benefits of voting at a specific meeting. The relevant investment team will make these determinations.

**G. Conflicts of Interest** 

There may be occasions where voting proxies may present a perceived or actual conflict of interest between Invesco, as investment adviser, and one or more of Invesco's clients or vendors.

***Firm-Level Conflicts of Interest*** 

A conflict of interest may exist if Invesco has a material business relationship with either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, a client relationship, serving as a vendor whose products/services are material or significant to Invesco, serving as a distributor of Invesco's products, or serving as a significant research provider or broker to Invesco.

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Invesco identifies potential conflicts of interest based on a variety of factors, including, but not limited to, the materiality of the relationship between the issuer or its affiliates to Invesco.

Material firm-level conflicts of interests are identified by individuals and groups within Invesco globally using criteria established by the Proxy Voting and Governance team. These criteria are monitored and updated periodically by the Proxy Voting and Governance team so up-to-date information is available when conducting conflicts checks. Operating procedures and associated governance are designed to seek to assure conflicts of interest are appropriately considered ahead of voting proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified as conflicted will be voted in line with the principles below as implemented by Invesco's internal proxy voting guidelines. To the extent an investment team disagrees with the Policy, our processes and procedures seek to assure that justifications and rationales are fully documented and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote.

As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.'s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict of interest, Invesco will not vote proxies issued by Invesco Ltd. that are held in client accounts.

***Personal Conflicts of Interest*** 

A conflict also may exist where an Invesco employee has a known personal or business relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. Under Invesco's Global Code of Conduct, Invesco entities and individuals must act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

All Invesco personnel with proxy voting responsibilities are required to report any known personal or business conflicts of interest regarding proxy issues with which they are involved. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Voting Funds of Funds** 

Funds of funds holdings can create various special situations for proxy voting, including operational challenges in certain markets. The scenarios below set out examples of how Invesco votes funds of funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●When required by law or regulation, shares of an Invesco fund held by other Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●When required by law or regulation, shares of an unaffiliated registered fund held by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●For U.S. funds of funds where proportional voting is not required by law or regulation, shares of Invesco funds held by other Invesco funds generally will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●For U.S. funds of funds where proportional voting is not required by law or regulation, shares of unaffiliated registered funds held by one or more Invesco funds generally will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting is not required by law or regulation and may choose to vote differently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Non-U.S. funds of funds will not be voted proportionally, due to operational limitations. The applicable Invesco entity will vote in line with its local policies, as indicated in Exhibit A. If no local policies exist, Invesco will vote non-U.S. funds of funds in line with the firm level conflicts of interest process described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where client or proprietary accounts are invested directly in shares issued by Invesco affiliates and Invesco has proxy voting authority, shares will be voted in the same proportion as the votes of external shareholders of the underlying holding. If proportional voting is not possible, the shares will be voted in line with a Proxy Service Provider's recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Unless it decides to solicit investor instructions, Invesco shall not vote the shares of an Invesco fund held by a fund, client or proprietary account managed by Invesco Canada Ltd.

**I.Review of Policy** 

It is the responsibility of the Global IPAC to review this Policy and the internal proxy voting guidelines annually to consider whether any changes are warranted. This annual review seeks to assure this Policy and the internal proxy voting guidelines remain consistent with clients' best interests, regulatory requirements, local market standards and best practices. Further, this Policy and our internal proxy voting guidelines are reviewed at least annually by various departments within Invesco to seek to ensure that they remain consistent with Invesco's views on best practice in corporate governance and long-term investment stewardship.

**III.** **Our Good Governance Principles** 

Invesco's good governance principles outline our views on best practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment teams in collaboration with the Proxy Voting and Governance team and various departments internally. The broad philosophy and guiding principles in this section inform our approach to long-term investment stewardship and proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco's investment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.

Our investment teams retain full discretion on vote execution in the context of our good governance principles and internal proxy voting guidelines, except where otherwise specified in this Policy. The final voting decisions may consider the unique circumstances affecting companies, regional best practices and any dialogue we have had with company management. As a result, different investment teams may vote differently on particular proxy votes for the same company. To the extent investment teams choose to vote a proxy in a way that is not aligned with the principles below, rationales are fully documented.

When evaluating proxy issues and determining how to cast our votes, Invesco's investment teams may engage with companies in advance of shareholder meetings, and throughout the year. These meetings can be joint efforts between our global investment professionals.

The following guiding principles apply to proxy voting with respect to operating companies. We apply a separate approach to open-end and closed-end investment companies and unit investment trusts. Where appropriate, these guidelines may be supplemented by additional internal guidance that considers regional variations in best practices, company disclosure and region-specific voting items. Invesco may vote on proposals not specifically addressed by these principles or guidelines based on an evaluation of a proposal's likelihood to enhance long-term shareholder value.

Our good governance principles are organized around six broad pillars:

**A.Transparency** 

We expect companies to provide accurate, timely and complete information that enables investors to make informed investment decisions and effectively carry out their stewardship activities. Invesco supports the highest standards in corporate transparency, and believes that these disclosures should be made available ahead of the voting deadlines for an annual general meeting or special meeting to allow for timely review and decision-making.

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***Financial reporting***: Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute an actual or perceived conflict with this objective should be avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally support proposals to accept the annual financial statements, statutory accounts and similar proposals. However, if these reports are not presented in a timely manner or significant issues are identified regarding their integrity (e.g., the external auditor's opinion is absent or qualified), we will generally review the matter on a case-by-case basis.

***External auditor ratification and audit fees:*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally not support the ratification of the independent auditor and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or if there are significant auditing controversies or questions regarding the independence of the external auditor. We will consider an auditor's length of service as a company's independent auditor in applying this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent audit committee chair, or nearest equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in internal controls over financial reporting.

***Other business***: Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity to review and understand what issues may be raised.

***Related-party transactions***: Invesco will vote all related party transactions on a case-by-case basis. The vote analysis will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●disclosure of the transaction details must be full and transparent (such as details of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and other terms and conditions);

● the transaction must be fair and appropriate, with a sound strategic rationale;

● the company should provide an independent opinion either from the supervisory board or an external financial adviser;

● minority shareholders' interests should be protected; and

● the transactions should be on an arm's length basis.

***Routine business items and formalities:*** Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer's management and board of directors. Routine business items and formalities generally include proposals to:

● accept or approve a variety of routine reports; and

● approve provisionary financial budgets and strategy for the current year.

**B.Accountability** 

Robust shareholder rights and strong board oversight help ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver value creation for stakeholders over the long term. We encourage companies to adopt governance features that ensure board and management accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors:

***One share one vote***: Voting rights are an important tool for investors to hold boards and management teams accountable. Unequal voting rights may limit the ability of investors to exercise their stewardship obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We generally do not support proposals that establish or perpetuate dual classes of voting shares, double voting rights or other means of differentiated voting or disproportionate board nomination rights.

● We generally support proposals to decommission differentiated voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where unequal voting rights are established, we expect these to be accompanied by reasonable safeguards to protect minority shareholders' interests.

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***Anti-takeover devices***: Mechanisms designed to prevent or delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We generally will not support proposals to adopt antitakeover devices such as poison pills. Exceptions may be warranted at entities without significant operations and to preserve the value of net operating losses carried forward or where the applicability of the pill is limited in scope and duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In addition, we will generally not support capital authorizations or amendments to corporate articles or bylaws at operating companies that may be utilized for antitakeover purposes, for example, the authorization of classes of shares of preferred stock with unspecified voting, dividend, conversion or other rights ("blank check" authorizations).

● We generally support proposals for the removal of anti-takeover provisions.

***Shareholder rights***: We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best-practice-aligned proposals to enhance shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Proxy access:*** Within the US market, we generally vote for management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Ownership threshold: at least three percent (3%) of the voting power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Ownership duration: at least three (3) years of continuous ownership for each member of the nominating group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Aggregation: minimal or no limits on the number of shareholders permitted to form a nominating group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Cap: cap on nominees of one (1) director or twenty-five percent (25%) of the board, whichever is higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Shareholder ability to call special meetings:*** Generally, we vote for management and shareholder proposals that provide shareholders with the ability to call special meetings with a minimum threshold of 10% but not greater than 25%. We will not support proposals to prohibit shareholders' right to call special meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Shareholder ability to act by written consent:*** Generally, assess shareholder proposals that provide shareholders with the ability to act by written consent case-by-case taking into account the following factors, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Shareholders' current right to call special meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investor ownership structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Supermajority vote requirements:*** Generally, vote against proposals to require a supermajority shareholder vote. We will vote for management and shareholder proposals to reduce supermajority vote requirements, in favor of a simple majority threshold. Lowering this requirement can democratize corporate governance and facilitate a more fair and dynamic decision-making that empowers and represents a wider shareholder base; especially for key corporate actions such as mergers, changes in control, or proposals to amend or repeal a portion of a company's articles of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Bundling of proposals:*** It is our view that the bundling of multiple proposals or articles amendments in one single voting item restricts shareholders' ability to express their views, with an all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions are deemed acceptable and conducive of long-term shareholder value.

***Virtual shareholder meetings***: Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of its shareholders and the company. Shareholders should have an opportunity to participate in such meetings. Shareholder meetings provide an important mechanism by which shareholders provide feedback or raise concerns without undue censorship and hear from the board and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Management or shareholder proposals that seek to authorize the company to hold virtual-only meetings (held entirely through virtual platform with no corresponding in-person physical meeting) will be assessed on a case-by-case basis. Companies have a responsibility to provide strong justification and establish safeguards to preserve comparable rights and opportunities for shareholders to participate virtually as they would have during an in-person meeting. Invesco will consider, among other things, a company's practices, jurisdiction and disclosure, including the items set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●meeting procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●clear and comprehensive description of which shareholders are qualified to participate, how shareholders can join the virtual-only meeting, how and when shareholders submit and ask questions either in advance of or during the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●disclosure regarding procedures for questions received during the meeting, but not answered due to time or other restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●description of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote shares during the time the polls are open.

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**C.Board Composition and Effectiveness** 

***Voting on director nominees in uncontested elections*** 

***Definition of independence***: Invesco considers local market definitions of director independence, but applies a proprietary standard for assessing director independence considering a director's status as a current or former employee of the business, any commercial or consulting relationships with the company, the level of shares beneficially owned or represented and familial relationships, among others.

***Board and committee independence***: The board of directors, board committees and regional equivalents should be sufficiently independent from management, substantial shareholders and conflicts of interest. We consider local market practices in this regard and in general we look for a balance across the board of directors. Above all, we like to see signs of robust challenge and discussion in the boardroom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against one or more non-independent directors when a board is less than majority independent, but we will take into account local market practice with regards to board independence in limited circumstances where this standard is not appropriate.

● We will generally vote against non-independent directors serving on the audit committee.

● We will generally vote against non-independent directors serving on the compensation committee.

● We will generally vote against non-independent directors serving on the nominating committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In relation to the board, compensation committee and nominating committee we will consider the appropriateness of significant shareholder representation in applying this policy. This exception will generally not apply to the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●***Independent Board Chair:*** It is our view that independent board leadership generally enhances management accountability to investors. Companies deviating from this best practice should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board's activities (*e.g.*, by appointing a lead or senior independent director with clearly defined powers and responsibilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent nominating committee chair, or nearest equivalent, where the board chair is not independent unless a lead independent or senior director is appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will review shareholder proposals requesting that the board chair be an independent director on a case-by-case basis, taking into account several factors, including, but not limited to, the presence of a lead independent director and a sufficiently independent board, a sound governance structure with no record of recent material governance failures or controversies, and sound financial performance. Invesco will also positively consider less disruptive proposals that will enter into force at the subsequent leadership transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally not vote against a CEO or executive serving as board chair solely on the basis of this issue, however, we may do so in instances where we have significant concerns regarding a company's corporate governance, capital allocation decisions and/or compensation practices.

***Attendance and over boarding:*** Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides efficient oversight for the company and its investors. In addition, directors should not have excessive external board or managerial commitments that may interfere with their ability to execute the duties of a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against or withhold votes from directors who attend less than 75% of board and committee meetings for two consecutive years. We expect companies to disclose any extenuating circumstances, such as health matters or family emergencies, that would justify a director's low attendance, in line with good practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against directors who have more than four total mandates at public operating companies, if their attendance is below 75% of all board and committee meetings in the year under review, or if material governance failures have been identified. We apply a lower threshold for directors with significant commitments such as executive positions and chairmanships.

***Diversity:*** In our view, an effective board should be comprised of directors with a mix of skills, experience, tenure, and industry expertise together with a diverse profile of individuals of different genders, ethnicities, race, culture, age, perspectives and backgrounds. The board should reflect the diversity of the workforce, customers, and the communities in which a business operates. In our view, greater diversity in the boardroom contributes to robust challenge and debate, avoids

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groupthink, fosters innovation, and provides competitive advantage to companies. We consider diversity at the board level, within the executive management team and in the succession pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In markets where there are regulatory expectations, listing standards or minimum quotas for board diversity, Invesco will generally apply the same expectations. In all other markets, we will generally vote against the incumbent nominating committee chair of a board, or nearest equivalent, where a company failed to demonstrate improvements are being made to diversity practices for three or more consecutive years, recognizing that building a qualified and diverse board takes time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●It is our view that an individual board's nominating committee is best positioned to determine whether director term limits would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Invesco generally opposes proposals to limit the tenure of outside directors through mandatory retirement ages.

***Director term limits and retirement age:*** It is important for a board of directors to examine its membership regularly with a view to ensuring that the board is effective, and the company continues to benefit from a diversity of director viewpoints and experience. As stated above, an individual board's nominating committee is best positioned to determine whether director term limits or establishing a mandatory retirement age would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Therefore, Invesco generally opposes shareholder proposals to limit the tenure of board directors or to impose a mandatory retirement age.

***Responsiveness:*** Boards should respond to investor concerns in a timely fashion, including reasonable requests to engage with company representatives regarding such concerns, and address matters that receive significant voting dissent at general meetings of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent chair of the governance committee, or nearest equivalent, in cases where the board has not adequately responded to items receiving significant voting opposition from shareholders at an annual or extraordinary general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent chair of the governance committee, or nearest equivalent, where the board has not adequately responded to a shareholder proposal which has received significant support from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent chair of the compensation committee, or nearest equivalent, if there are significant ongoing concerns with a company's compensation practices that have not been addressed by the committee or egregious concerns with the company's compensation practices for two consecutive years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent compensation committee chair, or nearest equivalent, where there are ongoing concerns with a company's compensation practices and there is no opportunity to express dissatisfaction by voting against an advisory vote on executive compensation, remuneration report (or policy) or nearest equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where a company has not adequately responded to engagement requests from Invesco or satisfactorily addressed issues of concern, we may oppose director nominations, including, but not limited to, nominations for the lead independent director and/or committee chairs.

***Director indemnification:*** Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors' liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Invesco will evaluate shareholder proposals to amend directors' indemnification and exculpation provisions on a case-by-case basis.

***Discharge of directors:*** We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making bodies, provided there are no material oversight failures and legal controversies, or other wrongdoings in the relevant fiscal year– committed or yet to be confirmed. When such oversight concerns are identified, we will consider a company's response to any issues raised and may vote against ratification proposals instead of, or in addition to, director nominees.

***Director election process:*** Board members should generally stand for election annually and individually.

● We will generally support proposals requesting that directors stand for election annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally vote against the incumbent governance committee chair or nearest equivalent, if a company has a classified board structure that is not being phased out. We may make exceptions to this guideline in regions where market practice is for directors to stand for election on a staggered basis.

● We will generally support shareholder proposals to repeal a classified board and elect all directors annually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●When a board is presented for election as a slate (*e.g.*, shareholders are unable to vote against individual nominees and must vote for or against the entire nominated slate of directors) and this approach is not aligned with local market practice, we will generally vote against the slate in cases where we otherwise would vote against an individual nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where market practice is to elect directors as a slate, we will generally support the nominated slate unless there are governance concerns with several of the individuals included on the slate or we have broad concerns with the composition of the board such as a lack of independence.

***Majority vote standard:*** Invesco generally votes in favor of proposals to elect directors by a majority vote, except in cases where a company has adopted formal governance principles that present a meaningful alternative to the majority voting standard.

***Board size:*** We will generally defer to the board with respect to determining the optimal number of board members given the size of the company and complexity of the business, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective. We might oppose amendments to the board size, when such change is deemed diminishing of Invesco's governance requirements such as an adequate level of independence and diversity on the board.

***Board assessment and succession planning:*** Invesco will consider and vote case-by-case on shareholder proposals to adopt a policy on succession planning. When evaluating board effectiveness, Invesco considers whether periodic performance reviews and skills assessments are conducted to ensure the board represents the interests of shareholders. In addition, boards should have a robust succession plan in place for key management and board personnel.

***Voting on director nominees in contested elections*** 

***Proxy contests***: We will review case-by-case dissident shareholder proposals based on their individual merits. We consider the following factors, among others, when evaluating the merits of each list of nominees: the long-term performance of the company relative to its industry, management's track record, any relevant background information related to the contest, the qualifications of the respective lists of director nominees, the strategic merits of the approaches proposed by both sides, including the likelihood that the proposed goals can be met, and positions of stock ownership in the company.

**D.Capitalization** 

***Capital allocation:*** Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition, we expect capital allocation authorizations and decisions to be made with due regard to shareholder dilution, rights of shareholders to ratify significant corporate actions and pre-emptive rights, where applicable.

***Share issuance:*** We generally support authorizations to issue shares without preemptive rights up to 20% of a company's issued share capital for general corporate purposes. However, for issuance requests with preemptive rights, we support authorizations up to a threshold of 50%. Shares should not be issued at a substantial discount to the market price. The same requirements are expected for convertible and non-convertible debt instruments.

***Share repurchase programs:*** We generally support share repurchase plans in which all shareholders may participate on equal terms. However, it is our view that such plans should be executed transparently and in alignment with long-term shareholder interests. Therefore, we will not support such plans when there is clear evidence of abuse or no safeguards against selective buybacks, or the terms do not align with market best practices.

***Stock splits:*** We will evaluate proposals for forward and reverse stock splits on a case-by-case basis. Each proposal will be evaluated based on its potential impact on shareholder value, local market best practices, and alignment with the company's long-term strategic goals.

***Increases in authorized share capital***: We will generally support proposals to increase a company's number of authorized common and/or preferred shares, provided we have not identified concerns regarding a company's historical share issuance activity or the potential to use these authorizations for antitakeover purposes. We will consider the amount of the request in relation to the company's current authorized share capital, any proposed corporate transactions contingent on approval of these requests and the cumulative impact on a company's authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.

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***Mergers, acquisitions, disposals and other corporate transactions***: Invesco's investment teams will review proposed corporate transactions including mergers, acquisitions, reorganizations, proxy contests, private placements, dissolutions and divestitures based on a proposal's individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally support proposals to approve different types of restructurings that provide the necessary financing to save the company from involuntary bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally support proposals to enact corporate name changes and other proposals related to corporate transactions that we believe are in shareholders' best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We will generally support reincorporation proposals, provided that management has provided a compelling rationale for the change in legal jurisdiction and provided further that the proposal will not significantly adversely impact shareholders' rights.

**E.Environmental, Social and Governance Risk Oversight** 

***Director responsibility for risk oversight***: A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are in place at the companies it oversees. Invesco may take voting action against director nominees in response to material governance or risk oversight failures that adversely affect shareholder value.

Invesco considers the adequacy of a company's response to material oversight failures when determining whether any voting action is warranted. In addition, Invesco will consider the responsibilities delegated to board sub-committees when determining if it is appropriate to hold the incumbent chair of the relevant committee, or nearest equivalent, accountable for these material failures.

Material governance or risk oversight failures at a company may include, without limitation:

● significant bribery, corruption or ethics violations;

● events causing significant climate-related risks;

● significant health and safety incidents; and/or

● failure to ensure the protection of human rights.

***Reporting of financially material environmental, social and corporate governance ("ESG") information***: Companies should report on their ESG opportunities and risks where material to their business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Climate risk management: We encourage companies to report on material climate-related risks and opportunities and how these are considered within the company's strategy, financial planning, governance structures and risk management frameworks aligned with applicable regional regulatory requirements. For companies in industries that materially contribute to climate change, we encourage comprehensive disclosure of greenhouse gas emissions and Paris Agreement of 2015-aligned emissions reduction targets, where appropriate. Invesco may take voting action at companies that fail to adequately address climate-related risks, including opposing director nominations in cases where we view the lack of effective climate transition risk management as potentially detrimental to long-term shareholder value.

***Shareholder proposals addressing environmental and social ("E&S") issues***: We recognize E&S shareholder proposals are nuanced and therefore, Invesco will analyze such proposals on a case-by-case basis.

When considering such proposals, we will consider the following factors, among others: a company's track record on E&S issues, the efficacy of the proposal's request, whether the requested action is unduly burdensome, and whether we consider the adoption of such proposal would promote long-term shareholder value. We will also consider company responsiveness to the proposal and any engagement on the issue when casting votes.

Invesco may support shareholder resolutions requesting that specific actions be taken to address E&S issues or mitigate exposure to material E&S risks, including reputational risk, related to these issues. We generally do not support resolutions where insufficient information has been provided in advance of the vote or a lack of disclosure inhibits our ability to make fully informed voting decisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F.Executive Compensation and Performance Alignment** 

Invesco supports compensation policies and equity incentive plans that promote alignment between management incentives and shareholders' long-term interests. We pay close attention to local market practice and may apply stricter or modified criteria where appropriate.

***Advisory votes on executive compensation, remuneration policy and remuneration reports***: We will generally not support compensation-related proposals where more than one of the following is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●there is an unmitigated misalignment between executive pay and company performance for at least two consecutive years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●there are problematic compensation practices which may include among others incentivizing excessive risk taking or circumventing alignment between management and shareholders' interests via repricing of underwater options;

● vesting periods for long-term incentive awards are less than three years;

● the company "front loads" equity awards;

● there are inadequate risk mitigating features in the program such as clawback provisions;

● excessive, discretionary one-time equity grants are awarded to executives; and/or

● less than half of variable pay is linked to performance targets, except where prohibited by law.

Invesco will consider company reporting on pay ratios as part of our evaluation of compensation proposals, where relevant.

***Equity plans***: Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features which may include provisions to reprice options without shareholder approval, plans that include evergreen provisions or plans that provide for automatic accelerated vesting upon a change in control.

***Employee stock purchase plans***: We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market price and that the total shareholder dilution resulting from the plan is not excessive (e.g., more than 10% of outstanding shares).

***Severance Arrangements***: Invesco considers proposed severance arrangements (sometimes known as "golden parachute" arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned with local market best practices, may be in shareholders' best interests as a method of attracting and retaining high-quality executive talent. We generally evaluate case-by-case proposals requiring shareholder ratification of senior executives' severance agreements depending on whether the proposed terms and disclosure align with good market practice.

***Frequency of Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals:*** It is our view that shareholders should be given the opportunity to vote on executive compensation and adequately express their potential concerns. Invesco will generally vote in favor of a one-year frequency, in order to foster greater accountability, as well as to grant shareholders a timely intervention on egregious pay practices.

***Exhibit A*** 

Harbourview Asset Management Corporation

Invesco Advisers, Inc.

Invesco Asset Management (India) Pvt. Ltd\*1

Invesco Asset Management (Japan) Limited\*1

Invesco Asset Management (Schweiz) AG

Invesco Asset Management Deutschland, GmbH

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Invesco Asset Management Limited1

Invesco Asset Management Singapore Ltd

Invesco Australia Ltd

Invesco Canada Ltd.1

Invesco Capital Management LLC

Invesco Capital Markets, Inc.\*1

Invesco European RR L.P

Invesco Fund Managers Limited

Invesco Hong Kong Limited

Invesco Investment Advisers LLC

Invesco Investment Management (Shanghai) Limited

Invesco Investment Management Limited

Invesco Loan Manager, LLC

Invesco Managed Accounts, LLC

Invesco Management S.A.

Invesco Overseas Investment Fund Management (Shanghai) Limited

Invesco Pensions Limited

Invesco Private Capital, Inc.

Invesco Real Estate Management S.à r.l.1

Invesco RR Fund L.P.

Invesco Senior Secured Management, Inc.

Invesco Taiwan Limited\*1

Invesco Trust Company

OppenheimerFunds, Inc.

WL Ross & Co. LLC

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\* Invesco entities with specific proxy voting guidelines <br><sup>1</sup> Invesco entities with specific conflicts of interest policies

**<u>J.P. MORGAN INVESTMENT MANAGEMENT INC.</u>** 

J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the Fund, has been granted the authority to vote the proxies of any voting securities held in each Fund's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the Funds, the Fund's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the Funds.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into ac count such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions each of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan (each, a "Region"; collectively, the "Regions"). In addition, for each Region, the Sub-Adviser has adopted Sustainable Strategy Proxy Voting Guidelines ("Sustainable Proxy Guidelines") for certain sustainable strategies, which may apply to certain Funds as approved by the Board of Trustees. The Sustainable Proxy Guidelines for those sustainable strategies replace certain sections of the Guidelines for each of the Regions. Proposals for securities held in the sustainable strategies that are not covered by the Sustainable Proxy Guidelines will continue to be voted in accordance with the other provisions of the applicable Guidelines for each of the Regions.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with the Fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser and its affiliated advisers will apply the Guidelines of the Region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser and its affiliated advisers has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, JPMAM has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters, including potential or material conflicts of interest escalated to it from time to time as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a Fund on the one hand, and the Fund's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the Fund.

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In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the Funds' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Fund, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or has rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or delegating the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own determination. In the event that the portion of the Fund managed by the Sub-Adviser, in the aggregate with other funds managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Fund"), the Fund will vote its respective securities in a Non-J.P. Morgan Fund in the same proportion as the vote of all other holders of such securities.

For securities held in Funds that seek to follow the investment returns of an underlying index, the Sub-Adviser may abstain from voting if it determines that casting a vote would not have a material effect on the value of the Fund's investments based on the size of the Fund's holdings, its ownership in the issuer, and/or its consideration of the importance of the proxy vote.

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

The Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated outside directors who serve on audit, compensation or nominating committees or are affiliated outside directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent except, in the case of controlled companies, vote for non-independent directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) or for all other directors who serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Sub-Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company's internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company's governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from board chair, lead independent directors, or governance committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. In addition, the Sub-Adviser generally votes against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

The Sub-Adviser generally votes for board declassification proposals and against board classification proposals.

The Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor.

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The Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

The Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control.

The Sub-Adviser considers vote proposals with respect to stock-based incentive plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies.

The Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals.

The Sub-Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Sub-Adviser votes on a case by case basis.

The Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors as an important part of contributing to long-term shareholder value. The Sub-Adviser generally supports investee companies' consideration of equal employment opportunity and inclusiveness in their general recruitment policies as the Sub-Adviser believes such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. The Sub-Adviser supports investee companies' disclosure of gender, racial and ethnic composition of the board so that the Sub-Adviser can include that information as one of the many data points used in its holistic assessment of the companies. As with all proxy votes, the Sub-Adviser seeks to vote in each Fund's best interests to enhance long-term shareholder value.

The Sub-Adviser will generally vote against a plan and/or withhold its vote from members of the compensation committee when there is a disconnect between the chief executive officer's pay and performance (an increase in pay and a decrease in performance). The Sub-Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of **Section 12 Social and Environmental Issues** from the North America Guidelines:

The Sub-Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. In general, the Sub-Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Sub-Adviser may also consider whether adoption of the proposal would inform and educate shareholders; have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage.

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The Sub-Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Sub-Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years.

With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

The Sub-Adviser expects boards to provide oversight of human capital management which includes the company management of its workforce, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. As an engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions seeking the company to disclose data on workforce demographics, and release of EEO-1 or comparable data where such disclosure is deemed by the Sub-Adviser as inadequate.

**Non-U.S. Guidelines.** The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Sub-Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be transmitted to the Sub-Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote.

Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the Fund's best interests to intentionally refrain from voting in certain overseas markets from time to time.

The Non-U.S. Guidelines reflect the applicable Region's corporate governance or stewardship codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet the standards required under the Code. Additionally, for example, the EMEA Guidelines for UK companies are based on the revised UK Corporate Governance Code. If a portfolio company chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser takes the company's explanation into account as appropriate, based on the Sub-Adviser's overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, the Sub-Adviser expects companies to comply with local Corporate Governance Codes, where they exist. In markets where a comparable standard does not exist, the Sub-Adviser uses the EMEA Guidelines as the primary basis for voting, while taking local market practice into consideration where applicable. The Japan Guidelines reflect the 2020 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse the stewardship principles promoted by different regulators and industry bodies in the region including the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council of Australia.

Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Sub-Adviser pays particular attention to management's arguments for promoting the prospective change.

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The Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting as well as processes and policies designed to align compensation with the long-term performance of portfolio companies.

In particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior management should ideally be presented to shareholders for approval with such votes normally occurring every third year. In addition, the EMEA Guidelines describe information that the Sub-Adviser expects to be included in remuneration reports including disclosure on amounts paid to executives, alignment between company performance and pay out to executives, disclosure of, among other things, variable incentive targets, levels of achievement and performance awards, information on the ratio of CEO pay to median employee pay.

With respect to the Japan Guidelines, the voting decision will be made taking into account matters such as recent trends in the company's earnings and performance, with the expectation that companies will have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. Such Guidelines also support the introduction of clawback clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

Where shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan) Guidelines reflect the Sub-Adviser's belief that such polices should stand the test of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information on the ratio of CEO pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information that companies should have with regard to gender pay gaps and indicate how this issue is being addressed.

The Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of a unitary board structure. However, since tiered boards are still very prevalent in markets outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure and local market practice will always be taken into account.

The Sub-Adviser will use its voting powers to encourage appropriate levels of board independence and diversity as an important part of contributing to long-term shareholder value, taking into account local market practice.

The EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve female representation in particular. The EMEA Guidelines generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton-Alexander Review).

The Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser believes directors with diverse backgrounds should make up a majority of a board over time. The Japan Guidelines provide that the current policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors (at least 30% gender diversity before 2030).

The Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that JPMAM would expect no single-gender boards and that such boards would have 25% gender diverse representation, with 30% gender diverse representation or such higher amounts as reflected by local market practice before 2030.

The Sub-Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

The Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against increases in capital which would allow the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term.

The Sub-Adviser will vote in favor of proposals which will enhance a company's long-term prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of

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financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value.

The Sub-Adviser will generally vote against anti-takeover devices.

The Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S. Guidelines, keeping in mind at all times the best economic interests of its clients. With respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate governance policies should consider the impact of company operations on the environment and the costs of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. The Non-U.S. Guidelines further encourage a level of environmental reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

**North American and Non-U.S. Guidelines.** The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings and reflect that general shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders. In principle, the Sub-Adviser is supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's view that climate change has become a material risk to the strategy and financial performance of many companies. The Sub-Adviser may vote against directors of companies, that, in the Sub-Adviser's opinion, face material climate-related transition or asset risks, where such disclosures are not available or where we believe such disclosures are not meaningful. To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned with the reporting framework developed by the Task Force on Climate related Financial Disclosures ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive reporting including scenario analysis to help under the resilience of a company's strategy and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where decarbonization of a company's operations and purchased energy has been identified by the company as a key part of a company's strategy to manage climate change risks. In addition, for companies who have chosen to set long-term net zero targets, the Sub-Adviser encourages the company to make disclosures including scope of emissions included in such targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition plans. The Sub-Adviser may vote for shareholder resolutions requesting information where disclosure is unavailable or not meaningful.

**Securities Lending**

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a Fund's securities lending arrangements as it is not a party to a securities lending agreement involving the Fund and does not make the decision to lend a Fund's securities. As a result, to the extent that a Fund engages in securities lending, the Sub-Adviser's will not recall securities of the Fund on loan.

**<u>LOOMIS, SAYLES & COMPANY, L.P. ("LOOMIS SAYLES")</u>** 

Loomis Sayles uses the services of third parties ("Proxy Voting Services") to provide research, analysis and voting recommendations and to administer the process of voting proxies for those accounts and funds for which Loomis Sayles has voting authority. Loomis Sayles will generally follow its express policy with input from the Proxy Voting Service that provides research, analysis and voting recommendations to Loomis Sayles unless Loomis Sayles' Proxy Committee determines that the client's best interests are served by voting otherwise. All issues presented for shareholder vote are subject

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to the oversight of the Proxy Committee. All nonroutine issues will generally be considered directly by the Proxy Committee and, when necessary, the investment professionals responsible for the fund holding the security, and will be voted in the best investment interests of the fund. All routine "for" and "against" issues will be voted according to Loomis Sayles' policy unless special factors require that they be considered by the Proxy Committee and, when necessary, the investment professionals responsible for the fund holding the security. Loomis Sayles' Proxy Committee has established these routine policies in what it believes are the best investment interests of Loomis Sayles' clients.

The specific responsibilities of the Proxy Committee include (1) the development, authorization, implementation and updating of the Loomis Sayles' Proxy Voting Policies and Procedures (the "Procedures"), including an annual review of the Procedures, existing voting guidelines and the proxy voting process in general, (2) oversight of the proxy voting process including oversight of the vote on proposals according to the predetermined policies in the voting guidelines, directing the vote on proposals where there is reason not to vote according to the predetermined policies in the voting guidelines or where proposals require special consideration, and consultation with the portfolio managers and analysts for the fund holding the security when necessary or appropriate and, periodically sampling or engaging an outside party to sample proxy votes to ensure they comply with the Procedures and are cast in accordance with the clients' best interests and, (3) engagement and oversight of third-party vendors, including Proxy Voting Services including determining whether a Proxy Voting Service has the capacity and competency to adequately analyze proxy issues, providing ongoing oversight of the Proxy Voting Services to ensure that proxies continue to be voted in the best interests of clients, receiving and reviewing updates from the Proxy Voting Services regarding relevant business changes or changes to the Proxy Voting Services' conflict policies and procedures, and in the event that the Proxy Committee becomes aware that a Proxy Voting Service's recommendation was based on a material factual error: investigating the error, considering the nature of the error and the related recommendation, and determining whether the Proxy Voting Service has taken reasonable steps to reduce the likelihood of similar errors in the future.

Loomis Sayles has established several policies to ensure that proxies are voted in its clients' best interest and are not affected by any possible conflicts of interest. First, except in certain limited instances, Loomis Sayles votes in accordance with its pre-determined policies set forth in the Procedures. Second, where these Procedures allow for discretion, Loomis Sayles will generally consider the recommendations of the Proxy Voting Services in making its voting decisions. However, if the Proxy Committee determines that the Proxy Voting Services' recommendation is not in the best interest of its clients, then the Proxy Committee may use its discretion to vote against the Proxy Voting Services' recommendation, but only after taking the following steps: (1) conducting a review for any material conflict of interest Loomis Sayles may have; and, (2) if any material conflict is found to exist, excluding anyone at Loomis Sayles who is subject to that conflict of interest from participating in the voting decision in any way. However, if deemed necessary or appropriate by the Proxy Committee after full prior disclosure of any conflict, that person may provide information, opinions or recommendations on any proposal to the Proxy Committee. In such event, prior to directing the vote, the Proxy Committee will make reasonable efforts to obtain and consider information, opinions and recommendations from or about the opposing position.

**<u>MELLON INVESTMENTS CORPORATION</u> <u>("MELLON")</u>** 

Mellon, through its Proxy Voting Committee (the "Proxy Voting Committee"), applies detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to shareholders of U.S. and Japanese companies and those other companies established in non-U.S. jurisdictions that have significant operations occurring within the U.S. (the "Mellon Voting Guidelines"). For non-U.S. companies without significant U.S. operations, Mellon seeks to vote proxies through application of the ISS Global Voting Principles and Regional Policies/Principles (the "ISS Voting Guidelines" and, collectively with the Mellon Voting Guidelines, each as in effect from time-to-time, the "Voting Guidelines"). Mellon, in voting proxies, will seek to act solely in the best financial and economic interests of its clients, including the funds.

Mellon takes seriously its responsibility to vote proxies on behalf of its clients as a prudent fiduciary. In general, we employ proxy voting to:

● Align the interests of a company's management and board of directors with those of the company's shareholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Promote the accountability of a company's management to its board of directors, as well as the accountability of the board of directors to the company's shareholders and stakeholders regarding matters that could affect the long-term value of the company,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Uphold the rights of a company's shareholders to affect change by voting on those matters submitted to shareholders for approval, and

● Promote adequate disclosure about a company's business operations and financial activity

<u>Securities of Non</u><u>-</u><u>U</u><u>.</u><u>S</u><u>.</u> <u>Companies.</u> With regard to voting proxies with respect to shares of non-U.S. companies, Mellon weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote. However, corporate governance practices, disclosure requirements and voting operations vary significantly among the markets in which the funds may invest. In these markets, Mellon generally seeks to submit proxy votes in a manner consistent with the ISS Voting Guidelines, while taking into account the different legal and regulatory requirements. For example, proxy voting in certain countries requires "share blocking" pursuant to which a fund must deposit before the meeting date its holdings of securities with a designated depositary in order to vote proxies with respect to such securities. During this time, the shares cannot be sold until the meeting has taken place and the shares are returned to the fund's custodian bank. Mellon generally believes that the benefit of exercising the vote in these countries is outweighed by the cost of voting (*i.e.*, the funds' portfolio managers not being able to sell the funds' shares of such securities while the shares are blocked). Therefore, if share blocking is required, Mellon typically elects not to vote the shares. Voting proxies of issuers in non-U.S. markets also raises administrative issues that may prevent voting such proxies. For example, meeting notices may be received with insufficient time to fully consider the proposal(s) or after the deadline for voting has passed. Other markets require the provision of local agents with a power of attorney before acting on the voting instructions. In some cases the power of attorney may be unavailable prior to the meeting date or rejected by the local agent on a technical basis. Additionally, the costs of voting in certain non-U.S. markets may be substantially higher than in the United States.

<u>Securities Out on Loan.</u> For securities that a fund has loaned to another party, any voting rights that accompany the loaned securities generally pass to the borrower of the securities, but the fund retains the right to recall a security and may then exercise the security's voting rights. In order to vote the proxies of securities out on loan, the securities must be recalled prior to the established record date. A fund may recall the loan to vote proxies if a material issue affecting the fund's investment is to be voted upon.

<u>Material Conflicts of Interest</u>. Mellon seeks to avoid material conflicts of interest between a fund and the fund's shareholders, on the one hand, and BNYM Investment Adviser, Mellon, the Distributor, or any affiliated person of the fund, BNYM Investment Adviser, Mellon or the Distributor, on the other, through several layers of controls, including its participation in the Proxy Voting Committee. The Proxy Voting Committee seeks to avoid material conflicts of interest through the establishment of the committee structure, the members of which are senior officers and investment professionals, and do not include individuals whose primary duties relate to sales, marketing or client services. The Proxy Committee applies detailed, pre-determined proxy voting guidelines (the applicable Voting Guidelines) in an objective and consistent manner across client accounts, based on, as applicable, internal and external research and recommendations provided by third party proxy advisory services (including ISS and Glass Lewis, together the "Proxy Advisors") and without consideration of any client relationship factors. When proxies are voted in accordance with these pre-determined Voting Guidelines, it is Mellon's view that these votes do not present the potential for a material conflict of interest and no additional safeguards are needed. In addition, Mellon engages a third party as an independent fiduciary to vote all proxies for securities of BNY and may engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. These instances typically arise due to relationships between proxy issuers or companies and BNY, a BNY affiliate, a BNY executive, or a member of BNY's Board of Directors, but material conflicts of interests may also arise due to relationships involving Mellon and/or Mellon employees, officers and directors. When an independent fiduciary is engaged, the fiduciary either will vote the involved proxy, or provide Mellon with instructions as to how to vote such proxy. In the latter case, Mellon will vote the proxy in accordance with the independent fiduciary's determination. Other possible conflict resolutions may include: (1) voting in proportion to other shareholders ("mirror voting"); (2) erecting informational barriers around, or recusal from the vote decision making process by, the person or persons making voting decisions; and (3) voting in other ways that are consistent with our obligation to vote in our clients' best interest.

<u>Operations of the Proxy Voting Committee</u>. The Proxy Voting Committee also has engaged ISS as its proxy voting agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. In that role, ISS is required to follow the Voting Guidelines and apply them to the corresponding proxy proposals or matters on which a shareholder vote is sought. Accordingly, proxies that can be appropriately categorized and matched will be voted in accordance with the applicable Voting Guideline, or a proxy proposal will be referred to the Proxy Voting Committee if the Voting Guidelines so require, and generally for those proxy proposals or shareholder voting matters that are contested or similarly controversial and require a case-by-case analysis, as determined by the Committee in its discretion (*e.g.*, proxy contests, potentially excessive executive

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compensation issues, or certain shareholder proposals). In addition, the Proxy Voting Committee has directed ISS to refer to it for discussion and vote all proxy proposals of those issuers: (1) where the percentage of their outstanding voting securities held in the aggregate in accounts managed Mellon is deemed significant or (2) that are at or above a certain specified market capitalization size (each, as determined by the Proxy Voting Committee in its discretion). For items referred to it, the Proxy Voting Committee may determine to accept or reject any recommendation based on the Voting Guidelines, research and analysis provided by its Proxy Advisors, or on any independent research and analysis obtained or generated by Mellon.

Mellon will furnish a copy of its Proxy Voting Policy and its Voting Guidelines upon request to each advisory client that has delegated voting authority. Our Voting Guidelines are also available publicly on our website at www.Mellon.com.

**<u>NATIONWIDE ASSET MANAGEMENT, LLC ("NWAM")</u>** 

These guidelines describe how NWAM discharges its fiduciary duty to vote on behalf of client's proxies that are received in connection with underlying portfolio securities held by NWAM's clients (said proxies hereinafter referred to as "proxies"). NWAM understands its responsibility to process proxies and to maintain proxy records. In addition, NWAM understands its duty to vote proxies.

These Proxy Voting Guidelines reflect the general belief that proxies should be voted in a manner that serves the best economic interests of clients (to the extent, if any, that the economic interests of a client are affected by the proxy), unless otherwise directed by the client.

**How Proxies Are Voted** 

NWAM will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Vote proxies received in the best interest of the client. The Enterprise Portfolio Manager (EPM) for the account holding the security will be the person that decides how to vote a proxy based on their understanding of the portfolio and applying information/research received from the other professionals within the Nationwide Investments office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The EPM will maintain appropriate records of proxy voting that are easily accessible by appropriate authorized persons of NWAM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Nationwide Investment's Operations team will ensure the proxies are signed or instructed via email and filed with, or electronically submitted to, the appropriate parties with desired voting action.

In accordance with these Proxy Voting Guidelines, NWAM, and as otherwise set forth in these guidelines, shall attempt to process every vote for all domestic and foreign proxies that it receives.

**Foreign Proxies** 

There are situations; however, in which NWAM cannot process a proxy in connection with a foreign security (hereinafter, "foreign proxies"). For example, NWAM will not process a foreign proxy:

● if the cost of voting a foreign proxy outweighs the benefit of voting the foreign proxy;

● when NWAM has not been given enough time to process the vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●when a sell order for the foreign security is outstanding and, in the particular foreign country, proxy voting would impede the sale of the foreign security.

**Proxy Voting for Securities Involved in Securities Lending** 

NWAM Clients may participate in securities lending programs. Under most securities lending arrangements, proxies received in connection with the securities on loan may not be voted by the lender (unless the loan is recalled) (i.e., proxy voting rights during the lending period generally are transferred to the borrower). NWAM believes that each Client has the right to determine whether participating in a securities lending program enhances returns. If a Client has determined to participate in a securities lending program, NWAM, therefore, shall cooperate with the Client's determination that securities lending is beneficial to the Client's account and shall not attempt to seek recalls for the purpose of voting proxies unless the client has provisions in place to allow for this. Consequently, it is NWAM's policy that, in the event that NWAM manages an account for a Client that employs a securities lending program, NWAM generally will not seek to vote proxies relating to the securities on loan unless the client has provisions in place to allow for this.

