# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001193125-23-048243
**Filing Date:** 2023-2
**Character Count:** 18417
**Document Hash:** 8c5f2d4ddc8adb7349cd16e92a7eb685
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-048243.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-048243

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40455
- **FILM NUMBER:** 23664664

**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 Geneva Small Cap Growth Fund (Series ID: S000041104)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000127624 | Class A                     | NWHZX           |
| C000127625 | Class C                     | NWKBX           |
| C000127626 | Class R6                    | NWKCX           |
| C000127627 | Institutional Service Class | NWKDX           |

![](g458396img4abce6381.gif)

Nationwide Geneva Small Cap Growth Fund

Summary Prospectus February 28, 2023

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**Class**/Ticker **A** NWHZX **C** NWKBX **R6** NWKCX **Institutional Service Class** NWKDX

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

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**Objective**

The Nationwide Geneva Small Cap Growth 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 77 of the Prospectus and in "Additional Information on Purchases and Sales" commencing on page 94 of the Statement of Additional Information. In addition, if you purchase shares through a specific intermediary, you may be subject to different sales charges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund's Prospectus.* 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<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% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) |  | 1.00% |  |  |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A<br> Shares<br>| Class C<br> Shares<br>| Class R6<br> Shares<br>| Institutional Service<br> Class Shares<br>|
| Management Fees | 0.77% | 0.77% | 0.77% | 0.77% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.20% | 0.12% | 0.07% | 0.18% |
| **Total Annual Fund Operating Expenses** | 1.22% | 1.89% | 0.84% | 0.95% |

---

**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

SP-SCG (2/23)

**Summary Prospectus February 28, 2023**

**1**

**Nationwide Geneva Small Cap Growth Fund**

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may apply for the periods indicated above under "Fees and Expenses." Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $692 | &nbsp;&nbsp;&nbsp;&nbsp; $940 | &nbsp;&nbsp; $1207 | &nbsp;&nbsp; $1967 |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| Institutional Service <br> Class Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |

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You would pay the following expenses on the same investment if you did not sell your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp;&nbsp; $594 | &nbsp;&nbsp; $1021 | &nbsp;&nbsp; $2212 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14.92% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests, under normal market conditions, in common stocks of publicly traded companies that the subadviser believes demonstrate, at the time of a stock's purchase, strong growth characteristics such as a leadership position in the relevant industry, a sustainable advantage, strong earnings growth potential and experienced management.

The Fund's investment focus is on U.S. companies whose market capitalizations are generally within the market capitalization range of the companies represented in the Russell 2000® Growth Index at time of purchase ("small-cap companies"), although the Fund may invest in companies outside this range. Under normal circumstances, the Fund invests at least 80% of its net assets in small-cap companies. The Fund makes market capitalization determinations with respect to a security at the time of purchase of such security. Because the Fund may continue to hold a security whose market capitalization increases or decreases, a substantial portion of the Fund's holdings can have market capitalizations outside the range of the Russell 2000® Growth Index at any given time. In selecting growth stocks for the Fund, the subadviser emphasizes a "bottom-up" fundamental analysis (i.e., developing an understanding of the specific company through research, meetings with management and analysis of the company's financial statements and public disclosures). The subadviser's "bottom-up" approach is supplemented by "top-down" considerations (i.e., reviewing general economic conditions and analyzing their effect on various industries). At times the subadviser emphasizes one or more industries or sectors.

**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 stock markets around the world. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) adversely interrupt the global economy.

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

**Summary Prospectus February 28, 2023**

**2**

**Nationwide Geneva Small Cap Growth Fund**

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***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.

***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.

*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 Fund has adopted the historical performance of the HighMark Geneva Small Cap Growth Fund, a former series of HighMark Funds (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on September 16, 2013. The returns presented for periods prior to September 16, 2013 reflect the performance of the Predecessor Fund. At the time of the reorganization, the Fund and the Predecessor Fund had substantially similar investment goals and strategies.

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

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

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

![](g458396scg.jpg)

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| | | |
|:---|:---|:---|
| **Highest Quarter:** | **29.91%** | **2Q 2020** |
| **Lowest Quarter:** | **-20.27%** | **4Q 2018** |

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

Historical performance for Class A, Class C and Institutional Service Class shares is based on the previous performance of Class A, Class C and Fiduciary Class Shares, respectively, of the Predecessor Fund.

The inception date for Class R6 shares is September 18, 2013. Therefore, pre-inception historical performance of Class R6 shares is based on the previous performance of the Predecessor Fund's Fiduciary Class Shares. Performance for Class R6 shares has not been adjusted to reflect that share class's lower expenses than those of the Predecessor Fund's Fiduciary Class Shares.

**Summary Prospectus February 28, 2023**

**3**

**Nationwide Geneva Small Cap Growth Fund**

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Class A Shares– Before Taxes  | -29.04% | 5.87% | 10.50% |
| Class A Shares– After Taxes on <br> Distributions <br>| -29.35% | 4.91% | 9.50% |
| Class A Shares– After Taxes on <br> Distributions and Sales of Shares <br>| -16.97% | 4.59% | 8.52% |
| Class C Shares– Before Taxes  | -25.94% | 6.39% | 10.37% |
| Class R6 Shares– Before Taxes  | -24.42% | 7.53% | 11.54% |
| Institutional Service Class Shares– Before <br> Taxes <br>| -24.50% | 7.41% | 11.43% |
| Russell 2000® Growth Index (The Index does <br> not pay sales charges, fees, expenses, or <br> taxes.)<br>| -26.36% | 3.51% | 9.20% |

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**Portfolio Management**

**Investment Adviser**

Nationwide Fund Advisors

**Subadviser**

Geneva Capital Management LLC

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Portfolio Manager**  | **Title** | **Length of Service**<br> **with Fund (and**<br> **Predecessor Fund)**<br>|
| William A. Priebe, CFA | Portfolio Manager, <br> Advisor<br>| Since 2009 |
| William S. Priebe | Managing Principal, <br> Portfolio Manager<br>| Since 2009 |
| José Muñoz, CFA | Managing Principal, <br> Portfolio Manager<br>| Since 2017 |

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**Purchase and Sale of Fund Shares** 

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| |
|:---|
| **Minimum Initial Investment**<br> Class A, Class C: $2,000<br> Class R6: $1,000,000<br> Institutional Service Class: $50,000<br> Automatic Asset Accumulation Plan (Class A, Class C): $0\*<br> *\* Provided each monthly purchase is at least $50*<br>|
| **Minimum Additional Investment**<br> Class A, Class C: $100<br> Class R6, Institutional Service Class: no minimum<br> Automatic Asset Accumulation Plan (Class A, Class C): $50<br>|

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In general, you can buy or sell (redeem) shares of the Fund through your broker-dealer or financial intermediary, or by

mail or phone on any business day. You can generally pay for shares by check or wire.

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

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**Tax Information**

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

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

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

**Summary Prospectus February 28, 2023**

**4**

**Nationwide Geneva Small Cap Growth Fund**

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