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**Recordkeeping & Reporting** 

NWAM shall keep and maintain the following records and other items:

● its Proxy Voting Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●proxy statements received regarding underlying portfolio securities held by Clients (received through Bank of New York, other custodian arrangements in place and any securities lending or sub-custody contractors);

● records of votes cast on behalf of Clients (where possible or applicable);

● Client written requests for information as to how NWAM voted proxies for said Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any NWAM written responses to an oral or written request from a Client for information as to how NWAM voted proxies for the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any documents prepared by NWAM that were material to making a decision as to how to vote proxies or that memorialized the basis for the voting decision.

These records and other items shall be maintained for at least five (5) years from the end of the fiscal year during which the last entry was made on this record, the first two (2) years in an appropriate office of NWAM.

**<u>NATIONWIDE FUND ADVISORS</u>** 

**<u>GENERAL</u>** 

The Board of Trustees of Nationwide Mutual Funds and Nationwide Variable Insurance Trust (the "Funds") has approved the continued delegation of the authority to vote proxies relating to the securities held in the portfolios of the Funds to each Fund's investment adviser, who in turn may, and typically does, delegate such authority to each Fund's subadviser(s), as applicable, (unless the investment adviser has entered into specific voting arrangements with the subadviser(s)), some of which advisers and subadvisers use an independent service provider, as described below.

Nationwide Fund Advisors ("NFA" or the "Adviser"), is an investment adviser that is registered with the U.S. Securities and Exchange Commission (the "SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). NFA currently provides investment advisory services to registered investment companies (hereinafter referred to collectively as "Clients").

Voting proxies that are received in connection with underlying portfolio securities held by Clients is an important element of the portfolio management services that NFA performs for Clients. NFA's goal in performing this service is to make proxy voting decisions: (i) to vote or not to vote proxies in a manner that serves the best economic interests of Clients; and (ii) that avoid the influence of conflicts of interest. To implement this goal, NFA has adopted proxy voting guidelines (the "Proxy Voting Guidelines") to assist it in making proxy voting decisions and in developing procedures for effecting those decisions. The Proxy Voting Guidelines are designed to ensure that, where NFA has the authority to vote proxies, all legal, fiduciary, and contractual obligations will be met.

The Proxy Voting Guidelines address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures and the election of directors, executive and director compensation, reorganizations, mergers, and various shareholder proposals.

**The proxy voting records of the Funds are available to shareholders on the Trust's website, https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/, and the SEC's EDGAR database on its website, sec.gov.** 

**<u>HOW PROXIES ARE VOTED</u>** 

NFA has delegated to Institutional Shareholder Services Inc. ("ISS"), an independent service provider, the administration of proxy voting for Client portfolio securities directly managed by NFA, subject to oversight by NFA's "Proxy Voting Committee." ISS, a Delaware corporation, provides proxy-voting services to many asset managers on a global basis. The NFA Proxy Voting Committee has reviewed, and will continue to review annually, the relationship with ISS and the quality and effectiveness of the various services provided by ISS.

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Specifically, ISS assists NFA in the proxy voting and corporate governance oversight process by developing and updating the "ISS Proxy Voting Guidelines," which are incorporated into the Proxy Voting Guidelines, and by providing research and analysis, recommendations regarding votes, operational implementation, and recordkeeping and reporting services. ISS also provides NFA with any additional solicitation materials filed by an issuer in response to any ISS recommendation. NFA's Proxy Voting Committee evaluates any such additional information provided by ISS and uses its best judgement in voting proxies on behalf of Client Accounts. NFA's decision to retain ISS is based principally on the view that the services that ISS provides, subject to oversight by NFA, generally will result in proxy voting decisions which serve the best economic interests of Clients. NFA has reviewed, analyzed, and determined that the ISS Proxy Voting Guidelines are consistent with the views of NFA on the various types of proxy proposals. When the ISS Proxy Voting Guidelines do not cover a specific proxy issue and ISS does not provide a recommendation: (i) ISS will notify NFA; and (ii) NFA's Proxy Voting Committee will use its best judgment in voting proxies on behalf of the Clients. A summary of the ISS Proxy Voting Guidelines is set forth below.

**<u>CONFLICTS OF INTEREST</u>** 

NFA does not engage in investment banking, administration or management of corporate retirement plans, or any other activity that is likely to create a potential conflict of interest. In addition, because Client proxies are voted by ISS pursuant to the pre-determined ISS Proxy Voting Guidelines, NFA generally does not make an actual determination of how to vote a particular proxy, and, therefore, proxies voted on behalf of Clients do not reflect any conflict of interest. Nevertheless, the Proxy Voting Guidelines address the possibility of such a conflict of interest arising.

The Proxy Voting Guidelines provide that, if a proxy proposal were to create a conflict of interest between the interests of a Client and those of NFA (or between a Client and those of any of NFA's affiliates, including Nationwide Fund Distributors LLC and Nationwide), then the proxy should be voted strictly in conformity with the recommendation of ISS. To monitor compliance with this policy, any proposed or actual deviation from a recommendation of ISS must be reported by the NFA Proxy Voting Committee to the chief counsel for NFA. The chief counsel for NFA then will provide guidance concerning the proposed deviation and whether a deviation presents any potential conflict of interest. If NFA then casts a proxy vote that deviates from an ISS recommendation, the affected Client (or other appropriate Client authority) will be given a report of this deviation.

**<u>CIRCUMSTANCES UNDER WHICH PROXIES WILL NOT BE VOTED</u>** 

NFA shall attempt to process every vote for all domestic and foreign proxies that they receive; however, there may be cases in which NFA will not process a proxy because it is impractical or too expensive to do so. For example, NFA will not process a proxy in connection with a foreign security if the cost of voting a foreign proxy outweighs the benefit of voting the foreign proxy, when NFA has not been given enough time to process the vote, or when a sell order for the foreign security is outstanding and proxy voting would impede the sale of the foreign security. Also, NFA generally will not seek to recall the securities on loan for the purpose of voting the securities -- *except*, in regard to a sub-advised Fund, for those proxy votes that a subadviser (retained to manage the sub-advised Fund and overseen by NFA) has determined could materially affect the security on loan. The Firm will seek to have the appropriate Subadviser(s) vote those proxies relating to securities on loan that are held by a Sub-advised Nationwide Fund that the Subadviser(s) has determined could materially affect the security on loan.

**<u>DELEGATION OF PROXY VOTING TO SUBADVISERS TO FUNDS</u>** 

For any Fund, or portion of a Fund that is directly managed by a subadviser, the Trustees of the Fund and NFA have delegated proxy voting authority to that subadviser. Each subadviser has provided its proxy voting policies to NFA for review and these proxy voting policies are described elsewhere in this Appendix B. Each subadviser is required to represent quarterly to NFA that (1) all proxies of the Fund(s) managed by the subadviser were voted in accordance with the subadviser's proxy voting policies as provided to NFA, unless NFA has entered into specific voting arrangements with the subadviser; (2) there have been no material changes to the subadviser's proxy voting policies; and (3) all proxies voted by the subadviser were cast as intended.

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**ISS' 2024 U.S. Proxy Voting Concise Guidelines** 

**BOARD OF DIRECTORS** 

**Voting on Director Nominees in Uncontested Elections** 

General Recommendation: Generally vote for director nominees, except under the following circumstances (with new nominees<sup>1</sup> considered on case-by-case basis):

**Independence** 

Vote against<sup>2</sup> or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive Directors per ISS' Classification of Directors) when:

● Independent directors comprise 50 percent or less of the board;

● The non-independent director serves on the audit, compensation, or nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

**Composition** 

Attendance at Board and Committee Meetings: Generally vote against or withhold from directors (except nominees who served only part of the fiscal year<sup>3</sup>) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

● Medical issues/illness;

● Family emergencies; and

● Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

● Sit on more than five public company boards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Are CEOs of public companies who sit on the boards of more than two public companies besides their own— withhold only at their outside boards<sup>4</sup>.

**Gender Diversity:** 

Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members<sup>5</sup>. An exception will be made if there was racial and/or ethnic diversity on the board at

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the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**Responsiveness** 

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosed outreach efforts by the board to shareholders in the wake of the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Rationale provided in the proxy statement for the level of implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The subject matter of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The level of support for and opposition to the resolution in past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Actions taken by the board in response to the majority vote and its engagement with shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Other factors as appropriate.

● The board failed to act on takeover offers where the majority of shares are tendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's response, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of specific and meaningful actions taken to address shareholders' concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Other recent compensation actions taken by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the issues raised are recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

**Accountability** 

**Problematic Takeover Defenses, Capital Structure, and Governance Structure** 

**Poison Pills**: Generally vote against or withhold from all nominees (except new nominees<sup>1</sup>, who should be considered case-by-case) if:

● The company has a poison pill with a deadhand or slowhand feature<sup>6</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders<sup>7</sup>.

Vote case-by-case on nominees if the board adopts an initial short-term pill<sup>6</sup> (with a term of one year or less) without shareholder approval, taking into consideration:

● The disclosed rationale for the adoption;

● The trigger;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The company's market capitalization (including absolute level and sudden changes);

● A commitment to put any renewal to a shareholder vote; and

● Other factors as relevant.

Unequal Voting Rights: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights<sup>8</sup>.

Exceptions to this policy will generally be limited to:

● Newly-public companies<sup>9</sup> with a sunset provision of no more than seven years from the date of going public;

● Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be de minimis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

**Classified Board Structure**: The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**Removal of Shareholder Discretion on Classified Boards**: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure**: For companies that hold or held their first annual meeting<sup>9</sup> of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

● Supermajority vote requirements to amend the bylaws or charter;

● A classified board structure; or

● Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments**: Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

● The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

● Disclosure by the company of any significant engagement with shareholders regarding the amendment;

● The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

● The company's ownership structure;

● The company's existing governance provisions;

● The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

● Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

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Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case- by-case on director nominees. Generally vote against (except new nominees<sup>1</sup>, who should be considered case-by-case) if the directors:

● Classified the board;

● Adopted supermajority vote requirements to amend the bylaws or charter;

● Eliminated shareholders' ability to amend bylaws;

● Adopted a fee-shifting provision; or

● Adopted another provision deemed egregious.

**Restricting Binding Shareholder Proposals**: Generally vote against or withhold from the members of the governance committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation**: The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

● A classified board structure;

● A supermajority vote requirement;

● Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

● The inability of shareholders to call special meetings;

● The inability of shareholders to act by written consent;

● A multi-class capital structure; and/or

● A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

● The presence of a shareholder proposal addressing the same issue on the same ballot;

● The board's rationale for seeking ratification;

● Disclosure of actions to be taken by the board should the ratification proposal fail;

● Disclosure of shareholder engagement regarding the board's ratification request;

● The level of impairment to shareholders' rights caused by the existing provision;

● The history of management and shareholder proposals on the provision at the company's past meetings;

● Whether the current provision was adopted in response to the shareholder proposal;

● The company's ownership structure; and

● Previous use of ratification proposals to exclude shareholder proposals.

**Problematic Audit-Related Practices** 

Generally vote against or withhold from the members of the Audit Committee if:

● The non-audit fees paid to the auditor are excessive;

● The company receives an adverse opinion on the company's financial statements from its auditor; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

**Problematic Compensation Practices** 

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

● There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

● The company maintains significant problematic pay practices; or

● The board exhibits a significant level of poor communication and responsiveness to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

● The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock:** 

Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

● The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

● Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

● Any other relevant factors.

**Climate Accountability** 

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>10</sup>, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy:

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Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

● Board governance measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Corporate strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Risk management analyses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Metrics and targets.

● Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**Governance Failures** 

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

● Material failures of governance, stewardship, risk oversight<sup>11</sup>, or fiduciary responsibilities at the company;

● Failure to replace management as appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

**Voting on Director Nominees in Contested Elections** 

**Vote-No Campaigns** 

**General Recommendation**: In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**Proxy Contests/Proxy Access** 

**General Recommendation**: Vote case-by-case on the election of directors in contested elections, considering the following factors:

● Long-term financial performance of the company relative to its industry;

● Management's track record;

● Background to the contested election;

● Nominee qualifications and any compensatory arrangements;

● Strategic plan of dissident slate and quality of the critique against management;

● Likelihood that the proposed goals and objectives can be achieved (both slates); and

● Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

**Other Board-Related Proposals** 

**Independent Board Chair** 

General Recommendation: Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

● The scope and rationale of the proposal;

● The company's current board leadership structure;

● The company's governance structure and practices;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Company performance; and

● Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

● A majority non-independent board and/or the presence of non-independent directors on key board committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

● Evidence that the board has failed to oversee and address material risks facing the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

● Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

**SHAREHOLDER RIGHTS & DEFENSES** 

**Shareholder Ability to Act by Written Consent** 

**General Recommendation**: Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

● Shareholders' current right to act by written consent;

● The consent threshold;

● The inclusion of exclusionary or prohibitive language;

● Investor ownership structure; and

● Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

● An unfettered<sup>12</sup> right for shareholders to call special meetings at a 10 percent threshold;

● A majority vote standard in uncontested director elections;

● No non-shareholder-approved pill; and

● An annually elected board.

**Shareholder Ability to Call Special Meetings** 

**General Recommendation**: Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

● Shareholders' current right to call special meetings;

● Minimum ownership threshold necessary to call special meetings (10 percent preferred);

● The inclusion of exclusionary or prohibitive language;

● Investor ownership structure; and

● Shareholder support of, and management's response to, previous shareholder proposals.

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**Virtual Shareholder Meetings** 

**General Recommendation**: Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only<sup>13</sup> meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

● Scope and rationale of the proposal; and

● Concerns identified with the company's prior meeting practices.

**CAPITAL/RESTRUCTURING** 

**Common Stock Authorization** 

**General Authorization Requests** 

**General Recommendation**: Vote case-by-case on proposals to increase the number of authorized shares of

common stock that are to be used for general corporate purposes:

If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50**% of current authorized shares.

● If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100**% of current authorized shares.

● If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

● In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

● The company has a non-shareholder approved poison pill (including an NOL pill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

● A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

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**Specific Authorization Requests** 

**General Recommendation**: Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

● twice the amount needed to support the transactions on the ballot, and

● the allowable increase as calculated for general issuances above.

**Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.** 

**General Recommendation**: For U.S. domestic issuers incorporated outside the U.S. and listed solely on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

**Mergers and Acquisitions** 

**General Recommendation**: Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Valuation - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Market reaction - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Strategic rationale - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Negotiations and process - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Conflicts of interest - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Governance - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

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**COMPENSATION** 

**Executive Pay Evaluation** 

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (e.g., including access to independent expertise and advice when needed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**Advisory Votes on Executive Compensation—Management Proposals (Say-on-Pay)** 

**General Recommendation**: Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

● There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

● The company maintains significant problematic pay practices;

● The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

● The situation is egregious.

**Primary Evaluation Factors for Executive Pay** 

**Pay-for-Performance Evaluation** 

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices<sup>14</sup>, this analysis considers the following:

1. Peer Group<sup>15</sup> Alignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

● The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

2. Absolute Alignment<sup>16</sup> – the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years– i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

● The ratio of performance- to time-based incentive awards;

● The overall ratio of performance-based compensation to fixed or discretionary pay;

● The rigor of performance goals;

● The complexity and risks around pay program design;

● The transparency and clarity of disclosure;

● The company's peer group benchmarking practices;

● Financial/operational results, both absolute and relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

● Realizable pay<sup>17</sup> compared to grant pay; and

● Any other factors deemed relevant.

**Problematic Pay Practices** 

Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

● Problematic practices related to non-performance-based compensation elements;

● Incentives that may motivate excessive risk-taking or present a windfall risk; and

● Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

● Extraordinary perquisites or tax gross-ups;

● New or materially amended agreements that provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●CIC excise tax gross-up entitlements (including "modified" gross-ups);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Liberal CIC definition combined with any single-trigger CIC benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason); or

● Any other provision or practice deemed to be egregious and present a significant risk to investors.

The above examples are not an exhaustive list. Please refer to ISS' U.S. Compensation Policies FAQ document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

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**Options Backdating** 

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

● Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

● Duration of options backdating;

● Size of restatement due to options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

**Compensation Committee Communications and Responsiveness** 

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

● Failure to respond to majority-supported shareholder proposals on executive pay topics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Disclosure of specific and meaningful actions taken to address shareholders' concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Other recent compensation actions taken by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the issues raised are recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

**Equity-Based and Other Incentive Plans** 

Please refer to ISS' U.S. Equity Compensation Plans FAQ document for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans<sup>18</sup> depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

**Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

● SVT based only on new shares requested plus shares remaining for future grants.

**Plan Features:** 

● Quality of disclosure around vesting upon a change in control (CIC);

● Discretionary vesting authority;

● Liberal share recycling on various award types;

● Lack of minimum vesting period for grants made under the plan;

● Dividends payable prior to award vesting.

**Grant Practices:** 

● The company's three-year burn rate relative to its industry/market cap peers;

● Vesting requirements in CEO's recent equity grants (3-year look-back);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

● The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

● Whether the company maintains a sufficient claw-back policy;

● Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

● Awards may vest in connection with a liberal change-of-control definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it– for NYSE and Nasdaq listed companies– or by not prohibiting it when the company has a history of repricing– for non-listed companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

● The plan is excessively dilutive to shareholders' holdings;

● The plan contains an evergreen (automatic share replenishment) feature; or

● Any other plan features are determined to have a significant negative impact on shareholder interests.

**SOCIAL AND ENVIRONMENTAL ISSUES** 

**Global Approach– E&S Shareholder Proposals** 

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation**: Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

● If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

● Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

**Climate Change** 

**Say on Climate (SoC) Management Proposals** 

**General Recommendation**: Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan<sup>19</sup>, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

● Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

● Whether the company has sought and received third-party approval that its targets are science-based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

● Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

● Whether the company's climate data has received third-party assurance;

● Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

● Whether there are specific industry decarbonization challenges; and

● The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals** 

**General Recommendation**: Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

● The completeness and rigor of the company's climate-related disclosure;

● The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

● Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**Climate Change/Greenhouse Gas (GHG) Emissions** 

**General Recommendation**: Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

● The company's level of disclosure compared to industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

● The company's level of disclosure is comparable to that of industry peers; or

● There are no significant controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

● Whether the company provides disclosure of year-over-year GHG emissions performance data;

● Whether company disclosure lags behind industry peers;

● The company's actual GHG emissions performance;

● The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

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**Racial Equity and/or Civil Rights Audit Guidelines** 

**General Recommendation**: Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

● The company's established process or framework for addressing racial inequity and discrimination internally;

● Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

● Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

● The company's track record in recent years of racial justice measures and outreach externally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.

**ESG Compensation-Related Proposals** 

**General Recommendation**: Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

● The scope and prescriptive nature of the proposal;

● The company's current level of disclosure regarding its environmental and social performance and governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and

● Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

**<u>FOOTNOTES</u>** 

<sup>1</sup>

A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

<sup>2</sup>

In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

<sup>3</sup>

Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

<sup>4</sup>

Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (˃50 percent ownership) subsidiaries of that parent, but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

<sup>5</sup>

Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

<sup>6</sup>

If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

<sup>7</sup>

Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

<sup>8</sup>

This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

<sup>9</sup>

Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

<sup>10</sup>

Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

<sup>11</sup>

Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

<sup>12</sup>

"Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

<sup>13</sup>

"Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

<sup>14</sup>

The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.

<sup>15</sup>

The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

<sup>16</sup>

Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

<sup>17</sup>

ISS research reports include realizable pay for S&P1500 companies.

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<sup>18</sup>

Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

<sup>19</sup>

Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

**<u>NEWTON INVESTMENT MANAGEMENT NORTH AMERICA, LLC ("NIMNA")</u>** 

**Policy Statement** 

As a fiduciary and to meet its obligations as an SEC registered investment adviser, Newton Investment Management North America, LLC ("NIMNA" or the "Firm"), a subsidiary of The Bank of New York Mellon, ("BNY Mellon") owes its clients a duty of care and a duty of loyalty with respect to all services undertaken on the client's behalf including (where applicable) the exercise of voting rights.

This summary describes NIMNA's approach to exercising voting rights, where discretion over the voting decisions has been delegated to NIMNA by its clients and where NIMNA provides guidance on exercising voting rights in securities that NIMNA has recommended to clients on a non-discretionary basis, e.g. model accounts.

Where applicable, NIMNA will use its best efforts to exercise voting rights as part of its authority to manage, acquire and dispose of account assets. With respect of funds, i.e. registered investment companies, UCITS or AIFs, which NIMNA manages and/or sub-advises, The Firm will exercise voting rights under this Policy pursuant to an authority granted under the applicable client agreements.

NIMNA will exercise voting rights in a prudent and diligent manner and in the best interests of clients.

**Voting Guidelines** 

NIMNA has established overarching voting guidelines which inform our ultimate voting decision, based on guidance established by internationally recognized governance principles including the OECD Corporate Governance Principles, the ICGN Global Governance Principles, the UK Investment Association's Principles of Remuneration and the UK Corporate Governance Code, in addition to other local governance codes.

We have used the services of an independent voting service provider to translate these guidelines into explicit voting actions forming a bespoke voting policy for NIMNA. This policy will be applied to all our votable holdings, enabling a universal approach to our voting while allowing us to deploy in-depth case-by-case analysis from NIMNA stewardship team for those issuers and/or proposals which merit greater focus due to the materiality of our investment or the importance of the issue at hand (e.g., shareholder resolution, corporate action, related-party transactions). In these instances, communication with or input from the wider investment team may be sought, as well as, if relevant, engagement with the company. The stewardship team retains the ultimate discretion to deviate the vote instruction from the Firm's bespoke policy's recommendation.

Our active approach to voting means that our voting decisions reflect our investment rationale and take into consideration engagement activity and the company's approach to relevant codes, market practices and regulations. These are applied to the company's unique situation, while also taking into account any explanations offered for why the company has adopted a certain position or policy.

NIMNA seeks to make proxy voting decisions that are in the best long-term financial interests of its clients and which seek to support investor value creation by supporting proposals that are consistent with our corporate governance views and investment case.

In general, voting decisions are taken consistently across all NIMNA's clients that are invested in the same underlying company. This is in line with the Firm's investment process that focuses on the long-term success of the investee company. Further, it is NIMNA's intention to exercise voting rights in all circumstances where it retains voting authority.

**Voting Procedures** 

All voting opportunities are communicated to NIMNA by way of an electronic voting platform.

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The Responsible Investment team reviews all resolutions for matters of concern. Any such contentious issues identified may be referred to the appropriate global fundamental equity analyst or portfolio manager for comment. Where an issue remains contentious, NIMNA may also decide to confer or engage with the company or other relevant stakeholders.

An electronic voting service is employed to submit voting decisions. Each voting decision is submitted via the electronic voting service by a member of the Responsible Investment team but can only be executed by way of an alternate member of the team approving the vote within the same system.

Members of certain BNY Mellon operations teams are responsible for administrative elements surrounding the exercise of voting rights by ensuring the right to exercise clients' votes is available and that these votes are exercised.

**Voting Service Providers** 

The Firm utilizes an independent voting service provider for the purposes of managing upcoming meetings and instructing voting decisions via its electronic platform, and for providing research. Its voting recommendations are not routinely followed; it is only in the event that we recognize a potential material conflict of interest that the recommendation of our external voting service provider will be applied.

NIMNA's external voting provider is subject to the requirements set by the Firm's Vendor Management Oversight Group. As such, regular due diligence meetings are held, which includes reviewing its operational performance, service quality, and robustness of research and its internal controls, including management of its potential material conflicts of interest. In addition, and along with its other clients, NIMNA participates in consultations that seek specific feedback on proxy voting matters. This helps ensure alignment of interest between the Firm's expectations and the voting recommendations provided by the external provider.

**Conflicts of Interest** 

Where NIMNA acts as a proxy for its clients, a conflict could arise between Newton, the investee company and/or a client when exercising voting rights. NIMNA has in place procedures for ensuring potential material conflicts of interests are mitigated, while its clients' voting rights are exercised in their best interests. NIMNA seeks to avoid potential material conflicts of interest through the application of the proxy voting guidelines in an objective and consistent manner across client accounts, based on, as applicable, internal, and external research and recommendations provided by third party proxy advisory services and without consideration of any NIMNA client relationship factors, among other considerations.

Where a potential material conflict of interest exists between NIMNA, the underlying company and/or a client, the voting recommendations of an independent third-party proxy service provider will be applied.

**Disclosures and Reporting** 

NIMNA publishes various items related to its approach, engagements and proxy voting decisions. The Firm's Proxy Voting Policy and procedures is also summarized in its Form ADV, which is filed with the SEC and furnished to clients. Upon request, NIMNA will provide clients with information on how their proxies were voted by NIMNA.

In addition, NIMNA will submit any applicable regulatory filings related to its proxy voting approach and decisions as required.

**Securities Lending** 

NIMNA does not engage in securities lending on behalf of its clients; this activity is at the discretion of individual clients.

**Controls, Record Keeping and Auditing** 

Records are kept of all voting decisions, including evidence of the submission and approval process, which are subject to external audit. In addition, the Corporate Actions team reports monthly on critical risk indicators in relation to voting matters.

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**<u>SCHRODER INVESTMENT</u> <u>MANAGEMENT</u> <u>NORTH</u> <u>AMERICA INC</u><u>. ("</u><u>SCHRODERS</u><u>")</u>** 

**Proxy Voting Policy Requirements** 

Pursuant to its Proxy Voting policy, Schroders votes on all shares in publicly quoted equities except as described below. Schroders votes on all of its clients' shares covered by its policy, except in the following very limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where there are share blocking requirements over the shares and the Investment team considers that the ability to trade the shares is more important than the ability to vote, it may elect not to do so. In this case, Schroders' Corporate Governance team is consulted and must approve this decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where the relevant Corporate Governance team considers that costs associated with voting the shares (for example, the financial and/or administrative cost of providing additional documentation) may outweigh the value of the ability to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where there are physical barriers to voting and/or timing issues. For example, where the Schroders proxy voting provider has not provided an electronic means to vote or has not provided their research (which enables Schroders to vote) more than one U.K. business day before the voting cut off.

All voting is conducted as per Global and Regional Voting Guidelines adopted by the Schroders Group.

Schroders Global Voting Guidelines can be found on Schroders' website (https://www.schroders.com/en-us/us/institutional/what-we-do/our-sustainable-investment-policies-disclosures-voting-reports/proxy-voting-policy-guidelines/). The Global Voting Guidelines set the minimum standards to be applied and are supported by the Regional Voting Guidelines, where applicable, which provide specific guidance on how to apply these locally. All voting is conducted in line with such Guidelines except in the circumstances described above.

Global and Regional Voting Guidelines are reviewed at least annually by regional Corporate Governance teams, with any material changes agreed with by the Compliance team.

Corporate Governance teams are responsible for conducting the voting on shares covered by Schroders Proxy Voting policy.

Corporate Governance teams discuss and agree with the relevant Investment teams how to vote with respect to each issuer's shares covered by the policy with reference to the applicable Global and Regional Voting Guidelines, and any discussion and/or other engagement with each company. Once an agreement is reached, the relevant Corporate Governance team is responsible for voting accordingly.

Schroders has the ability to conduct all voting electronically.

All voting is conducted via the electronic voting platform provided by Schroders proxy voting provider, unless there are specific operational reasons not to do so or Schroders attends the meeting in person.

**Voting Escalation Process** 

Where an agreement on how to vote the shares cannot be reached between the relevant Corporate Governance team and the relevant Investment team(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Corporate Governance team and the Investment team(s) will each write a memo setting out their views on the resolution, how they believe the shares should be voted and their rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Corporate Governance team shall convene a meeting (electronically or physically) between the disagreeing parties and the Co-Head of Investment and Head of Equities who will adjudicate and make a decision on how to vote the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Corporate Governance team will document this decision in writing and vote the shares in accordance with the decision.

For the avoidance of doubt, Schroders is not required to follow any recommendations made by the Schroders proxy voting provider, provided as part of its research.

**Conflicts of Interest** 

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Schroders is responsible for monitoring and identifying situations that could give rise to a conflict of interest, including those that could give rise to a conflict of interest when voting at company meetings. Those responsible for monitoring and identifying situations that could give rise to a conflict of interest are responsible for informing the Corporate Governance team of any potential conflicts in accordance with Schroders Group Conflicts of Interest Policy.

Where a potential conflict is identified with respect to an account on whose behalf the Corporate Governance team is voting, or the company being voted on, Schroders will typically follow the standard voting recommendations of the Schroders proxy voting provider.

Examples of potential conflicts of interest include, but are not limited to:

● Where the company in question is a significant client, or part of the same group, as a significant client of Schroders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where the Schroders' employee making the voting decision is a director of, significant shareholder of, or has a position of influence at the company in question.

● Where a Schroders plc director or senior manager is a director of the company in question.

● Where Schroders plc or an affiliate is a shareholder of the company being voted on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Where there is a conflict of interest between one client and another client, or there is pressure to vote in a particular way due to a client request.

● Where the Corporate Governance team votes on Schroders plc resolutions.

There may be scenarios where it is in the best interest of a client to override the recommendations of the Schroders proxy voting provider. In such scenarios, Schroders will obtain approval for the decision from Schroders' the Head of Equities (or other relevant asset class) with the reason for such a vote being recorded in writing. In cases where a recommendation from the Schroders proxy voting provider is not available, Schroders will vote in what it considers to be the best interests of its clients.

**Corporate Actions** 

In the case of mergers, acquisitions or similar corporate actions where an account holds investments in both the target and the acquirer, Schroders acts in what it considers the best interests of its clients based on the information available at the time.

There may be other instances where different accounts, managed by the same or different Schroders fund managers, hold stocks on either side of a transaction. In these cases, the fund managers will each vote in the best interests of their respective clients. The Corporate Governance team will execute the votes on the instruction of the relevant Investment team(s).

**<u>VICTORY CAPITAL MANAGEMENT INC. ("VICTORY CAPITAL")</u>** 

It is Victory Capital's policy to vote the Portfolio's proxies in the best interests of the Portfolio and its shareholders. This entails voting client proxies with the objective of increasing the long-term economic value of Portfolio assets. To assist it in making proxy-voting decisions, Victory Capital has adopted a Proxy Voting Policy ("Policy") that establishes voting guidelines ("Proxy Voting Guidelines") with respect to certain recurring issues. The Policy is reviewed on an annual basis by Victory Capital's Proxy Committee ("Proxy Committee") and revised when the Proxy Committee determines that a change is appropriate.

Voting under Victory Capital's Policy may be executed through administrative screening per established guidelines with oversight by the Proxy Committee or upon vote by a quorum of the Proxy Committee. Victory Capital allows its Investment Franchises to modify their voting instructions against that of the default policy on a case-by-case basis, provided sufficient justification is provided and approved by the Proxy Committee. Victory Capital delegates to Institutional Shareholder Services ("ISS"), an independent service provider, the non-discretionary administration of proxy voting for its clients, subject to oversight by the Proxy Committee. In no circumstances shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by Victory Capital.

Victory Capital's Proxy Committee determines how proxies are voted by following established guidelines, which are intended to assist in voting proxies and are not considered rigid rules. The Proxy Committee is directed to apply the

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guidelines as appropriate. On occasion, however, a contrary vote may be warranted when such action is in the best interests of the Portfolio or if required by the client. In such cases, Victory Capital may consider, among other things:

● the effect of the proposal on the underlying value of the securities

● the effect on marketability of the securities

● the effect of the proposal on future prospects of the issuer

● the composition and effectiveness of the issuer's board of directors

● the issuer's corporate governance practices

● the quality of communications from the issuer to its shareholders

Victory Capital may also take into account independent third-party, general industry guidance or other corporate governance review sources when making decisions. It may additionally seek guidance from other senior internal sources with special expertise on a given topic where it is appropriate. Victory Capital generally votes on a case-by-case basis, taking into consideration whether implementation of an Environmental, Social, and Governance ("ESG")-related proposal is likely to enhance or protect shareholder value. The investment team's opinion concerning the management and prospects of the issuer may be taken into account in determining whether a vote for or against a proposal is in the Portfolio's best interests. Insufficient information, onerous requests or vague, ambiguous wording may indicate that a vote against a proposal is appropriate, even when the general principal appears to be reasonable.

The following examples illustrate the Victory Capital's policy with respect to some common proxy votes. This summary is not an exhaustive list of all the issues that may arise or of all matters addressed in the Guidelines, and whether Victory Capital supports or opposes a proposal will depend upon the specific facts and circumstances described in the proxy statement and other available information.

*Directors* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital generally supports the election of directors in uncontested elections, except when there are issues of accountability, responsiveness, composition, and/or independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital generally supports proposals for an independent chair taking into account factors such as the current board leadership structure, the company's governance practices, and company performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital generally supports proxy access proposals that are in line with the market standards regarding the ownership threshold, ownership duration, aggregation provisions, cap on nominees, and do not contain any other unreasonably restrictive guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital reviews contested elections on a case-by-case basis taking into account such factors as the company performance, particularly the long-term performance relative to the industry; the management track record; the nominee qualifications and compensatory arrangements; the strategic plan of the dissident and its critique of the current management; the likelihood that the proposed goals and objectives can be achieved; the ownership stakes of the relevant parties; and any other context that is particular to the company and the nature of the election.

*Capitalization & Restructuring* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital generally supports capitalization proposals that facilitate a corporate transaction that is also being supported and for general corporate purposes so long as the increase is not excessive and there are no issues of superior voting rights, company performance, previous abuses of capital, or insufficient justification for the need for additional capital.

*Mergers and Acquisitions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital reviews mergers and acquisitions on a case-by-case basis to balance the merits and drawbacks of the transaction and factors such as valuation, strategic rationale, negotiations and process, conflicts of interest, and the governance profile of the company post-transaction.

*Compensation* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital reviews all compensation proposals for pay-for-performance alignment, with emphasis on long-term shareholder value; arrangements that risk pay for failure; independence in the setting of compensation; inappropriate pay to non-executive directors, and the quality and rationale of the compensation disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital will generally vote FOR advisory votes on executive compensation ("say on pay") unless there is a pay-for-performance misalignment; problematic pay practice or non-performance based element; incentive for excessive risk-taking, options backdating; or a lack of compensation committee communication and/or responsiveness to shareholder concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital will vote case-by-case on equity based compensation plans taking into account factors such as the plan cost; the plan features; and the grant practices as well as any overriding factors that may have a significant negative impact on shareholder interests.

*Social and Environmental Issues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Victory Capital generally will vote in line with the Board's recommendations, with support limited to circumstances where it is considered that greater disclosure will directly enhance or protect shareholder value and is reflective of a clearly established reporting standard in the market.

Occasionally, conflicts of interest arise between Victory Capital's interests and those of the Portfolio or another client. When this occurs, the Proxy Committee must document the nature of the conflict and vote the proxy in accordance with the Proxy Voting Guidelines unless such guidelines are judged by the Proxy Committee to be inapplicable to the proxy matter at issue. In the event that the Proxy Voting Guidelines are inapplicable or do not mitigate the conflict, Victory Capital will seek the opinion of its chief compliance officer or consult with an external independent adviser. In the case of a Proxy Committee member having a personal conflict of interest (e.g. a family member is on the board of the issuer), such member will abstain from voting. Finally, Victory Capital reports to the Board annually any proxy votes that took place involving a conflict, including the nature of the conflict and the basis or rationale for the voting decision made.

**<u>WCM INVESTMENT MANAGEMENT, LLC ("WCM")</u>** 

**Proxy Voting Procedures** 

WCM accepts responsibility for voting proxies whenever requested by a Client or as required by law. Each Client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the Client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by its advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, the Proxy Voting Rule, Rule 206(4)-6, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of its clients. Even when WCM has proxy voting authority, a Client may request that WCM vote in a certain manner. Any such instructions shall be provided to WCM, in writing or electronic communication, saved in the Client files and communicated to the Portfolio Associate and Proxy Admin.

*Special Rules for ERISA* 

Unless proxy voting responsibility has been expressly reserved by the plan, trust document, or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan Client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder actions relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

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**Role of the Independent Proxy Adviser** 

WCM uses the proxy voting recommendations of Glass Lewis (our "Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance and create shareholder value. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance– the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group ("ISG"). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. They will maintain documentation to support the decision, which will be reviewed by the Compliance Team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

**Role of the Portfolio Associate** 

The Portfolio Associate is responsible for the onboarding and maintenance of Client accounts. For each Client, the Portfolio Associate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Determines whether WCM is vested with proxy voting responsibility or whether voting is reserved to the Client or delegated to another designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Instructs registered owners of record (e.g. the Client, Trustee or Custodian) that receive proxy materials from the issuer or its information agent to send proxies electronically directly to Broadridge/ProxyEdge, a third party service provider, to: (1) provide notification of impending votes; (2) vote proxies based on the Proxy Adviser and/or WCM recommendations; and (3) maintain records of such votes electronically.

● Assigns the appropriate proxy voting guidelines based on a Client's Investment Policy Guidelines; and

● Reports proxy voting records to the Client, as requested.

**Role of the Proxy Admin.** 

The Proxy Admin circulates proxy ballot information and administers the proxy vote execution process. The Proxy Admin:

● Monitors the integrity of the data feed between the Client's registered owner of record and Broadridge/Proxy Edge;

● Executes votes based on the recommendation of the Proxy Adviser or ISG; and

● Ensures all votes are cast in a timely manner.

**Role of the ISG and Analysts** 

With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the Investment Strategy Group (ISG) is responsible for review of the Proxy Adviser policy and final vote determination. The ISG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Annually, reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a Client's best interest;

● Reviews the ballot voting recommendations of the Proxy Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investigates ballot voting issues during the normal course of research, company visits, or discussions with company representatives.

If the ISG:

● Agrees with the voting recommendation of the Proxy Adviser, no further action is required;

● Disagrees with the voting recommendation of the Proxy Adviser, they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Deal with conflicts of interest, as described below;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Provide updated voting instructions to the Proxy Admin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Document the rationale for the decision, which is provided to Compliance.

**Certain Proxy Votes May Not Be Cast** 

In some cases, WCM may determine that it is in the best interests of our clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal:

● Neither the Proxy Adviser' recommendation nor specific client instructions cover an issue;

● In circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected benefits to the Client.

In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG.

Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

**Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer** 

WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and its clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The CCO must determine whether WCM has a conflict of interest with respect to the issuer that is the subject of the proxy. The CCO will use the following standards to identify issuers with which WCM may have a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Significant Business Relationships* – The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Significant Personal/Family Relationships* – the CCO will determine whether any Supervised Persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any Supervised Person of WCM who is involved in the proxy voting process (e.g., ISG members) and senior Supervised Persons of issuers for which WCM may vote proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the conflict is "material" to any specific proposal included within the proxy. The CCO shall determine whether a proposal is material as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Routine Proxy Proposals* – Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities, and approval of an annual report/financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Non-Routine Proxy Proposals* – Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see 3. below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans, retirement plans, profit sharing or other special remuneration plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Determining that a Non-Routine Proposal is Not Material* – As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●For any proposal where the CCO determines that WCM has a material conflict of interest, WCM may vote a proxy regarding that proposal in any of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Obtain Client Consent or Direction* – If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict, and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●*Use the Proxy Adviser's Recommendation* – Vote in accordance with the Proxy Adviser's recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●For any proposal where the CCO determines that WCM does not have a material conflict of interest, the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines that doing so is in the best interest of WCM's clients. If the ISG decides to overrule the Proxy Adviser's recommendation, the ISG will maintain documentation to support their decision.

**Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer** 

If WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, The CCO will evaluate the circumstances and either:

● elevate the decision to the ISG who will make a determination as to what would be in the Client's best interest;

● if practical, seek a waiver from the Client of the conflict; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●if agreed upon in writing with the Clients, forward the proxies to affected Clients allowing them to vote their own proxies.

**Maintenance of Proxy Voting Records** 

As required by Rule 204-2 under the Advisers Act, and for ERISA accounts, the DOL's Proxy Voting Rule, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

● a copy of these Proxy Policies, as they may be amended from time to time;

● copies of proxy statements received regarding Client securities;

● a record of each proxy vote cast on behalf of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●each written Client request for information on how WCM voted proxies on behalf of the Client and each written response by WCM to oral or written Client requests for this information.

As permitted by Rule 204-2(c), electronic proxy statements and the record of each vote cast on behalf of each Client account will be maintained by ProxyEdge. WCM shall obtain and maintain an undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to its Clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (e.g., large U.S.-based issuers).

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**Disclosure** 

WCM will provide all Clients a summary of these Proxy Policies, either directly or by delivery to the Client of a copy of its Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the Client's proxies. Upon receipt of a Client's request for more information, WCM will provide to the Client a copy of these Proxy Policies and/or in accordance with the Client's stated requirements, how the Client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the Client. However, to the extent that WCM serves as a sub-adviser to another adviser to a Client, WCM will be deemed to be authorized to provide proxy voting records on such Client accounts to such other adviser.

**Oversight of the Proxy Adviser** 

Prior to adopting the proxy guidelines and recommendations of a Proxy Adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the Proxy Admin, the ISG and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

● Identify, resolve, and disclose actual and potential conflicts of interest associated with its recommendations;

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser's schedule.

**<u>WELLINGTON MANAGEMENT COMPANY LLP ("WELLINGTON MANAGEMENT")</u>** 

**Introduction**

Wellington Management has adopted and implemented policies and procedures it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for which it exercises proxy-voting discretion.

The purpose of this document is to outline Wellington Management's approach to executing proxy voting. Wellington Management's Proxy Voting Guidelines (the "Guidelines"), which are contained in a separate document, set forth broad guidelines and positions on common issues that Wellington Management uses for voting proxies. The Guidelines set out our general expectations on how we vote rather than rigid rules that we apply without consideration of the particular facts and circumstances.

**Statement of Policy** 

Wellington Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Votes client proxies for clients that have affirmatively delegated proxy voting authority, in writing, unless we have arranged in advance with a particular client to limit the circumstances in which the client would exercise voting authority, or we determine that it is in the best interest of one or more clients to refrain from voting a given proxy.

● Seeks to vote proxies in the best financial interests of the clients for which we are voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Identifies and resolves all material proxy-related conflicts of interest between the firm and our clients in the best interests of the client.

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**Responsibility and Oversight** 

The Proxy Voting Team monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. The Proxy Voting Team also acts as a resource for portfolio managers and investment research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of the Proxy Voting Team. The Investment Stewardship Committee, a senior, cross-functional group of experienced professionals, is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, and identification and resolution of conflicts of interest. The Investment Stewardship Committee reviews the Guidelines as well as the Global Proxy Policy and Procedures annually.

**Procedures** 

*Use of Third-Party Voting Agent* 

Wellington Management uses the services of a third-party voting agent for research and to manage the administrative aspects of proxy voting. We view third-party research as an input to our process. Wellington Management complements the research provided by its primary voting agent with research from other firms.

Our primary voting agent processes proxies for client accounts and maintains records of proxies voted. For certain routine issues, as detailed below, votes may be instructed according to standing instructions given to our primary voting agent, which are based on the Guidelines.

We manually review instances where our primary voting agent discloses a material conflict of interest of its own, potentially impacting its research outputs. We perform oversight of our primary voting agent, which involves regular service calls and an annual due diligence exercise, as well as regular touchpoints in the normal course of business.

*Receipt of Proxy* 

If a client requests that Wellington Management vote proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting materials to Wellington Management or its designated voting agent in a timely manner.

*Reconciliation* 

Proxies for public equity securities received by electronic means are matched to the securities eligible to be voted, and a reminder is sent to custodians/trustees that have not forwarded the proxies due. This reconciliation is performed at the ballot level. Although proxies received for private equity securities, as well as those received in non-electronic format for any securities, are voted as received, Wellington Management is not able to reconcile these ballots, and does not notify custodians of non-receipt; Wellington Management is only able to reconcile ballots where clients have consented to providing holdings information with its provider for this purpose.

*Proxy Voting Process* 

Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's activities with regards to proxy voting practices.

Routine issues that can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such vote sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally

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arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

*Material Conflict of Interest Identification and Resolution Processes* 

Further detail on our management of conflicts of interest can be found in our Stewardship Conflicts of Interest Policy, available on our website.

**Other Considerations** 

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

*Securities Lending* 

Clients may elect to participate in securities lending. Such lending may impact their ability to have their shares voted. Under certain circumstances, and where practical considerations allow, Wellington Management may determine that the anticipated value of voting could outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies. We do not borrow shares for the sole purpose of exercising voting rights.

*Share Blocking and Re-Registration* 

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

*Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs* 

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote; the proxy materials are not delivered in a timely fashion; or, in Wellington Management's judgment, the costs of voting exceed the expected benefits to clients (included but not limited to instances such as when powers of attorney or consularization or the disclosure of client confidential information are required).

**Additional Information** 

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses voting decisions through its website, including the rationale for votes against management.

Wellington Management provides clients with a copy of its Global Proxy Policy and Procedures, as well as the Voting Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

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**Appendix C** <br>**Portfolio Managers** 

**INVESTMENTS IN EACH FUND** 

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| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund as of**<br> **October 31, 2025**<br>|
| *Bailard, Inc.* | *Bailard, Inc.* | *Bailard, Inc.* |
| Eric P. Leve, CFA | Nationwide Bailard International Equities Fund |  |
| Daniel McKellar, CFA | Nationwide Bailard International Equities Fund |  |
| Thomas J. Mudge III, CFA | Nationwide Bailard Small Cap Value Fund |  |
| Blaine Townsend, CIMC, CIMA | Nationwide Bailard Small Cap Value Fund |  |
| Osman Akgun, PhD, CFA | Nationwide Bailard Small Cap Value Fund |  |
| Sonya Thadhani Mughal, CFA | Nationwide Bailard Technology Fund |  |
| David H. Smith, CFA | Nationwide Bailard Technology Fund |  |
| Christopher Moshy | Nationwide Bailard Technology Fund |  |
| *BlackRock Investment Management, LLC* | *BlackRock Investment Management, LLC* | *BlackRock Investment Management, LLC* |
| Jennifer Hsui, CFA | Nationwide International Index Fund |  |
| Jennifer Hsui, CFA | Nationwide Mid Cap Market Index Fund |  |
| Jennifer Hsui, CFA | Nationwide S&P 500 Index Fund |  |
| Jennifer Hsui, CFA | Nationwide Small Cap Index Fund |  |
| Peter Sietsema | Nationwide International Index Fund |  |
| Peter Sietsema | Nationwide Mid Cap Market Index Fund |  |
| Peter Sietsema | Nationwide S&P 500 Index Fund |  |
| Peter Sietsema | Nationwide Small Cap Index Fund |  |
| Matt Waldron, CFA | Nationwide International Index Fund |  |
| Matt Waldron, CFA | Nationwide Mid Cap Market Index Fund |  |
| Matt Waldron, CFA | Nationwide S&P 500 Index Fund |  |
| Matt Waldron, CFA | Nationwide Small Cap Index Fund |  |
| Steven White | Nationwide International Index Fund |  |
| Steven White | Nationwide Mid Cap Market Index Fund |  |
| Steven White | Nationwide S&P 500 Index Fund |  |
| Steven White | Nationwide Small Cap Index Fund |  |
| James Mauro | Nationwide Bond Index Fund |  |
| Jonathan Graves | Nationwide Bond Index Fund |  |
| Marcus Tom | Nationwide Bond Index Fund |  |
| *Geneva Capital Management LLC* | *Geneva Capital Management LLC* | *Geneva Capital Management LLC* |
| William S. Priebe | Nationwide Geneva Mid Cap Growth Fund | Over $1,000,000 |
| William S. Priebe | Nationwide Geneva Small Cap Growth Fund | Over $1,000,000 |
| José Muñoz, CFA | Nationwide Geneva Mid Cap Growth Fund | $100001-$500000 |
| José Muñoz, CFA | Nationwide Geneva Small Cap Growth Fund | $100001-$500000 |
| *GQG Partners LLC* | *GQG Partners LLC* | *GQG Partners LLC* |
| Rajiv Jain | Nationwide GQG US Quality Equity Fund |  |
| Brian Kersmanc | Nationwide GQG US Quality Equity Fund |  |
| Sudarshan Murthy, CFA | Nationwide GQG US Quality Equity Fund |  |
| Siddharth Jain | Nationwide GQG US Quality Equity Fund |  |
| *Invesco Advisers, Inc.* | *Invesco Advisers, Inc.* | *Invesco Advisers, Inc.* |
| Michael Hyman | Nationwide Invesco Core Plus Bond Fund |  |
| Matthew Brill, CFA | Nationwide Invesco Core Plus Bond Fund |  |
| Todd Schomberg, CFA | Nationwide Invesco Core Plus Bond Fund |  |
| Chuck Burge | Nationwide Invesco Core Plus Bond Fund |  |

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| | | |
|:---|:---|:---|
| **Name of Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp; **Dollar Range of**<br> **Investments in**<br> **Each Fund as of**<br> **October 31, 2025**<br>|
| *J.P. Morgan Investment Management Inc.* | *J.P. Morgan Investment Management Inc.* | *J.P. Morgan Investment Management Inc.* |
| Susan Bao, CFA | Nationwide Fund |  |
| Andrew Stern, CFA | Nationwide Fund |  |
| *Loomis, Sayles & Company, L.P.* | *Loomis, Sayles & Company, L.P.* | *Loomis, Sayles & Company, L.P.* |
| Aziz V. Hamzaogullari, CFA | Nationwide Loomis All Cap Growth Fund | Over $1,000,000 |
| Christopher T. Harms | Nationwide Loomis Core Bond Fund |  |
| Christopher T. Harms | Nationwide Loomis Short Term Bond Fund |  |
| Clifton V. Rowe, CFA | Nationwide Loomis Core Bond Fund |  |
| Clifton V. Rowe, CFA | Nationwide Loomis Short Term Bond Fund |  |
| Daniel Conklin, CFA | Nationwide Loomis Core Bond Fund |  |
| Daniel Conklin, CFA | Nationwide Loomis Short Term Bond Fund |  |
| Ian Anderson | Nationwide Loomis Core Bond Fund |  |
| Barath W. Sankaran, CFA | Nationwide Loomis Core Bond Fund |  |
| *Mellon Investments Corporation* | *Mellon Investments Corporation* | *Mellon Investments Corporation* |
| Marlene Walker Smith | Nationwide NYSE Arca Tech 100 Index Fund |  |
| David France, CFA | Nationwide NYSE Arca Tech 100 Index Fund |  |
| Todd Frysinger, CFA | Nationwide NYSE Arca Tech 100 Index Fund |  |
| Vlasta Sheremeta, CFA | Nationwide NYSE Arca Tech 100 Index Fund |  |
| Michael Stoll | Nationwide NYSE Arca Tech 100 Index Fund |  |
| *Nationwide Asset Management, LLC* | *Nationwide Asset Management, LLC* | *Nationwide Asset Management, LLC* |
| Chad W. Finefrock, CFA | Nationwide Inflation-Protected Securities Fund |  |
| Nicholas J. Kern, CFA | Nationwide Inflation-Protected Securities Fund | $1-$10000 |
| *Newton Investment Management North America, LLC* | *Newton Investment Management North America, LLC* | *Newton Investment Management North America, LLC* |
| John C. Bailer, CFA | &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>|  |
| Brian C. Ferguson | &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>|  |
| Keith Howell, Jr., CFA | &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>|  |
| James H. Stavena | Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| James H. Stavena | &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>|  |
| Torrey K. Zaches, CFA | Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
| Torrey K. Zaches, CFA | &nbsp;&nbsp; Nationwide BNY Mellon Dynamic U.S. Equity Income <br> Fund<br>|  |
| *Schroder Investment Management North America Inc.* | *Schroder Investment Management North America Inc.* | *Schroder Investment Management North America Inc.* |
| Alex Tedder | Nationwide Schroders Global Equity Fund |  |
| Frank Thormann, CFA | Nationwide Schroders Global Equity Fund |  |
| *Victory Capital Management Inc.* | *Victory Capital Management Inc.* | *Victory Capital Management Inc.* |
| Jonathan M. Duensing, CFA | Nationwide Strategic Income Fund |  |
| Jeffrey C. Galloway, CFA | Nationwide Strategic Income Fund |  |
| *WCM Investment Management, LLC* | *WCM Investment Management, LLC* | *WCM Investment Management, LLC* |
| Jonathon Detter, CFA | Nationwide WCM Focused Small Cap Fund |  |
| Anthony Glickhouse, CFA | Nationwide WCM Focused Small Cap Fund |  |
| Patrick McGee, CFA | Nationwide WCM Focused Small Cap Fund |  |
| *Wellington Management Company LLP* | *Wellington Management Company LLP* | *Wellington Management Company LLP* |
| Jonathan G. White, CFA | Nationwide International Small Cap Fund |  |
| Mary L. Pryshlak, CFA | Nationwide International Small Cap Fund |  |

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**DESCRIPTION OF COMPENSATION STRUCTURE**

**<u>Bailard, Inc. ("Bailard")</u>** 

Dr. Akgun, Mr. McKellar, Mr. Mudge, Mr. Smith and Mr. Moshy are each paid a base salary, an "investment performance" bonus relating to the Fund and strategy each manages and, potentially, an additional discretionary bonus. The investment performance bonus is designed to be significant but not so significant that it would encourage extreme risk taking. For the Nationwide Bailard International Equities Fund, the Nationwide Bailard Small Cap Value Fund and the Nationwide Bailard Technology Fund, it is based on the relevant Fund's return ranking on a rolling 12-month basis relative to that Fund's peer group: Morningstar Foreign Large Blend Category (for the Nationwide Bailard International Equities Fund), Morningstar Small Cap Value Category (for the Nationwide Bailard Small Cap Value Fund) and Morningstar Technology Category (for the Nationwide Bailard Technology Fund). Additionally, a portion of Mr. McKellar's investment performance bonus is based on the performance of Bailard's EAFE Composite (0% Emerging Markets) on a rolling 12-month basis. In addition to the investment performance bonus related to the Fund, Dr. Akgun also receives an investment performance bonus for Bailard's Tactical Asset Allocation strategy. The discretionary bonus, if any, reflects the pre-tax profitability of Bailard and the portfolio manager's contribution to meeting Bailard's general corporate goals. On occasion, the portfolio managers named above may receive stock grants based on individual performance.

Mr. Leve, Ms. Mughal and Mr. Townsend are members of Bailard's Senior Management Team and as such, their compensation consists primarily of a base salary and a significant discretionary cash bonus. The cash bonus reflects Bailard's profitability and Mr. Leve, Ms. Mughal and Mr. Townsend's contribution to Bailard's corporate goals. On occasion, portfolio managers on the Senior Management Team may receive stock grants based on individual performance. None of Mr. Leve's compensation is based directly on the performance of the Nationwide Bailard International Equities Fund. None of Ms. Mughal's compensation is based directly on the performance of the Nationwide Bailard Technology Fund. None of Mr. Townsend's compensation is based directly on the performance of the Nationwide Bailard Small Cap Value Fund.

**<u>BlackRock Investment Management, LLC ("BlackRock")</u>** 

The discussion below describes the portfolio managers' compensation as of June 30, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation– Ms. Hsui and Messrs. Sietsema, Waldron and White** 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. Performance of index funds is based on the performance of such funds relative to pre-determined tolerance bands around a benchmark, as applicable. The performance of Ms. Hsui and Messrs. Sietsema, Waldron and White is not measured against a specific benchmark.

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**Discretionary Incentive Compensation– Messrs. Mauro, Graves and Tom** 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:

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| | |
|:---|:---|
| **Portfolio Manager** | **Benchmarks** |
| James Mauro | &nbsp;&nbsp; A combination of market-based indices (e.g., Bloomberg MBS Index and the <br> Bloomberg U.S. TIPS 0-5 Years Index).<br>|
| Jonathan Graves | &nbsp;&nbsp; A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Bond <br> Index), certain customized indices and certain fund industry peer groups.<br>|
| Marcus Tom | &nbsp;&nbsp; A combination of market-based indices (e.g., Bloomberg MBS Index and the <br> Bloomberg U.S. TIPS 0-5 Years Index).<br>|

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**Distribution of Discretionary Incentive Compensation.** Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits**. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of

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common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

**<u>Geneva Capital Management LLC ("Geneva")</u>** 

Geneva investment professionals receive a competitive market-based salary and discretionary bonus. The size of the bonus pool is a function of firm revenues. Bonuses at the individual level will be based on a number of factors including analyst productivity, performance of coverage universe and a discretionary component. This discretionary component is meant to encourage teamwork and collaboration and reward individuals who make a positive long-term impact on the business. In addition to bonus and salary most members of the investment team are shareholders of the Firm and receive profit distributions based on their ownership stake in the company. Additionally, Geneva continually evaluates ways to incent investment professionals who make a positive long-term impact. This may include an opportunity to purchase equity in the Firm, which is offered on an invitation only basis. Geneva believes this compensation plan encourages investment professionals to focus on the long-term success of the business.

**<u>GQG Partners LLC ("GQG")</u>** 

Each portfolio manager receives a fixed salary and retirement benefits, and may receive investment management services. In the case of Messrs. Kersmanc, Murthy and S. Jain, variable compensation, which includes a discretionary annual bonus that is based on both a qualitative and quantitative evaluation of the portfolio manager's performance and GQG's overall performance and profitability. A portion of the discretionary annual bonus is typically paid in cash each year, and the remainder of the bonus is normally allocated to a deferred compensation plan, subject to a vesting schedule and paid out over time (e.g., 3 years). Amounts deferred under the plan earn the rate of return earned by the institutional shares class of a proprietary mutual fund advised by GQG, calculated gross of management fees but net of other operating expenses. No portfolio manager's compensation is directly based on the value of assets in a fund's portfolio. In addition, from time-to-time, employees of GQG, including Messrs. Kersmanc, Murthy and S. Jain, may receive an award of restricted stock units in GQG's parent company, GQG Partners Inc. The grant of any such award is subject to the discretion of the Board of Directors of GQG Partners Inc.

**<u>Invesco Advisers,</u> <u>Inc.</u> <u>("</u><u>Invesco</u><u>")</u>**

Invesco seeks to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive fund performance. Invesco evaluates competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

*Base Salary*. Each portfolio manager is paid a base salary. In setting the base salary, Invesco's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

*Annual Bonus*. The portfolio managers are eligible, along with other employees of Invesco, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

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**Each portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager as described in Table 1 below.** 

**Table 1** 

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| | |
|:---|:---|
| **Subadviser** | **Performance time period**<sup>1</sup> |
| Invesco<sup>2</sup> | One-, Three- and Five-year performance against fund peer <br> group<br>|

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<sup>1</sup> Rolling time periods based on calendar year-end.

<sup>2</sup> Portfolio managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

*Deferred / Long Term Compensation*. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual fund deferral awards or long-term equity awards. Annual fund deferral awards are notionally invested in certain Invesco funds selected by the portfolio manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both fund deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the portfolio managers with the long-term interests of clients and shareholders and encourages retention.

*Retirement and health and welfare arrangements*. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

**<u>J.P.</u> <u>Morgan Investment Management Inc.</u> <u>("</u><u>JP Morgan</u><u>"</u> <u>–</u> <u>("JPMIM"</u><u>)</u>** 

J.P. Morgan Investment Management's ("JPMIM") compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM portfolio managers ("Portfolio Managers") participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation– base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one, three, five and ten year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

● The scale and complexity of their investment responsibilities;

● Individual contribution relative to the client's risk and return objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

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Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

● Reducing or altogether eliminating annual incentive compensation;

● Canceling unvested awards (in full or in part);

● Clawback/recovery of previously paid compensation (cash and / or equity);

● Demotion, negative performance rating or other appropriate employment actions; and

● Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

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| |
|:---|
| **Name of Fund** |
| Nationwide Fund<br> S&P 500<sup>®</sup> Index |

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**<u>Loomis, Sayles & Company, L.P. ("Loomis Sayles")</u>** 

**Nationwide Loomis All Cap Growth Fund** 

Loomis Sayles believes that Portfolio Manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Mr. Hamzaogullari's compensation has four components: a competitive base salary, an annual incentive bonus driven by investment performance, participation in a long-term incentive plan (with an annual and a post-retirement payout), and a revenue sharing bonus if certain revenue thresholds and performance hurdles are met.

Maximum variable compensation potential is a multiple of base salary and reflects performance achievements relative to peers with similar disciplines. The performance review considers the asset class, manager experience, and maturity of the product. The incentive compensation is based on trailing strategy performance and is weighted at one third for the three-year period, one third for the five-year period and one third for the ten-year period. He also receives performance based compensation as Portfolio Manager for a private investment fund. The Firm's senior management reviews the components annually.

In addition, Mr. Hamzaogullari participates in the Loomis Sayles profit sharing plan, in which Loomis Sayles makes a contribution to the retirement plan of each employee based on a percentage of base salary (up to a maximum amount). He may also participate in the Loomis Sayles deferred compensation plan which requires all employees to defer 50% of their annual bonus if in excess of a certain dollar amount, except for those employees who will be age 61 or older on the date the bonus is awarded. These amounts are deferred over a two year period with 50% being paid out one year from the bonus anniversary date and the second 50% being paid out two years from the bonus anniversary date. These deferrals are deposited

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into an investment account on the employee's behalf, but the employee must be with Loomis Sayles on the vesting dates in order to receive the deferred bonus.

**Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund** 

Loomis Sayles believes that Portfolio Manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for its clients. Although Portfolio Manager compensation is not directly tied to assets under management, a Portfolio Manager's base salary and/or bonus potential may reflect the amount of assets for which the manager is responsible relative to other Portfolio Managers. The annual bonus is incentive-based and generally represents a significant multiple of base salary. The bonus is based on three factors: investment performance, profit growth of the Firm, and personal conduct. Investment performance is the primary component of the annual bonus and generally represents at least 60% of the total for fixed-income managers. The other factors are used to determine the remainder of the annual incentive bonus, subject to the discretion of the Firm's Chief Investment Officer ("CIO") and senior management. The Firm's CIO and senior management evaluate these other factors annually.

The investment performance component of the annual incentive bonus depends primarily on investment performance against benchmark and/or against peers within similar disciplines. The score is based upon the product's institutional composite performance; however, adjustments may be made if there is significant dispersion among the returns of the composite and accounts not included in the composite. For most products, the product investment score compares the product's rolling three year performance over the past nine quarters (a five year view) against both a benchmark and a peer group established by the CIO. The scoring rewards both the aggregate excess performance of the product against a benchmark and the product's relative rank within a peer group. In addition, for fixed income products, the performance score rewards for the consistency of that outperformance and is enhanced if over the past five years it has kept its rolling three-year performance ahead of its benchmark. Portfolio Managers working on several product teams receive a final score based on the relative revenue weight of each product.

Portfolio Managers may also participate in the three segments of the long-term incentive program. The amount of the awards for each segment are dependent upon role, industry experience, team and Firm profitability, and/or investment performance.

**General** 

The core elements of the Loomis Sayles compensation plan include a base salary, an annual incentive bonus, and, for senior investor and leadership roles, a long-term incentive bonus. The base salary is a fixed amount based on a combination of factors, including industry experience, Firm experience, job performance and market considerations. The annual incentive bonus and long term incentive bonus is driven by a variety of factors depending upon the specific role. Factors include investment performance, individual performance, team and Firm profitability, role, and industry experience. Both the annual and long term bonus have a deferral component. Loomis Sayles has developed and implemented three long-term incentive plan segments to attract and retain investment talent.

For the senior-most investment roles, a Long Term Incentive Plan provides annual grants relative to the role, and includes a post retirement payment feature to incentivize effective succession management. Participation is contingent upon signing an award agreement, which includes a non-compete covenant. The second and third Long Term Incentive Plans are constructed to create mid- term alignment for key positions, including a two year deferral feature. The second plan is role based, and the third is team based which is more specifically dependent upon team profitability and/or investment performance.

In addition, Loomis Sayles also offers a profit sharing plan for all employees and a defined benefit plan for employees who joined the Firm prior to May 3, 2003. The profit sharing contribution to the retirement plan of each employee is based on a percentage of base salary (up to a maximum amount). The defined benefit plan is based on years of service and base compensation (up to a maximum amount).

**<u>Mellon Investments Corporation ("Mellon")</u>** 

The firm's rewards program is designed to be market-competitive and align our compensation with the goals of our clients.

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Our incentive model is designed to compensate for quantitative and qualitative objectives achieved during the performance year. An individual's final annual incentive award is tied to the firm's overall performance, the team's performance, as well as individual performance.

Awards are paid in cash on an annual basis; however, some senior individuals may receive a portion of their annual incentive award in deferred vehicles.

The following factors encompass our rewards program.

● Base salary

● Annual cash incentive

● Long-Term Incentive Plan (applicable only to select senior individuals)

● BNY restricted stock units

**<u>Nationwide Asset Management, LLC ("NWAM")</u>** 

NWAM's compensation program consists of base salary, annual incentives and long-term incentives; hereby known as "Compensation Structure." Annually, the "Compensation Structure" is reviewed for competitiveness by using the McLagan Compensation surveys.

The "Compensation Structure" is designed to motivate and reward individual and team actions and behaviors that drive a high-performance organization and deliver risk-adjusted investment returns that are aligned with the strategy of Nationwide and our business partners.

● Align interests of NWAM and business partners and foster collaboration

● Base a substantial portion of NWAM compensation directly on NWAM

● Recognize qualitative as well as quantitative performance

● Encourage a higher level of intelligent investment risk taking and entrepreneurial attitudes and behaviors

● Provide a high degree of "line of sight" for NWAM participants and other business partners

● Attract and retain individuals with skills critical to the NWAM strategy

● Target median total compensation for the industry

● Utilize variable compensation (annual and long term) to close compensation market gaps.

**<u>Newton Investment Management North America LLC ("NIMNA")</u>** 

NIMNA employees are remunerated using a combination of base salary and discretionary annual incentive which is delivered in a mix of cash and deferred incentive depending on the level of incentive and appropriateness for the role.

Discretionary deferred incentive arrangements can include a mix of a long-term incentive plan (LTIP), which has Newton real equity, and awards made under a deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles). This approach aligns us closely with clients and provides employees with an appropriately balanced discretionary incentive arrangement. Most discretionary incentive-eligible employees now receive 100% of their deferred awards in the deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles), with members of the executive team receiving a portion of their incentive award in the Newton real equity plan and a portion in the deferred cash plan linked to the performance of a basket of Newton-managed portfolios (pooled vehicles).

For portfolio managers, a portion of the deferred cash award is linked to the performance of a portfolio (pooled vehicle) where they form part of the portfolio management team, and the remaining portion is linked to the performance of the Newton-wide basket of portfolios, providing and tangible and direct link between compensation and the performance of the fund they are responsible for.

For awards made under the Newton equity plan the value of Newton equity is calculated twice a year. The valuation is based on current and future forecasted financial performance of the Newton business. The class of shares, which the participants hold, is non-voting and non-dividend-bearing and the parent company (holding dividend-bearing NIM shares with voting rights) retains 100% control of Newton.

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It is intended that discretionary incentive awards will be made annually with deferred elements having a three-year vesting period. For the Newton equity awards, the vesting period will be followed by a minimum six-month and one-day holding period before they are eligible sale.

NB: The approach described to reward structures above is applied consistently to Newton's go forward business in both the UK and US, albeit the fund baskets used in each jurisdiction differ slightly (in part to ensure appropriate alignment with clients). We regularly review our compensation approach, including mixture and features of the deferred compensation schemes and will make changes that we consider appropriate to ensure that we remain aligned with regulatory requirements, client outcomes and market practices.

**<u>Schroder Investment</u> <u>Management</u> <u>North</u> <u>America Inc.</u> <u>("</u><u>Schroders</u><u>")</u>**

Schroders' methodology for measuring and rewarding the contribution made by portfolio managers combines quantitative measures with qualitative measures. The Fund's portfolio managers are compensated for their services to the Fund and to other accounts they manage in a combination of base salary and annual discretionary bonus, as well as the standard retirement, health and welfare benefits. A limited number of fund managers may also receive awards under a long-term incentive program, aimed at recognizing key talent and sustained performance and potential. In addition, certain employees, typically those in our Schroders Capital business, may also be eligible to participate in carried-interest sharing arrangements, which further enhance long-term retention and alignment to investment performance.

Base salary of Schroders employees is determined by reference to the level of responsibility inherent in the role and the skills and experience of the incumbent and is benchmarked annually against market data to ensure that Schroders is paying competitively. Schroders reviews base salaries annually, targeting increases at employees whose roles or responsibilities have increased in scope materially during the year.

Schroders believes that a discretionary incentive scheme approach is preferable to the use of formulaic arrangements to ensure that good conduct and behaviors in line with the Schroders values are rewarded, to avoid reinforcing or creating conflicts of interest and to encourage a one team attitude. Any discretionary bonus is determined by a number of factors. At a macro level the total amount available to spend is a function of the compensation to revenue ratio achieved by Schroders globally. Schroders then assesses the performance of the division and of a management team to determine the share of the aggregate bonus pool that is spent in each area. This focus on "team" maintains consistency and minimizes internal competition that may be detrimental to the interests of Schroders' clients. For each team, Schroders considers a range of performance metrics including the performance of their Funds relative to competitors and to relevant benchmarks (which may be internally-and/or externally-based and are considered over a range of performance periods, including over one and three year periods), the level of Funds under management and the level of performance fees generated, if any. The portfolio managers' compensation for other accounts they manage may be based upon such accounts' performance. Non-financial performance metrics, including adherence to effective risk management, also form a significant part of the performance assessment process which is considered in determining the individual's bonus award. Schroders assesses each employee's performance across three key areas: Business Excellence, Behavioural Excellence and Conduct, taking into account factors such as leadership, contribution to other parts of the business, and identifying those whose behaviour exemplifies our corporate values of excellence, integrity, teamwork, passion, and innovation. For those employees receiving significant bonuses, a part may be deferred in the form of Schroders plc stock and fund-based awards of notional cash investments in a range of Schroders funds.

These deferrals vest over a period of three years or more and seek to ensure that the interests of employees are aligned with those of clients and shareholders.

**<u>Victory Capital Management Inc. ("Victory Capital")</u>** 

Victory Capital has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of Victory Capital's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help Victory Capital attract and retain high-quality investment professionals, and (3) contribute to Victory Capital's overall financial success.

Each of the Victory Capital portfolio managers receives a base salary plus an annual incentive bonus for managing the Portfolio, separate accounts, other investment companies, pooled investment vehicles and other accounts (including any

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accounts for which Victory Capital receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. Victory Capital monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark. Each of the investment franchises employed by Victory Capital may earn incentive compensation based on a percentage of Victory Capital's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or a senior member of each team, in coordination with Victory Capital, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to Victory Capital's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or client accounts relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three-, and five-year rolling performance periods as compared to the performance information of a peer group of similarly-managed competitors.

Victory Capital's portfolio managers may participate in the equity ownership plan of Victory Capital's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

**<u>WCM Investment Management, LLC ("WCM")</u>** 

Compensation for WCM portfolio management personnel is determined by research team leaders in conjunction with WCM's Leadership Team, and consists of 1) a salary with 2) a possible bonus, 3) a possible revenue-share, and 4) a possible equity component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Base Salary**. Salary levels are based on the individual's degree of industry tenure, experience, and responsibilities at the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Discretionary bonus**. The bonus component is discretionary, and is based on qualitative employee performance measures, such as our "return on time" evaluation, contribution to the portfolio team, management of their portfolios, and other responsibilities (e.g., personnel management) at the firm. Furthermore, the overall performance of WCM (e.g., total assets under management, company profitability) will also impact this compensation component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Revenue share**. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Equity ownership**. Finally, portfolio managers may also receive compensation in the form of offers of equity ownership and the consequent distributions therefrom.

Portfolio managers are also eligible to participate in the company's "401(k)" Employee Savings Plan, which includes an annual company contribution based on the profitability of the firm.

Upon termination or retirement, an equity shareholder's stake in the firm is repurchased by WCM at book value, unless otherwise negotiated.

**<u>Wellington Management Company LLP ("Wellington Management")</u>** 

Wellington Management receives a fee based on the assets under management of the Nationwide International Small Cap Fund (the "Funds") as set forth in the Subadvisory Agreements between Wellington Management, Nationwide Mutual Funds and Nationwide Fund Advisors on behalf of each Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Funds. The following information is as of October 31, 2024.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds

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("Portfolio Managers") includes a base salary. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as a Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm.

The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Ms. Pryshlak is a Partner.

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| | |
|:---|:---|
| **Fund** | **Benchmark Index** |
| Nationwide International Small <br> Cap Fund<br>| MSCI EAFE<sup>®</sup> Small Cap Index |

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**OTHER MANAGED ACCOUNTS** 

The following chart summarizes information regarding accounts, including the Fund(s), for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into the following three categories: (1) mutual funds; (2) other pooled investment vehicles; and (3) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is provided separately.

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| **Bailard, Inc.** | **Bailard, Inc.** |
| Eric P. Leve, CFA |  |
| Eric P. Leve, CFA |  |
| Eric P. Leve, CFA |  |
| Christopher Moshy |  |
| Christopher Moshy |  |
| Christopher Moshy |  |
| Daniel McKellar, CFA |  |
| Daniel McKellar, CFA |  |
| Daniel McKellar, CFA |  |
| Thomas J. Mudge III, CFA |  |
| Thomas J. Mudge III, CFA |  |
| Thomas J. Mudge III, CFA |  |
| Blaine Townsend, CIMC, CIMA |  |
| Blaine Townsend, CIMC, CIMA |  |
| Blaine Townsend, CIMC, CIMA |  |
| David H. Smith, CFA |  |
| David H. Smith, CFA |  |
| David H. Smith, CFA |  |
| Sonya Thadhani Mughal, CFA |  |
| Sonya Thadhani Mughal, CFA |  |
| Sonya Thadhani Mughal, CFA |  |
| Osman Akgun, PhD, CFA |  |
| Osman Akgun, PhD, CFA |  |
| Osman Akgun, PhD, CFA |  |

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| **BlackRock Investment Management, LLC** | **BlackRock Investment Management, LLC** |
| Jennifer Hsui, CFA |  |
| Jennifer Hsui, CFA |  |
| Jennifer Hsui, CFA |  |
| Peter Sietsema |  |
| Peter Sietsema |  |
| Peter Sietsema |  |
| Matt Waldron, CFA  |  |
| Matt Waldron, CFA  |  |
| Matt Waldron, CFA  |  |
| Steven White |  |
| Steven White |  |
| Steven White |  |
| James Mauro |  |
| James Mauro |  |
| James Mauro |  |
| Jonathan Graves  |  |
| Jonathan Graves  |  |
| Jonathan Graves  |  |
| Marcus Tom |  |
| Marcus Tom |  |
| Marcus Tom |  |
| **Geneva Capital Management LLC** | **Geneva Capital Management LLC** |
| William S. Priebe | &nbsp;&nbsp; Mutual Funds: 5 accounts, $2.07 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| William S. Priebe | &nbsp;&nbsp; Other Pooled Investment Vehicles: 3 accounts, $264.4 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| William S. Priebe | &nbsp;&nbsp; Other Accounts: 220 accounts, $3.75 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| José Muñoz, CFA | &nbsp;&nbsp; Mutual Funds: 5 accounts, $2.07 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| José Muñoz, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 3 accounts, $264.4 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| José Muñoz, CFA | &nbsp;&nbsp; Other Accounts: 196 accounts, $3.68 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **GQG Partners LLC** | **GQG Partners LLC** |
| Rajiv Jain | &nbsp;&nbsp; Mutual Funds: 15 accounts, $87.55 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Rajiv Jain | &nbsp;&nbsp; Other Pooled Investment Vehicles: 47 accounts, $47.87 billion total assets (3 <br> accounts, $319 million total assets for which the advisory fee is based on <br> performance)<br>|
| Rajiv Jain | &nbsp;&nbsp; Other Accounts: 47 accounts, $23.52 billion total assets (7 accounts, $6.41 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Mutual Funds: 15 accounts, $87.55 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Other Pooled Investment Vehicles: 47 accounts, $47.87 billion total assets (3 <br> accounts, $319 million total assets for which the advisory fee is based on <br> performance)<br>|
| Brian Kersmanc | &nbsp;&nbsp; Other Accounts: 47 accounts, $23.52 billion total assets (7 accounts, $6.41 billion <br> total assets for which the advisory fee is based on performance)<br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Mutual Funds: 15 accounts, $87.55 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 47 accounts, $47.87 billion total assets (3 <br> accounts, $319 million total assets for which the advisory fee is based on <br> performance)<br>|
| Sudarshan Murthy, CFA | &nbsp;&nbsp; Other Accounts: 47 accounts, $23.52 billion total assets (7 accounts, $6.41 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Siddharth Jain | &nbsp;&nbsp; Mutual Funds: 15 accounts, $87.55 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Siddharth Jain | &nbsp;&nbsp; Other Pooled Investment Vehicles: 47 accounts, $47.87 billion total assets (3 <br> accounts, $319 million total assets for which the advisory fee is based on <br> performance)<br>|
| Siddharth Jain | &nbsp;&nbsp; Other Accounts: 47 accounts, $23.52 billion total assets (7 accounts, $6.41 billion <br> total assets for which the advisory fee is based on performance)<br>|
| **Invesco Advisers, Inc.** | **Invesco Advisers, Inc.** |
| Michael Hyman |  |
| Michael Hyman |  |
| Michael Hyman |  |
| Matthew Brill, CFA |  |
| Matthew Brill, CFA |  |
| Matthew Brill, CFA |  |
| Todd Schomberg, CFA |  |
| Todd Schomberg, CFA |  |
| Todd Schomberg, CFA |  |
| Chuck Burge |  |
| Chuck Burge |  |
| **J.P. Morgan Investment Management Inc.** | **J.P. Morgan Investment Management Inc.** |
| Susan Bao, CFA |  |
| Susan Bao, CFA |  |
| Susan Bao, CFA |  |
| Andrew Stern, CFA |  |
| Andrew Stern, CFA |  |
| Andrew Stern, CFA |  |
| **Loomis, Sayles & Company, L.P.** | **Loomis, Sayles & Company, L.P.** |
| Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp; Mutual Funds: 20 accounts, $33.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 21 accounts, $21.9 billion total assets (3 <br> accounts, $545.9 million total assets for which the advisory fee is based on <br> performance)<br>|
| Aziz V. Hamzaogullari, CFA | &nbsp;&nbsp; Other Accounts: 154 accounts, $42.6 billion total assets (1 account, $391.3 million <br> total assets for which the advisory fee is based on performance)<br>|
| Christopher T. Harms | &nbsp;&nbsp; Mutual Funds: 10 accounts, $10.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Christopher T. Harms | &nbsp;&nbsp; Other Pooled Investment Vehicles: 9 accounts, $10.5 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Christopher T. Harms | &nbsp;&nbsp; Other Accounts: 385 accounts, $31.2 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| Clifton V. Rowe, CFA | &nbsp;&nbsp; Mutual Funds: 10 accounts, $10.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Clifton V. Rowe, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 9 accounts, $10.5 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Clifton V. Rowe, CFA | &nbsp;&nbsp; Other Accounts: 199 accounts, $30.6 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Daniel Conklin, CFA | &nbsp;&nbsp; Mutual Funds: 10 accounts, $10.4 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Daniel Conklin, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 9 accounts, $10.5 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Daniel Conklin, CFA | &nbsp;&nbsp; Other Accounts: 203 accounts, $30.6 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Ian Anderson | &nbsp;&nbsp; Mutual Funds: 5 accounts, $3.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Ian Anderson | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $4.3 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Ian Anderson | &nbsp;&nbsp; Other Accounts: 50 accounts, $6.3 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Barath W. Sankaran, CFA | &nbsp;&nbsp; Mutual Funds: 5 accounts, $3.9 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Barath W. Sankaran, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $4.3 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Barath W. Sankaran, CFA | &nbsp;&nbsp; Other Accounts: 46 accounts, $6.3 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| **Mellon Investments Corporation** | **Mellon Investments Corporation** |
| Marlene Walker Smith | &nbsp;&nbsp; Mutual Funds: 149 accounts, $186.5 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Marlene Walker Smith | &nbsp;&nbsp; Other Pooled Investment Vehicles: 144 accounts, $156.9 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Marlene Walker Smith | &nbsp;&nbsp; Other Accounts: 162 accounts, $167.4 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| David France, CFA | &nbsp;&nbsp; Mutual Funds: 134 accounts, $164.2 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| David France, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 111 accounts, $132.1 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| David France, CFA | &nbsp;&nbsp; Other Accounts: 141 accounts, $133.3 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Todd Frysinger, CFA | &nbsp;&nbsp; Mutual Funds: 134 accounts, $164.2 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Todd Frysinger, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 111 accounts, $132.1 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Todd Frysinger, CFA | &nbsp;&nbsp; Other Accounts: 141 accounts, $133.3 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Vlasta Sheremeta, CFA | &nbsp;&nbsp; Mutual Funds: 134 accounts, $164.2 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Vlasta Sheremeta, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 111 accounts, $132.1 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Vlasta Sheremeta, CFA | &nbsp;&nbsp; Other Accounts: 141 accounts, $133.3 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| Michael Stoll | &nbsp;&nbsp; Mutual Funds: 134 accounts, $164.2 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Michael Stoll | &nbsp;&nbsp; Other Pooled Investment Vehicles: 111 accounts, $132.1 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Michael Stoll | &nbsp;&nbsp; Other Accounts: 141 accounts, $133.3 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **Nationwide Asset Management, LLC** | **Nationwide Asset Management, LLC** |
| Chad W. Finefrock, CFA | &nbsp;&nbsp; Mutual Funds: 2 accounts, $435 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Chad W. Finefrock, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $6.51 billion total assets (0 accounts, <br> $0 total assets for which the advisory fee is based on performance)<br>|
| Chad W. Finefrock, CFA | &nbsp;&nbsp; Other Accounts: 0 accounts, $0 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| Nicholas J. Kern, CFA | &nbsp;&nbsp; Mutual Funds: 2 accounts, $435 million total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Nicholas J. Kern, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 0 accounts, $0 total assets (0 accounts, $0 total <br> assets for which the advisory fee is based on performance)<br>|
| Nicholas J. Kern, CFA | &nbsp;&nbsp; Other Accounts: 0 accounts, $0 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| **Newton Investment Management North America, LLC** | **Newton Investment Management North America, LLC** |
| James H. Stavena |  |
| James H. Stavena |  |
| James H. Stavena |  |
| Torrey K. Zaches, CFA |  |
| Torrey K. Zaches, CFA |  |
| Torrey K. Zaches, CFA |  |
| John C. Bailer, CFA |  |
| John C. Bailer, CFA |  |
| John C. Bailer, CFA |  |
| Brian C. Ferguson |  |
| Brian C. Ferguson |  |
| Brian C. Ferguson |  |
| Keith Howell Jr., CFA |  |
| Keith Howell Jr., CFA |  |
| Keith Howell Jr., CFA |  |
| **Schroder Investment Management North America Inc.** | **Schroder Investment Management North America Inc.** |
| Curt Ludwick, CFA | &nbsp;&nbsp; Mutual Funds: 0 accounts, $0 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| Curt Ludwick, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 10 accounts, $11.85 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Curt Ludwick, CFA | &nbsp;&nbsp; Other Accounts: 76 accounts, $28.58 billion total assets (9 accounts, $2.81 billion <br> total assets for which the advisory fee is based on performance)<br>|
| Frank Thormann, CFA | &nbsp;&nbsp; Mutual Funds: 0 accounts, $0 total assets (0 accounts, $0 total assets for which the <br> advisory fee is based on performance)<br>|
| Frank Thormann, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 5 accounts, $14.76 billion total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Frank Thormann, CFA | &nbsp;&nbsp; Other Accounts: 12 accounts, $4.71 billion total assets (1 account, $1.27 billion <br> total assets for which the advisory fee is based on performance)<br>|

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp; **Number of Accounts Managed by Each Portfolio Manager and Total Assets by Category as of** <br> **October 31, 2025**<br>|
| **Victory Capital Management Inc.** | **Victory Capital Management Inc.** |
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $1.82 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 9 accounts, $1.14 billion total assets (4 accounts, <br> $742.06 million total assets for which the advisory fee is based on performance)<br>|
| Jonathan M. Duensing, CFA | &nbsp;&nbsp; Other Accounts: 10 accounts, $7.03 billion total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| Jeffrey C. Galloway, CFA | &nbsp;&nbsp; Mutual Funds: 3 accounts, $1.82 billion total assets (0 accounts, $0 total assets for <br> which the advisory fee is based on performance)<br>|
| Jeffrey C. Galloway, CFA | &nbsp;&nbsp; Other Pooled Investment Vehicles: 1 account, $10.03 million total assets (0 <br> accounts, $0 total assets for which the advisory fee is based on performance)<br>|
| Jeffrey C. Galloway, CFA | &nbsp;&nbsp; Other Accounts: 1 account, $189.04 million total assets (0 accounts, $0 total assets <br> for which the advisory fee is based on performance)<br>|
| **WCM Investment Management, LLC** | **WCM Investment Management, LLC** |
| Jonathon Detter, CFA |  |
| Jonathon Detter, CFA |  |
| Jonathon Detter, CFA |  |
| Anthony Glickhouse, CFA |  |
| Anthony Glickhouse, CFA |  |
| Anthony Glickhouse, CFA |  |
| Patrick McGee, CFA |  |
| Patrick McGee, CFA |  |
| Patrick McGee, CFA |  |
| **Wellington Management Company LLP** | **Wellington Management Company LLP** |
| Jonathan G. White, CFA |  |
| Jonathan G. White, CFA |  |
| Jonathan G. White, CFA |  |
| Mary L. Pryshlak, CFA |  |
| Mary L. Pryshlak, CFA |  |
| Mary L. Pryshlak, CFA |  |

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**POTENTIAL CONFLICTS OF INTEREST**

**<u>Bailard, Inc. ("Bailard")</u>** 

Bailard's services are provided to a broad range of client types. Conflicts of interest can arise with Bailard managing the Funds' assets as well as the assets of its other clients. Some of these conflicts include:

Bailard and/or its affiliate are eligible to receive a performance-based fee or allocation from a pooled vehicle, i.e., Bailard Emerging Opportunities Fund I, LP (the "EOF"),<sup>1</sup> when certain criteria are met<sup>1</sup>. For all other clients, Bailard charges fees that are based on a fixed percent of the assets under our management. The performance fee applicable to the pooled vehicle creates a potential conflict of interest in that it provides an incentive for Bailard to make investments that are riskier or more speculative than would be the case if such arrangements were not in effect. In addition, the performance fee creates a potential incentive for Bailard to favor the pooled vehicle over other client accounts in the allocation of investment opportunities. To mitigate these potential conflicts, Bailard has adopted side-by-side management and trade allocation policies and procedures designed to monitor that client accounts are treated fairly and equitably regardless of the types of fees that they pay.

Bailard Real Estate Investment Trust, Inc. (the "Real Estate Fund") has and will, from time to time, through its subsidiaries enter one or more joint venture arrangements with Joint Venture ("JV") Partners. Investments made with JV Partners may involve performance-based compensation in the form of incentive allocations to such JV Partners. Compensation or fees paid to JV Partners do not reduce or offset the Investment Management Fee or Operations Management Fee payable to Bailard.

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The performance-based compensation could create different incentives for JV Partners to maximize its incentive allocation distribution, even when doing so would not be in the best interests of the Fund. The Real Estate Fund mitigates this potential conflict by holding a majority position in these joint ventures (through its subsidiaries) and typically maintains control over the major decisions as part of the arrangements.

From time to time, Bailard buys, sells, or sells short the same securities in different client accounts and in our own proprietary accounts (including those of certain affiliates). These trades may occur in the same direction (that is buying the same security in all affected accounts, selling the same security in all affected accounts or selling short the same securities in all affected accounts). These trades may also occur in opposite directions (that is buying the same security in one account (or accounts) while selling it or selling it short in other account(s) or vice versa). We can buy, sell or sell short the same security in different client accounts and in our proprietary accounts as long as the trades: (i) are consistent with the investment strategy for each account; and (ii) do not systematically favor or disadvantage one account or class of accounts over another.

Where more than one broker is believed to be capable of providing the best execution with respect to a particular portfolio transaction, Bailard periodically selects brokers that provide research or brokerage services to Bailard. Bailard also engages in commission sharing arrangements ("CSAs") in which commissions for trades executed by one broker are shared with another broker that provides research or brokerage services to Bailard. These arrangements sometimes include agreement(s) with CSA aggregation firm(s) that transfer soft dollar credits from commissions generated from a non-CSA broker to a CSA broker which in turn will use those credits to pay for qualifying research services. All of these practices can cause a client's account to pay an amount of commission to a broker greater than the amount another broker would have charged. In selecting such broker, Bailard will make a good faith determination that the amount of commission is reasonable in relation to the value of the research and brokerage services received, viewed in terms of either the specific transaction or Bailard's overall responsibility to the accounts for which it exercises investment discretion. The receipt of research or brokerage services from any broker executing transactions for Bailard's clients does not result in a reduction of Bailard's customary and normal research activities. While the commissions for trades executed for Bailard Asset Management accounts generally generate soft dollar credits, those for Bailard Wealth Management accounts do not. The research and brokerage services received from brokers are used by Bailard to service accounts other than those that pay commissions to the broker-dealer providing the products or services. For example, it is expected that commissions attributable to clients of Bailard Asset Management will generate substantially more commission dollars than those attributable to accounts of clients of Bailard Wealth Management. Certain broker-dealers receiving commissions from Bailard clients provide Bailard with research and brokerage products or services which are used by Bailard to service other accounts regardless of whether such accounts generated any of the brokerage commissions. Nevertheless, to the extent Wealth Management clients invest in affiliated pooled vehicles and mutual funds managed by Bailard Asset Management, these clients indirectly generate commission dollars and in turn indirectly benefit from the research and brokerage services purchased with these commissions.

Portfolio transactions of numerous accounts may be aggregated based on concurrent authorizations to purchase or sell the same security for numerous accounts served by Bailard. Although such aggregations potentially could be either advantageous or disadvantageous to any one or more particular accounts for any given transaction, Bailard only aggregates trades to the extent it believes that such aggregation is in the best interests of the affected accounts and consistent with its duty to seek the best execution for client trades. Bailard has adopted trade aggregation and allocation policies and procedures designed to allocate trades in a manner that is fair and equitable allocation when trades are aggregated.

The same Bailard employee can serve as the portfolio manager of accounts with different investment strategies (including competing investment strategies) as long as all such accounts are treated fairly and equitably.

Bailard can give advice to, and take action on behalf of, any of our clients that differs from that of other clients so long as it is consistent with the client's investment policy, and it is our policy, to the extent practicable, to allocate investment opportunities among our clients fairly and equitably over time. Bailard has adopted Bailard has adopted side-by-side management, trade allocation, IPO investment and allocation, and real estate deal allocation/portfolio rotation policies and procedures to help address conflicts of interests.

Certain of Bailard's investment advisory clients serve on the Board of Directors of BB&K Holdings, Inc. (Bailard's parent company). These clients are compensated for this service. A small number of clients also own shares of BB&K Holdings, Inc. stock. Certain Bailard clients (some of whom are also investors in the Real Estate Fund and/or the EOF) are currently loaning money to BB&K Holdings, Inc. and have access to certain of Bailard's financial records that are not generally available to other clients. This arrangement creates a potential incentive for Bailard to give these clients preferential

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treatment. To address this conflict of interest, Bailard reviews the relative performance of these clients' investment management account(s) as part of quarterly asset allocation/ performance reviews of Bailard Wealth Management accounts and as part of its compliance testing.

<sup>1</sup>Bailard is in the process of launching a new pooled vehicle, the Bailard Multifamily Fund, L.P. When certain conditions are met, Bailard would be eligible to receive an incentive allocation from this pooled vehicle.

**<u>BlackRock Investment Management, LLC ("BlackRock")</u>** 

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Mr. Mauro and Ms. Uyehara may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Mr. Mauro and Ms. Uyehara may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

**<u>Geneva Capital Management LLC ("Geneva")</u>** 

Geneva's portfolio managers manage multiple accounts for a diverse client base, including mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, public entities and foundations) and wrap fee programs ("Other Accounts"). Certain of these Other Accounts may pay higher advisory fees than a Fund creating an incentive to favor the higher paying account. Therefore, conflicts of interest may arise in connection with the portfolio managers' management of a Fund's investments on the one hand and the investments of such Other Accounts on the other hand. However, Geneva has adopted policies and procedures designed to address such conflicts, including, among others, policies and procedures relating to allocation of investment opportunities, soft dollars, and aggregation of trades. It also developed procedures to compare performance among client accounts managed under similar investment styles to detect favoritism or unusual investment results.

Although Geneva's investment decisions on behalf of a Fund may differ from and/or conflict with advice given to its other clients, some Other Accounts may make investments in the same type of instruments or securities as a Fund at the same time as a Fund. These Other Accounts may have investment strategies similar to a Fund. In addition, Geneva's personnel may stand to benefit more personally from good investment performance by these Other Accounts than by equivalent performance of a Fund. In those instances, where a Fund and another client of Geneva's trade in the same type of instrument at the same time, Geneva has established trading models and aggregation and allocation procedures to allocate such trades equitably among its various clients and a Fund. In some cases, these procedures may affect adversely the size or price of the position obtainable for a Fund.

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In purchasing and selling portfolio securities for a Fund, Geneva seeks to obtain best execution on behalf of its clients. Geneva has adopted procedures to monitor its best execution responsibilities. Geneva does engage broker-dealers on behalf of a Fund who provide research services to Geneva at a commission rate that is higher than another broker might have charged. However, Geneva will only do so if it is determined that the commission is reasonable in relation to the value of the brokerage and research services that are provided, viewed in terms of either the particular transaction or Geneva's other advisory accounts. Research services provided to Geneva from brokers in connection with a Fund's brokerage transactions and Geneva's Other Accounts may disproportionately benefit Geneva's other clients based on the relative amounts of brokerage services provided to a Fund and such other clients.

Some Geneva employees or their family members have made investments in mutual funds that Geneva manages. Geneva also recommends mutual funds that they manage to certain clients. This presents a possible conflict of interest in that it could create an incentive for Geneva to favor those mutual funds over other clients. Geneva maintains investment and trade allocation policies and procedures designed to manage such conflicts of interest.

**<u>GQG Partners LLC ("GQG")</u>** 

GQG's portfolio managers are also responsible for managing other account portfolios in addition to the fund, including account portfolios in which they and/or other employees of GQG have an ownership interest.

The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with the management of the fund's investments on the one hand and the investments of the other accounts, on the other. The side-by-side management of the fund and other accounts presents a variety of potential conflicts of interests. For example, a portfolio manager may purchase or sell securities for one portfolio and not another. The performance of securities within one portfolio may differ from the performance of securities in another portfolio.

In some cases, another account managed by a portfolio manager may compensate GQG based on performance of the portfolio held by that account. Performance-based fee arrangements may create an incentive for GQG to favor higher fee-paying accounts over other accounts, including accounts that are charged no performance-based fees, in the allocation of investment opportunities. GQG has adopted policies and procedures that seek to mitigate such conflicts and to ensure that all clients are treated fairly and equitably.

Another potential conflict could arise in instances in which securities considered as investments for the fund are also appropriate investments for other investment accounts managed by GQG. When a decision is made to buy or sell a security for the fund and one or more of the other accounts, GQG may aggregate the purchase or sale of the securities and will allocate the securities transactions in a manner it believes to be equitable under the circumstances. However, a variety of factors can determine whether a particular account may participate in a particular aggregated transaction. Because of such differences, there may be differences in invested positions and securities held in accounts managed according to similar strategies. When aggregating orders, GQG employs procedures designed to ensure accounts will be treated in a fair and equitable manner and no account will be favored over any other. GQG has implemented specific policies and procedures to address any potential conflicts.

GQG may invest in securities of companies issued by broker-dealers (or their affiliates) used by GQG to effect transactions for client accounts, including the fund. In addition, from time to time, GQG directs trades to broker-dealers that are clients of GQG (or are affiliated with clients of GQG that provide investment banking or other financial services to GQG (or are affiliated with companies that provide such services) and/or that sponsor pooled vehicles to which GQG provides investment advisory services (or are affiliated with such sponsors). These various business relationships with other companies give rise to rise to conflicts of interest and incentives to favor the interests of these companies when GQG provides services to the fund and its other clients. GQG has adopted policies and procedures that are designed to address such conflicts of interest to help ensure that it acts in a manner that is consistent with its fiduciary obligations to all clients.

Subject to its duty to seek best execution, GQG often selects broker-dealers that furnish GQG with proprietary and/or third-party research and brokerage services (collectively, "Services") that provide, in GQG's view, appropriate assistance in the investment decision-making process. These Services may be bundled with the trade execution, clearing, or settlement services provided by a particular broker-dealer and/or, subject to applicable law, GQG may pay for such Services with client commissions (or "soft dollars"). Services received by GQG may include, for example, proprietary and third-party research reports on markets, companies, industries and securities, access to broker-dealer analysts and issuer representatives, and

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trading software to route orders to market centers. As a result, the fund may pay a commission that is higher than the commission another qualified broker-dealer might charge to effect the same transaction. Use of soft dollars may create a conflict of interest in executing trades for client accounts. Services may be used in servicing any or all of GQG's clients, and may benefit certain accounts more than others. GQG receives such Services in a manner consistent with the "safe harbor" requirements of Section 28(e) of the Exchange Act and has adopted policies and procedures to mitigate conflicts.

**<u>Invesco Advisers,</u> <u>Inc.</u> <u>("</u><u>Invesco</u> <u>")</u>** 

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to- day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. Invesco seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, Invesco has adopted procedures for allocating portfolio transactions across multiple accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Invesco determines which broker to use to execute each order for securities transactions for the funds, consistent with its duty to seek best execution of the transaction. However, for certain funds and/or accounts (such as funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered funds, and other accounts managed for organizations and individuals), Invesco may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a fund and/or account in a particular security may be placed separately from, rather than aggregated with, other funds and/or accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the fund(s) or other account(s) involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The appearance of a conflict of interest may arise where Invesco has an incentive, such as a performance-based management fee, which relates to the management of one fund or account but not all funds and accounts for which a portfolio manager has day-to-day management responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing fund and an affiliated underlying fund in which the investing fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying fund, potentially for a prolonged period of time, which may adversely affect the investing fund.

Invesco has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**<u>J.P. Morgan Investment Management Inc. ("JP Morgan" – ("JPMIM")</u>** 

J.P. Morgan Investment Management Inc. ("JPMIM") and/or its affiliates (the "Affiliates" or "JPMorgan") provide an array of discretionary and non-discretionary investment management services and products to institutional clients (including third-party registered investment companies ("Funds")) and individual investors. The following describes potential and actual conflicts of interest that JPMorgan can face in the operation of its investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. Additional information about potential conflicts of interest regarding JPMorgan is set forth in JPMorgan's Form ADV. A copy of Part 1 and Part 2A of JPMorgan's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**Acting for Multiple Clients**. The potential for conflicts of interest exists when portfolio managers manage a fund and other accounts with similar investment objectives and strategies as the fund ("Other Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities. Responsibility for managing JPMIM's and its Affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same

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portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when Funds or Other Accounts engage in short sales of the same securities held by a Fund, JPMIM could be seen as harming the performance of a Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a Fund has also invested and these activities could have an adverse effect on the Fund. For example, if a Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Fund invests may use the proceeds of the Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

Positions taken by Other Accounts may also dilute or otherwise negatively affect the values, prices or investment strategies associated with positions held by a Fund. For example, this may occur when investment decisions for a Fund are based on research or other information that is also used to support portfolio decisions by JPMIM for Other Accounts following different investment strategies or by Affiliates in managing their clients' accounts. When an Other Account or an account managed by an Affiliate implements a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies for a Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or the Fund could otherwise be disadvantaged.

Investment opportunities that are appropriate for a Fund may also be appropriate for Other Accounts and there is no assurance the Fund will receive an allocation of all or a portion of those investments it wishes to pursue. JPMIM's management of an Other Account that pays it a performance fee or a higher management fee and follows the same or similar strategy as a Fund or invests in substantially similar assets as a Fund, creates an incentive for JPMIM to favor the account paying it the potentially higher fee, e.g., in placing securities trades.

JPMIM and its Affiliates, and any of their directors, partners, officers, agents or employees, also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or an Affiliate. JPMorgan and/or an Affiliate, within their discretion, may make different investment decisions and take other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, an Affiliate or any of its employees may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or an Affiliate or its clients. JPMIM, its Affiliates and their respective directors, officers and employees face a conflict of interest as they will have income or other incentives to favor their own accounts or proprietary accounts.

**Preferential Treatment.** JPMIM receives more compensation with respect to certain Funds or Other Accounts than it receives with respect to a Fund, or receives compensation based in part on the performance of certain accounts. This creates a conflict of interest for JPMIM and its portfolio managers by providing an incentive to favor those accounts. Actual or potential conflicts of interest also arise when a portfolio manager has management responsibilities to more than one account or Fund, such as devotion of unequal time and attention to the management of the Funds or accounts.

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**Allocation and Aggregation.** Potential conflicts of interest also arise with both the aggregation of trade orders and allocation of securities transactions or investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities raise a potential conflict of interest because JP Morgan has an incentive to allocate trades or investment opportunities to certain accounts or Funds. For example, JPMorgan has an incentive to cause accounts it manages to participate in an offering where such participation could increase JPMorgan's overall allocation of securities in that offering. When JPMorgan serves as sub-adviser (or investment adviser) to an underlying Fund, as well as certain Funds-of-Funds, it faces certain potential conflicts of interest when allocating the assets of the sub-advised Funds-of-Fund among its underlying Funds. For example, JPMorgan has an incentive to allocate assets of the Fund-of-Funds to seed a new fund or to allocate to an underlying Fund that is small, pays higher fees to JPMorgan or to which JPMorgan has provided seed capital.

**Overall Position Limits.** Potential conflicts of interest also exist when JPMorgan maintains certain overall investment limitations on positions in securities or other financial instruments due to, among other things, investment restrictions imposed upon JPMorgan by law, regulation, contract or internal policies. These limitations have precluded and, in the future could preclude, a Fund from purchasing particular securities or financial instruments, even if the securities or financial instruments would otherwise meet the Fund's objectives. For example, there are limits on the aggregate amount of investments by affiliated investors in certain types of securities that may not be exceeded without additional regulatory or corporate consent. There also are limits on the writing of options by a Fund that could be triggered based on the number of options written by JPMIM on behalf of other investment advisory clients. If certain aggregate ownership thresholds are reached or certain transactions are undertaken, the ability of a Fund to purchase or dispose of investments, or exercise rights or undertake business transactions, will be restricted.

The goal of JPMIM and its Affiliates is to meet its fiduciary obligation with respect to all clients. JPMIM and its Affiliates have policies and procedures that seek to manage conflicts. JPMIM and its Affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JPMIM and its Affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMIM's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, JPMIM and its Affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM or its affiliates so that fair and equitable allocation will occur over time.

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**<u>Loomis, Sayles & Company, L.P. ("Loomis Sayles")</u>** 

Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the Funds and other accounts managed by the Portfolio Managers. A Portfolio Manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the Portfolio Manager has an interest. In addition, due to differences in the investment strategies or restrictions among the Fund(s) and a Portfolio Manager's other accounts, the Portfolio Manager may take action with respect to another account that differs from the action taken with respect to the Fund(s). Although such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts and may appear to create additional conflicts of interest for the Portfolio Manager in the allocation of management time and resources, Loomis Sayles strives to ensure that Portfolio Managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. Furthermore, Loomis Sayles makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account's investment objective, investment guidelines and restrictions, the availability of other comparable investment opportunities and Loomis Sayles' desire to treat all accounts fairly and equitably over time. Loomis Sayles maintains Trade Aggregation and Allocation Policies and Procedures to mitigate the effects of these potential conflicts as well as other types of conflicts of interest. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises or that Loomis Sayles will treat all accounts identically. Conflicts of interest also arise to the extent a Portfolio Manager short sells a stock or otherwise takes a short position in one client account but holds that stock long in other accounts, including the Fund(s), or sells a stock for some accounts while buying the stock for others, and through the use of "soft dollar arrangements," which are discussed in Loomis Sayles' Brokerage Allocation Policies and Procedures and Loomis Sayles' Trade Aggregation and Allocation Policies and Procedures.

**<u>Mellon Investments Corporation ("Mellon")</u>** 

It is the policy of Mellon Investments Corporation (the "Firm") to make business decisions free from conflicting outside influences. The Firm's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. The Firm's business decisions are based on its duty to its clients, and not driven by any personal interest or gain. As an asset manager operating in a number of different jurisdictions with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"), potential conflicts may also arise between the Firm and other BNY companies.

The Firm will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client. As such, the Firm has adopted a Code of Ethics (the "Code") and compliance policy manual to address such conflicts. These potential and inherent conflicts include but are not limited to: the allocation of investment opportunities, side by side management, execution of portfolio transactions, brokerage conflicts, compensation conflicts, related party arrangements, personal interests, and other investment and operational conflicts of interest. Our compliance policies are designed to ensure that all client accounts are treated equitably over time. Additionally, the Firm has structured compensation of investment personnel to reasonably safeguard client accounts from being adversely impacted by any potential or related conflicts.

All material conflicts of interest are presented in greater detail within Part 2A of our Form ADV.

**<u>Nationwide Asset Management, LLC ("Nationwide Asset Management")</u>** 

Nationwide Asset Management is a separate, wholly owned subsidiary of Nationwide Mutual Insurance Company. Certain employees of the firm may also provide advisory services to affiliated portfolios outside of the Registered Investment Adviser, including Nationwide Life Insurance and Nationwide Mutual Insurance, side by side to its clients.

Nationwide Fund Distributors, LLC is an affiliated broker dealer that distributes funds for which Nationwide Asset Management performs sub-advisory services on behalf of Nationwide Funds Advisors to Nationwide Mutual Funds and the Nationwide Variable Insurance Trust.

Investment adviser representatives of Nationwide Asset Management may also be representatives of our affiliated broker-dealers Nationwide Investment Services Corporation and Nationwide Securities. Nationwide Asset Management does not place trades through affiliated broker-dealers.

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Nationwide Asset Management has adopted a Code of Ethics and Gifts and Entertainment Policy for all supervised persons of the firm describing its high standard of business conduct, and fiduciary duty to its clients. The Code of Ethics includes provisions relating to the confidentiality of client information, a prohibition on insider trading, restrictions on the acceptance of significant gifts and the reporting of certain gifts and business entertainment items, and personal securities trading procedures, among other things. All supervised persons at Nationwide Asset Management must acknowledge the terms of the Code of Ethics annually, or as amended.

Nationwide Asset Management anticipates that, in appropriate circumstances, consistent with clients' investment objectives, it will cause accounts over which it has management authority to effect, and will recommend to investment advisory clients or prospective clients, the purchase or sale of securities in which its access persons, its affiliates and/or clients, directly or indirectly, have a position of interest. Nationwide Asset Management's personnel are required to follow its Code of Ethics. Subject to satisfying this policy and applicable laws, officers, directors and employees of Nationwide Asset Management and its affiliates may trade for their own accounts in securities which are recommended to and/or purchased for its clients. The Code of Ethics is designed to assure that the personal securities transactions, activities and interests of the employees of Nationwide Asset Management will not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. Under the Code certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of Nationwide Asset Management's clients. In addition, the Code requires pre-clearance of certain transactions against a restricted list. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is continually monitored under the Code of Ethics to reasonably prevent conflicts of interest between Nationwide Asset Management and its clients.

Nationwide Asset Management may use the products or services provided by brokers to service all accounts managed by it and not just the accounts whose transactions were associated with the broker providing the product or service. However, Nationwide Asset Management expects that each client will benefit overall by this practice because each is receiving the benefit of research services that it might not otherwise receive. To the extent brokers supply research to the firm, it is relieved of expenses that it might otherwise bear.

There are situations where Nationwide Asset Management would deem it advisable to purchase or sell the same securities for two or more clients at the same time, or approximately the same time. In this case, Nationwide Asset Management may execute the orders to purchase or sell on an aggregated basis. When possible, client trades in the same security will be aggregated into a Single Executable Order when the firm determines that it is consistent with best execution and in the best interests of its clients.

Aggregated trades may be used to facilitate best execution by negotiating more favorable prices, obtaining more timely execution or reducing overall transaction costs.

When a decision is made to aggregate transactions on behalf of more than one account, such transactions will be allocated to all participating client accounts in a fair and equitable manner. Affiliated accounts may be included in aggregated trade orders.

Nationwide Asset Management does not engage in cross trades between client portfolios.

The firm does not have soft dollar arrangements with broker-dealers however it does receive research materials.

**<u>Newton Investment Management North America, LLC ("NIMNA")</u>** 

It is the policy of the Firm to make business decisions free from conflict. The Firm's objective is to recognize potential conflicts of interest and work to eliminate or control and disclose such conflicts as they are identified. The Firm's business decisions are based on its duty to its clients, and not driven by any personal interest or gain.

As an asset manager with a diverse client base in a variety of strategies, conflicts of interest are inherent. Furthermore, as an indirect subsidiary of The Bank of New York Mellon Corporation ("BNY"), potential conflicts may also arise between NIMNA and other BNY companies. NIMNA will take steps to provide reasonable assurance that no client or group of clients is advantaged at the expense of any other client.

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**<u>Schroder Investment</u> <u>Management</u> <u>North</u> <u>America</u> <u>Inc. ("</u><u>Schroders</u><u>")</u>** 

Whenever a portfolio manager of the Fund manages other accounts, potential conflicts of interest exist, including potential conflicts between the investment strategy of the Fund and the investment strategy of the other accounts. For example, in certain instances, a portfolio manager may take conflicting positions in a particular security for different accounts, by selling a security for one account and continuing to hold it for another account. In addition, the fact that other accounts require the portfolio manager to devote less than all of his or her time to the Fund may be seen itself to constitute a conflict with the interest of the Fund.

Each portfolio manager may also execute transactions for another fund or account at the direction of such fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Finally, if the portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and accounts. Schroders' policies, however, require that portfolio managers allocate investment opportunities among accounts managed by them in an equitable manner over time. Orders are normally allocated on a pro rata basis, except that in certain circumstances, such as the small size of an issue, orders will be allocated among clients in a manner believed by Schroders to be fair and equitable over time.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management, which indirectly links compensation to sales. Also, potential conflicts of interest may arise since the structure of Schroders' compensation may vary from account to account.

Schroders has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**<u>Victory Capital Management Inc.</u> <u>("</u><u>Victory Capital</u><u>")</u>** 

Victory Capital's portfolio managers are often responsible for managing one or more mutual funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than the Portfolio and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Portfolio along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offerings; and/or (3) desirable trade allocations, to such other accounts. In addition, to assist in the investment decision-making process for its clients, including the Portfolio, Victory Capital may use brokerage commissions generated from securities transactions to obtain research and/or brokerage services from broker-dealers. Thus, Victory Capital may have an incentive to select a broker that provides research through the use of brokerage, rather than paying for execution only. Certain other trading practices, such as cross-trading between the Portfolio and another account, also may raise conflict of interest issues. Victory Capital has adopted numerous compliance policies and procedures, including a Code of Ethics, and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, Victory Capital has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of Victory Capital investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that Victory Capital's compliance program will achieve its intended result.

**<u>WCM Investment Management, LLC ("WCM")</u>** 

The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. The firm seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. The separate management of the

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trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The firm seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While WCM has adopted a code of ethics which we believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

In addition, WCM has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

**<u>Wellington Management Company LLP ("Wellington Management")</u>** 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each Fund's manager listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Portfolio Manager") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Funds. The Portfolio Managers make investment decisions for each account, including the Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Fund.

The Portfolio Managers or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Managers may purchase the same security for the Fund and one or more other accounts at or about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Fund. The Portfolio Manager also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Portfolio Managers are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by Portfolio Managers. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

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**Appendix D** <br>**5% Shareholders** 

**[TO BE PROVIDED]** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name/Class** | **Shareholder Name** | **City** | **State** | **Zip** | **Number of Shares** | **% of Ownership** |

---

------

PART C

OTHER INFORMATION

ITEM 28. EXHIBITS

&nbsp;&nbsp;&nbsp;&nbsp;(a) [Second Amended and Restated Agreement and Declaration of Trust, dated June 17, 2009 (the "Amended Declaration"), of](http://www.sec.gov/Archives/edgar/data/1048702/000095012309063496/w76297aexv99w28wa.htm) [the Registrant, Nationwide Mutual Funds (the "Trust"), a Delaware Statutory Trust, previously filed as Exhibit EX-28.a](http://www.sec.gov/Archives/edgar/data/1048702/000095012309063496/w76297aexv99w28wa.htm) [with the Trust's registration statement on November 17, 2009, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000095012309063496/w76297aexv99w28wa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Third Amended and Restated Bylaws, dated August 28, 2020 (the "Amended Bylaws"), of the Trust, previously filed as](http://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928b.htm) [Exhibit EX-28.b with the Trust's registration statement on September 17, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Certificates for shares are not issued. Articles III, V, and VI of the Amended Declaration and Article VII of the Amended Bylaws, incorporated by reference to Exhibit (a) and (b) hereto, define
rights of holders of shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment Advisory Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Investment Advisory Agreement, dated May 1, 2007, between the Trust and Nationwide Fund Advisors, pertaining](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-d2.txt) [to certain series of the Trust, previously filed as Exhibit EX-23.d.2 with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-d2.txt) [June 14, 2007, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-d2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Exhibit A to the Investment Advisory Agreement, amended October 1, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d1a.htm) [EX-28.d.1.a with the Trust's registration statement on October 17, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Investment Advisory Agreement, dated August 28, 2007, between the Trust and Nationwide Fund Advisors,](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-d2.txt) [pertaining to the Target Destination Funds of the Trust, previously filed as Exhibit EX-23.d.2 with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-d2.txt) [registration statement on August 27, 2007, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-d2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Exhibit A to the Investment Advisory Agreement, amended January 16, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928d2a.htm) [EX-28.d.2.a with the Trust's registration statement on January 16, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928d2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Investment Advisory Agreement, dated September 18, 2015, between the Trust and Nationwide Fund Advisors,](http://www.sec.gov/Archives/edgar/data/1048702/000119312515342551/d880918dex9928d3.htm) [pertaining to certain series of the Trust, previously filed as Exhibit EX-28.d.3 with the Trust's registration statement](http://www.sec.gov/Archives/edgar/data/1048702/000119312515342551/d880918dex9928d3.htm) [on October 13, 2015, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312515342551/d880918dex9928d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Exhibit A to the Investment Advisory Agreement, as amended July 10, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928d3a.htm) [EX-28.d.3.a with the Trust's registration statement on July 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928d3a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Subadvisory Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amended Subadvisory Agreement among the Trust, Nationwide Fund Advisors and BlackRock Investment](https://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28wdw3wa.htm) [Management, LLC, dated May 1, 2007, as amended June 16, 2010, previously filed as Exhibit EX-28.d.3.a](https://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28wdw3wa.htm) [with the Trust's registration statement on September 14, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28wdw3wa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Amended Subadvisory Agreement, amended February 1, 2012, previously filed as](http://www.sec.gov/Archives/edgar/data/1048702/000119312512077879/d274534dex9928d3a1.htm) [Exhibit EX-28.d.3.a.1 with the Trust's registration statement on February 24, 2012, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000119312512077879/d274534dex9928d3a1.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312512077879/d274534dex9928d3a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Nationwide Asset Management,](http://www.sec.gov/Archives/edgar/data/1048702/000089322008003224/w67455exv23wxdyx3yxhy.htm) [LLC, dated January 1, 2008, previously filed as Exhibit EX-23.d.3.h with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000089322008003224/w67455exv23wxdyx3yxhy.htm) [December 19, 2008, is hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1048702/000089322008003224/w67455exv23wxdyx3yxhy.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended May 1, 2013, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex99d3c1.htm) [EX-28.d.3.c.1 with the Trust's registration statement on April 3, 2014, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex99d3c1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex99d3c1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Bailard, Inc., dated June 4, 2013,](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm) [previously filed as Exhibit EX-28.d.3.k with the Trust's registration statement on October 17, 2013, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended March 31, 2014, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm) [EX-28.d.3.j.1 with the Trust's registration statement on April 3, 2014, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Geneva Capital Management LLC,](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfgenevasubadvagrmnt.htm) [dated March 16, 2020, previously filed as Exhibit EX-16.6.d.ix with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfgenevasubadvagrmnt.htm) [Form N-14 on July 22, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfgenevasubadvagrmnt.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended March 11, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4f1.htm) [EX-28.d.4.f.1 with the Trust's registration statement on February 18, 2022, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4f1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4f1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Victory Capital Management, Inc.,](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/victorysubadvisoryagreement.htm) [dated March 31, 2025, previously filed as Exhibit EX-28.d.4.g with the Trust's registration statement on](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/victorysubadvisoryagreement.htm) [May 29, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/victorysubadvisoryagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended June 1, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm) [EX-28.d.4.i.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Wellington Management Company](https://www.sec.gov/Archives/edgar/data/1048702/000119312516792615/d231232dex9928d4t.htm) [LLP, dated December 14, 2016, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement](https://www.sec.gov/Archives/edgar/data/1048702/000119312516792615/d231232dex9928d4t.htm) [on December 14, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312516792615/d231232dex9928d4t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended June 1, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm) [EX-28.d.4.i.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P.,](http://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928d4q.htm) [dated May 5, 2017, previously filed as Exhibit EX-28.d.4.q with the Trust's registration statement on May 5,](http://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928d4q.htm) [2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928d4q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended June 1, 2022, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4k1.htm) [EX-28.d.4.k.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4k1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P.,](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4q.htm) [dated November 13, 2017, previously filed as Exhibit EX-28.d.4.q with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4q.htm) [November 22, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended December 9, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524279315/d893787dex9928d4k1.htm) [EX-28.d.4.k.1 with the Trust's registration statement on December 16, 2024, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312524279315/d893787dex9928d4k1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524279315/d893787dex9928d4k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and WCM Investment Management,](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm) [dated November 13, 2017, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm) [November 22, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Mellon Investments Corporation](http://www.sec.gov/Archives/edgar/data/1048702/000168035919000562/subadvisoryagreement.htm) [(formerly, BNY Mellon Asset Management North America Corporation), dated July 13, 2018, as amended](http://www.sec.gov/Archives/edgar/data/1048702/000168035919000562/subadvisoryagreement.htm) [August 5, 2019, previously filed as Exhibit EX-16.6.d.xx with the Trust's registration statement on Form N-14](http://www.sec.gov/Archives/edgar/data/1048702/000168035919000562/subadvisoryagreement.htm) [on September 27, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000168035919000562/subadvisoryagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended March 12, 2020, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/amndmnttomellonsubadvagrmnt.htm) [EX-16.6.d.xx.1 with the Trust's registration statement on Form N-14 on July 22, 2020, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/amndmnttomellonsubadvagrmnt.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/amndmnttomellonsubadvagrmnt.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and BlackRock Investment](http://www.sec.gov/Archives/edgar/data/1048702/000119312518316535/d633053dex9928d4w.htm) [Management, LLC, dated September 13, 2018, previously filed as Exhibit EX-28.d.4.w with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000119312518316535/d633053dex9928d4w.htm) [registration statement on November 2, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312518316535/d633053dex9928d4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended January 1, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex99d4r1.htm) [EX-28.d.4.r.1 with the Trust's registration statement on February 18, 2021, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex99d4r1.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex99d4r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Dreyfus, a division of Mellon](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928d4p.htm) [Investments Corporation, dated September 1, 2023, previously filed as Exhibit EX-28.d.4.p with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928d4p.htm) [registration statement on February 20, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928d4p.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and GQG Partners LLC, effective](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4u.htm) [January 7, 2021, previously filed as Exhibit EX-28.d.4.u with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4u.htm) [February 18, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4u.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, as amended March 12, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000537/gqgexhibitatosubadvsagreemnt.htm) [EX-28.d.4.p.1 with the Trust's registration statement on July 1, 2025, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000537/gqgexhibitatosubadvsagreemnt.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000537/gqgexhibitatosubadvsagreemnt.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Newton Investment Management](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitd4w.htm) [North America, LLC, effective August 31, 2021, previously filed as Exhibit EX-28.d.4.w with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitd4w.htm) [registration statement on Form N-1A on September 22, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitd4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, as amended October 1, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4r1.htm) [EX-28.d.4.r.1 with the Trust's registration statement on October 17, 2024, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4r1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Goldman Sachs Asset Management,](https://www.sec.gov/Archives/edgar/data/1048702/000119312521353450/d437041dex9928d4.htm) [L.P., effective September 23, 2021, previously filed as Exhibit EX-28.d.4.x with the Trust's registration](https://www.sec.gov/Archives/edgar/data/1048702/000119312521353450/d437041dex9928d4.htm) [statement on December 10, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521353450/d437041dex9928d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, amended June 30, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4t1.htm) [EX-28.d.4.t.1 with the Trust's registration statement on July 13, 2023, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4t1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4t1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Jacobs Levy Equity Management,](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4y.htm) [Inc., effective July 21, 2022, previously filed as Exhibit EX-28.d.4.y with the Trust's registration statement on](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4y.htm) [August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4y.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Neuberger Berman Investment](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4w.htm) [Advisers LLC, effective June 21, 2023, previously filed as Exhibit EX-28.d.4.w with the Trust's registration](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4w.htm) [statement on July 13, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523186467/d511512dex9928d4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Los Angeles Capital Management](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4w.htm) [LLC, effective September 11, 2024, previously filed as Exhibit EX-28.d.4.w with the Trust's registration](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4w.htm) [statement on October 17, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928d4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Exhibit A to the Subadvisory Agreement, as amended July 10, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928d4u1.htm) [EX-28.d.4.u.1 with the Trust's registration statement on July 10, 2025, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928d4u1.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928d4u1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Invesco Advisers, Inc., effective](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/invescosubadvisoryagreement.htm) [May 7, 2025, previously filed as Exhibit EX-28.d.4.w with the Trust's registration statement on May 29, 2025,](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/invescosubadvisoryagreement.htm) [is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035925000422/invescosubadvisoryagreement.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and J.P. Morgan Investment](d28597dex9928d4t.htm) [Management Inc., effective June 10, 2025, is filed herewith as Exhibit EX-28.d.4.t.](d28597dex9928d4t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Schroder Investment Management](d28597dex9928d4u.htm) [North America Inc., effective September 15, 2025, is filed herewith as Exhibit EX-28.d.4.u.](d28597dex9928d4u.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Underwriting Agreement, dated May 1, 2007, between the Trust and Nationwide Fund Distributors, LLC,](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-e1.txt) [previously filed as Exhibit EX-23.e.1 with the Trust's registration statement on June 14, 2007, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-e1.txt) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-e1.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Schedule A to the Underwriting Agreement, amended July 10, 2025, previously filed as Exhibit EX-28.e.1.a](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928e1a.htm) [with the Trust's registration statement on July 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928e1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of Dealer Agreement, dated 2008, previously filed as Exhibit EX-23.e.2 with the Trust's registration statement](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-e2.txt) [on February 27, 2008, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-e2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreement

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Global Custody Agreement, Investment Company Rider, Global Proxy Service Rider and Special Terms and](http://www.sec.gov/Archives/edgar/data/1048702/000095011605000789/ex99-g1.txt) [Conditions Rider, dated April 4, 2003, between the Trust and JPMorgan Chase Bank, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000095011605000789/ex99-g1.txt) [EX-23.g.1 with the Trust's registration statement on February 28, 2005, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000095011605000789/ex99-g1.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment to Global Custody Agreement, dated December 2, 2009, previously filed as Exhibit EX-28.g.1.a](http://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw1wa.htm) [with the Trust's registration statement on February 26, 2010, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw1wa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amendment to Global Custody Agreement, dated December 9, 2015, previously filed as Exhibit EX-28.g.1.e](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g1e.htm) [with the Trust's registration statement on September 30, 2016, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amendment to Global Custody Agreement, dated February 1, 2022, previously filed as Exhibit EX-28.g.1.e](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1e.htm) [with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Amendment to Global Custody Agreement, dated September 18, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928g1d.htm) [EX-28.g.1.d with the Trust's registration statement on October 17, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524238632/d871818dex9928g1d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Amendment to Global Custody Agreement, dated July 10, 2025, is filed herewith as Exhibit EX-28.g.1.e.](d28597dex9928g1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Waiver to Global Custody Agreement, dated February 28, 2005, between the Trust and JPMorgan Chase Bank,](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1a.txt) [previously filed as Exhibit EX-23.g.1.a with the Trust's registration statement on February 28, 2006, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1a.txt) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1a.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Cash Trade Execution Rider to Global Custody Agreement, dated April 4, 2003, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1b.txt) [EX-23.g.1.b with the Trust's registration statement on February 28, 2006, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1b.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Concentration Accounts Agreement, dated December 2, 2009, between the Trust and JPMorgan Chase Bank,](http://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw4.htm) [previously filed as Exhibit EX-28.g.4 with the Trust's registration statement on February 26, 2010, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw4.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Securities Lending Rider to Global Custody Agreement, dated March 28, 2014, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g5.htm) [EX-28.g.5 with the Trust's registration statement on September 30, 2016, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Addendum to Fee Schedule to Securities Lending Rider to Global Custody Agreement, dated March 31, 2014,](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g6.htm) [previously filed as Exhibit EX-28.g.6 with the Trust's registration statement on September 30, 2016, is hereby](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g6.htm) [incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Joinder and Sixth Amendment to Securities Lending Agreement, dated February 4, 2022, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928g7.htm) [EX-28.g.7 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928g7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Joint Fund Administration and Transfer Agency Agreement, dated May 1, 2010, between the Trust, Nationwide](http://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28whw1.htm) [Variable Insurance Trust and Nationwide Fund Management LLC, previously filed as Exhibit EX-28.h.1 with the](http://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28whw1.htm) [Trust's registration statement on September 14, 2010, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28whw1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Schedule C to the Joint Fund Administration and Transfer Agency Agreement, amended September 1, 2012,](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928h1a.htm) [previously filed as Exhibit EX-28.h.1.a with the Trust's registration statement on August 8, 2022, is hereby](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928h1a.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928h1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Administrative Services Plan, effective March 10, 2015, amended January 16, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928h2.htm) [EX-28.h.2 with the Trust's registration statement on January 16, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Form of Servicing Agreement to Administrative Services Plan, dated January 2007, previously filed as](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000066/ex99h2b.txt) [Exhibit EX-23.h.2.b with the Trust's registration statement on February 28, 2007, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000066/ex99h2b.txt) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000066/ex99h2b.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Operational Service Agreement, dated 2007, previously filed as Exhibit EX-23.h.3 with the Trust's](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-h3.txt) [registration statement on August 27, 2007, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-h3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Expense Limitation Agreement between the Trust and Nationwide Fund Advisors, effective as of May 1, 2007,](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt) [amended January 9, 2008, previously filed as Exhibit EX-23.h.4 with the Trust's registration statement on](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt) [February 27, 2008, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment to Expense Limitation Agreement, dated March 1, 2017, previously filed as Exhibit EX-28.h.4.a](http://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928h4a.htm) [with the Trust's registration statement on May 5, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928h4a.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amendment No. 2 to Expense Limitation Agreement, dated July 1, 2018, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312518281193/d619444dex9928h4b.htm) [EX-28.h.4.b with the Trust's registration statement on September 24, 2018, is hereby incorporated by](http://www.sec.gov/Archives/edgar/data/1048702/000119312518281193/d619444dex9928h4b.htm) [reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312518281193/d619444dex9928h4b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amendment No. 3 to Expense Limitation Agreement, dated September 13, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928h4c.htm) [EX-28.h.4.c with the Trust's registration statement on February 20, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928h4c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Exhibit A to the Expense Limitation Agreement, amended November 17, 2025, is filed herewith as Exhibit](d28597dex9928h4d.htm) [EX-28.h.4.d.](d28597dex9928h4d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Assignment and Assumption Agreement between Gartmore Mutual Funds, an Ohio Business Trust ("OBT"), and](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-h11.txt) [the Trust, dated February 28, 2005, assigning to the Trust OBT's title, rights, interests, benefits and privileges in and](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-h11.txt) [to certain contracts listed in the Agreement, previously filed as Exhibit EX-23.h.11 with the Trust's registration](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-h11.txt) [statement on February 28, 2006, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-h11.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Administrative Services Fee Waiver Agreement between the Trust and Nationwide Financial Services, Inc., on](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h6.htm) [behalf of the Nationwide Government Money Market Fund, dated March 1, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h6.htm) [EX-28.h.6 with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Rule 12b-1 Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, on behalf of the Nationwide](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h7.htm) [Government Money Market Fund, dated March 1, 2025, previously filed as Exhibit EX-28.h.7 with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h7.htm) [registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Amended and Restated Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, on behalf of the](d28597dex9928h8.htm) [Nationwide Fund, Nationwide Government Money Market Fund, Nationwide International Equity Portfolio,](d28597dex9928h8.htm) [Nationwide Loomis Short Term Bond Fund, Nationwide Mid Cap Market Index Fund and Nationwide Small Cap](d28597dex9928h8.htm) [Index Fund, effective as of March 1, 2025, as amended August 22, 2025, is filed herewith as Exhibit EX-28.h.8.](d28597dex9928h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Investment Advisory Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, dated March 1,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h9.htm) [2025, on behalf of the Nationwide Government Money Market Fund, previously filed as Exhibit EX-28.h.9 with the](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h9.htm) [Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Administrative Services Fee Waiver Agreement between the Trust and Nationwide Financial Services, Inc., on](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dex9928h11.htm) [behalf of the Nationwide GQG US Quality Equity Fund, dated January 23, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dex9928h11.htm) [EX-28.h.11 with the Trust's registration statement on February 27, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dex9928h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Administrative Services Fee Waiver Agreement between the Trust and Nationwide Financial Services, Inc., on](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h11.htm) [behalf of the Nationwide Loomis Core Bond Fund, dated February 17, 2025, previously filed as Exhibit EX-28.h.11](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h11.htm) [with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, on behalf of the Nationwide Fundamental](d28597dex9928h12.htm) [All Cap Equity Portfolio, effective as of July 1, 2025, is filed herewith as Exhibit EX-28.h.12.](d28597dex9928h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(m) [Distribution Plan under Rule 12b-1, amended January 16, 2025, previously filed as Exhibit EX-28.m with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928m.htm) [registration statement on January 16, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525007595/d916679dex9928m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(n) [Rule 18f-3 Plan, effective March 2, 2009, amended July 10, 2025, previously filed as Exhibit EX-28.n with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928n.htm) [registration statement on July 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(o) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Code of Ethics for Nationwide Fund Advisors, the Trust and Nationwide Variable Insurance Trust, dated November](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p01.htm) [2023, previously filed as Exhibit EX-28.p.1 with the Trust's registration statement on February 20, 2024, is hereby](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p01.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p01.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics for Fund Access Persons for BlackRock Investment Management, LLC, effective April 1, 2021,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p2.htm) [reviewed March 6, 2024, previously filed as Exhibit EX-28.p.2 with the Trust's registration statement on](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p2.htm) [February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p2.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics for Nationwide Fund Distributors, LLC, January 1, 2024, previously filed as Exhibit EX-28.p.3 with](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p3.htm) [the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics and Business Conduct for Bailard, Inc., dated August 16, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p6.htm) [EX-28.p.6 with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics for Geneva Capital Management LLC, dated August 25, 2021, previously filed as Exhibit EX-28.p.7](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p07.htm) [with the Trust's registration statement on February 20, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p07.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics for Wellington Management Company LLP, dated December 1, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p09.htm) [EX-28.p.9 with the Trust's registration statement on February 20, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524039904/d723798dex9928p09.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Code of Ethics for Loomis, Sayles & Company, L.P., effective January 14, 2000, amended October 18, 2024,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p10.htm) [previously filed as Exhibit EX-28.p.10 with the Trust's registration statement on February 20, 2025, is hereby](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p10.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Code of Ethics for WCM Investment Management, LLC, dated June 30, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p11.htm) [EX-28.p.11 with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Code of Ethics for Nationwide Asset Management, LLC, dated June 2024, previously filed as Exhibit EX-28.p.12](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p12.htm) [with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Personal Trading Policy and Code of Conduct for Mellon Investments Corporation, dated January 29, 2024,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p13.htm) [previously filed as Exhibit EX-28.p.13 with the Trust's registration statement on February 20, 2025, is hereby](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p13.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Code of Ethics for GQG Partners LLC, dated March 2024, previously filed as Exhibit EX-28.p.14 with the Trust's](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p14.htm) [registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Code of Conduct for Newton Investment Management North America, LLC, dated December 2024, previously filed](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p16.htm) [as Exhibit EX-28.p.16 with the Trust's registration statement on February 20, 2025, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p16.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Personal Trading Policy and Code of Conduct for Dreyfus, a division of Mellon Investments Corporation, dated](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p17.htm) [January 29, 2024, previously filed as Exhibit EX-28.p.17 with the Trust's registration statement on February 20,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p17.htm) [2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Code of Ethics for Goldman Sachs Asset Management, L.P., dated September 17, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p19.htm) [EX-28.p.19 with the Trust's registration statement on February 20, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Code of Ethics for Jacobs Levy Equity Management, Inc., revised January 2016, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p24.htm) [EX-28.p.24 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Code of Ethics for Neuberger Berman Investment Advisers LLC, dated January 16, 2024, previously filed as](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p21.htm) [Exhibit EX-28.p.21 with the Trust's registration statement on February 20, 2025, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p21.htm) [reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525030652/d837196dex9928p21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Code of Ethics for Los Angeles Capital Management LLC, dated July 16, 2024, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312524221230/d894883dex9928p22.htm) [EX-28.p.22 with the Trust's registration statement on September 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312524221230/d894883dex9928p22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Code of Ethics for Victory Capital Management Inc., effective July 1, 2023, previously filed as Exhibit EX-28.p.20](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928p20.htm) [with the Trust's registration statement on July 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Code of Ethics and Personal Trading Policy for North America for Invesco Advisers, Inc., effective January 2025,](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928p21.htm) [previously filed as Exhibit EX-28.p.21 with the Trust's registration statement on July 10, 2025, is hereby](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928p21.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928p21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Code of Ethics for Schroder Investment Management North America Inc., effective May 1, 2017, revised August](d28597dex9928p20.htm) [2025, is filed herewith as Exhibit EX-28.p.20.](d28597dex9928p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(q) (1) [Power of Attorney with respect to the Trust for Charles E. Allen, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q1.htm) [EX-28.q.1 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney with respect to the Trust for Douglas F. Kridler, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q5.htm) [EX-28.q.5 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q5.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Power of Attorney with respect to the Trust for Keith F. Karlawish, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q7.htm) [EX-28.q.7 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Power of Attorney with respect to the Trust for Carol A. Kosel, dated June 14, 2017, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q9.htm) [EX-28.q.9 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Power of Attorney with respect to the Trust for Lorn C. Davis, dated January 1, 2021, previously filed as Exhibit](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q10.htm) [EX-28.q.10 with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Power of Attorney with respect to the Trust for David E. Wezdenko, dated January 1, 2021, previously filed as](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q11.htm) [Exhibit EX-28.q.11 with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Power of Attorney with respect to the Trust for David Majewski, dated September 28, 2022, previously filed as](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28q12.htm) [Exhibit EX-28.q.12 with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28q12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Power of Attorney with respect to the Trust for Charlotte Petersen, dated January 1, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q11.htm) [EX-28.q.11 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Power of Attorney with respect to the Trust for Kristina Bradshaw, dated January 1, 2023, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q12.htm) [EX-28.q.12 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Power of Attorney with respect to the Trust for Tracy Bollin, dated July 1, 2025, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928q11.htm) [EX-28.q.11 with the Trust's registration statement on July 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312525157578/d74421dex9928q11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Power of Attorney with respect to the Trust for Joseph Aniano, dated November 13, 2025, is filed herewith as](d28597dex9928q11.htm) [Exhibit EX-28.q.11.](d28597dex9928q11.htm)

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

No person is presently controlled by or under common control with Registrant.

ITEM 30. INDEMNIFICATION

Indemnification provisions for officers, directors and employees of the Registrant are set forth in Article VII, Section 2 of the Amended Declaration. See Item 28(a) above.

The Trust has entered into indemnification agreements with each of the trustees and certain of its officers. The indemnification agreements provide that the Trust will indemnify the indemnitee for and against any and all judgments, penalties, fines, and amounts paid in settlement, and all expenses actually and reasonably incurred by indemnitee in connection with a proceeding that the indemnitee is a party to or is threatened to be made a party to (other than certain exceptions specified in the agreements), to the maximum extent not expressly prohibited by Delaware law or applicable federal securities law and regulations (including, without limitation, Section 17(h) of the Investment Company Act of 1940 and the rules and regulations issued with respect thereto by the U.S. Securities and Exchange Commission). The Trust also will indemnify indemnitee for and against all expenses actually and reasonably incurred by indemnitee in connection with any proceeding to which indemnitee is or is threatened to be made a witness but not a party. See Item 23(h)(4) above.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

(a) Nationwide Fund Advisors ("NFA"), the investment adviser to the Trust, also serves as investment adviser to Nationwide Variable Insurance Trust. To the knowledge of the Registrant, the directors and officers of NFA have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of NFA or its affiliates.

------

Each of the following persons serves in the same or similar capacity with one or more affiliates of Nationwide Fund Advisors. The address for the persons listed below, except as otherwise noted, is One Nationwide Plaza, Columbus, OH 43215.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| Joseph Aniano | President and Chief Executive <br> Officer of Nationwide <br> Investment Management <br> Group; Senior Vice President <br> of Nationwide Mutual <br> Insurance Company<br>| President and Director | President, Chief Executive <br> Officer and Principal <br> Executive Officer<br>|
| Lee T. Cummings | Senior Vice President and <br> Head of Fund Operations of <br> Nationwide Investment <br> Management Group; Vice <br> President of Nationwide <br> Mutual Insurance Company<br>| Senior Vice President | Senior Vice President and <br> Head of Fund Operations<br>|
| Kevin D. Grether | Vice President of NFA and <br> Chief Compliance Officer of <br> NFA and the Trust; Vice <br> President of Nationwide <br> Mutual Insurance Company<br>| Vice President and Chief <br> Compliance Officer<br>| Senior Vice President and <br> Chief Compliance Officer<br>|
| Kevin P. Scheiderer | Vice President, Chief Tax <br> Officer of Nationwide Mutual <br> Insurance Company<br>| Vice President-Chief Tax <br> Officer<br>| N/A |
| Denise L. Skingle | Senior Vice President, <br> Finance & Strategy Legal and <br> Corporate Secretary of <br> Nationwide Mutual Insurance <br> Company<br>| Senior Vice President and <br> Secretary<br>| N/A |
| Steve A. Ginnan | Senior Vice President, <br> Director and Chief Financial <br> Officer of Nationwide <br> Financial Services, Inc.<br>| Director | N/A |
| Stephen R. Rimes | Vice President, Associate <br> General Counsel and <br> Secretary for Nationwide <br> Investment Management <br> Group; Vice President of <br> Nationwide Mutual Insurance <br> Company<br>| Vice President, Associate <br> General Counsel and Assistant <br> Secretary<br>| Secretary, Senior Vice <br> President and General Counsel<br>|
| Hope C. Hacker | Associate Vice President and <br> Assistant Treasurer of <br> Nationwide Mutual Insurance <br> Company<br>| Associate Vice President and <br> Assistant Treasurer<br>| N/A |
| Nathan Radabaugh | Associate Vice President and <br> Assistant Treasurer of <br> Nationwide Mutual Insurance <br> Company<br>| Associate Vice President and <br> Assistant Treasurer<br>| N/A |
| Anthony L. Sutch | Vice President and Assistant <br> Treasurer of Nationwide <br> Mutual Insurance Company<br>| Vice President and Assistant <br> Treasurer<br>| N/A |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Principal Occupation** | **Position with NFA** | **Position with Funds** |
| David A. Garman | Vice President-Enterprise <br> Governance & Finance Legal <br> of Nationwide Mutual <br> Insurance Company<br>| Vice President and Assistant <br> Secretary<br>| N/A |
| Mark E. Hartman | Sr. Counsel, Corporate <br> Governance and Assistant <br> Secretary of Nationwide <br> Mutual Insurance Company<br>| Assistant Secretary | N/A |
| David Dokko | Sr. Counsel, Corporate <br> Governance and Assistant <br> Secretary of Nationwide <br> Mutual Insurance Company<br>| Assistant Secretary | N/A |
| John L. Carter | President and Chief Operating <br> Officer of Nationwide <br> Financial Services, Inc.<br>| Director | N/A |
| Steve Hall  | Associate Vice President, <br> Investments and Risk Data <br> Analytics Risk Monitoring<br>| Associate Vice President-<br> Derivatives Risk Manager<br>| N/A |
| Tonya G. Walker | Associate Vice President and <br> Assistant Treasurer of <br> Nationwide Mutual Insurance <br> Company<br>| Associate Vice President and <br> Assistant Treasurer<br>| N/A |

---

(b) BlackRock Investment Management, LLC ("BlackRock") acts as subadviser to the Nationwide S&P 500 Index Fund, Nationwide Small Cap Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide Bond Index Fund and Nationwide International Index Fund. To the knowledge of the Registrant, the directors and officers of BlackRock have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(c) Nationwide Asset Management, LLC ("NWAM") acts as subadviser to the Nationwide Inflation-Protected Securities Fund. To the knowledge of the Registrant, the directors and officers of NWAM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(d) Dreyfus, a division of Mellon Investments Corporation ("MIC"), acts as subadviser to the Nationwide Government Money Market Fund. MIC also acts as an investment adviser or subadviser to other investment companies. To the knowledge of the Registrant, the directors and officers of MIC have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(e) Mellon Investments Corporation ("MIC") acts as subadviser to the Nationwide NYSE Arca Tech 100 Index Fund. To the knowledge of the Registrant, the directors and officers of MIC have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(f) Bailard, Inc. ("Bailard") acts as subadviser to the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard Technology & Science Fund and Nationwide Bailard International Equities Fund. To the knowledge of the Registrant, the directors and officers of Bailard have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities. Bailard provides real estate services (such as identifying and recommending potential property acquisitions and dispositions, supervising day-to-day property management and providing real estate research) to a client that is an affiliated private real estate investment trust.

(g) Geneva Capital Management LLC ("Geneva") acts as subadviser to the Nationwide Geneva Mid Cap Growth Fund and Nationwide Geneva Small Cap Growth Fund. To the knowledge of the Registrant, the directors and officers of Geneva have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(h) Wellington Management Company LLP ("Wellington Management") acts as subadviser to the Nationwide International Small Cap Fund. Wellington Management is an investment adviser registered under the Investment Advisers Act of 1940.

------

During the past two fiscal years, no partner of Wellington Management has engaged in any other business, profession, vocation or employment of a substantial nature other than that of the business of investment management.

(i) Loomis, Sayles & Company, L.P. ("Loomis Sayles") acts as subadviser to the Nationwide Loomis All Cap Growth Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term Bond Fund. The address of Loomis Sayles is One Financial Center, Boston, MA 02111. Loomis Sayles is an investment adviser registered under the Investment Advisers Act of 1940. Except as noted below, the directors and officers of Loomis Sayles have not been engaged in any other business or profession of a substantial nature during the past fiscal years, other than in their capacities as a director or officer of affiliated entities.

---

| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, <br> President and Director<br>| Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee |
|  | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's <br> Street, London, England SW1A 1 HA<br>| Executive Vice President |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and President |
|  | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #14-06, Ocean Financial <br> Centre, Singapore 049315<br>| Director |
|  | Loomis Sayles Operating Services, LLC<br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Chairman and President (2020 -2022) |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Director, Chairman and President |
| Matthew J. Eagan<br> Executive Vice President and Director<br>|  |  |
| Daniel J. Fuss<br> Vice Chairman, Executive Vice President <br> and Director<br>| Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Executive Vice President (2003 to 2021) |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Executive Vice President (2003 to 2021) |

---

------

---

| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
| John R. Gidman<br> Executive Vice President, Chief <br> Operating Officer and Director<br>| Loomis Sayles Operating Services, LLC, <br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Director and Chief Executive Officer <br> (2020 - 2022)<br>|
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Director and Chief Executive Officer |
| David L. Giunta<br> Director<br>| Natixis Investment Managers<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer, <br> US<br>|
|  | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer |
|  | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199<br>| President and Chief Executive Officer |
|  | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee and Executive Vice President |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Natixis ETF Trust II<br> 888 Boylston Street,<br> Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199<br>| Trustee, President and Chief Executive <br> Officer<br>|
| Aziz V. Hamzaogullari<br> Executive Vice President, Chief <br> Investment Officer of the Growth Equity <br> Strategies and Director<br>|  |  |
| Kinji Kato<br> Director 6/17/22 to present)<br>| Natixis Investment Managers Japan<br> Ark Hills South Tower 8F<br> 4-5, Roppongi 1-chome, Minato-ku<br> Tokyo 106-0032<br> Japan<br>| Honorary Chairman |
| Maurice Leger<br> Director of Global Institutional Services,<br> Executive Vice President and Director<br>| Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager |
| Rebecca O'Brien Radford<br> Executive Vice President, General <br> Counsel, Secretary and Director <br> (1/1/2023 to present)<br>| Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's <br> Street, London, England SW1A 1 HA<br>| General Counsel and Secretary |

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------

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| | | |
|:---|:---|:---|
| **Name and Position with Loomis Sayles** | **Name and Principal Business Address of Other** <br> **Company**<br>| **Connection with Other Company** |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Secretary |
|  | Loomis Sayles Operating Services, LLC, <br> One Financial Center, Boston, MA 02111 <br> (dissolved 12/20/22)<br>| Director and Secretary (2020 - 2022) |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Director, General Counsel and Secretary |
| Richard G. Raczkowski<br> Executive Vice President and Director<br>|  |  |
| Susan L. Sieker<br> Executive Vice President, Chief Financial <br> Officer and Director (2021-present)<br>| Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's <br> Street, London, England SW1A 1 HA<br>| Chief Financial Officer |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111<br>| Manager and Chief Financial Officer |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111<br>| Director |
| David L. Waldman<br> Executive Vice President, Deputy Chief <br> Investment Officer (2013-2021), Chief <br> Investment Officer (2021-present) and <br> Director<br>|  |  |

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(j) WCM Investment Management, LLC ("WCMIM") acts as subadviser to the Nationwide WCM Focused Small Cap Fund. WCMIM is an investment adviser registered under the Investment Advisers Act of 1940. To the knowledge of the Registrant, the directors and officers of WCMIM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(k) GQG Partners LLC ("GQG") acts as subadviser to the Nationwide GQG US Quality Equity Fund. Except as noted below, during past two fiscal years the directors and officers of GQG have not been engaged in any other business or profession of a substantial nature for his or her own account or in the capacity of director, officer, employee partner or trustee.

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser**<br>| **Name and Principal Business**<br> **Address of Other Company**<br>| **Connection with Other Company** |
| Rajiv Jain, Chairman, Chief Investment <br> Officer and Manager | GQG Partners Community <br> Empowerment Foundation\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Sole Member |
| Rajiv Jain, Chairman, Chief Investment <br> Officer and Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Executive Chairman, Chief Investment <br> Officer<br>|
| Tim Carver, Chief Executive Officer and <br> Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Executive Officer, Executive <br> Director<br>|
| Tim Carver, Chief Executive Officer and <br> Manager | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| Manager, Chief Executive Officer (as of <br> April 2024)<br>|

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser**<br>| **Name and Principal Business**<br> **Address of Other Company**<br>| **Connection with Other Company** |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Global UCITS ICAV<br> 2nd Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland<br>| Director (ended November 2022) |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Financial Officer |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners (Australia) Pty Ltd\*<br> Chifley Tower, Level 15.03<br> 2 Chifley Square<br> Sydney, NSW 2000 Australia<br>| Director |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| Manager, Chief Financial Officer (as of <br> April 2024)<br>|
| Charles Falck<br> Chief Operating Officer | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Chief Operating Officer |
| Charles Falck<br> Chief Operating Officer | GQG Global UCITS ICAV<br> 2<sup>nd</sup> Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland<br>| Director (as of November 2022) |
| Charles Falck<br> Chief Operating Officer | GQG Partners Ltd<br> Unit 12, Floor 7th,<br> Al Khatem Tower, ADGM Square,<br> Al Maryah Island,<br> Abu Dhabi, United Arab Emirates<br>| Director (as of August 2023) |
| Charles Falck<br> Chief Operating Officer | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| Chief Operating Officer (as of April <br> 2024)<br>|
| Sal DiGangi, Global Chief Compliance <br> Officer<br>| GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| Global Chief Compliance Officer |
| Frederick H. Sherley, General Counsel <br> and Secretary | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301<br>| General Counsel and Corporate Secretary |
| Frederick H. Sherley, General Counsel <br> and Secretary | GQG Private Capital Solutions LLC\*<br> 909 A St, Suite 810<br> Tacoma, WA 98402<br>| General Counsel and Secretary (as of <br> April 2024)<br>|

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\* Affiliated entity

(l) Newton Investment Management North America, LLC ("Newton US") acts as a subadviser to the Nationwide BNY Mellon Dynamic U.S. Equity Income Fund and Nationwide BNY Mellon Dynamic U.S. Core Fund. The directors and officers of Newton US have not been engaged in any other business or profession of substantial nature during the past two fiscal years.

(m) Goldman Sachs Asset Management, L.P. ("GSAM") is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and serves as a subadviser to the Nationwide Bond Portfolio and portions of the Nationwide Fundamental All Cap Equity Portfolio. GSAM is engaged in the investment advisory business. GSAM is part of The Goldman Sachs Group, Inc., a public company that is a bank holding company, financial holding company and a world-wide, full-service financial services organization. GSAM Holdings LLC is the general partner and principal owner of GSAM. To the knowledge of the Registrant, the directors and officers of GSAM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Invesco Advisers, Inc. ("Invesco") acts as a subadviser to the Nationwide Invesco Core Plus Bond Fund (formerly, Nationwide BNY Mellon Core Plus Bond Fund and Nationwide BNY Mellon Core Plus Bond ESG Fund). Except as noted below, no director, officer, or partner of Invesco has been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

The following table provides information with respect to the principal executive officer and the directors of Invesco.

Registrant's investment sub-adviser, Invesco is located at 1331 Spring Street NW, Suite 2500, Atlanta, GA 30309. In addition to providing sub-advisory services, Invesco, through its subsidiaries, engages in the business of investment management on an international basis. The directors, officers, or partners of Invesco have held, during the past two fiscal years, the following positions of a substantial nature.

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| | |
|:---|:---|
| **Name**  | **Position** |
| Andrew R. Schlossberg | Director and Sr. Vice President |
| L. Allison Dukes | Director |
| Todd Kuehl | Chief Compliance Officer  |
| Greg Ketron | Treasurer |
| Mark Gregson | Chief Accounting Officer and Controller |
| Terry Gibson Vacheron | Chief Financial Officer |
| Jeffrey H. Kupor | Director |
| Crissie M. Wisdom | Anti-Money Laundering Compliance Officer |
| Tony Wong | Director, President, Chief Executive Officer |

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(o) Jacobs Levy Equity Management, Inc. ("Jacobs Levy") acts as subadviser to the Nationwide U.S. 130/30 Equity Portfolio. To the knowledge of the Registrant, the directors and officers of Jacobs Levy have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(p) Neuberger Berman Investment Advisers LLC ("NBIA") acts as a subadviser to the Nationwide Fundamental All Cap Equity Portfolio. NBIA is an indirect subsidiary of Neuberger Berman Group LLC ("NBG"). The directors, officers and/or employees of NBIA, who are deemed "control persons," of NBIA are: Joseph Amato, Ashok Bhatia, Kenneth deRegt, Douglas Kramer, and Stephen Wright. Mr. Amato is a Trustee of the Trust.

NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by portfolio managers, members of the NBG's management team, and certain of NBG's key employees and senior professionals.

(q) Los Angeles Capital Management LLC ("LA Capital") acts as subadviser to the Nationwide International Equity Portfolio and the Nationwide Large Cap Equity Portfolio.

The following table includes any other business, profession, vocation or employment that officers or directors of the adviser have been engaged in the capacity of director, officer, employee, partner or trustee within the last two fiscal years.

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| | | |
|:---|:---|:---|
| **Name** | **Outside Entity Name** | **Position Held** |
| Thomas Stevens | Proxy Parent Foundation (Plan of CA) | Vice Chairman of the Board |
| Thomas Stevens | Agripower | Advisory Board Member |
| Thomas Stevens | Special Olympics of Southern California | Member of Board of Directors |
| Thomas Stevens | University of Wisconsin Foundation | Board Member |
| Hal Reynolds | Campbell Hall School | Director |
| Hal Reynolds | College Foundation University of <br> Virginia<br>| Trustee |
| Laina Draeger | CFA LA Society ESG Advisory Board | Advisory Board Member |

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------

The following table includes other substantial business or employment of officers or directors of the adviser solely in connection with the parent companies and/or affiliates of the adviser.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **LACM Global** <br> **Ltd.(Affiliate)**<br>| **Los Angeles Capital Global** <br> **Funds plc (Affiliate)**<br>| **LACM Holdings Inc.(Parent** <br> **Company of Adviser)**<br>| **LACM Equity LLC (Parent** <br> **Company of Adviser)**<br>|
| Thomas Stevens | Director / Officer | Director | Director | Director |
| Hal Reynolds | Officer |  | Director / Officer | Director / Officer |
| Daniel Allen | Director / Officer | Director | Director / Officer | Director / Officer |
| Jennifer Reynolds | Officer |  | Director / Officer | Director / Officer |
| Stuart Matsuda |  |  | Director / Officer | Director / Officer |
| Edward Rackham |  |  | Officer | Officer |
| Bradford Rowe |  |  | Officer | Officer |
| Linda Barker |  |  | Officer | Officer |
| Liz Mueller |  |  | Officer | Officer |
| Steve Oetomo |  |  | Officer | Officer |

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(r) Victory Capital Management Inc. ("Victory Capital") acts as a subadviser to the Nationwide Strategic Income Fund. Victory Capital is an investment adviser registered under the Investment Advisers Act of 1940. To the knowledge of the Registrant, the directors and officers of Victory Capital have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

(s) Schroder Investment Management North America Inc. ("Schroders") acts as subadviser to the Nationwide Schroders Global Equity Fund. To the knowledge of the Registrant, the directors and officers of Schroders have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

ITEM 32. PRINCIPAL UNDERWRITERS

(a) Nationwide Fund Distributors LLC, the principal underwriter of the Trust, also acts as principal underwriter for Nationwide Variable Insurance Trust.

(b) Herewith is the information required by the following table with respect to each director, officer or partner of NFD. The address for the persons listed below, except where otherwise noted, is One Nationwide Plaza, Columbus, OH 43215.

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| | | |
|:---|:---|:---|
| **Name:** | **Position with NFD:** | **Position with Registrant:** |
| Holly A. Butson | Chief Compliance Officer | N/A |
| Lee T. Cummings | President | Senior Vice President and Head of Fund <br> Operations<br>|
| Ewan T. Roswell | Associate Vice President and Treasurer | N/A |
| Denise L. Skingle | Senior Vice President and Secretary | N/A |
| Jennifer L. Monnin | Chief Marketing Officer | N/A |
| John L. Carter | Manager | N/A |
| Steven A. Ginnan | Manager | N/A |
| Joseph Aniano | Manager | President, Chief Executive Officer and <br> Principal Executive Officer<br>|

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(c) Not applicable.

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS

J.P. Morgan Investor Services Co. <br>1 Beacon Street <br>Boston, Massachusetts 02108-3002

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Nationwide Funds Group <br>One Nationwide Plaza <br>Columbus, OH 43215

ITEM 34. MANAGEMENT SERVICES

Not applicable.

ITEM 35. UNDERTAKINGS

Not applicable.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment Nos. 291 / 316 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Columbus, and State of Ohio, on this 12<sup>th</sup> day of December, 2025.

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| | |
|:---|:---|
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| BY: | /s/ Allan J. Oster |
|  | Allan J. Oster, Attorney-In-Fact for Registrant |

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PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES INDICATED.

Signature & Title

<u>/s/ Joseph Aniano\*</u>

Joseph Aniano, President, Chief

Executive Officer and Principal Executive Officer

<u>/s/ David Majewski\*</u>

David Majewski, Treasurer and Principal Financial Officer

<u>/s/ Lorn C. Davis\*</u>

Lorn C. Davis, Trustee

<u>/s/ Barbara I. Jacobs\*</u>

Barbara I. Jacobs, Trustee

<u>/s/ Keith F. Karlawish\*</u>

Keith F. Karlawish, Trustee and Chairman

<u>/s/ Carol A. Kosel\*</u>

Carol A. Kosel, Trustee

<u>/s/ Douglas F. Kridler\*</u>

Douglas F. Kridler, Trustee

<u>/s/ David E. Wezdenko\*</u>

David E. Wezdenko, Trustee

<u>/s/ Charlotte Petersen\*</u>

Charlotte Petersen, Trustee

/<u>s/ Kristina Bradshaw\*</u>

Kristina Bradshaw, Trustee

<u>/s/ Tracy Bollin\*</u>

Tracy Bollin, Trustee

<u>\*BY:</u>/s/ Allan J. Oster

Allan J. Oster, Attorney-In-Fact

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## Exhibit 99.28

**EX-28.d.4.t** 

**<u>SUBADVISORY AGREEMENT</u>**

THIS AGREEMENT is made and entered into effective the 10th day of June, 2025, by and among NATIONWIDE MUTUAL FUNDS (the "Trust"), a Delaware statutory trust, NATIONWIDE FUND ADVISORS (the "Adviser") a Delaware business trust registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and J.P. MORGAN INVESTMENT MANAGEMENT INC., a corporation organized under the laws of the State of Delaware (the "Subadviser"), and also registered under the Advisers Act.

W I T N E S S E T H:

WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser has, pursuant to an Investment Advisory Agreement with the Trust dated as of the 1<sup>st</sup> day of May, 2007 (the "Advisory Agreement"), been retained to act as investment adviser for certain of the series of the Trust that are listed on Exhibit A to this Agreement (each, a "Fund");

WHEREAS, the Adviser represents that it is willing and possesses legal authority to render such services subject to the terms and conditions set forth in this Agreement;

WHEREAS, the Trust and the Adviser each represent that the Advisory Agreement permits the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

WHEREAS, the Adviser desires to retain Subadviser to assist it in the provision of a continuous investment program for that portion of each Fund's assets that the Adviser will assign to the Subadviser, and Subadviser is willing to render such services subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, the parties do mutually agree and promise as follows with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Subadviser</u>. The Adviser hereby appoints the Subadviser to act as investment adviser for and to manage that portion or all of the assets of the Fund that the Adviser from time to time upon reasonable prior notice allocates to, and puts under the control of, the Subadviser (the "Subadviser Assets") subject to the supervision of the Adviser and the Board of Trustees of the Trust and subject to the terms of this Agreement. The Subadviser hereby accepts such appointment and, in such capacity, agrees to be responsible for the investment management of the Subadviser Assets. It is recognized that the Subadviser and certain of its affiliates now act, and that from time to time hereafter may act, as investment adviser to one or

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more other investment companies and to fiduciary or other managed accounts and that the Adviser and the Trust cannot object to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Subadviser is hereby authorized and directed and hereby agrees, subject to the stated investment policies and restrictions of the Fund as set forth in the Fund's prospectus and statement of additional information as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented or amended from time to time (collectively referred to hereinafter as the "Prospectus") and subject to the directions of the Adviser and the Trust's Board of Trustees, to monitor on a continuous basis the performance of the Subadviser Assets and to conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Subadviser Assets. The Adviser agrees to provide the Subadviser with such assistance as may be reasonably requested by the Subadviser in connection with the Subadviser's activities under this Agreement, including, without limitation, providing information concerning the Fund, its funds available or to become available for investment, and generally as to the conditions of the Fund's or the Trust's affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Applicable Laws and Governing Documents</u>. In the performance of its services under this Agreement, the Subadviser shall act in conformity with the Prospectus and the Trust's Agreement and Declaration of Trust and By-Laws as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented, amended and/or restated from time to time (referred to hereinafter as the "Declaration of Trust" and "By-Laws," respectively) and with the instructions and directions received in writing from the Adviser or the Trustees of the Trust and will conform to, and comply with, the requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations. Without limiting the preceding sentence, the Adviser promptly shall notify the Subadviser as to any act or omission of the Subadviser hereunder that the Adviser reasonably deems to constitute or to be the basis of any noncompliance or nonconformance with any of the Trust's Declaration of Trust and By-Laws and the Prospectus, the instructions and directions received in writing by Subadviser from the Adviser or the Trustees of the Trust or the 1940 Act, the Code, and all other applicable federal and state laws and regulations. Notwithstanding the foregoing, the Adviser shall remain responsible for ensuring the Fund's and the Trust's overall compliance with the 1940 Act, the Code and all other applicable federal and state laws and regulations and the Subadviser is only obligated to comply with this subsection (b) with respect to the Subadviser Assets. The Adviser timely will provide the Subadviser with any materials or information which the Subadviser may reasonably request to enable it to perform its functions under this Agreement.

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|:---|:---|
| Aug 2021 | 2.0 |

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The Adviser shall perform quarterly and annual tax compliance tests to ensure that the Fund is in compliance with Subchapter M and, if applicable, Section 817(h) of the Code. In connection with such compliance tests, the Adviser shall inform the Subadviser at least ten (10) business days prior to a calendar quarter end if the Subadviser Assets are out of compliance with the diversification requirements under either Subchapter M or, if applicable, Section 817(h). If the Adviser notifies the Subadviser that the Subadviser Assets are not in compliance with such requirements noted above, the Subadviser will take prompt action to bring the Subadviser Assets back into compliance within the time permitted under the Code thereunder.

The Adviser will provide the Subadviser with reasonable advance notice of any change in the Fund's investment objectives, policies and restrictions as stated in the Prospectus, and the Subadviser shall, in the performance of its duties and obligations under this Agreement, manage the Subadviser Assets consistent with such changes, provided that the Subadviser has received prompt notice of the effectiveness of such changes from the Trust or the Adviser. In addition to such notice, the Adviser shall provide to the Subadviser a copy of a modified Prospectus reflecting such changes. The Adviser acknowledges and will ensure that the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust or the Fund, including, without limitation, the 1940 Act, and the rules and regulations thereunder, and that the Subadviser shall have no liability in connection therewith, except as to the accuracy of material information furnished in writing by the Subadviser to the Trust or to the Adviser specifically for inclusion in the Prospectus. The Subadviser hereby agrees to provide to the Adviser in a timely manner such information relating to the Subadviser and its relationship to, and actions for, the Trust as may be required to be contained in the Prospectus or in the Trust's Registration Statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voting of Proxies</u>. The Adviser hereby delegates to the Subadviser the Adviser's discretionary authority to exercise voting rights with respect to the securities and other investments in the Subadviser Assets and authorizes the Subadviser to delegate further such discretionary authority to a designee. The Subadviser, including without limitation its designee (for which the Subadviser shall remain liable), shall have the power to vote, either in person or by proxy, all securities in which the Subadviser Assets may be invested from time to time, and shall not be required to seek or take instructions from, the Adviser, the Fund or the Trust or take any action with respect thereto. The Adviser agrees to instruct the Fund's custodian to forward all proxy materials and related shareholder communications to Subadviser's designee promptly upon receipt. Subadviser shall not be liable with regard to voting of proxies or other corporate actions if the proxy materials and related communications are not received by Subadviser in a timely manner. If both the Subadviser and another entity managing assets of the Fund have invested the Fund's assets in the same security, the Subadviser and such other entity will each have the power to vote its pro rata share of the Fund's security. The Subadviser will establish a written guidelines for proxy voting in compliance with current applicable

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| | |
|:---|:---|
| Aug 2021 | 3.0 |

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rules and regulations, including but not limited to Rule 30b1-4 under the 1940 Act. For avoidance of doubt, Subadviser will vote proxies in accordance with Subadviser's guidelines. The Subadviser will provide the Adviser or its designee, a copy of such guidelines and establish a process for the timely distribution of the Subadviser's voting record with respect to the Fund's securities and other information available to Subadviser that is necessary for the Fund to complete information required by Form N-1A under the 1940 Act and the Securities Act of 1933, as amended (the "Securities Act"), Form N-PX under the 1940 Act, and Form N-CSR under the Sarbanes-Oxley Act of 2002, as amended, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Derivatives Transactions</u>. Subject to the terms of the Prospectus, the Subadviser is authorized to enter into Derivatives Transactions (as defined in Exhibit B) on behalf of the Fund, and, as set forth in subsection (e) below, to enter into all documents and agreements related thereto. In connection with the Fund's Derivatives Transactions and in accordance with the requirements of the 1940 Act, the Subadviser is authorized to deposit or transfer any property as collateral with any agent or counterparty, to grant security interests in such collateral and to make any and all margin payments, all on such terms and conditions as the Subadviser shall determine. Exhibit B supplements the Agreement with representations, warranties and covenants by the Adviser and the Trust that the Subadviser will rely upon when entering into derivatives contracts and agreements relating to such transactions on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Agent</u>. Subject to any other written instructions of the Adviser or the Trust, the Subadviser is hereby appointed the Adviser's and the Trust's agent and attorney-in-fact with full power and authority for the limited purposes of entering into and executing account documentation, agreements, contracts and other documents as the Subadviser shall be requested by brokers, dealers, futures commission merchants, counterparties and other persons in connection with its management of the Subadviser Assets. The Adviser hereby authorizes and directs the Subadviser to enter into a contractual arrangement on behalf of the Fund with a futures commission merchant or other counterparty (a "side letter") to offset the Fund's exposure under certain physically settled futures contracts or, if necessary, to assign the Fund's delivery obligations under such physically settled futures contracts to the futures commission merchant or other counterparty. The side letter allows certain physically settled futures to be treated as cash-settled for asset segregation purposes. The Subadviser agrees to provide the Adviser and the Trust with copies of any such agreements executed on behalf of the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Brokerage</u>. The Subadviser is authorized, subject to the supervision of the Adviser and the plenary authority of the Trust's Board of Trustees, to establish and maintain accounts on behalf of the Fund with, and place orders for the investment and reinvestment, including without limitation purchase and sale of the Subadviser Assets with or through, such persons, brokers (including, to the extent permitted by applicable law, any broker affiliated with the Subadviser) or dealers, including futures commission

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| | |
|:---|:---|
| Aug 2021 | 4.0 |

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It is recognized that the services provided by such Brokers may be useful to the Subadviser in connection with the Subadviser's services to other clients. On occasions when the Subadviser deems the purchase or sale of a security to be in the best interests of the Fund with respect to the Subadviser Assets as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations,

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| | |
|:---|:---|
| Aug 2021 | 5.0 |

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may, but shall be under no obligation to, aggregate the securities to be sold or purchased (including those transactions executed through its office in the United Kingdom, as applicable) in circumstances where the Subadviser believes that aggregating will result in a more favorable overall execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to such other clients. It is recognized that in some cases, this procedure may adversely affect the price paid or received by the Fund or the size of the position obtainable for, or disposed of by, the Fund with respect to the Subadviser Assets. Further information regarding the Adviser's order aggregation policies is available in Part 2A of the Subadviser's Form ADV and, with respect to activities conducted in its offices in the United Kingdom, to the extent applicable, the FCA Disclosure Document provided to the Adviser and the Trust.

The Adviser hereby acknowledges receipt of the the Subadviser's Order Execution Policy applicable to certain transactions executed through its office in the United Kingdom and consents to the Subadviser following such policy. In addition, the Adviser agrees that the Subadviser may execute orders outside a "trading venue," as that term is defined in the European Union's "Markets in Financial Instruments Directive II" ("MFID II") so long as such transactions are consistent with each Fund's investment objectives, strategies and risks, as stated in the Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Securities Transactions</u>. The Subadviser and any affiliated person of the Subadviser will not purchase securities or other instruments from or sell securities or other instruments to the Fund; provided, however, the Subadviser or any affiliated person of the Subadviser may purchase securities or other instruments from or sell securities or other instruments to the Fund if such transaction is permissible under applicable laws and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder.

The Subadviser, on its own behalf and with respect to its Access Persons (as defined in subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and comply with Rule 17j-1 and its Code of Ethics (which shall comply in all material respects with Rule 17j-1), as the same may be amended from time to time. On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which may include either (i) certifying to the Adviser that the Subadviser and its Access Persons have complied with the Subadviser's Code of Ethics with respect to the Subadviser Assets or (ii) identifying any material violations which have occurred with respect to the Subadviser Assets. The Subadviser will have also submitted its Code of Ethics for its initial approval by the Board of Trustees no later than the date of execution of this agreement and subsequently within six months of any material change thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Books and Records</u>. The Subadviser shall maintain separate detailed records as are required by applicable laws and regulations of all matters hereunder

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|:---|:---|
| Aug 2021 | 6.0 |

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pertaining to the Subadviser Assets (the "Fund's Records"), including, without limitation, brokerage and other records of all securities transactions. The Subadviser acknowledges that the Fund's Records are property of the Trust; except to the extent that the Subadviser is required to maintain the Fund's Records under the Advisers Act or other applicable law and except that the Subadviser, at its own expense, is entitled to make and keep a copy of the Fund's Records for its internal files. The Fund's Records shall be available to the Adviser or the Trust at any time upon reasonable request during normal business hours and shall be available for telecopying promptly to the Adviser during any day that the Fund is open for business as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Information Concerning Subadviser Assets and Subadviser</u>. From time to time as the Adviser or the Trust reasonably may request in good faith, the Subadviser will furnish the requesting party reports on portfolio transactions and reports on the Subadviser Assets, all in such reasonable detail as the parties may reasonably agree in good faith. Notwithstanding the foregoing, the Subadviser agrees to inform the Adviser as soon as reasonably practicable of any trade errors and to remediate any such errors as soon as reasonably practicable. The Subadviser will also inform the Adviser in a timely manner of material changes in portfolio managers responsible for Subadviser Assets, any changes in the ownership or management of the Subadviser, or of material changes in the control of the Subadviser. Upon the Trust's or the Adviser's reasonable request, the Subadviser will make available its officers and employees to meet with the Trust's Board of Trustees to review the Subadviser Assets via telephone on a quarterly basis and in person on a less frequent basis as agreed upon by the parties.

Subject to the other provisions of this Agreement, the Subadviser will also provide such information or perform such additional acts with respect to the Subadviser Assets as are reasonably required for the Trust or the Adviser to comply with their respective obligations under applicable laws and regulations, including without limitation, requirements of or pertaining to the Code, the 1940 Act, the Advisers Act, and the Securities Act, and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Custody Arrangements</u>. The Trust or the Adviser shall notify the Subadviser of the identities of its custodian banks and the custody arrangements therewith with respect to the Subadviser Assets and shall give the Subadviser written notice of any changes in such custodian banks or custody arrangements. The Subadviser shall on each business day provide the Adviser and the Trust's custodian such information as the Adviser and the Trust's custodian may reasonably request in good faith relating to all transactions concerning the Subadviser Assets. The Trust shall instruct its custodian banks to (A) carry out all investment instructions as may be directed by the Subadviser with respect to the Subadviser Assets (which instructions may be orally given if confirmed in writing); and (B) provide the Subadviser with all operational information necessary for the Subadviser to trade the Subadviser Assets on behalf of the Fund. The Subadviser shall have no liability for the acts or omissions of the authorized custodian(s), unless such act or omission is required by and taken in reliance upon instructions given to the authorized

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| | |
|:---|:---|
| Aug 2021 | 7.0 |

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custodian(s) by a representative of the Subadviser properly authorized (pursuant to written instruction by the Adviser) to give such instructions and such instructions are the direct result of willful misfeasance, bad faith or gross negligence on the part of the Subadviser or a reckless disregard by the Subadviser of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation Assistance</u>. The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Trust. The Adviser hereby acknowledges that the Subadviser is not responsible for pricing portfolio securities. Notwithstanding the foregoing, the Subadviser agrees that, upon request of the Adviser, it shall reasonably assist the Adviser in obtaining prices for portfolio securities and, to the extent it may lawfully do so, provide the Adviser with reasonable information, data or analyses in its possession. The Adviser and the Trust acknowledge that any such information, data or analyses may be proprietary to the Subadviser or otherwise consist of nonpublic information, agree that nothing in this Agreement shall require Subadviser to provide any information, data or analysis in contravention of applicable legal or contractual requirements, and agree to use any such information only for the purpose of pricing portfolio securities and to maintain their confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Legal Proceedings</u>. The Subadviser shall not act for, represent, or purport to bind the Trust, the Fund, or the Adviser in any legal or administrative proceeding involving the Fund or any such proceedings involving any security, investment, or instrument currently or formerly held or entered into by the Fund, including, without limitation class action lawsuits, regulatory or governmental victim funds, and bankruptcy proceedings ("Legal Matters"). The Subadviser agrees to cooperate with the Adviser to provide reasonable assistance regarding any Legal Matters, including providing factual information in its possession regarding such Legal Matters as the Fund and/or the Adviser may reasonably request. To the extent that the Subadviser is required to take part in any Legal Matter in connection with this Agreement, whether by producing documents, testifying as a witness or otherwise, the Subadviser shall be reimbursed for reasonable legal costs and expenses in connection with such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Cash Flows</u>. The Adviser shall have the right at any time to increase or decrease the allocation of the Fund to the Subadviser, if the Adviser deems such increase or decrease appropriate.

Should the Adviser decrease the allocation of the Fund to the Subadviser, the Adviser shall ensure that the Fund's custodian will maintain sufficient cash or other monies in the Fund's custody account in order for the Subadviser to settle or arrange for the settlement of all transactions made on behalf of the Fund prior to any such decrease in allocation of the Fund to the Subadviser. In the event that the Adviser instructs the Subadviser to trade ahead of receipt of cash or monies into the Fund's custody account, such instruction will be treated as a forward dated receivable and the Adviser agrees that it shall bear any charges incurred in the Fund's custody account, including overdraft charges, trading costs, buy-in fees or any other costs associated with settlement failures,

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|:---|:---|
| Aug 2021 | 8.0 |

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and shall be liable to the Subadviser for all losses or damages incurred by the Subadviser as a result of late receipt of the cash or monies into the Fund's custody account.

The Adviser agrees to inform the Subadviser promptly of any event which will or may have a material impact on the short-term liquidity of the Fund upon which parties shall coordinate further steps to be taken to resolve any possible overdraft or shortage in liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its services hereunder, the Subadviser is and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund, the Trust or the Adviser in any way or otherwise be deemed an agent of the Fund, the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Expenses</u> . During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Subadviser shall, at its sole expense, employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Subadviser shall not be responsible for the Trust's, the Fund's or Adviser's expenses, which shall include, but not be limited to, the cost of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased for the Fund and any losses incurred in connection therewith, expenses of holding or carrying Subadviser Assets, including, without limitation, expenses of dividends on stock borrowed to cover a short sale and interest, fees or other charges incurred in connection with leverage and related borrowings with respect to the Subadviser Assets, organizational and offering expenses (which include, but are not limited to, out-of-pocket expenses, but not overhead or employee costs of the Subadviser); expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund's custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC; expenses of registering or qualifying securities of the Fund for sale in the various states; freight and other charges in connection with the shipment of the Fund's portfolio securities; fees and expenses of non-interested Trustees; salaries of shareholder relations personnel; costs of shareholders meetings; insurance; interest; brokerage costs; and litigation and other extraordinary or non-recurring expenses. The Trust or the Adviser, as the case may be, shall reimburse the Subadviser for any expenses of the Fund or the Adviser as may be reasonably incurred by such Subadviser on behalf of the Fund or the Adviser. The Subadviser shall keep and supply to the Trust and the Adviser reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u> . For the services provided pursuant to this Agreement, the Subadviser is entitled to the fee listed for the Fund on Exhibit A hereto. Such fees will be computed daily and paid no later than the seventh (7<sup>th</sup>) business day following the end of each

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|:---|:---|
| Aug 2021 | 9.0 |

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month, from the Adviser, calculated at an annual rate based on the Subadviser Assets' average daily net assets.

The method of determining the net asset value of the Subadviser Assets for purposes hereof shall be the same as the method of determining net asset value for purposes of establishing the offering and redemption price of the shares of the Trust as described in the Fund's Prospectus. If this Agreement shall be effective for only a portion of a month with respect to the Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of Subadviser</u>. The Subadviser represents and warrants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser is registered as a Commodity Trading Advisor under the Commodity Exchange Act, as amended (the "CEA"), with the Commodity Futures Trading Commission (the "CFTC"), or is not required to file such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser is a corporation duly organized and properly registered and operating under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Subadviser of this Agreement are within the Subadviser's powers and have been duly authorized by all necessary actions of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Subadviser for execution, delivery and performance by the Subadviser of this Agreement, and the execution, delivery and performance by the Subadviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Subadviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Subadviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Subadviser previously provided to the Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Subadviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of Adviser</u>. The Adviser represents and warrants to the Subadviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has filed a notice of exemption pursuant to Rule 4.14 under the CEA with the CFTC and the National Futures Association or is not required to file such exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is a business trust duly organized and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its directors, shareholders or managing unitholder, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Adviser previously provided to the Subadviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, including without limitation, the appointment of a subadviser with respect to assets of each of the Trust's mutual fund series, including without limitation the Adviser's entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Trust</u>. The Trust represents and warrants to the Adviser and the Subadviser as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and has elected to qualify and has qualified, together with the Fund, as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and its Board of Trustees, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Subadviser, the Adviser and the Trust pursuant to the recitals above and Sections 6, 7 and 8, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. (i) The Subadviser shall exercise its best judgment in rendering its services in accordance with the terms of this Agreement, but otherwise, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Subadviser or a reckless disregard of its duties hereunder, the Subadviser, each of its affiliates and all respective partners, officers, directors and employees ("Affiliates") and each person, if any, who within the meaning of the Securities Act controls the Subadviser ("Controlling Persons"), if any, shall not be subject to any expenses or liability to the Adviser, any other subadviser to the Fund, the Trust or the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates, including without limitation for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. The Adviser shall exercise its best judgment in rendering its obligations in accordance with the terms of this Agreement, but otherwise (except as set forth in Section 10(c) below), in the absence of willful misfeasance, bad faith or gross negligence on the part of the Adviser or a reckless disregard of its duties hereunder, the Adviser, any of its Affiliates and each of the Adviser's Controlling Persons, if any, shall not be subject to any liability

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to the Subadviser, for any act or omission in the case of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. Notwithstanding the foregoing, nothing herein shall relieve the Adviser and the Subadviser from any of their obligations under applicable law, including, without limitation, the federal and state securities laws and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in this Agreement to the contrary, the Subadviser shall not be liable to the Fund or the Adviser in respect of the default, fraud, act or omission, negligence or willful misconduct of any market counterparty through or with whom transactions are effected for the Fund to the extent the Subadviser was not grossly negligent in the selection or monitoring of such counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Subadviser shall indemnify the Adviser, the Trust and the Fund, and their respective Affiliates and Controlling Persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the Adviser, the Trust and/or the Fund and their respective Affiliates and Controlling Persons may sustain as a result of the Subadviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA. The Adviser shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA.

The Trust shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Trust's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall not be liable to the Adviser for (i) any acts of the Adviser or any other subadviser to the Fund with respect to the portion of the assets of the Fund not managed by Subadviser, or (ii) acts of the Subadviser which result from acts of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate and current information with respect to any records maintained by the Adviser or any other subadviser to the Fund, which records are not also maintained by or otherwise available to the Subadviser upon reasonable request. The Adviser agrees that Subadviser shall manage the Subadviser Assets as if they were a separate operating Fund as set forth in Section 2(b) of this Agreement. The Adviser shall indemnify the Subadviser, its Affiliates and Controlling Persons from any liability arising from the conduct of the Adviser and any other subadviser with respect to the portion of the Fund's assets not allocated to the Subadviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, under no circumstances shall the Adviser, the Trust or the Subadviser be liable hereunder for any special, consequential, indirect, incidental, exemplary or punitive damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. Unless sooner terminated, this Agreement shall go into effect as to any Fund covered by this Agreement initially or at such later time as such Fund commences operations pursuant to an effective amendment to the Trust's Registration Statement and shall remain in effect for an initial period of no more than two years that terminates on the second January 1st that occurs following the date thereof, and, for any Fund subsequently added to this Agreement, an initial period of no more than two years that terminates on the second January 1<sup>st</sup> that occurs following the effective date of this Agreement with respect to such Fund, and thereafter shall continue automatically for successive annual periods with respect to each such Fund, provided such continuance is specifically approved at least annually by the Trust's Board of Trustees or vote of the lesser of (a) 67% of the shares of the Fund represented at a meeting if holders of more than 50% of the outstanding shares of the Fund are present in person or by proxy or (b) more than 50% of the outstanding shares of the Fund; provided that in either event its continuance also is approved by a majority of the Trust's Trustees who are not <sup>"</sup>interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to the Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Trust's Board of Trustees, or by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days' written notice to the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By any party hereto immediately upon written notice to the other parties in the event of a breach of any provision of this Agreement by either of the other parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Subadviser upon not less than 120 days' written notice to the Adviser and the Trust.

This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duties of the Adviser</u>. The Adviser shall continue to have responsibility for all services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and

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review the Subadviser's performance of its duties under this Agreement. Nothing contained in this Agreement shall obligate the Adviser to provide any funding or other support for the purpose of directly or indirectly promoting investments in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Reference to Adviser and Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Adviser nor any Affiliate or agent of the Adviser shall make reference to or use the name of Subadviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Subadviser to the Fund, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Subadviser, which approval shall not be unreasonably withheld or delayed. The Adviser hereby agrees to make all reasonable efforts to cause the Fund and any Affiliate thereof to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser shall not make reference to or use the name of the Adviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Adviser to the Fund or to the Subadviser, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subadviser agrees that, for so long as Subadviser is the sole sub-adviser of a Fund, the Subadviser grants the Trust and Fund a non-exclusive, non-assignable, non-sublicensable royalty-free right to use the name "J.P. Morgan" in the name of the Fund or Fund series and that such use of the name "J.P. Morgan" may include use of the name in prospectuses, reports, and sales materials. The Adviser and the Trust shall include appropriate trademark credit lines and notice symbols as reasonably directed by the Subadviser. All use of the name J. P. Morgan shall inure to the benefit of its owner, JPMorgan Chase & Co. Upon termination of this Agreement, the Adviser and the Fund shall forthwith cease to use the name of J.P. Morgan (or any derivative or logo) as appropriate and to the extent that continued use is not required by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment</u> . This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund (as required by the 1940 Act), and (b) the vote of a majority of those Trustees of the Trust who are not "interested persons" of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. Subject to the duties of the Adviser, the Trust and the Subadviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential and shall not disclose any and all

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information pertaining to the Fund and the actions of the Subadviser, the Adviser and the Fund in respect thereof; except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized</u>. The Adviser or the Trust has authorized such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Court or Regulatory Authority</u>. Disclosure of such information is expressly required or requested by a court or other tribunal of competent jurisdiction or applicable federal or state regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Publicly Known Without Breach</u>. Such information becomes known to the general public without a breach of this Agreement or a similar confidential disclosure agreement regarding such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Already Known</u>. Such information already was known by the party prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Received From Third Party</u>. Such information was or is hereafter rightfully received by the party from a third party (expressly excluding the Fund's custodian, prime broker and administrator) without restriction on its disclosure and without breach of this Agreement or, not known to the party under reasonable circumstances to breach a similar confidential disclosure agreement regarding the information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independently Developed</u>. The party independently developed such information.

Notwithstanding anything in the forgoing to the contrary, to the extent that: i) any market counterparty with whom the Subadviser deals requires information relating to the Fund (including, but not limited to, the identity and market value of the Fund), or ii) Subadviser delegates any of its services agreed to under this Agreement to an affiliate or third-party in compliance with Section 27 of this Agreement, the Subadviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of the Fund or provide such services in accordance with the terms of this Agreement, and provided that with respect to any such counterparty, the Subadviser enters into a confidentiality agreement.

Each party will maintain and enforce safety and physical security procedures with respect to its access and maintenance of confidential information that (i) are at least equal to industry standards for such types of locations, (ii) are in accordance with reasonable policies in these regards, and (iii) provide reasonably appropriate technical and organizational safeguards against accidental or unlawful destruction, loss, alteration or unauthorized disclosure or access of confidential information under this Agreement. Without limiting the generality of the foregoing, each party will take all reasonable measures to secure and defend its location and equipment against cyber-attacks, "hackers" and others, both internal and external, who may seek, without authorization, to modify or access its systems or the information found therein. Each party will periodically test its systems for potential areas where security could be breached. Each party will report to the other party promptly any breaches of security or unauthorized access to its systems

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that it detects or becomes aware of that would require notification to consumers and/or regulators, as may be required by applicable federal and/or state laws. Each party will use reasonable and diligent efforts to remedy such breach of security or unauthorized access in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Any notice that is required to be given by the parties to each other under the terms of this Agreement shall be in writing, delivered by mail postpaid to the other parties, electronic means (including by email or web link), transmitted by facsimile with acknowledgment of receipt, or any other mutually agreed telecommunication method at the addresses specified below (or such other name or address as may be given in writing to the other party), which may from time to time be changed by the parties by notice to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Subadviser:

J.P. Morgan Investment Management Inc.

1111 Polaris Pkwy, Floor 3A

Columbus, OH, 43240-2050,

Attention: Danielle Azua

Email: danielle.azua@jpmorgan.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Adviser:

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If to the Trust:

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Jurisdiction</u> . This Agreement shall be governed by and construed in accordance with substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. Each of the parties hereto irrevocably and unconditionally confirms and agrees that it is and shall continue to be (i) subject to the jurisdiction of the state courts of the State of Delaware, and (ii) subject to service of process in the State of Delaware. Unless the parties consent in writing

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to the selection of an alternative forum, the exclusive jurisdiction for any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated by this Agreement shall be the state and federal courts located in the State of Delaware (the "Delaware Courts"). Each party hereto hereby irrevocably and unconditionally (a) agrees not to commence any litigation relating thereto except in the Delaware Courts and (b) waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court, by way of motion, as a defense, counterclaim or otherwise, that (i) such litigation brought therein has been brought in any inconvenient forum, (ii) it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u> . If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Entire Agreement</u>. This Agreement, together with all exhibits, attachments and appendices, contains the entire understanding and agreement of the parties with respect to the subject matter hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Nationwide Mutual Funds and its Trustees</u>. The terms "Nationwide Mutual Funds" and the "Trustees of Nationwide Mutual Funds" refer respectively to the Trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Amended and Restated Agreement and Declaration of Trust made and dated as of October 28, 2004, as has been or may be amended and/or restated from time to time, and to which reference is hereby made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>No Third Party Beneficiaries</u>. This Agreement is for the exclusive benefit and convenience of the Trust, the Adviser and the Subadviser and there are no third-party beneficiaries of this Agreement. Nothing contained herein shall be construed as granting, vesting, creating or conferring any direct, indirect, or derivative right of action, or any other right or benefit, upon past, present or future shareholders of any Fund or upon any other third party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Multi-Manager Funds</u>. In connection with securities transactions for the Fund, the Subadviser that is (or whose affiliated person is) entering into the transaction, and any other investment manager that is advising an affiliate of the Fund (or portion of the Fund) (collectively, the "Managers" for the purposes of this section) entering into the transaction are prohibited from consulting with each other concerning transactions for the Fund in securities or other assets and, if both Managers are responsible for providing investment advice to the Fund, the Manager's responsibility in providing advice is expressly limited to a discrete portion of the Fund's portfolio that it manages.

This prohibition does not apply to communications by the Adviser in connection with the Adviser's (i) overall supervisory responsibility for the general management and investment of the Fund's assets; (ii) determination of the allocation of assets among the Manager(s), if any; and (iii) investment discretion with respect to the investment of Fund assets not otherwise assigned to a Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Anti-Money Laundering</u>. Adviser acknowledges that the Subadviser operates so as to comply with all applicable federal, state and local laws relating to the prevention of money laundering and terrorist financing. Adviser hereby acknowledges that it has policies and procedures in place designed to comply with any applicable Anti -Money Laundering ("AML") requirements in the United States, including the Bank Secrecy Act as amended by the USA PATRIOT ACT as amended, and other applicable laws and regulations in those jurisdictions where the Adviser operates, relating to the prevention of money laundering and terrorist financing. Adviser also acknowledges that it has policies and procedures in place designed to comply with the prohibitions and restrictions mandated by the U.S. Treasury Department's Office of Foreign Assets Control and all other sanctions laws and regulations applicable in the jurisdictions in which it operates. To the Adviser's knowledge, any solicitations and other activities by Adviser or, as applicable, its service providers in connection with the Fund have been and will be conducted in accordance with such applicable AML and sanctions laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Delegation</u>. The Subadviser may employ an affiliate or a third party to perform any accounting, administrative, reporting, proxy voting or ancillary services required to enable the Subadviser to perform its functions under this Agreement. The Subadviser may provide information about the Fund to any such affiliate or other third party for the purpose of providing the services contemplated under this clause. The Subadviser will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the Subadviser of any of its obligations under this Agreement. For the avoidance of doubt, Subadviser shall be responsible and liable for the actions or omissions of any such affiliate or third party to the same extent as if the Subadviser itself had acted or failed to act instead of the affiliate or third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>MFID II Reports</u>. The Subadviser will provide the Adviser with all reports as required by applicable regulation, including those issued by the Financial Conduct Authority of the United Kingdom ("FCA"), if relevant.

Aug 2021 19

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>Legal Entity Identifier</u>. The Adviser shall maintain the Fund's Legal Entity Identifier ("LEI"), inform the Subadviser of the Fund's LEI and promptly notify the Subadviser in the event the LEI becomes invalid, or if a different LEI becomes applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>Conflicts Disclosure</u>. The Adviser acknowledges that conflicts of interest may arise in the course of the Subadviser providing discretionary investment management services to the Fund. Further information on the Subadviser's potential conflicts of interest and its conflicts of interest policy may be found in the Subadviser's Form ADV and/or its FCA Disclosure Document, each of which have been provided to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>Services Not Exclusive</u>. Adviser agrees that Subadviser may give advice and take action with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Fund. It is Subadviser's policy to allocate investment opportunities among clients over a period of time on a fair and equitable basis. Adviser recognizes that Subadviser, in effecting transactions for its various accounts, may not always be able to take or liquidate investment positions in the same security at the same time and at the same price. Adviser agrees that Subadviser shall not have any obligations to purchase or sell, or to recommend for purchase or sale, for the Fund any security which Subadviser or its affiliates, their directors, trustees, officers, principals or employees may purchase or sell for its or their own accounts or for the account of any other client, if in the opinion of Subadviser such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing in this Agreement shall limit or restrict the right of the Subadviser, the Adviser, the Fund, the Trust, or any of their respective directors, officers, affiliates or employees (i) to buy, sell or trade in any securities for its or their own accounts or other accounts; or (ii) to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

Aug 2021 20

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

---

| |
|:---|
| TRUST |
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Christopher Graham<u> </u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Christopher Graham<u> </u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer<u> </u> |
| SUBADVISER |
| J.P. MORGAN INVESTMENT MANAGEMENT INC. |
| By: /s/ Danielle K. Azua<u> </u> |
| Name: Daniel K. Azua<u> </u> |
| Title: Vice President<u> </u> |

---

Aug 2021 21

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**EXHIBIT A** 

**SUBADVISORY AGREEMENT** 

**AMONG** 

**NATIONWIDE MUTUAL FUNDS,** 

**NATIONWIDE FUND ADVISORS** 

**AND J.P. MORGAN INVESTMENT MANAGEMENT INC.** 

Effective June 10, 2025\*

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| Nationwide Fund | 0.25% on Subadviser Assets up to $100 million;<br> 0.20% on Subadviser Assets of $100 million and more but less than $200 million; and<br> 0.15% on Subadviser Assets of $200 million and more |

---

\*As approved at the Board of Trustees Meeting held on June 9-10, 2025.

[The remainder of this page is intentionally left blank.]

Aug 2021 22

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IN WITNESS WHEREOF, the parties hereto have executed this Exhibit A on the effective date set forth above.

---

| |
|:---|
| TRUST |
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Christopher Graham<u> </u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Christopher Graham<u> </u> |
| Name: Christopher Graham<u> </u> |
| Title: SVP, Chief Investment Officer<u> </u> |
| SUBADVISER |
| J.P. MORGAN INVESTMENT MANAGEMENT INC. |
| By: /s/ Danielle K. Azua<u> </u> |
| Name: Daniel K. Azua<u> </u> |
| Title: Vice President<u> </u> |

---

Aug 2021 23

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**EXHIBIT B** 

**REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE TRUST AND THE ADVISER** 

The Adviser and the Trust each acknowledges and agrees that, in connection with the Subadviser's performance of its services under this Agreement (including, without limitation, the execution, delivery and performance of any Derivatives Transactions), Subadviser will rely on the Adviser's and the Trust's representations, warranties and covenants on behalf of the Fund set forth below. The Adviser and the Trust hereby authorize Subadviser to conclusively rely upon such representations, warranties and covenants as being true, correct and complete on and as of the date hereof and for so long as the Agreement is outstanding or until written notice to the contrary is provided to the Subadviser with respect to any such representation, warranty, or covenant. The Adviser shall provide Subadviser as soon as practicable with written notice if any of the representations, warranties and covenants set forth in this letter ceases to be true, correct or complete.

For purposes of this agreement "Derivatives Transaction" shall mean any contract, transaction or arrangement (whether cleared or uncleared and whether or not exchange traded) specified in (a)(i)-(iii) below and authorized for investment by the Prospectus and all necessary or appropriate documentation relating thereto.

The Adviser and the Trust represent, warrant and covenant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to this Agreement and the Prospectus (and for the absence of doubt the provisions of this Exhibit B
shall not be deemed to grant the Subadviser authority to make any investment not permitted by the Agreement or the Prospectus), in investing and reinvesting the assets of the Fund (hereinafter, the "Account Holder") the Subadviser is
authorized and empowered as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to purchase, sell, hold, make payments and transfers with respect to, and generally deal in any manner with and
in, all futures contracts (and any options on such contracts) and to enter into all documents and agreements relating thereto, including, without limitation, futures contracts with a futures commission merchant or swap dealer with respect to
financial instruments and any group or index of securities or commodities (or any interest therein based upon the value thereof), futures account agreements, cleared derivatives transactions addenda, cleared derivatives execution agreements, give-up agreements and related documentation, in each case on such terms and conditions as Subadviser shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to enter into, purchase, sell, hold, make payments and transfers with respect to and generally deal in any
manner with and in any derivative transactions (whether cleared or uncleared and whether or not exchange traded) and to execute, cause to be executed and enter into all documents and agreements relating thereto (including, without limitation, any
master agreements,

Aug 2021 24

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futures and options agreements, cleared derivatives transactions addenda, cleared derivatives execution agreements and account agreements, give-up agreements, International Swaps and Derivatives Association protocols and related documentation), in each case with futures commission merchants or swap dealers or other market participants on such terms and conditions as Subadviser shall determine, including, without limitation, (i) any transaction which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, contract for differences, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (iii) any combination of these transactions;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in connection with any transaction or agreement specified in clauses (a)(i) and (a)(ii) above, to deposit or
transfer any property as collateral with any futures commissions merchant, to grant security interests in such collateral and to execute or cause to be executed any and all required or appropriate documentation with respect to such collateral and to
make any and all margin payments, all on such terms and conditions as the Subadviser shall determine, and subject in all instances to compliance with the provisions of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. to enter into a side letter on behalf of the Account Holder with a futures commission merchant or other
counterparty to offset the Account Holder's exposure under certain physically settled futures contracts or, if necessary, to assign the Account Holder's delivery obligations under such physically settled futures contracts to the futures
commission merchant or other counterparty. The side letter allows certain physically settled futures to be treated as cash-settled for asset segregation purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Account Holder qualifies as a "Qualified Eligible Person" under the rules of the Commodity Futures
Trading Commission ("CFTC") because:

Aug 2021 25

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Account Holder is a series of an investment company registered under the Investment Company Act of 1940, not
formed for the specific purpose of opening an exempt account with the commodity trading advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Account Holder owns securities of issuers not affiliated with it and other investments with an aggregate market
value of at least $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust is duly organized and validly existing under the laws of the jurisdiction of its organization or
incorporation and, if relevant under such laws, in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust and the Adviser have the power to authorize the Subadviser to execute Derivatives Transactions on
Account Holder's behalf, to perform obligations under any such Derivatives Transactions and have taken, or will take prior to the execution of any such Derivatives Transaction, all necessary action to authorize the execution, delivery and
performance of any such Derivatives Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Subadviser may enter into the various types of transactions contemplated hereunder on behalf of the Fund
under documentation negotiated by the Subadviser for such purpose and neither the Adviser, the Trust, the Fund, nor any law, rule or regulation applicable with respect to the Fund, require the Subadviser to include (or not include) any terms,
information, conditions, representations or other contractual provisions (other than those that have been attached hereto by the Adviser, if any, and such restrictions as are applicable to the Fund under the Investment Company Act of 1940) in such
documentation, such as, without limitation, provisions related to jurisdiction, tax or sovereign immunity. The Adviser hereby acknowledges that the Subadviser is relying on the Adviser to advise the Subadviser of any terms, information, conditions,
representations or other contractual provisions that the Subadviser is required to include (or not include) in such documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Assuming compliance by the Subadviser with the relevant provisions of this Agreement and the Prospectus, the
execution, delivery and performance of any Derivatives Transaction will not violate or conflict with any law applicable to the Account Holder and its property (including any restrictions on leverage or speculation, if applicable), any provision of
its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of the assets or any contractual restriction binding on or affecting it or any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. All governmental and other consents that are required to have been obtained by the Trust on behalf of the
Account Holder with respect to the execution and performance of Derivatives Transactions have been obtained and at the time of execution of any such Derivatives Transaction will be in full force and effect and all conditions of any such consents
will have been complied with.

Aug 2021 26

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Assuming any applicable Derivatives Transaction that is entered into by the Subadviser on behalf of the Account
Holder is a legal, valid and binding obligation of, and enforceable in accordance with its terms against, each of the other parties thereto, the Account Holder's obligations under any such Derivatives Transaction constitute or will constitute
its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. There is not pending or, to the Trust's or the Adviser's knowledge, threatened against the Trust or
the Account Holder or any of their affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability
against the Account Holder of any Derivatives Transaction to which it is (or may in the future become) a party or its ability to perform its obligations under any such Derivatives Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Adviser, on behalf of the Account Holder, is capable of assessing the merits of and understanding (on its
own behalf or through independent professional advice) the terms and conditions of entering into Derivatives Transactions, and understands and accepts, the terms, conditions and risks of entering into Derivatives Transactions. Account Holder assumes
the financial and other risks of any Derivatives Transactions to which it is, or in the future may become, a party. The Adviser, on behalf of the Account Holder, understands that the counterparties to any Derivatives Transactions are not, and will
not be, acting as a fiduciary for or an advisor to Account Holder in respect of such Derivatives Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Adviser, on behalf of the Account Holder, understands that the counterparties to Derivatives Transactions
generally will be entitled to request or receive certain certificates, opinions, financial statements, documents (including without limitation, copies of this Agreement) or information in accordance with the terms of such Derivatives Transactions
(collectively, "Information") from the Account Holder and the Account Holder's custodian, and will be entitled to rely conclusively upon any Information furnished to the counterparty. The Adviser, on behalf of the Account Holder,
covenants that it shall provide, or cause to be provided, to the Subadviser such Information as may be required of such persons under any Derivatives Transactions, or as the Subadviser may reasonably request from time to time to satisfy its
obligations under any Derivatives Transactions and that such Information will, as of the date of such Information, be true, accurate and complete in all material respects and Subadviser may provide such Information to such counterparties. The
Adviser, on behalf of the Account Holder, understands that any failure to provide Information in connection with

Aug 2021 27

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Derivatives Transactions in a timely fashion may result in counterparties' termination of certain Derivatives Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. With respect to any Derivatives Transaction executed on behalf of Account Holder on or under the rules of any
swaps execution facility ("SEF"), to the extent required by such SEF under its rulebook or otherwise, Account Holder; (a) consents to the jurisdiction of such SEF in connection with and with respect to any such Derivatives
Transaction; (b) agrees that every such Derivatives Transaction shall import all the terms of the rules of such SEF insofar as they are applicable to such Derivatives Transaction; (c) agrees that the Subadviser shall be permitted comply
with all requirements of such SEF's rulebook and any other arrangements, provisions and directions given by such SEF; (d) agrees that Account Holder shall provide to such SEF and its agents, including its regulatory service provider,
access to all applicable books and records, staff and other information necessary for monitoring and enforcement of such SEF's rulebook; (e) agrees to comply with all disclosure requirements set forth in applicable CFTC regulations and
National Futures Association rules and regulations and any additional disclosure or other requirements imposed by a SEF's rulebook and (f) agrees that all disputes or claims arising out of any Derivatives Transaction executed on or under
the rules of a SEF will be resolved by submission to arbitration pursuant to the rulebook of such SEF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. The Adviser, on behalf of the Account Holder, acknowledges and agrees that the Subadviser and its affiliates
may aggregate transactions in "swaps" (as defined under the Commodity Exchange Act, as amended (" <u>CEA</u> ") and by rules and regulations of the CFTC) on behalf of Account Holder together with transactions in
"swaps" on behalf of other clients of the Subadviser or its affiliates and may effect such transactions as "block trades" (as defined under the CEA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The Adviser has reviewed the registration requirements of the CEA and the registration requirements of the
National Futures Association and has determined that it and the Account Holder is in compliance with such requirements to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. In the event the Subadviser is terminated as Subadviser to the Account Holder, a successor subadviser shall
have the power and authority to assume outstanding transaction under the Agreement entered into by the terminated Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The Trust and the Adviser have taken all steps to, and have directed the Account Holder's custodian to,
follow all of Subadviser's investment related direction with respect to the Account Holder's assets, including, without limitation, the posting of any margin, collateral or other assets that may be required under such agreements or
arrangements entered into by Subadviser with respect to the assets of the Account Holder. The Trust and the Adviser represent and warrant that with respect to Account Holder in connection with Subadviser's activities described in this
Agreement with respect to the Account Holder, including without limitation,

Aug 2021 28

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this letter agreement, such actions are and shall be authorized and permitted under all applicable governing documents of the Trust and the Account Holder and will not violate or conflict with any law applicable to the Trust, the Adviser or the Account Holder, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting its assets. The Subadviser is not responsible for the custody of the Account Holder's assets.<br>

Account Holder is the sole owner of or otherwise has the right to transfer, or pledge, the assets to be used as collateral in connection with the Derivatives Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Subject to the Account Holder's custodian agreement and any related account control agreement, Account
Holder has not granted any lien or security interest in its assets in the Account.

&nbsp;&nbsp;&nbsp;&nbsp;q. The Adviser, on behalf of the Account Holder, will take and/or permit the Subadviser on its behalf to take any
and all necessary actions in order to transfer title to, or grant a valid, perfected security interest in (as may be applicable), such assets to a counterparty under the applicable counterparty documents.

&nbsp;&nbsp;&nbsp;&nbsp;r. The Account Holder is a "Financial Entity"<sup>1</sup> as
defined under Section 2(h)(7)(C)(i) of the CEA, without regard to an exemption or exclusion provided in Section 2(h)(7)(C)(ii) of the CEA and CFTC regulations thereunder or in Section 2(h)(7)(C)(iii) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;s. The Account Holder is a "Financial Company" as defined under Section 201(a)(11) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, 12 U.S.C. §5381(a)(11).

&nbsp;&nbsp;&nbsp;&nbsp;t. The Account Holder is not an "Insured Depository Institution" as defined under 12 U.S.C.
§1813.

&nbsp;&nbsp;&nbsp;&nbsp;u. The Account Holder is not a "Commodity Pool" as defined under Section 1(a)(10) of the CEA<sup>2</sup> and applicable regulations thereunder, but has filed with the National Futures Association and/or the CFTC a Notice of Exclusion from being a Commodity Pool pursuant to Rule 4.5 under the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Account Holder is capable of assessing the merits of and understanding (on its own behalf or through
independent professional advice), the terms and conditions of and understands and accepts the risks of entering into and submitting the cleared Derivatives Transactions for clearing and settlement, including, but not limited to, the risk that:
(1) the regulations applicable to cleared Derivatives Transactions, including the rules, regulations and procedures of the applicable

<sup>1</sup> Definition available available at: <u>http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf</u>

<sup>2</sup> "***CEA***" means the United States Commodity Exchange Act.

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clearing organization and each SEF or designated contract market, if any, that Account Holder uses in connection with cleared Derivatives Transactions, may differ from the regulations applicable to the execution and clearing of futures contracts; and (2) such cleared Derivatives Transactions may not be afforded the same legal and regulatory treatment as may be afforded the execution and clearing of futures contracts. No clearing member will be acting as a fiduciary for or an adviser to Account Holder in respect of the cleared Derivatives Transactions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. The Trust and the Adviser acknowledge and agree that subject to the Agreement and the Prospectus, the
Subadviser has been given full discretion over the trading of Derivatives Transactions for the Account Holder. Such discretion includes, among other things, the authority to open trading accounts with futures commission merchants and provide
directly or through service providers relevant "know your customer" and any other information to the futures commission merchant, and to receive on Account Holder's behalf the disclosures and other information a futures commission
merchant is required to provide to its counterparties under CFTC, SEC or other rules governing Derivatives Transactions, including the form and method of delivery of such disclosures and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Trust and the Adviser hereby agree to provide by prompt written notice to Subadviser any additional
representations, warranties and covenants reasonably requested by Subadviser to the extent such representations, warranties or covenants are requested by counterparties or required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. The Trust and the Adviser each (i) represents that all the representations, warranties or information in
or provided in connection with this Exhibit B are true, accurate and complete in all material respects and (ii) agrees to promptly notify the Subadviser in writing of any change to such representations, warranties or information if any of such
representations, warranties or information become incorrect or misleading in any respect.

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**<u>Protocol(s) Information and Representations:</u>**

I. The full legal name of each Account Holder that will be party to any Swaps<sup>3</sup> is: **Nationwide Fund, a series of Nationwide Mutual Funds** 

II. The address of each Account Holder is: One Nationwide Plaza, Columbus, OH 43215

III. Each Account Holder's U.S. Tax ID number (if applicable) is :

IV. The main business line of each Account Holder is: registered investment
company

(e.g., Pension Plans for)

(e.g., Endowment for , or City of<u> </u>)

V.  **<u>CFTC Interim Compliant Identifier/Legal Entity Identifier/ Global Market Entity Identifier (</u> <u>"</u> <u>CICI/LEI/GMEI</u> <u>"</u> <u>)</u>** :

Each Account Holder's CICI/LEI/GMEI is:

![LOGO](g28597g1210112506948.jpg)

VI.  **<u>Eligible Contract Participant</u>** : Each Account Holder is an Eligible Contract Participant
because: **(please mark the below, as applicable)** 

*(****Note****: please contact your Client Account Manager if you are unable to mark <u>any</u> of the below boxes in this Section VI)* 

☐ **Financial Institution**: Each Account Holder is a "financial institution" as defined in Section 1a(21) of the CEA (a "**Financial Institution**").<sup>4</sup>

☐ **Eligible Insurance Company**: Each Account Holder is an insurance company that is regulated by a State of the United States, including a regulated subsidiary or affiliate of such insurance company (an "**Eligible Insurance Company**").<sup>5</sup>

☒ **Eligible Investment Company:** Each Account Holder is an investment company subject to regulation under the Investment Company Act of 1940, as amended (regardless

<sup>3</sup> "***Swap***" means a "swap" as defined in the Section 1a(47) of the CEA and CFTC Regulation 1.3(xxx). The term Swap also includes any foreign exchange swaps and foreign exchange forwards that may be exempted from regulation as "swaps" by the Secretary of the Treasury pursuant to authority granted by Section 1a(47)(E) of the Commodity Exchange Act.

<sup>4</sup> CEA § 1a(18)(A)(i).

<sup>5</sup> CEA § 1a(18)(A)(ii).

Aug 2021 31

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of whether each investor in the investment company is itself an Eligible Contract Participant).<sup>6</sup>

☐ **Eligible Commodity Pool:** Each Account Holder is a Commodity Pool that (1) has total assets exceeding $5,000,000 and (2) was formed and is operated by a person subject to regulation under the CEA.<sup>7</sup>

☐ **Large Entity:** Each Account Holder is a corporation, partnership, proprietorship, organization, trust, or other entity that has total assets exceeding $10,000,000.<sup>8</sup>

☐ **Hedging entity ECP:** Each Account Holder is a corporation, partnership, proprietorship, organization, trust, or other entity that has a net worth exceeding $1,000,000 and enters into Swaps in connection with the conduct of the entity's business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entity's business.<sup>9</sup>

☐ **Employee Benefits Plan:** Each Account Holder is an employee benefit plan subject to ERISA<sup>10</sup> or a governmental employee benefit plan (1) that has total assets exceeding $5,000,000; *or* (2) the investment decisions of which are made by (A) an Subadviser or commodity trading advisor subject to regulation under the Advisers Act of 1940, as amended, or the CEA; (B) a Financial Institution; or (C) an Eligible Insurance Company, or a regulated subsidiary or affiliate of such Eligible Insurance Company.<sup>11</sup>

☐ **Eligible Government Entity:** Each Account Holder is (1) a governmental entity (including the United States or a State), or political subdivision of a governmental entity, (2) a multinational or supranational government entity, or (3) an instrumentality, agency, or department of an entity described in clause (1) or (2), <u>and</u> if each Account Holder is an entity described in clause (1) or (3), each Account Holder owns and invests on a discretionary basis $50,000,000 or more in investments, or otherwise satisfies the requirements of Section 1a(18)(A)(vii)(III)(aa) or (cc) of the CEA.<sup>12</sup>

**Commodity Pools:** Mark the applicable box(es):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ☐ Each Account Holder has total assets exceeding $5,000,000 and is operated by (and, if the Account
Holder was formed on or after December 31, 2012, is formed by) (1) a person registered as a Commodity Pool Operator (" <u>CPO</u> ") with the CFTC, (2) a

<sup>6</sup> CEA § 1a(18)(A)(iii).

<sup>7</sup> CEA § 1a(18)(A)(iv). The CFTC has interpreted the language "subject to regulation under the Commodity Exchange Act," for purposes of CFTC Regulation 1.3(m)(6) (effective Dec. 31, 2012) and CEA § 1a(18)(A)(iv) as requiring lawful operation of the Commodity Pool by a person excluded from the definition of "commodity pool operator," a registered commodity pool operator or a person properly exempt from registration as a commodity pool operator. *See* 77 Fed. Reg. 30596, 30654-55 (May 23, 2012). 

<sup>8</sup> CEA § 1a(18)(A)(v)(I)-(II).

<sup>9</sup> CEA § 1a(18)(A)(v)(III).

<sup>10</sup> "***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended. 

<sup>11</sup> CEA § 1a(18)(A)(vi).

<sup>12</sup> CEA § 1a(18)(A)(vii).

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person excluded from the CPO definition under CFTC Regulation 4.5 or otherwise, or (3) a person properly exempt from registration as a CPO under CFTC Regulation 4.13(a)(3) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ With respect to Specified FX Transactions<sup>13</sup>
that (1) each Account Holder has total assets exceeding $10,000,000, (2) each Account Holder was either (i) formed on or before December 31, 2012 or (ii) not formed for the purpose of evading regulation under
Section 2(c)(2)(B) or 2(c)(2)(C) of the CEA or related CFTC rules, regulations or orders and (3) is operated by (A) a person registered as a CPO with the CFTC or (B) a person properly exempt from registration as a CPO under CFTC
Regulation 4.13(a)(3) or any other regulation specified in CFTC Regulation 1.3(m)(8) or any successor regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ☐ With respect to Specified FX Transactions that (1) each Account Holder has total assets
exceeding $5,000,000, (2) each Account Holder is operated by (and, if the Account Holder was formed on or after December 31, 2012, is formed by) (A) a person registered as a CPO with the CFTC, (B) a person excluded from the CPO
definition under CFTC Regulation 4.5 or otherwise, or (C) a person properly exempt from registration as a CPO under CFTC Regulation 4.13(a)(3) or otherwise, (3) all "direct participants" in the Account Holder are Eligible
Contract Participants, except as specifically permitted by applicable CFTC interpretative guidance with respect to Section 1(a)(18)(A)(iv) of the CEA and CFTC Regulation 1.3(m)(5), and (4) each Account Holder otherwise satisfies the
requirements of Section 1a(18)(A)(iv) of the CEA, CFTC Regulation 1.3(m)(5) and related CFTC interpretations as such requirements, rules and interpretations relate to Specified FX Transactions.

☐ **Broker or Dealer – Non natural person:** each Account Holder is a broker or dealer (other than a natural person or proprietorship) subject to regulation under the Securities Exchange Act<sup>14</sup>,<sup>15</sup>.

☐ **Investment Bank Holding Company:** each Account Holder is an investment bank holding company (as defined in Section 17(i) of the Securities Exchange Act).<sup>16</sup>

☐ **Futures Commission Merchant (FCM) – Non Natural Person:** each Account Holder is a futures commission merchant subject to regulation under the CEA (other than a natural person or proprietorship).<sup>17</sup>

VII.  **<u>Non-Special Entity</u>** : The Adviser
represents that the Account Holder is not a federal agency or state government body or political subdivision of a state, employee benefit plan

<sup>13</sup> "***Specified FX Transactions***" means transactions described in Section 2(c)(2)(B)(vi) or 2(c)(2)(C)(vii) of the CEA. 

<sup>14</sup> "***Securities Exchange Act***" means the Securities Exchange Act of 1934, as amended. 

<sup>15</sup> CEA § 1a(18)(A)(viii)(I).

<sup>16</sup> CEA § 1a(18)(A)(viii)(III).

<sup>17</sup> CEA § 1a(18)(A)(ix).

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subject to Title I of ERISA, governmental plan as defined in Section 3 of ERISA, endowment or any employee benefit plan as defined in Section 3 of ERISA (other than a plan subject to Title I of ERISA or a governmental plan) that has elected to be a Special Entity, and is therefore not a "Special Entity" as defined in CFTC and SEC rules governing swap transactions. <br>

VIII.  **<u>Safe Harbor</u>** :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Non-Special Entity Safe Harbor</u>**: The Adviser represents that the Account Holder has complied in good faith with written policies and procedures that are reasonably designed to ensure that the Subadviser, as a person to whom it has granted swap and security-based swap trading authority, is capable of (i) evaluating swap and security-based swap recommendations made by swap dealers and security-based swap dealers and (ii) making swap and security-based swap trading decisions on its behalf.

IX.  **<u>CFTC Swap Entity status</u>** : The Adviser represents that the Account Holder is
not: (i) a Major Swap Participant or a Major Security-Based Swap Participant as defined in CFTC and SEC rules governing entity definitions or (ii) registered as a swap dealer with the CFTC or registered as a security-based swap dealer with
the SEC.

X.  **<u>Trading Authority</u>** : The Adviser acknowledges and agrees that subject to
applicable investment guidelines, the Subadviser has been given full discretion over the trading of swap and security-based swap transactions for the Account Holder. Such discretion includes, among other things, the authority to open trading
accounts with swap dealers and security-based swap dealers and provide directly or through service providers relevant "know your customer" and any other information to such swap dealer or security-based swap dealer, and to receive on the
Account Holder's behalf the disclosures and other information a swap dealer or security-based swap dealer is required to provide to its counterparties under CFTC, SEC or other rules governing swap or security-based swap transactions, including
the form and method of delivery of such disclosures and information.

Aug 2021 34

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XI.  **<u>Consent to Disclosure</u>** *:* Notwithstanding anything to the contrary in
any non-disclosure, confidentiality or other agreement between the Account Holder and any other party, the Adviser confirms that the Account Holder hereby consents to and agrees that the Subadviser is
authorized to use and disclose information (and to permit counterparties to disclose information) concerning the Account Holder and the Account: (a) to the extent permitted by applicable law, rules, regulations, instruments, orders or
directives that mandate reporting and/or retention of transaction and similar information issued by any regulatory authority, body or agency with jurisdiction to regulate trade reporting with respect to derivatives activities or to regulate persons
with respect to trade reporting in connection with their derivatives activities (the " <u>Reporting Requirements</u> ") or (b) to and between the other party's head office, branches or affiliates, or any persons or entities who
provide services to such other party or its head office, branches or affiliates, in each case, in connection with such Reporting Requirements.

XII. For the avoidance of doubt, (i) to the extent that applicable non-disclosure, confidentiality, bank secrecy or other law imposes nondisclosure requirements on transactions and similar information otherwise required to be disclosed but permits the Account Holder to waive such non-disclosure requirements by consent, the Adviser on behalf of the Account Holder consents to waive such non-disclosure requirements to the extent permitted by such
applicable laws and (ii) any agreement between the Account Holder and any other party to maintain confidentiality of information contained in any non-disclosure, confidentiality or other agreement shall
continue to apply to the extent that such agreement is not inconsistent with the disclosure of information in connection with the Reporting Requirements as set out herein. The Adviser represents and warrants that any third party to whom the
Account Holder may owe a duty of confidentiality in respect of the information disclosed has consented to the disclosure of that information. Notwithstanding anything to the contrary in any non-disclosure, confidentiality or other agreement between the Adviser and the Subadviser, in connection with the provision of certain services related to derivatives to the Adviser by an affiliate of the the Subadviser, the Adviser hereby consents to, and

Aug 2021 35

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authorizes, the Subadviser to transfer and disclose information concerning the Fund's account to such affiliate for the performance of the services.

XIII.  **<u>European Market Infrastructure Regulations ("EMIR") Advisers and Counterparty Categorization</u>** : **  

Market counterparties subject to EMIR need to know to which category their trading counterparts belong in order to assess which EMIR requirements apply to their derivative contracts with such counterparties. Under EMIR, all counterparties to Derivatives Transactions must be categorized as a Financial Counterparty ("<u>FC"</u>)<sup>18</sup>, a Small Financial Counterparty ("<u>SFC</u>")<sup>19</sup>, a Non Financial Counterparty Plus ("<u>NFC+</u>")<sup>20</sup>, or a Non Financial Counterparty Minus ("<u>NFC-</u>")<sup>21</sup>. The distinction between these types of counterparties is important as it affects the nature of the obligations that EMIR applies to the Account Holder. Please confirm the classification that applies to the Account Holder. You must provide the correct categorization so that market counterparties may report trade information to the relevant regulatory bodies. You should also note that if you deem that you are an NFC+ and reside within the UK or EEA<sup>22</sup>, you are required to notify the FCA

<sup>18</sup> **"Financial Counterparty"** means: 

an investment firm authorised in accordance with Directive 2014/65/EU;

a credit institution authorised in accordance with Directive 2013/36/EU;

an insurance undertaking or reinsurance undertaking authorised in accordance with Directive 2009/138/EC, a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC, unless that UCITS is set up exclusively for the purpose of serving one or more employee share purchase plans;

an institution for occupational retirement provision (IORP), as defined in point (1) of Article 6 of Directive (EU) 2016/2341;

an alternative investment fund (AIF), as defined in point (a) of Article 4(1) of Directive 2011/61/EU, which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered in accordance with that Directive, unless that AIF is set up exclusively for the purpose of serving one or more employee share purchase plans, or unless that AIF is a securitisation special purpose entity as referred to in point (g) of Article 2(3) of Directive 2011/61/EU, and, where relevant, its AIFM established in the Union; and

a central securities depository authorised in accordance with Regulation (EU) No 909/2014.

<sup>19</sup> **"Small Financial Counterparty"** means a Financial Counterparty as described above, that performs the calculation to determine their group's 12-month average aggregate position of OTC derivatives in each asset class and does not exceed any of the clearing thresholds.

<sup>20</sup> **"Non-financial Counterparty (NFC+)"** means a counterparty above the clearing threshold, as referred to in Article 10 of 

EMIR.

<sup>21</sup> **"Non-financial Counterparty (NFC-)"** means a counterparty below the clearing threshold, as referred to in Article 10 of 

EMIR.

<sup>22</sup> **"EEA"** is the European Union plus Iceland, Liechtenstein and Norway. 

Aug 2021 36

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or European Securities and Markets Authority and your local competent authority of this status.

**We confirm that the following category is applicable to Account Holder under the EMIR.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Please mark the appropriate category below:** 

☒ FC

☐ SFC

☐ NFC-

☐ NFC+

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) **Delegated Reporting.** **  The Adviser represents that the Account Holder is not domiciled within
the EEA and therefore the Account Holder does not delegate any reporting requirements to the Subadviser under EMIR regulations.

XIV.  **<u>Canadian Representations</u>** :

**The undersigned hereby represents that *<u>each</u>* of the following statements is true:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Account Holder is not a Canadian Person<sup>23</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Account Holder is not registered as a Dealer<sup>24</sup>, or registered in an alternative category<sup>25</sup> as a consequence of trading in Derivatives<sup>26</sup> in any jurisdiction in Canada.

XV.  **<u>National Futures Association ("NFA") BYLAW 1101</u>** :

J.P. Morgan Investment Management Inc. ("<u>JPMIM</u>") is a registered Commodity Pool Operator ("<u>CPO</u>") and Commodity Trading Advisor ("<u>CTA</u>") with the NFA. As such, JPMIM must comply with NFA Bylaw 1101, which prohibits NFA members from doing business with most non-members that are required to be registered with the CFTC.

**<u>Please complete both sections (1)</u> <u>and (2) below as appropriate</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **<u>NFA Registration Status</u>**: Please indicate if you are an NFA member:

☐ Currently registered with the NFA. 

<sup>23</sup> **"Canadian Person"** means a person or company, that is not an individual, that is organized under the laws of, has its head office in, or has its principal place of business in a province or territory of Canada or, with respect to jurisdiction of organization only, the federal jurisdiction of Canada. For this purpose, "person" includes unincorporated organizations such as partnerships, associations, syndicates and trusts and "company" includes any incorporated entity. 

<sup>24</sup> **"Dealer"** means a "dealer" as defined under the *Derivatives Act* (Québec) or a "derivatives dealer" as defined under Rule 91-507 and equivalent rules, regulations, instruments, directives or orders when finalized by any Canadian provincial, territorial, federal or national regulatory authority, body or agency with jurisdiction to regulate derivatives activities or to regulate persons with respect to their derivatives activities, including the Office of the Superintendent of Financial Institutions with respect to the activities of federally regulated financial institutions (**Canadian Regulator**). 

<sup>25</sup> The reference to registration in an alternate category includes reference to registration as a large derivative participant. This regime is not yet in place in any jurisdiction.

<sup>26</sup> D**erivative** means a derivative as defined in the securities or derivatives legislation, rules or regulations of a relevant Canadian jurisdiction, that is not excluded from the definition by reason of any rule or order of the relevant Canadian Regulator 

Aug 2021 37

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☑ Not required to be a member of NFA or to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **<u>Commodity Pool Operator ("CPO") Status</u>**: Please check **<u>all</u>** boxes that apply:

☐ The Fund is operated by a person that is a registered CPO with respect to the Fund. If this box is checked, please respond to the following two items:

☐ The NFA ID Number of the CPO is_________________________________.

☐ The CPO is an approved Swap Firm.

☑ The Fund is operated by a person that is not registered as a CPO with respect to the Fund because (check all that apply):

It is excluded from the definition of a CPO under CFTC Rule 4.5.

☑ it is exempt from registration as a CPO under CFTC Rule 4.13(a)(3).

☐ it relies on CFTC No-Action Letter 12-38 (for certain Funds of Funds).

☐ it is exempt from registration as a CPO under CFTC Rule 3.10(c).

☐ it relies on another CFTC No-Action Letter (please specify)______________________________.

☐ it is otherwise exempt or excluded from CPO registration (please specify basis) ___________________.

---

| | |
|:---|:---|
| ☑ | The Fund is exempt from the definition of ***commodity pool*** under CFTC Rule 4.5(a).  |

---

☑ A claim of exemption exclusion, or reliance on a CFTC No-Action Letter has been filed with the NFA.

☐ The NFA ID number associated with the claim is__________________________________.

**Appendix 1: Definitions** 

***"U.S. person Categories***" means the enumerated categories of "U.S. persons" that are provided pursuant to CFTC Rule 23.23 (17 C.F.R. 23.23(a)23). For informational purposes only, the text of the categories is reproduced below:

(i) A natural person resident in the United States;

(ii) A partnership, corporation, trust, investment vehicle, or other legal person organized, incorporated, or
established under the laws of the United States or having its principal place of business in the United States;<sup>27</sup>

(iii) An account (whether discretionary or non-discretionary) of a U.S.
person; or

<sup>27</sup> The CFTC stated in the Cross-Border Rule that, in its view, the language herein would include pension plans for the employees, officers, or principals of a legal entity described in this paragraph. The language in this paragraph also "subsumes the trust prong" of the "US Person" definition in the Cross-Border Margin Rule.

Aug 2021 38

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(iv) An estate of a decedent who was a resident of the United States at the time of death.

Aug 2021 39

## Exhibit 99.28

**EX-28.d.4.u** 

**<u>SUBADVISORY AGREEMENT</u>**

THIS AGREEMENT is made and entered into effective the 15 day of September, 2025, by and among NATIONWIDE MUTUAL FUNDS (the "Trust"), a Delaware statutory trust, NATIONWIDE FUND ADVISORS (the "Adviser") a Delaware business trust registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and Schroder Investment Management North America Inc., a corporation incorporated under the laws of the State of Delaware (the "Subadviser"), and also registered under the Advisers Act.

W I T N E S S E T H:

WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser has, pursuant to an Investment Advisory Agreement with the Trust dated of the 1<sup>st</sup> day of May, 2007 (the "Advisory Agreement"), been retained to act as investment adviser for certain of the series of the Trust that are listed on Exhibit A to this Agreement (each, a "Fund");

WHEREAS, the Adviser represents that it is willing and possesses legal authority to render such services subject to the terms and conditions set forth in this Agreement;

WHEREAS, the Trust and the Adviser each represent that the Advisory Agreement permits the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

WHEREAS, the Adviser desires to retain Subadviser to assist it in the provision of a continuous investment program for that portion of each Fund's assets that the Adviser will assign to the Subadviser, and Subadviser is willing to render such services subject to the terms and conditions set forth in this Agreement,

NOW, THEREFORE, the parties do mutually agree and promise as follows with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Subadviser</u>. The Adviser hereby appoints the Subadviser to act as investment adviser for and to manage that portion or all of the assets of the Fund that the Adviser from time to time upon reasonable prior written notice allocates to, and puts under the control of, the Subadviser (the "Subadviser Assets") subject to the supervision of the Adviser and the Board of Trustees of the Trust and subject to the terms of this Agreement. The Subadviser hereby accepts such appointment and, in such capacity, agrees to be responsible for the investment management of the Subadviser Assets. It is recognized that the Subadviser and certain of its affiliates now act, and that from time to time hereafter may act, as investment adviser to one or

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more other investment companies and to fiduciary or other managed accounts and that the Adviser and the Trust cannot object to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Subadviser is hereby authorized and directed and hereby agrees, subject to the stated investment policies and restrictions of the Fund as set forth in the Fund's prospectus and statement of additional information as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof in writing, as supplemented or amended from time to time (collectively referred to hereinafter as the "Prospectus") and subject to the written directions of the Adviser and the Trust's Board of Trustees, to monitor on a continuous basis the performance of the Subadviser Assets and to conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Subadviser Assets. The Adviser agrees to provide the Subadviser with such assistance as may be reasonably requested by the Subadviser in connection with the Subadviser's activities under this Agreement, including, without limitation, providing information concerning the Fund, its funds available or to become available for investment, and generally as to the conditions of the Fund's or the Trust's affairs. For the avoidance of doubt, the Subadviser shall not provide the Fund or the Adviser with tax advice or accounting advice or services and shall have no responsibility to take into account the Fund's tax status in providing the services hereunder.

The Subadviser shall be permitted to use affiliates, including foreign affiliates, and persons employed by affiliates of the Subadviser to provide, or assist in providing, discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and the Investment Advisers Act of 1940, as amended, the rules thereunder, and relevant positions of the SEC and its staff. The Subadviser shall be responsible under this Agreement for any action taken or omission made by such person(s) on behalf of the Subadviser in assisting the Subadviser under the Agreement to the same extent as if the Subadviser had taken such action or made such omission directly. All fees and/or other compensation payable to such an affiliate shall be the sole responsibility of the Subadviser and neither the Trust nor the Adviser shall have any obligation to pay any fee or compensation to such affiliate. To the extent the Subadviser utilizes the services of an affiliate to provide, or assist in providing, discretionary investment advisory services under this Section 2(a), it will provide the Adviser and the Trust with 30 days advance written notice, which will include the identity of the affiliate and such other information reasonably requested by the Adviser or the Trust.

Without prejudice to the foregoing, the Adviser and the Trust acknowledge and agree that the Subadviser does not guarantee the performance, returns, increase in or retention of value or profitability of the Fund or that the investment objectives or targets of the Fund will be achieved, whether in whole or in part.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Applicable Laws and Governing Documents</u>. In the performance of its services under this Agreement, the Subadviser shall act in conformity with the Prospectus and the Trust's Agreement and Declaration of Trust and By-Laws as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof in writing, as supplemented, amended and/or restated from time to time (referred to hereinafter as the "Declaration of Trust" and "By-Laws," respectively) and with the instructions and directions received in writing from the Adviser or the Trustees of the Trust and will conform to, and comply with, in all material respects, the requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations. Without limiting the preceding sentence, the Adviser promptly shall notify the Subadviser as to any act or omission of the Subadviser hereunder that the Adviser reasonably deems to constitute or to be the basis of any noncompliance or nonconformance with any of the Trust's Declaration of Trust and By-Laws and the Prospectus, the instructions and directions received in writing from the Adviser or the Trustees of the Trust or the 1940 Act, the Code, and all other applicable federal and state laws and regulations. Notwithstanding the foregoing, the Adviser shall remain responsible for ensuring the Fund's and the Trust's overall compliance with the 1940 Act, the Code and all other applicable federal and state laws and regulations and the Subadviser is only obligated to comply with this subsection (b) with respect to the Subadviser Assets. The Adviser timely will provide the Subadviser with any materials or information which the Subadviser may reasonably request to enable it to perform its functions under this Agreement.

The Adviser shall perform quarterly and annual tax compliance tests to ensure that the Fund is in compliance with Subchapter M and, if applicable, Section 817(h) of the Code. In connection with such compliance tests, the Adviser shall inform the Subadviser at least ten (10) business days prior to a calendar quarter end if the Subadviser Assets are out of compliance with the diversification requirements under either Subchapter M or, if applicable, Section 817(h). If the Adviser notifies the Subadviser in writing that the Subadviser Assets are not in compliance with such requirements noted above, the Subadviser will take commercially reasonable action to bring the Subadviser Assets back into compliance within the time permitted under the Code thereunder.

The Adviser will provide the Subadviser with reasonable advance notice of any change in the Fund's investment objectives, policies and restrictions as stated in the Prospectus, and the Subadviser shall, in the performance of its duties and obligations under this Agreement, manage the Subadviser Assets consistent with such changes, provided that the Subadviser has received prompt notice of the effectiveness of such changes from the Trust or the Adviser. In addition to such notice, the Adviser shall provide to the Subadviser a copy of a modified Prospectus reflecting such changes. The Adviser acknowledges and will ensure that the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust or the Fund, including, without limitation, the 1940 Act, and the rules and regulations thereunder, and that the Subadviser shall have no liability in connection

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therewith, except as to the accuracy of material information furnished in writing by the Subadviser to the Trust or to the Adviser specifically for inclusion in the Prospectus. The Subadviser hereby agrees to provide to the Adviser in a timely manner such information relating to the Subadviser and its relationship to, and actions for, the Trust as may be required to be contained in the Prospectus or in the Trust's Registration Statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voting of Proxies</u>. The Adviser hereby delegates to the Subadviser the Adviser's discretionary authority to exercise voting rights with respect to the securities and other investments in the Subadviser Assets and authorizes the Subadviser to delegate further such discretionary authority to a designee. The Subadviser, including without limitation its designee (for which the Subadviser shall remain liable to the same extent under this Agreement as if it were performing such proxy voting services directly), shall have the power to vote, either in person or by proxy, all securities in which the Subadviser Assets may be invested from time to time, and shall not be required to seek or take instructions from, the Adviser, the Fund or the Trust or take any action with respect thereto. If both the Subadviser and another entity managing assets of the Fund have invested the Fund's assets in the same security, the Subadviser and such other entity will each have the power to vote its pro rata share of the Fund's security.

The Subadviser will establish a written procedure for proxy voting in compliance with current applicable rules and regulations, including but not limited to Rule 30b1-4 under the 1940 Act. The Subadviser will provide the Adviser or its designee, a copy of such procedure and establish a process for the timely distribution of the Subadviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete information required by Form N-1A under the 1940 Act and the Securities Act of 1933, as amended (the "Securities Act"), Form N-PX under the 1940 Act, and Form N-CSR under the Sarbanes-Oxley Act of 2002, as amended, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Agent</u>. Subject to any other written instructions of the Adviser or the Trust, the Subadviser is hereby appointed the Adviser's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Subadviser shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Subadviser Assets. Upon request, the Subadviser agrees to provide the Adviser and the Trust with copies of any such agreements executed on behalf of the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Use of Derivatives and Collateral</u>. The Subadviser may use derivatives, including foreign exchange transactions, in managing the Subadviser Assets in accordance with the Fund's investment objectives and guidelines. To the extent so authorized, the Adviser and the Trust agree that the Subadviser, on the Fund's behalf and on such terms as the Subadviser deems appropriate, may take any and all such steps as may be required or permitted by applicable rules and regulations and/or by appropriate market practice to engage in derivatives transactions, including, but not limited to, entering into

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agreements, including ISDA agreements, Credit Support Annexes and clearing agreements, completing documentation for clearing and swap execution facilities, making representations and granting, providing or executing counterparty documentation, ISDA protocol adherence documentation and account opening documentation on the Fund's behalf, on such terms as the Subadviser deems appropriate as a fiduciary to the Fund.

Further, and to the extent permitted by Section 17(f) of the 1940 Act and rules thereunder, the Subadviser may, acting as agent on the Fund's behalf, agree to a collateral mechanism with counterparties in the market and instruct the custodian to advance cash or securities as collateral to an account designated by a broker to meet margin/collateral payments if and to the extent required by the rules of exchanges or markets on which such instruments are dealt or as may have been agreed in any master agreement or other contract with a counterparty. The Adviser and the Trust authorize the Subadviser, to the extent required by regulatory agencies or market practice, to reveal the Adviser's and the Fund's identity and address to any broker through which or with which financial derivatives and foreign exchange instruments are traded or cleared. The Subadviser may use such clearing firm as it deems appropriate, consistent with its fiduciary obligations to the Fund, to clear the Fund's derivatives transactions.

The Adviser and the Trust covenant that they shall not hold the Subadviser liable for any loss, howsoever arising and whether in contract, tort, equity, for breach of statutory duty or for any other reason whatsoever, incurred by the Fund or the Adviser as a result of the Fund lacking full capacity to invest in financial derivatives on the terms set out in this Agreement and the applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Brokerage</u>. The Subadviser is authorized, subject to the supervision of the Adviser and the plenary authority of the Trust's Board of Trustees, to establish and maintain accounts on behalf of the Fund with, and place orders for the investment and reinvestment, including without limitation purchase and sale of the Subadviser Assets with or through, such persons, brokers (including, to the extent permitted by applicable law, any broker affiliated with the Subadviser) or dealers (collectively "Brokers") as Subadviser may elect and negotiate commissions to be paid on such transactions. The Subadviser, however, is not required to obtain the consent of the Adviser or the Trust's Board of Trustees prior to establishing any such brokerage account. The Subadviser shall place all orders for the purchase and sale of portfolio investments for the Fund's account with Brokers selected by the Subadviser. In the selection of such Brokers and the placing of such orders, the Subadviser shall seek to obtain for each Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services, as provided below. In using its reasonable efforts to seek to obtain for the Fund the most favorable price and execution available, the Subadviser, bearing in mind the best interests of the Fund at all times, shall consider all factors it deems relevant, including price, the size of the transaction, the breadth and nature of the market for the security, the difficulty of the execution, the

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It is recognized that the services provided by such Brokers may be useful to the Subadviser in connection with the Subadviser's services to other clients. On occasions when the Subadviser deems the purchase or sale of a security to be in the best interests of the Fund with respect to the Subadviser Assets as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to seek to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to such other clients. It is recognized that in some cases, this procedure may adversely affect the price paid or received by the Fund or the size of the position obtainable for, or disposed of by, the Fund with respect to the Subadviser Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Securities Transactions</u>. The Subadviser and any affiliated person of the Subadviser will not purchase securities or other instruments from or sell securities or other instruments to the Fund; provided, however, the Subadviser or any affiliated person of the Subadviser may purchase securities or other instruments from or sell securities or other instruments to the Fund if such transaction is permissible under applicable laws and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder.

The Subadviser, on its own behalf and with respect to its Access Persons (as defined in subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and comply with Rule 17j-1 and its Code of Ethics (which shall comply in all material respects with

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Rule 17j-1), as the same may be amended from time to time. On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which may include either (i) certifying to the Adviser that the Subadviser and its Access Persons have complied with the Subadviser's Code of Ethics with respect to the Subadviser Assets or (ii) identifying any material violations which have occurred with respect to the Subadviser Assets. The Subadviser will have also submitted its Code of Ethics for its initial approval by the Board of Trustees no later than the date of execution of this agreement and subsequently within six months of any material change thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Books and Records</u>. The Subadviser shall maintain separate detailed records as are required by applicable laws and regulations of all matters hereunder pertaining to the Subadviser Assets (the "Fund's Records"), including, without limitation, brokerage and other records of all securities transactions. The Subadviser acknowledges that the Fund's Records are property of the Trust; except to the extent that the Subadviser is required to maintain the Fund's Records under the Advisers Act or other applicable law and except that the Subadviser, at its own expense, is entitled to make and keep a copy of the Fund's Records for its internal files. The Fund's Records shall be available to the Adviser or the Trust at any time upon reasonable request during normal business hours and shall be available for telecopying promptly to the Adviser during any day that the Fund is open for business as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Information Concerning Subadviser Assets and Subadviser</u>. From time to time as the Adviser or the Trust reasonably may request in good faith, the Subadviser will furnish the requesting party reports on portfolio transactions and reports on the Subadviser Assets, all in such reasonable detail as the parties may reasonably agree in good faith. Notwithstanding the foregoing, the Subadviser agrees to inform the Adviser promptly of any trade errors caused by the Subadviser and to remediate any such errors as soon as reasonably practicable. The Subadviser will also inform the Adviser in a timely manner of material changes in portfolio managers responsible for Subadviser Assets, any changes in the ownership or management of the Subadviser that would constitute a change in control of the Subadviser, or of material changes in the actual control of the Subadviser. Upon the Trust's or the Adviser's reasonable request, the Subadviser will make available its officers and employees to meet with the Trust's Board of Trustees to review the Subadviser Assets via telephone on a quarterly basis and in person on a less frequent basis as agreed upon by the parties.

Subject to the other provisions of this Agreement, the Subadviser will also provide such information with respect to the Subadviser Assets as is reasonably required for the Trust or the Adviser to comply with their respective obligations under applicable laws and regulations, including without limitation, requirements of or pertaining to the Code, the 1940 Act, the Advisers Act, and the Securities Act, and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Custody Arrangements</u>. The Trust or the Adviser shall notify the Subadviser of the identities of its custodian banks and the custody arrangements

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therewith with respect to the Subadviser Assets and shall give the Subadviser written notice of any changes in such custodian banks or custody arrangements. The Subadviser shall on each business day provide the Adviser and the Trust's custodian such information as the Adviser and the Trust's custodian may reasonably request in good faith relating to all transactions concerning the Subadviser Assets. The Trust shall instruct its custodian banks to (A) carry out all investment instructions as may be directed by the Subadviser with respect to the Subadviser Assets (which instructions may be orally given if confirmed in writing); and (B) provide the Subadviser with all operational information necessary for the Subadviser to trade the Subadviser Assets on behalf of the Fund. The Subadviser shall have no liability for the acts or omissions of the authorized custodian(s), unless such act or omission is required by and taken in reliance upon instructions given to the authorized custodian(s) by a representative of the Subadviser properly authorized (pursuant to written instruction by the Adviser) to give such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Valuation Assistance</u>. The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Trust. The Adviser hereby acknowledges that the Subadviser is not responsible for pricing portfolio securities. Notwithstanding the foregoing, the Subadviser agrees that, upon request of the Adviser, it shall reasonably assist the Adviser in obtaining prices for portfolio securities and, to the extent it may lawfully do so, provide the Adviser with reasonable information, data or analyses in its possession regarding the valuation of portfolio securities. The Adviser and the Trust acknowledge that any such information, data or analyses may be proprietary to the Subadviser or otherwise consist of nonpublic information, agree that nothing in this Agreement shall require Subadviser to provide any information, data or analysis in contravention of applicable legal or contractual requirements, and agree to use any such information only for the purpose of pricing portfolio securities and to maintain their confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Legal Proceedings</u>. The Subadviser shall not act for, represent, or purport to bind the Trust, the Fund, or the Adviser in any legal or administrative proceeding involving the Fund or any such proceedings involving any security or investment currently or formerly held by the Fund, including, without limitation class action lawsuits, regulatory or governmental victim funds, and bankruptcy proceedings ("Legal Matters"). The Subadviser agrees to cooperate with the Adviser to provide reasonable assistance regarding any Legal Matters, including providing factual information in its possession regarding such Legal Matters as the Fund and/or the Adviser may reasonably request. To the extent that the Subadviser is required to take part in any Legal Matter, whether by producing documents, testifying as a witness or otherwise, the Subadviser shall be reimbursed for reasonable legal costs and expenses in connection with such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its services hereunder, the Subadviser is and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund,

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the Trust or the Adviser in any way or otherwise be deemed an agent of the Fund, the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Expenses</u>. During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Subadviser shall, at its sole expense, employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Subadviser shall not be responsible for the Trust's, the Fund's or Adviser's expenses, which shall include, but not be limited to, the cost of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased for the Fund and any losses incurred in connection therewith, expenses of holding or carrying Subadviser Assets, including, without limitation, expenses of dividends on stock borrowed to cover a short sale and interest, fees or other charges incurred in connection with leverage and related borrowings with respect to the Subadviser Assets, organizational and offering expenses (which include, but are not limited to, out-of-pocket expenses, but not overhead or employee costs of the Subadviser); expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund's custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC; expenses of registering or qualifying securities of the Fund for sale in the various states; freight and other charges in connection with the shipment of the Fund's portfolio securities; fees and expenses of non-interested Trustees; salaries of shareholder relations personnel; costs of shareholders meetings; insurance; interest; brokerage costs; and litigation and other extraordinary or non-recurring expenses. The Trust or the Adviser, as the case may be, shall reimburse the Subadviser for any expenses of the Fund or the Adviser as may be reasonably incurred by such Subadviser on behalf of the Fund or the Adviser. The Subadviser shall keep and supply to the Trust and the Adviser reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>. For the services provided pursuant to this Agreement, the Subadviser is entitled to the fee listed for the Fund on Exhibit A hereto. Such fees will be computed daily and paid no later than the seventh (7<sup>th</sup>) business day following the end of each month, from the Adviser, calculated at an annual rate based on the Subadviser Assets' average daily net assets.

The method of determining the net asset value of the Subadviser Assets for purposes hereof shall be the same as the method of determining net asset value for purposes of establishing the offering and redemption price of the shares of the Trust as described in the Fund's Prospectus. If this Agreement shall be effective for only a portion of a month with respect to the Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of Subadviser</u>. The Subadviser represents and warrants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If applicable to the services contemplated by this Agreement for the Fund, the Subadviser is registered as a Commodity Trading Advisor under the Commodity Exchange Act, as amended (the "CEA"), with the Commodity Futures Trading Commission (the "CFTC"), is exempt from such registration or is not required to file such registration or exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser is a corporation duly organized and properly registered and operating under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Subadviser of this Agreement are within the Subadviser's powers and have been duly authorized by all necessary actions of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Subadviser for execution, delivery and performance by the Subadviser of this Agreement, and the execution, delivery and performance by the Subadviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Subadviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Subadviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Subadviser previously provided to the Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Subadviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of Adviser</u>. The Adviser represents and warrants to the Subadviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has filed a notice of exemption pursuant to Rule 4.14 under the CEA with the CFTC and the National Futures Association or is not required to file such exemption;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is a business trust duly organized and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its directors, shareholders or managing unitholder, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Adviser previously provided to the Subadviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, including without limitation, the appointment of a subadviser with respect to assets of each of the Trust's mutual fund series, including without limitation the Adviser's entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Trust</u>. The Trust represents and warrants to the Adviser and the Subadviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and has elected to qualify and has qualified, together with the Fund, as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and its Board of Trustees, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund is a "Qualified Institutional Buyer," as that term is defined in Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Subadviser, the Adviser and the Trust pursuant to the recitals above and Sections 6, 7 and 8, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The Subadviser shall exercise its best judgment in rendering its services in accordance with the terms of this Agreement, but otherwise, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Subadviser or a reckless disregard of its duties hereunder, the Subadviser, each of its affiliates and all respective partners, officers, directors and employees ("Affiliates") and each person, if any, who within the meaning of the Securities Act controls the Subadviser ("Controlling Persons"), if any, shall not be subject to any expenses or liability to the Adviser, any other subadviser to the Fund, the Trust or the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates, including without limitation for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. The Adviser shall exercise its best judgment in rendering its obligations in accordance with the terms of this Agreement, but otherwise (except as set forth in Section 10(c) below), in the absence of willful misfeasance, bad faith or gross negligence on the part of the Adviser or a reckless disregard of its duties hereunder, the Adviser, any of its Affiliates and each of the Adviser's Controlling Persons, if any, shall not be subject to any liability to the Subadviser, for any act or omission in the case of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. Notwithstanding the foregoing, nothing herein shall relieve the Adviser and the Subadviser from any of their obligations under applicable law, including, without limitation, the federal and state securities laws and the CEA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Subadviser shall indemnify the Adviser, the Trust and the Fund, and their respective Affiliates and Controlling Persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the Adviser, the Trust and/or the Fund and their respective Affiliates and Controlling Persons may sustain as a result of the Subadviser's (or its delegee's) willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA. The Adviser shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA.

The Trust shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Trust's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA. No party shall be liable to any other party hereto for indirect, incidental, special, consequential or punitive damages, including lost profits, even if such damages were foreseeable or previously disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall not be liable to the Adviser for (i) any acts of the Adviser or any other subadviser to the Fund with respect to the portion of the assets of the Fund not managed by the Subadviser, or (ii) acts of the Subadviser which result from acts of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate and current information with respect to any records maintained by the Adviser or any other subadviser to the Fund, which records are not also maintained by or otherwise available to the Subadviser upon reasonable request, or (iii) any loss incurred by reason of any act or omission of any broker or dealer, counterparties, custodian, or other unaffiliated agent or service provider to the Fund or the Trust or for the failure of any relevant exchange or clearing house. The Adviser agrees that Subadviser shall manage the Subadviser Assets as if they were a separate operating Fund as set forth in Section 2(b) of this Agreement. The Adviser shall indemnify the Subadviser, its Affiliates and Controlling Persons from any liability arising from the conduct of the Adviser and any other subadviser with respect to the portion of the Fund's assets not allocated to the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. Unless sooner terminated, this Agreement shall go into effect as to any Fund covered by this Agreement initially or at such later time as such Fund commences operations pursuant to an effective amendment to the Trust's Registration Statement and shall remain in effect for an initial period of no more than two years that

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terminates on the second January 1st that occurs following the date thereof, and, for any Fund that has already commenced operations as of the effective date of this Agreement or is subsequently added to this Agreement, an initial period of no more than two years that terminates on the second January 1<sup>st</sup> that occurs following the effective date of this Agreement with respect to such Fund, and thereafter shall continue automatically for successive annual periods with respect to each such Fund, provided such continuance is specifically approved at least annually by the Trust's Board of Trustees or vote of the lesser of (a) 67% of the shares of the Fund represented at a meeting if holders of more than 50% of the outstanding shares of the Fund are present in person or by proxy or (b) more than 50% of the outstanding shares of the Fund; provided that in either event its continuance also is approved by a majority of the Trust's Trustees who are not <sup>"</sup>interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person (or as otherwise permitted by the 1940 Act) at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to the Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Trust's Board of Trustees, or by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days' written notice to the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By any party hereto immediately upon written notice to the other parties in the event of a material breach of any provision of this Agreement by either of the other parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Subadviser upon not less than 120 days' written notice to the Adviser and the Trust.

This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement.

Sections 10 and 15-25 of this Agreement, and this paragraph, shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duties of the Adviser</u>. The Adviser shall continue to have responsibility for all services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the Subadviser's performance of its duties under this Agreement. Nothing contained in this Agreement shall obligate the Adviser to provide any funding or other support for the purpose of directly or indirectly promoting investments in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Reference to Adviser and Subadviser</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Trust nor the Adviser nor any Affiliate or agent of either of the foregoing shall make reference to or use the name of Subadviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Subadviser to the Fund, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Subadviser, which approval shall not be unreasonably withheld or delayed. The Adviser and the Trust hereby agree to make all reasonable efforts to cause any Affiliate thereof to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Subadviser nor any Affiliate or agent of it shall make reference to or use the name of the Adviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Adviser to the Fund or to the Subadviser, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed. The Subadviser hereby agrees to make all reasonable efforts to cause any Affiliate of the Subadviser to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund (as required by the 1940 Act), and (b) the vote of a majority of those Trustees of the Trust who are not "interested persons" of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. Subject to the duties of the Adviser, the Trust and the Subadviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential and shall not use or disclose any and all information pertaining to the Fund, the Subadviser's management of the Subadviser Assets and the actions of the Subadviser, the Adviser and the Fund in respect thereof; except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized</u>. The applicable other party has authorized such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Court or Regulatory Authority</u>. Disclosure of such information is expressly required or requested by a court or other tribunal of competent jurisdiction or applicable federal or state regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Publicly Known Without Breach</u>. Such information becomes known to the general public without a breach of this Agreement or a similar confidential disclosure agreement regarding such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Already Known</u>. Such information already was known by the party prior to the date hereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Received From Third Party</u>. Such information was or is hereafter rightfully received by the party from a third party (expressly excluding the Fund's custodian, prime broker and administrator) without restriction on its disclosure and without breach of this Agreement or of a similar confidential disclosure agreement regarding them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independently Developed</u>. The party independently developed such information.

In addition, the Subadviser may use and disclose such information as is covered by this section to its officers, employees, affiliates and agents and to other third parties (including, without limitation, custodians, brokers, counterparties and trade data repositories) on a need-to-know basis in connection with the performance of its services under this Agreement. Notwithstanding anything to the contrary herein, the Adviser and the Trust authorize and consent to the disclosure of the Adviser's, the Trust's and the Fund's identity as a client of the Subadviser in any representative client list prepared by the Subadviser for use in its marketing materials.

Each party will maintain and enforce safety and physical security procedures with respect to its access and maintenance of confidential information that (i) are consistent with industry standards for such types of locations, (ii) are in accordance with reasonable policies in these regards, and (iii) provide reasonably appropriate technical and organizational safeguards against accidental or unlawful destruction, loss, alteration or unauthorized disclosure or access of confidential information under this Agreement. Without limiting the generality of the foregoing, each party will take commercially reasonable measures to secure and defend its location and equipment against cyber-attacks, "hackers" and others, both internal and external, who may seek, without authorization, to modify or access its systems used to provide the services pursuant to this Agreement or the information found therein. Each party will periodically test its systems used to provide the services pursuant to this Agreement for potential areas where security could be breached. Each party will report to the other party promptly any material breaches of security or unauthorized access to its systems in connection with the services provided hereunder that it detects or becomes aware of that would require notification to consumers and/or regulators, as may be required by applicable federal and/or state laws. Each party will use commercially reasonable and diligent efforts to remedy such breach of security or unauthorized access in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Any notice that is required to be given by the parties to each other under the terms of this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile or email with acknowledgment of receipt, to the parties at the following addresses, email addresses or facsimile numbers, which may from time to time be changed by the parties by notice to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Subadviser:

Schroder Investment Management North America Inc.

7 Bryant Park

------

New York, NY 10018

Attention: Legal Department

Email: <u>uslegal@schroders.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Adviser:

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

Attention: Legal Department

Email: nfglegal@nationwide.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If to the Trust:

Nationwide Mutual Funds

One Nationwide Plaza

Mail Code 1-18-102

Columbus, OH 43215

Attention: Legal Department

Email: nfglegal@nationwide.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Force Majeure</u>. Notwithstanding anything in this Agreement to the contrary, no party shall be responsible or liable to any other party herein for its failure to perform under this Agreement or for any losses to the other party resulting from any event beyond its reasonable control, including but not limited to nationalization, strikes, expropriation, devaluation, seizure, or similar action by any governmental authority, de facto or de jure, or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Fund's property; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry, including changes in market rules and conditions affecting the execution and settlement of transactions; or acts of war, terrorism, insurrection or revolution; or acts of God or any other similar event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. Each of the parties hereto irrevocably and unconditionally confirms and agrees that it is and shall continue to be (i) subject to the jurisdiction of the state courts of the State of Delaware, and (ii) subject to service of process in the State of Delaware. Unless the parties consent in writing to the selection of an alternative forum, the exclusive jurisdiction for any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated by this

------

Agreement shall be the state and federal courts located in the State of Delaware (the "Delaware Courts"). Each party hereto hereby irrevocably and unconditionally (a) agrees not to commence any litigation relating thereto except in the Delaware Courts and (b) waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court, by way of motion, as a defense, counterclaim or otherwise, that (i) such litigation brought therein has been brought in any inconvenient forum, (ii) it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Entire Agreement</u>. This Agreement, together with all exhibits, attachments and appendices, contains the entire understanding and agreement of the parties with respect to the subject matter hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Nationwide Mutual Funds and its Trustees</u>. The terms "Nationwide Mutual Funds" and the "Trustees of Nationwide Mutual Funds" refer respectively to the Trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Amended and Restated Agreement and Declaration of Trust made and dated as of October 28, 2004, as has been or may be amended and/or restated from time to time, and to which reference is hereby made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>No Third Party Beneficiaries</u>. This Agreement is for the exclusive benefit and convenience of the Trust, the Adviser and the Subadviser and there are no third-party beneficiaries of this Agreement. Nothing contained herein shall be construed as granting, vesting, creating or conferring any direct, indirect, or derivative right of action, or any other right or benefit, upon past, present or future shareholders of any Fund or upon any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>CFTC Representation and Disclaimer</u>. The Adviser and the Trust represent that they and the Fund are each a qualified eligible person (as defined in Rule 4.7 under the CEA) and

------

agree to be treated as such by the Subadviser. The Adviser and the Trust acknowledge that the Subadviser is not required to provide the Adviser or the Fund with a Disclosure Document under the CFTC rules describing, among other things, risks and conflicts of interest, because the Subadviser has filed notice of a claim of exemption from such requirement with the National Futures Association (NFA) in accordance with CFTC Regulation 4.7. As applicable, the Adviser and the Fund have each obtained all necessary governmental, regulatory, self-regulatory and exchange licenses, registrations, memberships and approvals and have effected all filings with exchange authorities and with governmental, regulatory and self-regulatory agencies required to conduct its business and to act as described and contemplated in this Agreement including, without limitation, any required registration as a commodity pool operator and/or commodity trading advisor under the CEA and membership in the NFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Multi-Manager Funds</u>. In connection with securities transactions for the Fund, the Subadviser that is (or whose affiliated person is) entering into the transaction, and any other investment manager that is advising an affiliate of the Fund (or portion of the Fund) (collectively, the "Managers" for the purposes of this section) entering into the transaction are prohibited from consulting with each other concerning transactions for the Fund in securities or other assets and, if both Managers are responsible for providing investment advice to the Fund, the Manager's responsibility in providing advice is expressly limited to a discrete portion of the Fund's portfolio that it manages.

This prohibition does not apply to communications by the Adviser in connection with the Adviser's (i) overall supervisory responsibility for the general management and investment of the Fund's assets; (ii) determination of the allocation of assets among the Manager(s), if any; and (iii) investment discretion with respect to the investment of Fund assets not otherwise assigned to a Manager.

------

PURSUANT TO AN EXEMPTION FROM THE CFTC IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

---

| |
|:---|
| TRUST |
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Christopher Graham |
| Name: Christopher Graham |
| Title: SVP, Chief Investment Officer<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Christopher Graham |
| Name: Christopher Graham |
| Title: SVP, Chief Investment Officer<u> </u> |
| SUBADVISER |
| SCHRODER INVESTMENT MANAGEMENT NORTH |
| AMERICA INC. |
| By: /s/ William Sauer |
| Name: William Sauer |
| Title: Authorized Signatory<u> </u> |

---

------

---

| |
|:---|
| SCHRODER INVESTMENT MANAGEMENT NORTH |
| AMERICA INC. |
| By: /s/ Catherine Dooley |
| Name: Catherine Dooley |
| Title: Authorized Signatory<u> </u> |

---

------

**EXHIBIT A** 

**SUBADVISORY AGREEMENT** 

**AMONG** 

**NATIONWIDE MUTUAL FUNDS,** 

**NATIONWIDE FUND ADVISORS** 

**AND SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.** 

Effective September 15, 2025\*

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| Nationwide Schroders Global Equity Fund | 0.30% on assets up to $150 million |
|  | 0.28% on assets of $150 million and more but less than $400 million |
|  | 0.27% on assets of $400 million and more |

---

\*As approved at the Board of Trustees Meeting held on September 9-10, 2025.

[The remainder of this page is intentionally left blank.]

------

IN WITNESS WHEREOF, the parties hereto have executed this Exhibit A on the effective date set forth above.

---

| |
|:---|
| TRUST |
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Christopher Graham |
| Name: Christopher Graham |
| Title: SVP, Chief Investment Officer<u> </u> |
| ADVISER |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Christopher Graham |
| Name: Christopher Graham |
| Title: SVP, Chief Investment Officer<u> </u> |
| SUBADVISER |
| SCHRODER INVESTMENT MANAGEMENT NORTH |
| AMERICA INC. |
| By: /s/ William Sauer |
| Name: William Sauer |
| Title: Authorized Signatory |
| SCHRODER INVESTMENT MANAGEMENT NORTH |
| AMERICA INC. |
| By: /s/ Catherine Dooley<u> </u> |
| Name: Catherine Dooley<u> </u> |
| Title: Authorized Signatory<u> </u> |

---

## Exhibit 99.28

**EX-28.g.1.e** 

**AMENDMENT TO THE GLOBAL CUSTODY AGREEMENT** 

This Amendment (the "**Amendment**") to the Global Custody Agreement dated April 4, 2003, as amended (the "**Agreement**"), by and between JPMORGAN CHASE BANK, N.A. ("**J.P. Morgan**"), as successor-in-interest to a previous J.P. Morgan entity, and NATIONWIDE MUTUAL FUNDS (the "**Customer**"), as successor-in-interest to Gartmore Mutual Funds, and on behalf of each Fund on the Fund List (each a "**Fund**"), is entered into and made effective as of July 10, 2025 (the "**Effective Date**") by J.P. Morgan and the Customer on behalf of each Fund.

**<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:** 

**WHEREAS**, the parties entered into the Agreement pursuant to which J.P. Morgan was appointed to provide custodial and other services; and

**WHEREAS**, J.P. Morgan and Customer wish to revise and update the list of Funds of the Customer that are receiving services pursuant to the Agreement, as of the Effective Date.

**NOW, THEREFORE**, in consideration of the mutual agreements contained herein, J.P. Morgan and Customer on behalf of each Fund hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>. The Agreement shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Agreement is amended to incorporate the Fund List, which is attached to this Amendment, and any
reference to the Fund List in the Agreement shall mean the Fund List as attached to this Amendment, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Save as varied by this Amendment, the Agreement is confirmed and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized terms not defined in this Amendment shall have the respective meanings set forth in the
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each party represents to the other parties that all representations contained in the Agreement are true and
accurate as of the date of this Amendment, and that such representations are deemed to be given or repeated by each party, as the case may be on the date of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Amendment will be governed by and construed in accordance with the laws of the United States or State
of New York, as applicable, without regard to New York's principles regarding conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment and the Agreement, and any documents referred to in each of them, constitute the complete
understanding and agreement of the parties with respect to the subject matter hereof and supersede and extinguish any other drafts, agreements, undertakings, representations, warranties and arrangements of any nature, whether in writing or oral,
relating to such matter. If any of the provisions of this Amendment are inconsistent, or in conflict, with

------

any of the provisions of the Agreement then, to the extent of any such inconsistency or conflict, the provisions of this Amendment shall prevail as between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Amendment may be executed in counterparts, which together shall constitute one and the same instrument.
Each party may enter into this Amendment by executing a counterpart and this Amendment shall not take effect until it has been executed by all parties.

[ *Signature page follows* ]

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their respective duly authorized representatives, effective as of the Effective Date.

---

| | |
|:---|:---|
| **NATIONWIDE MUTUAL FUNDS,**<br> **on behalf of each Fund in the Funds List** | **JPMORGAN CHASE BANK, N.A.** |
| By: __/s/ Lee T. Cummings_________________ | By: _/s/ Carl Mehldau___________________ |
| Name: Lee T. Cummings | Name: Carl Mehldau |
| Title: Senior Vice President | Title: Executive Director |

---

------

**FUND LIST** 

**to** 

**Global Custody Agreement, dated April 4, 2003** 

**Fund Name** 

---

| |
|:---|
|  Nationwide Strategic Income Fund (*f/k/a* Nationwide Amundi Strategic Income Fund) |
|  Nationwide Bailard Cognitive Value Fund |
|  Nationwide Bailard International Equities Fund |
|  Nationwide Bailard Technology & Science Fund |
|  Nationwide Bond Index Fund |
|  Nationwide Invesco Core Plus Bond Fund (*f/k/a* Nationwide BNY Mellon Core Plus Bond Fund) |
|  Nationwide Destination Retirement 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 2065 Fund<br> Nationwide Destination 2070 Fund |
|  Nationwide Fund |
|  Nationwide Geneva Mid Cap Growth Fund |
|  Nationwide Geneva Small Cap Growth Fund |
|  Nationwide Global Sustainable Equity Fund |
|  Nationwide Government Money Market Fund |
|  Nationwide BNY Mellon Dynamic U.S. Core Fund |
|  Nationwide Inflation-Protected Securities Fund |
|  Nationwide International Index Fund |
|  Nationwide International Small Cap Fund |
|  Nationwide Investor Destinations Aggressive Fund |
|  Nationwide Investor Destinations Conservative Fund |
|  Nationwide Investor Destinations Moderate Fund |
|  Nationwide Investor Destinations Moderately Aggressive Fund |
|  Nationwide Investor Destinations Moderately Conservative Fund |
|  Nationwide Loomis All Cap Growth Fund |
|  Nationwide Loomis Core Bond Fund |
|  Nationwide Loomis Short Term Bond Fund |
|  Nationwide Mid Cap Market Index Fund |
|  Nationwide S&P 500 Index Fund |
|  Nationwide Small Cap Index Fund |
|  Nationwide WCM Focused Small Cap Fund |
|  Nationwide NYSE Arca Tech 100 Index Fund |
|  Nationwide Janus Henderson Overseas Fund |
|  Nationwide BNY Mellon Dynamic U.S. Equity Income Fund |
|  Nationwide GQG US Quality Equity Fund |
|  Nationwide Bond Portfolio |

---

------

---

| |
|:---|
|  Nationwide U.S. 130/30 Equity Portfolio |
|  Nationwide Fundamental All Cap Equity Portfolio |
|  Nationwide International Equity Portfolio |
|  Nationwide Large Cap Equity Portfolio |

---

## Exhibit 99.28

**EX-28.h.4.d** 

**EXHIBIT A** 

**TO THE EXPENSE LIMITATION AGREEMENT BETWEEN** 

**NATIONWIDE MUTUAL FUNDS AND** 

**NATIONWIDE FUND ADVISORS** 

Effective May 1, 2007

*Amended November 17, 2025*†*\**

---

| | |
|:---|:---|
| **Name of Fund/Class** | **Expense Limitation for Fund/Class** |
|  Nationwide Government Money Market Fund |  |
|  Investor | 0.59% |
|  Service Class‡ | 0.59% |
|  Class R6 | 0.59% |
| Each of the Asset Allocation 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) | Each of the Asset Allocation 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) |
|  Class A | 0.25% |
|  Class C | 0.25% |
|  Class R | 0.25% |
|  Service Class | 0.25% |
|  Class R6 | 0.25% |
|  Institutional Service Class | 0.25% |
|  Nationwide S&P 500 Index Fund |  |
|  Class A | 0.21% |
|  Class C | 0.21% |
|  Class R | 0.21% |
|  Class R6 | 0.21% |
|  Service Class | 0.21% |
|  Institutional Service Class | 0.21% |
|  Nationwide Small Cap Index Fund |  |
|  Class A | 0.28% |
|  Class C | 0.28% |
|  Class R | 0.28% |
|  Class R6 | 0.28% |
|  Institutional Service Class | 0.28% |

---

------

---

| | |
|:---|:---|
|  Nationwide Mid Cap Market Index Fund |  |
|  Class A | 0.30% |
|  Class C | 0.30% |
|  Class R | 0.30% |
|  Class R6 | 0.30% |
|  Institutional Service Class | 0.30% |
|  Nationwide International Index Fund |  |
|  Class A | 0.29% |
|  Class C | 0.29% |
|  Class R | 0.29% |
|  Class R6 | 0.29% |
|  Institutional Service Class | 0.29% |
|  Nationwide Bond Index Fund |  |
|  Class A | 0.22% |
|  Class C | 0.22% |
|  Class R | 0.22% |
|  Class R6 | 0.22% |
|  Institutional Service Class | 0.22% |
|  Nationwide BNY Mellon Dynamic U.S. Core Fund |  |
|  Class A | 0.50% |
|  Class C | 0.50% |
|  Class R | 0.50% |
|  Class R6 | 0.50% |
|  Eagle Class | 0.50% |
|  Institutional Service Class | 0.50% |
|  Nationwide Schroders Global Equity Fund |  |
|  (*formerly, Nationwide Global Sustainable Equity Fund*) |  |
|  Class A | 0.79% |
|  Class C | 0.79% |
|  Class R6 | 0.79% |
|  Institutional Service Class | 0.79% |
|  Nationwide Inflation-Protected Securities Fund |  |
|  Class A | 0.30% |
|  Class R6 | 0.30% |
|  Institutional Service Class | 0.30% |

---

------

---

| | |
|:---|:---|
|  Nationwide Invesco Core Plus Bond Fund<br> (*formerly, Nationwide BNY Mellon Core Plus Bond Fund*) |  |
|  Class A | 0.47% |
|  Class R6 | 0.47% |
|  Institutional Service Class | 0.47% |
|  Nationwide Bailard Cognitive Value Fund |  |
|  Class A | 1.07% |
|  Class C | 1.07% |
|  Class M | 1.07% |
|  Class R6 | 1.07% |
|  Institutional Service Class | 1.07% |
|  Nationwide Bailard International Equities Fund |  |
|  Class A | 1.10% |
|  Class C | 1.10% |
|  Class M | 1.10% |
|  Class R6 | 1.10% |
|  Institutional Service Class | 1.10% |
|  Nationwide Bailard Technology & Science Fund |  |
|  Class A | 1.05% |
|  Class C | 1.05% |
|  Class M | 1.05% |
|  Class R6 | 1.05% |
|  Institutional Service Class | 1.05% |
|  Nationwide Geneva Mid Cap Growth Fund |  |
|  Class A | 0.98% |
|  Class C | 0.98% |
|  Class R6 | 0.98% |
|  Institutional Service Class | 0.98% |
|  Nationwide Geneva Small Cap Growth Fund |  |
|  Class A | 1.22% |
|  Class C | 1.22% |
|  Class R6 | 1.22% |
|  Institutional Service Class | 1.22% |

---

------

---

| | |
|:---|:---|
|  Nationwide Loomis Core Bond Fund |  |
|  Class A | 0.35% |
|  Class C | 0.35% |
|  Class R6 | 0.35% |
|  Institutional Service Class | 0.35% |
|  Nationwide Loomis Short Term Bond Fund |  |
|  Class A | 0.45% |
|  Class C | 0.45% |
|  Class R6 | 0.45% |
|  Institutional Service Class | 0.45% |
|  Nationwide WCM Focused Small Cap Fund |  |
|  Class A | 0.80% |
|  Class C | 0.80% |
|  Class R6 | 0.80% |
|  Institutional Service Class | 0.80% |
|  Nationwide NYSE Arca Tech 100 Index Fund |  |
|  Class A | 0.68% |
|  Class C | 0.68% |
|  Class R6 | 0.68% |
|  Institutional Service Class | 0.68% |
|  Nationwide Strategic Income Fund |  |
|  (*formerly, Nationwide Amundi Strategic Income Fund*) |  |
|  Class A | 0.49% |
|  Class C | 0.49% |
|  Class R6 | 0.49% |
|  Institutional Service Class | 0.49% |
|  Nationwide International Small Cap Fund |  |
|  Class A | 0.89% |
|  Class R6 | 0.89% |
|  Institutional Service Class | 0.89% |
|  Nationwide Loomis All Cap Growth Fund |  |
|  Class A | 0.82% |
|  Class R6 | 0.82% |
|  Eagle Class | 0.82% |
|  Institutional Service Class | 0.82% |

---

------

---

| | |
|:---|:---|
|  Nationwide Janus Henderson Overseas Fund |  |
|  Class A | 0.72% |
|  Class R6 | 0.72% |
|  Institutional Service Class | 0.72% |
|  Eagle Class | 0.72% |
|  Nationwide BNY Mellon Dynamic U.S. Equity Income Fund |  |
|  Class A 0.60% |  |
|  Class K | 0.60% |
|  Class R6 | 0.60% |
|  Institutional Service Class | 0.60% |
|  Eagle Class | 0.60% |
|  Nationwide GQG US Quality Equity Fund |  |
|  Class A | 0.49% |
|  Class R6 | 0.49% |
|  Institutional Service Class | 0.49% |
|  Eagle Class | 0.49% |
|  Nationwide U.S. 130/30 Equity Portfolio |  |
|  Class R6 | 0.49% |
|  Nationwide Fundamental All Cap Equity Portfolio |  |
|  Class R6 | 0.89% |

---

*\* As approved by the Board of Trustees at its meeting held on September 9-10, 2025.* 

† Effective through February 28, 2027.

‡ With respect to the Service Class of the Nationwide Government Money Market Fund, effective until at least February 28, 2027, the Fund Operating Expenses shall be limited to 0.75% and shall include the Rule 12b-1 fees and fees paid pursuant to an Administrative Services Plan.

------

IN WITNESS WHEREOF, the parties have caused this Amended Exhibit A to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

---

| |
|:---|
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Kevin T. Jestice |
| Name: Kevin T. Jestice |
| Title: President |
| NATIONWIDE FUND ADVISORS |
| By:_/s/ Kevin T. Jestice |
| Name: Kevin T. Jestice |
| Title: President |

---

## Exhibit 99.28

**EX-28.h.8** 

**AMENDED AND RESTATED FEE WAIVER AGREEMENT** 

THIS AMENDED AND RESTATED FEE WAIVER AGREEMENT, effective as of March 1, 2025, as amended August 22, 2025, by and between NATIONWIDE FUND ADVISORS ("NFA") and NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), on behalf of the following series (each, a "Fund," and collectively, the "Funds"):

**Nationwide Fund** 

**Nationwide Government Money Market Fund** 

**Nationwide International Equity Portfolio** 

**Nationwide Loomis Short Term Bond Fund** 

**Nationwide Mid Cap Market Index Fund** 

**Nationwide Small Cap Index Fund** 

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and each Fund is a separate series of the Trust; and

WHEREAS, NFA serves as investment adviser to the Trust, including the Funds, pursuant to an investment advisory agreement, dated May 1, 2007, between NFA and the Trust, under which the Trust pays fees to NFA as specified therein ("Advisory Fees");

NOW, THEREFORE, the parties hereto agree as follows:

1. <u>Fee Waiver Amount</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 NFA agrees to waive Advisory Fees in respect of the Funds, equal to the amount shown in the table below, calculated monthly based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Name of Fund** | **Amount of Advisory Fee Waiver** |
|  Nationwide Fund | 0.045% per annum |
|  Nationwide Government Money Market Fund | 0.027% per annum |
|  Nationwide International Equity Portfolio | 0.014% per annum |
|  Nationwide Loomis Short Term Bond Fund | 0.02% per annum |
|  Nationwide Mid Cap Market Index Fund | 0.01% per annum |
|  Nationwide Small Cap Index Fund | 0.02% per annum |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 NFA acknowledges that it shall not be entitled to collect on, or make a claim for, Advisory Fees waived hereunder at any time in the future.

2. <u>Term and Termination of Agreement</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement supersedes and replaces a previous Fee Waiver Agreement among the parties hereto, dated March 1, 2025. This Agreement shall continue in effect until February 28, 2027.

------

3. <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or a Fund to take any action contrary to the Trust's Agreement and Declaration of Trust or By-Laws, or any applicable statutory or regulatory requirement to which the Trust or a Fund is subject or by which the Trust or a Fund is bound, or to relieve or deprive the Trust's Board of Trustees of the Board's responsibility for and control of the conduct of the affairs of the Trust or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings between them relating to the subject matter hereof.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the day and year first above written.

---

| |
|:---|
|  NATIONWIDE MUTUAL FUNDS |
|  By: /s/ Kevin Jestice  |
|  Name: Kevin T. Jestice |
|  Title: President |
|  NATIONWIDE FUND ADVISORS |
|  By: /s/ Kevin Jestice  |
|  Name: Kevin T. Jestice |
|  Title: President |

---

## Exhibit 99.28

**EX-28.h.12** 

**FEE WAIVER AGREEMENT** 

**NATIONWIDE FUNDAMENTAL ALL CAP EQUITY PORTFOLIO** 

THIS FEE WAIVER AGREEMENT, effective as of July 1, 2025, by and between NATIONWIDE FUND ADVISORS ("<u>NFA</u>") and NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of the **Nationwide Fundamental All Cap Equity Portfolio** (the "<u>Fund</u>").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as an open-end management company of the series type, and the Fund is a separate series of the Trust; and

WHEREAS, NFA serves as investment adviser to the Trust, including the Fund, pursuant to an investment advisory agreement dated September 18, 2015 between NFA and the Trust under which the Trust pays fees to NFA as specified therein ("<u>Advisory Fees</u>"); and

WHEREAS, NFA, the Trust and Goldman Sachs Asset Management, L.P. ("<u>GSAM</u>") have entered into a Subadvisory Agreement with respect to the Fund, dated September 23, 2021, as amended June 30, 2023, pursuant to which NFA is legally obligated to pay GSAM subadvisory fees; and

WHEREAS, NFA has received a letter from GSAM (the "<u>Letter</u>"), dated July 1, 2025, in which GSAM states that it will waive a portion of the subadvisory fees to which it otherwise would be entitled (the "<u>Waiver Amount</u>") for the period commencing July 1, 2025 until June 30, 2026, resulting in financial savings to NFA; and

WHEREAS, NFA desires to share all of such financial savings resulting from the Letter with shareholders of the Fund.

NOW, THEREFORE, the parties hereto agree as follows:

1. <u>Fee Waiver Amount</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 NFA agrees that each month it shall waive an amount of Advisory Fees with respect to the Fund equal to the amount of subadvisory fees waived for such month by GSAM pursuant to the Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 NFA acknowledges that it shall not be entitled to collect on, or make a claim for, Advisory Fees waived hereunder at any time in the future.

2. <u>Term and Termination of Agreement</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement shall continue in effect for so long as the Letter remains in effect and GSAM waives subadvisory fees pursuant thereto.

3. <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Agreement and Declaration of Trust or By-Laws, or any applicable statutory or regulatory requirement to which the Trust or the Fund is subject or by which the Trust or the Fund is bound, or to relieve or deprive the Trust's Board of Trustees of the Board's responsibility for and control of the conduct of the affairs of the Trust or the Fund.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the day and year first above written.

---

| |
|:---|
| NATIONWIDE MUTUAL FUNDS |
| By: /s/ Kevin Jestice |
| Name: Kevin Jestice |
| Title: President |
| NATIONWIDE FUND ADVISORS |
| By: /s/ Kevin Jestice |
| Name: Kevin Jestice |
| Title: President |

---

## Exhibit 99.28

**EX-28.p.20**![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

**SCOPE AND PURPOSE** 

This Code of Ethics (the "Code") for Schroder Investment Management North America Inc. ("SIMNA Inc." or the "Adviser"), is required by The Investment Advisers Act of 1940 and the Investment Company Act of 1940.

The Code applies to all officers, directors and full-time employees of the Adviser ("Access Persons"). Certain part-time employees and consultants to the Adviser may also be deemed as Access Persons and subject to this Code depending on the length of their employment contract and/or their access to sensitive client and/or investment information. Sections of this Code also apply to any persons who work for the firm in a Financial Operations Principal ("FINOPs") capacity. FINOPs are offsite persons who are associated with the firm's affiliated broker dealer, Schroder Fund Advisors LLC ("SFA"). These individuals are deemed "Associated Persons" rather than Access Persons.

In carrying out their job responsibilities, all Access Persons or Associated Persons must, at a minimum, comply with all applicable legal requirements, including applicable securities laws. In addition, all Access Persons or Associated Persons must: maintain professional integrity and behave with ethical conduct; place the interests of clients and the integrity of the investment profession above their own personal interests; use professional judgment when engaging in all professional activities and encourage peers to do the same; and behave in a manner that reflects well on themselves and Schroders.

Any breach by an Access Person or Associated Person of the laws, regulations and procedures outlined in the Code will be deemed to be a violation of the terms of his or her employment and may result in disciplinary action and/or dismissal, in addition to any other penalties or liabilities resulting from such violation.

**PERSONAL TRADING** 

**All employees deemed to be Access Persons** are subject to the restrictions contained in this Code with respect to their transactions in Covered Securities.

The below securities are considered Covered Securities, and therefore applicable to the personal trading restrictions and reporting policies contained herein:

● Stocks

● Bonds

● Exchange Traded Products (ETPs) - see page 3 for more details

● Closed end mutual funds

● Derivatives of Covered Securities, including options

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597g58a81.jpg) |

---

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

The below securities are **<u>NOT</u>** considered to be Covered Securities, and therefore, are **<u>NOT</u>** required to be reported to Compliance:

● US open end mutual funds that are not Schroders Funds (see Appendix D for more detail)

● Money market funds

● Derivatives of non-covered securities (*i.e*., index
futures)

● Unit investment trusts that are invested exclusively in open-end funds that are not Schroders Funds

● Direct obligations of the U.S. Government (*i.e*., Treasuries).

● Bankers' acceptances, bank certificates of deposit, commercial paper, currencies, repurchase
agreements and other high quality short-term debt instruments<sup>1</sup>

Cryptocurrencies

**Please note that Access Persons are required to report ALL brokerage accounts that hold or have *<u>the ability to</u>* hold Covered Securities.** 

**PRECLEARANCE** 

Covered Securities require preclearance approval before being traded. *Please see Appendix C for in- depth breakdown, including exceptions.*

**Some key notes on preclearance:** 

● Preclearance is obtained via an electronic form on the MyCompliance system

● Preclearance expires at the end of the <u>same</u> business day that it is requested

● Preclearance for securities listed on non-US exchanges is
valid until the close of business on the following business day to compensate for different time zones

● It is Schroders' policy to discourage excessive personal trading by Access Persons. As such, <u>all Access Persons are limited to 40 personal trades in Covered Securities per quarter. Covered securities</u> <u>which don't require preclearance are not counted towards this limit.</u> 

Preclearance approval can be influenced by a variety of factors, including: the sensitivity of the position of the person submitting the request, principal amount of the trade, market capitalization, and trading or investment activity in the security for the benefit of clients. When submitting a preclearance request, you are required to attest that you are not in possession of any inside or material non-public information and that the requested trade does not conflict with any pending client orders that you are aware of.

<u>NOTE: If you fail to accurately pre-clear a transaction in a Covered Security, you may be fined and/or</u> <u>be subjected to a personal trading suspension. Violations of this Policy will be reported to senior</u> <u>management and will result in reprimands that could affect your employment with Schroders.</u>

<sup>1</sup> High quality short-term debt instruments mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp079.jpg) |

---

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

**Exchange traded products (ETPs):** 

Non-Schroders managed exchange traded products and derivatives of these securities are exempt from preclearance and the Holding Policy. Schroders managed ETPs are subject to both preclearance and the Holding Policy.

Please note that investments in single name ETPs are <u>prohibited</u>.

**A special note on the Hartford-Schroders Private Opportunities Fund:** 

In addition to preclearance, under Section 16 of the Exchange Act of 1934, these funds require additional reporting to Hartford and the SEC. Failure to comply with these preclearance and reporting requirements may result in regulatory violations. Please remember to preclear any transaction in these funds and reach out to Compliance with any questions or issues.

**The following transactions do <u>not</u> require pre-clearance:** 

● Transactions in an account over which the Access Person has no influence or control such as where
investment discretion is delegated in writing to an independent fiduciary ("Managed Account" – see page 6).

● Transactions which are non-volitional on the part of the
Access Person (e.g., receipt of securities pursuant to a stock dividend or merger, a gift or inheritance). However, the volitional sale of securities acquired in a non-volitional manner requires pre-clearance. <sup>2</sup>

● Purchases of the securities of an issuer through an automatic investment plan which makes periodic
purchases (or withdrawals) automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan ("DRIP") <sup>3</sup> . Any such plans should be reported to Compliance prior to them commencing. Any transactions in such a plan other than according to a predetermined schedule are subject to pre-clearance.

● The receipt or exercise of rights issued by an issuer on a pro rata basis to all holders of a class
of security and the sale of such rights are permitted without pre-clearance.

● Tender of shares already held into an offer if the tender offer is open on the same terms to all
holders of the securities covered by the offer.

<sup>2</sup> This may include where options are exercised against a call written by the Access Person or where securities are exchanged for cash or other securities as part of a business transaction.

<sup>3</sup> Please note that the Access Person must speak with Compliance prior to setting up a Dividend Reinvestment Plan. While these automated transactions are not subject to preclearance, special rules relating to the holding policy may be in effect for some of these transactions. Please speak with Compliance for more detail.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp080.jpg) |

---

------

![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

● Conversion of convertible securities or participation in exchange offers provided that the
conversion or offer is available on the same terms to all holders.

● Transactions in collective investment schemes offered by plans that qualify under Section 529
of the Internal Revenue Code.

● Transactions which are automatically exercised as part of a stop-loss or limit order, provided that
the parameters of stop-loss or limit order are placed when the initial trade is initiated.<sup>4</sup>

**Additional Restrictions for Investment Staff:** 

Investment Staff are required to inform Compliance via the My Compliance system when a trade request is within their own Investment Universe, irrespective of the size of the request. The Investment Universe is defined at the issuer level, for example if an investment staff member invests in the equity of an issuer for a fund, it inherently includes the debt of the same issuer, and vice versa.

Investment Universe includes investments in relation to which the individual or others on the same desk have undertaken research or analysis on the security or issuer as part of that desk's coverage, whether or not it has been held in a client portfolio, in the last 12 months, or in the case of dealers, within the dealing desk's scope of responsibility.

Additionally, Investment Staff are required to inform Compliance via the My Compliance system when a trade request is in a fund managed by their desk, irrespective of the size of the request.

Research Analysts, Research Associates and other staff involved in the production of internal investment research (including their PCAs), are prohibited from personal trading in an issuer (and its issues) or fund which they cover, in the five business days prior, and the five business days following the issuance of research reports covering that issuer or fund.

When pre-clearing personal account trades in My Compliance, Investment staff must attest that they have not and will not issue a research document in the five business days prior and the five business days following, in the financial instrument in which they are seeking pre-clearance.

**INITIAL PUBLIC OFFERINGS** 

If you wish to purchase an initial public offering, you must obtain permission from the Chief Compliance Officer. In such cases, an Access Person would submit a trade request via MyCompliance

<sup>4</sup> Please note that the use of Stop Loss limits within the 60-day holding period are permitted ONLY if the details of the Stop Loss Order are disclosed to Compliance at the time of the preclearance request.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp081.jpg) |

---

------

![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

which will be routed for Compliance review. Once approved, the Access Person will receive a notice from the MyCompliance system.

**HOLDING PERIODS** 

All Access Persons are strongly advised against short-term trading and are prohibited from making trades that expose them to material open-ended liabilities. This includes CFD investing, spread betting and leveraged account management without putting an appropriate stop-loss mechanism in place. <u>Short selling in Covered Securities is prohibited.</u>

Any Access Persons who appear to have established a pattern of short-term trading may be subject to additional restrictions or penalties including, but not limited to, a limit or ban on future personal trading activity and a requirement to disgorge profits on short-term trades.

**All Covered Securities are subject to a <u>60-calendar day holding period</u>. Securities may not be sold within 60 days of any purchase in the security, regardless of how long ago the initial investment was made. <u>First in, first out does not apply</u>. The Chief Compliance Officer has exemptive authority to override the 60-day holding policy for good cause shown.** 

Schroders plc shares purchased in the market (rather than forming part of a remuneration award) are subject to a one-year holding period.

Please note that while Schroders Funds ("Reportable Funds" – Listed in Appendix D) are NOT subject to preclearance, they ARE subject to this 60-day holding policy.

**A NOTE ON OPTIONS** 

Options trading is subject to the aforementioned preclearance and 60 day holding policies. Further detail follows:

● Listed Call Options: You may purchase a listed call option only if the call option has a period to
expiration of at least 60 days from the date of purchase and you hold the call option for at least 60 days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 60
days.

● Covered Calls: You may sell (or "write") a call option only if you have held the
underlying security (in the corresponding quantity) for at least 60 days.

● Listed Put Options: You may purchase a listed put option only if the put option has a period to
expiration of at least 60 days from the date of purchase and you hold the put option for at least 60 days prior to sale.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp082.jpg) |

---

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

● If you purchase a put option on a security you already own, you may only exercise the put once you
have held the underlying security for 60 days.

● Selling Puts: You may sell (or "write") a put only if you have held the underlying
security (in the corresponding quantity) for at least 60 days.

**COVERED ACCOUNTS** 

A Covered Account is an account in which you are capable of purchasing Covered Securities, or an account in which you own a beneficial interest (except where you have no influence or control). This includes IRA accounts as well as any 401k account held from a former employer that holds a Covered Security, such as stock. **Covered Accounts are covered by this policy and are subject to the aforementioned preclearance and holding policies.**

*Accounts held by your spouse (including their IRA or 401k accounts), minor children and other members of your immediate family (children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, in-laws and adoptive relationships) who share your household are also considered Covered Accounts, as are any other accounts over which you exercise investment discretion. In addition, accounts maintained by your domestic partner<sup>5</sup> are Covered Accounts under this Policy*.

<u>All US-based personnel</u> are required to maintain their Covered Accounts at an Approved Broker as listed in Appendix B unless otherwise exempted for unique circumstances. If an Access Person is permitted to maintain a Covered Account with a non-Approved Broker, the Access Person assumes the responsibility to manually report their transactions in Covered Securities and upload quarterly account statements directly in the MyCompliance system.

<u>Persons on secondment</u> from London or other offices may apply to Compliance for a waiver of the requirement to maintain their Covered Accounts at a US Approved Broker.

Robo-Advisors are only permissible only if they are Managed Accounts (more below). Apps which allow you to select specific covered securities for transactions (excluding Robinhood) are not permitted.

<sup>5</sup> A domestic partner is defined as someone that you have a personal relationship with and that you share a household with, share assets, such as personal banking accounts, brokerage accounts, with and/or share housing or childcare expenses with. If you are unsure as to whether this definition is applicable to you, please consult a member of the Compliance team.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp083.jpg) |

---

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

**MANAGED ACCOUNTS** 

A Managed Account is an account over which the Access Person has no direct or indirect influence or control. **Managed Accounts are still considered Covered Accounts and must be reported to Compliance.** Compliance cannot approve a Managed Account until an official discretionary letter from the broker is received which expressly states that the Access Person does not have any investment discretion. Compliance must have a discretionary letter on file *for each Managed Account* and will request an updated letter periodically. It is the employee's responsibility to ensure the broker provides these updated letters. <u>Access Persons with managed accounts will also be</u> <u>required to complete an annual attestation confirming that they did not direct any investment</u> <u>decisions during the year.</u>

Since the Access Person does not have any investment discretion on Managed Accounts, transactions in these accounts are **<u>not</u>** subject to the preclearance and holding policies; however, Compliance will conduct periodic reviews to check the transactions in Managed Accounts against the Global Stop List.

**A special note on Managed Accounts:** 

Managed Accounts must be held with an Approved Broker unless you have previously been given an exemption by Compliance. For new hires, any accounts that the Access Person has held prior to employment at Schroders that must be held with a broker outside of the Approved Brokers list must first receive approval from the Chief Compliance Officer, or their delegate.

**OPENING A NEW COVERED ACCOUNT** 

Employees must receive written approval from Compliance before opening a covered account with a broker. This rule applies to all new covered accounts, whether or not the employee already holds other approved accounts with the same broker. This rule also applies to Managed Accounts.

**PRIVATE SECURITIES TRANSACTIONS AND TAX SHELTERS** 

No Access Person or Associated Person may participate in any type of private placement or tax shelter without obtaining the advance consent of their direct supervisor and the Chief Compliance Officer. This request should be submitted electronically through MyCompliance and the system will route it for compliance review. Line manager approval must then be sent to the Compliance team via email. Only passive investments (without operational, management or promotional duties) may be permitted.

Additional capital calls of an already approved private vehicle and/or exiting a private placement or tax shelter, whether by sale or redemption, do not need to be approved but must be reported to Compliance in the Access Person's next quarterly transactions report.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp084.jpg) |

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

No Access Person or Associated Person who is a Registered Representative licensed with FINRA under the supervision of SFA may receive selling compensation in connection with a private securities transaction or tax shelter not offered through SFA. Any Access Person or Associated Person engaged in selling activity other than in connection with his or her duties as a Registered Representative must obtain prior permission in writing from his or her supervisor and the Chief Compliance Officer.

**REPORTING REQUIREMENTS** 

All personnel are required to complete various filings that are due at certain times of the year. Access Persons will receive notification of these filings and their respective deadlines via MyCompliance. Failure to comply with these time sensitive filings will result in a violation of the Code of Ethics.

**INITIAL REPORTING** 

No later than 10 calendar days after joining the Adviser, each Access Person must provide Compliance with a list of every Covered Security that they own. The information provided must be current as of a date no more than 45 days prior and must include the title of the security; the exchange ticker symbol or CUSIP; and the number of shares owned (for equities) or principal amount (for debt securities). Access Persons may provide account statements in place of a written list.

**Unless approved by the Chief Compliance Officer, all new Access Persons who maintain Covered Account(s) with brokers that are <u>not</u> on the list of Approved Brokers will have to move their accounts within a reasonable timeframe established by Compliance upon their hire. The Chief Compliance Officer will only allow an Access Person to keep a Covered Account with a broker outside of the Approved Brokers list in extenuating circumstances.** In such instances, the Access Person owns the responsibility of manually reporting all transactions in Covered Securities and uploading quarterly statements into the MyCompliance system.

**QUARTERLY REPORTS** 

No later than 30 days after the end of each calendar quarter, each Access Person will provide Compliance with a report of all transactions in Covered Securities in the quarter. All information requested on the form issued via MyCompliance must be provided.

---

| | |
|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp085.jpg) |

---

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![LOGO](g28597dsp078.jpg)

SIMNA INC. CODE OF ETHICS

Please note that transactions in shares of Reportable Funds<sup>6</sup> must be reported at this time.

**ANNUAL REPORTS** 

Within 45 days after the end of the calendar year, each Access Person must report all their holdings in Covered Securities as of December 31 of that year. All information requested on the form issued via MyCompliance must be provided.

**KNOWLEDGE OF THE CODE AND ANNUAL CERTIFICATION** 

Each Access Person is responsible for understanding the provisions of this Code. Access Persons will certify, at least annually, that they have reviewed the current version of this Code and has complied with its standards. The Code is maintained on the internal Compliance website.

**SELF-REPORTING OF VIOLATIONS** 

Access Persons and Associated Persons have an obligation to review their own trading to ensure that they have acted in compliance with the provisions of this Code. To the extent that such person determines that they have executed a transaction not in compliance with this Code, that person has an obligation to promptly report the violation to the Chief Compliance Officer.

**GRANTING OF EXCEPTIONS** 

The Chief Compliance Officer may, on a case-by-case basis, grant exceptions to any provision under this Code for good cause. Any such exceptions and the reasons for granting them will be maintained in writing by the Chief Compliance Officer and presented to the Board of Directors of the Adviser at the next scheduled meeting.

<sup>6</sup> Transactions in Reportable Funds in the Schroders 401(k) and SERP plans do not need to be reported as Compliance monitors this information outside of the MyCompliance system.

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp086.jpg) |

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| | |
|:---|:---|
|  Adopted: | October 1, 1995 |
|  Amended: | May 15, 1996 |
|  | May 1, 1997 |
|  | June 12, 1998 |
|  | June 2, 1999 |
|  | March 14, 2000 |
|  | August 14, 2001 |
|  | June 23, 2003 |
|  | October 23, 2003 |
|  | December 9, 2003 |
|  | May 11, 2004 |
|  | January 14, 2005 |
|  | December 5, 2005 |
|  | March 6, 2006 |
|  | September 14, 2007 |
|  | September 14, 2009 |
|  | March 9, 2010 |
|  | June 12, 2012 |
|  | June 18, 2013 |
|  | June 12, 2014 |
|  | May 20, 2015 |
|  | September 30, 2015 |
|  | May 1, 2017 |
|  | December 31, 2017 |
|  | May 1, 2019 |
|  | April 30, 2020 |
|  | September 14, 2021 |
|  | August 20, 2025 |

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|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp087.jpg) |

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SIMNA INC. CODE OF ETHICS

**APPENDIX A OF THE CODE OF ETHICS – APPROVERS** 

In the event that the MyCompliance system is not accessible, the US Compliance team is authorized to preclear personal transactions.

Compliance email: <u>ussimcomp@schroders.com</u>

MyCompliance: <u>https://my.schroders.com/SitePages/Start.aspx</u> (under the "Apps" section)

![LOGO](g28597dsp088x.jpg)

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp088.jpg) |

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SIMNA INC. CODE OF ETHICS

**APPENDIX B OF THE CODE OF ETHICS – APPROVED BROKERS** 

Alliance Bernstein

Charles Schwab

Citibank

E\*Trade

Fidelity

Goldman Sachs

Interactive Brokers

JP Morgan Securities / Private Bank

Lending Club<sup>7</sup>

Merrill Lynch

Morgan Stanley Smith Barney

Robinhood

Royal Bank of Canada (RBC)

TD Ameritrade

Vanguard

Wells Fargo

<sup>7</sup> Lending Club (and other peer-to-peer lending accounts) where the employee is the lender must be disclosed via the "Outside Activity" section of MyCompliance. Please note that these accounts require line manager approval prior to being opened.

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp089.jpg) |

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SIMNA INC. CODE OF ETHICS

**APPENDIX C OF THE CODE OF ETHICS – RULE SET** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Type** | **Requires<br>preclearance?** | **Subject to 60 day<br>holding period?** |
| &nbsp;&nbsp;&nbsp; Equities | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Non-Schroders managed Exchange Traded Products, except for single name ETPs | No | No |
| &nbsp;&nbsp;&nbsp; Schroders managed ETPs | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Single name ETPs | Prohibited | Prohibited |
| &nbsp;&nbsp;&nbsp; Derivatives (if the underlying security is covered) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Fixed Income securities (including state/local/municipal bonds) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; US Open ended Mutual Funds - (other than Reportable Funds) | No | No |
| &nbsp;&nbsp;&nbsp; Non-US Open ended Mutual Funds - (Not managed by the Adviser or an affiliated adviser) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Reportable Funds and Non-US funds managed by Schroders (outside of your Schroders 401k) | No | Yes |
| &nbsp;&nbsp;&nbsp; Closed end Funds | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Initial Public Offerings | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Private Placements | Yes | n/a |
| &nbsp;&nbsp;&nbsp; Cryptocurrencies | No | No |
| &nbsp;&nbsp;&nbsp; Non-volitional dividend reinvestment transactions and<br> corporate action elections for which formal public documents are issued | No | n/a |
| &nbsp;&nbsp;&nbsp; Schroders plc shares, purchased outside of a remuneration package | Yes | Yes, one year |
| &nbsp;&nbsp;&nbsp; Direct obligations of the US Government | No | No |
| &nbsp;&nbsp;&nbsp; Banker's acceptances, commercial paper, repurchase agreements, bitcoins, currencies | No | No |
| &nbsp;&nbsp;&nbsp; Crowdfunding & Crowdsourcing – non security based | No | No |
| &nbsp;&nbsp;&nbsp; Crowdfunding & Crowdsourcing – security based | Yes | Yes |

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp090.jpg) |

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SIMNA INC. CODE OF ETHICS

**APPENDIX D OF THE CODE OF ETHICS – REPORTABLE FUNDS** 

<u>U.S. Investment Companies Sub-Advised by SIMNA Inc. (and their wholly owned subsidiaries, if any)</u> <u>Brighthouse Funds Trust I – Schroders Global Multi-Asset Portfolio</u>

<u>Schroders Global Multi-Asset Portfolio, Ltd. (wholly owned subsidiary)</u>

<u>Columbia Funds Variable Series Trust II – Variable Portfolio – Partners International Core Equity Fund</u>

<u>Fidelity Rutland Square Trust II – Strategic Advisers<sup>®</sup> Emerging Markets Fund</u>

<u>Guardian Variable Products Trust – Guardian International Equity VIP Fund</u><u> </u>

<u>Harbor Funds II – Embark Commodity Strategy Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Harbor Embark Cayman Fund V Ltd. (wholly owned subsidiary)</u>

<u>Hartford Funds Exchange-Traded Trust – Hartford Schroders Commodity Strategy ETF</u>

<u>Hartford Schroders Cayman Commodity Strategy Fund, Ltd. (wholly owned subsidiary)</u><u> </u>

<u>Hartford Funds Exchange-Traded Trust – Hartford Schroders Tax-Aware Bond ETF</u>

<u>The Hartford Mutual Funds, Inc. – Hartford Climate Opportunities Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders China A Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Diversified Emerging Markets Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Diversified Growth Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Hartford Schroders Cayman Diversified Growth Fund, Ltd. (wholly owned subsidiary)</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Equity Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Multi-Sector Bond Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Contrarian Value Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Multi-Cap Value Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Stock Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable Core Bond Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable International Core Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Tax-Aware Bond Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders US MidCap Opportunities Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders US Small Cap Opportunities Fund</u><u> </u>

<u>Lincoln Inflation Plus Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Lincoln Inflation Plus Fund Cayman Ltd. (wholly owned subsidiary)</u><u> </u>

<u>Lincoln US equity Income Maximizer Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP American Century Select Mid Cap Managed Volatility</u> <u>Fund</u> 

<u>Lincoln Variable Insurance Products Trust – LVIP BlackRock Dividend Value Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Blended Large Cap Growth Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Blended Mid Cap Managed Volatility Fund</u>

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp091.jpg) |

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SIMNA INC. CODE OF ETHICS

<u>Lincoln Variable Insurance Products Trust – LVIP ClearBridge Franklin Select Large Cap Managed</u> <u>Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Dimensional International Equity Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Dimensional U.S. Equity Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Franklin Templeton Global Equity Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Invesco Select Equity Income Managed Volatility Fund</u> <u>Lincoln Variable Insurance Products Trust – LVIP JPMorgan Select Mid Cap Value Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP MFS International Equity Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Multi-Manager Global Equity Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA Global Tactical Allocation Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA International Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA Large Cap Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA SMID Cap Managed Volatility Fund</u><u> </u>

<u>Mercer Funds – Mercer Emerging Markets Equity Fund</u>

<u>Morgan Stanley Pathway Funds – International Equity Fund</u><u> </u>

<u>NYLI VP Schroders Mid Cap Opportunities Portfolio</u>

<u>PFM Multi-Manager Series Trust – PFM Multi-Manager International Equity Fund</u><u> </u>

<u>Russell Institutional Funds LLC - Core Bond Fund</u>

<u>Russell Investment Company – Strategic Bond Fund</u>

<u>Russell Investment Company – Investment Grade Bond Fund</u><u> </u>

<u>Russell Investment Funds – Strategic Bond Fund</u>

<u>SunAmerica Series Trust – SA Schroders VCP Global Allocation Portfolio</u><u> </u>

<u>Seasons Series Trust – SA Multi-Managed International Equity Portfolio</u><u> </u>

<u>Seasons Series Trust – SA Multi-Managed Small Cap Portfolio</u><u> </u>

<u>Vanguard Variable Insurance Funds – International Portfolio</u>

<u>Vanguard Whitehall Funds – Vanguard International Explorer</u><u><sup>™</sup></u> <u>Fund</u><u> </u>

<u>Vanguard World Fund – Vanguard International Growth Fund</u>

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|:---|:---|
| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp092.jpg) |

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SIMNA INC. CODE OF ETHICS

**APPENDIX E OF THE CODE OF ETHICS - INSIDER TRADING POLICY** 

It is a violation of United States federal law and a serious breach of the Adviser's policies for any Access or associated person to trade in, or recommend trading in, the securities of an issuer for their personal gain, or on behalf of the firm or its clients, while in possession of material, non-public information ("MNPI") which may come into their possession either in the course of performing their duties, or through a breach of any duty of trust and confidence.

Such violations could subject you, the Adviser, and its affiliates, to significant civil and criminal liability, including the imposition of monetary penalties, and could also result in irreparable harm to the reputation of the Adviser. Tippees (i.e., persons who receive MNPI) may also be held liable if they trade or pass along such information to others.

Further, it is a violation of anti-fraud provisions of the Advisers Act for Access Persons or Associated Persons who are aware of transactions being considered for clients, or are aware of the portfolio holdings in the reportable funds to which the Adviser (or an affiliate) acts an adviser, to disclose such information to a party who has "no need to know" or to trade on such information for personal gain by, among other things, front-running or market timing.

The US Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires all broker- dealers and investment advisers to establish and enforce written policies and procedures reasonably designed to prevent misuse of MNPI.

The provisions of ITSFEA apply both to trading while in possession of such information, and to communicating such information to others who might trade on it improperly.

**MATERIALITY** 

Material information about transactions that the Adviser undertakes on behalf of clients is proprietary to the firm. Use of that information by Access and associated persons in personal securities dealings—or communication of the information to others with the expectation that they will trade—violates the duties that Access and associated persons owe to the Adviser and its clients. Information that Access Persons and Associated Persons obtain through research, or through communications with issuers on behalf of the Adviser, belongs to the Adviser and may not be used in connection with personal securities transactions other than in compliance with the personal securities transactions provisions of this Code of Ethics.

Where Access Persons or Associated Persons receive information from issuers or research providers that they believe is material and non-public in the course of their duties for the Adviser, they must immediately notify the Chief Compliance Officer.

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp093.jpg) |

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SIMNA INC. CODE OF ETHICS

Information which emanates from outside an issuer, but may affect the market price of an issuer's securities, can also be MNPI. For example, material, non-public information can originate within the Adviser itself. This would include knowledge of activities or plans of an affiliate, or knowledge of securities transactions that are being considered or executed by the Adviser itself on behalf of clients.

MNPI can also be obtained from knowledge about a client that a person has discovered in their dealings with that client. MNPI pertaining to a particular issuer could also involve information about another issuer that has a material relationship to the issuer, such as a major supplier's decision to increase its prices. Moreover, non-public information relating to portfolio holdings in a Reportable Fund should not be used to market-time or engage in other activities that are detrimental to the Reporting Fund and its shareholders.

In addition, Rule 14e-3 under the Exchange Act makes it unlawful to buy or sell securities while in possession of material information relating to a tender offer, if the person buying or selling the securities knows, or has reason to know, that the information is non-public and has been acquired, directly or indirectly, from the person making, or planning to make, the tender offer, from the target company, or from any officer, director, partner or employee or other person acting on behalf of either the bidder or the target company.

This rule prohibits not only trading, but also the communication of MNPI relating to a tender offer to another person in circumstances under which it is reasonably foreseeable that the communication will result in a trade by someone in possession of the MNPI. All staff is subject to the Global Market Abuse Policy which provides further guidance on what may be regarded as abusive behaviors.

**PROCEDURES AND RESPONSIBILITIES** 

Please see Compliance's <u>Market Abuse Policy</u> located on the Compliance intranet page for prohibitions regarding persons who acquire MNPI.

**PENALTIES** 

Penalties for trading on or communicating MNPI are severe, both for the individuals involved in such unlawful conduct and their employers. Under the law, a person can be subject to some or all of the penalties below, even if s/he does not personally benefit from the violation. Penalties include:

1) civil injunctions;

2) disgorgement of profits;

3) treble damages – fines for the Access Person or Associated Person who committed the violation, of up to 3 times the profit gained or loss avoided, whether or not the person actually benefited;

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| **CODE OF ETHICS** |  |
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SIMNA INC. CODE OF ETHICS

4) fines for the employer or other controlling person of up to the greater of $1,000,000, or 3 times the profit gained or loss avoided; and 

5) imprisonment.

**SPECIAL PROVISIONS FOR TRADING IN SCHRODERS PLC** 

Special restrictions apply to trading in the securities of Schroders plc because staff, by virtue of their employment, may be deemed to have MNPI:

1. Securities of Schroders plc will not be purchased for any client account without the permission
of that client, and then only if permitted by applicable law.

2. Personal securities transactions in the securities of Schroders plc are subject to blackout
periods and other restrictions which are outlined in the UK Staff Dealing Rules. These can be found on the Group Compliance intranet page. A trade request must be submitted via MyCompliance and approved by the UK Corporate Secretariat prior to
trading.

**STOP LIST** 

Schroders maintains a Global Stop List that includes company securities for which one or more persons at the Adviser and its affiliates may hold price sensitive information. The Stop List locally is maintained by the US Compliance team.

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| **CODE OF ETHICS** |  |
| EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | ![LOGO](g28597dsp095.jpg) |

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## Exhibit 99.28

**EX-28.q.11** 

**POWER OF ATTORNEY** 

WHEREAS, NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), has filed or will file with the U.S. Securities and Exchange Commission (the "SEC") under the provisions of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"), various Registration Statements and amendments thereto for the registration under said Acts of the Trust; and

WHEREAS, the undersigned is an Officer of the Trust, as indicated beside his name;

NOW, THEREFORE, the undersigned hereby constitutes and appoints STEPHEN R. RIMES and ALLAN J. OSTER, and each of them with power to act without the others, his attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities, to approve and sign such Registration Statements and any and all amendments thereto, with power to affix the corporate seal of said Trust thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set his name as of this 13<sup>th</sup> day of November 2025.

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joseph Aniano |
|  Joseph Aniano, President, Chief Executive Officer and<br> Principal Executive Officer |

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